Financial Performance - The company's operating revenue for the first half of 2024 was CNY 8,181,794,308.28, a decrease of 1.60% compared to CNY 8,314,616,162.34 in the same period last year[11]. - Net profit attributable to shareholders was CNY 262,348,926.28, representing an increase of 28.80% from CNY 203,692,293.82 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was CNY 238,985,294.99, up 41.60% from CNY 168,779,298.63 in the previous year[11]. - Basic and diluted earnings per share were both CNY 0.18, reflecting a growth of 28.57% compared to CNY 0.14 in the same period last year[11]. - The weighted average return on equity increased to 1.92%, up from 1.50% year-on-year[11]. - The company reported a net cash flow from operating activities of CNY 943,596,576.89, a decrease of 6.21% from CNY 1,006,076,304.05 in the previous year[11]. - The company's net profit attributable to the parent company reached 262.35 million yuan, an increase of 28.80% year-on-year[26]. - The gross profit margin for the company's LEDVANCE business rose from 38.59% to 40.46%, a year-on-year increase of 1.87%[26]. - The overall gross profit margin for the company improved, with the gross profit margin for the main business increasing from 9.51% to 11.67%, a year-on-year increase of 2.16%[26]. Revenue Breakdown - The revenue from the LEDVANCE segment was 4.65 billion yuan, accounting for 56.80% of total revenue, down 12.04% year-on-year[33]. - The revenue from the Mulinson segment increased by 15.01% year-on-year, reaching 3.30 billion yuan, which accounted for 40.30% of total revenue[33]. - Domestic revenue reached ¥3,348,407,794.75, representing a 16.56% increase year-on-year, while overseas revenue was ¥4,833,386,513.53, showing an 11.18% decline[34]. Investment and R&D - The company invested 197.81 million yuan in R&D, an increase of 9.16% year-on-year[32]. - The company is actively increasing R&D investment to maintain technological innovation and product upgrades in response to intensified industry competition[60]. - Research and development expenses increased to CNY 197,811,661.40, up from CNY 181,209,036.13 in the first half of 2023, indicating a focus on innovation[119]. Cash Flow and Assets - The company's cash and cash equivalents at the end of the reporting period amounted to ¥4,295,736,070.40, accounting for 18.27% of total assets, a decrease of 0.91% from the previous year[36]. - The company's inventory increased to ¥3,504,725,717.69, representing 14.90% of total assets, an increase of 0.77% compared to the previous year[36]. - The total current assets as of June 30, 2024, amounted to ¥13,320,944,326.89, a decrease from ¥13,684,578,936.32 at the beginning of the period[112]. - Cash and cash equivalents decreased to ¥4,295,736,070.40 from ¥4,673,315,483.83[112]. Environmental Compliance - The company has obtained pollution discharge permits valid until 2028, ensuring compliance with environmental regulations[70]. - The total COD discharge from Xinyu Mulinson Electronics Co., Ltd. is 4.05 tons per annum, which is below the permitted limit of 184.5 tons per annum[71]. - The company has implemented internal treatment processes to ensure that wastewater meets discharge standards before being sent to industrial wastewater treatment plants[72]. - The company has successfully renewed its pollution discharge permits, demonstrating its commitment to environmental compliance[70]. Strategic Initiatives - The company is actively exploring new packaging technologies for advanced products such as Mini/MicroLED, enhancing its technological strength and market competitiveness[24]. - The company is focusing on optimizing resource allocation and improving the efficiency of fund usage to mitigate investment risks[52]. - The company plans to enhance R&D capabilities and product value to address challenges from raw material price volatility[59]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2025[164]. Shareholder and Governance - The company plans to distribute a cash dividend of CNY 3.6 per 10 shares, based on a total of 1,484,166,399 shares[2]. - The company held its first extraordinary shareholders' meeting of 2024 with a participation rate of 41.27%[64]. - The company has not experienced any changes in its board of directors or senior management during the reporting period[65]. - The company emphasizes employee rights protection and provides a good working environment, ensuring safety and health for employees[79]. Risk Management - The company highlighted potential risks and countermeasures in its report, urging investors to remain aware of investment risks[2]. - The company faced risks from raw material price fluctuations, prompting adjustments in supply chain procurement strategies to mitigate impacts on operations[59]. - The company is monitoring global currency exchange rates to manage risks associated with overseas operations[61].

