OPPLE(SH:603515) Nan Fang Du Shi Bao·2025-08-15 09:25Core Viewpoint - A batch of eye-protection lamps from Opple Lighting was found to be non-compliant with the "harmonic current limit" standard during a quality inspection by the Nanjing Market Supervision Administration, leading to potential impacts on product stability and safety [2][3][5]. Group 1: Inspection Results - The specific non-compliant product is a "movable lamp" with model MT001CH-13.5SX, produced by Opple Lighting Electric (Zhongshan) Co., Ltd., which failed the "harmonic current limit" test [4][6]. - The harmonic current limit is defined by GB 17625.1-2012, which sets emission limits for lighting devices, categorized as Class C, affecting their operational stability and efficiency [5]. Group 2: Company Response - Opple Lighting stated that the non-compliant batch was produced before the implementation of the new national standards, and all affected products have been recalled and sales halted [6]. - The company has faced similar issues in the past, with another batch failing the same test in a previous inspection by the Shandong Market Supervision Administration [6]. Group 3: Financial Performance - In 2024, Opple Lighting reported a revenue of 7.096 billion yuan, a decrease of 8.96% year-on-year, and a net profit of 903 million yuan, down 2.28% [7]. - The company experienced a significant drop in cash flow, with net cash flow from operating activities falling by 50.86% to 819 million yuan [7]. Group 4: Market and R&D Investment - Despite a slight increase in net profit in Q1 2025, revenue continued to decline, with a reported 1.491 billion yuan, down 5.83% year-on-year [8]. - Complaints regarding product quality and service have surged, with 695 complaints recorded, indicating potential issues in product development and marketing strategies [8][9]. - The company has shown a significant imbalance in resource allocation, with sales expenses rising while R&D investment has decreased, leading to a sales-to-R&D expense ratio of 4.22:1 in 2024 [9].