Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Stock Code: 000541, 200541 Stock Name: FSL, FSL-B Announcement No. 2026-021
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
FIRST QUARTERLY REPORT 2026
Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate and complete and
free of any misrepresentations, misleading statements or material omissions.
Important Notes:
the contents of this Report are true, accurate and complete and free of any misrepresentations, misleading statements
or material omissions, and collectively and individually accept legal responsibility for such contents.
accounting organ (equivalent to accounting manager) hereby guarantee that the financial statements carried in this
Report are true, accurate and complete.
□ Yes ? No
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
I Key Financial Information
i. Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
□ Yes ? No
Q1 2026 Q1 2025 YoY change (%)
Operating revenue (RMB) 2,096,453,494.71 2,145,097,615.85 -2.27%
Net profit attributable to the
listed company’s shareholders 26,142,891.26 64,757,120.39 -59.63%
(RMB)
Net profit attributable to the
listed company’s shareholders
before exceptional gains and
losses (RMB)
Net cash generated from/used
-140,794,900.53 -114,950,715.22 -22.48%
in operating activities (RMB)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return on
equity (%)
March 31, 2026 December 31, 2025 Change (%)
Total assets (RMB) 16,832,351,569.46 17,167,245,635.67 -1.95%
Equity attributable to the
listed company’s shareholders 6,873,685,143.88 6,834,820,501.84 0.57%
(RMB)
ii. Exceptional Gains and Losses
? Applicable □ Not applicable
Unit: RMB
Item Q1 2026 Note
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs)
Government grants recognized in profit or loss (exclusive of
those that are closely related to the Company's normal business
operations and given in accordance with defined criteria and in 10,157,374.22
compliance with government policies, and have a continuing
impact on the Company's profit or loss)
Gain or loss on fair-value changes in financial assets and
liabilities held by a non-financial enterprise, as well as on
disposal of financial assets and liabilities (exclusive of the -2,196,228.57
effective portion of hedges that is related to the Company's
normal business operations)
Capital occupation charges on non-financial enterprises that are
charged to current gains and losses
Non-operating income and expense other than the above 851,471.07
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Less: Income tax effects 1,837,630.28
Non-controlling interests effects (net of tax) 5,516,371.63
Total 3,649,258.74 --
Other items that meet the definition of exceptional gain/loss:
□Applicable ? Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—
Exceptional Gain/Loss Items:
□Applicable ? Not applicable
No such cases in the Reporting Period.
iii. Changes in Key Financial Statement Line Items and Explanation of why
? Applicable □ Not applicable
Unit: RMB
Item Q1 2026/ Q1 2025/ Change (%) Main reason for the change
March 31, 2026 December 31, 2025
Contract assets 225,336.26 450,672.52 -50.00% Receipt of customer payments during the period
Reclassification of large-denomination certificates
Current portion of non- of deposit under other debt investments during the
current assets period that have a term of over one year but will
mature within one year
Increase in term deposits purchased during the
Other current assets 380,060,136.25 221,586,381.03 71.52%
period
Reclassification of large-denomination certificates
of deposit under other debt investments during the
Other debt investments 126,844,169.43 720,083,694.31 -82.38%
period that have a term of over one year but will
mature within one year
Fair value changes in forward foreign exchange
Held-for-trading financial
liabilities
fluctuations
Advances from customers 649,658.57 328,004.34 98.06% Increase in rent receipts during the period
Increase in advance receipts from customers during
Contract liabilities 197,630,575.59 140,787,246.73 40.38%
the period
Increase in endorsed or discounted notes receivable
Other current liabilities 158,156,475.26 81,286,297.53 94.57%
not de-recognized
Finance costs 6,497,113.71 -9,580,677.36 167.81% Effect of currency fluctuations during the period
Changes in the fair value of forward foreign
Gain on changes in fair
-2,101,798.57 352,749.63 -695.83% exchange settlement products arising from currency
