Core Insights - Xiaosong Co., Ltd. reported an increase in shareholder accounts to 16,184 as of June 30, 2025, representing a growth of 1,330 accounts or 8.95% compared to March 31, 2025 [1][2] - The average number of shares held per account decreased from 21,400 shares to 19,600 shares, with an average market value of 146,800 yuan per account [1][2] - Compared to the lighting equipment industry average, Xiaosong's shareholder accounts are below average, with the industry average at 22,300 accounts and an average market value of 207,700 yuan [1] Financial Performance - From March 31, 2025, to June 30, 2025, Xiaosong Co., Ltd. experienced a price increase of 1.49%, while the shareholder accounts increased by 8.95% during this period [1][2] - The company faced a net outflow of 170 million yuan from institutional investors, while retail investors contributed a net inflow of 101 million yuan [2]

广东小崧科技股份有限公司 2025 年半年度财务报告 证券代码：002723 证券简称：小崧股份 公告编码：2025-074 广东小崧科技股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 1 广东小崧科技股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：广东小崧科技股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 87,725,225.21 | 161,023,806.99 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 8,315,710.80 | 15,093,146.75 | | 应收账款 | 491,608,466.17 | 549,846,733.58 | | 应收款项融资 | 26,064.47 | 8,55 ...

单位：万元 | | | | | | 2025 年半年度 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与上市 | | | | 2025 年半年度 | 2025 年半年度 | 2025 年上半年 | | | | 非经营性资金 | 资金占用方名称 | 公司的关联关 | 公司核算的 | 年期初占 2025 | 占用累计发生 | 占用资金的利 | 偿还累计发生 | 期末占用资金 | 占用形 | 占用性质 | | 占用 | | | 会计科目 | 用资金余额 | 金额（不含利 | | | | 成原因 | | | | | 系 | | | 息） | 息（如有） | 额 | 余额 | | | | 控股股东、实 | | | | | | | | | | | | 际控制人及其 | - | - | - | - | - | - | - | - | - | 非经营性占用 | | 附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | ...

证券代码：002723 证券简称：小崧股份 公告编号：2025-076 广东小崧科技股份有限公司 经审核，监事会认为：董事会对 2025 年半年度报告的编制和审核程序符合 法律、行政法规、中国证监会和深圳证券交易所的规定，报告的内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权，0 票回避；议案获得通过。 《2025 年半年度报告》于同日刊登在指定信息披露媒体巨潮资讯网（http://www.cninfo.com.cn/）上； 《 2025 年 半 年 度 报 告 摘 要 》 与 本 决 议 公 告 于 同 日 刊 登 在 指 定 信 息 披 露 媒 体 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn/）上。 关于第六届监事会第二十次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东小崧科技股份有限公司（以下简称公司或本公司）第六届监事会第二十 次会议于 2025 年 8 月 22 日以通讯方式发出会议通知 ...

一、董事会会议召开情况 广东小崧科技股份有限公司（以下简称公司或本公司）第六届董事会第二十 三次会议于 2025 年 8 月 19 日以通讯方式发出会议通知，并于 2025 年 8 月 29 日 11:00 以现场结合线上会议方式召开。会议应到董事 9 人，实到董事 9 人，本 公司监事、高级管理人员列席会议。会议由董事长彭国宇先生主持，本次会议的 召开符合《中华人民共和国公司法》等法律法规和《公司章程》《公司董事会议 事规则》的规定，合法有效。 二、董事会会议审议情况 1、审议通过了《关于<公司 2025 年半年度报告全文及其摘要>的议案》 公司董事在全面了解和审核公司《2025 年半年度报告》后认为：公司 2025 年半年度报告的编制和审核程序符合法律、行政法规和中国证监会的规定，报告 内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避；议案获得通过。 证券代码：002723 证券简称：小崧股份 公告编号：2025-075 广东小崧科技股份有限公司 关于第六届董事会第二十三次会议决议的公告 本公司及董事会全体 ...

Part I [Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, while also highlighting key risks and dividend policy - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - Investors are advised to pay attention to risks such as exchange rate fluctuations, industry policies, raw material price volatility, and market competition[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents, including major chapters like important notes, company profile, management discussion and analysis, and other submitted data - The report includes Part I Important Notes, Table of Contents, and Definitions, Part II Company Profile and Key Financial Indicators, Part III Management Discussion and Analysis, and Part IX Other Submitted Data[7](index=7&type=chunk) [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) This section provides a list of the company's documents available for inspection during the reporting period, including financial statements and public disclosure files, specifying the location as the company's securities affairs department - Documents for inspection include financial statements bearing the signatures and seals of the company's legal representative, chief financial officer, and head of accounting department[9](index=9&type=chunk) - The list also includes originals and announcement drafts of all company documents publicly disclosed during the reporting period[10](index=10&type=chunk) - Documents for inspection are available at the company's Securities Affairs Department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and abbreviations used throughout the report, ensuring clear and consistent understanding of the content - "Company", "the Company", "Parent Company", and "Xiaosong Shares" all refer to Guangdong Xiaosong Technology Co., Ltd[13](index=13&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) This section provides the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xiaosong Shares | | Stock Code | 002723 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 广东小崧科技股份有限公司 | | Legal Representative | Lu Baoshan | [Contact Persons and Information](index=6&type=section&id=Contact%20Persons%20and%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liang Huiling | No. 21 Jintong Road, Tangxia Town, Pengjiang District, Jiangmen City, Guangdong Province | 0750-3167074 | 0750-3167075 | kn_anyby@kennede.com | | Securities Affairs Representative | Hu Xianwen | No. 21 Jintong Road, Tangxia Town, Pengjiang District, Jiangmen City, Guangdong Province | 0750-3167074 | 0750-3167075 | kn_anyby@kennede.com | [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations, with details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 29.04% year-on-year, net profit attributable to shareholders turned from profit to loss, declining by 984.31%, and net cash flow from operating activities also significantly decreased by 118.19%, indicating significant operational pressure Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 563,515,952.62 | 794,082,629.29 | -29.04% | | Net Profit Attributable to Listed Company Shareholders | -34,926,369.98 | 3,949,560.52 | -984.31% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -40,727,076.42 | 3,540,991.20 | -1,250.16% | | Net Cash Flow from Operating Activities | -28,941,703.04 | 159,134,394.69 | -118.19% | | Basic Earnings Per Share (yuan/share) | -0.1098 | 0.0124 | -985.48% | | Diluted Earnings Per Share (yuan/share) | -0.1098 | 0.0124 | -985.48% | | Weighted Average Return on Net Assets | -3.53% | 0.32% | -3.85% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets | 2,548,812,412.77 | 2,715,640,470.36 | -6.14% | | Net Assets Attributable to Listed Company Shareholders | 972,673,997.98 | 1,007,366,671.07 | -3.44% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **5.80 million yuan**, primarily from