General Provisions - The company establishes an Audit Committee to enhance the decision-making function of the Board of Directors, ensuring effective supervision of the management team and improving corporate governance structure [1][2] - The Audit Committee is responsible for communication, supervision, and verification of internal and external audits, reporting directly to the Board of Directors [1][2] Composition of the Committee - The Audit Committee consists of three directors, with at least two being independent directors and one being a professional in accounting [5][6] - The committee members are nominated by the Chairman or a majority of independent directors and elected by the Board [5][6] Responsibilities and Authority - The Audit Committee is tasked with reviewing financial information, supervising internal and external audits, and ensuring the integrity of financial reporting [5][6] - The committee must meet at least quarterly and can convene additional meetings as necessary [5][15] - It is responsible for evaluating the work of external auditors and internal audit departments, and for coordinating communication between management and auditors [5][6] Meeting Procedures - The Audit Committee meetings can be held in person or via remote communication, with a minimum attendance of two-thirds of members required for valid proceedings [15][16] - Meeting notifications must be sent out in advance, detailing the agenda and relevant materials [16][19] Voting and Decision-Making - Decisions made during meetings require a majority vote from the members present, and members with conflicts of interest must abstain from voting [22][24] - The committee's resolutions and voting results must be documented and reported to the Board [28][29] Implementation and Amendments - The implementation rules for the Audit Committee take effect upon approval by the Board of Directors, and any amendments must comply with national laws and the company's articles of association [30][31][15]

General Principles - The rules are established to regulate the operation of the shareholders' meeting of Guangzhou Haoyang Electronics Co., Ltd. and ensure shareholders can exercise their rights according to the Company Law and the company's articles of association [1][2] - The shareholders' meeting is the authority of the company and must exercise its powers in accordance with the law and the company's articles of association [1][2] Shareholders' Meeting Convening - The shareholders' meeting is divided into annual and temporary meetings, with the annual meeting held once a year within six months after the end of the previous fiscal year [2][3] - The board of directors must convene the shareholders' meeting within the stipulated time and must respond to requests from independent directors or the audit committee to convene a temporary meeting within ten days [3][4] Proposals and Notifications - Shareholders holding more than 1% of the voting shares can propose agenda items for the shareholders' meeting, and proposals must be submitted in writing at least ten days before the meeting [6][14] - The notice for the shareholders' meeting must include the time, place, agenda items, and the rights of shareholders to attend and vote [8][20] Voting and Resolutions - Each share carries one vote, and shareholders can vote in person or by proxy [11][15] - Resolutions can be ordinary or special, requiring a majority or two-thirds majority of the voting rights present, respectively [19][52] Meeting Records and Announcements - The meeting records must include details such as the time, place, attendees, and voting results, and must be preserved for at least ten years [20][55] - Resolutions must be announced promptly, detailing the number of attendees and voting results [19][53]

Group 1: Impact of Tariffs and Market Strategy - The company's products exported to the U.S. account for approximately 7.3% of total revenue, indicating minimal impact from U.S. tariffs [1] - Future market expansion will focus on Europe (46%), Oceania (15%), Asia (18%), and the Americas (16%), with over 95% of revenue coming from exports in 2024 [3] Group 2: Production Capacity and Capital Expenditure - The new factory in Vietnam is expected to generate a production value of 500-600 million, sufficient to meet demand over the next three years [2] - Future capital expenditures will include increased R&D investment, potential acquisition of owned facilities to reduce rental costs, and adherence to planned fundraising allocations [4][8] Group 3: Profit Growth Drivers - Key drivers for future profit growth include enhanced R&D investment, market expansion in key regions, and improved cost control through supply chain management [5][6][7] Group 4: Dividend Policy and Shareholder Returns - The company plans to distribute at least 50% of its distributable profits as cash dividends annually, with 2023 cash dividends amounting to 249 million and a payout ratio of 108.22% [9] - Cumulative cash dividends over three years will not be less than 50% of the distributable profits from the last three years [9]

| 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东方证券股份有限公司张家港东环路证券营业部 | 2889.41 | | | 买二 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 738.19 | | | 买三 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 | 722.80 | | | | 部 | | | | 买四 | 中国银河证券股份有限公司北京建国路证券营业部 | 696.93 | | | 买五 | 中国银河证券股份有限公司北京金融街证券营业部 | 611.94 | | | 卖一 | 广发证券股份有限公司深圳后海证券营业部 | | 1763.55 | | 卖二 | 万联证券股份有限公司鄂州古城路证券营业部 | | 1723.17 | | 卖三 | 东亚前海证券有限责任公司苏州分公司 | | 1256.40 | | 卖四 | 华安证券股份有限公司池州分公司 | | 1227.76 | 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.28亿元，其中，买入成交额 ...

