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]

Company Overview - Eaglerise Electric & Electronic (China) Co., Ltd. is engaged in the manufacturing and sales of transformers, power supplies, and lighting products, with a registered capital of 392.21 million yuan [1][12]. - The company was established on October 15, 1999, and is headquartered in Foshan, Guangdong Province, China [1][12]. Financial Information - As of March 31, 2025, the total share capital of the company is 392,205,291 shares, with 94.73% being freely tradable shares [12]. - The company’s major shareholder, Foshanshi Maiges Investment Co., Ltd., holds 23.77% of the shares, while the actual controller, Xiao Jun Cheng, holds a total of 26.72% [12][8]. Business Strategy - The company plans to raise a minimum of 300 million yuan through a targeted issuance of A-shares, with the funds intended for working capital [7][8]. - The issuance will not change the control of the company, as the major shareholder will remain the same post-issuance [8]. Industry Context - The company operates within the electrical machinery and equipment manufacturing industry, specifically in the sub-sectors of lighting equipment and transformers [13][14]. - The industry is regulated by the National Development and Reform Commission and the Ministry of Industry and Information Technology, which oversee policy formulation and industry standards [13]. Market Trends - The demand for new energy transformers is increasing, particularly in applications such as photovoltaic and wind power generation, electric vehicles, and energy storage systems [14][16]. - The industry is experiencing rapid growth due to government policies promoting renewable energy and energy efficiency, with a focus on reducing reliance on fossil fuels [15][16].

证券代码：873339 证券简称：恒太照明 公告编号：2025-023 江苏恒太照明股份有限公司 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 1、公司未来在北美以外市场拓展具体计划是什么？ 尊敬的投资者，公司目前销售目标市场主要是北美地区，目前公司通过在东 南亚建立生产基地，同时计划积极开拓欧洲、东南亚及中国国内市场，通过多元 化，分散化的出口目标市场有效的降低单一依赖北美市场造成的国际贸易风险。 2、股价最近低迷，感觉和业绩不挂勾，管理层有什么对策吗? □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 9 日 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 参会单位及人员：通过网络方式参与公司 2024 年年度报告业绩说明会的投 资者 上市公司接待人员：1、董事长李彭晴 ...

Group 1 - The Tianjin Beichen District Market Supervision Administration released the results of the 2024 quality supervision sampling inspection for key industrial products, revealing that out of 52 batches tested, 43 were qualified while 9 were unqualified [3][4][5] Group 2 - The unqualified products included portable butane gas stoves, LED ceiling lights, and household gas stoves, with specific companies and addresses listed for each non-compliant item [4][5] - The inspection covered seven types of products, including lighting fixtures, electronic door locks, and portable gas stoves, indicating a focus on consumer safety and product quality in the region [3][4]

Core Viewpoint - The company, Haoyang Co., experienced a significant decline in both revenue and net profit in 2024, indicating challenges in adapting to changing market conditions amid global economic uncertainties [1][4]. Revenue and Profit Decline - In 2024, Haoyang Co. reported revenue of approximately 1.212 billion yuan, a decrease of 7.12% from 1.305 billion yuan in 2023 [4]. - The net profit attributable to shareholders fell to 302 million yuan, down 17.61% from 366 million yuan in the previous year [4]. - This marks the first instance of simultaneous revenue and profit decline since 2020, highlighting the company's insufficient response to market changes [4]. R&D Investment and Short-term Impact - Despite the decline in performance, Haoyang Co. maintained its investment in research and development, totaling approximately 85.85 million yuan in 2024 [5]. - The company holds 765 domestic patents, 194 international patents, and 429 software copyrights, indicating a strong focus on innovation [5]. - However, the short-term economic benefits from these R&D efforts have not materialized, as evidenced by the continued decline in revenue and profit [5]. Brand Expansion and Overseas Market Risks - Haoyang Co. made significant strides in brand expansion, particularly in overseas markets, including the acquisition of Danish SGM company assets and the establishment of wholly-owned subsidiaries in Denmark and the U.S. [6]. - Participation in international trade shows, such as the Barcelona ISE and Frankfurt PROLIGHT+SOUND, has been part of the company's strategy to enhance its global presence [6]. - Nonetheless, the expansion into overseas markets introduces new risks, including economic slowdown and geopolitical tensions, which could impact stable performance growth [6].