government subsidies, reversal of impairment provisions for receivables, and other non-operating income and expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -104,249.40 | | Government grants recognized in current profit or loss | 1,480,404.75 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,843,913.25 | | Other non-operating income and expenses apart from the above | 1,580,637.84 | | **Total** | **5,800,706.44** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) Part III [Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, including key business segments, core competencies, and risk factors [Company's Main Businesses During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company's main businesses include home appliance manufacturing and engineering construction, both experiencing significant revenue and profit declines due to market competition and industry downturns, though heat pump products showed growth 2025 First Half Company Main Business Revenue and Year-on-Year Change | Business Segment | Revenue (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Operating Revenue | 56,351.60 | -29.04% | | Net Profit Attributable to Listed Company Shareholders | -3,492.64 | -984.31% | | Net Cash Flow from Operating Activities | -2,894.17 | -118.19% | | Home Appliance Business | 44,671.46 | -13.02% | | Engineering Construction Business | 11,680.13 | -58.36% | [Industry Overview of Main Businesses](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The home appliance sector saw slowed export growth, the e-cigarette industry faced export declines due to tariffs, the heat pump sector experienced rapid global growth, and the engineering construction industry suffered from a real estate downturn - In the first half of 2025, China's home appliance exports reached **352.46 billion yuan**, a year-on-year increase of **1.4%**, slowing compared to the previous year, with exports to North America decreasing while emerging markets like Latin America and ASEAN saw increases[28](index=28&type=chunk) - From January to June 2025, China's e-cigarette export value was approximately **4.727 billion US dollars**, a year-on-year decrease of **12.15%**, mainly due to US tariffs and compliance issues, while market shares in Southeast Asia and the Middle East increased[29](index=29&type=chunk) - The heat pump industry is gaining global attention in the green transition, with China's total heat pump output accounting for over **50%** globally, and policies promoting energy efficiency and wider application[30](index=30&type=chunk) - In the first half of 2025, the national construction industry's total output value was **13.6745 trillion yuan**, a year-on-year decrease of **1.13%**; new housing construction area decreased by **17.56%** year-on-year, indicating downward pressure on the industry[31](index=31&type=chunk) [Business Performance](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) In the first half of 2025, the company's total operating revenue decreased by 29.04%, net profit attributable to shareholders declined by 984.31%, and net cash flow from operating activities fell by 118.19%, with both home appliance and engineering construction segments experiencing revenue and gross margin reductions 2025 First Half Company Overall and Main Business Segment Financial Performance | Indicator | Amount (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Operating Revenue | 56,351.60 | -29.04% | | Net Profit Attributable to Listed Company Shareholders | -3,492.64 | -984.31% | | Net Cash Flow from Operating Activities | -2,894.17 | -118.19% | | Home Appliance Business Revenue | 44,671.46 | -13.02% | | Home Appliance Business Gross Margin Year-on-Year Decrease | - | 5.25% | | Engineering Construction Business Revenue | 11,680.13 | -58.36% | | Engineering Construction Business Gross Margin Year-on-Year Decrease | - | 16.33% | [Home Appliance Business](index=10&type=section&id=%E4%B8%80%E3%80%81%E5%AE%B6%E7%94%B5%E4%B8%9A%E5%8A%A1) The home appliance business revenue decreased by 13.02%, with declines in emergency lighting, fans, health appliances, and e-cigarettes due to market competition and regulatory pressures, while heat pump products grew by 29.68% through M&A, leveraging the company's full-chain manufacturing and global sales network 2025 First Half Home Appliance Business Product Line Revenue and Year-on-Year Change | Product Line | Revenue (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Rechargeable Emergency Lighting | 10,501.93 | -11.21% | | Rechargeable AC/DC Dual-Use Fans | 22,891.76 | -10.73% | | Health Home Appliance Business | 3,013.19 | -43.00% | | Heat Pump Product Business | 2,374.29 | 29.68% | | E-cigarette Business | 2,620.68 | -54.57% | - The company's home appliance business possesses full industry chain manufacturing capabilities, from design, circuit board, mold manufacturing, injection molding to assembly, all completed in-house[39](index=39&type=chunk)[40](index=40&type=chunk) - The company adopts a sales model combining "own brands" and "ODM", with products covering over **120** countries and regions worldwide[40](index=40&type=chunk) [Engineering Construction Business](index=12&type=section&id=%E4%BA%8C%E3%80%81%E5%B7%A5%E7%A8%8B%E6%96%BD%E5%B7%A5%E4%B8%9A%E5%8A%A1) The engineering construction business, primarily conducted by Guohai Construction, saw a 58.36% revenue decrease and continued profit decline due to the real estate downturn, leading to scaled-back operations and a focus on cash collection, while maintaining a robust quality management system 2025 First Half Engineering Construction Business Financial Performance | Indicator | Amount (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 11,680.13 | -58.36% | | Gross Margin Year-on-Year Decrease | - | 16.33% | - The engineering construction business primarily adopts the general contracting model and PPP model[41](index=41&type=chunk) - As of the end of the reporting period, Guohai Construction's bank loan balance was **207 million yuan**, and non-bank loan balance was **230 million yuan**, totaling **437 million yuan**, with financing terms mainly within one year[41](index=41&type=chunk) - Guohai Construction has established a comprehensive quality management system to ensure safe production, with no major safety accidents occurring during the reporting period[42](index=42&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include its integrated full-industry chain advantage, leading R&D technology, stable global marketing channels, and efficient information management and talent development strategies - The company possesses a full