Core Viewpoint - The company demonstrated strong resilience in a complex market environment, achieving a revenue of 817 million yuan, a year-on-year increase of 0.11%, and a net profit attributable to shareholders of 107 million yuan in the first half of 2025 [1] Financial Performance - The company reported a stable operating cash flow of 107 million yuan, indicating solid financial health [1] - Research and development investment reached approximately 56.71 million yuan, a year-on-year increase of 1.75% [1] - Management expenses decreased by 7.44% year-on-year, reflecting improved operational efficiency [1] Business Segments - The commercial lighting segment maintained stable performance, contributing consistent revenue through established brand reputation and market channels [2] - The industrial lighting segment showed significant growth, with an increased revenue share driven by rising demand for high-quality industrial lighting products [2] - The special lighting segment focused on core products, exploring opportunities in plant lighting, emergency lighting, beauty lighting, and explosion-proof lighting [2] Product Development - In the explosion-proof lighting sector, the company achieved sales revenue of 14.42 million yuan, a year-on-year increase of 435.52%, with a gross margin of 42.93% [3] - The LED plant growth lights developed by the company are gaining popularity in agriculture, with a low global market penetration rate [3] - Emergency lighting products are characterized by rapid response, long battery life, and high brightness, indicating significant market potential [3] Capacity Expansion - The company is actively advancing LED lighting automation expansion projects to enhance production efficiency and product quality [4] - The construction of a production base in Vietnam is progressing well, aimed at expanding overseas market presence and increasing production capacity [4] - The Vietnam base is expected to be operational by the end of this year or early next year, which will help the company capture market share in Southeast Asia [5]