Group 1 - The LED lighting industry is facing unprecedented challenges due to technological changes and industry reshuffling, leading to a focus on internal improvements by companies [1][6] - Sanxiong Aurora (300625.SZ) recently experienced disputes during the election of a new chairman, highlighting the difficulties within the LED lighting sector [3][4] - The company has seen a decline in revenue and net profit over the past three years, with 2022-2024 projected revenues of approximately 23 billion, 24 billion, and 21 billion respectively, and a significant drop in net profit in 2023 [4][5] Group 2 - The election for the new chairman involved a competitive scenario between Zhang Yutao and Zhang Xianqing, with Zhang Yutao ultimately re-elected despite opposition due to concerns over management issues [4][6] - Sanxiong Aurora has no controlling shareholder, and the founding members, all graduates of South China University of Technology, are facing performance pressures amid a challenging market [5] - The overall Chinese lighting industry is underperforming, with a projected decline in both export and domestic sales, leading to a decrease in market value for major companies including Sanxiong Aurora [5][6]

Core Viewpoint - The internal divisions within Sanxiong Aurora (三雄极光) have been highlighted during the recent board meeting, particularly due to the rare "2 vs 1" election for the chairman position, raising concerns about the company's governance and future prospects [1][5]. Summary by Sections Board Election Controversy - The board meeting on June 27 revealed a contentious election for the chairman position between the current chairman Zhang Yutao and non-independent director Zhang Xianqing, with Zhang Yutao's proposal passing with 7 votes in favor and 2 against [5][7]. - Zhang Xianqing criticized Zhang Yutao's management during his tenure, citing a decline in both revenue and net profit, alongside rising expenses, leading to a loss in Q1 2025 [5][10]. Historical Context and Shareholding - The four key figures in the company, Zhang Yutao, Lin Yan, Zhang Xianqing, and Chen Songhui, were university classmates who co-founded the company, which went public in 2017. Their shareholding percentages are 18.25%, 16.72%, 11.72%, and 9.34% respectively [7][10]. - Since the termination of their joint action agreement in April 2020, the company has been without a controlling shareholder or actual controller [7]. Performance Issues - Sanxiong Aurora has faced declining performance, with 2024 revenue at 2.078 billion yuan, down 11.64%, and net profit at 48.09 million yuan, down 76.53% [10]. - The company reported a significant drop in net profit and a 94.85% decrease in non-recurring net profit, indicating severe operational challenges [10]. - The stock price has plummeted over 80% since reaching a peak of 65 yuan in March 2017, closing at 11.86 yuan on June 27, 2025 [10]. Shareholder Sentiment - Dissatisfaction among minority shareholders is evident, as they rejected the compensation plan for non-independent directors and executives during the 2024 annual meeting [10][11]. - The voting results for Zhang Yutao and Lin Yan during the board election reflected a lack of support from minority shareholders, receiving only 12 votes, which is less than one-millionth of the total effective votes [11]. Expert Insights - Experts emphasize that companies without a controlling shareholder require a high level of consensus among management. Continued internal conflicts could hinder performance recovery and affect relationships with supply chain partners and distributors [12].

一、股东大会审议通过利润分配方案等情况 1.公司 2024 年度利润分配方案已获公司 2025 年 5 月 22 日召开的 2024 年度 股东大会审议通过。公司 2024 年度利润分配方案为：以公司现有总股本 279,331,000 股为基数，向全体股东每 10 股派发现金红利人民币 3 元（含税）， 合计拟派发现金红利总额为人民币 83,799,300.00 元（含税）。不送红股，不以 资本公积金转增股本，剩余未分配利润结转以后年度分配。在 2024 年度利润分 配预案披露后至实施前，若公司股本分配基数发生变化，将以变动后的股本为基 数实施，按照分配比例不变的原则对分配总额进行调整。 2.自 2024 年年度权益分派方案披露至实施期间，公司股本总额未发生变化。 3.本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致。 证券代码:300625 证券简称: 三雄极光 公告编号:2025-030 广东三雄极光照明股份有限公司 2024 年年度权益分派实施公告 本公司及董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。 广东三雄极光照明股份有限公司（以下简称"公司 ...