Summary of Opple Lighting Conference Call Company Overview - **Company**: Opple Lighting - **Fiscal Year**: 2024 - **Key Financials**: - Gross Margin: 39.3% - Net Profit: 903 million CNY, down 2% YoY - Revenue: 7.1 billion CNY, down 9% YoY [2][3] Core Insights and Arguments - **Business Performance**: - Home lighting business declined by 5%, while sales of whole-house smart lighting solutions grew over 40% [2][3] - Commercial lighting business faced a nearly 30% decline due to economic impacts, but project-type business maintained growth [2][3] - E-commerce sales saw a double-digit decline, while commercial lighting showed slight growth [2][4] - **Future Outlook**: - For Q1 2025, revenue slightly declined, but profit increased [4] - The company aims for a revenue growth of 5%-10% while maintaining gross and net profit margins [4] - Focus on technological and solution innovation, including new product launches [4] - **Government Subsidies**: - National subsidy policies had a limited but positive impact on sales due to diverse product categories and average transaction prices [2][5] - The company is exploring how offline distributors can leverage subsidies to boost sales [5] - **Gross Margin Pressure**: - Expected pressure on gross margin in H2 2024 and Q1 2025 due to terminal pricing factors [2][6] - Offline retail and commercial channels experienced margin declines, while other channels remained stable [6][7] - **Investment and Other Income**: - Other income increased due to government incentives and bank investment returns [2][8] - Investment income may decline slightly due to lower bank interest rates [8] Additional Important Insights - **Employee Count**: - Reduction in employee numbers due to macroeconomic pressures and AI applications replacing certain roles [3][10] - **Channel Performance**: - Revenue distribution: B2C offline (45%), B2B offline (25%), e-commerce (20%), overseas (10%) [3][14] - E-commerce faces intense competition, leading to a need for increased channel support [19] - **Inventory and Cash Flow**: - Inventory turnover days have increased due to slower payment speeds from major platforms [21] - Stock levels are expected to remain stable, with inventory turnover within 60 days [22] - **Market Trends**: - The recovery of the second-hand housing market is expected to positively impact sales of high-end products [23][24] - The company holds an estimated 8% market share in the home lighting sector, which is valued between 500 billion to 600 billion CNY [25] - **R&D and Innovation**: - Continued investment in R&D, focusing on smart lighting solutions and partnerships with universities [26] - The company aims to enhance its product offerings and market presence through innovation [26] - **M&A Strategy**: - The company is exploring M&A opportunities in the commercial lighting sector, focusing on acquiring benchmark enterprises with strong brands and solutions [27][31] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic outlook, and market dynamics.

Group 1 - The company achieved a revenue of 7.096 billion yuan in 2024, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28% [1] - In Q1 2025, the company reported a revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit attributable to shareholders of 141 million yuan, a year-on-year increase of 16.77% [1] - The company announced a cash dividend distribution plan for 2024, proposing a cash dividend of 0.9 yuan per share, totaling approximately 666.44 million yuan, which corresponds to 73.8% of the net profit attributable to shareholders, an increase from 47.5% in 2022 and 67.7% in 2023 [1] Group 2 - In the home furnishing sector, the company is optimizing retail channels with a focus on "scenario-based solutions" and expanding its presence in lower-tier markets through diversified product offerings [2] - In the commercial lighting sector, the company is establishing benchmark projects in logistics parks and renewable energy factories, and has formed deep collaborations with mainstream apparel brands [2] - The company is enhancing its e-commerce business by integrating "intelligent" and "high-efficiency" technologies with online content ecosystems, while also responding to "trade-in" subsidy policies [2] Group 3 - The company achieved a gross profit margin of 39.29% in 2024, a year-on-year decrease of 1.04 percentage points, while the net profit margin improved to 12.75%, a year-on-year increase of 0.82 percentage points [3] - In Q1 2025, the company reported a gross/net profit margin of 36.32% and 9.49%, respectively, with the net profit margin increasing by 1.83 percentage points year-on-year [3] - The company slightly raised its profit forecast for 2025-2026, expecting net profits of 949 million yuan and 1 billion yuan, representing year-on-year growth of 5.1% and 5.4% respectively [3]

