Core Viewpoint - Zhouming Technology is a leading global provider of LED application products and solutions, with a focus on LED displays, lighting, and landscape lighting engineering services, leveraging its technological and full industry chain advantages [1] Financial Performance - In Q3 2025, Zhouming Technology reported revenue of 5.623 billion yuan, ranking 3rd in the industry, surpassing the industry average of 2.474 billion yuan and the median of 1.046 billion yuan, but still behind the top two competitors, Sanan Optoelectronics at 13.817 billion yuan and Mulinsen at 12.178 billion yuan [2] - The main business composition includes smart displays at 3.427 billion yuan (93.70%), smart lighting at 185 million yuan (5.06%), other products at 25.81 million yuan (0.71%), and cultural lighting at 19.67 million yuan (0.54%) [2] - The net profit for the same period was 117 million yuan, ranking 6th in the industry, above the industry average of 46.49 million yuan and the median of 35.86 million yuan, with the top two competitors being Leyard at 295 million yuan and Mulinsen at 213 million yuan [2] Financial Ratios - As of Q3 2025, Zhouming Technology's debt-to-asset ratio was 57.16%, higher than the previous year's 55.38% and above the industry average of 46.71%, indicating relatively high debt pressure [3] - The gross profit margin for Q3 2025 was 27.74%, lower than the previous year's 30.57% but still above the industry average of 20.22%, suggesting a competitive edge in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 13.02% to 41,800, while the average number of circulating A-shares held per shareholder decreased by 11.52% to 21,200 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the third-largest shareholder with 37.3089 million shares, an increase of 15.6009 million shares from the previous period [5] Strategic Developments - Zhouming Technology is advancing its "LED + AI" strategy, aiming to build an intelligent scene ecosystem driven by hardware, IP, and scene services [6] - The company has launched its AI Agent platform, which integrates mainstream models, and has seen a doubling in sales area and over 500 million yuan in sales for Mini/Micro LED products [5][6] - The company holds a total of 3,398 authorized patents, indicating a strong focus on technological and product innovation [6] Future Projections - Forecasts for revenue from 2025 to 2027 are 8.556 billion yuan, 9.592 billion yuan, and 10.779 billion yuan, with net profits projected at 258 million yuan, 339 million yuan, and 400 million yuan respectively [5] - Another forecast estimates revenues of 8.38 billion yuan, 9.176 billion yuan, and 10.075 billion yuan for the same period, with net profits of 316 million yuan, 431 million yuan, and 532 million yuan respectively [6]

Core Viewpoint - The financial report for Q3 2025 indicates that the company faced short-term operational pressures, with a significant decline in net profit compared to the previous year, primarily due to increased impairment losses on accounts receivable [2][3]. Financial Performance Summary - For Q3 2025, the company achieved operating revenue of 1.966 billion yuan, a decrease of 2.41% from the adjusted 2.014 billion yuan in the same period last year [2][4]. - The net profit attributable to shareholders was 5.000 million yuan, down 81.64% from the adjusted 27.239 million yuan year-on-year [2][4]. - The net profit after excluding non-recurring gains and losses was -12.021 million yuan, a decline of 123.41% from the adjusted 51.349 million yuan in the previous year [2][4]. - Basic earnings per share were 0.0046 yuan, representing an 81.6% decrease compared to the previous year's 0.0250 yuan [2][4]. - Diluted earnings per share were 0.0045 yuan, down 82% from 0.0250 yuan year-on-year [2][4]. - The weighted average return on equity was 0.11%, a decrease of 0.46 percentage points from the previous year [2][4]. Year-to-Date Performance Summary - From January to September 2025, the company reported cumulative operating revenue of 5.623 billion yuan, a growth of 3.74% compared to the adjusted 5.420 billion yuan in the same period last year [3][4]. - The cumulative net profit attributable to shareholders was 12.614 million yuan, a slight decline of 1.21% from the adjusted 12.769 million yuan year-on-year [3][4]. - The net profit after excluding non-recurring gains and losses was 13.000 million yuan, down 3.12% from the adjusted 13.418 million yuan in the previous year [3][4]. - Basic earnings per share for the year-to-date were 0.1156 yuan, a decrease of 0.94% from 0.1167 yuan [3][4]. - Diluted earnings per share were 0.1148 yuan, down 1.63% from 0.1167 yuan year-on-year [3][4]. - The weighted average return on equity was 2.67%, a minor decrease of 0.01 percentage points from the previous year [3][4]. Cash Flow and Asset Summary - For the first nine months of 2025, the net cash flow from operating activities was 95.428 million yuan, a significant decline of 67.77% from the adjusted 296.118 million yuan in the same period last year, primarily due to increased cash payments for goods and services [4][5]. - As of September 30, 2025, the company's total assets were 10.697 billion yuan, an increase of 1.22% from the adjusted 10.569 billion yuan at the end of the previous year [5]. - The equity attributable to shareholders was 4.651 billion yuan, a decrease of 2.54% from the adjusted 4.772 billion yuan at the end of the previous year, reflecting slight adjustments in shareholder equity due to profitability [5].