Core Viewpoint - The recent board meeting of Sanxiong Aurora (300625) highlighted internal conflicts within the LED lighting company, particularly during the rare "2 vs 1" election for the chairman position, raising concerns about its governance and future prospects [2][7]. Meeting Details - The sixth board meeting of Sanxiong Aurora was held on June 27, 2025, with all nine directors present, confirming the legality of the meeting and its resolutions [4]. - The meeting involved a vote on the election of the chairman, with two candidates: the current chairman Zhang Yutao and non-independent director Zhang Xianqing [5][7]. Election Results - Zhang Yutao was elected as chairman with 7 votes in favor and 2 against, while Zhang Xianqing's proposal received only 2 votes in favor, indicating significant internal division [7][9]. - The election results reflect a broader conflict among the company's founding members, who were once university classmates and have been involved in the company's management since its inception [9]. Performance Issues - Sanxiong Aurora has faced declining performance, with 2024 revenue at 2.078 billion yuan, down 11.64% year-on-year, and net profit dropping 76.53% to 48.09 million yuan [12]. - The company reported its first loss in Q1 2025, contributing to a significant decline in stock price, which has fallen over 80% from its peak of 65 yuan in March 2017 to 11.86 yuan [12][13]. Shareholder Sentiment - Discontent among minority shareholders is evident, as they rejected the compensation plan for non-independent directors and executives during the 2024 annual general meeting [13]. - The lack of a controlling shareholder has led to increased internal strife, which experts warn could hinder the company's recovery and affect relationships with suppliers and distributors [14].

Group 1 - The company held its first meeting of the sixth supervisory board on June 21, 2025, and the meeting was conducted via electronic notification [1] - The supervisory board unanimously elected Ms. Qu Yanqiong as the chairperson of the sixth supervisory board, with a term starting from the approval date until the board's term ends [1] - The voting results for the election were 3 votes in favor, 0 votes against, and 0 abstentions [1] Group 2 - Ms. Qu Yanqiong does not hold any direct or indirect shares in the company and has no relationships with shareholders holding more than 5% of the company's shares [2] - Ms. Qu has not faced any penalties from the China Securities Regulatory Commission or other relevant authorities, nor has she been subject to any criminal investigations or regulatory inquiries [2] - Ms. Qu has not been listed as a dishonest executor by the People's Court and complies with relevant regulations [2]

证券代码：300625 证券简称：三雄极光 公告编号：2025-029 提案 1：选举张宇涛先生为公司第六届董事会董事长 广东三雄极光照明股份有限公司 第六届董事会第一次会议决议公告 本公司及董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、会议召开情况 广东三雄极光照明股份有限公司（以下简称"公司"）第六届董事会第一次会议（以 下简称"会议"）于 2025 年 6 月 21 日以电子邮件等方式发出通知，会议于 2025 年 6 月 27 日在广州市南沙区公司榄核总部 D 栋一楼大会议室以现场方式召开。会议应到董事 9 名，实到董事 9 名；公司监事、高级管理人员列席会议。本次会议由过半数董事推举董 事张宇涛先生召集和主持。会议的召集、召开程序以及表决程序符合《公司法》及《公 司章程》等有关规定，形成的决议合法有效。 二、会议审议情况 与会董事经过讨论，以记名投票表决方式审议了以下议案： 1、审议《关于选举公司第六届董事会董事长的议案》 公司第六届董事会董事长候选人共有 2 名，具体表决情况如下： 表决结果：7 票同意，2 票反对，0 票弃权。 本提案获得通过。经过 ...

证券代码：300625 证券简称：三雄极光 公告编号：2025-028 广东三雄极光照明股份有限公司 第六届监事会第一次会议决议公告 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 广东三雄极光照明股份有限公司(以下简称"公司") 第六届监事会第一次会议（以 下简称"会议"）于 2025 年 6 月 21 日以电子邮件等方式发出通知，会议于 2025 年 6 月 27 日在广州市南沙区公司榄核总部 D 栋一楼大会议室以现场方式召开。会议应出席监事 3 人，实际出席监事 3 名，董事会秘书和证券事务代表列席了本次会议。本次会议由全 体监事共同推举公司监事区艳琼女士召集和主持。会议的召集、召开程序以及表决程序 符合《公司法》及《公司章程》等有关规定，形成的决议合法有效。 二、监事会会议审议情况 与会监事经过讨论，审议并以记名投票表决方式通过以下议案： 1、审议通过了《关于选举公司第六届监事会主席的议案》 经审核，监事会一致同意选举区艳琼女士（简历详见附件）担任公司第六届监事会 主席，任期自本次监事会审议通过之日起至第六届监事会届满之日止。 ...

