Core Insights - The LED general lighting industry did not recover as expected in the first half of 2025, with the new installation market continuing to show weakness and the growth rate of the stock replacement market slowing down, leading to an overall contraction in market size [1] - The changing international landscape has heightened market caution, resulting in uncertainty about future prospects, as end customers adopt conservative inventory management strategies, which limits market demand momentum [1] - Despite the overall demand slump in the lighting industry, there is a notable internal differentiation, with LED high-efficiency, human health lighting, smart lighting, and circular lighting products showing strong order performance in the first half of the year, becoming key drivers for revenue contribution and market share stabilization for some terminal lighting manufacturers [1]