industry chain advantage integrating R&D, production, and sales, including product design, mold injection, circuit board design, and production, achieving cost control and improved production efficiency[44](index=44&type=chunk)[45](index=45&type=chunk) - The company owns engineering technology research and development centers in Jiangmen City and Guangdong Province, is recognized as a National High-Tech Enterprise, and as of the end of the reporting period, holds **640** valid patents, including **59** invention patents[46](index=46&type=chunk) - The company has established a global marketing network covering over **120** countries and regions, with extensive experience in "Belt and Road" countries and active expansion into European, American, and domestic leading channels[47](index=47&type=chunk) - The company has built digital platforms such as a customer-centric CRM marketing management system and a PLM R&D management system, and emphasizes the cultivation of excellent management teams and high-end talents[48](index=48&type=chunk) [Analysis of Main Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue decreased by 29.04% year-on-year, driven by reduced revenue in both home appliance and engineering construction segments, with home appliance revenue declining by 13.02% and engineering construction by 58.36%, while sales and financial expenses significantly decreased Key Financial Data Year-on-Year Changes | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 563,515,952.62 | 794,082,629.29 | -29.04% | - | | Operating Cost | 506,106,115.55 | 651,405,764.73 | -22.31% | - | | Selling Expenses | 13,904,675.48 | 32,816,597.50 | -57.63% | Reduced product promotion expenses and fewer sales personnel | | Financial Expenses | 15,514,970.74 | 29,203,800.01 | -46.87% | Poyang project PPP calculation did not achieve financing income | | Net Cash Flow from Operating Activities | -28,941,703.04 | 159,134,394.69 | -118.19% | Decreased collections, increased payment for goods | | Net Cash Flow from Investing Activities | 13,929,406.67 | -40,559,658.49 | 134.34% | Recovery of prior investment funds and reduced investment | | Net Cash Flow from Financing Activities | -48,334,024.40 | -102,822,542.17 | 52.99% | Reduced repayment of maturing loans compared to prior period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Home Appliance Business | 446,714,613.25 | 79.27% | 513,600,059.40 | 64.68% | -13.02% | | | Engineering Construction Business | 116,801,339.37 | 20.73% | 280,482,569.89 | 35.32% | -58.36% | | **By Product** | Rechargeable Emergency Lighting | 105,019,273.96 | 18.64% | 118,283,827.40 | 14.90% | -11.21% | | | Rechargeable AC/DC Dual-Use Fans | 228,917,593.34 | 40.62% | 256,441,996.07 | 32.29% | -10.73% | | | Health Home Appliance Products | 30,131,899.52 | 5.35% | 52,865,530.18 | 6.66% | -43.00% | | | E-cigarettes | 26,206,788.99 | 4.65% | 57,688,067.14 | 7.26% | -54.57% | | | Heat Pumps | 23,742,913.40 | 4.21% | 18,308,667.68 | 2.31% | 29.68% | | **By Region** | Overseas - Home Appliance Business | 308,955,089.06 | 54.83% | 405,699,413.52 | 51.09% | -23.85% | | | Domestic - Home Appliance Business | 137,759,524.19 | 24.45% | 107,900,645.88 | 13.59% | 27.67% | | | Domestic - Engineering Construction Business | 116,801,339.37 | 20.73% | 280,482,569.89 | 35.32% | -58.36% | Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Home Appliance Business | 446,714,613.25 | 392,424,679.33 | 12.15% | -13.02% | -7.49% | -5.25% | | | Engineering Construction Business | 116,801,339.37 | 113,681,436.21 | 2.67% | -58.36% | -49.96% | -16.33% | | **By Product** | Rechargeable Emergency Lighting | 105,019,273.96 | 94,247,968.39 | 10.26% | -11.21% | -3.22% | -7.41% | | | Rechargeable AC/DC Dual-Use Fans | 228,917,593.34 | 195,302,826.26 | 14.68% | -10.73% | -6.28% | -4.06% | | | Construction Business | 115,340,465.92 | 111,807,525.87 | 3.06% | -58.65% | -50.32% | -16.25% | | **By Region** | Overseas - Home Appliance | 308,955,089.06 | 269,412,254.30 | 12.80% | -23.85% | -17.27% | -6.93% | | | Domestic - Home Appliance | 137,759,524.19 | 123,012,425.03 | 10.70% | 27.67% | 24.80% | 2.05% | | | Domestic - Engineering Construction Business | 116,801,339.37 | 113,681,436.21 | 2.67% | -58.36% | -49.96% | -16.33% | [Analysis of Non-Main Businesses](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-main businesses had a minor impact on total profit, with negative investment income, reduced asset and credit impairment losses, and non-recurring operating and government subsidies Non-Main Business Items and Proportion of Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -500,530.55 | 1.57% | Investment losses recognized under equity method for associates | Yes | | Asset Impairment | 13,193.15 | -0.04% | Decrease in contract assets, corresponding reduction in impairment losses | Yes | | Non-Operating Income | 2,035,051.33 | -6.37% | - | No | | Non-Operating Expenses | 454,413.49 | -1.42% | - | No | | Other Income | 1,521,212.18 | -4.76% | Government grants related to income received | No | | Credit Impairment Losses | 959,780.20 | -3.01% | Reversal of bad debt provisions for receivables | Yes | | Gains/Losses from Asset Disposal | -104,249.40 | 0.33% | Losses from disposal of idle equipment | No | [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, both total assets and net assets attributable to shareholders decreased, with reductions in monetary funds, accounts receivable, and other payables, while short-term and long-term borrowings increased, and a significant portion of assets totaling **741.64 million yuan** remained restricted Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 87,725,225.21 | 3.44% | 161,023,806.99 | 5.93% | -2.49% | Increased payment for goods | | Accounts Receivable | 491,608,466.17 | 19.29% | 549,846,733.58 | 20.25% | -0.96% | Intensified collection of payments | | Long-Term Equity Investments | 45,951,771.32 | 1.80% | 53,110,720.37 | 1.96% | -0.16% | Fund investment project exit and repayment | | Short-Term Borrowings | 339,280,989.38 | 13.31% | 296,310,000.81 | 10.91% | 2.40% | Increased short-term bank loans | | Other Receivables | 73,407,460.81 | 2.88% | 98,987,540.50 | 3.65% | -0.77% | Recovery of Ganghua Bio equity exit funds | | Accounts Payable | 558,575,026.33 | 21.92% | 646,908,228.24 | 23.82% | -1.90% | Increased payment for goods | | Other Payables | 74,439,339.60 | 2.92% | 148,815,117.81 | 5.48% | -2.56% | Repayment of some intercompany balances | Asset Rights Restricted as of the End of the Reporting Period | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 47,562,679.85 | Acceptance deposit/frozen