value
fluctuations
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Effect of the decrease in allowances for bad debts
Credit impairment loss -4,445,956.53 -9,452,922.19 52.97% as a result of lower balances of receivables during
the period
Effect of the income generated from asset disposal
Asset disposal income 2,037,287.01 444.50 458232.29%
during the period
Effect of the penalty income received during the
Non-operating income 1,283,268.21 168,918.91 659.69%
period
Effect of the fines and late payment surcharges paid
Non-operating expense 299,676.99 790,444.83 -62.09%
during the prior period
Net profit attributable to
Decreased gross profit margin and increased
owners of the parent 26,142,891.26 64,757,120.39 -59.63%
exchange losses during the period
company
Net profit attributable to Increased losses incurred by majority-owned
-25,360,429.85 22,536,165.67 -212.53%
non-controlling interests subsidiaries during the period
Differences arising from
the translation of foreign Fluctuations in the exchange rates of RMB against
-2,707,303.20 -643,179.23 -320.93%
currency-denominated foreign currencies
financial statements
Net cash generated Joint effect of the receipt of bank acceptance bill
from/used in financing 2,023,301.28 -5,735,354.24 135.28% deposits and the payment of supplier financing
activities arrangements during the period
II Shareholder Information
i. Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders Number of preference shareholders with resumed
at the period-end voting rights at the period-end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Name of Nature of Shareholding Total shares Restricted Shares in pledge, marked or frozen
shareholder shareholder percentage held shares held Status Shares
Hong Kong
Wah Shing
Overseas
Holding 12.85% 197,338,980 0 N/A 0
corporation
Company
Limited
Prosperity
Lamps & Overseas
Components corporation
Limited
Guangdong
Electronics
State-owned
Information 9.35% 143,623,846 0 N/A 0
corporation
Industry Group
Ltd.
Guangdong
Rising State-owned
Holdings corporation
Group Co., Ltd.
Central Huijin
Asset State-owned
Management corporation
Co., Ltd.
SDICS
Overseas
International 1.69% 25,981,530 0 N/A 0
corporation
Securities
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
(Hong Kong)
Limited
Rising
Investment Overseas
Development corporation
Limited
Domestic
Zhang Shaowu 1.11% 17,000,000 0 N/A 0
individual
Overseas
Zhuang Jianyi 0.78% 11,903,509 8,927,632 N/A 0
individual
Domestic
Zhu Shangming 0.46% 7,050,000 0 N/A 0
individual
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives)
Shares by class
Name of shareholder Unrestricted shares held
Class Shares
RMB-
denominated 188,496,430
Hong Kong Wah Shing Holding ordinary stock
Company Limited Domestically
listed overseas 8,842,550
stock
RMB-
Prosperity Lamps & Components
Limited
ordinary stock
RMB-
Guangdong Electronics
Information Industry Group Ltd.
ordinary stock
RMB-
Guangdong Rising Holdings
Group Co., Ltd.
ordinary stock
RMB-
Central Huijin Asset Management
Co., Ltd.
ordinary stock
Domestically
SDICS International Securities
(Hong Kong) Limited
stock
Domestically
Rising Investment Development
Limited
stock
RMB-
Zhang Shaowu 17,000,000 denominated 17,000,000
ordinary stock
RMB-
Zhu Shangming 7,050,000 denominated 7,050,000
ordinary stock
RMB-
Hong Kong Securities Clearing
Company Limited
ordinary stock
Among the top 10 shareholders and the top 10 unrestricted shareholders,
Hong Kong Wah Shing Holding Company Limited, Guangdong
Electronics Information Industry Group Ltd., Guangdong Rising
Holdings Group Co., Ltd. and Rising Investment Development Limited
Related or acting-in-concert parties among the
are acting-in-concert parties; and Prosperity Lamps & Components
shareholders above
Limited and Zhuang Jianyi are related and acting-in-concert parties.
Apart from that, it is unknown 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
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Companies.
Top 10 shareholders involved in securities margin
None
trading (if any)
lending
□ Applicable ? Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return
compared with the prior period
□ Applicable ? Not applicable
ii. Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable ? Not applicable
III Other Significant Events
□ Applicable ? Not applicable
IV Quarterly Financial Statements
i. Financial Statements
Prepared by Foshan Electrical and Lighting Co., Ltd.