木林森股份有限公司 关于控股股东部分股份质押及部分股份提前解除质押 证券代码：002745 证券简称：木林森 公告编号：2024-034 截至公告披露日，控股股东及其一致行动人所持质押股份情况如下： | | | | 本次质押前 | 本次质押后 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 持股数量 | 持股比 | 质押股份数 | 质押股份数 | 持股份 | 总股本 | 已质押股 | 占已质 | | 占未质 | | 称 | （股） | 例 | | | | | | | 未质押股份限 | | | | | | 量（股） | 量（股） | 比例 | 比例 | 份限售数 | 押股份 | 售数量（股） | 押股份 | | | | | | | | | 量（股） | 比例 | | 比例 | | 孙清焕 | 551,751,293 | 37.18% | 148,340,000 | 115,390,095 | 20.91% | 7.77% | 2,55 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002745 证券简称：木林森 公告编号：2024-033 木林森股份有限公司 关于控股股东部分股份提前解除质押的公告 股东名 称 是否为 第一大 股东 质押开始日期 原质押解除日期 本次质押解除日 期 本次提前 解除质押 股数 （股） 本次提前 解除质押 股数占其 所持股份 比例 本次提前 解除质押 股数占公 司总股本 比例 质权人 孙清焕 是 2024 年 4 月 22 日 2025 年 4 月 22 日 2024 年 8 月 19 日 16,600,000 3.01% 1.12% 孙清焕 是 2024 年 5 月 28 日 2025 年 5 月 28 日 2024 年 8 月 19 日 16,900,000 3.06% 1.14% 海通证券 合计 -- -- -- -- 33,500,000 6.07% 2.26% 一、控股股东股份解除质押的基本情况 押行为不会导致公司实际控制权发生变更。如后续出现平仓风险，孙清焕先生将 采取包括但不限于补充质押、补充现金等措施应对。公司将持续关注其质押情况 及质 ...

证券代码：002745 证券简称：木林森 公告编号：2024-032 木林森股份有限公司 关于下属子公司增资的完成公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 木林森股份有限公司（以下简称"公司"或"木林森"）于 2024 年 7 月 8 日召开第五届董事会第十四次会议，审议通过《关于对下属子公司增资的议案》， 公司为促进全资子公司中山市木林森通用照明有限公司（以下简称"木林森通 用"）的持续快速稳健发展，同意公司拟以自筹资金向中山市木林森通用照明有 限公司增资 9,500 万元，增资价格为每 1 元注册资本对应作价 1 元,增资后中山 市木林森通用照明有限公司的注册资本从人民币 500 万元增至人民币 10,000 万 元；拟以自筹资金向下属公司吉安市木林森光电有限公司（以下简称"木林森光 电"）增资 30,000 万元，增资价格为每 1 元注册资本对应作价 1 元,增资后吉安 市木林森光电有限公司的注册资本从人民币30,000万元增至人民币60,000万元。 本次增资完成后，木林森通用、木林森光电仍为公司全资下属公司。具体内容详 ...

证券代码：002745 证券简称：木林森 公告编号：2024-031 木林森股份有限公司 关于下属子公司增资的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 木林森股份有限公司（以下简称"公司"或"木林森"）于 2024 年 7 月 8 日召开第五届董事会第十四次会议，审议通过《关于对下属子公司增资的议案》， 公司为促进全资子公司中山市木林森通用照明有限公司（以下简称"木林森通 用"）的持续快速稳健发展，同意公司拟以自筹资金向中山市木林森通用照明有 限公司增资 9,500 万元，增资价格为每 1 元注册资本对应作价 1 元,增资后中山 市木林森通用照明有限公司的注册资本从人民币 500 万元增至人民币 10,000 万 元；拟以自筹资金向下属公司吉安市木林森光电有限公司（以下简称"木林森光 电"）增资 30,000 万元，增资价格为每 1 元注册资本对应作价 1 元,增资后吉安 市木林森光电有限公司的注册资本从人民币30,000万元增至人民币60,000万元。 本次增资完成后，木林森通用、木林森光电仍为公司全资下属公司。具体内容详 ...

证券代码：002745 证券简称：木林森 公告编号：2024-029 木林森股份有限公司 第五届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 表决结果：6 票赞成，0 票反对，0 票弃权。 具体内容详见公司 2024 年 7 月 9 日披露于指定信息披露媒体《中国证券 报》、《证券时报》、《证券日报》及巨潮资讯网(www.cninfo.com.cn)的《关于 对下属子公司增资的公告》(公告编号:2024-030)。 二、备查文件 1、第五届董事会第十四次会议决议 特此公告。 木林森股份有限公司董事会 2024 年 7 月 9 日 木林森股份有限公司（以下简称"公司"或"木林森"）第五届董事会第十 四次会议于2024年7月8日以现场加通讯的表决方式在本公司一楼会议室召开，会 议通知于2024年7月2日以电子邮件和电话方式发出。会议由公司董事长孙清焕先 生主持，监事和部分高级管理人员列席了会议。本次会议应出席董事6人，实际 出席董事6人，其中出席现场会议董事4名，以通讯表决方式参会董事2名；会议 的召集、召开符合《中华人民共和国公司法 ...