funds | | Fixed Assets | 313,547,981.48 | Mortgage | | Intangible Assets | 43,534,479.36 | Mortgage | | Accounts Receivable/Contract Assets | 336,996,472.83 | Pledge | | **Total** | **741,641,613.52** | - | [Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment was **24.69 million yuan**, a **48.37%** year-on-year decrease, with no significant equity, non-equity, securities, or derivative investments, and no use of raised funds Reporting Period Investment Amount and Change | Indicator | Amount (yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Reporting Period Investment Amount | 24,688,400.00 | -48.37% | | Prior Year Period Investment Amount | 47,822,050.00 | - | - The company had no securities investments or derivative investments during the reporting period[64](index=64&type=chunk)[65](index=65&type=chunk) [Significant Asset and Equity Sales](index=18&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[67](index=67&type=chunk) - The company did not sell significant equity during the reporting period[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries like Kenlede Intelligent and Guohai Construction reported operating and net losses, while the company established two new subsidiaries and deregistered one during the period Major Subsidiaries and Associates with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kenlede Intelligent | Subsidiary | R&D, production, processing, sales of electrical products | 300,000,000 | 1,630,345,626.84 | 914,375,622.46 | 429,422,934.09 | -15,113,401.91 | -15,414,792.90 | | Guohai Construction | Subsidiary | Engineering construction | 260,000,000 | 1,038,922,791.11 | 292,000,908.26 | 116,801,339.37 | -21,001,113.81 | -20,425,213.70 | | Ganpo High-Speed Rail Project Company | Subsidiary | Engineering project management | 10,000,000 | 269,482,759.68 | 93,027,860.54 | 0.00 | 4,888,481.94 | 4,888,481.94 | | Qikang Trading | Subsidiary | Sales of health products | 10,000,000 | 28,932,116.83 | -2,070,665.21 | 6,951,837.89 | 3,103,296.62 | 3,246,360.84 | - During the reporting period, the company invested in and established Guangdong Ruichuang Modian Technology Co., Ltd. and Guangdong Borui Technology Co., Ltd., and deregistered Anhui Xiaosong Aviation Technology Co., Ltd., which was not actually operating[69](index=69&type=chunk) [Structured Entities Controlled by the Company](index=18&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[70](index=70&type=chunk) [Risks Faced by the Company and Countermeasures](index=19&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, industry policies, exchange rate fluctuations, raw material price volatility, rising labor costs, and asset impairment, which it addresses through innovation, policy monitoring, financial tools, supply chain optimization, automation, and risk management - The company faces market competition risks from unfair competition in the home appliance industry and stricter regulations in the e-cigarette industry, requiring enhanced brand effect and expanded sales channels[71](index=71&type=chunk) - The e-cigarette business is affected by policy changes in various countries, and the engineering construction business is influenced by macroeconomic conditions and fixed asset investment, necessitating close monitoring of policies and strategic adjustments[71](index=71&type=chunk)[72](index=72&type=chunk) - The company's export business primarily uses USD for settlement, exposing it to exchange rate fluctuation risks, which will be mitigated by increasing collection efforts, utilizing forward foreign exchange contracts, and other financial tools[72](index=72&type=chunk) - Raw material price fluctuations impact cost control, and the company will respond through strategic inventory management, supply chain management, and adjusting procurement rhythms[72](index=72&type=chunk) - To counter rising labor costs, the company will increase investment in technology, product design innovation, refined production management, and automation projects[73](index=73&type=chunk) - The company has a significant amount of accounts receivable, posing credit impairment risk; the acquisition of heat pump business target Puxi Electric resulted in goodwill, carrying goodwill impairment risk, requiring strengthened internal control and operational cooperation[73](index=73&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose any market value management system or valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[74](index=74&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[75](index=75&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=20&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose any "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[75](index=75&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=21&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Liu Hui was appointed as Deputy General Manager due to a work transfer, marking a change in the company's senior management - Liu Hui was appointed as the company's Deputy General Manager on March 28, 2025, due to a work transfer[77](index=77&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[78](index=78&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company approved its 2025 Restricted Stock Incentive Plan during the reporting period, granting **14.343 million** restricted shares to 82 grantees at **3.69 yuan/share** on August 12, 2025, with no other employee incentive measures - The company reviewed and approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary on May 21, 2025[79](index=79&type=chunk) - On August 12, 2025, the company granted **14.343 million** restricted shares to **82** initial grantees at a grant price of **3.69 yuan/share**, with a listing date of August 13, 2025[81](index=81&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[82](index=82&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) [Social Responsibility](index=22&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by safeguarding shareholder, creditor, and employee rights, providing development opportunities, and maintaining a robust safety production management system with no major accidents - The company ensures shareholders' right to participate and vote through online voting and adheres to the principles of truthful, accurate, timely, complete, and fair information disclosure[82](index=82&type=chunk) - The company legally signs labor contracts with employees, purchases insurance, provides equal development opportunities and vocational training, and cares for employees' health and well-being[83](index=83&type=chunk) - The company has established a safety