粤照明Ｂ:2025年半年度报告(英文版)

FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
INTERIM REPORT 2025
August 2025

Part I Important Notes, Table of Contents and Definitions
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors
and senior management of Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the
“Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and
its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or
material omissions therein.
Wan Shan, the Company’s legal representative, Zeng Xiaojing, the Company’s Chief Financial Officer
(CFO), and Li Yizhi, the person-in-charge of the Company’s accounting organ (equivalent to accounting
manager) hereby guarantee that the Financial Statements carried in this Report are factual, accurate and
complete.
All the Company’s directors have attended the Board meeting for the review of this Report and its
summary.
Any plans for the future and other forward-looking statements mentioned in this Report and its summary
shall NOT be considered as absolute promises of the Company to investors. Therefore, investors are
reminded to exercise caution when making investment decisions.
The Company has described in detail in this Report the risk of macro-economic fluctuations and intensified
market competition, the risk of rising raw material prices, the risk of exchange rate fluctuations, and the
risk of the recoverability of accounts receivable. Please refer to the section headed “Risks Facing the
Company and Countermeasures” in Item X of Part III of this Report.
The Company has no interim dividend plan, either in the form of cash or stock.
This Report and its summary have been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail.

Table of Contents

Part I Important Notes, Table of Contents and Definitions...... 2
Part II Corporate Information and Key Financial Information......7
Part III Management Discussion and Analysis......11
Part IV Corporate Governance, Environment and Society......46
Part V Significant Events......49
Part VI Share Changes and Shareholder Information...... 76
Part VII Bonds......87
Part VIII Financial Statements...... 88
Part IX Other Reported Data......302
Documents Available for Reference
1. The financial statements signed and stamped by the Company’s legal representative, Chief Financial Officer,
and the person-in-charge of the Company’s accounting organ.
2. The originals of all the Company’s announcements and documents disclosed to the public during the Reporting
Period on the media designated by the CSRC for information disclosure.

Definitions
Term Definition
The “Company”, “listed company”, “FSL” Foshan Electrical and Lighting Co., Ltd. and its consolidated
or “we” subsidiaries, except where the context otherwise requires
Rising Holdings Group Guangdong Rising Holdings Group Co., Ltd.
Electronics Group Guangdong Electronics Information Industry Group Ltd.
Hong Kong Rising Investment Rising Investment Development Limited
Hongkong Wah Shing Hongkong Wah Shing Holding Company Limited
Rising Capital Guangdong Rising Capital Investment Co., Ltd. (formerly known as
“Guangdong Rising Finance Holding Co., Ltd.”)
Shenzhen Rising Investment Shenzhen Rising Investment Development Co., Ltd.
NationStar Optoelectronics Foshan NationStar Optoelectronics Co., Ltd.
NationStar Semiconductor Foshan NationStar Semiconductor Technology Co., Ltd.
Sigma Foshan Sigma Venture Capital Co., Ltd.
Liaowang Auto Lamp Nanning Liaowang Auto Lamp Co., Ltd.
Fozhao Huaguang Fozhao Huaguang (Maoming) Technology Co., Ltd.
Hule Electrical Equipment Zhejiang Hule Electrical Equipment Manufacturing Co., Ltd.
Beijing Airtrust Beijing Airtrust Technology Co., Ltd.
Fenghua Semiconductor Guangdong Fenghua Semiconductor Technology Co., Ltd.
CSRC China Securities Regulatory Commission
SZSE Shenzhen Stock Exchange
General meeting General meeting of Foshan Electrical and Lighting Co., Ltd.
Board of Directors The board of directors of Foshan Electrical and Lighting Co., Ltd.
Supervisory Committee The supervisory committee of Foshan Electrical and Lighting Co.,
Ltd.
RMB, RMB’0,000, RMB’00,000,000 Expressed in the