近日，民爆光电(301362.SZ)发布《2025年限制性股票激励计划(草案)》公告，在LED照明行业全球化竞 争加剧与技术迭代加速的双重背景下，民爆光电此举并非简单的人才激励动作，体现了对自身未来发展 的坚定信心和对公司价值的认可，更是锚定长期发展、构建股东、公司、核心团队共赢生态的战略布 局。透过计划细节与公司经营逻辑的深度绑定，可清晰看到这份激励背后的价值导向与成长底气。 个人层面，严密的绩效考核体系将激励收益与岗位贡献直接挂钩。这种双重考核机制形成了公司增长与 个人收益提升的正向循环，确保激励对象的贡献转化为公司价值的提升。 行业刚需：全球化布局下的人才"护城河" 从计划设计本身看，其合规性与针对性体现了公司治理成熟度。定价方面，以基准日前20个交易日均价 的50%确定20.91元/股的授予价，完全符合《上市公司股权激励管理办法》的要求，定价逻辑透明合 规。激励对象的筛选则体现出极强的战略导向性，计划聚焦核心技术人员、业务骨干及中层管理团队， 将精准覆盖LED照明研发、海外市场拓展、生产制造、供应链管理等重要环节，这些人才正是公司竞争 力的核心载体。这种"靶向激励"模式，避免了普惠式激励导致的资源稀释 ...

Market Overview - The global LED lighting market is expected to reach $82.042 billion by 2026, with China being the largest producer and exporter of LED lighting products [1] - The "dual carbon" goals are accelerating the upgrade of lighting products, integrating smart technology and IoT [1] Strategic Development - The company aims to expand in commercial lighting, strengthen industrial lighting, and specialize in niche lighting [2] - Key strategies include increasing R&D investment, enhancing market expansion in regions like Europe, Oceania, Asia-Pacific, and the Middle East, and improving internal supply chain management [2] Special Lighting Segment - Special lighting has seen a growth rate of 50% in the first three quarters of 2025, with revenue share increasing from 4.72% to 7.10% year-on-year [4] - The company focuses on four special lighting sectors: plant lighting, emergency lighting, medical beauty lighting, and explosion-proof lighting, with a revenue target of $100-150 million for each sector in the next 2-3 years [5] Impact of Tariffs - Products exported to the U.S. account for approximately 7% of total revenue, indicating minimal impact from U.S. tariffs [7] - The company plans to mitigate potential trade friction by establishing a new factory in Vietnam, set to be operational by August 2026, with an expected output value of 500 million yuan [2][7] M&A Plans - The company considers both organic growth and strategic acquisitions as important avenues for expansion, with plans to disclose significant developments as they arise [3]

Revenue Growth - Revenue growth in 2025 Q1-Q3 was primarily in Asia (export), domestic, Africa, and Oceania, with increases of 11.88%, 17.94%, 14.76%, and 3.02% respectively [1][2] - The special lighting segment experienced the fastest growth at 50%, with its revenue share rising from 4.72% to 7.10% year-on-year [2] Production and Capacity - The Vietnam factory is scheduled to commence operations in August 2026, with a full capacity output valued at 500 million RMB [3] - Current order backlog exceeds 300 million RMB, indicating strong demand [4] Market Impact and Strategy - Approximately 7% of total revenue comes from products exported to the U.S., with minimal impact from U.S. tariffs [5][6] - The company plans to enhance market presence in Europe, Oceania, Asia-Pacific, and the Middle East while exploring emerging markets [6][7] Financial Performance and Shareholder Returns - The company maintains a profit distribution policy, committing to distribute at least 50% of the annual distributable profit in cash [8] - Cash dividends for 2023 were 249 million RMB, with a payout ratio of 108.22%, and for 2024, 196 million RMB with a payout ratio of 84.80% [8] Future Development - The company aims to expand its special lighting segment, targeting revenue of 100-150 million RMB for each sub-segment over the next 2-3 years [3] - Plans for stock buybacks and employee stock incentives are in place to enhance shareholder value [8]

Core Points - The Beijing Miyun District Fire Rescue Team is conducting quality inspections of fire safety products in collaboration with the local market supervision bureau during the national "Quality Month" initiative [1] - Inspections focus on verifying the appearance, labeling, materials, and performance parameters of fire safety products such as fire extinguishers, fire hoses, fire blankets, and emergency lighting [1] - The fire rescue personnel are educating merchants on identifying counterfeit products and emphasizing the importance of selling only certified fire safety products that meet national standards [1] Group 1 - The inspections include checking the validity and effectiveness of fire safety equipment in enterprises and testing the performance of fire hoses on-site [1] - The fire rescue team is addressing the recent rise in counterfeit fire training and the sale of overpriced fire products under the guise of free training [1] - The fire department will not promote any fire safety products to merchants or individuals, urging the public to remain vigilant against scams [1] Group 2 - The Miyun District Fire Rescue Team plans to continue efforts against counterfeit fire products and misleading fire training promotions [2] - There will be an increased focus on public education to enhance community awareness and ability to identify fire safety products [2]

