Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
Stock Code: 000541, 200541 Stock Name: FSL, FSL-B Announcement No.: 2026-010
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
ANNUAL REPORT 2025 (SUMMARY)
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
Part I Important Notes
This Summary is based on the full Annual Report of Foshan Electrical and Lighting Co., Ltd. (hereinafter referred
to as the “Company”). In order for a full understanding of the Company’s operating results, financial position and
future development plans, investors should carefully read the aforesaid full text, which has been disclosed
together with this Summary on the media designated by the China Securities Regulatory Commission (the
“CSRC”).
All the Company’s directors have attended the Board meeting for the review of this Report and its summary.
Independent auditor’s modified opinion:
□ Applicable ? Not applicable
Board-approved final dividend and/or bonus issue plan for ordinary shareholders for the Reporting Period:
? Applicable □ Not applicable
Bonus issue from capital reserves:
□ Yes ? No
The Board has approved a final dividend plan as follows: based on the total share capital of 1,535,778,230 shares
at the disclosure date of the 2025 Annual Report, a cash dividend of RMB 0.5(tax inclusive) per 10 shares is to be
distributed to the shareholders, with no bonus issue from either profit or capital reserves. Where any change
occurs to the total shares entitled to the final dividend due to any share repurchase, grant of equity incentives, etc.
when the final dividend plan is implemented, the dividend per share shall remain the same while the total payout
amount shall be adjusted accordingly. The above-mentioned plan shall be submitted to the 2025 Annual Meeting
of Shareholders for review.
Board-approved final dividend and/or bonus issue plan for preference shareholders for the Reporting Period:
□ Applicable ? Not applicable
Part II Key Corporate Information
Stock name FSL, FSL-B Stock code 000541, 200541
Stock exchange for listing Shenzhen Stock Exchange
Contact information Board Secretary Securities Representative
Name Huang Zhenhuan Huang Yufen
No. 8, Zhihui Road, Chancheng District, No. 8, Zhihui Road, Chancheng District,
Address Foshan City, Guangdong Province, Foshan City, Guangdong Province,
P.R.China P.R.China
Fax （0757）82816276 （0757）82816276
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
Tel. （0757）82810239 （0757）82966028
Email address fsldsh@chinafsl.com fslhyf@163.com
i. Principal operations
The Company has been committed to the R&D, production and sale of high-quality and energy-efficient
lighting products in order to provide integrated lighting solutions for customers. It is the controlling shareholder
of Liaowang Auto Lamp, NationStar Optoelectronics, Hule Electric, and Airtrust through acquisition programs
starting from 2021. At present, the principal business of the Company mainly includes the R&D, production and
sale of general lighting products, automotive lighting products, and LED packaging products.
The general lighting mainly covers LED light sources, LED luminaries, and comprehensive lighting
solutions for home lighting, commercial lighting, industrial lighting, municipal road lighting and landscape
lighting. Over recent years, the Company has also been exploring new fields, including smart lighting, healthy
lighting, marine lighting, aviation lighting and animal and plant lighting.
Based on its own automotive light sources and modules, the Company, relying on its majority-owned
subsidiary Liaowang Auto Lamp, has expanded the automotive lighting business into the automotive OEM
market, involving basically all the lights that an automobile requires, such as headlights, rear light combos, fog
lights, backup lights, interior lights, and license plate lights. The main clients of Liaowang Auto Lamp include
SAIC-GM-Wuling Automobile, Chongqing Changan Automobile, SERES, IM, SAIC Maxus Automotive, and
other whole-automobile manufacturers, and medium- and high-end products take up an increasing percentage of
its total sales of automotive lights.
The Company conducts LED packaging business mainly by relying on its majority-owned subsidiary
NationStar Optoelectronics (stock code: 002449). The primary products include LED epitaxial wafers and chips,
LED packaging and component products, integrated circuit packaging products, and third generation compound
semiconductor packaging products, which are widely used for consumer electronics, home appliances,
communications, display and lighting products, general lighting, automotive lighting, sterilization and
purification, plant lighting, and other fields.
ii. Business models
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
The Company’s procurement department should ensure that the procured materials and products meet the
prescribed requirements and that procurement activities are under control. Besides, it should consider the needs
of each department and the reasonable stock quantity before carrying out any procurement, determine suppliers
by means of bidding, price negotiation, and price comparison. There should be several backup suppliers of each
principal raw material to ensure fair procurement price, timely material supply, and reliable quality.