Core Viewpoint - Dongang Technology's IPO application has been terminated again after transitioning from the ChiNext to the Beijing Stock Exchange, primarily due to concerns over business innovation, performance decline risks, and the rationality of fundraising projects [1][3][4]. Group 1: IPO Process and Challenges - Dongang Technology was the first company to have its IPO application accepted in 2024, but it voluntarily withdrew its application after two rounds of inquiries from the Beijing Stock Exchange [2][3]. - This is not the first time Dongang Technology has faced challenges with its IPO; it previously withdrew its application for the ChiNext in September 2022 after receiving a second round of inquiries [2][3]. Group 2: Business Overview - Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various types of lamps used in specialized fields such as vehicle maintenance, construction, and emergency response [3][4]. - The company claims to have strong competitive advantages in product performance and technological innovation, primarily serving markets in Europe and North America [3][4]. Group 3: Financial Performance - From 2020 to 2024, Dongang Technology's revenue fluctuated, with figures of 178 million, 263 million, 231 million, 221 million, and 234 million yuan respectively, indicating a notable decline in 2022 and 2023 before a slight recovery in 2024 [7]. - The company's net profit also showed volatility, with a decrease in 2022 and 2023, followed by a modest increase in 2024 [7][9]. Group 4: Customer Concentration and Risks - The company has a high customer concentration, with its top three customers accounting for over 78% of total sales in recent years, raising concerns about revenue stability [9][10]. - Sales to major clients saw significant declines in 2022, attributed to external economic factors such as the Ukraine crisis and inflation [10][11]. Group 5: Fundraising and Investment Plans - Dongang Technology plans to raise 260 million yuan through its IPO, with allocations for a high-end lighting tool production base, a research and development center, and working capital [14][18]. - The company aims to enhance its production capacity and technological capabilities through these investments, despite concerns about the necessity of the projects given its recent financial performance [17][20].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Xiamen Dongang Technology Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1][3]. Company Overview - Xiamen Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various series such as folding lamps, floodlights, pocket lights, pen lights, long lights, and headlamps [3]. Application Details - The application for public issuance was initially accepted by the Beijing Stock Exchange on January 8, 2024, and the company submitted a withdrawal request on May 20, 2025 [3]. - The company intended to issue no more than 51,111,113 shares, with an option for an additional 15% (up to 7,666,666 shares) through an over-allotment option [4]. Fundraising Plans - Dongang Technology aimed to raise 26 million yuan, allocated for the construction of a high-end professional mobile lighting tool production base, a research and development center, and to supplement working capital [4][5]. - The total investment for the production base project is approximately 185.64 million yuan, with 184 million yuan expected to be funded from the raised capital [5]. Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder and actual controller of Dongang Technology is Zhuang Junhui, who directly holds 83.14 million shares (54.22%) and indirectly controls an additional 22.5 million shares (14.67%), totaling 68.89% of the company's shares [3]. Underwriting Information - The lead underwriter for this issuance was China Merchants Securities Co., Ltd., with representatives Zhang Qian and Zhang Yang signing as the sponsoring representatives [6].

Company Overview - OPPLE Lighting Co., Ltd. is established as a joint-stock company in accordance with the Company Law and Securities Law of the People's Republic of China [1] - The company was registered in Shanghai and has a registered capital of RMB 745,148,915 [1][2] - The company aims to become a leading brand in the lighting industry with a focus on responsibility, innovation, and speed [1] Share Structure - The total number of shares issued by the company is 745,148,915, all of which are ordinary shares with a par value of RMB 1 per share [4][7] - The company follows principles of openness, fairness, and justice in its share issuance, ensuring equal rights for all shareholders [4][5] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in shareholder meetings, as well as the obligation to comply with laws and the company's articles of association [6][10] - Shareholders holding more than 5% of the voting shares must report any pledges of their shares to the company [10][11] Corporate Governance - The company is governed by a board of directors and a supervisory board, with specific roles and responsibilities outlined for each [1][11] - The company holds annual and extraordinary shareholder meetings to discuss key decisions, including financial budgets, profit distribution, and major transactions [18][19] Financial Transactions and Approvals - Major transactions, including asset purchases or sales exceeding 30% of the company's total assets, require approval from the shareholders' meeting [18][19] - The company must disclose any financial assistance or guarantees provided to related parties, ensuring transparency and compliance with regulations [12][14] Legal Compliance - The company is required to maintain compliance with the laws and regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1][2] - Any violations of the articles of association or relevant laws can lead to legal actions initiated by shareholders [10][11]