production management system including target management, implementation, education and training, monitoring and inspection, assessment and evaluation, and emergency accident handling, with no major safety production accidents during the reporting period[83](index=83&type=chunk) Part V [Significant Matters](index=23&type=section&id=Part%20V%20Significant%20Matters) This section covers significant events, including commitments, related party transactions, litigation, and the integrity status of the company and its controlling shareholders [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9B%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reported no commitments that were fulfilled or overdue by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during or as of the end of the reporting period - The company reported no commitments that were fulfilled or overdue by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during or as of the end of the reporting period[85](index=85&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=23&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[86](index=86&type=chunk) [Irregular External Guarantees](index=23&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[87](index=87&type=chunk) [Appointment and Dismissal of Accounting Firms](index=23&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[88](index=88&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for This Reporting Period](index=23&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[89](index=89&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=23&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not provide an explanation regarding a non-standard audit report for the previous year during the reporting period - The company did not provide an explanation regarding a non-standard audit report for the previous year during the reporting period[89](index=89&type=chunk) [Bankruptcy Reorganization Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[89](index=89&type=chunk) [Litigation Matters](index=23&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in multiple litigation and arbitration cases, including construction contract disputes where subsidiary Guohai Construction is both plaintiff and defendant, with some cases settled and others ongoing Major Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Plaintiff Guohai Construction v. Defendant Wuhan Kaixing Real Estate Co., Ltd. construction subcontract dispute | 1,817.99 | No | Received "Civil Mediation Document", case settled by mediation | A total of **18.34 million yuan** was recovered | Fully enforced, case closed | | Plaintiff Guohai Construction v. Defendant Nanchang Hongchen Real Estate Development Co., Ltd. construction contract dispute | 4,433.67 | No | Accepted, not yet heard | Not applicable | Not applicable | | Plaintiff Guohai Construction v. Defendant Jiangxi Haiping Industrial Park Development Co., Ltd. et al. construction contract dispute | 1,569.62 | No | Received "Civil Mediation Document", case settled by mediation | Defendant confirmed owing Guohai Construction a total of **10.80 million yuan** in project funds and **4.90 million yuan** in losses, to be paid in two installments | Enforced according to "Civil Mediation Document" | Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Plaintiff Nanchang Hongchen Real Estate Development Co., Ltd. v. Defendant Guohai Construction construction contract dispute | 6,277.56 | No | Heard, awaiting judgment | Not applicable | Not applicable | | Plaintiff Jiangxi Shenhong New Material Co., Ltd. v. Defendant Guohai Construction construction contract dispute | 1,161.68 | No | Settled by mediation | No significant impact | Enforced according to "Civil Mediation Document" | | Cases with amounts below **10 million yuan** that are closed (total **76** cases) | 6,246.07 | No | Judgment/mediation document issued | No significant impact | Judgments with legal effect are enforced according to the judgment document | | Cases with amounts below **10 million yuan** that are not closed (total **19** cases) | 2,840.7 | No | Awaiting hearing/mediation | Not applicable | Not applicable | [Penalties and Rectification](index=25&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[93](index=93&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company's controlling shareholder, Huaxin Chuangli, holds **9.25%** of shares, with **10.35%** frozen and **96.90%** pledged, while the actual controller, Cai Xiaoru, is listed as a dishonest judgment debtor for a **15.22 million yuan** contract dispute - The company's controlling shareholder, Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd., holds **30,737,862** shares, accounting for **9.25%** of the company's total share capital[94](index=94&type=chunk) - Huaxin Chuangli's cumulative judicially frozen shares amount to **3,180,000** shares, representing **0.96%** of the company's total share capital and **10.35%** of its total shares held[94](index=94&type=chunk) - Huaxin Chuangli's cumulative pledged shares amount to **29,784,862** shares, representing **8.96%** of the company's total share capital and **96.90%** of its total shares held[94](index=94&type=chunk) - The actual controller, Cai Xiaoru, has been listed as a dishonest judgment debtor due to a contract dispute with Guangdong Guangxin Junda (Zhongshan) Law Firm, involving an amount of **15.22 million yuan**[94](index=94&type=chunk) [Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in routine related party transactions, including sales and purchases with Jiangxi Yuming Smart Optoelectronics and production/leasing services with Guangdong Xiaosong New Energy Technology, all within approved annual limits and at fair market prices Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (yuan) | Approved Transaction Limit (yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Yuming Smart Optoelectronics Co., Ltd. | Purchase of home appliances, raw materials | 4,050,597.37 | 200,000,000.00 | No | | Guangdong Xiaosong New Energy Technology Co., Ltd. | Purchase of home appliances, raw materials | 9,149,438.65 | 16,000,000.00 | No | | Jiangxi Yuming Smart Optoelectronics Co., Ltd. | Sale of home appliances, raw materials | 2,192,652.34 | - | - | | Guangdong Xiaosong New Energy Technology Co., Ltd. | Utilities, management services | 585,633.43 | - | - | Related Party Leasing (Company as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | | :--- | :--- | :--- | | Guangdong Xiaosong New Energy Technology Co., Ltd. | Factory building | 836,697.24 | - The company had no related party transactions involving asset or equity