Financial Data and Indicators - The basic earnings per share remained unchanged at 0.0400 yuan for Q1 2025 compared to Q1 2024 and Q1 2023 [1] - The net asset per share increased by 2.29% to 2.68 yuan in Q1 2025 from 2.62 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.6 billion yuan, reflecting a 15.38% increase from 0.52 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.68% in Q1 2025, up 17.48% from 1.43% in Q1 2024 [1] - Operating revenue decreased by 17.13% to 6.87 billion yuan in Q1 2025 from 8.29 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 70,618.85 million shares, accounting for 52.89% of the circulating shares, with a decrease of 523.75 million shares from the previous period [1] - Century Sunshine Holding Group Limited remains the largest shareholder with 47,669.57 million shares, representing 35.71% of total share capital, unchanged from the previous period [2] - New entrants among the top shareholders include Zhang Sufen with 893.00 million shares and Wu Guoming with 553.24 million shares [2] - Several shareholders exited the top ten list, including Shanghai Ningquan Asset Management Co., Ltd. and Zhang Yuejun [2] Dividend Distribution - The company has decided not to distribute dividends or transfer shares in this period [3]

| 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 中山市欧普投资有限公司 | 34821.43 | 47.38 | 不变 | | 王耀海 | 12205.50 | 16.61 | 不变 | | 马秀慧 | 11862.50 | 16.14 | 不变 | | 香港中央结算有限公司 | 2355.35 | 3.21 | -12.19 | | 上海峰岳企业管理合伙企业(有限合伙) | 2251.79 | 3.06 | 不变 | | 南通嵩岳企业管理合伙企业(有限合伙) | 1456.00 | 1.98 | 不变 | | 平安低碳经济混合A | 600.00 | 0.82 | -116.00 | | 吕碧文 | 145.80 | 0.20 | 不变 | | 百年人寿保险股份有限公司-传统保险产品 | 100.58 | 0.14 | 不变 | | 王伟连 | 79.54 | 0.11 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 麻忠月 | 85.38 | 0.12 | 退出 | 三、分红送配方案情况 数据四舍 ...

Group 1: Revenue and Market Distribution - In 2024, export revenue accounted for over 95% of total revenue, with Europe at approximately 46%, Oceania at 15%, Asia at 18%, and the Americas at 16% [2] - As of the end of March 2025, the company had orders on hand of approximately 330 million, compared to 340 million in the same period last year [5] Group 2: Impact of Tariffs and Supply Chain Management - Direct and indirect exports to the U.S. accounted for about 7.3% of total revenue in 2024, indicating minimal impact from U.S. tariffs [2] - The company plans to enhance internal supply chain management to control costs and extend supply chains in tariff exemption zones [10][11] Group 3: Production Capacity and Future Plans - The new factory in Vietnam is expected to generate a production value of 500-600 million, sufficient to meet demand for the next three years [3] - There are currently no plans for additional overseas production capacity beyond the second phase in Vietnam, but the company will monitor overseas policy changes [4] Group 4: Profitability and Cost Control - The company anticipates that the special lighting segment will see higher growth, contributing to improved profitability despite a decrease in gross margin compared to the previous year [7] - Cost control measures and a focus on research and development are key strategies for maintaining high growth rates and performance [11][12]