Annual Report 2025 of OPPLE Lighting Co. Ltd.Stock Code: 603515 Stock Name: OPPLE Lighting欧普照明股份有限公司
OPPLE Lighting Co. Ltd.Annual Report 2025
April 2026
1 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
IMPORTANT NOTES
I. The Board of Directors directors and executives of the Company undertake that the contents of
this Annual Report are truthful accurate and complete without any misrepresentation misleading
statement or material omission. They assume joint and several liabilities arising therefrom.II. All directors of the Company attended the Board meeting.III. BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership) has
issued a standard unqualified audit report for the Company.IV. Mr. Wang Yaohai (Company Head) Ms. Wang Haiyan (Chief Accountant) and Mr. Tao
Leiguang (Head of Accounting Department) hereby certify that the financial statements set out in
the annual report are true accurate and complete.V. Profit Distribution Plan or Plan of Converting Capital Reserve into Share Capital Approved by
the Resolution of the Board of Directors in the Reporting Period
After having been deliberated and approved at the 11th meeting of the 5th Board of Directors held on
April 22 2026 the Company’s 2025 profit distribution plan proposes a cash dividend of RMB 8.5 per 10
shares (including tax) based on the total share capital of the Company less the number of shares held in the
special repurchase account. Based on the total share capital as of the disclosure date of this Report
(743207949 shares) less the number of shares held in the special repurchase account (3224214 shares)
the amount of cash dividends (including tax) is estimated to be RMB 628986174.75 representing
68.33% of the net profit attributable to the shareholders of the parent company for the year 2025. The final
total actual distribution amount shall be calculated based on the total number of shares entitled to the
equity distribution on the record date for the equity distribution less the number of shares held in the
special repurchase account. If there is a change in the total share capital and the number of shares in the
special repurchase account before the record date for the equity distribution the Company intends to
maintain the same dividend per share and adjust the total distribution amount accordingly. For the 2025
profit distribution the Company does not propose to issue bonus shares to shareholders or to convert
capital reserve into share capital.The year 2026 marks the 30th anniversary of the Company’s brand founding and the 10th anniversary
of its listing. To thank shareholders for their long-term support reward investors continuously improve
shareholder returns preserve the Company's value and safeguard the legitimate rights and interests of all
shareholders the Company to distribute additional special dividends in mid-2026. The Board of Directors
requests the General Meeting of Shareholders to authorize it to determine and implement the Company's
2026 interim profit distribution plan subject to the satisfaction of applicable profit distribution conditions.
The aforementioned 2025 annual profit distribution plan and the authorization regarding the 2026
interim profit distribution are shall be implemented only after being submitted to the General Meeting of
Shareholders for deliberation and approval.Unrecovered losses of the parent company at the end of the reporting period and their impact on
the Company’s profit distribution and other related matters.□Applicable √Not Applicable
VI. Risk Statement with Respect to Forward-looking Statements
√Applicable □Not Applicable
2 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The forward-looking statements such as plans and development strategies mentioned in this Report
do not constitute a substantial commitment by the Company to investors. Investors are kindly advised to
be aware of investment risks.VII. Occupation of the Company's Funds by the Controlling Shareholder or Other Related Parties
for Non-Operating Purposes
No
VIII. Provision of External Guarantees in Violation of Prescribed Decision-making Procedures
No
IX. Inability of Over Half of the Directors to Ensure the Truthfulness Accuracy and Completeness
of the Annual Report Disclosed by the Company
No
X. Major Risk Warnings
The Company has provided a detailed description of the significant risks that may arise in its business
operations in this Report. Please refer to the relevant description under the "Possible Risks" subsection of
Section III "Management’s Discussion and Analysis" herein. The Company reminds the investors of
investment risks.XI. Others
□Applicable √Not Applicable
This report is prepared in Chinese. An English translation is provided for reference only. In case
of any differences between the Chinese version and the English translation the Chinese version
shall prevail.
3 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Contents
Section I Definitions ............................... 5
Section II Company Profile and Key Financial Indic... 6
Section III Management’s Discussion and Analysis ... 11
Section IV ESG ..................................... 37
Section V Material Matters ......................... 59
Section VI Changes in Shares and Shareholders ...... 70
Section VII Information on Bonds ................... 79
Section VIII Financial Report ...................... 80
The 2025 annual financial statements of the Company bearing the signatures and seals
of the Legal Representative Chief Accountant and Head of Accounting Department.List of
The original 2025 annual audit report of the Company bearing the seal of the
Documents
accounting firm and the signature of the certified public accountant.Available for
All documents publicly disclosed by the Company in the China Securities Journal
Inspection
Shanghai Securities News Securities Times Securities Daily and on the Shanghai
Stock Exchange website during the reporting period.
4 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section I Definitions
I. Definitions
In this Report unless the context otherwise requires the following terms have the meanings set forth
below:
Definition of Common Terms
OPPLE Lighting our company
refers to OPPLE Lighting Co. Ltd.the Company
Zhongshan OPPLE Investment Co. Ltd. which is the
Zhongshan OPPLE refers to
controlling shareholder of the Company
Shanghai Fengyue Enterprise Management Partnership
Shanghai Fengyue refers to
(Limited Partnership)
Nantong Songyue Enterprise Management Partnership
Nantong Songyue refers to
(Limited Partnership)
Reporting Period refers to From January 1 2025 to December 31 2025
Yuan refers to Renminbi (RMB)
5 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section II Company Profile and Key Financial Indicators
I. Company Information
Company Name in Chinese 欧普照明股份有限公司
Abbreviated Name in Chinese 欧普照明
Company Name in English OPPLE Lighting Co. LTD
Abbreviated Name in English OPPLE
Legal Representative Wang Yaohai
II. Contacts and Contact Information
Board Secretary Securities Affairs Representative
Name Hu Xing Zhong Jiani
Building V1 The Mixc No. 1799 Building V1 The Mixc No. 1799
Address Wuzhong Road Minhang District Wuzhong Road Minhang District
Shanghai Shanghai
Tel 021-38550000 (Ext. 6720) 021-38550000 (Ext. 6720)
Fax 021-38550000 (Ext. 6720) 021-38550000 (Ext. 6720)
Email Public@opple.com Public@opple.com
III. Basic Information
Room 411 Building 1 No. 6111 Longdong Avenue
Registered Address
Pudong New Area Shanghai
Changes of the Registered Address None
Buildings V1 V2 V3 The Mixc No. 1799 Wuzhong
Office Address
Road Minhang District Shanghai
Zip Code of the Office Address 201103
Company Website http://www.opple.com.cn/
Email Public@opple.com
IV. Information Disclosure and Storage Location
China Securities Journal https://www.cs.com.cn/;
Name and Website of the Designated Media for Shanghai Securities News https://www.cnstock.com/;
Annual Report Disclosure Securities Times https://www.stcn.com/; and Securities
Daily http://www.zqrb.cn/
Website of the Designated Stock Exchange for Shanghai Stock Exchange website
Annual Report Disclosure http://www.sse.com.cn/
Storage Location of Annual Report Board Office of the Company
6 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
V. Stock Listing
Stock Information
Stock Abbreviation
Class of Stock Stock Exchange Stock Name Stock Code
before Change
Shanghai Stock
A-Share OPPLE Lighting 603515 Not applicable
Exchange
VI. Other Related Data
BDO China Shu Lun Pan Certified Public
Name
Accountants LLP (Special General Partnership)
Accounting Firm Engaged by the 4/F New Huangpu Financial Building No. 61
Office Address
Company (Domestic) Nanjing East Road Shanghai
Signing
Chen Lei Lin Yancheng
Accountants
VII. Key Accounting Data and Financial Indicators for the Past Three Years
(I) Key Accounting Data
Unit: Yuan Currency: RMB
YoY Change
Item 2025 2024 2023
(%)
Operating revenue 6970146425.51 7096343305.89 -1.78 7794988062.81
Total profit 1083251582.76 1029848641.98 5.19 1082097322.45
Net profit attributable
to shareholders of the 920496707.23 902969226.83 1.94 924070111.39
listed company
Net profit attributable
to shareholders of the
Company after
779344940.93746427771.614.41847912642.27
deducting
non-recurring gains
and losses
Net cash flow from
689874479.51819137835.33-15.781666970731.00
operating activities
YoY Change
At the end of 2025 At the end of 2024 At the end of 2023
(%)
Net assets attributable
to shareholders of the 7012425977.52 6724041618.42 4.29 6648896823.59
Company
Total assets 9618649664.87 9677159855.32 -0.60 9877441744.50
(II) Key Financial Indicators
Item 2025 2024 YoY Change (%) 2023
Basic EPS (RMB/share) 1.26 1.23 2.44 1.25
Diluted EPS (RMB/share) 1.26 1.23 2.44 1.25
Basic EPS after deducting non-recurring gains
1.061.023.921.14
and losses (RMB/share)
7 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Weighted average return on equity (%) 13.62 13.51 0.11% 14.56
Weighted average return on equity after
11.5311.170.36%13.36
deducting non-recurring gains and losses (%)
Explanation of key accounting data and financial indicators of the Company for the past three years at the
end of the reporting period
□Applicable √Not Applicable
VIII. Differences in Accounting Data Under Domestic and Foreign Accounting Standards
(I) Differences in Net Profit and Net Assets Attributable to Shareholders of the Listed Company in
Financial Reports Disclosed in Accordance with International Accounting Standards and Chinese
Accounting Standards
□Applicable √Not Applicable
(II) Differences in Net Profit and Net Assets Attributable to Shareholders of the Listed Company in
Financial Reports Disclosed in Accordance with Foreign Accounting Standards and Chinese
Accounting Standards
□Applicable √Not Applicable
(III) Explanation of Differences Between Domestic and Foreign Accounting Standards:
□Applicable √Not Applicable
IX. Main Financial Data by Quarters in 2025
Unit: Yuan Currency: RMB
Q1 Q3 Q4
Q2
(January - (July - (October -
(April - June)
March) September) December)
Operating revenue 1490850889.93 1725104129.19 1691751651.66 2062439754.73
Net profit attributable to
shareholders of the 141170841.28 227912461.60 207694870.19 343718534.16
Company
Net profit attributable to
shareholders of the
Company after deducting 88082414.60 191107672.98 182637117.81 317517735.54
non-recurring gains and
losses
Net cash flow from
-38411177.56-2671787.92223270148.86507687296.13
operating activities
Explanation of differences between quarterly data and data in disclosed periodic reports
□Applicable √Not Applicable
X. Items and Amounts of Non-recurring Gains and Losses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
8 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Item Amount in 2025 Amount in 2024 Amount in 2023
Gains and losses from the disposal of
non-current assets including the reversal of -654007.78 -699272.98 -946000.41
recognized impairment provisions for assets
Governmental subsidies recognized in the
current profit or loss except those that are
closely related to the Company's normal
operations comply with national policies are 85689815.52 93397397.84 36088879.32
entitled under established criteria and have a
continuous impact on the Company's profit or
loss
Gains and losses arising from changes in the
fair value of financial assets and financial
liabilities held by non-financial enterprises as
well as gains and losses from the disposal of 81916662.59 73170147.45 32144122.49
financial assets and financial liabilities except
for effective hedging transactions related to the
Company's normal operations
Gains and losses from entrusted investment or
-878741.62-21974.411572987.24
management of assets
Reversal of impairment provision for
3890475.661064762.7644741.83
receivables subject to separate impairment tests
Gains and losses from debt restructuring - 167385.47 -
Other non-operating income and expenses 1244200.77 19580732.31 22926194.44
Other profit and loss items that meet the
1111938.83762684.56871336.13
definition of non-recurring gains and losses
Less: Impact of income tax -31170348.06 -30879907.76 -16210110.59
Impact of minority equity (after-tax) 1770.39 -500.02 -334681.33
Total 141151766.30 156541455.22 76157469.12
Explanations shall be made for the Company's recognition of items not listed in the Explanatory
Announcement No. 1 on Information Disclosure by Companies Publicly Offering Securities –
Non-recurring Gains and Losses as items of non-recurring gains and losses with significant amounts as
well as the classification of items of non-recurring gains and losses listed in the Announcement as items of
recurring gains and losses.□Applicable √Not Applicable
XI. Optional Disclosure of Net Profit After Excluding the Impact of Share-Based Payments for
Companies with Equity Incentive Plans or Employee Stock Ownership Plans
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Key Accounting Data 2025 2024 YoY Change (%) 2023
Net profit after
excluding the impact
941931112.50933022226.110.95949414706.56
of share-based
payments
9 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
XII. Items Measured at Fair Value
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Change during the Effect on
Item Opening Balance Closing Balance
Current Period Current Profit
Held-for-trading financial
4081348921.903642802853.79-438546068.1180041115.77
assets
Held-for-trading financial
118063.58--118063.58118063.58
liabilities
Receivables financing - 56000.00 56000.00 -
Investments in other equity
142901100.00142901100.00--
instruments
Other non-current financial
107268827.3974285521.15-32983306.24878741.62
assets
Total 4331636912.87 3860045474.94 -471591437.93 81037920.97
XIII. Others
□Applicable √Not Applicable
10 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section III Management’s Discussion and Analysis
I. Business Operations of the Company during the Reporting Period
1. Main Business Activities
OPPLE is a green energy-saving and smart lighting enterprise mainly engaged in the R&D
production and sales of home and commercial lighting fixtures light sources and control products and is
gradually transforming into a provider of comprehensive solutions for intelligent lighting systems.
2. Business Model
The Company's business model is mainly based on distribution and direct sales expanding its sales
network by penetrating into lower-tier markets offering value-added services via lighting solutions
creating a diversified channel network by integrating online and offline channels and enhancing brand
influence through overseas expansion. Leveraging its extensive product portfolio the Company has
adopted a predominantly self-manufacturing approach staying abreast of market trends maintaining strict
production controls and boosting R&D investment to meet the market’s demand for diversified
high-quality products.Explanation of significant new non-main operations of the Company during the reporting period
□Applicable √Not Applicable
II. Overview of the Industry in Which the Company Operated during the Reporting Period
According to the Industrial Classification for National Economic Activities released by the National
Bureau of Statistics of China the lighting industry is classified into general lighting sector and special
lighting sector by applications. General lighting encompasses common application scenarios such as
homes shops offices hotels municipal and industrial facilities and landscapes while special lighting
covers professional application fields such as automotive lighting and emergency lighting. Based on its
product features and applications the Company operates within the general lighting sector.From an industry development perspective driven by energy-saving and emission reduction policies
as well as users' pursuit of dynamic dimming and color tuning and human-centric lighting the penetration
rate of the LED smart lighting market is accelerating. In recent years China has issued a series of industry
plans and policies for the intelligent lighting industry including the Notice on Several Measures to
Promote Home Consumption by 13 Authorities including the Ministry of Commerce and the Work Plan
for Stable Growth of Light Industry (2023-2024) which have created clear and promising market
prospects for the development of the intelligent lighting industry and fostered a favorable production and
operating environment for businesses. In addition according to TrendForce as advanced technologies
such as the Internet of Things (IoT) and artificial intelligence (AI) continue to integrate manufacturers
with capabilities in software and hardware integration ecosystem synergy and understanding of
scenario-based applications will have a better chance of gaining a competitive advantage in the future
intelligent lighting market.Intelligent lighting refers to the use of advanced technologies such as IoT cloud computing and AI
to equip lighting systems with capabilities for environmental awareness intelligent analysis automatic
execution and continuous optimization thereby providing more energy-efficient more comfortable more
efficient and customizable lighting solutions. The Special Research Report on Survey and Industry
Outlook Forecast of Global and Chinese Intelligent Lighting Market 2025 - 2030 released by the ASKCI
Industrial Research Institute reveals that China's intelligent lighting market recorded a shipment volume
of approximately 33.79 million units in 2023 representing a year-on-year growth of 20.7%; the volume
rose to around 39.87 million units in 2024 and is projected to reach 47.05 million units in 2025.The intelligent lighting industry is characterized by its extended chain structure and broad application
scenarios. Its upstream segment consists of various raw material providers technical support platforms
system and software providers required for the production of intelligent lighting products which is
capital- and technology-intensive and accounts for 70% of the total manufacturing costs of intelligent
11 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
lighting products. The midstream segment includes various intelligent lighting solution providers who
develop integrated intelligent lighting solutions based on upstream hardware technologies and systems.The downstream segment mainly comprises various integrated application scenarios and end users. Based
on the characteristics of its products and solutions the Company operates in the midstream segment of the
industry chain.Composition of the Intelligent Lighting Industry Chain
Module Online channels
manufacturers Intelligent lighting
enterprises
C-end applications
Chip
manufacturers Traditional lighting Offline channels
enterprises
Driver
manufacturers Industrial and
Intelligent home
commercial
enterprises
Cloud platform lighting
vendors B-end applications
Other cross-industry
Manufacturers of sensors enterprises Outdoor
power supplies panels etc. lighting etc.III. Discussion and Analysis of Operations
In 2025 the lighting industry accelerated its evolution from the era of luminous efficacy to the era of
light value with trends such as intelligence AIoT (Artificial Intelligence Internet of Things) and smart
cities deeply reshaping the industrial landscape. In this context the Company adhered to the corporate
mission of "creating value with light" focused on intelligent lighting applications integrated AI and
digital technologies into the entire operation and management chain through innovative products and
solutions and continuously enhanced its comprehensive competitiveness. During the reporting period the
Company achieved operating revenue of RMB 6.97 billion and a net profit attributable to shareholders of
the Company of RMB 920 million. The business highlights are as follows:
(I) Innovative Spectrum and Products a Leap from "Illuminating Space" to "Caring for
People"
1. Smart Spectral Technology Continues to Lead the Industry
With the ever-growing demand for healthy lighting the Company continued to explore the health and
emotional value of light based on its physical properties. In 2025 the Company launched the
second-generation SDL (Software Defined Lighting) Smart Spectrum Technology and upgraded this
spectral technology in the second half of the year. In addition to achieving natural light quality at all times
the Company exploited a wider range of beneficial light wavelengths creating a comfortable visual
environment while covering newly added scenarios that involve the deep red to near-infrared spectral
range. The Clarity Light 2.0 spectrum jointly developed by the Company and Wuhan University not only
meets the Illuminance 3A and Light Quality 3A standards for white light but also has been validated
through both physiological and subjective experiments to be effective in alleviating anxiety providing
users a more relaxed and natural visual experience in learning and homework scenarios. For
elderly-friendly lighting through a joint laboratory with Fudan University the Company conducted field
research and scientific verification and released the white paper Design Principles of Elderly-friendly
Lighting Environment Based on Human-centric Lighting. This guide defines a clear design framework for
elderly-friendly lighting and introduces targeted spectral combinations that compensate for age-related
crystalline lens yellowing significantly improving color recognition of the elderly.
2. Comprehensive Upgrade of Product Portfolio
Upstream
Midstream
DownstreamAnnual Report 2025 of OPPLE Lighting Co. Ltd.Focusing on user demands for intelligence aesthetics and cost-effectiveness the Company deeply
integrates cutting-edge technologies into its product lines including lighting electrical products and
appliances empowering a superior life experience with innovative technologies. For home lighting the
flagship product "Wellsky MAX" launched in 2025 deeply integrates SDL smart spectrum technology
with industrial design aesthetics. It features an innovative three-sided light-emitting structure that extends
light to the ceiling maintaining a transparent texture while delivering both "wall wash" and "ceiling wash"
effects. This design creates a profound three-dimensional premium light environment for users. The
Company launched a new generation of miniature spotlights for high-end retail and art exhibition spaces.With an efficient heat dissipation design and an upgraded optical platform the product achieves a 40%
volume reduction at the same luminous flux and its brightness reaches three times the industry average
for products of the same size. The product features a minimalist design that elevates the spatial aesthetics
and is widely used in venues with extremely high lighting quality requirements such as art galleries brand
flagship stores and museums. It also significantly reduces material consumption lowers carbon emissions
and contributes to China's carbon peaking goal. In order to meet the demand for non-sensory control in
lighting spaces the Company released the Human Presence Illuminance Sensor 2.0 which uses 24GHz
microwave radar PIRs (passive infrared sensors) and ambient light sensing technology to further enhance
its anti-interference capability. It supports left and right zoning to accurately detect the movement and
stationary states of occupants enabling "auto-on/off" control based on occupancy and works with
luminaires for adaptive brightness adjustment. For intelligent control in large spaces the Company has
launched the SDL Screen 2.0 control system which supports Wi-Fi and wired dual-mode deployment and
features robust grouping management and signal synchronization. A single host can connect multiple
slaves to achieve efficient control of lighting clusters in large-span spaces such as mall atriums and airport
lobbies.In terms of electrical products the Company launched a combination of the Premium series ultra-thin
intelligent switches and ultra-thin traditional sockets in quick response to the market's demand for both
aesthetics appeal and cost-effectiveness. Furthermore the Company released the smart voice control
panel X02 series which integrates multiple functions including a gateway scene control voice
interaction and entertainment and leverages AI voice technology to achieve intelligent management of
whole-house devices. Besides the Company successfully adapted its traditional wall switch products to
British standard-compliant product markets by leveraging its in-house ultra-thin switch production
platform to achieve a breakthrough in global market expansion and expanded its presence in Southeast
Asian and Middle Eastern markets with its differentiated silver-ion antibacterial ultra-thin switches. For
electrical appliances the Company launched its new human presence-sensing intelligent bath heater
which is equipped with high-sensitivity millimeter wave radar to actively capture and track user
movements and activate preset modes without any manual operation. The product features a multi-point
three-dimensional temperature measurement system combined with an AI constant temperature algorithm
to deliver precise evenly distributed warm airflow. Additionally with a sensor serving as the signal
trigger the product allows users to freely bind function combinations including lighting night lights and
heating creating a personalized smart bathroom experience for users.(II) Driving Channel Upgrade and User Experience Innovation via Intelligent Lighting
Solutions
1. New Experience of Intelligent Scenario-based Home Lighting
In recent years the home lighting industry has been increasingly focused on intelligence quality and
scenario-based applications. The role of light has transformed from basic illumination to a key factor in
adapting to human rhythms integrating into living scenes and enhancing spatial aesthetics. In 2025 the
Company responded to consumer demand for upgraded life quality and strove for the vision of "Building
a Healthy and Smart Life with Light." It forged the full-chain capabilities across hardware products
software systems and AI design tools integrated its full range of lighting products such as ceiling lights
decorative lights and downlights developed supporting smart switches smart sunshading systems and
smart sensors and provided customers with integrated whole-house intelligent lighting solutions covering
the full process from design to delivery steadily realizing the strategic transformation from "selling
luminaires" to "creating a smart lighting environment" and providing consumers with upgraded value
from product utility to smart lighting experiences.
13 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The Company seized the industry opportunity brought about by the growing trend of whole-house
intelligence and actively optimized its layout of home lighting channels during the reporting period to
expand its user base and strengthen consumer mindshare in smart lighting doubling the sales of
intelligent solutions during the reporting period by optimizing existing store patterns accelerating market
coverage building an efficient channel network and actively exploring cooperation with mainstream
home retail platforms to provide consumers with immersive in-store smart lighting experiences. For its
key retail stores the Company provided support by drawing more traffic through diverse methods such as
proactive marketing precise traffic acquisition live streaming and cross-industry alliances. This effort
not only expanded its user base but also redefined smart lighting in the minds of customers injecting
strong momentum into the Company’s business development.
2. Scenario-based Commercial Lighting Solutions and Benchmark Projects
In response to the high quality-focused evolution trend of commercial lighting from "passive
response" to "active perception autonomous energy saving and intelligent collaboration" the Company
continues to provide full-scenario intelligent lighting solutions for commercial customers. During the
reporting period the Company applied SDL smart spectrum technology to the first store of a well-known
chain catering brand in Shanghai. By creating a tech-themed ambiance through SDL soft film lights in the
waiting area providing guiding lighting in the dining area to assist seating and enhancing the theme
experience with pale color lights in the aisle this project became a benchmark for modern catering
lighting environments. For industrial lighting the Company provided full-stack lighting technology
renovation services for China-based plants of global leading drive technology enterprises offering
integrated solutions including energy dashboards remote management and spatial constant illuminance.In terms of commercial chains the Company provided lighting solutions to the urban super complex
project as part of the Transit-Oriented Development (TOD) of the Greater Bay Area. It combines indirect
and direct lighting to enhance the spatial emotional experience outlines the corridor with strip lights and
presents a diverse texture that flows over time through gradient dimming technology.For major customers the Company empowered multi-scenario solutions for smart buildings via SDL
smart spectrum technology focused its efforts on energy-saving transformation for carbon peaking and
carbon neutrality and renovation of urban lighting and achieved a series of key breakthroughs. Adhering
to the strategy of "Demonstrating First Scaling with Replicable Models" the Company completed
multiple benchmark projects with industry influence as follows: (i) It undertook the comprehensive
energy-saving renovation and demonstration project for lighting and air conditioning in the Haikou
Customs General Office Building which has become a model case for the General Administration of
Customs to promote the EMC (Energy Management Contract) across China; (ii) It delivered an integrated
lighting solution for the headquarters of a Global Top 500 new energy enterprise. Professional light
environment design was applied across the areas such as building facade offices catering spaces cultural
and sports centers. Meanwhile the in-house developed intelligent control system was deployed to reduce
overall energy consumption helping the enterprise fulfill its vision of "Smart Energy for Global Benefit";
(iii) It upgraded the smart lighting systems of office building (Phase I and Phase II) for the Shanghai
headquarters of a leading international shipping enterprise. Leveraging the smart lighting management
platform as well as human-centric lighting and IoT sensing technologies the project effectively supported
energy conservation and carbon reduction winning the building the first BOMA BEST 4.1 Platinum
Certification in China; (iv) It provided continuous lighting solution to the north-south tunnel of Shanghai
Pudong International Airport. Adopting diffuse reflection technology to reduce glare the project ensures
comfortable traffic passage for the 1.6 km tunnel and helps the key transportation hub of Shanghai to
become an iconic landmark project; (v) By adopting IoT perception and energy-saving technologies the
Company reduced lighting energy consumption in classrooms at the Baoshan Campus of a Shanghai
university supporting the university in building a green and low-carbon benchmark campus. In addition
the Company was deeply involved in smart city renewal projects to help promote the "Lighting up the
Magic City" initiative through efforts such as the lighting renovation of Xujiahui Pacific Department
Store and the provision of a comprehensive maintenance lighting solution for Sinar Mas Plaza.Currently the road lighting industry is upgrading towards safety reliability long-term energy
efficiency and intelligent operation and maintenance. The Company continues to iterate and innovate its
technology forming an integrated road intelligent lighting solution consisting of high-performance smart
street lights IoT power supplies and self-developed high-performance lighting platforms injecting
momentum into the green and intelligent development of urban lighting. In 2025 with IoT power supplies
14 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
as the core hardware the Company advanced the upgrading of road intelligent control systems in the three
key aspects of safety stability and convenience. As a result wiring points and operational electrical risks
were reduced by integrating power supplies and controllers into an all-in-one unit; the fault alarm
accuracy of the management platform was continuously improved safeguarding the stable operation of
urban facilities; and open and compatible product protocols realized plug-and-play deployment of devices
without additional configuration. In terms of software the Company developed an AI agent as a lighting
management assistant to improve management efficiency and energy consumption control accuracy in
areas such as AI dynamic strategy lighting strategy optimization and proactive operation and
maintenance warning. During the reporting period the Company won the bid for benchmark projects such
as the energy-saving renovation of streetlights in central area of Beijing promoting low-carbon and green
development through customized solutions. In Kunming and other regions the Company carried out
large-scale energy-saving lighting renovation and system upgrading projects under energy trust contracts
achieving win-win cooperation among the government enterprises and cities and forming a
market-oriented implementation model of low-carbon lighting that is replicable and promotable.
3. Applications in New Lighting Scenarios
In 2025 the Company continued to expand into new lighting sectors by launching an ad hoc
network-based smart solution specifically designed for garages and parking lots. Based on local ad hoc
network technology this solution enables autonomous energy savings and fast configuration without need
for a central platform reducing the commissioning time to within 10 minutes. The system features core
advantages such as no need for on-site commissioning low maintenance requirements and over 90%
energy savings; meanwhile it can support energy consumption analysis and management
decision-making. The system has been successfully deployed in the parking lots of multiple large-scale
commercial complexes delivering closed-loop value featuring "plug-and-play and sustained energy
efficiency".During the reporting period the Company released the lighting solution 1.0 for the medical industry
focusing on three major scenarios: public spaces in hospitals specialized clinic areas and comprehensive
intelligent management. Through customized spectra such as "Sleep-Enhancing Light" and "Healing
Light" the solution creates a lighting environment that is conducive to patients' visual comfort. The
self-developed spectra of "Concentration-Enhancing Light" and "Clarity Light" provide suitable lighting
conditions for medical staff to operate with precision and focus. Relying on the OPPLE comprehensive
management platform for intelligent lighting the Company achieved on-demand lighting intelligent
operation and maintenance and visible energy consumption and built an integrated lighting environment
system that combines healing precision and intelligent control.For plant lighting the Company launched a plant lighting shelf and growth environment control
system that applies to agricultural facilities and plant factories. These products can achieve intelligent
collaborative regulation of temperature light water and fertilizer providing a complete solution
addressing issues from light sources to ecological factors. During the reporting period the Company
collaborated with the Shanghai Academy of Agricultural Sciences and experimentally verified that the
system can optimize crop growth cycle and nutritional quality. This further enriched the Company's
professional lighting portfolio.
4. Deepening Innovation and Collaboration in E-commerce Channels
In 2025 facing the trend of consumer preference shifting towards content and interaction the
Company proactively deepened its innovation and collaboration in e-commerce channels. It focused on
strengthening the development of content platform promoting its upgrade from a traffic gathering tool to
a platform that integrates brand marketing and sales conversion and driving its rapid development by
capturing and efficiently converting the incremental growth of the "interest-driven consumption" market.The Company also deepened its collaboration with traditional mainstream e-commerce platforms
forming complementary traffic flows and establishing the whole process from content-driven product
promotion to member retention. By introducing a content-based operation strategy the Company
enhanced user loyalty and conversion rates and proactively explored expansion opportunities in a vertical
niche while consolidating the core market foundation. In terms of internal capability building the
Company continued to optimize its operational support system. By focusing on business development it
has established specialized teams for emerging channel operations ensuring precise allocation of
resources. The Company has comprehensively advanced the deep application of AI technologies in
15 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
customer service design and operations significantly improving the efficiency of traditional business
operations. Through the development of a systematic data collection and analysis framework it continued
to accumulate digital operational assets providing robust support for business decision-making.
5. Expanding Business by Going Global with Own Brands
In 2025 the Company remained committed to its global own brand strategy and continued to
strengthen its presence in key regional markets overseas. By leveraging the intelligent lighting system
solutions it has achieved a strategic upgrade in overseas expansion transitioning from product exports to
solution-based empowerment. In terms of channel development the Company strove to develop a core
network of distributors with engineering service capabilities thereby setting a strong foundation for the
large-scale growth of its overseas business. Additionally it has established a premium system solution
framework aiming at overseas markets for several strategic commercial distributors enhancing its
localized service and delivery capabilities.For benchmark projects the Company focused on key countries of the “Belt and Road” initiative to
enhance brand potential with benchmark projects. In 2025 the Company won the bid for the solar street
light project in Dodoma the capital of Tanzania achieving an important breakthrough in the large-scale
public construction sector in the East African market; The Company successfully implemented the
high-end lighting upgrade project for the National Presidential Palace in Myanmar further enhancing its
brand influence in Southeast Asia; In the Middle East market it completed the delivery of the Oman
Palace project and created a benchmark for the royal-level light environment using SDL smart spectrum
technology. In Europe the Company's SDL Wellsky series won the "Future of Lighting Innovation Award
2025" reflecting the industry's recognition of the Company's professional lighting products and
technology roadmap and testifying the product's ability to deliver added value to users. Meanwhile the
Company continued to provide professional and efficient lighting solutions across Europe including
upgrading the energy-saving lighting system for the main field and training area of the Austrian UFC
football stadium. It combined floodlights with DALI drivers and Bluetooth intelligent control modules to
ensure excellent visibility during night training and matches through portable control while significantly
reducing energy consumption. In addition the Company accelerated the global replication and promotion
of commercial chain solutions deepened cooperation in centralized procurement with international top
brands such as Starbucks and McDonald's and expanded intelligent lighting solutions to stores in multiple
countries. The Company also cooperated with internationally renowned automakers and their supporting
suppliers on industrial lighting projects achieving the leap from individual projects to large-scale
replicable solutions.(III) Building the Foundation of AI Applications and Digital Processes
With the rapid iteration of generative AI technology digital intelligence has become the core engine
for enterprises to improve operational efficiency and user experience. In 2025 the Company promoted the
implementation of AI technology in scenarios such as customer service and data support and built a smart
operation system. It created AI-powered online customer service and AI voicebot based on large models to
address user experience issues such as weak semantic understanding and high human escalation rate. This
enables real-time cross-system knowledge retrieval and replaces high-frequency repetitive labor
significantly improving answering accuracy and self-service resolution rates and optimizing service
experience. It also launched intelligent marketing and promotion tools such as live streaming digital
humans. These efforts upgraded the Company from a "process-driven" to a "data-driven" enterprise. For
daily operations the Company launched a data analysis AI agent helping support business personnel
transform from passive problem identification to easy acquisition of data insights. By accumulating
analytical insights proven best practices were reused to provide agile support for business
decision-making.During the reporting period the Company continued to promote its digital transformation strategy
with the goal of enhancing customer experience. To meet agile delivery cost reduction efficiency
improvement and green and low-carbon requirements the Company optimized and streamlined its core
end-to-end business processes which cover multiple core business areas such as product research and
development channel marketing procurement supply chain customer service as well as backend
functions such as human resources and financial management laying a solid foundation for digital
capability upgrading. Besides it launched multiple digital systems including the "OPPLE Lighting
Design Platform" management platform that supports front-end marketing business the precision cost
16 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
management platform that focuses on data-driven refined cost control the CRM system that deepens
standardized management of commercial lighting business the procurement management platform that
reduces procurement costs and the digital HR management platform on the backend. These systems
provide robust support for the Company's strategic goals.(IV) Brand Building
1. Upgrading Smart Lighting Experience and Continuously Deepening the Brand Influence
In 2025 the Company continued to deepen its brand building around smart lighting and a healthy
lighting environment. It held the "2025 OPPLE Global Smart Lighting Festival" under the theme of
"Wisteria Photosynthetic Stories" and released SDL2.0 full-scenario smart spectrum technology to
further improve the health spectrum intelligent control and full-scenario solution system and
continuously consolidated the Company's technical foundation and brand awareness in the field of health
lighting. In September the Company held the "AI Healthy Light Home Design for Love" press
conference in Chengdu launching the "Youth Edition" of the Wellsky series a light luxury full-scenario
intelligent lighting solution tailored to the demands of young families for healthy lighting and intelligent
experiences. Concurrently the Company held the special exhibition "Realm of Light and Shadow" in the
Kuanzhai Alley and held the architectural design forum "Light · Structure: Infinite Possibilities for
Dialogue with Space" to expand the application and expression of healthy light in spatial design.In terms of brand communication the Company deepened public communication on healthy lighting
through customized contents. The Company’s first customized short drama The Beam of Light under the
Roof reached over 100 million views across all platforms. Using daily family narratives as a medium and
integrating lighting products with eye-protection and emotional-care values the production continuously
strengthened the Company's brand image of "health technology professionalism and fashion".