March 31, 2026
Unit: RMB
Item March 31, 2026 January 1, 2026
Current assets:
Monetary assets 2,923,245,731.31 3,455,743,091.17
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 2,547,598.76 2,768,997.33
Derivative financial assets
Notes receivable 768,576,976.49 732,835,152.15
Accounts receivable 2,130,845,148.09 2,173,325,283.78
Receivables financing 507,353,830.21 415,949,788.02
Prepayments 57,837,193.17 49,790,049.31
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 72,660,624.63 82,678,537.89
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 2,138,905,282.66 2,163,660,652.65
Including: data resources
Contract assets 225,336.26 450,672.52
Assets held for sale
Current portion of non-current assets 1,009,777,870.59 429,862,721.67
Other current assets 380,060,136.25 221,586,381.03
Total current assets 9,992,035,728.42 9,728,651,327.52
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments 126,844,169.43 720,083,694.31
Long-term receivables
Long-term equity investments 185,008,221.18 184,806,652.92
Investments in other equity
instruments
Other non-current financial assets
Investment property 803,012,959.86 810,582,038.87
Fixed assets 3,538,668,949.91 3,586,917,576.90
Construction in progress 279,302,778.49 223,949,659.06
Productive living assets
Oil and gas assets
Right-of-use assets 20,907,185.36 23,771,544.09
Intangible assets 384,713,272.60 383,525,440.66
Including: data resources
Development costs
Including: data resources
Goodwill 245,346,155.52 245,346,155.52
Long-term prepaid expense 348,084,795.65 335,938,420.48
Deferred income tax assets 138,309,367.79 144,164,584.33
Other non-current assets 265,392,801.70 307,714,497.11
Total non-current assets 6,840,315,841.04 7,438,594,308.15
Total assets 16,832,351,569.46 17,167,245,635.67
Current liabilities:
Short-term borrowings 603,134,189.40 635,015,074.86
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities 1,880,400.00
Derivative financial liabilities
Notes payable 1,978,769,428.10 2,179,070,444.41
Accounts payable 2,251,538,966.30 2,443,871,780.95
Advances from customers 649,658.57 328,004.34
Contract liabilities 197,630,575.59 140,787,246.73
Financial assets sold under
repurchase agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 140,940,196.52 167,248,995.64
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Taxes and levies payable 95,713,473.10 91,181,551.13
Other payables 318,571,295.58 372,152,039.73
Including: Interest payable
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 158,156,475.26 81,286,297.53
Total current liabilities 5,886,112,942.68 6,242,237,699.32
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 190,139,444.98 192,915,075.78
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 13,234,821.73 15,354,724.02
Long-term payables
Long-term employee benefits
payable
Provisions 17,543,012.21 17,991,357.40
Deferred income 112,793,157.89 116,931,745.07
Deferred income tax liabilities 151,763,190.57 150,196,615.46
Other non-current liabilities 107,831.23 107,831.23
Total non-current liabilities 485,581,458.61 493,497,348.96
Total liabilities 6,371,694,401.29 6,735,735,048.28
Owners’ equity:
Share capital 1,535,778,230.00 1,535,778,230.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 843,525,667.22 843,517,955.90
Less: Treasury stock
Other comprehensive income 239,554,056.81 227,147,391.31
Specific reserve 3,743,868.03 3,436,494.07
Surplus reserves 189,358,133.42 189,358,133.42
General reserve
Retained earnings 4,061,725,188.40 4,035,582,297.14
Total equity attributable to owners of the
Company as the parent
Non-controlling interests 3,586,972,024.29 3,596,690,085.55
Total owners’ equity 10,460,657,168.17 10,431,510,587.39
Total liabilities and owners’ equity 16,832,351,569.46 17,167,245,635.67
Legal representative: Yu Zhongmin
Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
Unit: RMB
Item Q1 2026 Q1 2025
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Including: Operating revenue 2,096,453,494.71 2,145,097,615.85
Interest revenue
Insurance premium income
Fee and commission income
Including: Cost of sales 1,767,027,613.86 1,724,777,902.13
Interest costs
Fee and commission expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium expense
Taxes and levies 16,337,044.98 15,693,648.62
Selling expense 78,314,856.71 86,338,594.05
Administrative expense 111,548,805.11 112,221,955.49
R&D expense 120,252,253.65 127,440,599.80
