Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
Stock Code: 000541, 200541 Stock Name: FSL, FSL-B Announcement No. 2026-043
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
THIRD 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 department (accounting supervisor) hereby guarantee that the Financial Statements carried in this
Report are factual, accurate and complete.
□ Yes ? No
misunderstandings between the two versions, the Chinese version shall prevail.
Foshan Electrical and Lighting Co., Ltd. Third 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
Q3 2026 YoY change (%) Q1-Q3 2026 YoY change (%)
Operating revenue
(RMB)
Net profit attributable
to the listed company’s 10,937,286.54 -57.95% 52,642,926.92 -62.67%
shareholders (RMB)
Net profit attributable
to the listed company’s
shareholders before -12,563,800.40 -178.78% 10,690,547.40 -91.24%
exceptional gains and
losses (RMB)
Net cash generated
from/used in operating — — 34,593,247.37 -15.90%
activities (RMB)
Basic earnings per
share (RMB/share)
Diluted earnings per
share (RMB/share)
Weighted average
return on equity (%)
September 30, 2026 December 31, 2025 Change (%)
Total assets (RMB) 16,295,078,719.75 17,167,245,635.67 -5.08%
Equity attributable to
the listed company’s 6,785,386,011.61 6,834,820,501.84 -0.72%
shareholders (RMB)
(II) Exceptional Gains and Losses
? Applicable □ Not applicable
Unit: RMB
Item Q3 2026 Q1-Q3 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 11,470,560.88 31,518,741.91
accordance with defined
criteria and in 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- 644,515.15 -466,419.63
financial enterprise, as well as
on disposal of financial assets
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
and liabilities (exclusive of
the 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
Reversed portions of
impairment allowances for
receivables which are tested
individually for impairment
Gain or loss on debt
restructuring
Non-operating income and
expense other than the above
Less: Income tax effects 7,277,556.79 12,741,764.72
Non-controlling interests
effects (net of tax)
Total 23,501,086.94 41,952,379.52 --
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
Q1-Q3 2026/ Q1-Q3 2025/
Item Change (%) Main reason for the change
September 30, 2026 December 31, 2025
Purchase of large-denomination certificates of
Monetary assets 2,394,270,106.82 3,455,743,091.17 -30.72%
deposit and term deposits during the period
Other
receivables
Contract assets 211,890.13 450,672.52 -52.98% Receipt of customer payments during the period
Reclassification of large-denomination certificates of
Current portion
deposit under other debt investments during the
of non-current 1,044,572,389.70 429,862,721.67 143.00%
period that have a term of over one year but will
assets
mature within one year
Other current Purchase of large-denomination certificates of
assets deposit and term deposits during the period
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
Q1-Q3 2026/ Q1-Q3 2025/
Item Change (%) Main reason for the change
September 30, 2026 December 31, 2025
Reclassification of large-denomination certificates of
Other debt deposit under other debt investments during the
investments period that have a term of over one year but will
mature within one year
Advances from Receipt of advance proceeds from land disposal
customers during the period
Taxes and levies
payable
Current portion
Reclassification of borrowings that have a term of
of non-current 197,427,305.71 131,296,264.00 50.37%
over one year but will mature within one year
liabilities
Repayment of bank borrowings and reclassification
Long-term
-48.47%
borrowings
will mature within one year during the period
Increase in the balance of work safety expenses
accrued in accordance with the prescribed ratio under
Specific reserve 5,500,892.70 3,436,494.07 60.07%
the Measures for the Extraction and Use of Enterprise
Work Safety Expenses (Cai Zi [2022] No. 136)
Finance costs 21,745,699.72 -17,863,301.69 221.73% Currency fluctuations during the period
Changes in the fair value of forward foreign
Gain on changes
-1,203,239.63 1,376,438.86 -187.42% exchange settlement products arising from currency
in fair value
fluctuations
An increase of RMB21.8683 million in the inventory
Asset
-57,143,200.78 -38,950,356.92 -46.71% valuation allowances accrued by subsidiary
impairment loss
NationStar Optoelectronics during the period
Asset disposal Gain on the disposal of non-current assets during the
income period
Non-operating Write-off of accounts payable no longer payable and
income an increase in penalty income during the period
Changes in the
fair value of Decreased changes in the fair value of investments in
investments in -21,452,084.62 181,967,425.64 -111.79% other equity instruments in the period compared with
other equity the same period of last year
instruments
Differences
arising from the
translation of
foreign
-5,795,831.91 -1,011,491.93 -473.00% Currency fluctuations during the period
currency-
denominated
financial
statements
Net cash Purchase of large-denomination CDs and term
generated deposits of RMB849 million during the period. Such
from/used in -640,346,678.78 -138,945,796.94 -360.86% fund operations are part of the Company’s routine
investing cash management activities and will not have a
activities material impact on daily production and operation.
