Financial Performance - The company's revenue for Q1 2025 was ¥201,541,197.07, representing a 10.25% increase compared to ¥182,808,157.16 in the same period last year[5] - The net profit attributable to shareholders was -¥35,940.59, a decline of 100.60% from ¥5,970,009.74 in Q1 2024[5] - The company reported a basic earnings per share of ¥0.00, a decrease of 100.00% from ¥0.02 in Q1 2024[5] - Net profit for the period was a loss of ¥3,967,597.95, compared to a profit of ¥2,232,024.39 in the previous year[22] Cash Flow - The net cash flow from operating activities was -¥40,299,465.68, a significant decrease of 1,183.46% compared to ¥3,719,529.58 in the previous year[5] - Operating cash inflow for the current period was $137,404,223.15, an increase from $126,341,667.65 in the previous period, representing a growth of approximately 8.4%[24] - Net cash outflow from operating activities was -$40,299,465.68, compared to a positive cash flow of $3,719,529.58 in the previous period[24] - Cash inflow from investment activities totaled $142,135,649.08, up from $105,622,158.22, marking an increase of about 34.5%[24] - Net cash outflow from investment activities was $124,461,391.78, compared to $70,544,256.34 in the previous period, indicating a significant increase in investment spending[24] - Net cash flow from financing activities was $1,281,174.84, a recovery from a net outflow of -$13,696,390.98 in the previous period[25] - The total cash and cash equivalents at the end of the period decreased to $47,298,449.25 from $97,563,172.99, reflecting a decline of approximately 51.6%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,473,131,535.82, down 2.79% from ¥1,515,370,558.78 at the end of the previous year[5] - Total liabilities decreased to ¥692,369,062.24, down 6.9% from ¥743,972,621.29 year-on-year[20] - The company's total current assets amount to 792,297,971.95 CNY, a decrease from 830,139,766.40 CNY at the beginning of the period[18] - The cash and cash equivalents decreased from 78,813,257.59 CNY to 59,659,483.47 CNY[18] - Accounts receivable increased from 256,181,153.13 CNY to 266,350,868.04 CNY[18] - Inventory decreased slightly from 134,130,899.80 CNY to 132,487,424.87 CNY[18] - Fixed assets decreased from 631,598,405.68 CNY to 626,255,267.80 CNY[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 8,757[15] - The largest shareholder, Tian Nianbin, holds 24.35% of shares, totaling 29,922,865 shares, with 8,080,000 shares pledged[15] - The second-largest shareholder, Wang Zongyou, also holds 24.35% of shares, totaling 29,922,868 shares, with no shares pledged[15] - There are no significant changes in the top 10 shareholders' participation in margin trading or securities lending[16] Expenses - Total operating costs increased to ¥209,871,724.94, up 14.2% from ¥183,774,924.68 year-on-year[21] - The financial expenses increased by 354.75% to ¥4,999,494.84, primarily due to the accrual of convertible bond interest expenses[13] - Research and development expenses were ¥24,511,382.84, a marginal increase from ¥24,069,574.43 in the previous year[21] - The company reported a significant increase in financial expenses, which rose to ¥4,999,494.84 from ¥1,099,398.70, primarily due to higher interest expenses[21] Operational Focus - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[22] - The cash flow statement details will be provided in the next report, indicating ongoing monitoring of liquidity[23] Audit Information - The company did not undergo an audit for the first quarter report, which may impact the perception of financial reliability[26]