2. Deepening the Practice of Design Aesthetics and Releasing the Design Brand OLL
In 2025 the Company deepened its design-driven brand upgrade strengthened the integration of
lighting with architecture art and spatial design maintained long-term cooperation with the
internationally renowned architectural firm MAD Architecture co-created the lighting art installation "An
Oil Paper Umbrella" at the 19th Venice Architecture Biennale released the "Sun" installation in Design
Shanghai 2025 and built a "Cosmic Wormhole" exhibition booth at Guangzhou Design Week with the
theme of "Light Across the Universe". Using important international and domestic design platforms the
Company combined design philosophy with OPPLE SDL smart spectrum technology to continue
exploring the diverse possibilities of light in spatial narrative and artistic expression.During the reporting period the Company officially launched its design brand OLL for the high-end
design sector and gradually built a product system centered on functional lighting fixtures decorative
lighting fixtures and movable lighting for multiple design scenarios. Through in-depth communication
with top architects designers and artists all over the world the Company continued to expand the
application of high-end design in spatial and design contexts and promoted the extension of its brand
image towards design specialization and internationalization.
3. Fulfilling Social Responsibilities and Corporate Accountability
As a leading enterprise in the industry the Company continues to combine brand development with
social responsibilities. In 2025 the Company urgently allocated professional lighting equipment and
emergency supplies to support rescue operations after the 7.9-magnitude earthquake in Myanmar and
provided support for nighttime rescue and emergency support in disaster areas. Meanwhile the Company
continuously responded to the national east-west cooperation strategy deepened long-term cooperation
with assisted regions and donated eye protection lamps to Lyuchun County Honghe Prefecture Yunnan
Province to help improve the learning and reading environment for young people.In addition the Company continuously promoted public welfare projects of health lighting and
donated eye care lighting products to institutions such as Jianshe Primary School in Weibaoshan Country
Weishan County Dali Yunnan and Shanghai Minle Nursing Home fulfilling its corporate social
responsibility in education elderly care and other sectors as part of its long-term commitment to
promoting people's livelihoods and serving social development with professional capabilities.
17 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
4. Promoting the Construction of an ESG System and Obtaining an International
Authoritative Certification
Under the guidance of the national sustainable development strategy the Company together with the
National Energy Conservation Center and multiple industry partners established the Energy Conservation
and Carbon Reduction Ecological Innovation Alliance in April 2025 and initiated a zero-carbon park
construction project with the National Energy Conservation Center for exploring the technological path
and demonstration mode of the lighting industry in low-carbon transformation. In October 2025 the
Company passed the globally recognized EcoVadis assessment and won the bronze certification marking
a breakthrough in the Company's implementation of ESG concepts. This testified that the Company's
practice in the four core dimensions of environmental management labor rights business ethics and
sustainable procurement had reached international standards and had become one of the top
manufacturers of electrical lighting equipment in the world.IV. Analysis of Core Competence during the Reporting Period
√Applicable □Not Applicable
The Company has been deeply involved in the lighting industry gradually establishing core
competitive advantages in brand channels research and development production and operation talent
and management.
1. Brand Advantages
From the era of traditional lighting to the era of LED lighting and then intelligent lighting the
Company has been deeply rooted in the lighting industry continuously promoting technological
innovation and product upgrades ranking among the top in the Chinese general lighting market and
growing into a globally renowned lighting brand. Over the years the Company has participated in
multiple national key projects and has become a partner and lighting solution provider for the Private
Enterprise Joint Pavilion at the World Expo the Botanical Garden Pavilion at the Beijing International
Horticultural Exhibition the China Pavilion at the Dubai World Expo and the China Pavilion at the
Venice Architecture Biennale. It has made multiple brilliant appearances at the Light + Building Frankfurt
in Germany. In 2025 the Company teamed up with renowned architect Ma Yansong to make a stunning
appearance at the Shanghai and Guangzhou Design Weeks providing users with high-quality products
and services. Adhering to independent innovation and relying on its strong R&D and production
capabilities the Company has won internationally recognized awards for six consecutive years including
German red dots iF and Japan's G-Mark. With SDL smart spectrum technology as the core we have
promoted the intelligent upgrading of our product system. In 2025 the SDL smart spectrum technology
was included in the Fortune China Best Design List.The Company has consistently provided consumers with high-quality products and services
obtaining certifications such as "National Demonstration Enterprise for Product and Service Quality
Integrity" "National Consumer Quality and Reputation Guaranteed Product" "National Advanced
Enterprise for Quality Integrity" and "National Quality Inspection Stable and Qualified Product". With its
outstanding technical expertise the Company has also received the "Healthy Light Quality Five-Star
Certification" jointly issued by TüV SüD and China Certification Center (CQC).
2. R&D and Technology Advantages
The Company's R&D Center continues to implement its R&D strategy of being "Oriented towards
user needs powered by innovation in cutting-edge LED technologies and guided by the foresight of
intelligent lighting trends" and create values based on the essence of light. After years of development
and accumulation the R&D Center has built strong comprehensive competitiveness in core fields such as
optics electronics materials mechanical design electrical control and software. Relying on its
cross-disciplinary technology integration capabilities the R&D Center is actively exploring cutting-edge
fields such as AI and human-centric lighting to reinforce its technological moat.The Company has established an advanced technology management platform and digital R&D
system enabling it to deeply understand the essential needs of lighting from the user's perspective. By
combining virtual simulation with real-world scenario setups it can verify and iterate product solutions
18 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
efficiently and create lighting products that meet user needs more precisely. While driving product and
R&D innovation the Company continues to deepen modular design of products and platforms to enhance
consumer experience and maintain cost competitiveness in the industry.Based on in-depth research and breakthrough applications in human-centric lighting the Company
has continuously innovated and launched a number of leading patented spectral technologies tailored to
the lighting needs of different user groups in different spaces aiming to provide users with a more
personalized comfortable and healthy lighting environment. In the field of intelligence and
interconnection the Company has established core capabilities in wireless technology sensing technology
IoT technology cloud computing and big data processing and AI technology. Combined with OPPLE's
comprehensive indoor outdoor DMX and other lighting control systems the OPPLE intelligent lighting
management platform has been upgraded to continuously enhance the intelligence level of lighting
solutions and optimize user experience.In the field of low carbon and energy saving the Company actively practices the concept of green
and sustainable development integrating efficient and energy-saving technologies throughout the entire
chain of product R&D and system solutions. Based on its technological accumulation in the fields of
optics and electronic drives the Company continuously improves the luminous efficiency of its lighting
systems develops high-efficiency LED products and significantly reduces unit lighting energy
consumption. In terms of drive circuit technology its self-developed drivers can dynamically adjust
output voltage levels based on input voltage effectively reducing switching losses and improving power
utilization efficiency. In outdoor scenarios such as road lighting the Company has achieved system-level
energy savings and consumption reduction through the synergistic integration of high-efficiency smart
streetlights IoT power supplies and self-developed high-performance lighting platforms combined with
intelligent on-demand dimming and control strategies continuously driving the green and low-carbon
transformation of the lighting industry through technological innovation.
3. Channel Advantages
In the home lighting channel the Company relying on its strong marketing team and extensive
channel network resources has developed widespread outlets at home decoration and building materials
markets lighting markets and hardware stores and strategically established smart lighting city
experience centers in major central cities achieving a high coverage in provincial municipal autonomous
prefecture league and city markets across the country and further expanding its businesses to township
and rural areas. In addition to increasing channel outlets the Company also attaches great importance to
the improvement of distributors' operational capabilities and the quality of stores/outlets.To this end the Company has continuously optimized and upgraded the operational capabilities and
management standards of its distributors stores/branches. First to cultivate distributors’ operational
management capabilities the Company has established a distributor evaluation system and database to
perform regular assessments appraisals and corrective improvements on distributors. At the same time it
is actively building a full-chain digital marketing system to improve the digital marketing ecosystem of
channels ensure the coordination and consistency of responsibilities and rights of all parties based on
process-oriented management and effectively monitor and manage sales activities at all stages. Second at
the sales terminals the Company has continuously enhanced the intelligent lighting sales capabilities of
retail stores creating intelligent lighting scene based display methods standardized service experiences
and personalized lighting designs. Through the Company’s self-developed OPPLE Lighting Design
platform consumers can generate personalized intelligent lighting solutions easily using AI or place
orders independently online fully meeting their demands for smart lighting solutions.In addition the Company has continuously enhanced its penetration in commercial e-commerce and
overseas channels achieving diversified and comprehensive channel coverage. In the commercial lighting
sector the Company relies on its in-depth industry research professional lighting design team nationwide
network of commercial distributors and efficient supply chain and after-sales service system to
continuously deliver high-standard comprehensive lighting solutions. In the field of e-commerce the
Company has deployed multiple platforms and categories to provide consumers with comprehensive
high-quality and convenient products and services. Overseas the Company adheres to a proprietary brand
development strategy. In key countries such as Europe Southeast Asia and the Middle East it has
established a good brand image and reputation through professional lighting products and intelligent
19 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
solutions bringing high-efficiency intelligent products and solutions to overseas consumers and users in
industrial office commercial retail and outdoor applications.
4. Production and Operation Advantages
In response to the rapid iteration of smart and healthy lighting technologies and the growing trend of
personalized product demands the Company has comprehensively promoted the "Robot+"
multi-functional flexible workstation and deployed collaborative robots on a large scale building a
human-machine collaborative flexible intelligent manufacturing system. This effort significantly
improves the production line flexibility and quick delivery capability for small-batch customized orders
while ensuring highly automated production of platform-based products.Through product design optimization supply chain collaboration lean manufacturing and other
full-chain collaborations and resource integrations the Company has deeply decoupled product full-chain
process and design bottlenecks continuously building structural cost-reduction capabilities. It has also
established standard work hour models and refined cost control systems solidifying its extreme cost
competitiveness.The Company has continuously iterated its production test systems and inspection equipment
connecting the traceability links between key quality characteristics and process parameters enabling
traceable linkages between finished products and production test data driving quality improvement
through data.Based on AI technology and the practice of lighthouse factories and intelligent demonstration
factories the Company has promoted "AI+" scenario-based business transformation and efficiency
enhancement across core areas such as planning logistics quality and manufacturing. While reducing
costs and increasing efficiency improving production capacity and quality it has optimized the overall
supply chain operation system and significantly enhanced order delivery agility.
5. Talent and Management Advantages
Talent is the most critical strategic asset of the Company. We have built a sustainable competitive
advantage through systematic talent supply chain construction and scientific management system:
(1) We adhere to the equal emphasis on attracting high-end talents and reserving new generation
talents actively bring in experienced management and professional talent from benchmark companies to
build a composite management team. Relying on regular campus recruitment we continue to introduce
outstanding master's and doctoral graduates from leading universities such as Harbin Institute of
Technology Tongji University and Fudan University injecting new vitality into the Company.
(2) We have built a hierarchical talent cultivation system covering all levels. This system covers
various levels from store guides store managers department managers and directors. Through hands-on
practice mentorship and specialized training it comprehensively improves employees' professional
capabilities and management levels.
(3) We continuously improve the cadre management mechanism establishing standards for the entire
process of cadre selection appointment training motivation and management to achieve standardized
and systematic cadre management.
(4) We have upgraded our HR management digital platform to achieve refined performance
management. We have built a data-driven decision support system that relies on intelligent analysis to
empower precise talent identification allocation and management.V. Major Operations during the Reporting Period
In 2025 the Company achieved operating revenue of RMB 6.97 billion total profit of RMB 1.083
billion and net profit attributable to shareholders of the Company of RMB 920 million.
20 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(I) Analysis of Main Operations
1. Analysis of Changes in Relevant Accounts of the Profit Statement and Cash Flow
Statement
Unit: Yuan Currency: RMB
Amount for the
Amount for the Current
Account Same Period Last Change (%)
Period
Year
Operating revenue 6970146425.51 7096343305.89 -1.78
Operating costs 4228485604.32 4308012292.26 -1.85
Selling expenses 1213656257.96 1291188397.86 -6.00
Administrative expenses 269557938.82 335693236.17 -19.70
Financial expenses -30963220.57 -52473383.03 40.99
R&D expenses 296922518.64 306023822.87 -2.97
Net cash flow from operating
689874479.51819137835.33-15.78
activities
Net cash flow from investment
194490034.40-3894395359.01104.99
activities
Net cash flow from financing
-744372992.78-838385043.7011.21
activities
Explanation for the change in financial expenses: mainly due to the decrease in interest income for the
current period.Explanation for the change in net cash flows from investment activities: mainly due to the increase in cash
received from the recovery of investments and the decrease in cash paid for investments.Detailed explanation of significant changes in the Company's business type profit composition or sources
of profit during the current period
□Applicable √Not Applicable
2. Analysis of Revenue and Costs
□Applicable √Not Applicable
(1). Main Operations by Industry Product Region and Sales Model
Unit: RMB 10000 Currency: RMB
Main Operations by Industry
YoY
YoY YoY
Change in
Operating Operating Gross Change in Change in
Industry Operating
Revenue Costs Margin (%) Operating Gross
Revenue
Costs (%) Margin (%)
(%)
R&D
production
Increased
and sales of 691708.77 421255.54 39.10 -1.65 -1.69
by 0.02%
lighting
fixtures
21 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Main Operations by Product
YoY
YoY YoY
Change in
Operating Operating Gross Change in Change in
Product Operating
Revenue Costs Margin (%) Operating Gross
Revenue
Costs (%) Margin (%)
(%)
Products for
lighting and Increased
691708.77421255.5439.10-1.65-1.69
other by 0.02%
applications
Main Operations by Region
YoY
YoY YoY
Change in
Operating Operating Gross Change in Change in
Region Operating
Revenue Costs Margin (%) Operating Gross
Revenue
Costs (%) Margin (%)
(%)
Decreased
Domestic 624463.63 383231.68 38.63 -1.85 -1.53
by 0.20%
Increased
Overseas 67245.14 38023.85 43.45 0.19 -3.32
by 2.05%
Explanation of the main operations by industry product region and sales model: None
(2). Analysis of Production and Sales
√Applicable □Not Applicable
YoY YoY
YoY Change
Change Change in
Main Products Unit Production Sales Inventory in Production
in Sales Inventory
(%)
(%)(%)
Products for
lighting and 10000
23643238232005-2.94-8.25-8.22
other pcs
applications
Explanation of production and sales: None
(3). Performance of Major Procurement Contracts and Major Sales Contracts
□Applicable √Not Applicable
(4). Analysis of Costs
Unit: RMB 10000 Currency: RMB
By Industry
Amount for
Amount for Percentage Percentage YoY
the Same
Industry Cost Item the Current of Total of Total Change Remarks
Period Last
Period Cost (%) Cost (%) (%)
Year
R&D Raw
337926.2280.22342398.9079.90-1.31
production materials
and sales of Labor
34362.268.1634091.137.960.80
lighting costs
22 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
fixtures Expenses 48967.06 11.62 52019.62 12.14 -5.87
By Product
Amount for
Amount for Percentage Percentage YoY
the Same
Product Cost Item the Current of Total of Total Change Remarks
Period Last
Period Cost (%) Cost (%) (%)
Year
Raw
Products for 337926.22 80.22 342398.90 79.90 -1.31 materials
lighting and Labor
other 34362.26 8.16 34091.13 7.96 0.80 costs
applications
Expenses 48967.06 11.62 52019.62 12.14 -5.87
Additional explanation of cost analysis: None
(5). Changes in Consolidation Scope Due to Changes in Equity of Major Subsidiaries during the
Reporting Period
□Applicable √Not Applicable
(6). Major Changes or Adjustments to the Company's Business Products or Services during the
Reporting Period
□Applicable √Not Applicable
(7). Major Customers and Suppliers
Customers or suppliers under common control are consolidated and presented as a single customer or
supplier except for those actually controlled by the same state-owned asset management authority.Explanation of the consolidation and presentation of the following customer and supplier information
based on common control criteria: N/A
A. Major Customers and Suppliers of the Company
√Applicable □Not Applicable
The sales to the top five customers amounted to RMB 563.9317 million accounting for 8.09% of the total
annual sales of which the sales amount from related parties was RMB 0 accounting for 0% of the total
annual sales.The purchase amount from the top five suppliers was RMB 353.2875 million accounting for 10.58% of
the total annual purchases of which the purchase amount from related parties was RMB 46.8001 million
accounting for 1.40% of the total annual purchases.B. Sales to a Single Customer Exceeding 50% of Total Sales New Customers Among the Top Five
Customers or Significant Reliance on a Few Customers during the Reporting Period
□Applicable √Not Applicable
Purchases from a Single Supplier Exceeding 50% of Total Purchases New Suppliers Among the
Top Five Suppliers or Significant Reliance on a Few Suppliers during the Reporting Period
23 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
C. Company Stock Subject to Delisting Risk or Other Warnings during the Reporting Period
Top five customers
□Applicable √Not Applicable
Top five suppliers
□Applicable √Not Applicable
D. Generation of Trade Business Revenue by the Company during the Reporting Period
□Applicable √Not Applicable
Trade business revenue accounts for over 10% of operating revenue from the top five customers
□Applicable √Not Applicable
Trade business revenue accounts for over 10% of operating revenue from the top five suppliers
□Applicable √Not Applicable
Other explanations: None
3. Expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount for the
Amount for the
Account Same Period Last Change (%) Reason for Change
Current Period
Year
Selling expenses 1213656257.96 1291188397.86 -6.00 -
Administrative
269557938.82335693236.17-19.70-
expenses
R&D expenses 296922518.64 306023822.87 -2.97 -
Mainly due to a
Financial decrease in interest
-30963220.57-52473383.0340.99
expenses income for the
current period
4. R&D Investment
(1). R&D Investment
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Expensed R&D investment for the current 296922518.64
24 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
period
Capitalized R&D investment for the current
0.00
period
Total R&D investment 296922518.64
Percentage of total R&D investment amount
4.26
in operating revenue (%)
Proportion of capitalized R&D investment (%) 0.00
(2). R&D Personnel Information
√Applicable □Not Applicable
Number of the Company's R&D personnel 459
Percentage of R&D personnel in the Company's total headcount (%) 8
Educational Background of R&D Personnel
Educational Background Category Number of Personnel
Master's degree 92
Bachelor's degree 288
College diploma or below 79
Age of R&D Personnel
Age Number of Personnel
＜3083
30 ≤ Age < 40 224
40 ≤ Age < 50 138
50 ≤ Age < 60 12
≥602
(3). Explanation
□Applicable √Not Applicable
(4). Reasons for Significant Changes in the Composition of R&D Personnel and Their Impact on the
Company's Future Development
□Applicable √Not Applicable
25 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
5. Cash Flow
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount for the Amount for the
Item YoY Change (%) Reason for Change
Current Period Previous Period
Net cash flow from
689874479.51819137835.33-15.78-
operating activities
Mainly due to an
increase in cash
Net cash flow from received from
194490034.40-3894395359.01-104.99
investment activities investment recovery
and a decrease in cash
paid for investments
Net cash flow from
-744372992.78-838385043.70-11.21-
financing activities
(II) Explanation of Significant Profit Changes Due to Non-main Operations
□Applicable √Not Applicable
(III) Analysis of Assets and Liabilities
√Applicable □Not Applicable
1. Assets and Liabilities
Unit: Yuan Currency: RMB
Closing
Percentage Closing Percentage YoY Change
Balance for
Item of Total Balance for the of Total in Closing Remarks
the Current
Assets (%) Prior Period Assets (%) Balance (%)
Period
Mainly due to an
increase in bank
acceptance bills
Notes receivable 21044040.00 0.22 5926193.84 0.06 255.10 receivable that
have not yet
matured at the
end of the period
Mainly due to an
increase in bank
Receivables acceptance bills
56000.000-0100
financing receivable held at
the end of the
period
Mainly due to the
increase in
infrastructure-rel
Construction in 195859059.9
2.04 22953466.65 0.24 753.29 ated construction
progress 5
in progress
during the current
period
Mainly due to the
Right-of-use decrease in the
9245469.990.1014227440.260.15-35.02
assets value of
right-of-use
26 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
assets as a result
of amortization
over time
Mainly due to the
Long-term increase in
deferred 11967578.86 0.12 9050769.28 0.09 32.23 renovation
expenses expenses during
the current period
Mainly due to the
repayment of
Short-term
8769946.31 0.09 80596034.90 0.83 -89.12 short-term bank
borrowings
loans during the
current period
Mainly due to the
Held-for-trading profit from
financial - 0 118063.58 0 -100 foreign exchange
liabilities contracts at the
end of the period
Mainly due to the
decrease in lease
Lease liabilities 5492757.68 0.06 9279172.51 0.10 -40.81
expiries during
the current period
Mainly due to the
transfer of
non-current
Long-term
- 0 8998803.00 0.09 -100 liabilities due
payables
within one year at
the end of the
period
Mainly due to the
unlocking of
restricted stock
Less: Treasury 107845221.3
1.12 159496014.95 1.65 -32.38 and the granting
shares 7
of draft incentive
plans during the
current period
Mainly due to
changes in the
Other impact of foreign
-25268473.5
comprehensive -0.26 -10936455.23 -0.11 131.05 currency
8
income translation on
financial
statements
Mainly due to the
profits of the
Non-controlling
2131244.72 0.02 17382.86 0 12160.61 holding company
interests
during the current
period
Other explanations: None
2. Overseas Assets
√Applicable □Not Applicable
27 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(1). Asset Size
Overseas assets amounted to 558955026.76 (unit: Yuan currency: RMB) accounting for 5.81% of total
assets.
(2). Explanation of the High Proportion of Overseas Assets
□Applicable √Not Applicable
3. Major Assets Under Restriction as of the End of the Reporting Period
□Applicable √Not Applicable
4. Other Explanations
□Applicable √Not Applicable
(IV) Analysis of Operational Information in the Industry
√Applicable □Not Applicable
Please refer to the relevant content of "II. Industry Situation during the Reporting Period" in Section III
"Management’s Discussion and Analysis" of this Report for details.(V) Analysis of Investments
Overall Analysis of External Equity Investments
√Applicable □Not Applicable
Unit: RMB 10000 Currency: RMB
Account Amount for the Current Period
Long-term external equity investment amount at
26122.63
the end of the reporting period (RMB 10000)
Increase or decrease in long-term external equity
-481.32
investment amount (RMB 10000)
Long-term external equity investment amount at
26603.95
the end of the same period last year (RMB 10000)
Increase or decrease in long-term external equity
-1.81
investment amount (%)
1. Significant Equity Investments
□Applicable √Not Applicable
2. Significant Non-equity Investments
√Applicable □Not Applicable
The Company plans to invest and construct the Guangdong-Hong Kong-Macao Greater Bay Area
Regional Headquarters Project using its own and self-raised funds. The project is located in Minzhong
Town Zhongshan City Guangdong Province covering approximately 450 acres and totaling
approximately RMB 2.58 billion in investment. This investment has been approved at the 23rd meeting of
the 2nd Session of Directors and the 2017 Annual General Meeting of Shareholders.
28 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
On September 12 2018 the project company OPPLE (Zhongshan) Intelligent Technology Co. Ltd.was established with registered capital of RMB 300 million.On December 31 2018 the Company signed the Cooperation Agreement on OPPLE Lighting South
China Headquarters Base Project with Zhongshan Municipal Bureau of Commerce. In September 2020
the Company obtained the real estate ownership certificate and obtained the land use rights.On May 25 2023 the Company signed the Cooperation Agreement on the Capital Increase and
Production Expansion Project of OPPLE Lighting South China Headquarters Base with the Management
Committee of Zhongshan Torch High-tech Industrial Development Zone increasing the additional
investment by RMB 420 million with a planned total project investment of approximately RMB 3.0
billion.As of the end of 2025 the cumulative fixed asset investment in the Company’s Guangdong-Hong
Kong-Macao Greater Bay Area Regional Headquarters Project amounted to approximately RMB 1.095
billion which was mainly used in infrastructure and equipment.The cumulative investment in the Company’s Guangdong-Hong Kong-Macao Greater Bay Area
Regional Headquarters Project as of the end of this reporting period can be found in "Section VIII
Financial Report" and "(2) Changes in significant construction in progress during the current period"
under "Article 22 Construction in Progress" in "Section VII Notes to the Consolidated Financial
Statements" of this Report.
3. Financial Assets Measured at Fair Value
√Applicable □Not Applicable
During the reporting period financial assets measured at fair value mainly consist of held-for-trading
financial assets amounting to RMB 3642802853.79.Investment in securities
□Applicable √Not Applicable
Explanation of the investment in securities
□Applicable √Not Applicable
Investment in private equity funds
√Applicable □Not Applicable
As of the end of this reporting period the Company's historical investment in private equity funds is
as follows: the Company invested 7.04% of the shares in Zhuhai Baozi Bitou Enterprise Management
Partnership Enterprise (Limited Partnership) with an investment amount of RMB 100 million. It invested
6.45% of the shares in Shanghai Wuyuefeng Pujiang Phase II Equity Investment Partnership Enterprise
(Limited Partnership) with an investment amount of RMB 50 million.Derivative investment
□Applicable √Not Applicable
4. Specific Progress of Major Assets Restructuring and Integration during the Reporting
Period
□Applicable √Not Applicable
29 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(VI) Sale of Major Assets and Equity
□Applicable √Not Applicable
(VII) Analysis of Major Holding and Joint Stock Companies
√Applicable □Not Applicable
Major subsidiaries and joint stock companies that contribute more than 10% of the Company's net profit
√Applicable □Not Applicable
Unit: RMB 10000 Currency: RMB
Registered Total Net Operating Operating
Name Type Main Business Net Profit
Capital Assets Assets Revenue Profit
Research and development
technology transfer
production and sales of
electric light sources lighting
fixtures electronic control
systems electrical switches
and their accessories;
manufacturing processing
and sales of molds;
maintenance of computer
Suzhou tools software; import and
OPPLE export business of various
Subsidiary 28000.00 170511.13 80819.49 260496.21 16546.35 15356.34
Lighting Co. commodities and technologies
Ltd. through self-operation and
agency; warehousing services;
rental of self-owned houses;
transportation of general cargo
by road; development design
and production of metal walls
PVC composite panels metal
ceilings and ceiling joists;
sales of self-produced
products and provision of
after-sales services etc.Import and export of goods;
import and export of
technology; electrical
installation services;
execution of construction
projects; design of intelligent
building systems; sales of
OPPLE lighting fixtures; sales of
Intelligent household appliances; sales of
Lighting Subsidiary accessories for household 10000.00 68433.99 29671.11 160630.12 17982.75 14671.11
Technology appliances; sales of
Co. Ltd. electromechanical equipment;
sales of electrical equipment;
sales of distribution switch
controllers; sales of intelligent
transmission & distribution
and control equipment; sales
of gas/liquid separation and
purification equipment; sales
30 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
of pumps and vacuum
equipment etc.Acquisition and disposal of subsidiaries within the reporting period
□Applicable √Not Applicable
Other explanations
□Applicable √Not Applicable
(VIII) Structured Entities Controlled by the Company
□Applicable √Not Applicable
VI. Discussion and Analysis of the Company's Future Development
(I) Industry Landscape and Trends
√Applicable □Not Applicable
1. Industry Competition Pattern
In 2025 under the dual influence of a complex and volatile global economy and deep adjustments in
the domestic real estate market China’s semiconductor lighting industry entered a critical phase of deep
adjustment and structural restructuring. According to the 2025 China Semiconductor Lighting Industry
Development Blue Book released by CSA Research the total output value of China's LED semiconductor
lighting industry in 2025 is expected to be approximately RMB 609.3 billion representing a year-on-year
decrease of 1.1% with the downstream application market size reaching RMB 505.6 billion representing
a slight year-on-year decrease of 0.4%. As a foundational market general lighting affected by the real
estate downturn and shrinking demand achieved a market size of approximately RMB 213.1 billion
representing a year-on-year decrease of 11%.The industry as a whole features overall market shrinkage and intensified divergence. On one hand
the market demand for traditional general lighting remains weak and homogeneous competition
intensifies in the mid-to-low segments putting pressure on product prices and resulting in an increase in
volume but not profit. Consequently many small and medium-sized enterprises are constrained by loss of
order and rigid cost increases facing severe survival pressure and accelerating the industry’s entry into a
phase of stock optimization and restructuring. On the other hand high value-added fields including smart
lighting healthy lighting and specialized niche scenarios exhibit strong resilience becoming important
engines driving technological innovation and value enhancement in the industry.The focus of competition is rapidly shifting from homogeneous price competition to differentiated
competition in technology ecosystems and scenario-based solutions. Leading companies further
consolidate their market share by leveraging their comprehensive advantages in intelligent control systems
healthy light environment technology channel layout and brand influence. Meanwhile cross-border
giants such as home appliances and home furnishings have entered the market with strong support from
their smart home ecosystem driving the lighting industry to evolve from single hardware manufacturing
toward the integration of whole-home intelligence and scenario services and continuously expanding
industry boundaries.
2. Industry Development Trends
(1) Smart multi-functional pole industry entering a new stage of refined operation and
becoming a core carrier for urban governance
In 2025 China’s smart multi-functional pole industry entered a new development stage centered on
31 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
refined operations shifting the focus from incremental construction to revitalizing existing assets and
value extraction. According to CSA research data from January to November 2025 approximately 179
public tender projects for multi-functional poles were completed in China involving over 73000 sets of
smart light poles with a total bid-winning amount of approximately RMB 15.284 billion. The East China
region remained at the forefront across the country.Technological advances features deep integration and intelligentization. Edge computing and AI
technologies are widely applied enabling real-time data processing and intelligent response at the front
end of multi-functional poles making them sensing hubs for multi-dimensional urban data. In October
2025 the Ministry of Housing and Urban-Rural Development (MOHURD) and eight other departments
issued an action plan which explicitly proposes the use of smart multi-functional poles as the core carrier
to build road intelligent sensing systems and urban cloud platforms bringing sustained incremental space
to the smart pole market.New business formats and scenario applications continue to expand. Smart light poles are evolving
from single lighting or information dissemination carriers to key nodes in urban governance and public
services integrating 5G micro-base stations environmental monitoring smart security and other
applications to assist in the digitization of grassroots governance. At the same time the promotion of
franchising models is accelerating and market-oriented operation models such as "renting instead of
building" effectively reduce the initial investment pressure on governments building a sustainable
business ecosystem.
(2) Accelerated implementation of scenario-based professional lighting applications with
niche segments becoming the core of growth
Against the backdrop of pressure on the general lighting market professional lighting segments are
becoming the core driving force for industry growth. Requirements for lighting in scenarios such as
commerce industry education and healthcare have upgraded from basic "illumination" to integrated
solutions that are "scenario-based personalized and systematic".In the commercial lighting field with the upgrading of retail formats and the accelerated intelligent
renovation of hotels and office spaces the market demands higher flexibility energy efficiency and
integration of lighting systems with spatial design. Professional lighting solutions with intelligent
dimming color tuning and seamless integration with building automation systems are in strong demand.In the industrial lighting field driven by the "dual carbon" goals high-bay factories warehousing
and logistics facilities are accelerating LED energy-saving renovations and intelligent upgrades. Industrial
professional fixtures with high efficiency long lifespans and intelligent lighting-on-demand functions
have become important choices for enterprises to reduce costs and increase efficiency.In the education lighting field under the continuing guidance national policies aiming to promote the
prevention and control of myopia among children and adolescents and the standardized renovation of
classroom lighting healthy eye-protective and intelligently adjustable education lighting products have
continuously gained popularity in the market. Light quality specifications including full spectrum low
glare and flicker-free output are now mandatory for education lighting with their application extending to
kindergartens and training institutions.