证券代码：002745 证券简称：木林森 公告编号：2024-030 关于下属子公司增资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 木林森股份有限公司（以下简称"公司"或"木林森"）于2024年7月8日召 开第五届董事会第十四次会议，审议通过《关于对下属子公司增资的议案》，具 体情况如下： 一、对外投资概述 公司为促进全资子公司中山市木林森通用照明有限公司（以下简称"木林森 通用"）的持续快速稳健发展，同意公司拟以自筹资金向中山市木林森通用照明 有限公司增资 9,500 万元，增资价格为每 1 元注册资本对应作价 1 元,增资后中 山市木林森通用照明有限公司的注册资本从人民币 500 万元增至人民币 10,000 万元；拟以自筹资金向下属公司吉安市木林森光电有限公司（以下简称"木林森 光电"）增资 30,000 万元，增资价格为每 1 元注册资本对应作价 1 元,增资后吉 安市木林森光电有限公司的注册资本从人民币 30,000 万元增至人民币 60,000 万元。本次增资完成后，木林森通用、木林森光电仍为公司全资下属公司。 本次对全资下属公司增资事 ...

证券代码：002745 证券简称：木林森 公告编号：2024-028 木林森股份有限公司（以下简称"公司"）于近日收到控股股东孙清焕先生 的通知，获悉孙清焕先生将其质押给国泰君安证券股份有限公司（以下简称"国 泰君安"）的本公司股份63,600,000股，办理了提前解除质押业务。具体事项如 下： | 股东 | 是否为第 | | | 本次提前解除 | 本次提前解 除质押股数 | 本次提前解 除质押股数 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 质押开始日期 | 原质押解除日期 | 质押股数 | | | 质权人 | | 名称 | 一大股东 | | | （股） | 占其所持股 | 占公司总股 | | | | | | | | 份比例 | 本比例 | | | 孙清焕 | 是 | 2023年8月1日 | 2024年7月31日 | 31,800,000 | 5.76% | 2.14% | 国泰君安证 | | 孙清焕 | 是 | 2022年8月22日 | 2024年8月21日 | 31,800,000 | 5.76% | 2.14% | 券股份有限 ...

证券代码：002745 证券简称：木林森 公告编号：2024-027 二、控股股东股份及其一致行动人累计质押的情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如下： | | 持股数量 | | 本次质押前 | 本次质押后 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | （股） | 持股比例 | 质押股份数 | 质押股份数 | 持股份 | 总股本 | 已质押股份 | 占已质 | 未质押股份 | 占未质 | | | | | 量（股） | 量（股） | 比例 | 比例 | 限售数量 | 押股份 | 限售数量 | 押股份 | | | | | | | | | （股） | 比例 | （股） | 比例 | | 孙清焕 | 551,751,293 | 37.18% | 199,980,000 | 245,440,000 | 44.48% | 16.54% | 109,060,000 | 44.43% | 304,753,470 | 99 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's continuous expansion in brand lighting and LED smart manufacturing, as well as its active development in energy storage and plant lighting businesses [4][20]. Core Viewpoints - In 2023, the company achieved a revenue of 17.536 billion yuan, a year-on-year increase of 6.17%, and a net profit attributable to shareholders of 430 million yuan, a year-on-year increase of 121.71% [2][4]. - The domestic lighting industry is experiencing significant cost reduction and efficiency improvement, with a strong growth in overseas markets, particularly in the LED display sector in Asia, Africa, and Latin America [3][10]. - The global LED lighting market is expected to grow by 4% to reach 60.9 billion USD in 2024, providing a long-term growth opportunity for the company [4][10]. Financial Performance Summary - In 2023, the company reported a gross margin of 29.12%, an increase of 2.12 percentage points year-on-year, and a net profit margin of 2.57%, an increase of 1.37 percentage points year-on-year [26]. - For Q1 2024, the company achieved a revenue of 399.9 million yuan, a year-on-year decrease of 1.97%, but a net profit of 181 million yuan, a year-on-year increase of 28.88% [2][4]. - The forecasted net profit for 2024-2026 is 706 million yuan, 933 million yuan, and 1.133 billion yuan, respectively, with corresponding EPS of 0.48 yuan, 0.63 yuan, and 0.76 yuan [4][9]. Market Dynamics - The company is leveraging its brand advantages to expand both domestically and internationally, with significant revenue contributions from its overseas brand "LEDVANCE" [10][29]. - The company has established a strong presence in over 50 countries and regions, supporting its global sales network and enhancing its competitive edge in the international market [29].