For routine products, the monthly production plan is prepared based on the analysis of the sales of each
month and changes in the future market demand and the safe stock benchmark. Each production department
produces products as planned so as to control the stock and meet the sales demand. For customized products,
the make-to-order strategy is implemented to effectively control the stock quantity of raw materials, reduce the
funds that are tied up, and improve the Company’s operational efficiency.
In the Company’s general lighting business, for domestic sales, the Company adopts the model of agency
distribution and direct supply to engineering projects, with current sales mainly in household, commerce, and e-
commerce channels. For foreign sales, the Company adopts the models of OEM and independent brands. The
sale of products of independent brands abroad is carried out mainly via agencies.
In the automotive lighting business, in the factory-installed market, the model of supplying automotive
light products directly to OEMs is mainly adopted; in the aftermarket, products are mainly sold by agencies.
In the LED packaging business, the direct sale model is mainly adopted, in which products are sold
through direct communication with clients.
iii. Main driving forces for growth
The Company is committed to the development strategy of “new-type basic platform and large-scale new
tracks”, and continuously strengthens the innovation driver and refines the business portfolio. Additionally, it
promotes the change of the marketing model, intensifies management improvement, and vigorously explores
market segments. Since 2021, the Company has acquired Liaowang Auto Lamp, NationStar Optoelectronics,
Hule Electric, and Airtrust, significantly enhancing its competitiveness in the automotive lighting, marine
lighting and aviation lighting sectors. At the same time, the integration of upstream and downstream resources
along the LED industry chain has provided solid support for the Company’s rapid expansion.
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
With the evolution of the industrial competition model, consumers are getting increasingly concerned with
product quality and brand. As a result, lighting companies with insufficient competitiveness will be gradually
elbowed out of the market while enterprises with core competitiveness will have more market opportunities. By
virtue of its advantages in technology, brand, channel and scale, the Company continuously launches high-tech-
content new products through sustained R&D investment and technology innovation, advancing the
technological upgrade and quality improvement of main products. Simultaneously, the Company is intensifying
market exploration efforts, optimizing industrial layouts, increasing production automation and digital
management levels, effectively controlling procurement costs, and improving production efficiency. These
initiatives have enabled the Company to secure a favorable position amid increasing market concentration,
further strengthening its market competitiveness.
(1) Key Financial Information of the Past Three Years
Indicate whether there is any retrospectively restated datum in the table below.
□ Yes ? No
Unit: RMB
Change of December
December 31, 2025 December 31, 2024 31, 2025 on December December 31, 2023
Total assets 17,167,245,635.67 17,159,763,456.64 0.04% 16,934,439,915.02
Equity attributable to
the listed company’s 6,834,820,501.84 6,574,304,305.27 3.96% 6,285,442,808.19
shareholders
(%)
Operating revenue 8,796,808,970.58 9,048,237,647.14 -2.78% 9,057,292,003.90
Net profit attributable
to the listed company’s 214,845,871.24 446,184,021.97 -51.85% 290,357,652.22
shareholders
Net profit attributable
to the listed company’s
shareholders before 83,903,640.69 97,753,307.23 -14.17% 274,838,768.63
exceptional gains and
losses
Net cash generated
from/used in operating 297,149,393.01 598,115,335.88 -50.32% 1,174,389,978.98
activities
Basic earnings per
share (RMB/share)
Diluted earnings per 0.1398 0.2881 -51.48% 0.2108
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
share (RMB/share)
Weighted average
return on equity (%)
(2) Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 2,145,097,615.85 2,240,633,503.93 2,146,468,712.59 2,264,609,138.21
Net profit attributable
to the listed company’s 64,757,120.39 50,236,631.85 26,013,078.35 73,839,040.65
shareholders
Net profit attributable
to the listed company’s
shareholders before 61,595,567.60 44,481,416.69 15,947,121.16 -38,120,464.76
exceptional gains and
losses
Net cash generated
from/used in operating -114,950,715.22 124,795,728.17 31,289,232.66 256,015,147.40
activities
Indicate whether any of the quarterly financial data in the table above or their summations differs materially
from what have been disclosed in the Company’s quarterly or interim reports.