(3) Healthy lighting evolving from functional optimization to ecological services
Consumers' health demands for light environments have upgraded from basic eye protection to
full-lifecycle management driving healthy lighting toward technical standardization and service
ecologization. By simulating the dynamic changes of natural light through spectral innovation and based
on circadian rhythm research the industry has developed adaptive lighting solutions such as high color
temperature light in the morning to enhance concentration and low color temperature light at night to
promote melatonin secretion.The cross-sector integration in phototherapy and health & wellness fields is accelerating. LED light
sources are increasingly applied in scenarios such as emotion regulation and sleep intervention with
medical institutions and lighting companies jointly developing phototherapy devices and intelligent
diagnosis and treatment systems.At the standard and ecosystem level the issuance of policy-driven standards such as Performance
32 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Requirements for Circadian Lighting Fixtures provides a scientific basis for product R&D and effect
evaluation. In the future healthy lighting will integrate intelligent hardware data analysis and health
management platforms to form a closed-loop service of "light environment - user behavior - health
feedback" becoming the core driving force for upgrading home education office and public spaces.
(4) Green and low-carbon policies promoting industrial energy efficiency upgrades and
facilitating the rise of circular economy models
Global green transformation policies are continuously intensifying driving the lighting industry to
accelerate the elimination of inefficient production capacity. Documents such as the Guidance Catalogue
for Green and Low-Carbon Transformation Industries and the Action Plan for Energy Conservation and
Carbon Reduction clearly require an increase in the proportion of high-efficiency and energy-saving
products. Driven by both market and policy factors lighting companies are actively promoting
professional and green intelligent lighting solutions strengthening corporate cooperation and promoting
energy conservation and emission reduction.The industry has effectively reduced its energy consumption and carbon emissions by promoting
LED and intelligent lighting technologies designing eco-friendly and recyclable lighting products and
implementing energy-saving renovations. Enterprises reduce their carbon footprint through circular
economy models including material recycling and regenerative manufacturing for example using
eco-friendly biodegradable materials to encapsulate lamps and developing easy-to-disassemble structures
to extend product lifecycles. The large-scale implementation of municipal lighting renovations and
"multi-pole integration" projects has made smart light poles a must for low-carbon city construction.These products incorporate functions such as photovoltaic power generation and energy storage
contributing to the achievement of the "dual carbon" goals.(II) Company Development Strategy
√Applicable □Not Applicable
The Company consistently adheres to a global independent brand strategy deepening the brand
positioning of "See Beyond." Guided by user needs and driven by intelligence and low-carbon principles
the Company continues to explore new paths for industry development. Relying on leading AI technology
to empower our digital intelligent manufacturing system it strives to become an industry-leading provider
of comprehensive lighting system solutions bringing an excellent lighting experience to users and
creating more value for society.
1. With technological innovation as the core driving force the Company comprehensively deepens
its development in the three strategic directions of "Intelligence Human-Centric Health and Low-Carbon
Energy Saving". Adhering to the "people-oriented" design philosophy the Company increases investment
in cutting-edge optics and healthy spectrum technologies to scientifically lead the practice and application
of human-centric healthy lighting. Meanwhile the Company deeply advances the "intelligent lighting"
strategy by integrating generative AI and IoT technologies to build proactive intelligent light
environments. The Company firmly fulfills the "Low-Carbon Energy Saving" responsibility through
green product design and breakthroughs in high-efficiency energy-saving technologies and establishes
new OPPLE standards integrating "health intelligence and green" empowering partners and users to
jointly build a sustainable intelligent lighting ecosystem. Furthermore the Company gains deep insights
into differentiated needs in diverse scenarios such as home retail industry and public roads accelerating
the value upgrade from single products to "smart healthy low-carbon solutions" strengthening the
full-chain rapid delivery capability of solutions and achieving a leap from meeting lighting needs to
creating the value of a green healthy and intelligent lifestyle. Leveraging the technological advantages of
advanced AI large models in knowledge reasoning data insight and intelligent prediction the Company
deeply embeds AI capabilities into its business processes and operational chains with the aims of
optimizing operational efficiency reducing operating costs strengthening risk management and driving
high-quality enterprise development.
2. The Company continues to expand the domestic retail business footprint. For end consumers the
Company launches multiple smart hit products and package-based intelligent lighting solutions actively
empowers the sales and operational capabilities of terminal stores and builds intelligent lighting urban
33 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
experience centers in key cities to consolidate and enhance the comprehensive competitiveness of the
retail business. The commercial lighting segment continuously strengthens industry research capabilities
centering on intelligence and SDL smart spectrum to provide users with differentiated professional
lighting solutions and comprehensively enhance smart brand awareness. Overseas the Company focuses
on distribution and projects as key channels in priority countries using industrial and commercial lighting
products as entry points to establish brand recognition for OPPLE's high-end intelligent lighting.
3. The Company continues to strengthen process operation management standardize enterprise
architecture management and improve data operation management capabilities to better serve the
business with its digital capabilities. It builds a resource-intensive business service platform to respond to
rapid market changes and business challenges achieving sustained development and innovation.
4. The Company builds a digitally driven intelligent green and sustainable supply chain
characterized by "Quality First Agile Delivery and Cost Leadership".
5. The Company highly values the corporate ESG efforts actively assuming corporate citizenship
responsibilities. While ensuring steady business development the Company joins hands with industry
partners to take collective actions accelerates the pace of global sustainable development and
continuously contributes to human well-being.(III) Business Plan
√Applicable □Not Applicable
1. Channel Management
(1) In response to user needs the Company will upgrade the smart store experience by continuously
promoting the construction and certification of intelligent solution capabilities at terminal stores to
enhance the comprehensive competitiveness of terminals.
(2) The Company will further promote the expansion of its distribution outlets to lower levels and
enhance the quality of these outlets by offering a diverse range of product categories.
(3) In the commercial lighting field the Company will focus on growing key accounts and
replicating industry intelligent solutions prioritizing the promotion of intelligent solutions such as SDL to
increase customer share and market share.
(4) Transforming the online sales model the Company is building diversified content-driven sales
capabilities to deliver premium content while aligning this with product portfolio upgrades to
continuously deliver value to users.
(5) In terms of overseas channels the Company will continue to expand its industrial and
commercial lighting business build its own intelligent solution capabilities and empower distributors.
2. Product Management and R&D Innovation
(1) The Company will deepen its platform-based and automated development to establish cost
competitiveness for newly launched products and further consolidate and enhance its overall product
competitiveness.
(2) The Company will develop flagship products for all-weather natural healthy light environments
and continuously advance technology development and product implementation for human-centric
lighting. Through independent R&D and industry-university-research cooperation the Company will
provide users with health values such as emotional regulation and healing to strengthen the brand mindset
of "Healthy Lighting Expert" realizing its flagship strategy and increasing its mid-to-high-end market
share.
(3) The Company will promote breakthroughs in solutions build connections between the Internet of
Things and the ecosystem plan for the smart home internet ecosystem and strengthen deep cooperation
and integration with ecosystem partners rapidly upgrading its own ecological products and solutions to
form the OPPLE Smart Home Ecosystem while expanding into new business areas to cultivate new
growth drivers.
34 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(4) The Company will develop leading smart products and solutions establish core performances for
intelligent systems that are "Fast Simple and Stable" and achieve broad control coverage and energy
management value. By leveraging interactive means such as digital twins the Company will provide
users with service values like remote management and data operation/maintenance and continuously
improve the user-centric and full-lifecycle service guarantee mechanism.
3. Digital and Intelligent Transformation
(1) The Company will strengthen the digitalization of home lighting channels empower store
solution capabilities and drive increased output per store. For commercial lighting the Company will
standardize the LTC (Leads To Cash) main process through digitalization to consolidate sales
management capabilities and best practices deeply explore the full lifecycle value of commercial lighting
customers and promote the improvement of business closed-loop capabilities and the signing rate of
large-scale projects.
(2) The Company will upgrade its internal task execution and management platform to further
improve end-to-end business collaboration efficiency consolidate its best business practices and replicate
them across different business areas.
(3) The Company will continuously optimize the smart light environment experience platform to
enhance consumer engagement empower terminal marketing personnel and partners to improve traffic
acquisition and conversion rates and facilitate the business model implementation of whole-house
intelligent lighting solutions.
(4) The Company will optimize its precise cost control platform to further strengthen control over
cost items in the product lifecycle through a data-driven model achieving cost reduction in design
procurement and production to drive high-quality development.
(5) The Company will further expand its coverage of business and finance scenarios to assist in
financial risk control and agile operations gradually embracing intelligent operation.
(6) The Company will strengthen the data platform to enhance data governance and operational
capabilities organize data assets and improve data quality providing a solid data foundation for building
the Company's enterprise-level AI large model capabilities.
(7) The Company will accelerate the construction of a unified group knowledge base build the
"OPPLE AI Brain" by utilizing its advanced large model capability and empower business operations
and decision-making through AI to enhance operational and decision-making capabilities. Meanwhile
based on the comprehensive integration and private deployment of AI language and image large models
the Company will in combination with the successfully piloted AI intelligent agents and knowledge bases
further integrate specific business scenarios such as consumer intelligent lighting experience smart
contract management and smart marketing and build an enterprise-level AI capability platform to
develop and deploy multiple digital employees and intelligent assistants achieving organizational
efficiency improvement and business innovation.
4. Manufacturing and Supply Chain
The Company will systematically advance the strategic layout of the "Most Quality-Competitive
Agile Supply Chain" from the following aspects:
(1) Quality: Build a solid product quality assurance system by developing product platform and
process capability;
(2) Delivery: Continuously improve delivery capabilities and customer satisfaction in terms of
production-sales collaboration flexible production smart planning and smart logistics through the
integration of planning systems and joint demand management with proactive planning;
(3) Cost: Build a sustainable cost advantage by enhancing labor efficiency through the extensive
application of intelligent manufacturing and reducing expenses by precise cost management.
5. Organization and Talent Management
(1) The Company will set different organizational control and incentive mechanisms for different
business units continuously building its user-oriented solution capabilities.
35 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2) The Company will strengthen the driving force of performance objective management fully
empower its employees and improve its governance structure to foster a high-performance corporate
culture through objective management and process coaching.
(3) The Company will adopt a differentiated talent strategy to define growth and development paths
and enhance the cultivation of cadres experts young talents and key position personnel.
(4) The Company will strengthen the creating of organizational atmosphere to optimize the honor
and publicity systems aligning enterprise culture and talent development with the group strategy.(IV) Possible Risks
√Applicable □Not Applicable
1. Market Competition Risks
From a macro perspective China’s domestic economic growth is expected to slow down while
divergent foreign economic growth and complex political environment will bring additional uncertainty to
the market. From an industry perspective on the one hand competition in the LED lighting market is
relatively fierce with the industry structure and landscape continuously changing; on the other hand
intensified cross-sector competition will potentially increase the market competition pressure on the
Company. To address this the Company will strengthen its core competitive barriers accelerate industry
integration and expand new business platforms.
2. Real Estate Industry Fluctuation Risks
The offline consumer business is one of the main revenue sources of the Company. Demands for such
products come partly from the housing decoration market and partly from the replacement and upgrade of
existing home lighting with the former significantly affected by the real estate market's prosperity. Future
uncertainties in the real estate market will have an impact on market demand. To address these risks the
Company continuously carries out channel transformation and upgrades its service capabilities while
deeply cultivating the existing market to mitigate the impact of real estate market fluctuations on its
business.
3. Risk of Fluctuations in Prices of Major Raw Materials
The Company’s main raw materials include copper cold-rolled steel sheets PC material acrylic etc.Fluctuations in the prices of these raw materials will affect the Company’s production costs. If the prices
of raw materials experience significant fluctuations the Company’s profitability may fluctuate as a result.With strong brand premium capability the Company has will mitigate the impact of cost fluctuations by
increasing the proportion of high-value-added products improving manufacturing and supply chain
efficiency among other measures.
4. Risk of Exchange Rate Fluctuations
The Company’s principal business operations are conducted in China and settled in RMB. However
the Company’s overseas business (where the denomination currency for foreign currency assets and
liabilities as well as foreign currency transactions is primarily the US dollar) remains exposed to foreign
exchange risk. The Group's funds management department is responsible for monitoring the Company’s
scale of foreign currency transactions and foreign currency assets and liabilities to minimize the foreign
exchange risk it faces.(V) Others
□Applicable √Not Applicable
IV. Explanation for the Company's Failure to Disclose as per the Standards due to
Inapplicability of the Standards State Secrets Commercial Secrets or Other Special Reasons
□Applicable √Not Applicable
36 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section IV ESG
I. Explanation of Corporate Governance
√Applicable □Not Applicable
During the reporting period in strict compliance with the requirements of the Company Law the
Securities Act the Code of Governance for Listed Companies the Rules Governing the Listing of Stocks
on Shanghai Stock Exchange the Articles of Incorporation as well as relevant laws regulations and
normative documents of the China Securities Regulatory Commission and the Shanghai Stock Exchange
the Company further improved its corporate governance level established an effective corporate
governance structure refined the rules of procedure for the General Meeting of Shareholders and the
Board of Directors improved the Company's internal control systems fulfilled information disclosure
obligations actively assumed social responsibilities protected the legitimate rights and interests of
investors and promoted the Company's high-quality development.(I) Shareholders and General Meeting of Shareholders
The Company convened and held the general meetings of shareholders in strict compliance with the
requirements of the Company Law the Rules for General Meeting of Shareholders of Listed Companies
the Articles of Association and the Rules of Procedure for General Meeting of Shareholders engaged
lawyers to witness each of such meetings according to relevant laws regulations and the requirements of
the voting procedures and provided convenience for shareholders to attend the meetings and fully
exercise their shareholder rights. The Company treated all shareholders equally responded promptly to
their questions and listened to their suggestions and opinions. When the General Meeting of Shareholders
deliberated on related matters related parties were recused from voting in strict compliance with the
relevant procedure.(II) Controlling Shareholder and Actual Controllers
The Company has independent and complete main operations and the ability to operate
autonomously. It is independent from its controlling shareholder and actual controllers in terms of
personnel assets business organization and finance and is able to operate conduct business and bear
responsibilities and risks independently. The controlling shareholder and actual controllers of the
Company were able to exercise their rights and assumed corresponding obligations in accordance with the
law. During the reporting period there were no instances where the controlling shareholder or actual
controllers exceeded the authorities granted by the General Meeting of Shareholders or the Board of
Directors directly or indirectly intervened in the Company’s decision-making and operating activities or
used their controlling position to infringe upon the interests of other shareholders and thus caused adverse
effect on the Company’s corporate governance structure independence or the like as a result.(III) Directors and Board of Directors
The composition of the Company’s Board of Directors complies with the relevant provisions of the
Company Law. Under the board there are four specialized committees: the Strategy and ESG Committee
the Audit Committee the Remuneration and Appraisal Committee and the Nomination Committee.during their term of office all directors worked with rigor and diligence diligently fulfilled their duties
continuously monitored the Company’s operating conditions actively participated in the meetings of the
Board of Directors fully leveraged their respective professional expertise made prudent decisions and
safeguarded the interests of the Company and its shareholders.(IV) Information Disclosure Management
During the reporting period the Company strengthened the management of its information disclosure
affairs and disclosed information truthfully accurately completely timely and fairly in strict accordance
with the requirements of the Rules Governing the Listing of Stocks on Shanghai Stock Exchange and other
relevant regulations. It designated the Securities Times China Securities Journal Securities Daily
Shanghai Securities News and Cninfo.com as the official media for information disclosure to ensure
information is disclosed truthfully accurately timely and completely and all investors have fair access to
the Company’s information. The Company continuously strengthens the awareness of information
disclosure responsibilities among its directors and senior management strictly implements its information
disclosure management system and accountability mechanism enhances the truthfulness accuracy
37 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
completeness and timeliness of information disclosure and improves the quality and transparency of the
Company’s information disclosure. During the reporting period there was no criticism for the Company
from regulatory authorities due to its non-conforming information disclosure.(V) Investor Relations Management
In accordance with the requirements of relevant laws regulations and the Investor Relations
Management System the Company communicated with investors through telephone email the Investor
Relations Interactive E-Platform investor research and other means enhanced information exchange
maintained positive interaction with investors effectively improved the Company’s transparency and
enabled investors to gain a more comprehensive understanding of the Company.(VI) Construction of Internal Control System
The Company continuously improved its internal control system by successively formulating a series
of internal control systems including the Articles of Association the Rules of Procedure for the
Shareholders’ Meeting the Rules of Procedure for the Board of Directors the Working System for
Independent Directors the Management System for Related Party Transactions and the Management
System for Information Disclosure. Meanwhile by strengthening the communication implementation
and supervisory enforcement of these internal control systems it ensured conformity for all of its
operating activities.Is there any significant deviation between the Company's corporate governance practices and the relevant
laws administrative regulations and the provisions of the China Securities Regulatory Commission on the
governance of listed companies If so the reasons shall be explained.□Applicable √Not Applicable
II. Specific Measures by the Company's Controlling Shareholder and Actual Controllers to Ensure
the Independence of the Company in Terms of Assets Personnel Finances Organization Business
etc. as well as the Solutions Progress and Future Work Plans for Addressing Any Factors That
May Affect the Company's Independence
√Applicable □Not Applicable
The actual controllers of the Company are Mr. Wang Yaohai and Ms. Ma Xiuhui. Mr. Wang Yaohai
serves as the Chairman of the Company while Ms. Ma Xiuhui serves as a Director and the General
Manager. With respect to the reasonableness of the aforementioned appointment arrangements and the
measures taken to ensure the independence of the Company we hereby explain as follows:
(I) Regarding the reasonableness of the actual controllers serving concurrently as Chairman and
General Manager
1. It favors the interest alignment between the management and owners as well as the improvement
of decision-making efficiency.As the founders and core strategy makers of the Company the actual controllers have a profound
understanding of the industry in which the Company operates. Serving concurrently as Chairman and
General Manager they are able to highly align the Board’s strategic decisions with the General Manager’s
execution and management shorten the decision-making process improve decision-making efficiency
and ensure that the Company can respond swiftly and seize business opportunities in a rapidly changing
market environment.
2. It is conducive to implementing long-term development strategies and ensuring operational
stability
The actual controller's deep involvement in daily operations and management ensures that the
Company’s long-term development strategy is not disrupted by short-term operational fluctuations and
remains more focused on the Company’s long-term strategic development and goals. It avoids the problem
of a disconnect between strategic decisions and operational execution that may arise from excessive
separation of ownership and management rights. This arrangement helps strengthen the actual controller’s
38 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
sense of responsibility and mission toward the Company thereby closely aligning and deeply integrating
his/her interests with those of the minority shareholders at the operational level.(II) Regarding the specific measures for maintaining the independence of the Company
Although the actual controllers also serve as Chairman and General Manager the Company has
established and strictly implemented a sound corporate governance structure to ensure that it maintains
independence from its controlling shareholder and actual controllers in business assets personnel
organization finance and other aspects. The specific measures are as follows:
1. We make an effort to improve the structure of the Board of Directors and strengthen our internal
checks and balances mechanisms
In the Company's Board of Directors there are 3 independent directors and the total number of board
members is 7. The proportion of independent directors to the total number of board members is more than
one-third. Independent directors in accordance with laws regulations and the Working System for
Independent Directors independently express opinions on key matters such as material related party
transactions external guarantees and the appointment or removal of senior managers. The Board of
Directors has established four special committees: the Strategy and ESG Committee the Audit Committee
the Nomination Committee and the Remuneration and Appraisal Committee. Among these the Audit
Committee the Nomination Committee and the Remuneration and Appraisal Committee each have an
independent director serving as the convener and are composed of a majority of independent directors
forming an effective check and balance mechanism.
2. We make an effort to improve the division of labor within the management team
The Company has hired a finance director a board secretary and key members of the business team
all of whom possess extensive industry experience and professional qualifications. In the actual operation
of the Company the General Manager authorizes key members of the business team to take charge of
specific business segments clarifies the boundaries of responsibilities for each position and establishes a
management structure featuring a clear division of labor well-defined authority and accountability and
mutual supervision thereby avoiding management risks arising from the concentration of power.
3. We strictly implement the internal control system to ensure the independence of assets and finance
(1) Independence of assets: The Company possesses independent production and operation premises
trademarks patents core technologies and procurement and sales systems with clear and undisputed
ownership of its assets. The controlling shareholder and actual controllers do not occupy or dominate the
Company's assets nor interfere with the operation or management of the Company's assets. Furthermore
they have not in any form misappropriated the Company's assets or used the Company's core resources
without remuneration.
(2) Independence of finance: The Company has set up an independent finance department
established an independent accounting system and financial management system opened bank accounts
independently and pays taxes independently in accordance with the law. The actual controllers have not
occupied the Company's funds. The actual controllers strictly comply with the requirements of financial
independence having not occupied or illegally borrowed the Company's funds nor requested the
Company to provide any form of financial support or guarantee.
4. We strengthen information disclosure and related party transaction management
The Company strictly fulfills its information disclosure obligations in accordance with the provisions
of the Measures for the Administration of Information Disclosure of Listed Companies. For related party
transactions between other enterprises controlled by the actual controllers and the Company the Company
strictly follows the procedures of deliberation by the Board of Directors and the General Meeting of
Shareholders as well as the procedure requiring the recusal of related parties from voting to ensure fair
transaction prices and to avoid harming the interests of the Company and its minority shareholders.In summary the arrangement whereby the Company's controlling shareholder and actual controllers
concurrently serve as Chairman and General Manager is consistent with the Company's current
operational characteristics and governance needs and is therefore reasonable. The Company has
39 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
established effective risk isolation and checks-and-balances mechanisms by improving the diversified
structure of the Board of Directors refining the division of labor within the business team strictly
implementing internal control systems and strengthening information disclosure and oversight of related
party transactions. As a result the Company substantially complies with the regulatory requirements of
independence in terms of personnel assets finance organization and business and is capable of
effectively protecting the legitimate rights and interests of the Company and all its shareholders
particularly its minority shareholders.Engagement of the Controlling Shareholder Actual Controllers and other entities under their control in
the same or similar business as the Company as well as the impact of significant changes in horizontal
competition or the occurrence of such competition on the Company the measures taken to address these
issues the progress made and the subsequent solutions
□Applicable √Not Applicable
40 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
III. Directors and Senior Management
(I) Remuneration and Changes in Shareholdings of Current and Former Directors and Senior Management during the Reporting Period
√Applicable □Not Applicable
Unit: Share
Total Pre-tax
Remuneration
Number of Receiving
Number of Change in Received from
Term Term Shares Held Remuneration
Shares Held Shareholding Reason for the Company
Name Position Gender Age Starting Expiry at the from the
at the End of during the Change during the
Date Date Beginning of Company's
the Year Year Reporting
the Year Related Parties
Period (in RMB
10000)
Wang
Chairman Male 59 9/8/2024 8/8/2027 122054994 122054994 0 60.00 No
Yaohai
Director and
Ma Xiuhui General Female 55 9/8/2024 8/8/2027 118624956 118624956 0 144.00 No
Manager
Repurchase
and
cancellation
Ma Zhiwei Director Male 49 9/8/2024 8/8/2027 410791 386791 -24000 266.40 No
of equity
incentive
shares
Grant of
Employee
equity
Xu Bin Representative Male 51 9/8/2024 8/8/2027 0 90000 90000 228.00 No
incentive
Director
shares
Lu Independent
Male 54 9/8/2024 8/8/2027 0 0 0 21.00 No
Shengjiang Director
Chen Independent
Male 56 9/8/2024 8/8/2027 0 0 0 21.00 No
Weiru Director
Jiang Independent
Male 72 9/8/2024 8/8/2027 0 0 0 21.00 No
Jiongwen Director
Hu Xing Board Male 42 9/8/2024 8/8/2027 30000 28200 -1800 Repurchase 146.29 No
41 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Secretary and
cancellation
of equity
incentive
shares
Disposed of
CFO
Wang on the
(financial Female 44 4/12/2025 8/8/2027 120800 67400 -53400 29.97 No
Haiyan secondary
director)
market
Former CFO
Zhang
(financial Female 44 9/8/2024 4/12/2025 300000 300000 0 242.40 No
Xuejuan
director)
Total / / / / / 241541541 241552341 10800 / 1180.06 /
Name Major Work Experience
Wang has been serving as Chairman and Executive Director of Zhongshan OPPLE since June 2006 and March 2021 respectively. He took the
position as Chairman of OPPLE Lighting Co. Ltd. from October 2008 to May 2012 and has been serving as Chairman of the Company since June
Wang Yaohai
2012. Currently he is also Director of Zhejiang Super Lighting Electric Appliance Co. Ltd. and Executive Director of Suzhou CM Technology Co.
Ltd.Ma served as Director of Zhongshan OPPLE from June 2006 to March 2021 and as General Manager of OPPLE Lighting Co. Ltd. from October
Ma Xiuhui
2008 to May 2012. Since June 2012 she has been serving as Director and General Manager of the Company.
Ma served as Supply Chain Director and Finance Director of Zhongshan OPPLE from August 2006 to December 2010. Since March 2011 he has
successively served as Vice President of the Supply Chain Management Center the Outsourcing Management Center the Product and Solution
Ma Zhiwei
Center and the Human Resources and Administration Center as well as Chief Information Officer and Executive Vice President of the Company.Since May 2020 he has been a Director of the Company. Additionally he holds a directorship at Zhuhai XIMO ELECTRIC INC.After serving as Strategic Investment Manager of Hucai Group Co. Ltd. Xu joined the Company in 2007. He held successive roles including
Strategic Investment Manager Green Lighting Business Development Director of the Company and General Manager of a subsidiary. Since 2017
Xu Bin
he has served as General Manager of the Business Unit at OPPLE Road Lighting Co. Ltd. and has been Head of the ToB Industry Development
Center of the Company since January 2025.From 1996 to 2006 Mr. Lu was employed by TCL International Electrical (Huizhou) Co. Ltd. holding the positions of Finance Manager Financial
Lu Controller and Deputy General Manager in succession. From 2006 to February 2009 he served as Deputy General Manager and Finance Director
Shengjiang at TCL-Legrand International Electrical (Huizhou) Co. Ltd. From March 2009 to December 2019 Lu worked at Shanghai Liangxin Electrical Co.Ltd. (002706.SZ) where he held positions including Vice President and Finance Director. He has been serving as an Independent Director of the
42 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Company since June 2023 and currently also serves as an Independent Director of Shenzhen Topwise Communication Co. Ltd. and Zhejiang XCC
Group Co. Ltd.Chen served as Assistant Researcher at the Chung-Hua Institution for Economic Research from 1996 to 1999. He held assistant professorships at
INSEAD European Business School from 2003 to 2011 and at China Europe International Business School (CEIBS) from 2011 to August 2017. He
then served as Chief Strategy Officer at Cainiao Network Technology Co. Ltd. from August 2017 to January 2019 and Director of Alibaba Research
Chen Weiru Center for Industrial Internet from February 2019 to July 2020. Chen returned to China Europe International Business School (CEIBS) as an
Associate Professor from August 2020 to December 2025 and has been serving as a Professor since January 2026. He also serves as Independent
Director at TAL Education Group Vision Deal HK Acquisition Corp. Country Garden Services Holdings Company Limited and Jack Technology
Co. Ltd. He has been serving as Independent Director of the Company since November 2023.Jiang formerly served as Professor of Marketing and Academic Vice Dean at Cheung Kong Graduate School of Business and held teaching positions
Jiang at the National University of Singapore the University of Rochester Washington University in St. Louis and the Department of Marketing of the
Jiongwen Hong Kong University of Science and Technology. Currently Jiang is Professor Emeritus at China Europe International Business School. He has been
serving as Independent Director of the Company since August 9 2024.Hu formerly served as Secretary of the Board at Shanghai Kedu Healthcare Technology Co. Ltd. and Jiuzhitang Co. Ltd. He was Senior Director of
the Capital Planning Department of Sanpower Group Co. Ltd. Vice President of Corporate Financing at the Investment Banking Department of
Hu Xing
Haitong International Securities Group Limited and Assistant Vice President of Corporate Financing at the Investment Banking Department of
Bocom International Holdings Company Limited. Hu has served as Board Secretary of the Company since July 26 2023.Wang previously served as Financial Manager and Senior Financial Manager of the Company. She has been Head of Financial Shared Service Center
Wang Haiyan
and Chief Financial Officer (CFO) of the Company since 2013 and December 4 2025 respectively.Zhang joined Haier Group in August 2005. She formerly served as Chief Financial Controller of Haier Water Heater Division and CFO of Haier
Zhang Electric Group Co. Ltd. and Haier Group (Qingdao) Jinrong Holdings Co. Ltd. She held the position as Chairman of Board of Supervisors at Qingdao
Xuejuan Haier Biological Medical Co. Ltd. from July 2021 to April 25 2023 and served as CFO (Financial Manager) of the Company from February 8 2023
to December 4 2025.Other explanations
□Applicable √Not Applicable
43 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(II) Positions Held by Current and Former Directors and Senior Management during the
Reporting Period
1. Positions Held in Shareholding Entities
√Applicable □Not Applicable
Term Starting Term Expiry
Employee Name Entity Name Position
Date Date
Legal
Wang Yaohai Zhongshan OPPLE Representative and 2012-11 /
Executive Director
Explanation of the
position held in
None
the shareholding
entity
2. Positions Held in Other Entities
√Applicable □Not Applicable
Term Starting Term Expiry
Employee Name Entity Name Position
Date Date
Zhejiang Super Lighting
December
Wang Yaohai Electric Appliance Co. Director /
2007
Ltd.Suzhou CM Technology Executive
Wang Yaohai June 2016 /
Co. Ltd. Director
Zhejiang Super Lighting
December
Ma Xiuhui Electric Appliance Co. Director /
2019
Ltd.Zhejiang Bodhi Tree Executive
Ma Xiuhui Investment Management Director and January 2018 /
Co. Ltd. General Manager
Dalian Casamotion Art November
Ma Zhiwei Director /
Glass Co. Ltd. 2017
Zhuhai XIMO September September
Ma Zhiwei Director
ELECTRIC INC. 2021 2024
Shenzhen Topwise Independent
Lu Shengjiang April 2024 April 2027
Communication Co. Ltd. Director
Zhejiang XCC Group Co. Independent
Lu Shengjiang March 2025 March 2028
Ltd. Director
China Europe
Associate December
Chen Weiru International Business August 2020
Professor 2025
School
China Europe
Chen Weiru International Business Professor January 2026 /
School
Independent
Chen Weiru TAL Education Group April 2016 /
Director
Country Garden Services
Independent
Chen Weiru Holdings Company February 2018 /
Director
Limited
Independent
Chen Weiru Jack Technology Co. Ltd. April 2020 May 2026
Director
44 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
China Europe
Emeritus December
Jiang Jiongwen International Business /
Professor 2025
School
Explanation of the
positions held in None
other entities
(III) Remuneration of Directors and Senior Management
√Applicable □Not Applicable
The remuneration of directors shall be approved by the General Meeting of
Decision-making process for the
Shareholders. The remuneration of other senior management shall be
remuneration of directors and senior
reviewed by the Remuneration and Appraisal Committee of the Board of
management
Directors and approved by the Board of Directors.Whether directors abstain from
discussing their own remuneration at Yes
board meetings
After a careful evaluation the Remuneration and Appraisal Committee
concludes that in 2025 the Company's directors and senior management
have diligently performed their duties and responsibilities. The
remuneration paid to them by the Company is in strict compliance with the
Specific recommendations made by the Company's remuneration management system and evaluation criteria as
Remuneration and Appraisal well as other relevant regulations. The remuneration levels are aligned with
Committee or the independent their performance following the principle of fairness and reasonableness.directors' special meeting regarding the Upon verification no violations of the Company's remuneration
remuneration of directors and senior management system were found in the remuneration payments for this year
management which are in accordance with the terms outlined in the Service Contracts or
Employment Contracts signed between the Company and the relevant
personnel. The performance evaluation process was conducted in a
standardized and rigorous manner yielding objective and fair results that
accurately reflect the annual performance of the relevant personnel.
1. The annual remuneration for non-independent directors (executive
directors) of the Company will be determined based on their specific
management position work experience and responsibilities within the
Company. This annual remuneration includes the annual base salary annual
performance-based salary benefits and all other immediate and deferred
Basis for determining the remuneration payments.of directors and senior management 2. The annual remuneration for independent directors of the Company (i.e.the independent director allowance) is RMB 210000 (pre-tax).