acquisition/disposal, no joint external investment related party transactions, no related party creditor-debtor relationships, and no dealings with affiliated financial companies during the reporting period[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Significant Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company and its subsidiaries incurred **0.99 million yuan** in property and factory lease expenses and generated **3.57 million yuan** in rental income. The company provided several joint liability guarantees for subsidiaries, with an outstanding balance of **835.60 million yuan**, representing **85.91%** of net assets, including **72 million yuan** for entities with a debt-to-asset ratio exceeding 70% - During the reporting period, the company and its subsidiaries incurred a total of **0.9937 million yuan** in property and factory lease expenses and generated a total of **3.5735 million yuan** in property rental income and construction equipment lease income[107](index=107&type=chunk) Company Guarantees for Subsidiaries (Partial) | Guarantor Name | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Kenlede Intelligent | 30,000 | 4,500 | Joint and several liability guarantee | Three years after the expiration of the debt performance period | No | | Guohai Construction | 80,000 | 3,000 | Joint and several liability guarantee | Three years after the expiration of the debt performance period | Yes | | Jiangxi Xiaosong | 2,000 | 1,500 | Joint and several liability guarantee | Three years after the expiration of the debt performance period | Yes | - As of the end of the reporting period, the total actual guarantee balance was **835.60 million yuan**, accounting for **85.91%** of the company's net assets[112](index=112&type=chunk)[113](index=113&type=chunk) - The debt guarantee balance provided for guaranteed entities with a debt-to-asset ratio exceeding **70%** was **72 million yuan**[113](index=113&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk) [Explanation of Other Significant Matters](index=32&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[115](index=115&type=chunk) [Significant Matters of Company Subsidiaries](index=32&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[116](index=116&type=chunk) Part VI [Share Changes and Shareholder Information](index=33&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, shareholder structure, and the holdings of directors, supervisors, and senior management, as well as any changes in controlling shareholders or actual controllers [Share Change Status](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **300**, unrestricted shares increased by **300**, and total share capital remained unchanged, primarily due to recalculations based on year-end holdings of directors, supervisors, and senior management Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 893,493 | 0.28% | -300 | 893,193 | 0.28% | | III. Total Shares | 318,006,876 | 100.00% | 0 | 318,006,876 | 100.00% | - The share changes were primarily due to the recalculation of transferable shares based on the total number of shares held by the company's directors, supervisors, and senior management at the end of the previous year[120](index=120&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[122](index=122&type=chunk) [Number of Shareholders and Shareholding Status](index=34&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **16,184** common shareholders. Controlling shareholder Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. held **9.67%** of shares, mostly pledged and frozen. The top ten shareholders include Jiang Xiaorong and her concerted parties, who collectively hold **20.97%** but have waived voting rights - As of the end of the reporting period, the total number of common shareholders was **16,184**[123](index=123&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Pledge, Mark, or Freeze Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.67% | 30,737,862 | Pledged | 29,784,862 | | | | | | Frozen | 3,180,000 | | Tian Tian | Domestic Natural Person | 5.00% | 15,909,957 | Not applicable | 0 | | Tian Ye Yang Guang | Domestic Natural Person | 5.00% | 15,909,957 | Not applicable | 0 | | Tian Yi Le | Overseas Natural Person | 5.00% | 15,909,957 | Not applicable | 0 | - Jiang Xiaorong, Tian Tian, Tian Ye Yang Guang, and Tian Yi Le are close relatives; Jiang Xiaorong is the controlling shareholder and actual controller of Xiangrikui Investment, and Jiang Xiaorong and her concerted parties collectively hold **20.97%** of the company's equity[123](index=123&type=chunk) - Jiang Xiaorong and her controlled entity, Xiangrikui Investment, have made a permanent, unconditional, and irrevocable commitment to waive their right to exercise any voting rights or nominate director candidates for the company[123](index=123&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[125](index=125&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[126](index=126&type=chunk) - The company's actual controller remained unchanged during the reporting period[126](index=126&type=chunk) Part VII [Bond-Related Information](index=38&type=section&id=Part%20VII%20Bond-Related%20Information) This section provides information regarding the company's bond-related activities [Bond-Related Information](index=38&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[129](index=129&type=chunk) Part VIII [Financial Report](index=39&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [Audit Report](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[131](index=131&type=chunk) [Financial Statements](index=39&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the financial position, operating results, and cash flows - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[132](index=132&type=chunk) [Company Basic Information](index=56&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Established in 2007 and listed in 2014, the company has a registered capital of **318.006876 million yuan**, headquartered in Jiangmen, Guangdong, primarily engaged in home appliance manufacturing and engineering construction, with **20** subsidiaries consolidated in the reporting period - Guangdong Xiaosong Technology Co., Ltd. was established in November 2007 and listed on the Shenzhen Stock Exchange on January 29, 2014[160](index=160&type=chunk) - As of June 30, 2025, the company's total issued share capital was **318.006876 million** shares, and its registered capital was **318.006876 million yuan**[160](index=160&type=chunk) - The company's current main businesses are home appliance manufacturing and engineering construction, with