2、公司储能业务发展情况如何？ 公司储能核心部件业务自 2025 年开始批量销售起，销售收入逐季度提升， 2025 年前三季度合计实现营业收入 6009 万元，当前在手订单充足。 2025 年公司储能子公司积极参展 10 余场国内外新能源展会，持续发力开 拓储能市场，后续随着储能子公司行业影响力的提升及客户群体的不断扩 张，公司储能核心部件销售额将进一步得到提升。 编号 2025-014 | | 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 | 国信证券、博时基金、华商基金 | | 称 | | | 时间 | 年 月 日 2025 11 21 14:30-15:30 | | 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、公司主业 驱动电源后续主要增长点体现在哪里？ LED | | | 根据 ...

证券日报网讯 崧盛股份11月19日在互动平台回答投资者提问时表示，公司针对体育场馆球场灯、舞台 灯配套有多款LED驱动电源。公司将把握市场机遇，积极参与国内大型场馆LED照明新建与改造项目。 （编辑 袁冠琳） ...

Core Insights - In Q3 2025, the company reported a revenue of 4.26 billion yuan, representing a year-on-year increase of 6.25%, while the net profit attributable to shareholders decreased by 44.72% to 55.61 million yuan [2][3] - For the first three quarters of 2025, total revenue was 12.18 billion yuan, showing a slight decline of 0.1%, and net profit attributable to shareholders was 209.21 million yuan, down 42.36% year-on-year [2][3] - The decline in profits is primarily attributed to increased expenses during the reporting period [2] Financial Performance - Q3 2025 revenue: 4.26 billion yuan, up 6.25% year-on-year [2][3] - Q3 2025 net profit: 55.61 million yuan, down 44.72% year-on-year [2][3] - Q3 2025 net profit excluding non-recurring items: 60.39 million yuan, down 48.84% year-on-year [2][3] - Total revenue for the first three quarters of 2025: 12.18 billion yuan, down 0.1% year-on-year [2][3] - Net profit for the first three quarters of 2025: 209.21 million yuan, down 42.36% year-on-year [2][3] - Net profit excluding non-recurring items for the first three quarters: 204.15 million yuan, down 42.82% year-on-year [2][3] Expense Analysis - The expense ratio for the first three quarters of 2025 was 25.22%, an increase of 2.14 percentage points compared to the same period last year [3] - R&D expenses increased by 26.21% year-on-year [3] - Financial expenses surged by 304.62% year-on-year [3] Business Developments - The company focuses on providing diversified LED solutions globally, including LED packaging, lighting fixtures, smart lighting, and IoT applications [4] - In September 2025, the company signed a strategic cooperation framework agreement with JD Technology to establish a demonstration base for unmanned warehouses in Europe [4]

Group 1 - The company conducted an online meeting with 10 institutions, including Huafu Fund and E Fund, to discuss its business and market outlook [1] - The LED driver power business is expected to face a slowdown in demand due to US tariff policies affecting the LED lighting industry, but demand is anticipated to recover in the second half of the year [1] - The company produces photovoltaic + energy storage hybrid inverters for household energy storage systems and energy storage converters for commercial systems, primarily selling in Europe, South Asia, and Africa [1] Group 2 - The company is progressing with a technical development contract signed with Chongqing Jingang Transmission and is actively seeking downstream customers for sample orders [1] - The company decided not to exercise the early redemption rights for its convertible bonds, with a review planned for potential future triggers [1] - The actual controllers of the company have committed to share lock-up and reduction intentions, with no other reduction restrictions mentioned [1] Group 3 - A recent plan from the National Development and Reform Commission and the National Energy Administration indicates that the new energy storage installed capacity in the country is expected to exceed 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [1] - The company is recognized for its customized R&D response, large-scale manufacturing, and global supply capabilities in the LED driver power sector, with its brand "崧盛电源" receiving multiple honors [1] - The announcement did not provide information regarding the gross margin of LED driver power products [1]