3. The annual remuneration for senior management of the Company will be
determined based on factors such as their specific management position
work experience responsibilities and annual performance evaluation
results.During the reporting period the Company made remuneration payments to
Actual remuneration payments to the
the directors and senior management in full compliance with the relevant
directors and senior management
resolutions and remuneration system with no non-conformities identified.The total remuneration payable to the Company's directors and senior
Total actual remuneration received by management for the year amounts to RMB 11.8006 million (pre-tax). For
all directors and senior management at details please refer to "Remuneration and Changes in Shareholdings of
the end of the reporting period Current and Former Directors and Senior Management during the
Reporting Period" in this section.Basis and results of the performance In accordance with relevant laws regulations rules and normative
evaluation for the actual remuneration documents such as the Code of Governance for Listed Companies the
received by all directors and senior Guidelines No.1 of the Shanghai Stock Exchange for Self-Regulation of
management at the end of the reporting Listed Companies – Standardized Operations as well as the Articles of
45 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
period Association of OPPLE Lighting Co. Ltd. and the Working Rules of the
Remuneration and Appraisal Committee of OPPLE Lighting Co. Ltd. the
Remuneration and Appraisal Committee conducted an annual performance
evaluation of the Company's directors and senior management based on the
2025 business goals and individual performance. For specific evaluation
results please refer to "(IV) Performance Evaluation of Directors" under
"VIII. Performance of Duties by Directors" in this section.Deferred payment arrangements for the
actual remuneration received by all
None
directors and senior management at the
end of the reporting period
Payment suspension and recovery for
the actual remuneration received by all
None
directors and senior management at the
end of the reporting period
(IV) Changes in the Company's Directors and Senior Management
√Applicable □Not Applicable
Name Position Change Description Reason for Change
Xu Bin Non-independent director Departure /
Employee representative
Xu Bin Election /
director
Zhang Xuejuan Former CFO (financial director) Departure Personal reasons
Wang Haiyan CFO (financial director) Appointment /
Note: 1. On November 26 2025 due to an adjustment in the Company's governance structure Mr. Xu Bin
applied to resign from his position as a non-independent director of the Company's 5th Board of Directors.On the same day the Company held an Employee Representative Congress and passed a resolution to
elect Mr. Xu Bin as the Employee Representative Director of the Company's 5th Board of Directors. His
term will begin from the date of election by the Congress and end on the expiration date of the 5th Board of
Directors' term.
2. On December 4 2025 Ms. Zhang Xuejuan applied to resign from her position as the Chief Financial
Officer of the Company due to personal reasons. On the same day the Company held the 9th meeting of
the 5th Board of Directors during which the Proposal on the Appointment of the Chief Financial Officer
was deliberated on and approved. The Board agreed to appoint Ms. Wang Haiyan as the Chief Financial
Officer with her term starting from the date of approval by the Board and ending on the expiration date of
the 5th Board of Directors' term.
46 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(V) Explanation of Punishments by Securities Regulatory Agencies in the Past Three Years
□Applicable √Not Applicable
(VI) Others
□Applicable √Not Applicable
IV. Performance of Duties by Directors
(I) Attendance of Directors at Board Meetings and General Meetings of Shareholders
Attendance
at General
Attendance at Board Meetings
Meetings of
Shareholders
Director Independent Number Failure to
of Number of Number of Number of Number Attend Two
Number of
Meetings In-Person Remote Proxy of Consecutive
Attendances
to Attend Attendances Attendances Attendances Absences Meetings
This Year In-Person
Wang Yaohai No 7 7 7 0 0 No 2
Ma Xiuhui No 7 7 7 0 0 No 2
Ma Zhiwei No 7 7 7 0 0 No 2
Xu Bin No 7 7 7 0 0 No 2
Lu Shengjiang Yes 7 7 3 0 0 No 2
Chen Weiru Yes 7 7 4 0 0 No 2
Jiang Jiongwen Yes 7 7 3 0 0 No 2
Explanation for failure to attend two consecutive meetings of the Board of Directors in-person
□Applicable √Not Applicable
Number of meetings of the Board of Directors
7
during the year
Number of physical meetings 3
Number of remote meetings 2
Number of hybrid meetings (physical + remote) 2
(II) Objections from Directors on Relevant Matters of the Company
□Applicable √Not Applicable
(III) Others
□Applicable √Not Applicable
47 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
V. Specialized Committees under the Board of Directors
√Applicable □Not Applicable
(I) Composition of the Specialized Committees under the Board of Directors
Specialized Committee Members
Audit Committee Mr. Lu Shengjiang (Chairman) Mr. Jiang Jiongwen Mr. Ma Zhiwei
Mr. Jiang Jiongwen (Chairman) Mr. Wang Yaohai Ms. Ma Xiuhui Mr.Nomination Committee
Lu Shengjiang Mr. Chen Weiru
Remuneration and Mr. Chen Weiru (Chairman) Ms. Ma Xiuhui Mr. Ma Zhiwei Mr. Lu
Appraisal Committee Shengjiang Mr. Jiang Jiongwen
Strategy and ESG Mr. Wang Yaohai (Chairman) Ms. Ma Xiuhui Mr. Ma Zhiwei Mr. Xu
Committee Bin Mr. Lu Shengjiang Mr. Chen Weiru
(II) The Audit Committee Held Five Meetings during the Reporting Period.Key Opinions and Other Performance
Date Agenda
Recommendations of Duties
After approving the
proposal at this
The report on the preliminary review of the All members
meeting the
2024 financial statements and the report on attended the meeting
February Committee agreed to
the annual audit work plan and in person either
13 2025 the arrangements
arrangements were heard from the CPAs physically or
made by BDO for
for the annual audit. remotely.the 2024 annual
audit.The following proposals were deliberated
on:
Proposal 1: 2024 Annual Report and
Summary of the Annual Report;
Proposal 2: Performance Report of the
Audit Committee of the Board of Directors
for 2024;
Proposal 3: Report of the Audit Committee
of the Board of Directors on the
Performance of Supervisory Duties by
All members
Accounting Firms;
attended the meeting
April 21 Proposal 4: Evaluation Report on the
Approved in person either
2025 Performance of Accountants for 2024;
physically or
Proposal 5: Internal Control Evaluation
remotely.Report for 2024;
Proposal 6: Q1 Report 2025;
Proposal 7: Proposal on Conducting
Foreign Exchange Transactions for 2025;
Proposal 8: Proposal on Factoring and
Financial Leasing Business with Related
Parties and Related Party Transactions; and
Proposal 9: Proposal on the Reappointment
of Audit Firm and Internal Control Audit
Firm for 2025
All members
August 26 The 2025 Semi-annual Report and
Approved attended the meeting
2025 Summary was deliberated on.
in person either
48 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
physically or
remotely.All members
attended the meeting
October 27
The Q3 Report 2025 was deliberated on. Approved in person either
2025
physically or
remotely.All members
attended the meeting
December The Proposal on Appointment of Chief
Approved in person either
4 2025 Financial Officer was deliberated on.
physically or
remotely.(III) The Nomination Committee Held One Meeting during the Reporting Period.Key Opinions and Other Performance of
Date Agenda
Recommendations Duties
All members attended
December The Proposal for Nomination of Chief the meeting in person
Approved
4 2025 Financial Officer was deliberated on. either physically or
remotely.(IV) The Remuneration and Appraisal Committee Held Five Meetings during the Reporting
Period.Key Opinions and Other Performance of
Date Agenda
Recommendations Duties
The Proposal on the Satisfaction of the
All members attended
Unlocking Conditions for the First
January 7 the meeting in person
Lock-up Period of the Reserved Grant Approved
2025 either physically or
under the 2023 Restricted Stock
remotely.Incentive Plan was deliberated on.The Proposal on the Remuneration All members attended
April 25 Evaluation of Directors and Senior the meeting in person
Approved
2025 Management for 2024 and the 2025 either physically or
Remuneration Plan was deliberated on. remotely.The Proposal on the Satisfaction of the
All members attended
Unlocking Conditions for the Second
the meeting in person
June 7 2025 Lock-up Period of the First Grant under Approved
either physically or
the 2023 Restricted Stock Incentive Plan
remotely.was deliberated on.The Proposal on Adjusting the Grant
Price in the 2024 Restricted Stock All members attended
August 5 Incentive Plan and the Proposal on the the meeting in person
Approved
2025 Grant of 2024 Reserved Restricted either physically or
Shares to Incentive Recipients were remotely.deliberated on.The Proposal on the Satisfaction of the
All members attended
Unlocking Conditions for the First
October 27 the meeting in person
Lock-up Period of the First Grant under Approved
2025 either physically or
the 2024 Restricted Stock Incentive Plan
remotely.was deliberated on and approved.
49 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(V) The Strategy and ESG Committee Held One Meeting during the Reporting Period.Key Opinions and Other Performance of
Date Agenda
Recommendations Duties
April 21 The Company's sustainable development All members attended
Approved
2025 strategy was deliberated on. the meeting physically.
(VI) Specific Matters under Dispute
□Applicable √Not Applicable
VI. Explanation of Risks Identified by the Audit Committee
□Applicable √Not Applicable
The Audit Committee has no objections to the supervisory matters during the reporting period.VII. Information on Employees of the Parent Company and Major Subsidiaries at the End of
the Reporting Period
(I) Employee Information
Number of in-service employees of the parent company 1007
Number of in-service employees of major subsidiaries 4969
Total number of in-service employees 5976
Number of retirees for whom the parent company and
16
major subsidiaries are responsible for pension payments
Occupational Composition
Occupational Category Number of Employees
Production personnel 3853
Sales personnel 1346
Technical personnel 459
Management personnel 318
Total 5976
Educational Background
Education Level Number of Employees
Bachelor's degree or above 1843
Junior college diploma 831
High school diploma or below 3302
Total 5976
(II) Remuneration Policy
√Applicable □Not Applicable
50 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The Company bases its remuneration allocation on job value individual performance contributions
and the urgent needs for talents to support both current and future development. In terms of remuneration
distribution incentive plans are designed based on different businesses. The overall principle is to break
equilibrium create differentiation and tilt remuneration towards key roles and core talent oriented toward
enhancing customer and user satisfaction with value creation as the fundamental goal.(III) Training Programs
√Applicable □Not Applicable
OPPLE consistently adheres to a “people-oriented” approach respecting employee rights valuing
talent development improving incentive mechanisms strengthening corporate culture building and
training education helping employees plan their careers scientifically stimulating a sense of ownership
and fostering a favorable working and humanistic environment.The Company has established a "management + professional" dual-track development system which
clearly defined the advancement criteria and certification mechanisms for each level of jobs. By
integrating talent pipeline development into the organizational capability blueprint the Company
provided a replicable talent development paradigm for peers.Relying on the OPPLE Academy (corporate university) platform and various professional
empowerment centers the Company has systematically integrated courses lecturers and hands-on
projects to support the full cycle growth of employees transforming key technologies and experiences into
reusable organizational assets increasing its talent density and professional influence. Guided by business
strategy it made talent cultivation the core engine of its business transformation technological
breakthroughs and sustainable development.The Company has established a comprehensive talent pipeline training system covering young talent
M-series reserve managers regional general managers production directors and core executives
providing internal employees with management growth opportunities and continuously supplying the
Company with reserve talent. Meanwhile the Company has launched a series of training programs
focusing on general foundational management and professional expertise organized internal trainer
exchanges and improved its internal instructor incentive mechanisms. The Company continues to
advance the construction of an empowerment system integrating online and offline channels. For example
based on the 40 core role certification courses the Company has conducted offline training on product
knowledge AI tool commercial sales terminal operations distributor capability enhancement etc. and
launched relevant online course packages in line with its digital strategy.(IV) Labor Outsourcing
√Applicable □Not Applicable
Total number of working hours for labor
354929.28
outsourcing
Total remuneration paid for labor outsourcing (in
2918.88
RMB 10000)
VIII. Plan of Profit Distribution or Plan of Converting Capital Reserve into Share Capital
(I) Development Implementation or Adjustment of the Cash Dividend Policy
√Applicable □Not Applicable
The Company’s dividend distribution policy is as follows:
1. Profit distribution principle: The Company adopts a consistent and stable profit distribution policy.
The Company’s profit distribution shall give due consideration to providing investors with reasonable
returns while also taking into account the Company’s sustainable development.
51 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Profit distribution form: The Company actively distributes dividends in cash or in shares. Where
conditions for cash distribution are met the Company shall give priority to cash dividends. In any year
where the Company’s audited net profit is positive and meets the dividend distribution conditions
specified in the Company Law the Company shall in principle make at least one profit distribution per
year and the profit distribution method adopted must include cash distribution. The Company’s cash
dividend policy targets a fixed dividend payout ratio. If the Company distributes its profits by stocks there
shall be real and reasonable factors such as corporate growth and dilution of net assets per share.
3. Cash dividend ratio: Subject to meeting the Company's capital requirements for normal production
and operation the annual cash dividend amount of the company shall not be less than 15% of the net profit
attributable to the parent company available for distribution for the relevant year.
4. The Board of Directors shall propose a specific cash dividend policy according to the following
requirements taking into account the industry characteristics development stage business model
profitability debt repayment capacity major capital expenditure arrangements and investor returns:
(1) If the Company is at a mature development stage and has no major capital expenditure plans the
cash dividend in the profit distribution shall be no less than 80%;
(2) If the Company is at a mature development stage and has major capital expenditure plans the cash
dividend in the profit distribution shall be no less than 40%;
(3) If the Company is at a growth development stage and has major capital expenditure plans the
cash dividend in the profit distribution shall be no less than 20%.If the Company's development phase is difficult to determine but there are significant capital
expenditures it can be handled in accordance with the provisions of the preceding paragraph. The
proportion of cash dividends in this profit distribution shall be calculated as per cash dividends divided by
the sum of cash dividends and stock dividends.
5. If the Company’s revenue grows rapidly and the Board believes that the Company’s share price is
mismatched with its share capital size the Board may propose a stock dividend distribution plan while
satisfying the above cash dividend conditions. The Company may refrain from making a profit distribution
under the following circumstances:
(1) The audit report for the most recent year is a non-unqualified opinion or an unqualified opinion
with significant uncertainties related to going concern;
(2) The operating cash flow for the most recent fiscal year is negative.
6. The Board of Directors shall prepare an annual dividend distribution proposal based on the annual
audit results and submit it to the General Meeting of Shareholders for approval. When formulating a
specific cash dividend plan the Board shall carefully study and deliberate on matters such as timing
conditions minimum ratio adjustment conditions and decision-making procedures. Independent
directors who believe that a specific cash dividend plan may harm the Company or the interests of
minority shareholders have the right to express their independent opinions. If the Board does not adopt or
fully adopt the independent directors’ opinions the independent directors' opinions and the specific
reasons for non-adoption shall be disclosed in the Board resolution announcement.
7. Before the General Meeting of Shareholders deliberates on a specific cash dividend plan the
Company shall proactively communicate and exchange with shareholders especially minority
shareholders through multiple channels (including but not limited to providing online voting inviting
minority shareholders to attend meetings etc.) fully listen to the opinions and demands of minority
shareholders and promptly respond to their concerns.
8. The company may distribute interim profits. A specific interim distribution plan shall be
formulated by the Board of Directors based on the Company’s actual operating and financial situation
within its authority and approved by the shareholders’ meeting or formulated by the Board of Directors in
accordance with the conditions and upper limit for interim dividends approved by the annual general
meeting of shareholders.
9. The Company’s profit distribution policy shall not be changed arbitrarily. If changes in the external
operating environment or the Company’s own operating conditions necessitate a modification of the profit
52 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
distribution policy the Board of Directors shall within its authority prepare a draft amended profit
distribution policy. Any adjustment to the profit distribution policy must be approved by a two-thirds
majority of the voting rights held by the shareholders present at the shareholders’ meeting.
10. The Audit Committee shall supervise the Board of Directors’ implementation of the cash
dividend policy and shareholder return plan as well as compliance with relevant decision-making
procedures and information disclosure requirements. If the Audit Committee finds that the Board has
failed to strictly implement the cash dividend policy and shareholder return plan failed to strictly follow
the corresponding decision-making procedures or failed to truthfully accurately and completely disclose
relevant information it shall express clear opinions and urge them to make timely corrections.
11. If a shareholder has a fund occupation in violation of regulations the Company shall deduct from
the cash dividend to be distributed to that shareholder an amount equivalent to the funds occupied.
12. If the Company is profitable during the annual reporting period and the undistributed profit in the
parent company's financial statements is positive but no cash dividends are distributed or the proposed
total amount of cash dividend is less than 30% of the year's net profit the Company shall disclose the
following items in detail in the relevant profit distribution announcement:
(1) An explanation on the reasons for not distributing cash dividends or for a relatively low cash
dividend level taking into account factors such as industry characteristics development stage business
model profitability solvency and capital requirements;
(2) The expected use and return of retained undistributed profits;
(3) Whether the Company has facilitated minority shareholders’ participation in cash dividend
decisions in accordance with the relevant rules of the China Securities Regulatory Commission during the
corresponding period;
(4) Measures to be taken by Company to enhance investor returns.
If the undistributed profit in the parent company's financial statements is negative but the
undistributed profit in the consolidated financial statements is positive the Company shall disclose in the
relevant annual profit distribution announcement the profit distribution from the Company’s subsidiaries
to the parent company and the measures to be taken Company to enhance investor returns.(II) Specific Explanation of the Cash Dividend Policy
√Applicable □Not Applicable
Whether it complies with the provisions of the Company's Articles of Association or
√Yes □No
the resolutions of the General Meeting of Shareholders
Whether the dividend standards and proportion are clear and explicit √Yes □No
Whether the relevant decision-making procedures and mechanisms are in place √Yes □No
Whether the independent directors perform their duties and play their due roles √Yes □No
Whether the minority shareholders have the opportunity to fully express their
√Yes □No
opinions and appeals and their legitimate interests are fully protected
(III) If the Company is profitable during the reporting period and the distributable profits of the
parent company available for distribution to shareholders are positive but no proposed cash profit
distribution plan has been put forward the Company shall disclose in detail the reasons therefor as
well as the intended use and utilization plan of the undistributed profits.□Applicable √Not Applicable
53 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(IV) Plan of Profit Distribution and Plan of Converting Capital Reserve into Share Capital
during the reporting period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Number of bonus shares per 10 shares (share) 0
Dividend per 10 shares (RMB tax-inclusive) 8.5
Number of shares converted from capital reserve per 10
0
shares (share)
Cash dividend amount (tax-inclusive) 628986174.75
Net profit attributable to ordinary shareholders of the
920496707.23
Company in the consolidated statements
Percentage of cash dividend amount in the net profit
attributable to ordinary shareholders of the Company in 68.33
the consolidated statements (%)
Amount of shares repurchased in cash and included in
0
cash dividends
Total dividend amount (tax-inclusive) 628986174.75
Percentage of total dividend amount in the net profit
attributable to ordinary shareholders of the Company in 68.33
the consolidated statements (%)
(V) Cash Dividends for the Past Three Fiscal Years
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Cumulative amount of cash dividends over the past three
1921019788.50
fiscal years (tax-inclusive) (1)
Cumulative amount of shares repurchased and canceled
184538556.30
over the past three fiscal years (2)
Cumulative amount of cash dividends and shares
repurchased and canceled over the past three fiscal years 2105558344.80
(3)=(1)+(2)
Annual average net profit amount over the past three fiscal
915845348.48
years (4)
Cash dividend ratio over the past three fiscal years (%)
229.90
(5)=(3)/(4)
Net profit attributable to ordinary shareholders of the
Company in the consolidated statements for the most 920496707.23
recent fiscal year
Undistributed profits of the parent company as of the end
of the most recent fiscal year in the annual financial 4267613776.65
statements
IX. Implementation and Influence of the Company's Equity Incentive Plan Employee Stock
Ownership Plan and Other Employee Incentive Measures
(I) Relevant Incentive Matters Already Disclosed in Interim Announcements with no
Subsequent Progress or Changes
√Applicable □Not Applicable
54 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Overview Query Index
On January 8 2025 the Company held the 3rd meeting of the 5th Board of Directors
and the 3rd meeting of the 5th Board of Supervisors at which the Proposal on the
Satisfaction of the Unlocking Conditions for the First Lock-up Period of the Reserved
Grant under the 2023 Restricted Stock Incentive Plan and the Proposal on the 2025-003
Repurchase and Cancellation of Some Restricted Shares under the 2023 Restricted 2025-004
Stock Incentive Plan were deliberated on and approved. The Company's Board of 2025-008
Supervisors issued verification opinions on the content of the aforementioned 2025-009
proposals. The number of unlockable shares in the first tranche of the reserved grant
was 138240 shares and the number of shares to be repurchased and canceled was
76260 shares. Relevant unlocking and cancellation procedures have been completed.
On April 25 2025 the Company held the 4th meeting of the 5th Board of Directors
and the 4th meeting of the 5th Board of Supervisors at which the Proposal on the
Repurchase and Cancellation of Some Restricted Shares was deliberated on and
approved. The Company's Board of Supervisors issued verification opinions on the
content of the aforementioned proposals. For some incentive recipients due to
resignation individual performance assessment results and other reasons a total of
1331282 restricted shares granted to them but not yet lifted from restrictions were
subject to repurchase and cancellation by the Company. The aforementioned
repurchase and cancellation procedures were completed on July 14 2025.On June 27 2025 the Company held the 5th meeting of the 5th Board of Directors
and the 5th meeting of the 5th Board of Supervisors at which the Proposal on the
Satisfaction of the Unlocking Conditions for the Second Lock-up Period of the First
Grant under the 2023 Restricted Stock Incentive Plan was deliberated on and 2025-033
approved. The Company's Board of Supervisors issued relevant verification opinions. 2025-037
The number of unlockable shares in the second tranche of the first grant under the
2023 Restricted Stock Incentive Plan was 1325460 shares. These shares were
released from their lock-up restrictions and entered into circulation on July 22 2025.On August 5 2025 the Company convened the 6th meeting of the 5th Board of
Directors and the 6th meeting of the 5th Board of Supervisors at which the Proposal
on Adjusting the Grant Price in the 2024 Restricted Stock Incentive Plan and the
Proposal on the Grant of 2024 Reserved Restricted Shares to Incentive Recipients
were deliberated on and approved. The Board of Supervisors verified the list of
incentive recipients as of the reserved grant date and issued verification opinions. The
Company completed the registration procedures for the reserved grant on September
17 2025 and disclosed the Announcement on the Results of the Reserved Grant
under the 2024 Restricted Stock Incentive Plan of OPPLE Lighting Co. Ltd. on
September 19 2025. On September 17 2025 the Company completed the registration
of 1.44 million shares for the reserved grant under the 2024 Restricted Stock Incentive
Plan.On October 27 2025 the Company convened the 8th meeting of the 5th Board of
Directors and the 8th meeting of the 5th Board of Supervisors at which the Proposal
on the Repurchase and Cancellation of Some Restricted Shares and the Proposal on
the Satisfaction of the Unlocking Conditions for the First Lock-up Period of the First
Grant under the 2024 Restricted Stock Incentive Plan were deliberated on and 2025-049
approved. The Remuneration and Appraisal Committee of the Board of Directors and 2025-055
the Board of Supervisors issued verification opinions on the relevant matters. The
number of unlockable shares in the first tranche of the first grant under the 2024
Restricted Stock Incentive Plan was 1369254 shares. These shares were released
from their lock-up restrictions and entered into circulation on November 7 2025.(II) Incentives Not Disclosed in Interim Announcements or with Subsequent Updates
Equity incentives
□Applicable √Not Applicable
55 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Other explanations:
□Applicable √Not Applicable
Employee Stock Ownership Plan
□Applicable √Not Applicable
Other incentives
□Applicable √Not Applicable
(III) Equity Incentives Granted to Directors and Senior Management during the
Reporting Period
□Applicable √Not Applicable
√Applicable □Not Applicable
Unit: Share
Newly
Restricted Granted Restricted Market Price
Shares Held Restricted Grant Shares at the End of
Unlocked Locked
Name Position at the Shares Price Held at the the
Shares Shares
Beginning during the (RMB) End of the Reporting
of the Year Reporting Period Period
Period
Ma
Director 400000 - 7.76 96000 304000 280000 18.28
Zhiwei
Xu Bin Director - 90000 6.86 - 90000 90000 18.28
Board
Hu Xing 30000 - 7.76 7200 22800 21000 18.28
Secretary
CFO 91000 - 9.52 39000 52000 52000
Wang
(Financial 18.28
Haiyan
Director) 22000 - 7.76 6600 15400 15400
Former
140000-9.52600008000080000
Zhang CFO
18.28
Xuejuan (Financial
100000-7.76300007000070000
Director)
Total / 783000 90000 / 238800 634200 608400 /
(IV) Establishment and Implementation of Performance Evaluation and Incentive
Mechanisms for Senior Management during the Reporting Period
√Applicable □Not Applicable
During the reporting period the Company established a comprehensive performance management
system set the annual performance targets for senior management and defined assessment indicators and
their respective weights. It also performed semi-annual reviews and annual assessments and evaluations
and determined bonus distributions based on individual performance evaluation results. For middle and
senior management as well as core business (technical) backbone employees short-term and long-term
incentive policies were formulated and continuously optimized to fully arouse their work enthusiasm and
operational potential thereby achieving the Company’s overall strategic objectives.
56 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
X. Establishment and Implementation of the Internal Control System during the Reporting
Period
√Applicable □Not Applicable
During the reporting period the Company established a comprehensive performance management
system set annual performance targets for senior management and defined assessment indicators and
their respective weights. It also performed semi-annual reviews and annual assessments and evaluations
and determined bonus distributions based on individual performance evaluation results. For middle and
senior management as well as core business (technical) backbone employees short-term and long-term
incentive policies were formulated and continuously optimized to fully arouse their work enthusiasm and
operational potential thereby achieving the Company’s overall strategic objectives.Explanation of material deficiencies in internal control during the reporting period
□Applicable √Not Applicable
XI. Management and Control of Subsidiaries during the Reporting Period
√Applicable □Not Applicable
During the reporting period the Company implemented standardized management and risk control
over its subsidiaries in strict compliance with the requirements of the Shanghai Stock Exchange and the
regulations of the Board. The subsidiaries reported significant information such as their operating
conditions to the Company and there are no matters that should have been disclosed but were not.The Company’s management determines the overall strategic objectives and breaks them down to the
relevant subsidiaries which must complete them on time with quality. The Company strengthens the
selection appointment and assessment of key personnel in subsidiaries and enhances internal
management control and collaboration with subsidiaries through office collaboration systems and SAP
systems etc. to improve their management levels.Risk warnings regarding abnormalities in the management and control of subsidiaries
□Applicable √Not Applicable
XII. Explanation of Matters Related to the Internal Control Audit Report
√Applicable □Not Applicable
For details see the 2025 Internal Control Audit Report disclosed by the Company on the Shanghai Stock
Exchange website on 24 April 2026.Disclosure of the Internal Control Audit Report: Yes
Type of opinions in the Internal Control Audit Report: Standard unqualified
Whether a non-standard audit opinion on internal control was issued during the reporting period or the
previous year: No
□Yes √No
57 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
XIII. Rectification of Issues Identified in the Self-Inspection of the Special Action on
Governance of Listed Companies
None
XIV. Environmental Information of Listed Companies and Their Major Subsidiaries Included
in the List of Enterprises Subject to Mandatory Environmental Disclosure
□Applicable √Not Applicable
Other explanations
□Applicable √Not Applicable
XV. Corporate Social Responsibility (CSR) Practices
(I) Disclosure of Separate CSR Report Sustainability Report or ESG Report
√Applicable □Not Applicable
For details see the 2025 Environmental Social and Governance Report of OPPLE Lighting Co. Ltd.disclosed by the Company.(II) Details of CSR Practices
√Applicable □Not Applicable
External Donations and Public Welfare Projects Amount/Description
Total investment (in RMB 10000) 3030.51
Including: funds (in RMB 10000) 3020.00
In-kind contributions (in RMB 10000) 10.51
Explanation
□Applicable √Not Applicable
XVI. Details of Consolidating and Expanding Poverty Alleviation Achievements and Rural
Revitalization Efforts
□Applicable √Not Applicable
Explanation
□Applicable √Not Applicable
XVII. Others
□Applicable √Not Applicable
58 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section V Material Matters
I. Fulfillment of Commitments
(I) Commitments Made by the Company its Actual Controllers Shareholders Related Parties Acquirers and Other Relevant Committing Parties
during or Continuing into the Reporting Period
√Applicable □Not Applicable
Specific Next
Existence of Timely and Reasons for Steps (if
Commitment Type of Committing Commitment Commitment Commitment
Performance Strict Non-fulfillment not
Background Commitment Party Description Time Term
Deadline Fulfillment (if not fulfilled fulfilled
on time) on time)
Upon expiration of
the lock-up period
they shall not
transfer more than
25% of the
Actual Company's shares
Controllers they directly or
Share Not
Wang Yaohai indirectly hold Long-term Yes Long-term Yes Not applicable
lock-up applicable
and Ma during their tenure
Xiuhui each year and shall
Commitments
not transfer any
related to the
shares they directly
Initial Public
or indirectly hold
Offering
within six months
after leaving office.Controlling The Controlling
Shareholder Shareholder and the
Zhongshan Actual Controllers
Resolving
OPPLE and any other Not
horizontal Long-term Yes Long-term Yes Not applicable
Actual enterprises in which applicable
competition
Controllers they hold interests
Wang Yaohai (excluding the
and Ma Company) will not
59 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Xiuhui manufacture or
develop any product
that competes or
may compete with
the products
manufactured by the
Company nor will
they directly or
indirectly engage in
any business that
competes or may
compete with the
business operated by
the Company. If the
Company further
expands its product
and business scope
they and such other
enterprises will not
compete with the
Company's
expanded products
or business. Should
any competition
arise with the
Company's
expanded products
or business they and
such other
enterprises will
avoid such
horizontal
competition by
either ceasing the
production or
60 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
operation of the
competing business
or product
incorporating the
competing business
into the Company's
operations or
transferring the
competing business
to an unrelated third
party.The Company has
not and will not
provide loans or any
other form of
financial assistance
Commitments
to the incentive
related to The Not
Others recipients under the Long-term Yes Long-term Yes Not applicable
equity Company applicable
Stock Option and
incentives
Restricted Stock
Incentive Plan
including providing
guarantees for their
loans.
61 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(II) Explanation on Whether the Company's Assets or Projects Have Achieved the Original Profit
Forecast and the Reasons Therefor when a Profit Forecast Has Been Made and the Reporting
Period Falls Within the Forecast Period
□Achieved □Not Achieved √Not Applicable
(III) Performance Commitments
□Applicable √Not Applicable
Changes in performance commitments
□Applicable √Not Applicable
Other explanations
□Applicable √Not Applicable
II. Occupation of Funds by the Controlling Shareholder and Other Related Parties for
Non-Operating Purposes during the Reporting Period
□Applicable √Not Applicable
III. Illegal Guarantees
□Applicable √Not Applicable
IV. Board of Directors' Explanation on the Non-Standard Opinion Report Issued by the
Accounting Firm
□Applicable √Not Applicable
V. Analysis and Explanation by the Company on the Reasons for and Impacts of Changes in
Accounting Policies and Accounting Estimates or Corrections of Material Accounting Errors
(I) Analysis and Explanation of the Reasons and Impacts of Changes in Accounting Policies
and Accounting Estimates
√Applicable □Not Applicable
1. Changes in Significant Accounting Policies
□Applicable √Not Applicable
2. Changes in Significant Accounting Estimates
□Applicable √Not Applicable
(II) Analysis and Explanation of the Reasons and Impacts of Major Accounting Error
Correction
□Applicable √Not Applicable
62 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(III) Communication with the Former Accounting Firm
□Applicable √Not Applicable
(IV) Approval Procedures and Other Explanations
□Applicable √Not Applicable
VI. Appointment and Dismissal of Accounting Firms
Unit: RMB 10000 Currency: RMB
Currently Employed
BDO China Shu Lun Pan Certified Public
Name of the domestic accounting firm Accountants LLP (Special General
Partnership)
Remuneration of the domestic accounting firm 110
Audit tenure of the domestic accounting firm (year) 13
Names of CPAs from the domestic accounting firm Chen Lei Lin Yancheng
Cumulative period of audit services provided by CPAs
1 year 5 years
from the domestic accounting firm (year)
Name Remuneration
BDO China Shu Lun Pan Certified
Accounting firm for internal
Public Accountants LLP (Special 25
control audit
General Partnership)
Explanation of the appointment and dismissal of accounting firms
√Applicable □Not Applicable
On April 25 2025 the Company held the 4th meeting of the 5th Board of Directors at which the
Proposal on the Reappointment of Audit Firm and Internal Control Audit Firm for 2025 was deliberated
on and approved. The Board agreed to reappoint BDO China Shu Lun Pan Certified Public Accountants
LLP (Special General Partnership) (hereinafter referred to as "BDO") as the Company's audit firm and
internal control audit firm for 2025. The proposal has been deliberated on and approved at the 2024
Annual General Meeting of Shareholders. For details please refer to the Announcement on the
Reappointment of Audit Firm and Internal Control Audit Firm for 2025 (No. 2025-020) disclosed by the
Company on the Shanghai Stock Exchange website (www.sse.com.cn) on April 29 2025.Explanation of the change of accounting firms during the audit period
□Applicable √Not Applicable
Explanation for the decrease in audit expenses by 20% or more compared with the previous year
□Applicable √Not Applicable
63 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
VII. Delisting Risk
(I) Reasons for Delisting Risk Warning
□Applicable √Not Applicable
(II) Proposed Measures to Address Delisting Risk
□Applicable √Not Applicable
(III) Explanation of Delisting and Reasons Therefor
□Applicable √Not Applicable
VIII. Matters Related to Bankruptcy Reorganization
□Applicable √Not Applicable
IX. Significant Litigation and Arbitration Matters
□The Company has material litigation and arbitration matters during the year.√The Company has no material litigation and arbitration matters during the year.X. Alleged Violations Penalties and Rectification Involving the Listed Company its Directors
Senior Management Controlling Shareholder and Actual Controllers
□Applicable √Not Applicable
XI. Explanation of the Integrity of the Company its Controlling Shareholder and Actual
Controllers during the Reporting Period
□Applicable √Not Applicable
XII. Significant Related Party Transactions
(I) Related Party Transactions in the Ordinary Course of Business
1. Matters Already Disclosed in Interim Announcements with no Subsequent Progress or
Changes
□Applicable √Not Applicable
2. Matters Already Disclosed in Interim Announcements with Subsequent Progress or Changes
√Applicable □Not Applicable
On 25 April 2025 the Company approved the Proposal on Estimated Daily Related Party
Transactions for 2025 at the 4th meeting of the 5th Board of Directors. As of the end of the reporting
period the implementation status of the relevant transactions is set out in the notes to the financial
statements see "(1) Purchase and Sale of Goods Provision and Receipt of Services" "5. Related PartyTransactions" "XIV. Related Parties and Related Party Transactions” "Section VIII Financial
Statements".
