E-commerce and Market Strategy - Foshan Lighting emphasizes the strategic layout of e-commerce channels, actively embracing digitalization, and positioning online business as a core driver for market expansion, achieving a 35.70% revenue growth in e-commerce in 2024 [2] - The company is transitioning from a product provider to a comprehensive lighting solution and design service provider, focusing on smart, green, and healthy development trends [4][6] Product Development and Innovation - Research and development are primarily directed towards smart lighting and automotive lighting, particularly in the new energy vehicle sector, with a focus on digital and intelligent technology innovation [4] - The automotive lighting business generated revenue of 2.107 billion yuan in 2024, marking a 15.13% increase, with a significant rise in the proportion of mid-to-high-end products [5] New Market Segments - The company is expanding into new market segments, including sports lighting and marine lighting, with investments in production bases and strategic partnerships to enhance market presence [3][7] - In the marine lighting sector, the company achieved revenue of 67.1 million yuan in 2024, supported by the acquisition of a leading ship lighting enterprise [7] Financial Performance and Shareholder Engagement - Foshan Lighting has maintained a consistent cash dividend policy, distributing a total of 5.854 billion yuan over 32 years, reflecting a commitment to shareholder returns [8] - Recent share buybacks by major shareholders demonstrate confidence in the company's future, with 18.3426 million shares bought back in November 2024 and 11.4296 million shares in May 2025 [8] Emerging Business Areas - The company is actively developing the plant and animal lighting sector, establishing a new business expansion center in February 2025 to focus on technology research and market development [8] - Collaborations with universities and agricultural research institutions aim to create technological barriers in plant growth spectrum control and animal breeding lighting optimization [8]

Group 1: Pricing Mechanisms - The water pricing adjustment mechanism is based on national policies and agreements, requiring approval from government price authorities after cost audits and hearings [3] - The sewage treatment service fee is adjusted every 2 to 3 years, with a temporary adjustment possible due to significant cost changes; the average sewage treatment fee for 2024-2026 is set at 2.63 CNY per ton [3] Group 2: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day and sludge treatment capacity of 800 tons/day [3] - The company operates and is constructing water supply projects with a total capacity of approximately 4.3 million tons/day and sewage treatment projects with a capacity of about 4.8 million tons/day [3] Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion CNY, reflecting an increase due to market expansion [4] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [4] Group 4: Cost Reduction and Efficiency Improvement - The company implements refined management and innovation to reduce costs and improve efficiency, including standardization and the establishment of a smart cloud control center [5] - The "Digital Strong Enterprise" initiative aims to enhance operational efficiency through the creation of five centralized management centers [5] Group 5: Market Expansion Strategy - The company focuses on becoming a national water and environmental service provider, expanding its market presence in Chengdu and surrounding areas while exploring niche markets nationwide [6]

Group 1: Financial Performance and Market Position - The company reported a significant increase in profits in Q1 2025, despite a declining stock market over the past ten days [2] - The company is focusing on core business areas and enhancing operational efficiency to improve profitability [2][4] - The gross profit margin has been affected by product structure, exchange rate fluctuations, and raw material prices [4][7] Group 2: Cost Management Strategies - Major cost components include raw material procurement and R&D personnel salaries [4] - The company plans to strengthen supply chain management and optimize costs through strategic inventory management and automation investments [4][5] - Continuous efforts will be made to enhance production efficiency and reduce costs [4][7] Group 3: Future Growth Drivers - The migration of AI to edge devices is expected to drive the large-scale deployment of intelligent and high-performance modules [7] - There is a growing demand for high-speed cellular connections and AI in core industries [7] - The company aims to leverage its unique intelligent and customized product offerings to enhance profitability [7] Group 4: Market Expansion and Product Development - The company is actively developing new 5G products and integrating AI technology to enhance product offerings [3] - The penetration rate of 5G communication modules is expected to continue increasing across various sectors [3] - The company is committed to expanding its market share in the 5G communication module sector [3]

Group 1: Company Overview and Strategy - The company has maintained a unique equity structure and management mechanism since October 2020, focusing on continuous innovation in various fields such as data security and AI+ security [3] - The company aims to become a leading provider of network security and intelligent computing solutions in China, embracing new technology directions [3] Group 2: Market Predictions and Growth - According to IDC, the Chinese cybersecurity market is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [4] - The overall ICT market in China is expected to reach approximately $751.76 billion by 2028, with a CAGR of 6.5% [4] Group 3: Product Development and Sales Performance - The company has actively developed new products in emerging security fields, including IoT and cloud security, and has launched several innovative products [5] - As of April 2025, the company reported sales of over 2 million yuan for its intelligent computing integrated machine, with a target to exceed 100 million yuan in sales for the year [5] Group 4: Financial Performance - The company reported a net profit of 83.01 million yuan for 2024, recovering from a loss of 371.40 million yuan in 2023 [7][8] - The company anticipates a pre-loss of 65 to 75 million yuan for the first quarter of 2025, attributing this to seasonal business cycles [8][10] Group 5: Challenges and Future Outlook - The cybersecurity industry faces short-term demand pressures due to macroeconomic factors, but long-term support from policies and technological innovations is expected [6] - The company is focused on improving operational efficiency, reducing costs, and enhancing product quality to drive profitability and sustainable growth [10][12]