main products including emergency appliances, health and environmental appliances, other household appliances, e-cigarettes, and engineering construction[161](index=161&type=chunk) - The company consolidated **20** subsidiaries (including sub-subsidiaries) in its 2025 financial statements[163](index=163&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 29, 2025[162](index=162&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC regulations, using the accrual basis and historical cost measurement, and confirming its ability to continue as a going concern for at least 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[164](index=164&type=chunk) - The company's accounting is based on the accrual basis, and except for certain financial instruments and investment properties, these financial statements are measured at historical cost[164](index=164&type=chunk) - The company has the ability to continue as a going concern for at least **12** months from the end of the reporting period[165](index=165&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, including enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, financial instrument classification and impairment, revenue recognition, contract costs, government grants, deferred income tax, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the company's financial position, operating results, and cash flows[167](index=167&type=chunk) - The company classifies financial assets as those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[188](index=188&type=chunk) - The company makes impairment provisions for notes receivable, accounts receivable, other receivables, contract assets, etc., based on expected credit losses[196](index=196&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods and recognizes revenue based on the progress or point in time of performance[255](index=255&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk) - The company depreciates and amortizes investment properties, fixed assets, right-of-use assets, and intangible assets using the straight-line method over their useful lives[278](index=278&type=chunk) [Taxation](index=81&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, consumption tax, urban maintenance and construction tax, and corporate income tax, with varying rates based on business nature and region, and some subsidiaries benefiting from high-tech enterprise or small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Exemption, offset, and refund policy | 6%, 9%, 13% | | Consumption Tax | Exemption, offset, and refund policy | 36% | | Urban Maintenance and Construction Tax | Calculated based on current period's payable turnover tax | 5%, 7% | | Corporate Income Tax | Calculated based on current period's taxable income | 8.25%, 15%, 16.5%, 20%, 25% | - Guangdong Kenlede Intelligent Technology Co., Ltd. and Jiangmen Puxi Intelligent Appliance Co., Ltd. are recognized as high-tech enterprises and enjoy a **15%** corporate income tax preferential rate[282](index=282&type=chunk) - Kenlede International Co., Ltd. and Xiaosong International Co., Ltd. can apply a two-tiered tax rate, with taxable income not exceeding **2 million Hong Kong dollars** taxed at **8.25%**, and the excess taxed at **16.5%**[283](index=283&type=chunk) - Some subsidiaries, under the small-profit enterprise policy, have the portion of annual taxable income not exceeding **3 million yuan** reduced by **25%** into taxable income, and pay corporate income tax at a **20%** rate[283](index=283&type=chunk) [Notes to Consolidated Financial Statement Items](index=82&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the consolidated financial statement items, including period-end and period-beginning balances and changes for monetary funds, accounts receivable, inventories, fixed assets, short-term borrowings, accounts payable, operating revenue, and operating costs Monetary Funds Composition | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 56,179.04 | 116,988.04 | | Bank Deposits | 44,984,936.83 | 109,345,164.43 | | Other Monetary Funds | 42,684,109.34 | 51,561,654.52 | | **Total** | **87,725,225.21** | **161,023,806.99** | | Of which: Funds deposited overseas | 1,846,371.02 | 2,677,168.84 | - The book balance of accounts receivable at period-end was **547,760,394.42 yuan**, with **71.19%** being within 1 year (inclusive)[291](index=291&type=chunk) - The book value of inventory at period-end was **208,831,959.91 yuan**, primarily comprising raw materials, work-in-progress, finished goods, and goods in transit[326](index=326&type=chunk) - The total book value of assets whose ownership or right of use was restricted at period-end was **741,641,613.52 yuan**, mainly consisting of monetary funds, fixed assets, intangible assets, and accounts receivable/contract assets[372](index=372&type=chunk) - Current period operating revenue was **563,515,952.62 yuan**, operating cost was **506,106,115.55 yuan**, with main business revenue accounting for **94%**[417](index=417&type=chunk) [R&D Expenses](index=116&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's expensed R&D expenditure was **17.75 million yuan**, showing a slight decrease year-on-year R&D Expenditure Status | Item | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Expensed R&D Expenditure | 17,754,125.07 | 19,904,960.61 | | **Total** | **17,754,125.07** | **19,904,960.61** | [Changes in Consolidation Scope](index=116&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company disposed of Anhui Xiaosong Aviation Technology Co., Ltd. and established Guangdong Borui Technology Co., Ltd. and Guangdong Ruichuang Modian Technology Co., Ltd., resulting in changes to the consolidation scope - The company disposed of Anhui Xiaosong Aviation Technology Co., Ltd., which has been deregistered[461](index=461&type=chunk) - The company established Guangdong Borui Technology Co., Ltd. and Guangdong Ruichuang Modian Technology Co., Ltd., with a **100%** shareholding in both[462](index=462&type=chunk) [Interests in Other Entities](index=117&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in **20** subsidiaries, including Poyang County Ganpo High-Speed Rail Project Management Co., Ltd. as a significant non-wholly owned subsidiary with a **50%** minority interest, and equity interests in associates like Huzhou Jinqian Equity Investment Partnership and Guangdong Xiaosong New Energy Technology Co., Ltd - The company owns **20** subsidiaries, including Guangdong Kenlede Intelligent Technology Co., Ltd. and Guohai Construction Co., Ltd[163](index=163&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk) Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Period-End Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | | Poyang County Ganpo High-Speed Rail Project Management Co., Ltd. | 50.00% | 2,172,441.37 | 45,617,460.30 | - The company holds **48.00%** equity in Huzhou Jinqian Equity Investment Partnership (Limited Partnership) and **40.00%** equity in Guangdong Xiaosong New Energy Technology Co., Ltd., both accounted for using the equity method[472](index=472&type=chunk)[473](index=473&type=chunk) [Government Grants](index=121&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, government grants recognized in profit or loss amounted to **1.48 million yuan**, primarily through the othe