3. Matters Not Disclosed in Interim Announcements
□Applicable √Not Applicable
64 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(II) Related Party Transactions Arising from Acquisition or Disposal of Assets or Equity
1. Matters Already Disclosed in Interim Announcements with no Subsequent Progress or
Changes
□Applicable √Not Applicable
2. Matters Already Disclosed in Interim Announcements with Subsequent Progress or
Changes
□Applicable √Not Applicable
3. Matters Not Disclosed in Interim Announcements
□Applicable √Not Applicable
4. Actual Achievement of Performance Commitments (if involved) during the Reporting
Period
□Applicable √Not Applicable
(III) Significant Related Party Transactions in Joint External Investments
1. Matters Already Disclosed in Interim Announcements with no Subsequent Progress or
Changes
□Applicable √Not Applicable
2. Matters Already Disclosed in Interim Announcements with Subsequent Progress or
Changes
□Applicable √Not Applicable
3. Matters Not Disclosed in Interim Announcements
□Applicable √Not Applicable
(IV) Related Party Receivables and Payables
1. Matters Already Disclosed in Interim Announcements with no Subsequent Progress or
Changes
□Applicable √Not Applicable
2. Matters Already Disclosed in Interim Announcements with Subsequent Progress or
Changes
□Applicable √Not Applicable
3. Matters Not Disclosed in Interim Announcements
□Applicable √Not Applicable
65 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(V) Financial Transactions Between the Company and its Related Financial Companies Controlled
Financial Companies or Related Parties
□Applicable √Not Applicable
(VI) Others
√Applicable □Not Applicable
To optimize the Company’s capital structure improve the efficiency of fund use and support the
synergistic development of the ecosystem centering on OPPLE empower small medium and micro enterprises
in the upstream and downstream of the industry chain and enhance the market competitiveness of the OPPLE
ecosystem the Company and its subsidiaries propose to conduct finance lease and factoring transactions with
Fengrong Financial Leasing (Shanghai) Co. Ltd. (hereinafter “Fengrong Leasing”) and Shanghai Fenghui
Commercial Factoring Co. Ltd. (hereinafter “Fenghui Factoring”).On 25 April 2025 and 28 May 2025 the Company convened the 4th meeting of the 5th Board of
Directors and the 2024 Annual General Meeting of Shareholders respectively and approved the Proposal
on Factoring Financing Transactions with Related Parties and Related Party Transactions. Under the
proposal the limit for accounts receivable factoring transactions between the Company and Fengrong
Leasing and Fenghui Factoring (collectively the “Factors”) is RMB 80 million which is revolving within
the validity period. The limit for accounts payable factoring financing transactions with the Factors is up to
RMB 180 million in aggregate revolving within the validity period. The limit for other finance lease
transactions with Fengrong Leasing is up to RMB 50 million. The validity period of the foregoing
transaction limits is from 28 May 2025 to 30 June 2026 and the limits are revolving within the validity
period.In order to save energy and reduce carbon emissions and practice green and sustainable development
the Company’s subsidiaries have entered into distributed photovoltaic power generation project
arrangements with Suzhou Shunheng New Energy Technology Co. Ltd. and Zhongshan Shunheng New
Energy Technology Co. Ltd. both wholly-owned subsidiaries of the related party Jiangsu Oubao
Shunyao New Energy Technology Co. Ltd. This related party transaction has been approved by the 10th
meeting of the 4th Board of Directors and the 2022 Annual General Meeting of Shareholders. The energy
saving benefits sharing period of the project is 25 years. The estimated annual solar electricity expense is
expected not to exceed RMB 25 million (including tax).For detailed information on the execution of related transactions see "5. Related Transactions" "XIV.Related Parties and Related Party Transactions" "Section VIII Financial Reports".XIII. Significant Contracts and Their Performance
(I) Trusteeship Contracting and Leasing Matters
1. Trusteeship Arrangements
□Applicable √Not Applicable
2. Contracting Arrangements
□Applicable √Not Applicable
3. Leasing Arrangements
□Applicable √Not Applicable
66 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(II) Guarantees
√Applicable □Not Applicable
Unit: 100 Million Yuan Currency: RMB
External Guarantees (excluding those for subsidiaries)
Relatio
nship
Date of
betwee
Guaran Relate
n the Guara Guara Guara Type Collat Over Counter-Gu
Guaran tee d Related
Guara Guarant ntee ntee ntee of eral Fulfil Over due arantee
teed (Date Party Relatio
ntor or and Amou Start Expir Guara (if led due Amo Arrangeme
Party of Guara nship
the nt Date y Date ntee any) unt nts
Agree ntee
Listed
ment)
Compa
ny
None
Total amount of guarantees incurred during the reporting period
0.00
(excluding guarantees to subsidiaries)
Total balance of guarantees at the end of the reporting period (A)
0.00
(excluding guarantees to subsidiaries)
Guarantees provided by the Company and its subsidiaries to subsidiaries
Total amount of guarantees to subsidiaries incurred during the
7.11
reporting period
Total balance of guarantees to subsidiaries at the end of the reporting
11.39
period (B)
Total guarantee amount of the Company (including guarantees to subsidiaries)
Total guarantee amount (A+B) 11.39
Proportion of total guarantee amount to the Company's net assets (%) 16.24
Including:
Total guaranteed amount towards shareholders actual controllers and
0
related parties (C)
Total guaranteed amount provided for guaranteed objects with an
1.16
asset-liability ratio exceeding 70% directly or indirectly (D)
Amount of the portion in the total guaranteed amount exceeding 50%
0
of the net assets (E)
Total amount of the above three guaranteed amounts (C+D+E) 1.16
Description of potential joint liability for unexpired guarantees Not applicable
Explanation of guarantee situation Not applicable
(III) Cash Asset Management Entrusted to Others
1. Entrusted Wealth Management
(1). Overall Situation of Entrusted Wealth Management
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Type Risk Characteristics Undue Balance Overdue but
67 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Unrecovered Amount
Bank wealth
Non-principal-guaranteed
management 3021233500.00 0
floating return
products
Broker wealth
Non-principal-guaranteed
management 610000000.00 0
floating return
products
Others
□Applicable √Not Applicable
(2). Individual Entrusted Wealth Management
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
(3). Provision for Impairment of Entrusted Wealth Management
□Applicable √Not Applicable
2. Entrusted Loans
(1). Overall Situation of Entrusted Loans
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
(2). Individual Entrusted Loan
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
(3). Provision for Impairment of Entrusted Loans
□Applicable √Not Applicable
3. Others
□Applicable √Not Applicable
68 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(IV) Other Major Contracts
□Applicable √Not Applicable
XIV. Description of Use of Raised Funds
□Applicable √Not Applicable
XV. Description of Other Major Matters that Significantly Affect Investors' Value Judgment
and Investment Decision-making
□Applicable √Not Applicable
69 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section VI Changes in Shares and Shareholders
I. Changes in Share Capital
(I) Table of Changes in Share Capital
1. Table of Changes in Share Capital
Unit: Share
Before the Change Change (+/-) After the Change
Shares New
Proportion Bonus from Proportion
Number Shares Others Subtotal Number
(%) Shares Reserved (%)
Issued
Funds
I. Restricted
103341001.39000-2800496-280049675336041.01
Shares
1. Shares held
by other
103341001.39000-2800496-280049675336041.01
domestic
investors
Including:
Shares held
by domestic 10334100 1.39 0 0 0 -2800496 -2800496 7533604 1.01
natural
persons
II.Unrestricted
73489107598.610001392954139295473628402998.99
Circulating
Shares
1.
RMB-denomi
nated 734891075 98.61 0 0 0 1392954 1392954 736284029 98.99
ordinary
shares
III. Total 745225175 100.00 0 0 0 -1407542 -1407542 743817633 100.00
2. Explanation of Changes in Share Capital
√Applicable □Not Applicable
On January 8 2025 OPPLE Lighting Co. Ltd. convened the 3rd meeting of the 5th Board of
Directors and the 3rd meeting of the 5th Board of Supervisors and approved the Proposal on the
Repurchase and Cancellation of Some Restricted Shares under the 2023 Restricted Stock Incentive Plan
and the Proposal on the Satisfaction of the Unlocking Conditions for the First Lock-up Period of the
Reserved Grant under the 2023 Restricted Stock Incentive Plan. According to the 2023 Restricted Share
Incentive Plan of OPPLE Lighting Co. Ltd. the granted but unvested restricted shares which totals
76260 shares of some incentive recipients need to be repurchased and canceled by the Company due to
their resignations individual performance assessment results and other reasons. The foregoing repurchase
and cancellation were completed on 6 March 2025. In addition the Company completed the release of
vesting restrictions for 10 incentive recipients of reserved grantees who satisfied the vesting conditions (a
total of 138240 shares) and completed the registration of the release of vesting restrictions on 14 March
2025.
On April 25 2025 the Company held the 4th meeting of the 5th Board of Directors and the 4th
meeting of the 5th Board of Supervisors at which the Proposal on the Repurchase and Cancellation of
Some Restricted Shares was deliberated on and approved. The repurchase and cancellation involved a
total of 214 grantees with an aggregate of 1331282 unvested restricted shares to be repurchased and
canceled.On June 27 2025 the Company held the 5th meeting of the 5th Board of Directors and the 5th
meeting of the 5th Board of Supervisors at which the Proposal on the Satisfaction of the Unlocking
70 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Conditions for the Second Lock-up Period of the First Grant under the 2023 Restricted Stock Incentive
Plan was deliberated on and approved. The Company's Board of Supervisors issued relevant verification
opinions. The number of unlockable shares in the second tranche of the first grant under the 2023
Restricted Stock Incentive Plan was 1325460 shares.On August 5 2025 the 6th meeting of the 5th Board of Directors approved the Proposal on Granting
2024 Reserved Restricted Stocks to Incentive Recipients agreeing to grant 1.44 million shares of
restricted stocks to 47 eligible incentive recipients on August 5 2025 at a price of RMB 6.86 per share.The Company has completed the registration procedures with China Securities Depository and Clearing
Company Limited Shanghai Branch.On October 27 2025 the Company convened the 8th meeting of the 5th Board of Directors and the
8th meeting of the 5th Board of Supervisors and approved the Proposal on the Satisfaction of the
Unlocking Conditions for the First Lock-up Period of the First Grant under the 2024 Restricted Stock
Incentive Plan. According to the authorization granted by the 2nd Extraordinary Meeting of Shareholders
in 2024 to the Board of Directors the Board of Directors approved to complete relevant procedures for the
release of vesting restrictions on the first lock-up period of the initial grant for 277 incentive recipients
who satisfied the vesting conditions involving 1369254 restricted shares eligible for release.
3. Impact of Share Capital Changes on Financial Indicators such as Earnings per Share and Net
Asset Value per Share for the Most Recent Year and Period (if any)
□Applicable √Not Applicable
4. Other Information Required by the Company or Requested by Securities Regulatory
Authorities for Disclosure
□Applicable √Not Applicable
(II) Changes in Restricted Shares
√Applicable □Not Applicable
Unit: Share
Restricted Restricted
Restricted Restricted
Shares Shares
Name of Shares at the Shares at Reason for Release
Released Increased
Shareholder Beginning of the End of Restriction Date
during the during the
the Year the Year
Year Year
Lock-up period
of restricted
Recipients of March 14
shares under
2023 restricted 4569200.00 1463700 0 2223640 2025 July
the stock
shares 22 2025
incentive plan
not yet expired
Recipients of
November
2024 restricted 5764900.00 1369254 1440000 5309964 Ditto
72025
shares
Total 10334100.00 2832954 1440000 7533604 / /
Notes:
(1) In 2025 of the 2023 restricted shares 881860 were canceled and 1463700 were released from
restriction. As of the end of this reporting period 2223640 shares of 2023 restricted shares remained.
71 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2) In 2025 of the 2024 restricted shares 525682 were canceled and 1369254 were released from
restriction and a new grant of 1440000 shares was made. As of the end of this reporting period
5309964 shares of 2024 restricted shares remained.
II. Issuance and Listing of Securities
(I) Securities Issuance during the Reporting Period
□Applicable √Not Applicable
Explanation of securities issuance during the reporting period (please provide separate explanations for
bonds with different interest rates in the duration):
□Applicable √Not Applicable
(II) Changes in Total Share Capital Shareholder Structure and Changes in the Company's
Asset and Liability Structure
√Applicable □Not Applicable
Note: For details see items (1) (2) (3) 2. Explanation of Share Changes Section VI I (A) of this Report.(III) Existing Internal Employee Shares
□Applicable √Not Applicable
III. Shareholders and Actual Controllers
(I) Total Number of Shareholders
Total number of ordinary shareholders as of the end of
12642
the reporting period
Total number of ordinary shareholders at the end of the
previous month before the disclosure of the annual 12094
report
Total number of preferred shareholders with voting
Not applicable
rights restored as of the end of the reporting period
Total number of preferred shareholders with restored
voting rights as of one month prior to the disclosure of Not applicable
the annual report (in households)
(II) Shareholdings of the Top Ten Shareholders and Top Ten Circulating Shareholders (or
Holders of Unrestricted Shares) as of the End of the Reporting Period
Unit: Share
Shareholdings of the top ten shareholders (excluding shares lent through securities financing transactions)
Number of Number Pledged Marked or
Name of Increase/Decrease Shares Held of Frozen
Proportion Shareholder
Shareholder during the at the End of Restricted
(%) Share Type
(Full Name) Reporting Period Reporting Shares Number
Status
Period Held
Zhongshan
Domestic
OPPLE
0 348214286 46.81 0 Pledged 102500000 non-state-owned
Investment
legal person
Co. Ltd.
72 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Domestic
Wang Yaohai 0 122054994 16.41 0 Pledged 22500000
natural person
Domestic
Ma Xiuhui 0 118624956 15.95 0 None 0
natural person
Shanghai
Fengyue
Enterprise Domestic
Management 0 22517900 3.03 0 None 0 non-state-owned
Partnership legal person
(Limited
Partnership)
HKSCC
Nominees -4306395 19247151 2.59 0 None 0 Others
Limited
Nantong
Songyue
Enterprise Domestic
Management 0 14560000 1.96 0 None 0 non-state-owned
Partnership legal person
(Limited
Partnership)
Industrial and
Commercial
Bank of China
Limited - IGW 5179604 5179604 0.70 0 None 0 Others
Competitive
Advantage
Balanced Fund
China
Merchants
Bank Co. Ltd.- IGW Value 4639987 4639987 0.62 0 None 0 Others
Margin
Balanced Fund
A
Industrial and
Commercial
Bank of China
Limited - IGW
3659915 3659915 0.49 0 None 0 Others
Select Blue
Chip Mixed
Securities
Fund
China
Merchants
Bank Co. Ltd.- IGW Quality 2195408 2195408 0.30 0 None 0 Others
Growth
Balanced Fund
A
Shareholdings of the top ten restricted shareholders (excluding shares lent through securities financing transactions)
Class and Number of Shares
Number of Unrestricted Circulating
Name of Shareholder
Shares Held
Class Number
Zhongshan OPPLE Investment Co. RMB-denominated
348214286348214286
Ltd. ordinary share
RMB-denominated
Wang Yaohai 122054994 122054994
ordinary share
RMB-denominated
Ma Xiuhui 118624956 118624956
ordinary share
Shanghai Fengyue Enterprise
RMB-denominated
Management Partnership (Limited 22517900 22517900
ordinary share
Partnership)
73 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
RMB-denominated
HKSCC Nominees Limited 19247151 19247151
ordinary share
Nantong Songyue Enterprise
RMB-denominated
Management Partnership (Limited 14560000 14560000
ordinary share
Partnership)
Industrial and Commercial Bank of
RMB-denominated
China Limited - IGW Competitive 5179604 5179604
ordinary share
Advantage Balanced Fund
China Merchants Bank Co. Ltd. -
RMB-denominated
IGW Value Margin Balanced Fund 4639987 4639987
ordinary share
A
Industrial and Commercial Bank of
RMB-denominated
China Limited - IGW Select Blue 3659915 3659915
ordinary share
Chip Mixed Securities Fund
China Merchants Bank Co. Ltd. -
RMB-denominated
IGW Quality Growth Balanced Fund 2195408 2195408
ordinary share
A
The special account for securities repurchase of OPPLE Lighting Co. Ltd. holds
3224214 shares of the Company ranking 10th in the Company's shareholder register.
Description of the special account
According to the relevant provisions in the Standards for the Content and Form of
for repurchase among the top ten
Information Disclosure by Companies Publicly Offering Securities No. 2 - Content and
shareholders
Form of Annual Reports (2021 Revision) the special account for repurchase is not listed
as one of the top ten shareholders.Description of the above
shareholders' voting trust voting None
proxy and waiver of voting rights
Zhongshan OPPLE Mr. Wang Yaohai Ms. Ma Xiuhui Shanghai Fengyue and Nantong
Description of the relationship or
Songyue are persons acting in concert. In addition the Company is unaware of any other
concerted action of the above
related relationships or acting-in-concert relationships (as defined in the Management
shareholders
Measures for Acquisition of Listed Companies) among the above shareholders.Description of preferred
shareholders with restored voting
Not applicable
rights and the number of shares they
hold
Participation of shareholders holding more than 5% of the shares the top ten shareholders and the top ten
unrestricted circulating shareholders in shares lending through securities financing.□Applicable √Not Applicable
Changes from the previous period due to lending in securities financing/return for the top ten shareholders
and the top ten unrestricted circulating shareholders.□Applicable √Not Applicable
Shareholdings of the top ten restricted shareholders and restriction conditions
√Applicable □Not Applicable
Unit: Share
Name of
Number of Restricted
S/N Restricted Tradability of Restricted Shares
Shares Held
Shareholders
Restriction
Number of
Conditions
Date Available New Shares
for Trading Available for
Trading
74 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Lock-up period
requirements for
1 Ma Zhiwei 280000 / 0 restricted shares
under the Equity
Incentive Plan
Incentive
2 150000 / 0 Ditto
recipient A
Zhang
3 150000 / 0 Ditto
Xuejuan
Incentive
4 141000 / 0 Ditto
recipient B
Incentive
5 110000 / 0 Ditto
recipient C
Incentive
6 110000 / 0 Ditto
recipient D
Incentive
7 94200 / 0 Ditto
recipient E
Incentive
8 90000 / 0 Ditto
recipient F
Incentive
9 90000 / 0 Ditto
recipient G
10 Xu Bin 90000 / 0 Ditto
Description of the
relationship or The Company is unaware of any other relationships or acting-in-concert
concerted action of relationships (as defined in the Management Measures for Acquisition of Listed
the above Companies) among the above shareholders.shareholders
(III) Strategic Investors or General Legal Persons Becoming One of the Top Ten Shareholders
due to Issuance of New Shares
□Applicable √Not Applicable
IV. Information on the Controlling Shareholder and Actual Controller
(I) Controlling Shareholder
1. Legal Person
√Applicable □Not Applicable
Name Zhongshan OPPLE Investment Co. Ltd.Company Head or Legal
Wang Yaohai
Representative
Date of establishment June 23 2006
General items: Engaging in investment activities with self-owned
funds; sales of rare-earth functional materials; housing leasing;
leasing of non-residential real estate; sales of gold and silver
products; operation and maintenance of information systems;
Import and export of goods; technology import and export. The
Main business activities
above business scope involves the import and export of goods or
technology (excluding those prohibited by the state or subject to
administrative approval). (Except for activities that require
approval according to law business activities can be carried out
independently based on the business license in accordance with
75 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
the law.)
Shareholdings in other domestic and
overseas listed companies during the Not applicable
reporting period
Others Not applicable
2. Natural Person
√Applicable □Not Applicable
Name Wang Yaohai
Nationality China
With a right of residence in other
No
countries or regions
Major occupation and position OPPLE Chairman & Legal Representative
Name Ma Xiuhui
Nationality China
With a right of residence in other
No
countries or regions
Major occupation and position OPPLE Director & General Manager
3. Special Explanation Where the Company has no Controlling Shareholder
□Applicable √Not Applicable
4. Explanation of Changes in Controlling Shareholders during the Reporting Period
□Applicable √Not Applicable
5. Block Diagram of the Property and Control Relationships Between the Company and the
Controlling Shareholder
√Applicable □Not Applicable
Zhongshan OPPLE Investment Co. Ltd.OPPLE Lighting Co. Ltd.
76 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(II) Actual Controller
1. Legal Person
□Applicable √Not Applicable
2. Natural Person
√Applicable □Not Applicable
Name Wang Yaohai
Nationality China
With a right of residence in other
No
countries or regions
Major occupation and position OPPLE Chairman & Legal Representative
Domestic and overseas listed
companies controlled by the actual None
controller in the past 10 years
Name Ma Xiuhui
Nationality China
With a right of residence in other
No
countries or regions
Major occupation and position OPPLE Director & General Manager
Domestic and overseas listed
companies controlled by the actual None
controller in the past 10 years
3. Special Explanation Where the Company has no Actual Controller
□Applicable √Not Applicable
4. Explanation of Changes in Control of the Company during the Reporting Period
□Applicable √Not Applicable
5. Block Diagram of the Property and Control Relationships Between the Company and the
Actual Controller
√Applicable □Not Applicable
77 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Nantong Songyue Wang Yaohai Wang Wei Wang Ying Ma Xiuhui Shanghai Fengyue
Zhejiang Bodhi Tree
Investment Management
Co. Ltd.Zhongshan OPPLE
Investment Co. Ltd.OPPLE Lighting Co.Ltd.
6. Actual Controller Controlling the Company through Trust or Other Assets Management
Arrangements
□Applicable √Not Applicable
(III) Other Information on the Controlling Shareholder and Actual Controller
□Applicable √Not Applicable
V. Cumulative Pledged Shares of the Company's Controlling Shareholder or the Largest
Shareholder and Persons Acting in Concert Reaching or Exceeding 80% of Their Shareholding in
the Company
□Applicable √Not Applicable
VI. Other Corporate Shareholders Holding More Than 10% of Shares
□Applicable √Not Applicable
VII. Explanation of Share Reduction Restriction
□Applicable √Not Applicable
VIII. Implementation of Share Repurchase during the Reporting Period
□Applicable √Not Applicable
IX. Information on Preferred Shares
□Applicable √Not Applicable
78 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section VII Information on Bonds
I. Corporate Bonds (Including Enterprise Bonds) and Debt Financing Instruments of
Non-financial Enterprises
□Applicable √Not Applicable
II. Convertible Corporate Bonds
□Applicable √Not Applicable
79 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Section VIII Financial Report
I. Audit Report
√Applicable □Not Applicable
XKSBZ [2026] No. ZI10206
To the shareholders of OPPLE Lighting Co. Ltd.:
I. Audit Opinion
We have audited the financial statements of OPPLE Co. Ltd. (hereinafter referred to as "OPPLE") which
comprise the consolidated and parent company balance sheets as at 31 December 2025 as well as the
consolidated and parent company income statements consolidated and parent company cash flow
statements consolidated and parent company statements of changes in owners' equity and notes to the
financial statements for the year 2025.In our opinion the accompanying financial statements present fairly in all material respects the
consolidated and parent company financial position of OPPLE as at 31 December 2025 and the
consolidated and parent company results of operations and cash flows for the year 2025 in accordance
with the Accounting Standards for Business Enterprises.II. Basis for Audit Opinions
We conducted our audit in accordance with the China Registered Accountants Auditing Standards. Our
responsibilities under those standards are further described in the section "Auditor's Responsibilities for
the Audit of the Financial Statements". We are independent of OPPLE in accordance with Independence
Standards for Chinese Certified Public Accountants No. 1 – Independence Requirements for Financial
Statement Audit and Review Engagements and the Code of Ethics for Chinese Certified Public
Accountants and we have fulfilled our other responsibilities in terms of professional ethics in accordance
with these requirements. We have complied with the independence requirements applicable to audits of
public interest entities. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.III Key Audit Matters
Key audit matters are the matters that we believe are the most significant to the audit of the financial
statements for the current period based on our professional judgment. These matters were addressed in the
context of our audit of the financial statements as a whole and in forming our opinion thereon and we do
not provide a separate opinion on these matters.