Core Viewpoint - Zhouming Technology experienced a 5.09% decline in stock price, closing at 7.46 CNY per share, with a total market capitalization of 8.14 billion CNY as of October 30 [1] Company Overview - Shenzhen Zhouming Technology Co., Ltd. was established on October 26, 2004, and went public on June 22, 2011. The company is headquartered in Bao'an District, Shenzhen, and has R&D and production bases in Shenzhen, Huizhou, and Zhongshan [1] - The main business activities include the production and sale of LED displays, LED decorative lights, and LED lighting products, as well as providing landscape lighting engineering services. The revenue composition is as follows: Smart Display 93.70%, Smart Lighting 5.06%, Other 0.71%, Cultural Creative Lighting 0.54% [1] Shareholder Information - Among the top ten circulating shareholders of Zhouming Technology, a fund under Southern Fund holds a significant position. The Southern CSI 1000 ETF (512100) reduced its holdings by 101,000 shares in the third quarter, now holding 7.9753 million shares, which accounts for 0.9% of circulating shares. The estimated floating loss today is approximately 3.19 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 28.54%, ranking 2138 out of 4216 in its category; the one-year return is 28.02%, ranking 1896 out of 3885; and since inception, the return is 13.75% [2]

证券代码：300232 证券简称：洲明科技 公告编号：2025-100 深圳市洲明科技股份有限公司 关于部分募投项目结项并将节余募集资金永久补充流动资金的公告 1 签订了《募集资金三方监管协议》或《募集资金四方监管协议》，对募集资金的 存放和使用进行专户管理。 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 深圳市洲明科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开了第六届董事会第六次会议，审议通过了《关于部分募投项目结项并将节余募 集资金永久补充流动资金的议案》，鉴于公司 2018 年公开发行可转换公司债券募 投项目之"合同能源管理项目"、"LED 显示屏研发中心升级项目"及"LED 小间距 显示屏产能升级项目"（以下简称"拟结项项目"）已达到预定可使用状态，满足 结项条件，公司拟将上述募投项目结项，并将节余募集资金永久补充流动资金。 根据《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》 等相关规定，该事项无需提交公司股东会审议。现将有关事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许 ...

深圳市洲明科技股份有限公司董事会 2025年10月30日 1 关于2025年第三季度报告披露的提示性公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 深圳市洲明科技股份有限公司（以下简称"公司"）于2025年10月28日召开 第六届董事会第六次会议，审议通过了公司《2025年第三季度报告》。公司2025 年第三季度报告于2025年10月30日在中国证监会指定的创业板信息披露网站巨 潮资讯网（www.cninfo.com.cn）披露，敬请投资者注意查阅！ 特此公告。 证券代码：300232 证券简称：洲明科技 公告编号：2025-101 深圳市洲明科技股份有限公司 ...