Finance costs 6,497,113.71 -9,580,677.36
Including: Interest costs 6,543,418.70 3,748,523.11
Interest revenue 10,789,113.98 10,735,162.93
Add: Other income 21,244,234.93 24,274,999.40
Return on investment (“-” for
loss)
Including: Share of profit or
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
-2,101,798.57 352,749.63
for loss)
Credit impairment loss (“-” for
-4,445,956.53 -9,452,922.19
loss)
Asset impairment loss (“-” for
-12,160,257.23 -12,182,413.52
loss)
Asset disposal income (“-” for
loss)
Add: Non-operating income 1,283,268.21 168,918.91
Less: Non-operating expense 299,676.99 790,444.83
Less: Income tax expense 9,143,661.02 11,963,881.33
operations (“-” for net loss)
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
discontinued operations (“-” for net loss)
owners of the Company as the parent
-25,360,429.85 22,536,165.67
controlling interests
tax
Attributable to owners of the
Company as the parent
reclassified to profit or loss
remeasurements on defined benefit
schemes
income that will not be reclassified to
profit or loss under the equity method
investments in other equity instruments
arising from changes in own credit risk
-2,707,303.20 -643,179.23
profit or loss
income that will be reclassified to profit
or loss under the equity method
other debt investments
income arising from the reclassification
of financial assets
allowance for other debt investments
hedges
translation of foreign currency- -2,707,303.20 -643,179.23
denominated financial statements
Attributable to non-controlling
-368,527.01 -551,955.26
interests
Attributable to owners of the
Company as the parent
Attributable to non-controlling
-25,728,956.86 21,984,210.41
interests
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before the
combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Yu Zhongmin
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
Unit: RMB
Item Q1 2026 Q1 2025
Proceeds from sale of commodities
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, fees and commissions
received
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 47,468,922.01 42,324,289.03
Cash generated from other operating
activities
Subtotal of cash generated from
operating activities
Payments for commodities and
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks
and financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 394,204,293.17 422,878,320.24
Taxes and levies paid 61,633,217.22 102,669,682.38
Cash used in other operating 101,749,704.51 100,707,256.79
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
activities
Subtotal of cash used in operating
activities
Net cash generated from/used in
-140,794,900.53 -114,950,715.22
operating activities
Proceeds from disinvestment 210,000,000.00 73,621,911.11
Return on investment 11,194,278.73 615,512.98
Net proceeds from the disposal of
fixed assets, intangible assets and other 1,329,533.33 200.00
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other long- 119,594,255.29 107,051,778.62
lived assets
Payments for investments 370,177,758.71 347,500,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
activities
Net cash generated from/used in
-267,325,001.94 -380,551,654.53
investing activities
Capital contributions received 14,700,000.00
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 60,158,188.00 29,211,392.56
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings 179,285,077.67 48,017,316.00
Interest and dividends paid 3,273,291.80 2,753,062.86
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 1,666,468.09 12,228,355.28
Subtotal of cash used in financing
activities
Net cash generated from/used in
financing activities
-10,317,245.74 1,727,522.77
changes on cash and cash equivalents
-416,413,846.93 -499,510,201.22
equivalents
Add: Cash and cash equivalents,
beginning of the period
period
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2026
Legal representative: Yu Zhongmin
Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
ii. Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of the
New Accounting Standards Implemented since 2026
□ Applicable ? Not applicable
iii. Independent Auditor’s Report
Indicate whether the financial statements above have been audited by an independent auditor.
□ Yes ? No
These financial statements have not been audited by such an auditor.
The Board of Directors
Foshan Electrical and Lighting Co., Ltd.
April 27, 2026
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