80 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The key audit matters we identified in our audit are summarized below:
Key Audit Matter How the matter was addressed in our audit
(I) Revenue Recognition
OPPLE is mainly engaged in the We performed the following main audit procedures for revenue
production and sale of lighting recognition:
products. In 2025 OPPLE achieved (1) Obtained an understanding of and evaluated the design and
a sales revenue of RMB operating effectiveness of key internal controls of management related
6970146400 representing a to revenue recognition;
decrease of 1.78% compared to the (2) Selected samples to check sales contracts or orders identified
same period last year. contract terms and conditions related to the transfer of control of goods
According to OPPLE's accounting and evaluated whether the timing of revenue recognition complied with
policies the Company takes the the requirements of the accounting standards for business enterprises;
time when the control of the sold (3) Selected samples of revenue transactions recorded during the year
goods is transferred to the buyer as checked them against invoices sales delivery notes and logistics bills or
the revenue recognition point. In signed delivery receipts and evaluated whether the related revenue
response to different sales models recognition was in accordance with the accounting policies on revenue
combined with the industry recognition;
characteristics and the differences in (4) Obtained export data from the electronic port system and reconciled
the timing of the transfer of control it with recorded export sales to confirm the amount of export sales
corresponding revenue recognition revenue;
policies have been formulated (5) Selected samples to perform confirmation procedures;
respectively. (6) Analyzed and verified major customers and changes therein
As revenue is one of the Company’s conducted background investigations on significant new customers and
key performance indicators there is simultaneously performed confirmation procedures to verify accounts
an inherent risk that management receivable balances and sales revenue amounts;
may manipulate the timing of (7) For the revenue transactions recorded before and after the balance
revenue recognition to achieve sheet date selected samples checked them against delivery notes and
specific goals or expectations. other supporting documents and evaluated whether revenue was
Accordingly we have identified recorded in the appropriate accounting period;
revenue recognition for OPPLE as a (8) Performed IT audit procedures on revenue including obtaining an
key audit matter. understanding of testing and evaluating the control environment of
For the accounting policies on relevant information systems and comparing revenue data confirmed in
revenue recognition refer to Note the order system logistics system warehouse system and financial
V 34; for disclosures on revenue system to verify the consistency of the revenue recognized.refer to Note VII 61.(II) Investment and Wealth Management
As of December 31 2025 the We performed the following main procedures for the recognition of
balance of unexpired wealth investment and wealth management:
management products presented (1) Obtained an understanding of and tested the design and operating
under "Trading Financial Assets" in effectiveness of OPPLE's key internal controls over the investment and
OPPLE's financial statements wealth management business and evaluated whether the internal
amounted to RMB 3642802900 controls over investment activities were effective;
accounting for 37.87% of the (2) Obtained and reviewed the authorization documents of the Board of
Company’s total assets. Directors and the investment decision-making documents of the
As the Company's investment and Management and consulted the Management of OPPLE to understand
wealth management transactions the purposes and motivations of the investment and wealth management;
involve significant amounts and the (3) Reviewed payment documents for the subscription of wealth
accounting for financial assets and management products and other relevant documents and checked
their appropriate presentation in the whether the relevant procedures had been completed;
financial statements involves the (4) Performed confirmation procedures on wealth management products
Management's assessments and outstanding at period-end and obtained replies and carried out
judgments we have identified procedures to check their subsequent maturity and redemption;
OPPLE's investment and wealth (5) Obtained and reviewed the relevant asset management plan contracts
management as a key audit matter. understood the decision-making mechanisms and processes regarding
For the accounting policies on the the management utilization and disposal of assets under such plans
81 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
recognition of investment and analyzed the rights of the principal and the trustee of the products
wealth management refer to Note conducted interviews with the Management of OPPLE and the plan
V 11; for disclosures related to managers assessed OPPLE's power over the products the variable
investment and wealth management returns and its ability to use its power to affect those variable returns
refer to Note VII 2. and determined whether OPPLE has control over such products; also
obtained an understanding of and evaluated the security and
recoverability of the asset management plans;
(6) Reviewed whether OPPLE's accounting treatment for the investment
and wealth management business was appropriate and whether it was
appropriately disclosed in the financial statements.IV. Other Information
The Management of OPPLE (hereinafter referred to as "the Management") is responsible for the other
information. The other information comprises the information included in OPPLE's 2025 annual report
but does not include the financial statements and our audit reports.Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other information
and in doing so consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatement of this other
information we are required to report that fact. We have nothing to report in this regard.V. Responsibilities of the Management and Those Charged with Governance for Financial
Statements
The Management is responsible for preparing financial statements in accordance with the Accounting
Standards for Business Enterprises to achieve fair presentation and to design implement and maintain
necessary internal controls to avoid material misstatement resulting from fraud or error.In the preparation of the financial statements the Management is responsible for assessing OPPLE's
ability to continue as a going concern disclosing matters related to going concern (if applicable) and
using the going concern basis of accounting unless the Management either intends to liquidate OPPLE or
to cease operations or has no realistic alternative but to do so.Those Charged with Governance are responsible for overseeing the Company's financial reporting
process.VI. Responsibilities of CPAs for Auditing the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement whether due to fraud or error and to issue an audit report that includes
our audit opinions. Reasonable assurance is a high level of assurance but it does not guarantee that an
audit conducted in accordance with auditing standards will always detect a material misstatement if it
exists. Misstatements may arise from fraud or error. If it is reasonably expected that any misstatements
either individually or collectively could affect the economic decisions made by users of the financial
statements based on the financial statements the misstatements are generally considered material.As part of an audit in accordance with auditing standards we exercise professional judgment and maintain
professional skepticism throughout the audit. In addition we also perform the following procedures:
(I) Identify and assess the risks of material misstatement resulting from fraud or error design and
implement audit procedures to address these risks and obtain adequate and appropriate audit evidence as a
basis for giving audit opinions. As fraud may involve collusion forgery willful omission and false
82 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
statements or overstepping the internal control the risk of failing to detect significant misstatements due to
fraud is higher than that due to errors.(II) Understand the internal controls related to the audit to design audit procedures that are appropriate in
the circumstances.(III) Evaluate the appropriateness of the accounting policies used and the reasonableness of the accounting
estimates and related disclosures made by the Management.(IV) Draw a conclusion on the appropriateness of the going-concern assumption used by the Management.Meanwhile based on the audit evidence obtained conclude whether there is a material uncertainty
regarding the events or conditions that may cast significant doubt on OPPLE's ability to continue as a
going concern. If we come to the conclusion that there is material uncertainty we shall according to the
auditing standards draw the attention of users of the financial statements to the relevant disclosures in the
audit report; if the disclosure is insufficient we shall give a non-unqualified opinion. Our conclusions are
based on the information available to us up to the date of our audit report. However future events or
circumstances may lead to the inability of OPPLE to operate as a going concern.(V) Evaluate the overall presentation structure and content of the financial statements including the
disclosures and whether the financial statements fairly reflect the relevant transactions and events.(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or
business activities within OPPLE to express audit opinions on the consolidated financial statements. We
are responsible for the direction supervision and performance of the Group's audit and bearing all
liabilities for our audit opinions.We communicated with Those Charged with Governance regarding among others the planned scope and
scheduling of the audit and significant audit findings including the internal control defects that we
identified in the audit that deserve attention.We also provided a statement to Those Charged with Governance on compliance with ethical
requirements related to independence and discussed with them all relationships and other matters that may
reasonably be considered to have an effect on our independence as well as associated preventive actions
(if applicable).From the matters that we communicated with Those Charged with Governance we decided which were
the most important to the audit of the current financial statements and therefore constituted key audit
matters. We describe these matters in our audit report unless law or regulation precludes public disclosure
about the matter or when in extremely rare circumstances we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.II. Financial Statements
Consolidated Balance Sheet
December 31 2025
Prepared by: OPPLE Lighting Co. Ltd.Unit: Yuan Currency: RMB
December 31 December 31
Item Note
20252024
Current assets:
Monetary funds 1716562743.15 1581045943.61
Provision of settlement fund - -
Lending funds - -
Held-for-trading financial assets 3642802853.79 4081348921.90
83 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Derivative financial assets - -
Notes receivable 21044040.00 5926193.84
Accounts Receivable 823716790.28 711175134.86
Receivables financing 56000.00 -
Prepayments 19927290.62 18323351.03
Premium receivable - -
Reinsurance accounts receivable - -
Reinsurance contract reserves receivable - -
Other receivables 31064802.47 34168283.53
Including: interest receivable - -
Dividends receivable - 3750655.20
Financial assets purchased under resale agreements - -
Inventories 507455867.58 528017908.22
Including: data resources - -
Contract assets 28272363.97 27251427.07
Assets held for sale - -
Current portion of non-current assets - -
Other current assets 47247055.06 50884575.42
Total current assets 6838149806.92 7038141739.48
Non-current assets:
Loans and advances - -
Debt investments - -
Other debt investments - -
Long-term receivables - -
Long-term equity investments 261226338.69 266039492.66
Investments in other equity instruments 142901100.00 142901100.00
Other non-current financial assets 74285521.15 107268827.39
Investment properties 41967224.57 47394439.75
Fixed assets 1248608006.36 1327409436.51
Construction in progress 195859059.95 22953466.65
Productive biological assets - -
Oil and gas assets - -
Right-of-use assets 9245469.99 14227440.26
84 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Intangible assets 557446693.17 484221712.36
Including: data resources - -
Development expenditures - -
Including: data resources - -
Goodwill - -
Long-term deferred expenses 11967578.86 9050769.28
Deferred tax assets 121882932.76 125617613.17
Other non-current assets 115109932.45 91933817.81
Total non-current assets 2780499857.95 2639018115.84
Total assets 9618649664.87 9677159855.32
Current liabilities:
Short-term borrowings 8769946.31 80596034.90
Borrowings from the central bank - -
Borrowing funds - -
Held-for-trading financial liabilities - 118063.58
Derivative financial liabilities - -
Notes payable - -
Accounts payable 788545222.37 934649729.00
Advances from customers - -
Contract liabilities 145815184.96 151592860.55
Financial assets sold under repurchase agreements - -
Deposits from customers and interbank - -
Acting trading securities - -
Acting underwriting securities - -
Employee benefits payable 266103868.14 294923534.71
Taxes and dues payable 96909841.91 102474827.33
Other payables 424434275.89 471535342.22
Including: interest payable - -
Dividends payable - -
Fees and commissions payable - -
Reinsurance accounts payable - -
Liabilities held for sale - -
Current portion of non-current liabilities 13408295.60 14781783.37
85 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Other current liabilities 739124066.70 776802389.46
Total current liabilities 2483110701.88 2827474565.12
Non-current liabilities:
Insurance contract reserves - -
Long-term borrowings - -
Bonds payable - -
Including: preferred stock - -
Perpetual bonds - -
Lease liabilities 5492757.68 9279172.51
Long-term payables - 8998803.00
Long-term employee benefits payable - -
Provisions 44925810.26 47482998.90
Deferred income 68129342.85 57686532.09
Deferred tax liabilities 2433829.96 2178782.42
Other non-current liabilities - -
Total noncurrent liabilities 120981740.75 125626288.92
Total liabilities 2604092442.63 2953100854.04
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital) 743817633.00 745225175.00
Other equity instruments - -
Including: preferred stock - -
Perpetual bonds - -
Capital reserve 640539945.51 645902422.82
Less: Treasury shares 107845221.37 159496014.95
Other comprehensive income -25268473.58 -10936455.23
Special reserve - -
Surplus reserve 400338803.84 400338803.84
General risk reserves - -
Undistributed profits 5360843290.12 5103007686.94
Total owners' equity (or shareholders' equity)
7012425977.526724041618.42
attributable to the parent company
Non-controlling interests 2131244.72 17382.86
Total owners' equity (or shareholders' equity) 7014557222.24 6724059001.28
Total liabilities and owner's equity (or shareholders'
9618649664.879677159855.32
equity)
86 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
87 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Balance Sheet of the Parent Company
December 31 2025
Prepared by: OPPLE Lighting Co. Ltd.Unit: Yuan Currency: RMB
Item Note December 31 2025 December 31 2024
Current assets:
Monetary funds 1245155813.57 1039374969.49
Held-for-trading financial assets 3326068646.59 3503331196.47
Derivative financial assets - -
Notes receivable 8029946.31 3357925.00
Accounts receivable 163483277.07 209967440.58
Receivables financing 4400.00 -
Prepayments 5570018.70 2430590.28
Other receivables 580799545.34 623040018.27
Including: interest receivable 17944.31 -
Dividends receivable 276557680.67 276557680.67
Inventories 201164507.99 230483947.84
Including: data resources - -
Contract assets 1876791.33 3531858.03
Assets held for sale - -
Current portion of non-current
--
assets
Other current assets 1720217.59 2764503.83
Total current assets 5533873164.49 5618282449.79
Non-current assets:
Debt investments - -
Other debt investments - -
Long-term receivables - -
Long-term equity investments 1128653584.60 1098776452.95
Investments in other equity
142901100.00142901100.00
instruments
Other non-current financial
74285521.15107268827.39
assets
Investment properties - -
Fixed assets 109359567.45 121863581.47
Construction in progress 450883.33 -
88 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Productive biological assets - -
Oil and gas assets - -
Right-of-use assets 3662395.94 5794642.16
Intangible assets 134395.06 626397.72
Including: data resources - -
Development expenditures - -
Including: data resources - -
Goodwill - -
Long-term deferred expenses 512228.54 105467.60
Deferred tax assets 44563784.64 51850491.55
Other non-current assets 258020.00 372198.52
Total non-current assets 1504781480.71 1529559159.36
Total 7038654645.20 7147841609.15
Current liabilities:
Short-term borrowings 7969946.31 797925.00
Held-for-trading financial
--
liabilities
Derivative financial liabilities - -
Notes payable - -
Accounts payable 130105254.92 54540500.01
Advances from customers - -
Contract liabilities 91144922.25 174659167.81
Employee benefits payable 108036654.71 125325309.19
Taxes and dues payable 47585247.22 51611896.35
Other payables 268999634.47 254173519.39
Including: interest payable - -
Dividends payable - -
Liabilities held for sale - -
Current portion of non-current
11928775.4612410044.56
liabilities
Other current liabilities 409914185.54 504271325.24
Total current liabilities 1075684620.88 1177789687.55
Non-current liabilities:
Long-term borrowings - -
Bonds payable - -
89 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Including: preferred stock - -
Perpetual bonds - -
Lease liabilities 839167.86 2371375.59
Long-term payables - 8998803.00
Long-term employee benefits
--
payable
Provisions 4345141.08 5906748.26
Deferred income - -
Deferred tax liabilities 1913284.37 1662090.01
Other non-current liabilities - -
Total noncurrent liabilities 7097593.31 18939016.86
Total liabilities 1082782214.19 1196728704.41
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital) 743817633.00 745225175.00
Other equity instruments - -
Including: preferred stock - -
Perpetual bonds - -
Capital reserve 660166603.94 665529081.25
Less: Treasury shares 107845221.37 159496014.95
Other comprehensive income -7098900.00 -7098900.00
Special reserve - -
Surplus reserve 399218538.79 399218538.79
Undistributed profits 4267613776.65 4307735024.65
Total owners' equity (or
5955872431.015951112904.74
shareholders' equity)
Total liabilities and owner's
7038654645.207147841609.15
equity (or shareholders' equity)
Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
90 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Consolidated Income Statement
From January to December 2025
Unit: Yuan Currency: RMB
Item Note 2025 2024
I. Total operating revenue 6970146425.51 7096343305.89
Including: operating revenue 6970146425.51 7096343305.89
Interest income - -
Earned premium - -
Fee and commission income - -
II. Total operating costs 6034181507.23 6246770179.15
Including: operating costs 4228485604.32 4308012292.26
Interest expenses - -
Fee and commission expenses - -
Surrender value - -
Net claims paid - -
Net provision for insurance liabilities - -
Policy dividend expenses - -
Reinsurance expenses - -
Taxes and surcharges 56522408.06 58325813.02
Selling expenses 1213656257.96 1291188397.86
Administrative expenses 269557938.82 335693236.17
R&D expenses 296922518.64 306023822.87
Financial expenses -30963220.57 -52473383.03
Including: Interest expense 1187029.81 5466488.41
Interest income 22633394.20 70928071.15
Add: Other incomes 86801754.35 94160082.40
Investment income (losses denoted by
74458780.5591904729.46
"-")
Including: income from investments in
-4831458.2725834599.07
associates and joint ventures
Gains from derecognition of financial
--
assets measured at amortized cost.Exchange gains (loss denoted by "-") - -
Net gain on exposure hedging (loss
--
denoted by "-")
Gains from changes in fair value (loss
1747682.158169354.15
denoted by "-")
Credit impairment loss (loss denoted
-5740700.02-21426212.08
by "-")
91 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Asset impairment loss (loss denoted by
-10571045.54-10489971.99
"-")
Gains from assets disposal (loss
29920.35106676.20
denoted by "-")
III. Operating profit (loss denoted by
1082691310.121011997784.88
'-')
Add: Non-operating income 33719362.41 22092252.22
Less: non-operating expenses 33159089.77 4241395.12
IV. Total profit (total loss denoted by
1083251582.761029848641.98
"-")
Less: income tax expenses 160641013.67 125094658.42
V. Net profit (net loss denoted by "-") 922610569.09 904753983.56
(I) Classification by operation continuity
1. Net profit from continuing
922610569.09904753983.56
operations (net loss denoted by "-")
2. Net profit from discontinued
--
operations (net loss denoted by "-")
(II) Classification by ownership
1. Net profit attributable to the
shareholders of the parent company 920496707.23 902969226.83
(net loss denoted by "-")
2. Minority gains and losses (net loss
2113861.861784756.73
denoted by "-")
VI. Other comprehensive income after
-14584677.69-57007808.34
tax
(I) Items attributable to the owners of
-14332018.35-57148144.65
the parent company
1. Items to be re-classified
--61848900.00
subsequently to profit or loss
(1) Remeasurements of the net defined
--
benefit plan
(2) Items under equity method that will
--
not be re-classified to profit or loss
(3) Changes in fair value of other
--61848900.00
equity instrument investments
(4) Changes in fair value of the
--
enterprise's own credit risk
2. Other comprehensive income to be
-14332018.354700755.35
re-classified into profit or loss
(1) Items under equity method that may
--
be re-classified to profit or loss
(2) Changes in fair value of other debt
--
investments
(3) Profit or loss from reclassification
of financial assets into other - -
comprehensive income
(4) Provision for credit impairment of
--
other debt investments
(5) Cash flow hedging reserves - -
(6) Exchange differences on translation
-14332018.354700755.35
of foreign currency financial
92 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
statements
(7) Others - -
(II) Items attributable to
-252659.34140336.31
non-controlling shareholders
VII. Total comprehensive income 908025891.40 847746175.22
(I) Items attributable to the owners of
906164688.88845821082.18
the parent company
(II) Items attributable to
1861202.521925093.04
non-controlling shareholders
VIII. Earnings per share:
(I) Basic earnings per share (RMB per
1.261.23
share)
(II) Diluted earnings per share (RMB
1.261.23
per share)
For business combinations under common control the net profit realized by the combined party before the
combination is RMB 0 and the net profit realized by the combined party in the prior period is RMB 0.Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
93 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Income Statement of the Parent Company
From January to December 2025
Unit: Yuan Currency: RMB
Item Note 2025 2024
I. Operating revenue 4191304416.02 4471022757.37
Less: operating costs 3059318882.81 3274590571.15
Taxes and surcharges 16879387.71 16967679.97
Selling expenses 369746841.36 393103466.67
Administrative expenses 208782187.88 252979363.73
R&D expenses 142063196.97 152742717.93
Financial expenses -13273125.02 -58339999.64
Including: Interest expense 138546.52 100783.95
Interest income 13683639.29 57732862.29
Add: Other incomes 28076738.74 27523493.73
Investment income (losses denoted by
243957225.26405702165.45
"-")
Including: income from investments in
-1231268.35-96887.70
associates and joint ventures
Gains from derecognition of financial
--
assets measured at amortized cost.Net gain on exposure hedging (loss
--
denoted by "-")
Gains from changes in fair value (loss
1916393.627677292.60
denoted by "-")
Credit impairment loss (loss denoted
-1496149.37-3280626.26
by "-")
Asset impairment loss (loss denoted by
-1995152.92-7816765.43
"-")
Gains from assets disposal (loss
2.50156688.98
denoted by "-")
II. Operating profit (loss denoted by
678246102.14868941206.63
"-")
Add: Non-operating income 28332530.13 22990336.95
Less: non-operating expenses 30287206.83 277165.72
III. Total profit (total loss denoted by
676291425.44891654377.86
"-")
Less: income tax expenses 53751569.39 53563559.68
IV. Net profit (net loss denoted by "-") 622539856.05 838090818.18
(I) Net profit from continuing operation
622539856.05838090818.18
(net loss denoted by "-")
(II) Net profit from discontinued
--
operations (net loss denoted by "-")
V. Other comprehensive income after
--61848900.00
tax
94 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(I) Items not to be re-classified
--61848900.00
subsequently to profit or loss
1. Remeasurements of the net defined
--
benefit plan
2. Items under equity method that will
--
not be re-classified to profit or loss
3. Changes in fair value of other equity
--61848900.00
instrument investments
4. Changes in fair value of the
--
enterprise's own credit risk
(II) Items to be re-classified
--
subsequently to profit or los
1. Items under equity method that may
--
be re-classified to profit or loss
2. Changes in the fair value of other
--
debt investments
3. Profit or loss from reclassification of
financial assets into other - -
comprehensive income
4. Provision for credit impairment of
--
other debt investments
5. Cash flow hedging reserves - -
6. Exchange differences on translation
--
of foreign currency
7. Others - -
VI. Total comprehensive income 622539856.05 776241918.18
VII. Earnings per share:
(I) Basic earnings per share (RMB per
share)
(II) Diluted earnings per share (RMB
per share)
Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
95 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Consolidated Cash Flow Statement
From January to December 2025
Unit: Yuan Currency: RMB
Item Note 2025 2024
I. Cash flows from operating activities:
Cash received from sales of goods
7348845949.367556061793.93
and the rendering of services
Net increase in deposits from
--
customers and interbank
Net increase in borrowings from
--
central bank
Net increase in funds borrowed
--
from other financial institutions
Cash receipts from original
--
insurance contract premium
Net cash received from
--
reinsurance business
Net increase in policyholders'
--
deposits and investment funds
Cash received from interests fees
--
and commissions
Net increase of loans from others - -
Net increase of repurchase - -
Net cash received from agency
--
trading of securities
Receipts of tax refund 6260023.30 5568576.25
Other cash receipts in relation to
167326686.33226224761.34
operating activities
Subtotal of cash inflows from
7522432658.997787855131.52
operating activities
Cash paid for purchase of goods
4059695202.524054379870.67
and services
Net increase in customer loans and
advances
Net increase in deposits with the
central bank and other banks
Cash paid for claims under the
original insurance contract
Net increase in lending funds
Cash paid for interests fees and
commissions
Cash paid for policy dividends
Cash paid to and for employees 1395595358.73 1398018279.75
Cash paid for taxes and rates 478978047.93 522312359.54
Cash paid relating to other
898289570.30994006786.23
operating activities
Subtotal of cash outflows from
6832558179.486968717296.19
operating activities
96 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Net cash flow from operating
689874479.51819137835.33
activities
II. Cash flows from investing activities:
Cash received from the disposal of
5870339039.744517022199.88
investment
Cash received from investment
83040894.0265149608.89
income
Net cash received from disposal of
fixed assets intangible assets and 273281.85 606747.68
other long-term assets
Net cash received from disposal of
subsidiaries and other business - 8190.40
entities
Cash received relating to other
--
investing activities
Subtotal of cash inflows from
5953653215.614582786746.85
investing activities
Cash paid for the purchase and
construction of fixed assets
361984891.21175853411.08
intangible assets and other
long-term assets
Cash paid for investments 5397178290.00 8278185877.22
Net increase in pledge loans - -
Net cash paid for the acquisition of
subsidiaries and other business - 23142817.56
entities
Cash paid relating to other
--
investment activities
Subtotal of cash outflows from
5759163181.218477182105.86
investment activities
Net cash flow from investment
194490034.40-3894395359.01
activities
III. Cash flows from financing activities:
Cash received from absorbing
9878400.0049972028.33
investments
Including: cash received by
subsidiaries from non-controlling - 5236404.33
shareholders as investments
Cash received from borrowings 20198103.33 22589673.06
Other cash received relating to
--
financing activities
Subtotal of cash inflows from
30076503.3372561701.39
financing activities
Cash paid for repayment of debt 91780690.37 94796868.08
Cash paid for distribution of
dividends or profits and for interest 662937208.32 628077545.99
expenses
Including: dividends and profits
paid by subsidiaries to minority - -
shareholders
Other cash payments related to
19731597.42188072331.02
financing activities
97 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Subtotal of cash outflows from
774449496.11910946745.09
financing activities
Net cash flow from financing
-744372992.78-838385043.70
activities
IV. Effect of exchange rate
changes on cash and cash -924137.59 2668591.05
equivalents
V. Net increase in cash and cash
139067383.54-3910973976.33
equivalents
Add: Opening balance of cash and
1576091564.615487065540.94
cash equivalents
VI. Closing balance of cash and
1715158948.151576091564.61
cash equivalents
Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
98 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Cash Flow Statement of the Parent Company
From January to December 2025
Unit: Yuan Currency: RMB
Item Note 2025 2024
I. Cash flows from operating activities:
Cash received from sales of goods
4904378348.714949956403.64
and the rendering of services
Receipts of tax refund - -
Other cash receipts in relation to
636880061.82118379436.35
operating activities
Subtotal of cash inflows from
5541258410.535068335839.99
operating activities
Cash paid for purchase of goods
3539020202.843784022409.14
and services
Cash paid to and for employees 434423428.36 468361595.21
Cash paid for taxes and rates 198511493.86 222027002.25
Cash paid relating to other
934988118.97354919389.96
operating activities
Subtotal of cash outflows from
5106943244.034829330396.56
operating activities
Net cash flow from operating
434315166.50239005443.43
activities
II. Cash flows from investing activities:
Cash received from the disposal of
4814385385.354120619843.57
investment
Cash received from investment
255380784.40455594236.19
income
Net cash received from disposal of
fixed assets intangible assets and 2830.96 252592.87
other long-term assets
Net cash received from disposal of
subsidiaries and other business - -
entities
Cash received relating to other
6198800.001545304.13
investing activities
Subtotal of cash inflows from
5075967800.714578011976.76
investing activities
Cash paid for the purchase and
construction of fixed assets
2065464.068197861.63
intangible assets and other
long-term assets
Cash paid for investments 4640208400.00 7363420247.22
Net cash paid for the acquisition of
subsidiaries and other business - -
entities
Cash paid relating to other
--
investment activities
Subtotal of cash outflows from
4642273864.067371618108.85
investment activities
99 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Net cash flow from investment
433693936.65-2793606132.09
activities
III. Cash flows from financing activities:
Cash received from absorbing
9878400.0044735624.00
investments
Cash received from borrowings 8069946.31 1294179.17
Other cash received relating to
--
financing activities
Subtotal of cash inflows from
17948346.3146029803.17
financing activities
Cash paid for repayment of debt 897925.00 496254.17
Cash paid for distribution of
dividends or profits and for interest 661702525.76 621497941.83
expenses
Other cash payments related to
17645881.89179958796.09
financing activities
Subtotal of cash outflows from
680246332.65801952992.09
financing activities
Net cash flow from financing
-662297986.34-755923188.92
activities
IV. Effect of exchange rate
changes on cash and cash 69727.27 861198.44
equivalents
V. Net increase in cash and cash
205780844.08-3309662679.14
equivalents
Add: Opening balance of cash and
1039374969.494349037648.63
cash equivalents
VI. Closing balance of cash and
1245155813.571039374969.49
cash equivalents
Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
100 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Consolidated Statement of Changes in Owners' Equity
From January to December 2025
Unit: Yuan Currency: RMB
2025
Owners' Equity Attributable to the Parent Company
Item Paid-in Capital Other Equity Instruments Other Minority Total Owners'
Less: Treasury Special Surplus General Risk Undistributed
(or Share Preferred Perpetual Capital Reserves comprehensive Others Subtotal Interests Equity
Others Shares Reserves Reserves Reserves Profits
Capital) Stock Bonds Income
I. Closing
balance of the 745225175.00 - - - 645902422.82 159496014.95 -10936455.23 - 400338803.84 - 5103007686.94 6724041618.42 17382.86 6724059001.28
previous year
Add: Changes in
accounting - - - - - - - - - - - - - -
policies
Correction of
prior period - - - - - - - - - - - - - -
errors
Others - - - - - - - - - - - - -
II. Opening
balance of the 745225175.00 - - - 645902422.82 159496014.95 -10936455.23 - 400338803.84 - 5103007686.94 6724041618.42 17382.86 6724059001.28
current year
III. Increase or
decrease in
current period -1407542.00 - - - -5362477.31 -51650793.58 -14332018.35 - - - 257835603.18 288384359.10 2113861.86 290498220.96
(decrease
denoted by "-")
(I) Total
comprehensive - - - - - - -14332018.35 - - - 920496707.23 906164688.88 1861202.52 908025891.40
income
(II) Capital
contributed or
-1407542.00---8253485.89-28156430.38-----35002374.27252659.3435255033.61
reduced by
owners
1. Ordinary
shares invested - - - - - - - - - - - - - -
by owners
2. Capital
contributed by
holders of other - - - - - 9878400.00 - - - - - -9878400.00 - -9878400.00
equity
instruments
3. Share-based
payments
----19320543.41------19320543.41-19320543.41
included in
owners' equity
4. Others -1407542.00 - - - -11067057.52 -38034830.38 - - - - - 25560230.86 252659.34 25812890.20
(III) Profit
-----------662661104.05-662661104.05--662661104.05
distribution
1. Appropriation
of surplus - - - - - - - - - - - - - -
reserve
101 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Appropriation
of general risk - - - - - - - - - - - - - -
reserves
3. Appropriation
of profit to
-----------662661104.05-662661104.05--662661104.05
owners (or
shareholders)
4. Others - - - - - - - - - - - - - -
(IV) Internal
carry-over of - - - - -13615963.20 -23494363.20 - - - - - 9878400.00 - 9878400.00
owners' equity
1. Capital
reserves
converted to - - - - - - - - - - - - - -
capital (or share
capital)
2. Surplus
reserves
converted to - - - - - - - - - - - - - -
capital (or share
capital)
3. Surplus
reserves to cover - - - - - - - - - - - - - -
losses
4. Changes in
defined benefit
plans carried - - - - - - - - - - - - - -
forward into
retained earnings
5. Other
comprehensive
income carried - - - - - - - - - - - - - -
forward into
retained earnings
6. Others - - - - -13615963.20 -23494363.20 - - - - - 9878400.00 - 9878400.00
(V) Special
--------------
reserves
1. Withdrawal in
--------------
current period
2. Use in current
--------------
period
(VI) Others - - - - - - - - - - - - - -
IV. Closing
balance of the 743817633.00 - - - 640539945.51 107845221.37 -25268473.58 - 400338803.84 - 5360843290.12 7012425977.52 2131244.72 7014557222.24
current period
102 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2024
Owners' Equity Attributable to the Parent Company
Item
Minority Total Owners'
Paid-in Capital Other Equity Instruments Other General
Less: Treasury Special Surplus Undistributed Interests Equity
(or Share Capital Reserves Comprehensive Risk Others Subtotal
Capital) Preferred Perpetual
Shares Reserves Reserves Profits
Others Income Reserves
Stock Bonds
I. Closing
balance of the 746426035.00 - - - 709631829.50 77381833.86 46211689.42 - 400338803.84 - 4823670299.69 6648896823.59 13752342.79 6662649166.38
previous year
Add: Changes in
accounting - - - - - - - - - - - - - -
policies
Correction of
prior period - - - - - - - - - - - - - -
errors
Others - - - - - - - - - - - - - -
II. Opening
balance of the 746426035.00 - - - 709631829.50 77381833.86 46211689.42 - 400338803.84 - 4823670299.69 6648896823.59 13752342.79 6662649166.38
current year
III. Increase or
decrease in
current period -1200860.00 - - - -63729406.68 82114181.09 -57148144.65 - - - 279337387.25 75144794.83 -13734959.93 61409834.90
(decrease
denoted by "-")
(I) Total
comprehensive - - - - - - -57148144.65 - - - 902969226.83 845821082.18 1925093.04 847746175.22
income
(II) Capital
contributed or
-1200860.00----13806781.96176772429.81------191780071.77-15660052.97-207440124.74
reduced by
owners
1. Ordinary
shares invested - - - - - - - - - - - - 500000.00 500000.00
by owners
2. Capital
contributed by
holders of other - - - - - 44735624.00 - - - - - -44735624.00 - -44735624.00
equity
instruments
3. Share-based
payments
----28268242.55------28268242.55-28268242.55
included in
owners' equity
4. Others -1200860.00 - - - -42075024.51 132036805.81 - - - - - -175312690.32 -16160052.97 -191472743.29
(III) Profit
-----------623631839.58-623631839.58--623631839.58
distribution
103 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
1. Appropriation
of surplus - - - - - - - - - - - - - -
reserve
2. Appropriation
of general risk - - - - - - - - - - - - - -
reserves
3. Appropriation
of profit to
-----------623631839.58-623631839.58--623631839.58
owners (or
shareholders)
4. Others - - - - - - - - - - - - - -
(IV) Internal
carry-over of - - - - -49922624.72 -94658248.72 - - - - - 44735624.00 - 44735624.00
owners' equity
1. Capital
reserves
converted to - - - - - - - - - - - - - -
capital (or share
capital)
2. Surplus
reserves
converted to - - - - - - - - - - - - - -
capital (or share
capital)
3. Surplus
reserves to cover - - - - - - - - - - - - - -
losses
4. Changes in
defined benefit
plans carried - - - - - - - - - - - - - -
forward into
retained earnings
5. Other
comprehensive
income carried - - - - - - - - - - - - - -
forward into
retained earnings
6. Others - - - - -49922624.72 -94658248.72 - - - - - 44735624.00 - 44735624.00
(V) Special
--------------
reserves
1. Withdrawal in
--------------
current period
2. Use in current
--------------
period
(VI) Others - - - - - - - - - - - - - -
IV. Closing
balance of the 745225175.00 - - - 645902422.82 159496014.95 -10936455.23 - 400338803.84 - 5103007686.94 6724041618.42 17382.86 6724059001.28
current period
Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
104 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Statement of Changes in Owners' Equity of the Parent Company
From January to December 2025
Unit: Yuan Currency: RMB
2025
Item Other Equity Instruments
Paid-in Capital (or Capital Less: Treasury Other comprehensive Special Surplus Undistributed Total Owners'
Share Capital) Preferred Perpetual Reserves Shares Income Reserves Reserves Profits Equity
Others
Stock Bonds
I. Closing balance of the previous year 745225175.00 - - - 665529081.25 159496014.95 -7098900.00 - 399218538.79 4307735024.65 5951112904.74
Add: Changes in accounting policies - - - - - - - - - - -
Correction of prior period errors - - - - - - - - - - -
Others - - - - - - - - - - -
II. Opening balance of the current year 745225175.00 - - - 665529081.25 159496014.95 -7098900.00 - 399218538.79 4307735024.65 5951112904.74
III. Increase or decrease in current period
-1407542.00----5362477.31-51650793.58---40121248.004759526.27
(decrease denoted by "-")
(I) Total comprehensive income - - - - - - - - 622539856.05 622539856.05
(II) Capital contributed or reduced by
-1407542.00---8253485.89-28156430.38----35002374.27
owners
1. Ordinary shares invested by owners - - - - - - - - - - -
2. Capital contributed by holders of other
-----9878400.00-----9878400.00
equity instruments
3. Share-based payments included in
----19320543.41-----19320543.41
owners' equity
4. Others -1407542.00 - - - -11067057.52 -38034830.38 - - - - 25560230.86
(III) Profit distribution - - - - - - - - - -662661104.05 -662661104.05
1. Appropriation of surplus reserve - - - - - - - - - - -
2. Distribution to owners (or shareholders) - - - - - - - - - -662661104.05 -662661104.05
3. Others - - - - - - - - - - -
105 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(IV) Internal carry-over of owners' equity - - - - -13615963.20 -23494363.20 - - - - 9878400.00
1. Capital reserves converted to capital (or
-----------
share capital)
2. Surplus reserves converted to capital (or
-----------
share capital)
3. Surplus reserves to cover losses - - - - - - - - - - -
4. Changes in defined benefit plans carried
-----------
forward into retained earnings
5. Other comprehensive income carried
-----------
forward into retained earnings
6. Others - - - - -13615963.20 -23494363.20 - - - - 9878400.00
(V) Special reserves - - - - - - - - - - -
1. Withdrawal in current period - - - - - - - - - - -
2. Use in current period - - - - - - - - - - -
(VI) Others - - - - - - - - - - -
IV. Closing balance of the current period 743817633.00 - - - 660166603.94 107845221.37 -7098900.00 - 399218538.79 4267613776.65 5955872431.01
106 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2024
Item Other Equity Instruments
Paid-in Capital (or Capital Less: Treasury Other Comprehensive Special Surplus Undistributed Total Owners'
Share Capital) Preferred Perpetual Reserves Shares Income Reserves Reserves Profits Equity
Others
Stock Bonds
I. Closing balance of the previous year 746426035.00 - - - 699637456.60 77381833.86 54750000.00 - 399218538.79 4093276046.05 5915926242.58
Add: Changes in accounting policies - - - - - - - - - - -
Correction of prior period errors - - - - - - - - - - -
Others - - - - - - - - - - -
II. Opening balance of the current year 746426035.00 - - - 699637456.60 77381833.86 54750000.00 - 399218538.79 4093276046.05 5915926242.58
III. Increase or decrease in current period
-1200860.00----34108375.3582114181.09-61848900.00--214458978.6035186662.16
(decrease denoted by "-")
(I) Total comprehensive income - - - - - - -61848900.00 - - 838090818.18 776241918.18
(II) Capital contributed or reduced by
-1200860.00---15814249.37176772429.81-----162159040.44
owners
1. Ordinary shares invested by owners - - - - - - - - - - -
2. Capital contributed by holders of other
-----44735624.00-----44735624.00
equity instruments
3. Share-based payments included in
----28268242.55-----28268242.55
owners' equity
4. Others -1200860.00 - - - -12453993.18 132036805.81 - - - - -145691658.99
(III) Profit distribution - - - - - - - - - -623631839.58 -623631839.58
1. Appropriation of surplus reserve - - - - - - - - - - -
2. Distribution to owners (or shareholders) - - - - - - - - - -623631839.58 -623631839.58
3. Others - - - - - - - - - - -
(IV) Internal carry-over of owners' equity - - - - -49922624.72 -94658248.72 - - - - 44735624.00
107 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
1. Capital reserves converted to capital (or
-----------
share capital)
2. Surplus reserves converted to capital (or
-----------
share capital)
3. Surplus reserves to cover losses - - - - - - - - - - -
4. Changes in defined benefit plans carried
-----------
forward into retained earnings
5. Other comprehensive income carried
-----------
forward into retained earnings
6. Others - - - - -49922624.72 -94658248.72 - - - - 44735624.00
(V) Special reserves - - - - - - - - - - -
1. Withdrawal in current period - - - - - - - - - - -
2. Use in current period - - - - - - - - - - -
(VI) Others - - - - - - - - - - -
IV. Closing balance of the current period 745225175.00 - - - 665529081.25 159496014.95 -7098900.00 - 399218538.79 4307735024.65 5951112904.74
Company Head: Wang Yaohai Chief Accountant: Wang Haiyan Head of Accounting Department: Tao Leiguang
108 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
III Basic Information of the Company
1. Company Profile
√Applicable □Not Applicable
OPPLE Lighting Co. Ltd. (hereinafter referred to as "Company" or "the Company") was formerly
known as OPPLE Lighting Limited. Pursuant to the shareholders’ resolution dated May 14 2012 and the
Articles of Association (draft) OPPLE Lighting Limited was converted as a whole into OPPLE Lighting
Co. Ltd.With the approval of the China Securities Regulatory Commission via the Reply on Approving the
Initial Public Offering of Shares by OPPLE Lighting Co. Ltd. (ZJXK [2016] No. 1658) the Company
publicly issued 58 million RMB-denominated ordinary shares (A shares) and was listed on the Shanghai
Stock Exchange in August 2016. The Company operates in the electrical machinery and equipment
manufacturing industry.Unified Social Credit Code of the Company: 91310000680999558Q.As of December 31 2025 the Company had a total issued share capital of 743817633 shares with a
registered capital of RMB 746426035. The registered address is Room 411 Building 1 No. 6111
Longdong Avenue Pudong New Area Shanghai and the headquarters address is Building V3 MixC No.
