Core Viewpoint - 崧盛股份 is a leading company in the domestic medium and high-power LED driver power supply sector, with strong R&D capabilities and product quality advantages [1] Group 1: Business Performance - In Q3 2025, 崧盛股份 reported revenue of 694 million yuan, ranking 23rd among 29 companies in the industry, significantly lower than the top company 特变电工 with 72.918 billion yuan and the second company 中国西电 with 16.959 billion yuan [2] - The revenue composition includes high-power LED driver power supplies at 357 million yuan (79.64%), medium-power LED driver power supplies at 53.096 million yuan (11.84%), energy storage products at 31.086 million yuan (6.93%), and other products at 7.108 million yuan (1.58%) [2] - The net profit for the same period was -6.2811 million yuan, ranking 27th in the industry, far below the top company 特变电工 with 5.735 billion yuan and the second company 思源电气 with 2.271 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, 崧盛股份 had a debt-to-asset ratio of 45.07%, lower than the previous year's 46.58% and below the industry average of 50.78%, indicating relatively good debt repayment capability [3] - The gross profit margin for Q3 2025 was 24.07%, down from 27.69% in the previous year but still above the industry average of 22.99%, showing a competitive edge in profitability [3] Group 3: Executive Compensation - The chairman, 田年斌, received a salary of 816,000 yuan for 2024, unchanged from 2023 [4] - The general manager, 王宗友, also received a salary of 816,000 yuan for 2024, consistent with the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.44% to 9,059, while the average number of circulating A-shares held per shareholder decreased by 0.81% to 8,224.26 [5]

Group 1 - The core point of the article is that Shenzhen Songsheng Electronics Co., Ltd. has approved a proposal for external investment and capital increase in Chongqing Jingang Transmission Technology Co., Ltd., marking a new step in the company's investment layout [1][2] - The board meeting was held on October 30, 2025, with all seven directors present, and the proposal was passed unanimously with 7 votes in favor and no votes against or abstentions [1] - The company plans to disclose further details regarding the investment and capital increase on the Giant Tide Information Network, indicating a commitment to transparency for investors [1][2] Group 2 - This external investment and capital increase is seen as a strategic move to expand the company's business scope and strengthen industry chain collaboration [2] - Market analysts suggest that such investment decisions are typically aligned with long-term development plans, making the specifics of the investment scale and cooperation model a focal point for market attention [2]

| 证券代码：301002 | 证券简称：崧盛股份 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：123159 | 债券简称：崧盛转债 | | 三、备查文件 二、董事会会议审议情况 与会董事经认真审议、审慎表决后，依照有关规定形成以下决议： 审议通过《关于对外投资暨增资重庆精刚传动科技有限公司的议案》 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的相关公 告。 表决结果：同意 7 票，反对 0 票，弃权 0 票，获得通过。 深圳市崧盛电子股份有限公司 第三届董事会第二十四次会议决议公告 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、董事会会议召开情况 深圳市崧盛电子股份有限公司（以下简称"公司"）第三届董事会第二十四 次会议于 2025 年 10 月 30 日以现场结合通讯方式召开，会议通知及会议资料于 2025 年 10 月 24 日以通讯及书面方式送达至全体董事。本次董事会应出席董事 7 名，实际出席董事 7 名。公司董事邹超洋、汤波兵、王建优、卜功桃、温其东以 通讯方式参加。 ...

| 证券代码：301002 | 证券简称：崧盛股份 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：123159 | 债券简称：崧盛转债 | | 深圳市崧盛电子股份有限公司 关于对外投资暨增资重庆精刚传动科技有限公司的公告 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。 深圳市崧盛电子股份有限公司（以下简称"公司"、"崧盛股份"）于 2025 年 10 月 30 日召开第三届董事会第二十四次会议，审议通过了《关于对外投资暨增资 重庆精刚传动科技有限公司的议案》，现将有关情况公告如下： 一、对外投资概述 公司于 2025 年 10 月 30 日与重庆精刚传动科技有限公司（以下简称"重庆精 刚传动"或"目标公司"）、李俊阳、福州未来智造局科技发展有限公司（以下简 称"未来智造局"）、斯摩维尔（上海）科技有限公司（以下简称"斯摩维尔"）、 重庆海沃金刚先进机械制造合伙企业（有限合伙）（以下简称"海沃金刚"）、重庆 精刚智驱创新科技发展合伙企业（有限合伙）签署了《关于重庆精刚传动科技有 限公司之 A 轮投资及股东协议》（以下简 ...

Core Viewpoint - The Ministry of Agriculture and Rural Affairs emphasizes the development of technology-driven and green agriculture to enhance food security and agricultural productivity in non-traditional farming areas [1] Group 1: Company Initiatives - The company, as a core supplier of LED drivers for plant lighting, aims to leverage technological innovation to introduce smarter and more efficient products [1] - The company is also focusing on integrating energy storage components with plant lighting technology to support agricultural technological advancements [1] Group 2: Industry Trends - The promotion of plant lighting technology is seen as a way to expand agricultural production boundaries, particularly in challenging environments like deserts and Gobi regions [1] - The government's push for a diversified food supply system aligns with the company's strategic direction in supporting sustainable agricultural practices [1]