Net increase in
Purchase of large-denomination CDs and term
cash and cash -928,102,356.37 -453,225,170.57 -104.78%
deposits of RMB849 million during the period
equivalents
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)
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
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.
SDIC
Securities Overseas
(Hong Kong) corporation
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 0.44% 6,780,000 0 N/A 0
individual
Hong Kong
Securities
Overseas
Clearing 0.41% 6,223,027 0 N/A 0
corporation
Company
Limited
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
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
Domestically
SDIC 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 6,780,000 denominated 6,780,000
ordinary stock
RMB-
Hong Kong Securities Clearing
Company Limited
ordinary stock
RMB-
Cai Yuxia 5,000,700 denominated 5,000,700
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
Companies.
Top 10 shareholders involved in securities margin Among the top 10 shareholders, Zhu Shangming holds 6,780,000
trading (if any) Company shares through a margin trading securities account.
shares 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
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
IV Quarterly Financial Statements
i. Financial Statements
Prepared by Foshan Electrical and Lighting Co., Ltd.
September 30, 2026
Unit: RMB
Item September 30, 2026 January 1, 2026
Current assets:
Monetary assets 2,394,270,106.82 3,455,743,091.17
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 2,213,177.70 2,768,997.33
Derivative financial assets
Notes receivable 752,686,201.33 732,835,152.15
Accounts receivable 2,105,743,129.71 2,173,325,283.78
Receivables financing 314,425,148.33 415,949,788.02
Prepayments 43,675,336.17 49,790,049.31
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 56,019,853.73 82,678,537.89
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 2,331,208,067.86 2,163,660,652.65
Including: data resources
Contract assets 211,890.13 450,672.52
Assets held for sale
Current portion of non-current assets 1,044,572,389.70 429,862,721.67
Other current assets 712,306,245.12 221,586,381.03
Total current assets 9,757,331,546.60 9,728,651,327.52
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments 41,742,033.11 720,083,694.31
Long-term receivables
Long-term equity investments 189,249,052.87 184,806,652.92
Investments in other equity
instruments
Other non-current financial assets
Investment property 815,337,958.80 810,582,038.87
Fixed assets 3,418,945,383.08 3,586,917,576.90
Construction in progress 224,389,452.61 223,949,659.06
Productive living assets
Oil and gas assets
Right-of-use assets 18,764,387.41 23,771,544.09
Intangible assets 399,954,927.44 383,525,440.66
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
Including: data resources
Development costs
Including: data resources
Goodwill 245,346,155.52 245,346,155.52
Long-term prepaid expense 334,620,236.13 335,938,420.48
Deferred income tax assets 145,818,621.19 144,164,584.33
Other non-current assets 241,872,667.69 307,714,497.11
Total non-current assets 6,537,747,173.15 7,438,594,308.15
Total assets 16,295,078,719.75 17,167,245,635.67
Current liabilities:
Short-term borrowings 563,895,450.86 635,015,074.86
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 2,223,244,368.39 2,179,070,444.41
Accounts payable 1,875,288,677.10 2,443,871,780.95
Advances from customers 1,722,309.19 328,004.34
Contract liabilities 114,334,561.14 140,787,246.73
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 137,136,458.35 167,248,995.64
Taxes and levies payable 60,338,522.47 91,181,551.13
Other payables 301,937,118.01 372,152,039.73
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 94,085,773.47 81,286,297.53
Total current liabilities 5,569,410,544.69 6,242,237,699.32
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 99,403,397.24 192,915,075.78
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 10,795,499.93 15,354,724.02
Long-term payables
Long-term employee benefits
payable
Provisions 19,614,057.49 17,991,357.40
Deferred income 112,864,191.51 116,931,745.07
Deferred income tax liabilities 141,878,220.29 150,196,615.46
Other non-current liabilities 107,831.23 107,831.23
Total non-current liabilities 384,663,197.69 493,497,348.96
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
Total liabilities 5,954,073,742.38 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 843,412,968.15 843,517,955.90
Less: Treasury stock
Other comprehensive income 199,899,474.78 227,147,391.31
Specific reserve 5,500,892.70 3,436,494.07
Surplus reserves 189,358,133.42 189,358,133.42
General reserve
Retained earnings 4,011,436,312.56 4,035,582,297.14