1799 Wuzhong Road Minhang District Shanghai.
The Company’s principal business activities are as follows: Licensed items: electrical installation
services; construction works. (Items subject to approval in accordance with laws shall be carried out only
upon approval by relevant authorities and specific business items shall be subject to the approval
documents or permits issued by relevant authorities.) General items: import and export of goods; import
and export of technologies; manufacturing of lighting fixtures; manufacturing of electromechanical
equipment; sales of electromechanical equipment; sales of lighting fixtures; sales of building decoration
materials; sales of sanitary wares; sales of furniture; sales of smart home consumer devices; sales of
fire-fighting equipment; sales of electronic products; sales of household appliances; sales of gas and liquid
separation and purification equipment; sales of pumps and vacuum equipment; sales of daily necessities;
retail of hardware products; installation services for household appliances; professional design services;
industrial design services; information technology consulting services; information consulting services
(excluding licensed information consulting services); certification consulting; technology services
technology development technology consulting technology exchange technology transfer and
technology promotion; non-residential real estate leasing. (Except for items subject to approval by law
business activities can be conducted independently according to law as per the business license)
The Company's parent company is Zhongshan OPPLE Investment Co. Ltd. and its actual controllers
are the couple Wang Yaohai and Ma Xiuhui.These financial statements were approved and reported through the resolution of the Company's
Board of Directors on April 22 2026.IV. Basis for Preparation of Financial Statements
1. Basis of Preparation
These financial statements were prepared in accordance with the Accounting Standards for
Enterprises - Basic Standards and the specific accounting standards issued by the Ministry of Finance the
Guidelines for the Application of Accounting Standards for Business Enterprises Interpretation of
Accounting Standards for Business Enterprises and other relevant regulations (hereinafter collectively
referred to as "Accounting Standards for Business Enterprises") as well as the relevant provisions of the
Compilation Rules for Information Disclosure by Companies Offering Securities to the Public No. 15 -
General Provisions on Financial Reports issued by China Securities Regulatory Commission.
109 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Going Concern
√Applicable □Not Applicable
These financial statements were prepared on a going concern basis.V. Significant Accounting Policies and Estimates
Reminders on specific accounting policies and accounting estimates:
√Applicable □Not Applicable
The following disclosures cover the specific accounting policies and accounting estimates
formulated by the Company based on its actual production and operation characteristics.
1. Declaration of Compliance with Accounting Standards for Business Enterprises
The financial statements prepared by the Company comply with the requirements of the Accounting
Standards for Business Enterprises which truly and completely reflect the financial status operating
results changes in shareholders’ equity cash flow and other relevant information of the Company.
2. Accounting Period
The Company's fiscal year is from January 1 to December 31 of each calendar year.
3. Operating Cycle
√Applicable □Not Applicable
The Company's operating cycle is 12 months.
4. Recording Currency
The Company adopts RMB as the recording currency.
5. Methods and Basis for Determining the Materiality Criteria
√Applicable □Not Applicable
Item Materiality Criteria
Significant receivables with provision for bad
debts made on an individual basis other Carrying amount of over RMB 10 million
receivables and contract assets.Single investment budget accounting for more
Significant construction in progress than 10% of the Company's latest audited net
assets
Single investment amount accounting for more
Significant investment activities than 10% of the Company's latest audited net
assets
110 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
6. Accounting Treatment of Business Combinations Under or not Under Common Control
√Applicable □Not Applicable
Business combinations under common control: The assets and liabilities acquired by the combining
party in a business combination (including goodwill arising from the acquiree being acquired by the
ultimate controlling party) are measured at the carrying amounts of the combined party's assets and
liabilities as recorded in the consolidated financial statements of the ultimate controlling party at the
combination date. The difference between the carrying amount of the net assets acquired in the
combination and the carrying amount of the consideration paid (or the aggregate nominal value of the
shares issued) is adjusted against the share premium in capital reserve. If the share premium in capital
reserve is insufficient to offset the difference adjustment is made to retained earnings.Business combinations not under common control: The combination cost is the aggregate of the fair
values of assets transferred liabilities incurred or assumed and equity securities issued by the acquirer at
the acquisition date to obtain control of the acquiree. The excess of the combination cost over the
acquirer's share of the fair value of the acquiree's identifiable net assets is recognized as goodwill. Where
the combination cost is less than the acquirer's share of the fair value of the acquiree's identifiable net
assets the difference is recognized in the current profit or loss. The identifiable assets liabilities and
contingent liabilities of the acquiree that meet the recognition criteria are measured at their fair values at
the acquisition date.Directly attributable costs related to the business combination are recognized in the current profit or
loss when incurred. Transaction costs related to the issuance of equity or debt securities in connection with
a business combination are included in the initially recognized amount of these securities.
7. Criteria for Determining Control and Preparation Method for Consolidated Financial
Statements
√Applicable □Not Applicable
1. Determining Criteria of Control
The scope of consolidated financial statements is determined on the basis of control and includes the
Company and all of its subsidiaries. Control refers to the control power of the Group over the investee.Through the control the Company may obtain variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee.
2. Consolidation Procedures
The Company treats the entire group as a single accounting entity and prepares consolidated financial
statements using uniform accounting policies to reflect the overall financial position operating results and
cash flows of the Group. The effects of internal transactions between the Company and its subsidiaries as
well as among subsidiaries themselves shall be offset. Where internal transactions indicate that the related
assets have suffered an impairment loss such loss is recognized in full. Where the accounting policies or
accounting periods of subsidiaries differ from those of the Company necessary adjustments are made to
the subsidiaries' financial statements in accordance with the Company's accounting policies and
accounting periods when preparing the consolidated financial statements.The owners' equity of subsidiaries current net profit or loss and the shares in total comprehensive
income attributable to minority shareholders shall be independently listed in the "owners' equity" in the
consolidated balance sheet the "net profit" and "total comprehensive income" in the consolidated income
statements. If current loss shared by minority shareholders in a subsidiary exceeds the share enjoyed by
minority shareholders in the subsidiary's owner's equity at the beginning of the period the balance shall be
written down with the minority shareholders' equity.
(1) Addition of Subsidiaries or Businesses
During the reporting period when a subsidiary or business is added through a business combination
under common control the operating results and cash flows from the beginning of the combination period
to the end of the reporting period are included in the consolidated financial statements and the opening
111 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
balances and comparative figures are adjusted as if the reporting entity resulting from the combination
had existed since the point when the ultimate controlling party began exercise control.Where control over an investee under common control is obtained as a result of additional
investments or other reasons equity investments held prior to obtaining control of the combined party and
related gains or losses other comprehensive income and other changes in net assets recognized between
the later of the date of original equity interest acquisition and the date when the combining party and the
combined party were first brought under common control and the combination date are offset against
opening retained earnings or current profit or loss of the comparative periods respectively.During the reporting period where a subsidiary or business is added through a business combination
not under common control it is included in the consolidated financial statements from the acquisition date
based on the fair values of the identifiable assets liabilities and contingent liabilities determined at the
acquisition date.Where control over an investee not under common control is obtained as a result of additional
investments or other reasons the equity interest previously held in the acquiree is remeasured to its fair
value at the acquisition date with the difference between its fair value and carrying amount recognized in
investment income for the current period. Other comprehensive income related to the previously held
equity interest that may be re-classified to profit or loss in the future and other changes in equity under the
equity method are transferred to investment income for the current period to which the acquisition date
belongs.
(2) Disposal of Subsidiaries
* General Treatment Method
If the control right over the investee is lost because of disposing part of the equity investment or due
to other reasons the disposed remaining equity investment shall be re-measured as per the fair value on the
date of losing the control. The aggregate of the consideration received from the disposal and the fair value
of the retained equity interest less the sum of the share of the original subsidiary's net assets continuously
calculated from the acquisition date or combination date corresponding to the original equity ownership
percentage and goodwill is recognized in investment income for the period in which control is lost. Other
comprehensive income related to the original subsidiary's equity investments that may be re-classified to
profit or loss in the future and other changes in equity under the equity method are transferred to
investment income for the current period upon loss of control.* Step-by-Step Disposal of Subsidiaries
Where the disposal of equity investments in a subsidiary is achieved through multiple transactions
until control is lost and the terms conditions and economic effects of each transaction meet one or more
of the following circumstances this generally indicates that the multiple transactions constitute a bundled
transaction:
i. The transactions are entered into simultaneously or in contemplation of each other;
ii. The transactions collectively achieve an overall commercial effect;
iii. The occurrence of one transaction is contingent upon the occurrence of at least one other
transaction;
iv. A single transaction is not economically justifiable on its own but becomes economically
justifiable when considered together with the other transactions.If the transactions constitute a bundled transaction each transaction is accounted for as a single
transaction involving the disposal of a subsidiary with a loss of control. The difference between each
disposal consideration and the corresponding share of the subsidiary's net assets attributable to the
disposed equity interest before control is lost is recognized as other comprehensive income in the
consolidated financial statements and transferred to profit or loss in the period when control is lost.If the transactions do not constitute a package deal the partial disposal of equity interests in the
subsidiary shall be accounted for as a disposal without loss of control; upon loss of control it shall be
accounted for in accordance with the general accounting treatment for the disposal of a subsidiary.
112 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3) Purchase of Minority Interests in Subsidiaries
The difference between the long-term equity investment newly acquired due to the purchase of
minority interests and the share of net assets of the subsidiary that the Company is entitled to calculated
according to the new shareholding accumulated from the date of purchase or date of combination is
adjusted against the share premium in capital reserve in the consolidated balance sheet. If the share
premium in capital reserve is insufficient to offset the difference adjustment is made to retained earnings.
(4) Partial Disposal of Equity Investments in a Subsidiary without Loss of Control
The difference between the consideration received from disposal and the net assets of the subsidiary
that the Company is entitled to corresponding to the long-term equity investment disposed accumulated
from the date of purchase of date of combination is adjusted against the share premium in capital reserve
in the consolidated balance sheet. If the share premium in capital reserve is insufficient to offset the
difference adjustment is made to retained earnings.
8. Classification of Joint Arrangements and Accounting Treatment for Joint Operations
√Applicable □Not Applicable
Joint arrangements are classified as either joint operations or joint ventures.A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement
have rights to the assets and obligations for the liabilities relating to the arrangement.The Company recognizes the following items related to its interest in a joint operation:
(1) The assets the Company holds solely and its share of any assets held jointly;
(2) The liabilities the Company incurs solely and its share of any liabilities incurred jointly;
(3) The revenue from the sale of its share of the output arising from the joint operation;
(4) The Company's share of the revenue from the sale of the output by the joint operation;
(5) The expenses the Company incurs solely and its share of any expenses incurred jointly.
The Company's investments in joint ventures shall be accounted for using the equity method as
detailed in Note V 19 Long-term Equity Investments.
9. Criteria for Determining Cash and Cash Equivalents
Cash equivalents refer to investments held by an enterprise that are short-term (generally maturing
within three months from the date of acquisition) highly liquid readily convertible into known amounts of
cash and subject to an insignificant risk of changes in value.
10. Foreign Currency Transactions and Translation of Foreign Currency Statements
√Applicable □Not Applicable
1. Foreign Currency Transactions
Foreign currency transactions shall be translated into RMB using the spot exchange rate on the date
of the transaction.The balance of foreign currency monetary items shall be translated at the spot exchange rate on the
balance sheet date into RMB. The resulting exchange differences except for those arising from foreign
currency specific borrowings related to the acquisition of assets eligible for capitalization which are
handled according to the principles of borrowing cost capitalization shall be recognized in the current
profit or loss.
2. Translation of Foreign Currency Financial Statements
113 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The asset and liability items in the balance sheets shall be translated at a spot exchange rate on the
balance sheet date. Among the owner's equity items except the ones as "undistributed profits" others shall
be translated at the spot exchange rate at the time when they are incurred. The income and expense items in
the income statement shall be translated at the spot exchange rate on the transaction date.Upon disposal of a foreign operation the accumulated exchange differences relating to the foreign
currency financial statements of that operation shall be re-classified from owners' equity to profits or
losses for the period in which the disposal occurs.
11. Financial Instruments
√Applicable □Not Applicable
The Company recognizes a financial asset financial liability or equity instrument when it becomes a
party to a financial instrument contract.
1. Classification of Financial Instruments
Based on the Company's business model for managing financial assets and the contractual cash flow
characteristics of the financial assets financial assets are classified at initial recognition as: financial assets
measured at amortized cost financial assets measured at fair value through other comprehensive income
and financial assets measured at fair value through profit or loss.The Company classifies financial assets that meet both of the following conditions and are not
designated as financial assets measured at fair value through profit or loss as financial assets measured at
amortized cost:
- The business model aims to collect contractual cash flows;
-The contractual cash flows consist solely of payments of principal and interest on the principal
amount outstanding.The Company classifies financial assets that meet both of the following conditions and are not
designated as financial assets measured at fair value through profit or loss as financial assets measured at
fair value through other comprehensive income (debt instruments):
-The business model aims both to collect contractual cash flows and to sell the financial asset;
-The contractual cash flows consist solely of payments of principal and interest on the principal
amount outstanding.For non-tradable equity instrument investment the Company may irreversibly designate them when
they are initially recognized as financial assets measured at fair value through other comprehensive
income (equity instrument). The designation shall be made on the basis of a single investment that
conforms to the definition of equity instrument from the perspective of the issuer.Except for the financial assets measured at amortized cost and those measured at fair value through
other comprehensive income described above the Company classifies all remaining financial assets as
financial assets measured at fair value through profit or loss. At initial recognition if doing so eliminates
or significantly reduces an accounting mismatch the Company may irrevocably designate financial assets
that would otherwise be classified as measured at amortized cost or at fair value through other
comprehensive income as financial assets measured at fair value through profit or loss.Financial liabilities are classified at initial recognition as financial liabilities measured at fair value
through profit or loss and financial liabilities measured at amortized cost.Financial liabilities may be designated at initial measurement as financial liabilities measured at fair
value through profit or loss if one of the following conditions is met:
1) The designation eliminates or significantly reduces an accounting mismatch.
2) Based on the enterprise risk management or investment strategy stated in the formal written
documents the financial liability portfolio or a portfolio of financial assets and financial liabilities is
114 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
managed and its performance is evaluated on a fair value basis and this basis is used internally for
reporting to key management personnel;
3) The financial liabilities include embedded derivative instruments that need to be separated.
2. Recognition Basis and Measurement Methods of Financial Instruments
(1) Financial assets measured at amortized cost
Financial assets measured at amortized cost include notes receivable accounts receivable other
receivables long-term receivables and debt investments. They shall be initially measured at fair value
with related transaction costs included in the initially recognized amount. Accounts receivable without a
significant financing component as well as those for which the Company elects not to consider financing
components of no more than one year shall be initially measured at the contract transaction price.The interest calculated via the effective interest method during the holding period shall be included in
the current profit or loss.Upon recovery or disposal the difference between the price obtained and the carrying amounts of the
financial assets shall be included in the current profit or loss.
(2) Financial assets measured at fair value through other comprehensive income (debt instruments)
Financial assets measured at fair value through other comprehensive income (debt instruments)
include receivables financing other debt investments etc. They shall be initially measured at fair value
and transaction costs shall be included in the initially recognized amount. These financial assets shall be
subsequently measured at fair value. Changes in fair value other than interest calculated using the
effective interest method impairment losses or gains and foreign exchange gains and losses shall be
recognized in other comprehensive income.Upon the de-recognition the accumulated gains or losses included in other comprehensive income
before shall be re-classified from other comprehensive income to current profit or loss.
(3) Financial assets measured at fair value through other comprehensive income (equity instruments)
Financial assets measured at fair value through other comprehensive income (equity instruments)
include other equity instrument investments etc. They shall be initially measured at fair value and
transaction costs shall be included in the initially recognized amount. These financial assets shall be
subsequently measured at fair value with changes in fair value recognized in other comprehensive income.Dividends received shall be recognized in the current profits or losses.Upon the derecognition the accumulated gains or losses included in other comprehensive income
before shall be re-classified from other comprehensive income to retained earnings.
(4) Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss include trading financial assets
derivative financial assets other non-current financial assets etc. They shall be measured at fair value
initially and transaction costs shall be recognized in current profit or loss. These financial assets shall
subsequently be measured at fair value with changes in fair value recognized in current profit or loss.
(5) Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities
derivative financial liabilities etc. They shall be measured at fair value initially and transaction costs shall
be recognized in current profit or loss. These financial assets shall subsequently be measured at fair value
with changes in fair value recognized in current profit or loss.Upon derecognition the difference between the carrying amount and the consideration paid shall be
recognized in current profit or loss.
(6) Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost include short-term borrowings notes payable
accounts payable other payables long-term borrowings bonds payable and long-term payables. They
shall be initially measured at fair value and transaction costs shall be included in the initially recognized
amount.
115 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The interest calculated via the effective interest method during the holding period shall be included in
the current profit or loss.Upon derecognition the difference between the consideration paid and the carrying amount of the
financial liability shall be recognized in current profit or loss.
3. Recognition Basis and Measurement Methods for Derecognition of Financial Assets and
Transfer of Financial Assets
Where one of the following conditions is met the Company de-recognizes the financial assets:
- The contractual rights to receive the cash flows from the financial asset expire;
- The financial asset has been transferred and substantially all the risks and rewards of ownership of
the financial asset have been transferred to the transferee;
- The financial asset has been transferred and although the Company has neither transferred nor
retained substantially all the risks and rewards of ownership of the financial asset it has not retained
control over the financial asset.If the Company modifies or renegotiates a contract with a counterparty that constitutes a substantial
modification the recognition of the original financial asset shall be terminated and a new financial asset
shall be recognized in accordance with the modified terms.When a financial asset is transferred if substantially all the risks and rewards of ownership of the
financial asset are retained the financial asset shall not be derecognized.When determining whether the transfer of financial assets meets the above-mentioned conditions for
the derecognition of financial assets the principle of substance over form is applied.The Company classifies transfers of financial assets into transfers of entire financial assets and
transfers of parts of financial assets. When a transfer of an entire financial asset meets the conditions for
derecognition the difference between the following two amounts shall be recognized in current profit or
loss:
(1) The carrying amount of the transferred financial asset;
(2) The sum of the consideration received from the transfer and the cumulative amount of changes in
fair value that was previously recognized directly in equity (in the case where the transferred financial
asset is a financial asset measured at fair value through other comprehensive income (debt instrument)).When a transfer of a part of a financial asset meets the conditions for derecognition the carrying
amount of the entire financial asset is allocated between the part derecognized and the part that continues
to be recognized based on their relative fair values and the difference between the following two amounts
shall be recognized in current profit or loss:
(1) The carrying amount of the part derecognized;
(2) The sum of the consideration for the part derecognized and the portion of the cumulative amount
of changes in fair value previously recognized directly in equity that is attributable to the part
derecognized (in the case where the transferred financial asset is a financial asset measured at fair value
through other comprehensive income (debt instrument)).If the transfer of a financial asset does not meet the conditions for derecognition the Company
continues to recognize the financial asset and recognizes the consideration received as a financial liability.
4. Derecognition of Financial Liabilities
When the current obligations of a financial liability have been wholly or partly canceled then the
financial liability or part of it shall be derecognized. When the Company and the creditors sign agreements
to take on new ways to replace the existing financial liabilities with new financial liabilities and the
contract terms of the existing financial liabilities and new financial liabilities are different in essence the
current financial liabilities shall be derecognized and the new financial liabilities be recognized.If the contractual terms of an existing financial liability are substantially modified in whole or in part
the existing financial liability (or the relevant part) is derecognized and a new financial liability based on
the modified terms shall be recognized.
116 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Upon the derecognition of a financial liability in whole or in part the difference between the carrying
amount of the derecognized financial liability and the consideration paid (including any non-cash assets
transferred or new financial liabilities assumed) shall be recognized in current profit or loss.If the Company repurchases a part of a financial liability the carrying amount of the entire financial
liability is allocated between the part that continues to be recognized and the part derecognized based on
their relative fair values at the repurchase date. The difference between the carrying amount allocated to
the derecognized part and the consideration paid (including any non-cash assets transferred or new
financial liabilities assumed) shall be recognized in current profit or loss.
5. Methods of Determining Fair Value of Financial Assets and Financial Liabilities
For financial instruments for which an active market exists the fair value shall be determined using
quoted prices in the active market. For financial instruments for which no active market exists valuation
techniques shall be used to determine the fair value. during the evaluation the Company uses the valuation
technique which is applicable in the current condition and has enough available data and other information.The input value is consistent with the features of assets or liabilities considered in transactions of relevant
assets or liabilities with market participants and the observable input value should be used with priority.Unobservable inputs may be used only to the extent that relevant observable inputs are not available or
obtaining them is impracticable.
6. Testing and Accounting Treatment Methods for Impairment of Financial Instruments
The Company performs impairment accounting treatment on an individual or collective basis for
financial assets measured at amortized cost financial assets measured at fair value through other
comprehensive income (debt instruments) and financial guarantee contracts etc. based on expected credit
losses.The Company considers reasonable and supportable information about past events current
conditions and forecasts of future economic conditions and recognizes expected credit losses by
calculating the probability-weighted amount of the present value of the difference between the contractual
cash flows receivable and the cash flows expected to be received using the risk of default as the weight.If the credit risk of the financial instrument has increased significantly since initial recognition the
Company measures its loss provision at an amount equal to the expected credit losses over the entire
duration of the financial instrument; if the credit risk of the financial instrument has not increased
significantly since initial recognition the Company measures its loss provision at an amount equal to the
expected credit losses over the next 12 months. The resulting increase or reversal of the loss provision
shall be recognized as impairment losses or gains in current profit or loss.By comparing the default risk of financial instruments on the balance sheet date with the default risk
at the initial recognition date the Company determines the relative change of default risk during the
expected duration of the financial instrument to assess whether the credit risk of the financial instrument
has increased significantly since the initial recognition. Typically if the overdue period exceeds 30 days
the Company considers the credit risk of the financial instrument to have significantly increased unless
there is conclusive evidence to the contrary proving that the credit risk has not significantly increased
since initial recognition.If the credit risk of a financial instrument is low at the balance sheet date the Company considers that
the credit risk has not increased significantly since initial recognition.If there is objective evidence indicating that a financial asset has become credit-impaired the
Company makes an impairment provision for that financial asset on an individual basis.For receivables and contract assets formed from transactions specified by the Accounting Standards
for Enterprises No.14 - Revenues (2017) no matter whether the major financing components are included
the Company shall measure the loss provision according to the amount equivalent to the expected credit
loss over the entire duration.For lease receivables the Company shall choose to measure the loss provision at the amount
equivalent to the expected credit loss over the entire duration.
117 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
If the Company no longer reasonably expects to recover contractual cash flows of a financial asset in
whole or in part the carrying amount of the financial asset shall be directly written down.When estimating expected credit losses the Company divides accounts receivable and contract assets
into several portfolios based on shared credit risk characteristics and calculates expected credit losses
based on the portfolios. The basis for determining the portfolios shall be as follows:
Item Basis for Determining Portfolios
Portfolio based on This portfolio uses the aging of accounts receivable as the credit risk
aging analysis characteristic
Related parties This portfolio comprises amounts due from related parties within the
portfolio consolidation scope
Based on the nature of other receivables the Company assesses whether credit risk has increased
significantly on an individual and portfolio basis. When assessing on a portfolio basis the Company
classifies other receivables into different portfolios based on credit risk characteristics:
Item Basis for Determining Portfolios
Credit risk characteristic portfolio Aging
Related parties within the consolidation scope Nature of payment
Other receivables - guarantee deposits Nature of payment
12. Notes Receivable
□Applicable √Not Applicable
13. Accounts Receivable
□Applicable √Not Applicable
14. Receivables Financing
□Applicable √Not Applicable
15. Other Receivables
□Applicable √Not Applicable
16. Inventory
√Applicable □Not Applicable
Inventory categories issue valuation method inventory system depreciation method for low-value
consumables and packaging
√Applicable □Not Applicable
1. Classification and Cost of Inventories
Inventories are classified as: raw materials construction in progress finished goods goods in transit
low-value consumables contract performance costs etc.Inventories shall be initially measured at cost which comprises costs of purchase costs of conversion
and other expenditures incurred in bringing the inventories to their present location and condition.
118 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Valuation Method for Inventories Issued
Inventories shall be valued using the weighted average method when issued.
3. Inventory System for Inventories
The perpetual inventory system shall be adopted.
4. Amortization Method for Low-Value Consumables and Packaging Materials
1) One-time write-off method is adopted for the amortization of low-priced and easily worn articles.
2) One-time write-off method is adopted for the amortization of packing materials.
Recognition criteria of provision for inventory impairment and the provision method
√Applicable □Not Applicable
On the balance sheet date inventories shall be measured at the lower of cost and net realizable value.When the cost of inventories is higher than their net realizable value provisions for inventory impairment
shall be made. Net realizable value refers to the estimated selling price of inventories in the ordinary
course of business less estimated costs to completion estimated selling expenses and related taxes.For finished goods merchandise inventories and materials held for sale net realizable value shall be
determined based on the estimated selling price less estimated selling expenses and related taxes. For
materials requiring further processing net realizable value shall be determined based on the estimated
selling price of the finished goods less estimated costs to completion estimated selling expenses and
related taxes. For inventories held to fulfill sales or service contracts net realizable value shall be based on
the contract price; if the quantity held exceeds the contract quantity the excess portion shall be measured
based on general selling prices.At the end of the reporting period provision for inventory impairment shall be generally made on an
item-by-item basis; however for large quantities of inventories with low unit prices the provision shall be
made based on categories of inventories; for inventories related to product lines that are produced and
marketed in the same geographical area have the same or similar end uses or purposes and cannot be
practicably evaluated separately from other items the provision shall be made on an aggregate basis.If after provision for inventory impairment has been made the circumstances that previously caused
the write-down no longer exist and the net realizable value of inventories exceeds their carrying amount
the previously recognized impairment shall be reversed but only up to the amount originally provided
and the reversal shall be recognized in current profit or loss.Portfolio category and determination basis of provision for inventory impairment calculated on a
portfolio basis and basis for determining the net realizable value of different categories of
inventory.□Applicable √Not Applicable
Calculation methods and determination basis of net realizable value for each aging portfolio when
inventory net realizable value is determined based on aging.□Applicable √Not Applicable
119 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
17. Contract Assets
√Applicable □Not Applicable
Recognition methods and criteria for contract assets
√Applicable □Not Applicable
1. Recognition Methods and Standards for Contract Assets
The Company shall list the contract assets or liabilities in the balance sheet according to the
relationship between performance obligations and customer payments present the right to receive
consideration in exchange for goods transferred or services provided to customers (where such right is
subject to factors other than the passage of time) as contract assets. Contract assets and contract liabilities
under the same contract shall be presented on a net basis and present the unconditional right (depending
solely on the passage of time) to receive consideration from customers as receivables separately.
2. Recognition Method and Accounting Treatment Method of Expected Credit Losses of Contract
Assets
The expected credit losses of contract assets shall be determined and accounted for in accordance
with Note V 11 6 Testing and Accounting Treatment Methods for Impairment of Financial Instruments.Portfolio category and determination basis of the provision for bad debts based on the portfolio of
credit risk characteristics
□Applicable √Not Applicable
Aging calculation method for determining the portfolio of credit risk characteristics based on
aging.□Applicable √Not Applicable
Criteria for determining individual provision for bad debts on an individual basis
□Applicable √Not Applicable
18. Non-current Assets or Disposal Groups Held for Sale
√Applicable □Not Applicable
1. Held for sale
A non-current asset or a disposal group shall be classified as held for sale when its carrying amount
will be recovered principally through a sale transaction (including a non-monetary asset exchange with
commercial substance) rather than through continuing use.The Company classifies non-current assets or disposal groups as held for sale if they meet all the
following conditions:
(1) Based on the practice of selling such assets or disposal groups in similar transactions they may be
sold immediately under current conditions;
(2) The sale is highly probable meaning the Company has made a resolution on a sale plan obtained
a firm purchase commitment and expects the sale to be completed within one year. If the sale requires
approval from the Company's relevant governing bodies or regulatory authorities in accordance with
applicable regulations such approval has been obtained.For a non-current asset (excluding financial assets deferred tax assets and assets arising from
employee remuneration) or a disposal group classified as held for sale if its carrying amount is higher than
its fair value less costs to sell the carrying amount shall be written down to fair value less costs to sell. The
120 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
amount of the write-down shall be recognized as an asset impairment loss and included in profit or loss
and a corresponding provision for impairment of assets held for sale shall be made.
2. Discontinued operations
A discontinued operation is a separately identifiable component that meets one of the following
conditions and has been disposed of by the Company or classified by the Company as held for sale:
(1) The component represents a separate major line of business or a separate geographical area of
operations;
(2) The component is part of a single coordinated plan to dispose of a separate major line of business
or a separate geographical area of operations;
(3) The component is a subsidiary acquired specifically for resale.
Profit or loss from continuing operations and profit or loss from discontinued operations shall be
presented separately in the income statement. Impairment losses on discontinued operations their
reversals and other operating and disposal gains or losses shall be presented as profit or loss from
discontinued operations. For the discontinued operation reported in current period the Company restates
the information previously presented as profit or loss from continuing operations in current period
financial statements as profit or loss from discontinued operations for the comparable accounting periods.Criteria for classifying as held-for-sale non-current assets or disposal group and accounting
treatment
□Applicable √Not Applicable
Determination criteria and representation for discontinued operations
□Applicable √Not Applicable
19. Long-term Equity Investments
√Applicable □Not Applicable
1. Criteria for Determining Joint Control and Significant Influence
Joint control refers to the contractually agreed sharing of control over an arrangement which exists
only when decisions about the relevant activities require the unanimous consent of the parties sharing
control. When the Company exercises joint control over an investee together with other joint venturers and
has rights to the net assets of the investee the investee is a joint venture of the Company.Significant influence refers to the power to participate in the financial and operating policy decisions
of an investee but does not amount to control or joint control over the formulation of those policies. Where
the Company is able to have a significant influence on an investee the investee is an associate of the
Company.
2. Determination of Initial Investment Cost
(1) Long-Term Equity Investment Formed Through Business Combination
For the long-term equity investment in a subsidiary formed through a business combination under
common control the initial investment cost shall be the share of the carrying value of the owner’s equity
of the combined party in the consolidated financial statements of the ultimate controlling party on the
combination date. The difference between the initial investment cost of the long-term equity investment
and the carrying value of the consideration paid shall adjust the share premium in the capital reserve; if the
share premium is insufficient to offset the difference retained earnings shall be adjusted. Where control
over an investee under common control is achieved through additional investments or other reasons the
difference between the initial investment cost determined under the above principle and the sum of the
carrying amount of the previously held long-term equity investment plus the carrying amount of the new
121 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
consideration paid for the additional interest acquired at the combination date is adjusted against the share
premium; if the share premium is insufficient to offset the difference the shortfall shall be charged to
retained earnings.For long-term equity investments in subsidiaries formed through business combinations not under
common control the combination cost determined on the acquisition date shall be recognized as the initial
investment cost. Where control over an investee not under common control is achieved through additional
investments or other reasons the initial investment cost shall be the sum of the carrying amount of the
previously held equity investment and the cost of the additional investment.
(2) Long-Term Equity Investments Obtained Through Means Other Than Business Combinations
For long-term equity investment acquired by cash payment the actual purchase price paid shall be
recognized as the initial investment cost.For long-term equity investment acquired by issuing equity securities the fair value of the issued
equity securities shall be recognized as the initial investment cost.
3. Subsequent Measurement and Recognition of Profit and Loss
(1) Long-Term Equity Investment Accounted for by Cost Method
Long-term equity investments in subsidiaries shall be accounted for using the cost method unless the
investment meets the criteria for being held for sale. Except for the cash dividends or profits declared but
not yet distributed that are included in the actual price or consideration paid at the time of acquisition the
Company shall recognize investment income for the current period based on its share of the cash dividends
or profits declared and distributed by the investee.
(2) Long-Term Equity Investment Accounted for by Equity Method
Long-term equity investments in associates and joint ventures shall be accounted for using the equity
method. For the cost of initial investment of that is higher than the balance of fair value share of the net
identifiable asset of the invested company while investing the cost of initial investment of long-term
equity investment will not be adjusted; For the cost of initial investment of that is lower than the balance of
fair value share of the net identifiable asset of the invested company while investing the balance will be
included in the current profit and loss while the cost of the long-term equity investment will be adjusted.The Company shall recognize investment income and other comprehensive income respectively
based on its share of the net profit or loss and other comprehensive income of the investee and
simultaneously adjust the carrying amount of the long-term equity investment. The Company shall reduce
the carrying value of the long-term equity investment according to its share of the profits or cash dividends
declared and distributed by the investee; for other changes in the owner’s equity of the investee other than
net profit or loss other comprehensive income and profit distribution (referred to as "other changes in
owner’s equity") the Company shall adjust the carrying value of the long-term equity investment and
include them in owner’s equity.When recognizing the attributable share of the net profit and loss other comprehensive income and
other changes in owner's equity of the invested entity the fair value of the identifiable net assets of the
invested entity at the time of acquisition of the investment is used as the basis and the net profit and other
comprehensive income of the invested entity is adjusted in accordance with the accounting policies and
periods of the Company before recognition.Unrealized profit or loss arising from intra-group transactions between the Company and its
associates or joint ventures is eliminated to the extent of the Company's attributable share and investment
income is recognized on this basis except where the assets contributed or sold constitute a business. The
transaction losses incurred with investees that are classified as asset impairment losses shall be recognized
in full.For net losses incurred by a joint venture or an associate the Company shall write down the carrying
amount of the long-term equity investment and any other long-term interests that in substance form part of
the Company's net investment in the joint venture or associate to zero except where the Company has an
obligation to bear additional losses. If the joint venture or associate subsequently reports net profit the
122 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Company resumes recognizing its share of profits only after its share of the profits equals the share of
losses not previously recognized.