证券代码：300232 证券简称：洲明科技 公告编号：2025-102 深圳市洲明科技股份有限公司 第六届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 深圳市洲明科技股份有限公司（以下简称"公司"）第六届董事会第六次会议 于 2025 年 10 月 28 日在公司总部会议室以现场结合通讯表决方式召开。召开本 次会议的通知已于 2025 年 10 月 26 日以电子邮件及短信方式通知各位董事。会 议由公司董事长林洺锋先生召集和主持，应出席会议表决的董事 7 人，实际出席 会议表决的董事 7 人，其中董事武军先生、张晓云女士、杨勇智先生、全智先生、 甘耀仁先生以通讯方式出席会议，公司高级管理人员列席了本次会议。本次会议 的召集、召开和表决程序符合《中华人民共和国公司法》和《深圳市洲明科技股 份有限公司章程》的有关规定。 二、与会董事经过认真讨论并表决，形成决议如下： 1、以赞成 7 票，反对 0 票，弃权 0 票的表决结果审议并通过了《关于公司 2025 年第三季度报告的议案》 与会董事一致认为公司《2025 年 ...

经中国证券监督管理委员会证监许可〔2018〕1340 号文核准，并经深圳证券 交易所同意，本公司由主承销商向社会公开发行面值总额 548,034,600.00 元可转换 公司债券。本次共计募集资金 548,034,600.00 元，扣除相关发行费用后实际募集资 金净额为 535,407,717.48 元。上述募集资金到位情况经天健会计师事务所（特殊普 通合伙）验证，并由其出具《验证报告》（天健验〔2018〕3-70 号）。 二、募集资金存放与管理情况 余募集资金永久补充流动资金的核查意见 中泰证券股份有限公司（以下简称"中泰证券"或"保荐机构"）作为深圳市 洲明科技股份有限公司（以下简称"洲明科技"或"公司"）向特定对象发行股票 的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》和《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公 司规范运作》，对公司部分募投项目结项并将节余募集资金永久补充流动资金事项 进行了审慎核查，具体核查情况及核查意见如下： 一、募集资金基本情况 中泰证券股份有限公司 关于深圳市洲明科技股份有限公司部分募投项目结项并将节 为了规范募集资金的 ...