Financial Performance - The company's LED driver power products achieved a sales volume growth of 29.14% year-on-year, with revenue growth of 14.66%, contributing to a total operating revenue of RMB 884 million, a year-on-year increase of 15.78%[4] - The company's operating revenue for 2024 was CNY 883,532,796.98, representing a 15.78% increase compared to CNY 763,099,975.94 in 2023[28] - The net profit attributable to shareholders for 2024 was a loss of CNY 13,892,929.02, a decrease of 157.34% from a profit of CNY 24,229,880.72 in 2023[28] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 29,617,491.45, down 600.40% from a profit of CNY 5,918,810.77 in 2023[28] - The net cash flow from operating activities decreased by 79.66% to CNY 29,018,163.96 in 2024, compared to CNY 142,662,066.65 in 2023[28] - The total assets at the end of 2024 were CNY 1,515,370,558.78, an increase of 2.76% from CNY 1,474,615,816.34 at the end of 2023[28] - The net assets attributable to shareholders decreased by 3.48% to CNY 796,661,922.53 at the end of 2024, down from CNY 825,416,075.45 at the end of 2023[28] - The basic earnings per share for 2024 was -CNY 0.11, a decrease of 155.00% from CNY 0.20 in 2023[28] - The diluted earnings per share for 2024 was also -CNY 0.11, reflecting the same percentage decrease as the basic earnings per share[28] - The weighted average return on equity for 2024 was -1.71%, down from 2.94% in 2023, indicating a decline in profitability[28] - The company reported a significant decline in quarterly performance, with a net profit loss of CNY 32,504,373.61 in Q4 2024, compared to profits in earlier quarters[31] Research and Development - R&D investment increased by RMB 23.38 million, a year-on-year growth of 25.39%, with significant contributions from both the LED driver power business and the new energy storage business[4] - The company aims to optimize product design and reduce costs through R&D, smart manufacturing, and refined management, leveraging a R&D team of over 300 people[7] - The company has invested CNY 115.46 million in R&D for 2024, representing a year-on-year increase of 25.39%, accounting for 13.07% of total revenue[101] - The number of R&D personnel increased by 12.98% from 339 in 2023 to 383 in 2024, representing 29.21% of the total workforce[135] - R&D expenditure accounted for 13.07% of total revenue in 2024, compared to 12.07% in 2023, indicating a significant increase in investment relative to revenue[135] - The company is developing a high-power LED driver power supply to enhance power density and efficiency, aiming to improve market competitiveness[130] - A modular multi-functional dimming control board is under development to provide personalized dimming experiences and support various communication protocols, enhancing product scalability[130] - The company has completed the research on DALI dimming LED driver power supply, simplifying programming and control processes through a graphical interface[130] Market Expansion and Strategy - The company plans to enhance profitability by expanding into high-barrier incremental markets such as plant lighting and professional lighting, and by increasing overseas sales, particularly in emerging markets[6] - The company is focusing on global market expansion to mitigate reliance on single markets, with significant growth opportunities in emerging economies[65] - The company has established subsidiaries in North America, Europe, Singapore, and Brazil to mitigate trade barriers and enhance global operations[175] - The company aims to expand its LED driver power product line for overseas sales, which achieved a year-on-year growth of 47.81% in 2024, accounting for about 16.21% of total revenue[167] - The company is expanding into specialized lighting markets, such as sports and explosion-proof lighting, which have higher barriers to entry and less competition[170] Product Development and Innovation - The company has launched several competitive inverter products aimed at household and industrial energy storage systems, contributing to the global green energy transition[67] - The energy storage inverter product line has been developed and certified, covering power ranges from 1.2kW to 235kW with multiple international certifications[116] - The company has initiated research and development of core components for new energy systems, focusing on commercial and residential energy storage inverters as a second growth line[164] - The company is working on a three-phase home energy storage inverter for the European market, supporting multiple operational modes and complying with various European grid certifications[134] - The company has developed a new energy storage inverter for the U.S. market, designed for 3C products, with a capacity of 1.2KW[134] Operational Efficiency and Cost Management - The company has implemented cost-saving measures in project management, leading to a reduction in construction costs[158] - The company has established a digital intelligent manufacturing platform, integrating various systems such as BI, PLM, and MES, to enhance data management and production efficiency[166] - The company has implemented an intelligent warehousing system that reduces labor costs by 40%-50% and improves inventory management efficiency[165] - The company’s automated manufacturing base utilizes advanced systems for real-time data transmission and inventory management, enhancing operational efficiency[105] Governance and Compliance - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, complying with relevant laws and regulations[182] - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements[183] - The company has actively engaged in investor relations management, ensuring transparent and fair information disclosure[185] - The company has conducted regular training for its directors and supervisors to enhance governance practices[183] - The company has ensured that all shareholders, especially minority shareholders, enjoy equal rights and access to information[182] Challenges and Risks - The energy storage subsidiary reported a loss of RMB 46.74 million, impacting the net profit attributable to shareholders by RMB 25.69 million[5] - The company faces intensified market competition in the LED driver power supply industry, which may lead to oversupply and declining profit margins[172] - The company does not foresee any major risks to its ongoing operations[11]

