7月1日，欧普照明（603515）股份有限公司(以下简称"欧普照明")发布的投资者关系活动记录显示，公 司近期接受了多家机构调研，其在智慧照明领域的布局成为机构关注焦点，包括道路照明智能化改造、 高端设计跨界合作及海外市场拓展等方面。 渠道建设方面，公司相关负责人指出，公司现已拥有各类终端销售网点超过13.5万家。针对C端用户， 公司围绕消费者需求，创新推出全屋智能照明解决方案，联合家装公司、设计师建立生态闭环，并通 过"标准化套餐""智能化体验"和"场景化创新"推动智能照明从"单品销售"向"场景化服务"升级。 同时，在海外业务拓展方面，投资者关系活动记录表显示，欧普照明2024年在多个国家推广智能照明解 决方案及系统，例如，在东南亚为大型国际咖啡连锁店提供与客户建筑风格及品牌形象精巧融合的智能 解决方案；在中东高端项目(如阿曼皇室会议厅)中应用SDL(SoftwareDefinedLighting)解决方案技术。 照明行业未来的发展，亦得到业内的广泛关注。数字经济学者、广州壹通数字技术公司首席公关官罗富 国在接受《证券日报》记者采访时表示，中国照明行业正处于转型升级的关键时期，未来将朝着智能 化、节能环保、 ...

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.