— 1 — | | 杆解决方案，服务全国多个省级行政区的数字政府建设项目， | | --- | --- | | | 助力安全可靠的数字化中国建设，去年公司在信创领域也有着 | | | 不错的成绩，目前正在服务几个重要项目，公司仍在不断积累 | | | 项目经验，希望打造几个灯塔类项目，为后续信创业务的开展 | | | 拓宽道路。感谢您对公司的关注！ | | | 年亏损，今年采取了什么补救措施？ 2、公司已经连续 3 | | | 答：尊敬的投资者您好！公司围绕开源，聚焦主业和创新 | | | 业务，持续推动研发和技术创新，通过与行业头部厂商的合作 | | | 在信创领域布局新赛道，培育第二增长曲线。另外，公司已从 | | | 多方面开展降本增效工作，在成本控制方面，通过全链条成本 | | | 结构优化及供应链协同降本；在费用管理方面，严格预算管理， | | | 合理安排资金，控制各项费用支出，提高精细化管理水平。未 | | | 来公司将以财务战略驱动资源高效配置，提升盈利能力和股东 | | | 回报水平。感谢您对公司的关注！ | | | 3、正元大厦什么进展？ | | | 答：尊敬的投资者您好！正元大厦位于国家 ...

Group 1: Main Business Overview - The company operates in the bearing and abrasive tools industries, providing products, technologies, and services that meet national strategic needs, covering five major business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [2]. - The bearing business includes special bearings, wind power bearings, and precision machine tool bearings, with a focus on special bearings used in aerospace, military, and nuclear industries, achieving a domestic monopoly with a key product matching rate of over 90% [2][3]. Group 2: Key Product Developments - In the wind power bearing sector, the company has developed the first domestically produced 8 MW, 18 MW, and the world's first 26 MW series main shaft bearings, continuously setting new product records [3]. - The precision machine tool bearing segment has shown stable growth, primarily producing precision spindle bearings and ball screw bearings [3]. Group 3: Abrasive Tools Business - The ultra-hard material abrasive tools are a core business with strong market competitiveness, breaking foreign monopolies and serving sectors like semiconductors, automotive, and optics, with semiconductor cutting wheels recognized as a "Manufacturing Industry Single Champion Product" [4][5]. - The company focuses on composite ultra-hard materials for specialized fields, maintaining leading core technology and becoming a significant supplier of high-end composite ultra-hard materials in China [4]. Group 4: Financial Performance - In 2024, the revenue from the ultra-hard abrasive tools business is approximately 580 million yuan, with significant growth in semiconductor-related products [5]. - The company's profits primarily stem from special bearings, high-end civilian product bearings, and ultra-hard material abrasive tools, which are the main contributors to profitability and growth [5]. Group 5: Diamond Cultivation Business - The company has launched its own diamond brand "DEINO" and is actively expanding offline channels, with three stores currently in operation, focusing on high-consumption and environmentally conscious first- and second-tier cities for future store openings [5].

Group 1: Company Strategy and Market Position - The company aims to strengthen customer cooperation and expand high-quality domestic and international customer resources to enhance market share [2][3] - Focus on cost control through a low-cost strategy and improving operational quality across the entire value chain [2][3] - Emphasis on R&D in "lightweight, electrification, intelligence, and connectivity" to accelerate product transformation and upgrade [2][3] Group 2: Financial Performance and Management - In Q1 2025, the company reported a revenue of CNY 3.627 billion, a decrease of 3.64% year-on-year, while net profit increased by 0.26% to CNY 163 million [11] - In 2024, the company achieved a revenue of CNY 16.468 billion, a growth of 3.95%, with net profit rising by 11.93% to CNY 676 million [12][13] - The net cash flow from operating activities increased by 961.69% in 2024, attributed to improved cash management practices [14] Group 3: R&D and Product Development - The company plans to increase R&D investment in 2025, focusing on core technologies such as chassis systems and electric systems [15] - The company has successfully developed electric control shock absorbers, leading to significant revenue growth and market share in this segment [6][9] Group 4: Market Expansion and Order Growth - In 2024, the company secured 307 new orders, with external market orders accounting for 48% of total revenue, and over 80% of new energy orders [8] - The company’s strategy includes differentiated market expansion tactics tailored to various customer groups to achieve significant order growth [8] Group 5: Industry Trends and Challenges - The automotive parts industry is rapidly transforming towards electrification, intelligence, connectivity, and low-carbon solutions, requiring stronger R&D capabilities [9][10] - The company aims to adapt to these changes by enhancing its core competencies and maintaining a flexible operational strategy [10]

