FSL(SZ:000541) Feng Huang Wang·2025-09-29 01:56Core Viewpoint - The recent resignations of key executives at Foshan Lighting indicate potential instability within the company's leadership, which may impact its operational performance and strategic direction [1][3]. Executive Resignations - On September 28, Foshan Lighting announced the resignations of Chairman Wan Shan and Director Li Zehua due to work adjustments, effective immediately upon delivery of their resignation letters [1]. - Wan Shan will no longer hold any position within the company, while Li Zehua will continue as Vice General Manager [1]. - This marks the fourth executive resignation within a month, following the departures of Chen Mingjie and Zhang Yong on September 12 [3]. Company Background - Foshan Lighting, established in 1958 and listed on the Shenzhen Stock Exchange in 1993, primarily engages in the research, production, and sales of general lighting, automotive lighting, and LED packaging products [3]. - The company has made several acquisitions since 2021, including controlling stakes in Liaowang Automotive Lighting, Guoxing Optoelectronics, Hule Electric, and Beijing Hangxin [3]. Shareholding Structure - The controlling shareholder of Foshan Lighting is Guangdong Guangsheng Holding Group Co., Ltd., which holds a 32.31% stake [4]. - Guangdong Guangsheng is 90% owned by the Guangdong provincial government and 10% by the Guangdong Provincial Finance Department [4]. Financial Performance - According to the 2025 semi-annual report, Foshan Lighting reported a total revenue of 4.386 billion yuan, a year-on-year decline of 8.34% [4]. - The net profit attributable to shareholders was 115 million yuan, down 40.18% year-on-year, with a net profit of 106 million yuan after deducting non-recurring gains and losses, reflecting a 40.69% decrease [4]. - The company's main business segments experienced declines, with general lighting revenue at 1.556 billion yuan (down 9.49%), LED packaging and components at 1.139 billion yuan (down 13.94%), and automotive lighting at 1.014 billion yuan (down 3.02%) [4]. - The net cash flow from operating activities was only 9.845 million yuan, a significant drop of 97.44% year-on-year, attributed to reduced cash receipts from sales [4].