Group 1: Company Overview and Operations - Shenzhen Songsheng Electronics Co., Ltd. established Shenzhen Songsheng Robot Transmission Technology Co., Ltd. in June 2025, focusing on the R&D and manufacturing of high-performance key components such as harmonic reducers and intelligent joint modules, applicable in automation and robotics [2]. - The company has implemented digital and intelligent management in production, leading to improved production efficiency and product consistency, optimizing labor and manufacturing costs [3]. Group 2: Financial Performance - The gross margin for the company's energy storage core components was 24.84% in the first half of 2025, with potential for further improvement as production scales up [7]. - The company has adopted cost control measures to enhance profitability, including strict management of period expenses [3]. Group 3: Market Trends and Projections - According to TrendForce, the LED plant lighting market is projected to reach $1.366 billion in the first half of 2025, with a year-on-year growth rate of 3.9% [4]. - The LED plant lighting market is expected to grow to $2.056 billion by 2029, with a compound annual growth rate (CAGR) of 9.4% from 2024 to 2029, driven by the adoption of smart LED growth lights and advanced agricultural technologies [5]. Group 4: Impact of Tariffs - The company has managed to mitigate the impact of tariffs on its LED driver power supply business through global layout strategies and cost reduction measures, despite significant pressure from tariffs in the domestic lighting industry [8][9]. - The impact of tariffs on the energy storage core components business is considered manageable, as most clients are domestic integrators and installers, with limited direct exports [9]. Group 5: Future Growth Opportunities - Future growth in the LED driver power supply sector is anticipated in outdoor, industrial, and emergency lighting applications, as the market seeks to replace outdated lighting products [9]. - The company is actively participating in various energy exhibitions to enhance the market presence of its energy storage subsidiary, which is expected to boost sales further [9].

10月28日，崧盛股份大宗交易成交13.7万股，成交额381.13万元，占当日总成交额的3.83%，成交价 27.82元，较市场收盘价34.5元折价19.36%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (万股/万份) | | | | | 2025-10-28 | 301002 | 崧盛股份 | 27.82 | 13.70 | | 381.13 德邦证券股份有限 | 开源证券股份有限 | | | | | | | | 公司上海仙霞路证 | 公司西安第一分公 | | | | | | | | 劳营业部 | 교 | ...

Core Insights - Songsheng Co., Ltd. (301002.SZ) released its Q3 2025 financial report on October 25, 2025, indicating a total of 4 institutional investors holding shares, amounting to 6.099 million shares, which represents 4.92% of the total share capital [1] - The institutional holding percentage decreased by 3.80 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Huai'an Songsheng Investment Partnership (Limited Partnership), Zhejiang Meinuo Asset Management Co., Ltd., China Construction Bank Co., Ltd. - Huafu Technology Momentum Mixed Securities Investment Fund, and Shenzhen Hengbang Zhaofeng Private Securities Fund Management Co., Ltd. - Hengbang Qicheng No. 7 Private Securities Investment Fund [1] - The total institutional holding ratio is now at 4.92% [1] Public Funds - One new public fund disclosed this quarter, namely Huafu Technology Momentum Mixed A [1] - A total of 36 public funds were not disclosed compared to the previous quarter, including notable funds such as Huaxia Vision Growth One-Year Holding Mixed A, Guangda Baodexin Quantitative Stock A, Huaxia Zhisheng New Star Stock A, Huashang Quality Selection Mixed A, and Xinhua Xin Dongli Flexible Allocation Mixed A [1]

Core Insights - The company reported a revenue of 244,637,276.06 yuan for Q3 2025, representing a year-on-year growth of 12.00% [1] - The net profit attributable to shareholders for the same period was 7,657,032.63 yuan, showing a significant increase of 643.67% year-on-year [1]

Group 1: Company Performance - Songsheng Co., Ltd. reported a revenue of 694 million yuan for the first nine months of 2025, representing a year-on-year increase of 6.48% [1] - The net profit attributable to shareholders was 6.9038 million yuan, marking a turnaround from loss to profit [1] - For the third quarter of 2025, the company achieved a revenue of 245 million yuan, a 12% increase year-on-year, and a net profit of 7.657 million yuan, up 643.57% year-on-year [1] Group 2: Market Conditions - The LED lighting industry faced a slowdown in new installation demand in the first half of 2025 due to U.S. tariff policies, leading to a contraction in the overall market size [1] - In the second half of 2025, the easing of tariff policies has resulted in a warming market demand [1] - TrendForce observed that despite a weak macroeconomic environment, there is potential for incremental demand in under-penetrated segments of the LED market, particularly in outdoor, industrial, and emergency lighting [1] Group 3: Plant Lighting Sector - The U.S. "reciprocal tariffs" have suppressed new and replacement demand for agricultural lighting, particularly affecting specialty crops [2] - North America relies over 80% on Chinese lighting products, and tariff pressures have led to delayed procurement plans [2] - In contrast, the European market has shown strong growth in the first half of 2025, driven by energy-saving regulations and the introduction of high-efficiency products [2] Group 4: Product Development - The introduction of dynamic and controllable smart LED plant growth lights is becoming mainstream in greenhouses and vertical farms, with an increasing proportion of products featuring adjustable spectrums [2] - TrendForce estimates that the LED plant lighting market will reach a scale of 1.366 billion USD in 2025, with a year-on-year growth rate of 3.9% [2] - Songsheng's energy storage subsidiary reported a revenue of 60.0933 million yuan for the first nine months of 2025, nearly doubling from 31.3402 million yuan in the first half of 2025 [2]