Financial Performance - The company reported a total revenue of 1.111 billion yuan for the first half of 2025, a decrease of 16.78% year-on-year [1] - The net profit attributable to shareholders was -42.3552 million yuan, representing a decline of 221.3% compared to the previous year [1] - In Q2 2025, the revenue was 545 million yuan, down 22.11% year-on-year, and the net profit was -45.1469 million yuan, a decrease of 236.49% [1] - The gross margin was 30.47%, down 2.7% year-on-year, while the net margin was -3.81%, a drop of 245.75% [1] - Total operating expenses (selling, administrative, and financial) amounted to 265 million yuan, accounting for 23.85% of revenue, an increase of 21.37% year-on-year [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was 1.73% last year, indicating weak capital returns [3] - The historical median ROIC since the company went public is 10.76%, with the worst year being 2023 at -5.75% [3] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 43.94% [3] - The interest-bearing debt ratio reached 29.68%, indicating a significant level of debt [3] - Accounts receivable to profit ratio was alarmingly high at 5385.42% [3] Business Model and Product Offering - The company specializes in LED driver power supplies, with a comprehensive product range covering various power types and applications [4] - Products are utilized in diverse fields such as road lighting, sports lighting, and commercial lighting, emphasizing flexibility and energy efficiency [4] - The company has a strong focus on technological innovation as a core competitive advantage, ensuring leading product performance [4] - The product line includes LED driver power supplies ranging from 3W to 1800W, suitable for both indoor and outdoor environments [4] - Additional offerings include sensors, control systems, and LED modules, providing a complete LED lighting system solution [4]

Core Viewpoint - The company demonstrated strong resilience in a complex market environment, achieving a revenue of 817 million yuan, a year-on-year increase of 0.11%, and a net profit attributable to shareholders of 107 million yuan in the first half of 2025 [1] Financial Performance - The company reported a stable operating cash flow of 107 million yuan, indicating solid financial health [1] - Research and development investment reached approximately 56.71 million yuan, a year-on-year increase of 1.75% [1] - Management expenses decreased by 7.44% year-on-year, reflecting improved operational efficiency [1] Business Segments - The commercial lighting segment maintained stable performance, contributing consistent revenue through established brand reputation and market channels [2] - The industrial lighting segment showed significant growth, with an increased revenue share driven by rising demand for high-quality industrial lighting products [2] - The special lighting segment focused on core products, exploring opportunities in plant lighting, emergency lighting, beauty lighting, and explosion-proof lighting [2] Product Development - In the explosion-proof lighting sector, the company achieved sales revenue of 14.42 million yuan, a year-on-year increase of 435.52%, with a gross margin of 42.93% [3] - The LED plant growth lights developed by the company are gaining popularity in agriculture, with a low global market penetration rate [3] - Emergency lighting products are characterized by rapid response, long battery life, and high brightness, indicating significant market potential [3] Capacity Expansion - The company is actively advancing LED lighting automation expansion projects to enhance production efficiency and product quality [4] - The construction of a production base in Vietnam is progressing well, aimed at expanding overseas market presence and increasing production capacity [4] - The Vietnam base is expected to be operational by the end of this year or early next year, which will help the company capture market share in Southeast Asia [5]

Core Viewpoint - Company focuses on the research, production, and sales of medium and high-power LED lighting products while actively expanding into new areas such as charging stations and energy storage through its wholly-owned subsidiary, Shenzhen Haibo [1] Group 1 - Company does not engage in the chip sector [1] - Company will continue to adhere to independent innovation in its production and operations [1] - Company closely monitors the development trends of cutting-edge technologies in the industry [1] Group 2 - Company plans to conduct forward-looking research and development based on market and customer needs [1] - Company aims to combine its research and development capabilities with market demands for future growth [1]

Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 202 million yuan, a year-on-year increase of 10.25%, but reported a net profit attributable to shareholders of -35,900 yuan [6] - The annual report indicated a significant decline in performance, attributed to losses from the energy storage subsidiary, increased R&D expenses, and interest expenses from convertible bonds [2][3] - The company aims to improve profitability in 2025 through increased revenue from core businesses and the energy storage segment [3] Group 2: Market and Business Strategy - The company plans to expand into high-barrier incremental markets to enhance performance and explore high-potential overseas markets [4][6] - The energy storage subsidiary, established in 2022, is expected to accelerate commercialization and contribute to revenue starting in 2025 [4] - The company is focusing on optimizing R&D, smart manufacturing, and refined management to reduce costs and increase efficiency [6] Group 3: Industry Context - The Chinese lighting industry experienced a peak export value of 65.47 billion USD in 2021, but faced a decline to 56.3 billion USD in 2024, a year-on-year decrease of 3.3% [7] - LED lighting products accounted for 75% of total exports in 2024, with a decline of 2.5% compared to the previous year [7] - The market for LED plant lighting is projected to grow, with an expected market value of 1.158 billion USD by 2029, reflecting a compound annual growth rate of 7.5% from 2024 to 2029 [8] Group 4: Future Outlook and Strategic Goals - The company has set strategic goals to expand into new areas such as renewable energy, AI, and digital transformation, while leveraging its strengths in advanced manufacturing [4] - The government plans to invest over 200 billion yuan in outdoor lighting renovations by 2025, with 30% allocated for upgrading driving power systems [8] - The company is committed to enhancing its market share in domestic infrastructure projects, particularly in outdoor lighting applications [9]

Core Viewpoint - Songsheng Co., Ltd. reported a total operating revenue of 884 million yuan for 2024, representing a year-on-year growth of 15.78% [1] Group 1: Financial Performance - In 2024, the company achieved a 29.14% year-on-year increase in the sales volume of LED driver power products [1] - Revenue from LED driver power products grew by 14.66% year-on-year, further solidifying the company's market position [1] Group 2: Business Overview - Songsheng Co., Ltd. is a leading manufacturer of LED driver power supplies in China, focusing on medium and high-power LED lighting driver power supplies and energy storage inverters/converters [1][2] - The company's core business of high-power LED lighting driver power supplies has been developed over more than a decade and is essential for various LED lighting applications [2] Group 3: Competitive Advantages - The company's core competencies are highlighted in six areas: technological accumulation, R&D responsiveness, quality control, scale manufacturing, digital operations, and brand reputation [2] - As of the end of 2024, Songsheng Co., Ltd. holds 196 authorized patents, including 193 domestic patents and 3 foreign patents, with a significant focus on invention and utility model patents [2] Group 4: R&D Investment - In 2024, the company's R&D investment reached 115 million yuan, a year-on-year increase of 25.39%, accounting for 13.07% of its operating revenue, which is a leading level in the industry [2] Group 5: Brand Recognition - The company's own brand "Songsheng Power" has been recognized as a "Shenzhen Famous Brand," "Excellent LED Power Brand," "Internationally Credible Brand," and "Bay Area Famous Brand" [3]

Summary of Conference Call for Mingbao Optoelectronics Company Overview - Mingbao Optoelectronics is a national-level specialized small giant enterprise focused on the R&D, production, and sales of LED green lighting products, primarily using the ODM model to provide personalized lighting solutions for overseas brand merchants and engineering companies [2][3] Core Industry Insights - The global LED market is expected to reach $82 billion by 2026, with China maintaining over 60% of the global export share of lighting products, solidifying its position as the largest producer and exporter of LEDs [8] - The company operates in a highly fragmented market, employing a differentiated market strategy to cater to diverse customer needs [4][6] Financial Performance - For 2024, the company reported a revenue of 1.641 billion yuan, a year-on-year increase of 7.35% [11] - Net profit attributable to shareholders was approximately 231 million yuan, reflecting a slight increase of 0.17% year-on-year [11] - The commercial lighting segment generated 939 million yuan in revenue, up 8.18%, while the industrial lighting segment achieved 623 million yuan, a growth of 7.8% [11] - Total assets reached 3.098 billion yuan, a 1.34% increase, while net assets attributable to shareholders slightly decreased by 0.76% due to shareholder dividends and share buybacks [11] Strategic Initiatives - The company plans to enhance its R&D investment, which reached approximately 120 million yuan in 2024, a 20% increase, accounting for 7.29% of revenue [6] - Future strategies include expanding production capacity with new bases in Vietnam and Huizhou, focusing on digitalization and automation to improve efficiency and reduce costs [9][10] - The company aims to strengthen its market position by leveraging its quality advantages and rapid response capabilities to tap into North American and emerging markets [10] Additional Insights - The company has established long-term partnerships with over 4,000 clients across more than 150 countries [3][6] - It has received numerous industry awards, enhancing its brand influence and market competitiveness [7] - The focus remains on continuous innovation and maintaining a flexible manufacturing and quality control system to meet customer demands [7][9]