Group 1: Corporate Governance and Independent Directors - Independent directors have actively exercised their duties, ensuring objective and fair oversight, which has positively impacted the company's governance and the interests of minority shareholders [1][2] Group 2: Dividend Policy - The company plans to implement a cash dividend of CNY 0.26 per share for the year 2024, representing a distribution ratio of 49.39% of the net profit attributable to shareholders [2] - Future dividend frequency will depend on actual profitability, major investment needs, and regulatory changes [2] Group 3: Product Development and R&D - The company is the sole producer of Ruixiangsu capsules, focusing on diseases like viral pneumonia and type 2 diabetes complications, with two related patents obtained [2][3] - R&D expenses for 2024 are CNY 10.22 million, accounting for 3.99% of revenue, with a focus on iron supplement and circulatory disorder treatments [6][7] Group 4: Financial Performance - In 2024, the company reported a net profit of CNY 40.27 million, a decrease of 20.26% year-on-year, primarily due to reduced government subsidies [5] - Revenue for 2024 was CNY 256 million, reflecting a growth of 13.71% compared to the previous year [5] Group 5: Cash Flow and Investment Activities - Cash outflow from financing activities increased by 814.23% to CNY 120 million, mainly due to share buybacks aimed at stabilizing stock prices [3] - Net cash flow from investment activities decreased by 185.84%, attributed to reduced financial management scale and ongoing project investments [4] Group 6: Asset Management - Total assets as of December 31, 2024, were CNY 1.063 billion, a decrease of 0.43%, while net assets fell by 7.85% to CNY 906 million, largely due to share repurchase activities [5]

| | ☐分析师会议 特定对象调研 | | | --- | --- | --- | | | ☐媒体采访 | ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | | ☐现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | 参与单位名称及人员姓名 | 前海铂棁投资周珍；光影资本余双宏；跨越基金梁纯杰；雷天海 | | | | 泰私募冯政伟；华承控股邓学勇；瑞业资产裴海亮；墨山基金李 | | | | 艳平；汇杰投资王福清；黄石基金罗志军；亿方富投资陈健富； | | | | 瑞联私募郑传国；坚石投资刘靖；可乐兄弟投资孙永青；蓝海基 | | | | 金张俊；玖金私募苏将；东方财富证券康卫荣；个人投资者杨尧 | | | | 尧、曹湾、卢崇元、张家忠、康亚保、龙旭东、谭洲田、赵海陆、 | | | | 张钊荣、郭志军。 | | | 时间 | 2025年5月26日 15:00-17:00 | | | 地点 | 深圳直升机场 | | | 上市公司接待人员姓名 | 副总经理李刚，证券事务代表刘蔚然 | | | | 1.公司的人员结构以及核心竞争力如何？ | | | | 答: 公司拥 ...

Group 1: Company Performance and Strategy - The company aims to achieve a total installed capacity of 20 GW by 2025, with 90% from clean energy sources. As of the end of 2024, the company has 11 GW of clean energy and 3 GW of coal power [2] - The company plans to add 2 million kW of new installed capacity in 2025 [2] - The company is focused on enhancing its core capabilities in investment, development, construction, technology, innovation, and operation [2] Group 2: Green Hydrogen Project - The Daan green hydrogen project is set to commence production in July 2025, with ongoing negotiations with multiple potential users, particularly in the EU, Japan, and South Korea [1][3] - The price of green ammonia is currently 50% higher than that of synthetic ammonia, and the company is targeting a green premium for its products [1][3] Group 3: Financial Performance and Challenges - As of Q1 2025, the company's accounts receivable stood at 12 billion CNY, accounting for 75% of current assets, primarily due to receivables from green electricity subsidies [4] - The company reported a net profit increase of 110 million CNY, 80 million CNY, and 130 million CNY in the first three quarters of 2024 compared to the same periods in 2023, but faced a loss of 140 million CNY in Q4 2024 due to increased asset impairment [4] Group 4: Market Position and Investor Relations - The company maintains open communication with investors and emphasizes its commitment to ESG (Environmental, Social, and Governance) practices [2] - The company has been recognized for its Daan project as a "clean and low-carbon hydrogen innovation application project" by the National Development and Reform Commission [3]