8月27日收盘后，民爆光电（301362）披露2025年中期业绩报告。报告显示，公司在复杂的市场环境中 展现出强劲的发展韧性，实现营收8.17亿元，同比增长0.11%；归母净利润1.07亿元；经营活动产生的 现金流量净额1.07亿元。业绩和现金流依然非常稳定，年终分红值得期待。 财务数据是果，企业业务经营是因。民爆光电近年在商业照明、工业照明、特种照明上共同发力，为业 绩增长筑牢底色。商业照明板块业绩稳定，持续夯实基本盘。凭借多年积累的品牌口碑与成熟的市场渠 道，在传统商业照明领域保持着稳定的市场份额，产品广泛应用于各类商场、超市及店铺，为公司带来 持续且稳定的营收贡献。 工业照明板块表现突出，营收占比有所提升，进一步增厚利润率。随着工业智能化进程的加速，市场对 高品质、高可靠性工业照明产品需求激增。民爆光电敏锐捕捉到这一市场趋势，加大研发投入，推出一 系列适应不同工业场景的照明产品，如高亮度、防眩光的车间照明灯具，以及具备防水、防尘、防爆功 能的特殊工业环境照明设备。这些产品不仅满足了工业企业对安全生产与高效作业的照明需求，还凭借 先进的技术与稳定的质量，在市场竞争中脱颖而出，使得工业照明板块营收占比稳定增 ...

Core Viewpoint - The global LED lighting market is experiencing a downturn, with a projected decline of 4.4% in 2025, reaching a market size of $53.573 billion. Despite overall market weakness, certain segments like high-efficiency, human-centric, smart, and circular lighting are showing growth potential [2][7][12]. General Lighting Market Analysis - The general lighting market continues to decline, with both new installations and renovations slowing down. The overall market is characterized by a "volume and price drop" trend, making it difficult to reverse the downward trajectory [7][16]. - The estimated revenue for the global LED lighting market in 2024 is projected to be $17.961 billion, reflecting a year-over-year decrease of 4% [3]. Smart Lighting Market Analysis - The smart lighting market is accelerating its penetration due to energy-saving policies and consumer demand for dynamic lighting solutions. The global smart lighting market is expected to reach $11.573 billion in 2025, with a year-on-year growth of 19.2% [10][11]. - The demand for smart home lighting products, such as smart bulbs and smart ceiling lights, is rebounding strongly in the consumer market [11]. Agricultural Lighting Market Analysis - The agricultural lighting market is facing pressure on new and replacement demand due to international market changes, particularly in North America. However, the European market is experiencing growth driven by energy regulations [12][13]. - The LED agricultural lighting market is projected to reach $1.366 billion in 2025, with a year-on-year growth of 3.9% [12]. Company Revenue and Market Share - The top 20 global lighting manufacturers are expected to generate $22.947 billion in revenue in 2025, reflecting a year-on-year decrease of 3.9%. The market concentration is increasing, with major players like Signify, Acuity, and Panasonic maintaining stable rankings [15][16]. - The revenue of the top 10 LED lighting companies in 2024 is projected to be $17.961 billion, down 4% from the previous year [3]. Price Trends and Market Dynamics - The average price of LED packaging is declining, driven by international brands adjusting their product structures and pricing strategies to optimize costs and enhance competitiveness [18]. - The LED lighting market's value is expected to drop to $3.325 billion in 2025, a decrease of 7.6% year-on-year [18].

报告进一步指出，温室大棚(Gr e e n h o u s e , 含n o n -st a c k e d室内种植)的LED植物照明应用需求占比 最高，其次是垂直农场(Ve rti c a l Fa rmi n g )，最后是消费端。2 0 2 4年温室大棚用LED植物照明占据 6成以上市场份额，垂直农场用则为3成以上，未来在新兴农业科技投入之下，垂直农场应用需求 占比将逐步提升。 01 温室大棚(Greenhouse, 含non-stacked 室内种植)应用市场机会 该应用市场目前仍以LED替换HPS的需求仍然占主导地位，主要受益于LED显著的节能效益。市 场重心已转向6 0 0W以上的高功率解决方案，6 0 0W至1 5 0 0W区间的产品逐渐成为主流配置，光合 光子效率(PPE)整体水平已提升至3 . 0 - 4 . 5µmo l/J，不仅提高了植物的生长效率，也降低了种植主 整体生产成本。 2 0 2 4年LED植物照明对于室内种植大麻用市场需求依赖度显著下降，然而对于保鲜程度要求严格 的高经济作物诸如西红柿、草莓、葡萄等果蔬类和花卉类应用的市场需求增加，为降低运输成本， 同时保持新鲜度，近距离供 ...