Group 1 - The core viewpoint is that the aging lighting market is an emerging opportunity for LED lighting companies, but the penetration rate of specialized aging lighting modifications is currently below 5% in China, facing challenges such as a lack of standards [3][6][7] - The "silver economy" market, which is valued in trillions, is increasingly recognized, with the elderly population in China projected to exceed 300 million by 2024, accounting for 22% of the total population [4][6][7] - Companies are shifting from price competition to developing high-value-added products, with smart lighting, human-centric lighting, and health lighting being key development directions [3][4] Group 2 - Major LED companies, including Mulinson and Foshan Lighting, are experiencing varying degrees of performance decline due to external trade environment changes and industry price drops [4][5] - The integration of AI technology into aging lighting solutions is seen as a new opportunity, with companies like Signify launching products that monitor elderly individuals' safety [4][5] - The current lack of standards for aging lighting leads to the prevalence of "pseudo-aging lighting products," highlighting the need for research and development of appropriate lighting formulas based on the physiological needs of the elderly [6][7][8] Group 3 - The aging population presents unique physiological challenges, such as reduced light transmission in the eyes, necessitating tailored lighting solutions to enhance safety and well-being [7][8] - The market for home modifications for the elderly is estimated to be worth 3 trillion yuan, yet the penetration of specialized lighting modifications remains low [7][8] - A proposed solution involves creating a "medical-industry-policy" triangle to establish clinical databases and develop dynamic lighting formulas that cater to various health conditions [8]

关于监事会完成换届选举的公告 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。 证券代码：300625 证券简称：三雄极光 公告编号：2025-026 广东三雄极光照明股份有限公司 最近两年内曾担任过公司董事或者高级管理人员的监事人数未超过公司监事总数 的二分之一，公司监事会中职工代表监事的比例未低于三分之一。 二、公司部分监事任期届满离任情况 广东三雄极光照明股份有限公司（以下简称"公司"）第五届监事会任期即将届满， 为保证公司监事会工作正常开展，根据《公司法》《深圳证券交易所创业板股票上市规 则》《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》及 《公司章程》等有关规定，公司已按照相关法律程序完成第六届监事会换届选举。现将 相关情况公告如下： 公司第五届监事会非职工代表监事谢丽华女士因任期届满离任，离任后仍在公司任 职。截至本公告披露日，谢丽华女士未持有公司股份，不存在应当履行而未履行的承诺 事项。公司监事会对谢丽华女士在任职期间为公司发展所作出的贡献表示衷心的感谢。 一、公司第六届监事会成员组成情况 特此公告。 公司于 2025 ...

广州市天河区珠江新城珠江西路 21 号 粤海金融中心 28 层 邮编：510627 电话：(86-20) 2805-9088 传真：(86-20) 2805-9099 北京市君合（广州）律师事务所 关于广东三雄极光照明股份有限公司 2024 年度股东大会的法律意见 致：广东三雄极光照明股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受广东三雄极光照明股份 有限公司（以下简称"公司"）的委托，指派本所经办律师出席了公司于 2025 年 5 与 22 日在广州市南沙区榄核镇良地埠工业区蔡新路 293 号 D 栋一楼大会议室召开的 2024 年度股东大会（以下简称"本次股东大会"）的现场会议。现根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司股东会规则》等中国（为本法律意见之目 的，"中国"不包括中华人民共和国香港特别行政区、中华人民共和国澳门特别行政区 及中华人民共和国台湾地区）现行法律、法规和规范性文件（以下简称"法律、法规"） 以及《广东三雄极光照明股份有限公司章程》（以下简称"公司章程"）、《广东三雄 极光照明股份有限公司股东大会议事规则》（以下简称"公司股东大会议事规则"） ...