| 债券代码：123159 | 债券简称：崧盛转债 | | | --- | --- | --- | | 证券代码：301002 | 证券简称：崧盛股份 | 公告编号：2025-025 | 深圳市崧盛电子股份有限公司 关于提请股东大会授权董事会以简易程序向特定对象发行股票 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"或"崧盛股份"）于 2025 年 4 月 23 日召开第三届董事会第十九次会议及第三届监事会第十四次会议，审 议通过了《关于提请股东大会授权董事会以简易程序向特定对象发行股票的议 案》。现将相关情况公告如下： 一、概述 根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发 行上市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，公司董事会提请股东大会授权董事会决定向特定对象发行融资总额不 超过人民币 3 亿元且不超过最近一年末净资产 20%的人民币普通股（A 股）股 票，授权期限为自 2024 年年度股东大会审议通过之日起至 2025 年年度股东大会 召开 ...

| | | 深圳市崧盛电子股份有限公司 关于 2025 年第一季度可转换公司债券转股情况的公告 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。 特别提示： 1、"崧盛转债"（债券代码：123159）转股期限为 2023 年 4 月 10 日至 2028 年 9 月 26 日；最新的转股价格为人民币 24.35 元/股。 2、2025 年第一季度，共有 22 张"崧盛转债"完成转股（票面金额共计人民 币 2,200.00 元），合计转成 90 股"崧盛股份"股票（证券代码：301002）。 2023 年 5 月 23 日公司披露《关于崧盛转债转股价格调整的公告》（公告编 号：2023-043），因实施 2022 年年度权益分派，"崧盛转债"转股价格由原 24.95 元/股调整为 24.45 元/股，调整后的转股价格自 2023 年 5 月 30 日起生效。 3、截至 2025 年 3 月 31 日，公司剩余可转换公司债券张数为 2,943,375 张， 剩余可转换公司债券票面总额为人民币 294,337,500.00 元。 根据《深圳证券交易所创业板股票上市规则 ...

证券之星消息，2025年3月25日崧盛股份(301002)发布公告称西部利得基金、天府对冲基金、麦高 证券、万柏基金、民生加银、安信基金、银华基金、华福证券于2025年3月25日调研我司。 崧盛股份：西部利得基金、天府对冲基金等多家机 构于3月25日调研我司 具体内容如下： 问：公司开拓海外市场，是否会与公司国内灯具客户产生业务冲突？ 答：公司直接外销部分主要为结合海外制造业归需求，为海外灯具厂境外本土化组装配套提供LED 驱动电源，与国内下游灯具厂境内生产不存在冲突。 问：2024年公司研发费用的增长主要为储能业务吗？ 答：2024年前三季度公司研发费用同比增长1,239.13万元，其中储能子公司崧盛创新研发费用增长 1,063.84万元。 答：公司于2024年12月26日召开第三届董事会第十七次会议审议通过了《关于不向下修正崧盛转债 转股价格的议案》，公司董事会决定本次不向下修正"崧盛转债"转股价格，同时自本次董事会审议通过 次日起至2025年6月25日，如再次触发"崧盛转债"转股价格的向下修正条件，亦不提出向下修正方案， 下一触发转股价格修正条件的期间从2025年6月26日重新起算。 后续如有变化请以公 ...

投资者关系活动记录表 证券代码：301002 证券简称：崧盛股份 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名 | 西部利得基金、天府对冲基金、麦高证券、万柏基金、民生加银、安信基 | | 称 | 金、银华基金、华福证券 | | 时间 | 2025 年 3 月 25 日 15:00-16:00 | | 地点 | 线上会议 | | 上市公司接 | 董事会秘书、财务负责人：谭周旦 | | 待人员姓名 | 证券事务代表：刘佳佳 | | | 一、介绍公司基本情况 | | | 二、互动问答 | | | 1、公司开拓海外市场，是否会与公司国内灯具客户产生业务冲突？ | | | 公司直接外销部分主要为结合海外制造业回归需求，为海外灯具厂境外本 | | | 土化组装配套提供 LED 驱动电源，与国内下游灯具厂境内生产不存在冲突。 | | 投资者关系 | 2、2024 年公司研发费用的增长主要为储能业务吗？ | | 活动主要内 容介绍 | 2024 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company [1]. Core Insights - The company, 崧盛股份, operates in the power grid equipment industry and had a sales revenue of 1.02 billion yuan from foreign sales in the first three quarters of 2024, accounting for 15.64% of its total revenue [17]. - The company is currently facing a projected net loss for 2024 due to several factors, including losses from its energy storage subsidiary, high R&D expenditures, significant fixed asset depreciation, and increased financial costs from convertible bond interest [17]. - The company's R&D focus is on two main areas: medium and high-power LED driver power supplies and energy storage inverters, with plans for continuous innovation and product iteration [17][18]. Summary by Sections 1. Basic Research Information - The research was conducted on 崧盛股份 in the power grid equipment sector on March 17, 2025, with participation from various investment institutions [13]. 2. Detailed Research Institutions - The institutions involved in the research include 中肯私募基金, 亚太汇金基金, 华安证券, 民沣资本, and 丰坤资本 [14]. 3. Research Institutions Proportion - The report does not provide specific data on the proportion of research institutions involved [15]. 4. Main Content Information - The company’s North American sales are relatively low, and its inverter production is based in its Zhongshan smart manufacturing plant, utilizing a flexible production strategy [17]. - The company’s main revenue source remains its LED driver power supply business, despite the anticipated net loss for 2024 [17]. - The energy storage subsidiary is primarily using direct sales and selective agency agreements for market penetration [18].

| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | 活动类别 | 现场参观 | | | 其他 | | 参与单位名 | 中肯私募基金、亚太汇金基金、华安证券、民沣资本、丰坤资本、黄石经 | | 称 | 开产投等 | | 时间 | 年 月 日 2025 3 17 15:00-16:00 | | 地点 | 公司会议室 | | 上市公司接 | 董事会秘书、财务负责人：谭周旦 | | 待人员姓名 | 证券事务代表：刘佳佳 | | | 一、介绍公司基本情况 | | | 二、互动问答 | | | 1、公司北美地区销售占比有多少？ | | | 2024 年前三季度公司外销收入达到 1.02 亿元，占公司整体营业收入的比 | | | 重为 15.64%。其中直接外销销售收入中北美地区收入占比较低。 | | 投资者关系 活动主要内 | 2、公司逆变器产线目前情况如何？ | | 容介绍 | 公司户储逆变器及工商业储能逆变器产线目前主要在公司中山智能制造工 | | | 厂，采取柔性生产策略。 | | | 3、公司 202 ...

| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名 | 红思客资产、海衍投资、首创证券、远东宏信、太古投资 | | 称 | | | 时间 | 2025 年 3 月 10 日 15:00-16:30 | | 地点 | 公司会议室 | | 上市公司接 | 董事会秘书、财务负责人：谭周旦 | | 待人员姓名 | 证券事务代表：刘佳佳 | | | 一、介绍公司基本情况 | | | 二、互动问答 | | | 1、公司 LED 驱动电源业务竞争格局是怎么样的？ | | | 根据 QYResearch《2023-2029 全球及中国 LED 照明电源行业研究及十四五 | | | 规划分析报告》，2022 年全球 LED 照明电源市场规模大约为 83.94 亿美 | | 投资者关系 | 元，预计 2029 年将达到 100.34 亿美元，公司所深耕的中、大功率 LED 驱 | | 活动主要内 | 动电源预计到 2029 年市场规模约为 98 亿美元。由 ...

Company Overview - The company is Shenzhen Songsheng Electronics Co., Ltd., with stock code 301002 and abbreviation "Songsheng Co." [1] - The investor relations activity took place on February 20, 2025, from 10:00 to 11:30 [2]. Product and Market Insights - The current product shipment cycle is approximately 2 weeks for LED driver power supplies and about 1.5 months for energy storage inverters [2]. - As of the first three quarters of 2024, the company's export revenue accounted for approximately 15.64% of total operating income, indicating significant potential for growth in international markets [3]. Industry Context - The global LED driver power supply market is expected to reach $10.034 billion by 2029, characterized by a competitive landscape with market concentration below 5% for leading companies [4]. - The lighting industry, where China plays a crucial role, has over 60% of global export share, suggesting resilience against the 10% tariffs imposed by the U.S. on Chinese goods [2]. Strategic Developments - The company began its foray into the energy storage sector in 2022, focusing on energy storage inverters, which share technological synergies with LED driver products, enhancing the company's competitive edge [5]. - The outlook for the LED driver power supply market in 2025 is optimistic, with expected recovery in the construction sector and increased demand for high-quality LED lighting solutions [6]. Future Projections - The energy storage subsidiary, Songsheng Innovation, is developing a comprehensive product system for energy storage inverters and converters, with plans for significant market promotion and sales in 2025 [7].