Market Demand and Trends - In the first half of 2025, the U.S. LED lighting market faced weak demand due to tariff policies, leading to a contraction in market size. However, the second half showed signs of recovery as tariff policies eased, resulting in a gradual release of delayed procurement plans and increased end-user inventory demand [2]. - The U.S. LED lighting market is expected to exhibit "phase-specific recovery" characteristics, with demand warming up in the latter half of 2025 [2]. Competitive Landscape - The LED lighting industry's competitive landscape is significantly affected by tariff factors, particularly in overseas markets like Europe and the U.S., where high tariffs increase cost pressures on Chinese exporters [3]. - Smaller manufacturers with limited capital and scale face heightened survival challenges, while larger companies with overseas production capabilities can effectively avoid tariff barriers and capture market share from exiting competitors [3]. Profitability and Growth Strategies - The company plans to enhance profitability through a dual approach: focusing on high-potential special lighting markets and optimizing costs across the entire supply chain [4]. - Key strategies include expanding into high-growth special lighting markets, diversifying into European and Asian markets, and investing in new technologies to create a second growth curve [4]. Special Lighting Market Performance - The company has seen significant growth in the special lighting sector, particularly in plant lighting, driven by factors such as legalization of cannabis in several U.S. states and energy subsidies [4]. - The LED plant lighting market is projected to reach $1.366 billion in 2025, with a compound annual growth rate (CAGR) of 8.6%-9.04% from 2025 to 2033 [4]. Production Capacity and Global Expansion - The company has established production bases in Shenzhen and Zhongshan, China, and has set up overseas production facilities in Vietnam and Mexico, with approximately 70% of products expected to be shipped from Vietnam in 2025 [5]. - The investment in Luoyang Aowei Precision Bearing Co., Ltd. aims to leverage the company's manufacturing expertise and supply chain advantages to enhance its market position in high-precision bearings [6]. Financial Health and Future Plans - The company currently has sufficient cash flow and a relatively low debt-to-asset ratio, with no immediate financing plans. Future financing will be assessed based on market conditions and specific project needs [7][8]. - The controlling shareholder's shares are expected to be unlocked on May 9, 2027 [8].

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [1][2] - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [1][2] - The company was approved by the China Securities Regulatory Commission and listed on the Shenzhen Stock Exchange on March 21, 2012, with an initial public offering of 27 million shares [1][2] Company Information - The registered capital of the company is RMB 829,868,769 [2] - The company is a permanent joint-stock limited company [2] - The chairman serves as the legal representative of the company [2] Business Objectives and Scope - The company's business objective is to promote healthy development, strive to become an industry leader, and achieve significant social and economic benefits for shareholders [3] - The business scope includes the production and sale of LED products, energy-saving technology development, municipal engineering, property management, and import-export business [3][4] Shares - The company's shares are issued in the form of stocks, with each share having equal rights [5] - The total number of shares issued at establishment was 69 million, with the current number of issued shares being 829,868,769, all of which are ordinary shares [5][6] - The company may not provide financial assistance for others to acquire its shares, except under specific conditions [5][6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise management, and request information [9][10] - Shareholders are obligated to comply with laws and regulations, and cannot withdraw their capital except as legally permitted [14][39] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [48][49] - Shareholder meetings require a quorum and decisions are made based on majority or two-thirds majority votes depending on the type of resolution [79][81] Voting and Resolutions - Ordinary resolutions require a simple majority, while special resolutions require a two-thirds majority of the votes cast [79][81] - Shareholders with a significant stake must disclose their interests in related party transactions and abstain from voting on such matters [83]

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]