Group 1 - The core viewpoint of the article highlights the recent research conducted by the well-known private equity firm Ruimin Investment on Foshan Lighting, emphasizing its strategic focus on e-commerce and digital transformation [1] - Foshan Lighting's e-commerce business revenue has increased by 35.70% year-on-year, indicating a strong performance in this channel [1] - The company is transitioning from merely selling products to providing comprehensive solutions, with new ventures in sports lighting, automotive lighting, marine lighting, and airport runway lighting [1] Group 2 - Research and development efforts are directed towards smart lighting and automotive lighting, with a focus on digitalization and technological innovation [1] - The automotive lighting segment generated revenue of 2.107 billion yuan, reflecting a year-on-year growth of 15.13%, with an increased proportion of mid-to-high-end products [1] - Foshan Lighting is involved in several large transportation projects and industrial energy-saving renovation projects, expanding into deep-sea lighting, marine ranching, and ship lighting [1] Group 3 - The projected revenue for marine lighting in 2024 is 67.1 million yuan, showcasing the company's growth potential in this area [1] - The company is enhancing its market value management through improved operational performance, cash dividends, and shareholder buybacks [1] - A new business development center has been established to launch innovative products and collaborate with leading aquaculture companies, earning recognition with the Small Berry Industry Development Contribution Award [1]

E-commerce and Market Strategy - Foshan Lighting emphasizes the strategic layout of e-commerce channels, actively embracing digitalization, and positioning online business as a core driver for market expansion, achieving a 35.70% revenue growth in e-commerce in 2024 [2] - The company is transitioning from a product provider to a comprehensive lighting solution and design service provider, focusing on smart, green, and healthy development trends [4][6] Product Development and Innovation - Research and development are primarily directed towards smart lighting and automotive lighting, particularly in the new energy vehicle sector, with a focus on digital and intelligent technology innovation [4] - The automotive lighting business generated revenue of 2.107 billion yuan in 2024, marking a 15.13% increase, with a significant rise in the proportion of mid-to-high-end products [5] New Market Segments - The company is expanding into new market segments, including sports lighting and marine lighting, with investments in production bases and strategic partnerships to enhance market presence [3][7] - In the marine lighting sector, the company achieved revenue of 67.1 million yuan in 2024, supported by the acquisition of a leading ship lighting enterprise [7] Financial Performance and Shareholder Engagement - Foshan Lighting has maintained a consistent cash dividend policy, distributing a total of 5.854 billion yuan over 32 years, reflecting a commitment to shareholder returns [8] - Recent share buybacks by major shareholders demonstrate confidence in the company's future, with 18.3426 million shares bought back in November 2024 and 11.4296 million shares in May 2025 [8] Emerging Business Areas - The company is actively developing the plant and animal lighting sector, establishing a new business expansion center in February 2025 to focus on technology research and market development [8] - Collaborations with universities and agricultural research institutions aim to create technological barriers in plant growth spectrum control and animal breeding lighting optimization [8]

Core Viewpoint - The demand for UV lamps has surged post-COVID-19, driven by increased hygiene awareness in medical institutions, public places, and various industries, leading to significant market growth in China [1][13]. Industry Overview - UV lamps, short for ultraviolet lamps, are gas discharge lamps that produce UV radiation through ion discharge in a vacuum quartz tube containing high-purity mercury [2]. - The main types of UV lamps include metal halide lamps, mercury vapor lamps, xenon lamps, induction lamps, and UV LED lamps, with UV mercury lamps and UV LED sources being the most prevalent in the market [3]. Development Background - The COVID-19 pandemic has heightened public focus on health, resulting in rapid growth in the demand for UV lamps for disinfection in homes, schools, and commercial spaces [5]. - Technological advancements in the UV lamp industry, such as the development of UV-C LED technology, have significantly improved efficiency, stability, and lifespan while reducing production costs [5]. Industry Chain - The UV lamp industry consists of an upstream segment (raw materials like mercury and quartz glass), a midstream segment (manufacturing), and a downstream segment (application markets including printing, electronics, and healthcare) [7][9]. - Raw material costs account for over 60% of production costs, necessitating strong partnerships with upstream suppliers to ensure stable supply and cost control [9]. Market Demand - The printing and coating sectors are the largest consumers of UV lamps, accounting for over 50% of the market, with the printing sector alone representing more than 30% [11]. - The UV ink market in China has seen rapid growth, with production and demand reaching 128,200 tons and 126,000 tons respectively in 2023, providing substantial growth opportunities for the UV lamp industry [11]. Competitive Landscape - The UV lamp market in China features numerous participants, including international brands like Philips and OSRAM, and domestic companies such as Nanjing Huachang Electronics and Guangdong Xingguang Development [16]. - Domestic companies leverage technological advancements, cost advantages, and localized services to establish a significant presence in the market [16]. Company Analysis - Guangdong Xingguang Development Co., Ltd. reported a total revenue of 192 million yuan in 2024, with UV sterilization lamp sales contributing 29 million yuan, or 14.97% of total revenue [19]. - Xuyu Optoelectronics (Shenzhen) Co., Ltd. achieved a total revenue of 311.9862 million yuan in 2024, with various product categories including UV light sources [21]. Future Trends - The UV-C LED technology is expected to become mainstream due to its efficient sterilization properties, low energy consumption, and long lifespan [23]. - Companies are focusing on developing differentiated products tailored to specific applications, such as smart sensing solutions for medical environments and quiet designs for household use [23].