□ Yes ? No
(1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of
Number of
ordinary
preference
Number of shareholder Number of preference
shareholder
ordinary s at the shareholders with
s with
shareholder 79,240 month-end 75,947 0 resumed voting rights at 0
resumed
s at the prior to the the month-end prior to the
voting
period-end disclosure disclosure of this Report
rights at the
of this
period-end
Report
Top 10 shareholders (exclusive of shares lent in refinancing)
Shareholdi Shares in pledge, marked
Name of Nature of Total shares held at the or frozen
ng Restricted shares held
shareholder shareholder period-end
percentage Status Shares
Hong Kong
Wah Shing
Overseas
Holding 12.85% 197,338,980 0 N/A 0
corporation
Company
Limited
Prosperity Overseas
Lamps & corporation
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
Component
s Limited
Guangdong
Electronics State-
Informatio owned 9.35% 143,623,846 0 N/A 0
n Industry corporation
Group Ltd.
Guangdong
Rising State-
Holdings owned 8.45% 129,826,793 0 N/A 0
Group Co., corporation
Ltd.
Central
Huijin State-
Asset owned 2.16% 33,161,800 0 N/A 0
Manageme corporation
nt Co., Ltd.
SDICS
Internation
al
Overseas
Securities 1.69% 25,981,530 0 N/A 0
corporation
(Hong
Kong)
Limited
Rising
Investment Overseas
Developme corporation
nt Limited
Zhang Domestic
Shaowu individual
Zhuang Overseas
Jianyi individual
Hong Kong
Securities
Overseas
Clearing 0.52% 7,962,355 0 N/A 0
corporation
Company
Limited
Among the top 10 shareholders, Hong Kong Wah Shing Holding Company Limited, Guangdong
Electronics Information Industry Group Ltd., Guangdong Rising Holdings Group Co., Ltd. and
Related or acting-in-
Rising Investment Development Limited are acting-in-concert parties; Prosperity Lamps &
concert parties among the
Components Limited and Zhuang Jianyi are acting-in-concert parties. Apart from that, it is unknown
shareholders above
whether there is among the top 10 shareholders any other related parties or acting-in-concert parties
as defined in the Administrative Measures for the Acquisition of Listed Companies.
Shareholders involved in
securities margin trading None
(if any)
refinancing shares lending:
□ Applicable ? Not applicable
Changes in top 10 shareholders and top 10 unrestricted public shareholders due to refinancing shares
lending/return compared with the prior period:
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
□ Applicable ? Not applicable
(2) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable ? Not applicable
No preference shareholders during the Reporting Period.
(3) Ownership and Control Relations between the Actual Controller and the Company
People’s Government of Department of Finance of
Guangdong Province Guangdong Province
Guangdong Rising Holdings Group Co., Ltd.
Rising Investment Development Limited Guangdong Electronics Information Industry
Group Ltd.
Hongkong Wah Shing Enterprise
Limited
Hongkong Wah Shing Holding
Company Limited
Foshan Electrical and Lighting Co., Ltd.
□ Applicable ? Not applicable
Part III Significant Events
specific subjects
The Company’s majority-owned subsidiary, Foshan NationStar Optoelectronics Co., Ltd. (stock name:
NationStar Optoelectronics, stock code: 002449), plans to issue no more than 185,543,150 A-shares (inclusive) to
Foshan Electrical and Lighting Co., Ltd. Annual Report 2025 (Summary)
specific subjects, raising a total of no more than RMB981,323,900 (inclusive). The raised funds will be used for
the “Ultra-High Definition Display Mini/Micro LED and Display Module Production Project,” “Optoelectronic
Sensing and Smart Health Devices Industrialization Project,” “Smart Home Display and Mini Backlight Module
Project,” “Smart Automotive Components and Applications Project,” “NationStar Optoelectronics R&D
Laboratory Project,” and “Supplementing Working Capital.” The Company plans to use its own funds (excluding
the raised funds) to subscribe to the A-shares issued by NationStar Optoelectronics to specific subjects, with an
investment amount of RMB116 million. The final number of shares subscribed will be determined based on
Nationstar Optoelectronics’ actual issue price. The Company will sign a Share Subscription Agreement with
conditions for effectiveness and issue related commitments. For more details, please refer to the Announcement
on Participating in the Subscription for A-shares Issued by the Majority-Owned Subsidiary, NationStar
Optoelectronics, to Specific Entities in 2025 disclosed by the Company on July 11, 2025, on the
www.cninfo.com.cn. On December 4, 2025, NationStar Optoelectronics held the 12th meeting of the 6th Board of
Directors. The meeting reviewed and approved the Proposal on Adjusting the Total Amount of Raised Funds, and
adjusted the total amount of raised funds from no more than RMB981.3239 million (inclusive) to no more than
RMB970.1239 million.
Yu Zhongmin, legal representative
Foshan Electrical and Lighting Co., Ltd.
April 15, 2026
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