Market Performance - The lighting equipment sector increased by 1.23% on August 28, with Debang Lighting leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Debang Lighting (603303) closed at 15.90, up 6.07% with a trading volume of 174,200 shares and a turnover of 272 million yuan [1] - Lida Xin (605365) closed at 16.07, up 4.01% with a trading volume of 60,900 shares [1] - Ocean King (002724) closed at 8.22, up 2.37% with a trading volume of 191,200 shares [1] - Min Explosive Optoelectronics (301362) closed at 50.75, up 2.34% with a trading volume of 49,300 shares [1] - Other notable stocks include Qingshang Co. (002638) up 1.26% and Foshan Lighting (000541) up 1.03% [1] Capital Flow Analysis - The lighting equipment sector experienced a net outflow of 66.52 million yuan from institutional investors, while retail investors saw a net inflow of 43.62 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Min Explosive Optoelectronics (301362) had a net inflow of 13.18 million yuan from institutional investors, but a net outflow of 22.15 million yuan from retail investors [3] - Lida Xin (605365) saw a net inflow of 1.83 million yuan from institutional investors, while retail investors had a net outflow of 5.72 million yuan [3] - Ocean King (002724) experienced a net outflow of 9.54 million yuan from institutional investors, with retail investors contributing a net inflow of 16.69 million yuan [3]

Market Overview - The lighting equipment sector increased by 0.11% on August 26, with Lianyu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down by 0.39%, while the Shenzhen Component Index closed at 12473.17, up by 0.26% [1] Stock Performance - Lianyu Co., Ltd. (001326) closed at 39.36, up by 5.58% with a trading volume of 41,400 shares and a transaction value of 160 million yuan [1] - Other notable performers include *ST Xingguang (002076) with a 2.56% increase, and Qingshang Co., Ltd. (002638) with a 1.23% increase [1] - Stocks such as Sanxiong Aurora (300625) and OPPLE Lighting (603515) experienced slight declines of 0.16% and 0.21% respectively [1] Capital Flow - The lighting equipment sector saw a net outflow of 19.07 million yuan from institutional investors, while retail investors contributed a net inflow of 24.83 million yuan [2] - The detailed capital flow indicates that retail investors were net buyers, contrasting with the outflows from institutional and speculative funds [2] Individual Stock Capital Flow - For DeBang Lighting (603303), the main capital inflow was 12.93 million yuan, while retail investors had a net outflow of 14.42 million yuan [3] - *ST Xingguang (002076) saw a net inflow of 10.47 million yuan from main capital but experienced outflows from both speculative and retail investors [3] - Lianyu Co., Ltd. (001326) had a minor net inflow of 2.97 million yuan from main capital, with retail investors also showing a net outflow [3]

Core Viewpoint - The small home appliance industry has experienced a rapid rise and fall after the "stay-at-home economy," leading to a price war that has not resulted in increased sales despite significant price reductions [2][4]. Market Performance - The overall retail volume of small home appliances in the first half of 2025 is projected to be 136.52 million units, a year-on-year decrease of 1.2% [2]. - The kitchen appliance market's retail revenue in 2023 is approximately 54.93 billion yuan, down 9.6% year-on-year, with a retail volume of about 265 million units, also down 1.8% [2]. - During the 2024 "618" promotion, the retail revenue for kitchen appliances across online channels was 3.28 billion yuan, a decline of 10.3% year-on-year [2]. Profitability Issues - The small appliance industry's profit margin was only 8.3% in 2023, and the price war has exacerbated the profitability issues, with many companies facing a situation where selling more leads to greater losses [6]. - The average selling price for blow dryers has dropped below 300 yuan, with a market share increase of nearly 11 percentage points [6]. - Companies like Suoer reported a gross margin of 24.65% in their 2024 semi-annual report, a decrease of 0.63 percentage points year-on-year [11]. Market Dynamics - The small appliance market is characterized by severe homogenization, with low market entry barriers leading to intense competition and a lack of genuine innovation [4][5]. - Many brands are not investing in research and development, opting instead to modify existing molds and push new products at low costs, perpetuating a cycle of price competition [5]. - The market is increasingly crowded with new entrants, including internet brands and cross-industry players, which has diluted the market share of traditional brands like Midea and Supor [6][14]. Consumer Behavior - Consumers are becoming more discerning, often expressing dissatisfaction with new products that do not offer significant improvements over existing ones [4]. - There is a growing trend of impulse purchases leading to products being underutilized, contributing to a "sales ceiling" for many small appliance categories [4]. Future Outlook - The small appliance market is entering a deep adjustment period, and companies may need to shift from price competition to value competition to escape the current stagnation [19]. - Some companies are exploring differentiated competition strategies, such as offering value-added services like trade-in programs and proactive customer service [19][20].

证券之星消息，8月21日照明设备板块较上一交易日上涨0.95%，得邦照明领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。照明设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002724 | 一带菜 | 8.24 | -1.20% | 18.09万 | 1.50亿 | | 873339 | 恒太照明 | 10.77 | -0.46% | 2.14万 | 2307.17万 | | 600261 | 阳光照明 | 3.54 | -0.28% | 15.48万 | 5482.80万 | | 605365 | 立达信 | 16.24 | -0.12% | 4.82万 | 7828.62万 | | 300625 | 三雄极光 | 12.73 | -0.08% | 3.70万 | 4710.16万 | | 002076 | *ST星光 | 1.93 | 0.00% | 41.19万 | 7945.96万 | | 001326 | ...