Total equity attributable to owners of the
Company as the parent
Non-controlling interests 3,555,618,965.76 3,596,690,085.55
Total owners’ equity 10,341,004,977.37 10,431,510,587.39
Total liabilities and owners’ equity 16,295,078,719.75 17,167,245,635.67
Legal representative: Yu Zhongmin
Person in charge of accounting work: Li Zehua
Person in charge of the accounting department: Li Yizhi
Unit: RMB
Item Q1-Q3 2026 Q1-Q3 2025
Including: Operating revenue 6,128,921,564.22 6,532,199,832.37
Interest revenue
Insurance premium income
Fee and commission income
Including: Cost of sales 5,148,046,338.85 5,349,187,907.07
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 51,599,243.47 52,167,209.97
Selling expense 266,547,177.88 266,412,731.31
Administrative expense 345,796,540.05 336,659,001.12
R&D expense 365,576,155.50 411,787,720.01
Finance costs 21,745,699.72 -17,863,301.69
Including: Interest costs 16,004,025.48 13,226,344.82
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
Interest revenue 25,668,948.01 28,591,087.05
Add: Other income 54,123,242.04 72,233,682.81
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 (“-”
-1,203,239.63 1,376,438.86
for loss)
Credit impairment loss (“-” for
-10,796,092.16 -8,606,983.81
loss)
Asset impairment loss (“-” for
-57,143,200.78 -38,950,356.92
loss)
Asset disposal income (“-” for
loss)
Add: Non-operating income 45,753,931.89 2,470,572.42
Less: Non-operating expense 2,140,218.23 2,842,964.87
Less: Income tax expense 15,946,074.21 19,197,772.12
-7,498,230.29 182,686,129.00
operations (“-” for net loss)
discontinued operations (“-” for net loss)
owners of the Company as the parent (“- 52,642,926.92 141,006,830.59
” for net loss)
-60,141,157.21 41,679,298.41
controlling interests (“-” for net loss)
-28,776,578.59 180,036,119.91
tax
Attributable to owners of the
-27,247,916.53 180,955,933.71
Company as the parent
-21,452,084.62 181,967,425.64
reclassified to profit or loss
remeasurements on defined benefit
schemes
income that will not be reclassified to
profit or loss under the equity method
-21,452,084.62 181,967,425.64
investments in other equity instruments
arising from changes in own credit risk
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
-5,795,831.91 -1,011,491.93
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- -5,795,831.91 -1,011,491.93
denominated financial statements
Attributable to non-controlling
-1,528,662.06 -919,813.80
interests
Company as the parent
-61,669,819.27 40,759,484.61
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
Person in charge of accounting work: Li Zehua
Person in charge of the accounting department: Li Yizhi
Unit: RMB
Item Q1-Q3 2026 Q1-Q3 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
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
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 132,451,408.82 116,505,804.66
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 1,135,064,926.53 1,159,646,469.89
Taxes and levies paid 239,910,349.43 293,332,979.28
Cash used in other operating
activities
Subtotal of cash used in operating
activities
Net cash generated from/used in
operating activities
Proceeds from disinvestment 475,566,932.89 859,119,175.12
Return on investment 30,998,467.14 15,732,609.12
Net proceeds from the disposal of
fixed assets, intangible assets and other 12,954,479.33 846,610.25
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- 278,450,575.23 280,674,030.06
lived assets
Payments for investments 881,339,182.91 720,520,000.00
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
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
-640,346,678.78 -138,945,796.94
investing activities
Capital contributions received 22,467,537.92
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 287,153,358.16 218,768,004.07
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings 641,924,266.07 280,054,239.75
Interest and dividends paid 95,430,006.93 224,536,815.02
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 6,563,233.22 81,887,484.53
Subtotal of cash used in financing
activities
Net cash generated from/used in
-292,124,212.72 -355,806,593.15
financing activities
-30,224,712.24 392,973.91
changes on cash and cash equivalents
-928,102,356.37 -453,225,170.57
equivalents
Add: Cash and cash equivalents,
beginning of the period
period
Legal representative: Yu Zhongmin
Person in charge of accounting work: Li Zehua
Person in charge of the accounting department: 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
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2026
These financial statements have not been audited by such an auditor.
The Board of Directors
Foshan Electrical and Lighting Co., Ltd.
October 27, 2026
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