Revenue Breakdown - In the first half of 2025, revenue by region is as follows: Europe 45.46%, Asia (exports) 18.71%, Oceania 14.71%, Americas 14.38%, and domestic sales 5.05% [1] Vietnam Factory - The Vietnam factory is scheduled to be operational by August 2026, with a full capacity output value of 500 million yuan [2] - The factory aims to meet the expansion demands of the North American market and address potential trade protection issues in Europe [2] Special Lighting Segments - The company currently has four special lighting segments: plant lighting, emergency lighting, medical beauty lighting, and explosion-proof lighting, which collectively account for over 6% of revenue [2] - Each segment aims for revenue targets of 100 to 150 million yuan over the next 2-3 years [2] - Emergency lighting is projected to grow by 20-30% in 2024, with a revenue target of over 42 million yuan [2] - The explosion-proof lighting segment achieved revenue of over 14 million yuan in the first half of 2025, a year-on-year increase of 435.52% [2] Order Status - The current order backlog exceeds 300 million yuan, with Europe being the primary revenue source [2] Impact of US Tariffs - In the first half of 2025, products exported to the US accounted for approximately 7% of total revenue, indicating minimal impact from US tariffs [2] Capital Expenditure Plans - Future capital expenditures will focus on increasing R&D investment, acquiring self-owned factory space, and adhering to planned fundraising allocations [3] Profit Growth Drivers - Key drivers for future profit growth include enhanced R&D investment, market expansion in Europe, Oceania, Asia-Pacific, and the Middle East, and improved internal supply chain management [3] Dividend Policy - The company plans to distribute at least 50% of its distributable profits as cash dividends annually from 2023 to 2025 [3] - In 2023, cash dividends amounted to 249 million yuan, with a payout ratio of 108.22% [3] - In 2024, cash dividends are projected to be 196 million yuan, with a payout ratio of 84.80% [3] Share Buyback - The company has repurchased 1,483,309 shares, representing 1.4171% of total shares, with a total transaction amount of approximately 49.5 million yuan [3] Investor Communication - The company emphasizes the importance of investor communication and aims to enhance information disclosure quality through regular reports and investor relations activities [4]

Core Viewpoint - The company is proactively conducting inspections and preparations for flood prevention to ensure the safety and stability of the power grid during the upcoming flood season [3][5]. Group 1: Flood Prevention Measures - The company has initiated a comprehensive inspection of flood prevention emergency materials and equipment across all substations, aiming for "zero hazards, zero blind spots" [3]. - Inspections include checking the quality and quantity of flood prevention materials such as sandbags, pumps, and waterproof barriers, ensuring they meet specifications and are in good condition [3][5]. - A "carpet-style" investigation is being conducted on key equipment, including drainage systems and cable trench waterproofing, with immediate rectification of identified issues [3][4]. Group 2: Emergency Response Enhancements - The company is enhancing its emergency response capabilities by refining flood emergency plans and conducting practical drills to improve staff proficiency in handling equipment failures and rapid water removal during extreme weather [4]. - A 24-hour duty and leadership rotation system is in place, with real-time collaboration with meteorological departments to monitor weather alerts [4]. Group 3: Progress and Future Plans - As of now, the company has completed inspections of 32 substations and updated over 200 flood prevention materials [5]. - The company plans to maintain a high-pressure stance on flood prevention, increasing the frequency of equipment inspections and dynamically optimizing material reserves to ensure readiness for potential risks [5].

Core Viewpoint - The company has implemented proactive measures to ensure the safety of power supply materials in response to severe convective rainstorms, focusing on warehouse safety and emergency preparedness [1][2]. Group 1: Safety Measures - The company emphasizes a proactive safety mindset, conducting comprehensive inspections to identify potential hazards in warehouses before the impact of heavy rainfall [1]. - A safety production responsibility system has been established to ensure accountability in warehouse safety management [1]. Group 2: Material Management - The company has adjusted shelf heights to prevent material soaking due to surface water risks and implemented moisture-proof measures for susceptible materials [1]. - A thorough inventory check of emergency materials, such as lighting equipment, drainage pumps, and sandbags, has been conducted to ensure availability during emergencies [1]. Group 3: Drainage and Emergency Response - The company has undertaken urgent cleaning of drainage systems in warehouse areas to ensure smooth water flow during heavy rainfall [1]. - A dedicated team is monitoring drainage channels in real-time during rainstorms to maintain effective drainage and safeguard warehouse integrity [2]. Group 4: Continuous Improvement - The company plans to reinforce safety responsibilities at warehouse positions and dynamically optimize flood prevention material management and duty arrangements [2]. - Ongoing adjustments will be made in response to changes in severe weather conditions to enhance flood prevention measures [2].