Up-shine Lighting (SZ:301362)2025-08-28 11:00Revenue 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]