Financial Performance - Q3 2025 revenue was CNY 1,965,856,000, a decrease of 2.41% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 5,000,539.9, down 81.64% year-on-year[5] - Basic earnings per share decreased by 81.60% to CNY 0.0046 from CNY 0.0250 in the same period last year[5] - The total operating revenue for the period reached CNY 5,623,378,175.53, an increase from CNY 5,420,492,614.69 in the previous period, representing a growth of approximately 3.73%[26] - The total operating costs amounted to CNY 5,294,363,006.97, up from CNY 5,068,648,709.33, indicating an increase of about 4.45%[26] - The net profit for the current period is CNY 116,522,460.01, a slight increase from CNY 115,552,503.01 in the previous period, representing a growth of 0.84%[27] - Operating profit for the current period is CNY 155,603,701.86, compared to CNY 153,573,798.22 in the previous period, indicating a growth of 1.33%[27] - The total comprehensive income for the current period is CNY 112,986,265.23, compared to CNY 119,859,830.06 in the previous period, a decrease of 5.8%[28] - Basic earnings per share for the current period is CNY 0.1156, slightly down from CNY 0.1167 in the previous period[28] Cash Flow - Operating cash flow net amount was CNY 95,427,569, a decline of 67.77% compared to the previous year[5] - Net cash flow from operating activities decreased by 67.77% to $95.43 million, primarily due to increased cash payments for goods and services[12] - The cash and cash equivalents at the end of the period amount to CNY 816,627,768.09, down from CNY 1,084,250,249.16, a decrease of 24.7%[30] - The investment activities generated a net cash flow of CNY -247,772,248.53, an improvement from CNY -548,118,485.36 in the previous period[30] - The financing activities resulted in a net cash flow of CNY -405,286,014.69, compared to CNY -381,985,872.05 in the previous period, indicating a worsening of cash flow[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,697,019,617.92, an increase of 1.22% from the beginning of the year[5] - Non-current liabilities totaled CNY 359,848,605.79, down from CNY 398,063,783.76, a decrease of about 9.6%[25] - The company's retained earnings decreased to CNY 1,747,200,778.52 from CNY 1,881,715,712.08, a decline of about 7.1%[25] - Accounts receivable decreased to CNY 1,838,735,613.34 from CNY 2,102,638,175.16, a reduction of about 12.5%[23] - Inventory increased significantly to CNY 2,276,692,184.62 from CNY 1,807,807,401.62, reflecting a rise of approximately 25.9%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period was 41,817[14] - The largest shareholder, Lin Mingfeng, holds 24.65% of shares, amounting to 268,973,418 shares, with 106,500,000 shares pledged[14] - The company plans to terminate the sixth employee stock ownership plan to better align with future strategic goals[18] - The company intends to cancel 3,659,990 repurchased shares, reducing total share capital from 1,091,107,141 shares to 1,087,447,151 shares[18] - The company will revise its articles of association to reflect changes in registered capital following the share cancellation[18] - The number of restricted shares at the beginning of the period was 3,034,675, with 759,400 shares released from restriction during the period[17] - The company has no preferred shareholders or significant changes in the number of preferred shareholders[16] Other Financial Metrics - The company reported a 75.98% increase in prepayments, totaling CNY 94,394,344.80, mainly due to increased material payments[9] - Financial expenses showed a significant decrease of 625.75%, amounting to -CNY 68,774,758.80, primarily due to exchange rate fluctuations[11] - Investment income improved by 93.16%, with a loss of -CNY 13,788,885.52 compared to a much larger loss in the previous year[11] - The company recorded a 218.33% increase in asset disposal income, reaching CNY 2,090,498.32[11] - Non-operating income increased by 93.85% to CNY 9,616,447.29, attributed to higher compensation receipts[11] - Other income increased to CNY 26,368,903.13 from CNY 21,823,237.15, reflecting a growth of 20.5%[27] - The overdue accounts payable balance is CNY 41.35 million, constituting 2% of the total accounts payable of CNY 1,782,212,790.42[21]

证券代码：300232 证券简称：洲明科技 公告编号：2025-098 深圳市洲明科技股份有限公司 关于控股股东、实际控制人减持计划期限届满未减持股份的公告 控股股东、实际控制人林洺锋先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | 条件股 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 份 | | | | | | | | | 有 | | | | | | | | | 件股份 | 限售条 | 201,730,063 | 18.49% | 18.57% | 201,730,063 | 18.49% | 18.57% | 注：上表中如出现合计数与所列数值总和不符，均为四舍五入原因造成。 深圳市洲明科技股份有限公司（以下简称"公司"）于2025年7月7日披露了 《关于控股股东、实际控制人减持股份的预披露公告》（公告编号：2025-051）。 公司控股股东、实际控制人、董事长兼总经理林洺锋先生因自身资金需求计划在 自本公告披 ...

证券代码：300232 证券简称：洲明科技 公告编号：2025-097 深圳市洲明科技股份有限公司 关于注销部分回购股份并减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、通知债权人的原因 深圳市洲明科技股份有限公司（以下简称"公司"）分别于 2025 年 9 月 22 日和 2025 年 10 月 28 日召开第六届董事会第四次会议、2025 年第四次临时股东 会，审议通过了《关于注销部分回购股份暨减少注册资本的议案》、《关于拟变 更公司注册资本并修订<公司章程>部分条款的议案》。具体内容详见公司在巨 潮资讯网（www.cninfo.com.cn）上披露的《关于注销部分回购股份暨减少注册 资本的公告》（公告编号：2025-087）、《关于拟变更公司注册资本并修订<公 司章程>部分条款的公告》（公告编号：2025-088）、《2025 年第四次临时股东 会决议公告》（公告编号：2025-096）。 鉴于公司 2022 年回购股份尚存放在回购专用证券账户的剩余回购股份 3,659,990 股即将满三年，且目前公司暂无使用该回购股 ...