(3) Disposal of Long-Term Equity Investments
When disposing of a long-term equity investment the difference between the carrying value and the
actual consideration received shall be included in current profits or losses.For long-term equity investments that are partially disposed of and accounted for using the equity
method if the remaining equity is still accounted for using the equity method the other comprehensive
income previously recognized under the equity method shall be transferred to profit or loss on the same
basis that the investee would have used if it had directly disposed of the related assets or liabilities on a
proportionate basis and other changes in owners' equity shall be transferred to profit or loss on a
proportionate basis.If the Company loses joint control or significant influence over an investee due to disposal of equity
investments or other reasons the other comprehensive income previously recognized under the equity
method shall be accounted for on the same basis that the investee would have used if it had directly
disposed of the related assets or liabilities upon discontinuation of the equity method and other changes in
owners' equity shall be fully transferred to profit or loss upon discontinuation of the equity method.Where the Company has lost control over an investee due to partial disposal of equity investments or
other reasons when it is preparing the separate financial statements if the remaining equity interest can
exercise joint control or significant influence over the investee it shall be accounted for using the equity
method and be adjusted as if the equity method had been applied from the date of acquisition. Other
comprehensive income recognized before obtaining control over the investee shall be transferred on the
same basis that the investee would have used if it had directly disposed of the related assets or liabilities on
a proportionate basis and other changes in owners' equity recognized under the equity method are
transferred to profit or loss on a proportionate basis. If the remaining equity interest cannot exercise joint
control or significant influence over the investee it shall be recognized as a financial asset and the
difference between its fair value and carrying amount at the date control is lost shall be recognized in profit
or loss. All other comprehensive income and other changes in owners' equity recognized before obtaining
control shall be fully transferred.Where the disposal of equity investment in a subsidiary through multiple transactions in stages until
the loss of control belongs to a "package deal" each transaction shall be accounted for as a single
transaction of disposing of the equity investment in the subsidiary and losing control. In individual
financial statements the difference between each disposal consideration before the loss of control and the
carrying value of the long-term equity investment corresponding to the disposed equity shall first be
recognized as other comprehensive income and then collectively transferred to the current profit or loss of
the period in which control is lost. If the transactions do not constitute a package deal each transaction
shall be accounted for separately.
20. Investment Properties
(1). When the cost-based measurement is adopted:
Depreciation or amortization method
Investment properties are properties held to earn rentals capital appreciation or both including land
use rights that are leased out land use rights held for transfer after appreciation and buildings that are
leased out (including self-constructed buildings or buildings used for leasing after completion of
construction or development activities as well as buildings under construction or development that will be
used for leasing in the future).Subsequent expenditure related to investment properties shall be added to the cost of the investment
property when it is probable that economic benefits associated with the expenditure will flow to the
Company and the cost can be measured reliably; otherwise it shall be recognized in profit or loss in the
period in which it is incurred.
123 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The Company measures its existing investment properties using the cost model. For investment
properties measured using the cost model - buildings held for lease - the same depreciation policy as the
Company's fixed assets shall be adopted and for land use rights held for lease the same amortization
policy as the Company's intangible assets shall be applied.
21. Fixed Assets
(1). Recognition Conditions
√Applicable □Not Applicable
Fixed assets refer to tangible assets held for the production of goods provision of labor services
lease or operation and management with a useful life of more than one fiscal year. Fixed assets shall be
recognized when both of the following conditions are met:
(1) The economic benefits pertinent to the fixed asset are likely to flow into the enterprise;
(2) The costs of the fixed assets can be measured reliably.
Fixed assets shall be initially measured at the cost and the impact of the estimated asset retirement
obligations.Subsequent expenditure related to fixed assets is added to the costs of fixed assets when it is probable
that economic benefits associated with the expenditure will flow in and the cost can be measured reliably.The carrying amount of any replaced part is derecognized. All other subsequent expenditure is recognized
in profit or loss in the period in which it is incurred.
(2). Depreciation Method
√Applicable □Not Applicable
Annual
Depreciation Depreciable Life Residual Value
Category Depreciation Rate
Method (Year) Rate (%)
(%)
Straight-line
Houses and buildings 20 5 4.75
method
Transportation Straight-line
4523.75
equipment method
Straight-line
Production equipment 3-10 5 31.67-9.50
method
Office equipment and Straight-line
3531.67
others method
Fixed assets are depreciated by category using the straight-line method. The depreciation rate is
determined based on the asset category estimated useful life and estimated net residual value rate. For
fixed assets for which an impairment provision has been recognized depreciation in future periods is
calculated based on the carrying amount after deducting the impairment provision and the remaining
useful life. If the constituent parts of a fixed asset have different useful lives or provide economic benefits
to the enterprise in different ways different depreciation rates or methods are applied and depreciation is
recognized separately for each part.
22. Construction in Progress
√Applicable □Not Applicable
Construction in progress is measured at the actual cost incurred. Actual costs include construction
costs installation costs borrowing costs that meet the criteria for capitalization and other necessary
expenditures incurred to bring the construction in progress to its intended usable condition. Construction
124 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
in progress shall be transferred to fixed assets and depreciation shall be accrued starting from the
following month once it reaches the intended usable condition.
23. Borrowing Costs
√Applicable □Not Applicable
1. Recognition Principles for Capitalization of Borrowing Costs
Borrowing costs incurred by the Company that can be directly attributed to the acquisition
construction or production of assets meeting capitalization criteria shall be capitalized and included in the
costs of relevant assets. Other borrowing costs shall be recognized as expenses based on their amount
when incurred and included in profit or loss for the period.Assets meeting capitalization criteria refer to fixed assets investment properties inventories and
other assets that require a substantial period of time for acquisition construction or production activities
to get ready for their intended use or for sale.
2. Capitalization Period of Borrowing Costs
The capitalization period shall refer to the period from the commencement to the cessation of
capitalization of the borrowing costs excluding the period of suspension of capitalization of the borrowing
costs.Capitalization can only be started if the borrowing costs meet the following conditions at the same
time:
(1) The asset disbursements have already incurred which shall include the cash transferred non-cash
assets or interest bearing debts paid for the acquisition and construction for preparing assets eligible for
capitalization;
(2) The borrowing costs have been incurred;
(3) Purchase construction or production activities required for the assets to fulfill the expected
serviceable or salable condition have begun.When the qualified asset under acquisition and construction or production is ready for the intended
use or sale the capitalization of the borrowing costs shall be ceased.
3. Suspension of Capitalization Period
Where the acquisition and construction or production of a qualified asset is interrupted abnormally
and the interruption period lasts for more than 3 months the capitalization of the borrowing costs shall be
suspended. If the interruption is a necessary step for making the qualified asset under acquisition and
construction or production ready for the intended use or sale the capitalization of the borrowing costs shall
continue. Capitalization shall resume after the borrowing costs incurred during such period are recorded
into the current profit or loss and the acquisition and construction or production of the asset restarts.
4. Calculation Methods for Capitalization Rate and Capitalized Amount of Borrowing Costs
For specific borrowings obtained for the acquisition construction or production of a qualifying asset
the capitalized amount of borrowing costs shall be determined by deducting from the actual borrowing
costs incurred on those specific borrowings during the current period any interest income earned on the
unused borrowings deposited in banks or any investment income from temporary investments of the
unused borrowings.For general borrowings utilized for the acquisition construction or production of a qualifying asset
the capitalized amount of borrowing costs shall be determined by multiplying the weighted average of the
accumulated asset expenditures in excess of the specific borrowings by the capitalization rate of the
general borrowings utilized. The capitalization rate shall be determined based on the weighted average
effective interest rate of the general borrowings.During the capitalization period exchange differences arising from the principal and interest of
specific borrowings in foreign currency shall be capitalized and recognized as part of the cost of the assets
125 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
eligible for capitalization. Exchange differences arising from the principal and interest of other foreign
currency borrowings excluding specific borrowings in foreign currency shall be recognized in current
profits or losses.
24. Biological Assets
□Applicable √Not Applicable
25. Oil and Gas Assets
□Applicable √Not Applicable
26. Intangible Assets
(1). Useful life and its determination basis estimation amortization method or review
procedure
√Applicable □Not Applicable
1. Valuation Method of Intangible Assets
(1) The initial measurement of intangible assets obtained by the Company shall be made at its cost;
Intangible assets refer to identifiable non-monetary assets without physical substance owned or
controlled by the Company including land use rights proprietary technologies computer software and
project concession rights etc.The cost of the outsourcing intangible assets shall include purchase price relevant taxes and other
necessary expenditures directly attributable to intangible assets for expected purpose.The Company participates in public infrastructure operation business through the PPP
(Public-Private Partnership) model acquiring concession rights for public infrastructure projects from
government authorities to participate in the construction and operation of the projects and thereby
collecting service fees from the contract awarding party during the current period of providing operational
services. Upon the expiration of the concession period the Company is required to transfer the relevant
infrastructure to the government authorities.Where in accordance with the PPP project contract the Company has the right during the operation
period to charge fees to users of public goods and services but the fee amount is uncertain such right does
not constitute an unconditional right to receive cash. When the PPP project asset is ready for its intended
use the consideration amount of the relevant PPP project asset or the amount of construction revenue
recognized shall be recognized as an intangible asset.Where in accordance with the PPP project contract the conditions for having the right to receive a
determinable amount of cash (or other financial assets) are met during the operation period such right
shall be recognized as receivables when the Company obtains the right to receive such consideration
(where the right depends solely on the passage of time) and shall be accounted for in accordance with
Accounting Standards for Business Enterprises No. 22 — Recognition and Measurement of Financial
Instruments. When the PPP project asset is ready for its intended use the excess amount of the
consideration amount for the relevant PPP project assets or the recognized construction revenue amount
over the cash (or other financial assets) of a determinable amount that it is entitled to receive shall be
recognized as intangible assets.
(2) Subsequent Measurement
Upon acquisition of intangible assets their useful lives shall be analyzed and determined.Intangible assets with finite useful lives are amortized over the period during which economic
benefits are expected to be derived by the enterprise; intangible assets for which the period of economic
benefits cannot be foreseen shall be regarded as having indefinite useful lives and shall not be amortized.
126 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Estimated Useful Lives of Intangible Assets with Finite Useful Lives
Estimated
Item Basis
Useful Life
Land use rights 50 years Service life stipulated in the land use right certificate
Contractual terms industry conditions and the Company's historical
Office software 5-10 years
experience
Franchise
Franchise rights Franchise operation contract
period
(2). Scope of attribution of R&D expenditures and related accounting treatment
□Applicable √Not Applicable
27. Impairment of Long-term Assets
√Applicable □Not Applicable
For long-term assets such as long-term equity investments investment properties measured using the
cost model fixed assets construction in progress right-of-use assets and intangible assets with finite
useful lives the Company shall perform an impairment test if there is any indication of impairment on the
balance sheet date. If the result of the impairment test indicates that the recoverable amount of an asset is
lower than its carrying value a provision for impairment shall be made based on the difference and
recognized as an impairment loss. The recoverable amount is the higher of an asset's fair value deducting
the disposal expenses and the present value of the estimated future cash flow expected to be derived from
the asset. The asset impairment provision shall be calculated and recognized based on the single asset. If it
is hard to estimate the recoverable amount of a single asset the recoverable amount of the asset portfolio
to which the asset belongs shall be recognized. An asset group is the smallest asset portfolio that can
independently generate cash inflows.Goodwill formed by business combinations intangible assets with indefinite useful lives and
intangible assets not yet reaching their intended usable state are tested for impairment at least at the end of
each year regardless of whether there is any indication of impairment.When performing goodwill impairment testing the Company shall allocate the carrying value of
goodwill arising from business combinations to relevant asset groups using a reasonable method from the
date of purchase; if it is difficult to allocate it to relevant asset groups it shall be allocated to relevant asset
group portfolio. The relevant asset group or asset group portfolio is those that can benefit from the
synergistic effects of the business combination.When testing relevant asset groups or asset group portfolio containing goodwill for impairment if
there is an indication of impairment the Company shall first perform an impairment test on the asset
groups or asset group portfolio that do not contain goodwill calculate the recoverable amount compare it
with the relevant carrying value and recognize the corresponding impairment loss. Then an impairment
test shall be performed on the asset group or asset group portfolio that contains goodwill comparing its
carrying amount with the recoverable amount. If the recoverable amount is lower than the carrying amount
the amount of impairment loss shall first be offset against the carrying amount of the goodwill allocated to
the asset group or asset group portfolio and then the carrying amounts of the other assets in the asset group
or asset group portfolio shall be offset on a pro-rata basis based on the proportion of the carrying amount
of each other asset. Once recognized an asset impairment loss as described above shall not be reversed in
subsequent accounting periods.
28. Long-term Unamortized Expenses
√Applicable □Not Applicable
127 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Long-term deferred expenses refer to various expenses that have already been incurred but shall be
borne by the current and future periods with an amortization period of more than one year. The long-term
deferred expenses of the Company include decoration expenses.
1. Amortization Method
Long-term deferred expenses shall be amortized evenly over the benefit period.
2. Amortization Period
Long-term deferred expenses are amortized over the benefit period. If a long-term deferred expense
item cannot benefit subsequent accounting periods the entire unamortized value of the item shall be
transferred to the current profit or loss.
29. Contract Liabilities
√Applicable □Not Applicable
The Company shall list the contract assets or liabilities in the balance sheet according to the
relationship between performance obligations and customer payments. The obligation to transfer goods or
services to customers for which the Company has received or is entitled to receive consideration from
customers shall be presented as a contract liability. Contract assets and contract liabilities under the same
contract shall be presented on a net basis.
30. Employee Remuneration
(1). Accounting treatment of short-term remuneration
√Applicable □Not Applicable
The Company shall recognize the actually incurred short-term remuneration as liabilities in the
accounting period when the staff provides service for the Company and include them in the current profit
or loss or costs of relevant assets.Social insurance premiums and housing funds paid by the Company for employees as well as labor
union funds and employee education funds accrued in accordance with regulations shall be used to
calculate and determine the corresponding employee benefit amounts based on the prescribed accrual
bases and proportions during the current period in which employees provide services.Employee welfare expenses incurred by the Company shall be recorded in current profit or loss or the
costs of relevant assets based on the actual amount when incurred; among these non-monetary benefits
shall be measured at fair value.
(2). Accounting treatment of post-employment benefits
√Applicable □Not Applicable
(1) Defined Contribution Plan
The Company shall pay basic endowment insurance and unemployment insurance for employees in
accordance with relevant local government regulations. during the current period when employees provide
services the amounts payable shall be calculated based on local contribution bases and proportions
recognized as liabilities and included in current profit or loss or the costs of relevant assets.
(2) Defined Benefit Plans
The Company attributes benefit obligations arising from the defined benefit plan to employees in the
period in which they render services based on a formula determined through the unit method for expected
cumulative welfare and recognizes them in the current profit or loss or the costs of relevant assets.The deficit or surplus formed by the present value of the obligations of the defined benefit plan
subtracting the fair value of the assets of the defined benefit plan is recognized as the net liability or net
128 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
asset of the defined benefit plan. If a defined benefit plan has a surplus the Company measures the net
defined benefit plan assets at the lower of the surplus or the asset limit of the defined benefit plan.All defined benefit plan obligations including payment obligations within twelve months after the
end of annual reporting period corresponding to the related services provided by employees shall be
discounted in cash according to the national debt in the currency on the balance sheet date and within the
defined benefit plan obligation term or the market return rate of debut of high-quality enterprises.Service costs arising from defined benefit plans and the net interest on net defined benefit liabilities
or assets are included in current profit or loss or the costs of relevant assets. Changes resulting from the
remeasurement of net defined benefit liabilities or assets shall be included in other comprehensive income
and will not be reversed to profit or loss in subsequent accounting periods. Upon the termination of the
original defined benefit plan the portion previously included in other comprehensive income shall be fully
transferred to retained earnings within the scope of equity.Upon settlement of a defined benefit plan the gain or loss on settlement is recognized based on the
difference between the present value of the defined benefit plan obligation and the settlement price
determined on the settlement date.
(3). Accounting treatment of termination benefits
√Applicable □Not Applicable
Where the Company provides termination benefits to employees the employee benefits liabilities
arising from such termination benefits shall be recognized and included in current profit or loss at the
earlier of the following dates: when the Company cannot unilaterally withdraw the termination benefits
provided due to a labor relationship cancellation plan or a layoff proposal; or when the Company
recognizes the costs or expenses related to a restructuring involving the payment of termination benefits.
(4). Accounting treatment of other long-term employee benefits
□Applicable √Not Applicable
31. Provisions
√Applicable □Not Applicable
1. Recognition Standards for Estimated Liabilities
The Company shall recognize an obligation related to contingencies such as litigation debt
guarantees onerous contracts and restructuring as a provision when the following conditions are
simultaneously met:
(1) The obligation is a present obligation assumed by the Company;
(2) It is probable that an outflow of economic benefits will be required to settle the obligation;
(3) The amount of the obligation can be measured reliably.
2. Measurement Methods for Various Estimated Liabilities
The estimated liabilities of the Company shall be initially measured at the best estimate of the
expenditure required to settle the relevant present obligation.In determining the best estimate the Company comprehensively considers factors such as risks
uncertainties and the time value of money related to the contingencies. Where the effect of the time value
of money is material the best estimate is determined by discounting the relevant future cash outflows.The best estimate shall be conducted in accordance with the following situations respectively:
129 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
If the required expenditure falls within a continuous range (or interval) and all possible outcomes
within that range are equally likely the best estimate is determined as the midpoint of the range which is
the average of the upper and lower limits.In the event that there is no sequent range (or interval) or that there is a sequent range but the
outcomes within this range are unlikely to occur equally if single item is involved in the contingencies
the best estimate shall be determined based on the amount most likely to incur; and if several items are
involved in the contingencies the best estimate shall be determined based on various possible outcomes
and relevant probability calculation.If all or some of the expenses necessary for the liquidation of estimated liabilities of the Company are
expected to be compensated by a third party the remuneration shall be separately recognized as an asset
when it is virtually certain that the reimbursement will be obtained and the remuneration recognized shall
not be in excess of the carrying value of the estimated liabilities.The Company reviews the carrying value of estimated liabilities on the balance sheet date. If there is
conclusive evidence that the carrying value does not reflect the current best estimate the carrying value is
adjusted according to the current best estimate.
32. Share-based Payments
√Applicable □Not Applicable
The share-based payment of the Company refers to a transaction through which equity instruments
are granted or equity-instrument-based liabilities are assumed in return for services from employees or
other parties. The share-based payments of the Company are classified into equity-settled share-based
payments and cash-settled share-based payments.
1. Equity-Settled Share-Based Payments and Equity Instruments
Equity-settled share-based payment in exchange for services provided by employees is measured at
the fair value of the equity instruments granted to employees. For share-based payment transactions that
are exercisable immediately after the grant the fair value of the equity instruments is recognized as
relevant costs or expenses on the grant date with a corresponding increase in capital reserve. If the right of
the share-based payment cannot be exercised until the vesting period comes to an end after the grant or
until the prescribed performance conditions are met then on each balance sheet date within the vesting
period the services obtained in current period shall based on the best estimate of the number of vested
equity instruments by the Company be included in the relevant costs or expenses and the capital reserve at
the fair value of the equities instruments on the date of the grant.If the terms of an equity-settled share-based payment are modified the services acquired are
recognized at least as if the terms had not been modified. In addition any modification that increases the
fair value of the granted equity instrument or a change in favor of the employee on the modification date
recognizes an increase in the acquisition of services.If the granted equity instruments are canceled during the vesting period the Company treats the
cancellation as accelerated vesting and immediately recognizes the amount that should have been
recognized over the remaining vesting period in current profit or loss with a corresponding increase in
capital reserve. However if new equity instruments are granted and identified on the grant date as a
replacement for the canceled equity instruments the replacement equity instruments are accounted for in
the same way as a modification of the terms and conditions of the original equity instruments.
2. Cash-Settled Share-Based Payments and Equity Instruments
The cash-settled share-based payments are measured at the fair value of the liabilities assumed by the
Company which are calculated based on shares or other equity instruments. For share-based payment
transactions exercisable immediately after the grant the Company recognizes the fair value of the liability
assumed as relevant costs or expenses on the grant date with a corresponding increase in liabilities. For
share-based payment transactions that become exercisable only after the completion of services within the
vesting period or the fulfillment of specified performance conditions the Company recognizes the
services acquired during the current period as relevant costs or expenses on each balance sheet date within
130 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
the vesting period based on the best estimate of the vesting conditions and the fair value of the liability
assumed with a corresponding increase in liabilities. On each balance sheet date and the settlement date
before the settlement of the relevant liability the fair value of the liability is remeasured and its changes
are recognized in current profits or losses.
33. Preferred Shares Perpetual Bonds and Other Financial Instruments
□Applicable √Not Applicable
34. Revenue
(1) Accounting Policies used for Revenue Recognition and Measurement Based on Business Type
√Applicable □Not Applicable
The Company recognizes revenue when it satisfies a performance obligation in a contract that is
when the customer obtains control of the relevant goods or services. Obtaining control of goods or services
means that the customer can direct the use of and obtain substantially all of the economic benefits from
those goods or services.If a contract contains two or more performance obligations the Company at the contract inception
allocates the transaction price to each separate performance obligation on the basis of the relative
standalone selling prices of the goods or services promised. The Company measures revenue based on the
amount of the transaction price allocated to each performance obligation.The transaction price is the amount of consideration to which the Company expects to be entitled in
exchange for transferring goods or services to a customer excluding amounts collected on behalf of third
parties and amounts expected to be refunded to the customer. The Company determines the transaction
price by considering the contract terms and its customary business practices while also taking into
account the effects of variable consideration any significant financing component in the contract
non-cash consideration and consideration payable to the customer. The amount of the transaction price
that includes variable consideration is limited to the amount for which it is highly probable that a
significant reversal will not occur when the uncertainty related to the variable consideration is resolved.For a contract with a significant financing component the Company determines the transaction price by
assuming the customer pays an amount in cash when the customer obtains control of the goods or services.The difference between the transaction price and the consideration promised in the contract is amortized
over the contract period using the effective interest method.A performance obligation is satisfied over time if one of the following criteria is met; otherwise it is
satisfied at a point in time:
* The customer concurrently receives and consumes the economic benefits derived from the
Company's performance as the Company performs;
* The customer can control the goods under construction during the performance of the Company;
* The goods produced during the Company's performance have no alternative use to the Company
and the Company has an enforceable right to payment for performance completed to date throughout the
contract period.For performance obligations satisfied over time the Company recognizes revenue over time by
measuring the progress towards complete satisfaction of the performance obligation unless the progress
cannot be reasonably determined. The Company determines the progress using either output methods or
input methods considering the nature of the goods or services. When the progress cannot be reasonably
determined and if the costs incurred are expected to be recoverable the Company recognizes revenue to
the extent of costs incurred until such time as the progress can be reasonably determined.For performance obligations satisfied at a point in time the Company recognizes revenue at the point
in time when the customer obtains control of the relevant goods or services. In assessing whether a
customer has obtained control of goods or services the Company considers the following indicators:
131 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
* The Company has a present right to payment for the goods or services i.e. the customer has a
present obligation to pay for the goods or services.* The Company has transferred legal title to the goods to the customer i.e. the customer has legal
title to the goods.* The Company has transferred physical possession of the goods to the customer i.e. the
customer has physical possession of the goods.* The Company has transferred the significant risks and rewards of ownership of the goods to the
customer i.e. the customer has obtained the significant risks and rewards of ownership of the goods.* The customer has accepted the goods or services etc.
(2) Different Revenue Recognition and Measurement Methods for the Same Type of Business
with Different Operation Models
√Applicable □Not Applicable
The Company has established corresponding revenue recognition policies for different sales models
taking into account industry characteristics and the different points at which risks and rewards are
transferred:
Sales to distributors: Based on contractual agreements after receiving the advance payment from the
distributors the Company dispatches the goods as per the order requirements. Revenue shall be
recognized when the customer picks up the goods or when the goods are delivered to the logistics carrier.Sales to direct customers: Based on contracts and customer orders the Company delivers products to
the designated locations. Revenue shall be recognized after the customer receives and accepts the goods
upon inspection.Export sales: Revenue shall be recognized when the Company has completed customs declaration
procedures obtained the customs declaration form and physically delivered the goods.E-commerce sales: Revenue shall be recognized after the order is confirmed goods are dispatched
from the warehouse and delivery by the logistics company is completed.PPP projects:
Project construction period: For PPP projects during the construction period the Company
determines whether it acts as a principal or an agent in accordance with Accounting Standards for
Business Enterprises No. 14 - Revenue and performs accounting treatment accordingly. For financial
assets recognized during the construction of PPP projects the Company subsequently recognizes interest
income reflecting the financing component based on amortized cost using the effective interest method.Project operation period:
(1) Where in accordance with the PPP project contract the Company has the right to receive a
determinable amount of cash (or other financial assets) during the project operation period such right shall
be recognized as a receivable when the Company possesses the right to receive such consideration
(provided that the right depends only on the passage of time). The recovery of project investment principal
and the interest return on investment principal shall be recognized on the basis of amortized cost using the
effective interest method and the interest return on investment principal shall be recognized as operating
revenue (interest income).
(2) Where in accordance with the PPP project contract the Company has the right to charge fees to
users of public products and services during the operation period but the fee amount is uncertain such
right does not constitute an unconditional right to receive cash; when the PPP project assets reach their
intended usable state the consideration amount of the relevant PPP project assets or the recognized
construction revenue amount shall be recognized as intangible assets and the operating revenue shall be
calculated and recognized based on the measurement method and the price agreed in the contract.
132 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3) For relevant operating service revenue it shall be calculated and recognized as operating revenue
based on the service fee amount stipulated in the contract taking into account settlement conditions such
as the results of performance obligation assessments.
35. Contract Costs
√Applicable □Not Applicable
The contract costs include contract performance costs and contract acquisition costs.Costs incurred by the Company to perform a contract which do not fall within the scope of relevant
standards such as inventories fixed assets or intangible assets shall be recognized as an asset (contract
performance costs) when the following conditions are met:
* The costs are directly related to a current or anticipated contract;
* The costs generate or enhance resources of the Company that will be used in satisfying
performance obligations in the future.* The cost is expected to be recovered.The incremental costs of obtaining a contract incurred by the Company that are expected to be
recovered are recognized as an asset (contract acquisition costs).For the assets related to the contract cost the Company shall use the same basis as the recognition of
the income from goods related to the assets to carry out the amortization; however the contract cost with
an amortization period exceeding one year shall be included in the current profit or loss upon occurrence.If the carrying amount of the assets related to the contract cost is higher than the following two
differences the Company will make provision for impairment of the excess and recognize it as the asset
impairment loss:
1. The remaining amount of consideration that the Company expects to receive in exchange for the
goods or services to which the asset relates;
2. The costs that relate directly to providing those goods or services and that are estimated to be
incurred.If the factors of impairment in previous periods subsequently change such that the aforementioned
difference is higher than the carrying value of the asset the Company shall reverse the previously
recognized impairment provision and include it in current profit or loss provided that the carrying value of
the asset after reversal does not exceed the carrying value that would have been determined at the date of
reversal had no impairment provision been recognized.
36. Government Grants
√Applicable □Not Applicable
1. Type
The government subsidy refers to monetary or non-monetary assets obtained by the Company from
the government without consideration which are classified into government grants related to assets and
government grants related to income.The government grants related to assets refer to those obtained by the Company for the acquisition
construction or other forms of long-term assets. Government grants related to income refer to those other
than government grants related to assets.The specific criteria for the Company to classify government grants as asset-related are: government
grants obtained by the Company that are used for the purchase construction or other means of forming
long-term assets.The specific criteria for the Company to classify government grants as income-related are:
government grants other than asset-related government grants.
133 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
If the object of subsidy is not clearly specified in the government documents the specific criteria for
classifying asset-related or income-related government grants are as follows:
2. Recognition Timing
Government grants shall be recognized when the Company has actually received them and is able to
meet the conditions attached to them.
3. Accounting Treatment
Government grants related to assets shall offset the carrying value of the relevant assets or be
recognized as deferred income. Where recognized as deferred income such government grants shall be
systematically amortized in current profit or loss over the useful life of the relevant asset on a reasonable
basis (those related to the Company’s daily activities shall be included in other income; those unrelated to
the Company’s daily activities shall be included in non-operating income).The government grants related to income and used to compensate the Company's relevant cost
expenses or losses incurred during the subsequent period shall be recognized as the deferred income and
included in the current profit or loss (if they are related to the daily activities of the Company they shall be
included in other income; if not they shall be included in the non-operating income) or offset relevant cost
expenses or losses; government subsidies used to compensate the Company's relevant cost expenses or
losses shall be directly included in the current profit or loss (if they are related to the daily activities of the
Company they shall be included in other income; if not they shall be included in the non-operating
income) or offset relevant cost expenses or losses during the current period of confirming relevant cost
expenses or losses.The government-subsidized interest discounts on preferential loans obtained by the Company are
accounted for separately in the following two cases:
(1) The financial sector allocates interest-subsidy funds to the lending bank. The lending bank
provides loans to the Company at a policy-based preferential interest rate. The loan amount actually
received is used as the entry value of the loan and the related borrowing cost is calculated as per the loan
principal and at the preferential policy rate.
(2) If the financial sector directly allocates the interest-subsidy funds to the Company the
corresponding interest subsidies will be used by the Company to offset relevant borrowing costs.
37. Deferred Tax Assets/Deferred Tax Liabilities
√Applicable □Not Applicable
Income tax comprises current and deferred taxes. Except for income taxes arising from business
combinations and transactions or events that are directly recognized in the owner's equity (including other
comprehensive income) the Company records current income tax and deferred tax in current profit or
loss.The deferred tax assets and the deferred tax liabilities are recognized based on the differences
between the tax bases of assets and liabilities and their carrying values (temporary differences).For deferred tax assets recognized as deductible temporary differences the amount of taxable income
likely to be acquired in the future to offset deductible temporary differences shall be limited. For
deductible loss or tax credits that can be carried forward to the next year deferred tax assets shall be
recognized to the extent that it is probable that taxable profit will be available in the future to offset the
deductible losses and tax credits.For taxable temporary differences deferred tax liabilities shall be recognized except in specific
circumstances.The specific circumstances where deferred tax assets or liabilities are not recognized include:
* The initial recognition of goodwill;
* As for transactions or events that neither constitute a business combination nor impact
accounting profit and taxable income (or deductible losses) at the time of occurrence and where the initial
134 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
recognition of assets and liabilities does not result in the creation of equal temporary taxable differences
and deductible temporary differences.For taxable temporary differences related to investments in subsidiaries associates and joint
ventures a deferred tax liability is recognized unless the Company is able to control the timing of the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future. For deductible temporary differences related to investments in subsidiaries associates
and joint ventures a deferred tax asset is recognized when it is probable that the temporary difference will
reverse in the foreseeable future and it is probable that future taxable profit will be available against which
the deductible temporary difference can be utilized.On the balance sheet date the deferred tax assets and liabilities are measured at the tax rate applicable
to the period during which the assets are expected to be recovered or the liabilities are expected to be
settled.On the balance sheet date the Company reviews the carrying value of deferred tax assets. If it is no
longer probable that sufficient taxable profit will be available in future periods to allow the benefit of the
deferred tax asset to be utilized the carrying value of the deferred tax asset shall be written down. Such
write-down shall be reversed when it becomes probable that sufficient taxable profit will be available.When the Company has a legally enforceable right to settle on a net basis and intends either to settle
on a net basis or to realize the asset and settle the liability simultaneously current tax assets and current tax
liabilities are presented at the net amount after offsetting.On the balance sheet date deferred tax assets and deferred tax liabilities are presented at the net
amount after offsetting when the following conditions are simultaneously met:
* The taxpayer has a legally enforceable right to settle current tax assets and current tax liabilities
on a net basis;
* The deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities that intend either to settle
current tax assets and liabilities on a net basis or to realize the assets and settle the liabilities
simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are
expected to be reversed.
38. Leasing
√Applicable □Not Applicable
Judgment basis and accounting treatment for simplified treatment of short-term leases and
low-value asset leases as a lessee
√Applicable □Not Applicable
A lease refers to a contract in which the lessor conveys the right to use an asset to the lessee for a
period of time in exchange for consideration. On the commencement date of the contract the Company
assesses whether the contract is or contains a lease. If one party to a contract transfers the right to control
the use of one or more identified assets for a certain period in exchange for consideration the contract is a
lease or includes a lease.Where a contract contains multiple separate leases the Company splits the contract and accounts for
each separate lease individually. Where a contract contains both lease and non-lease components the
lessee and the lessor shall separate the lease and non-lease components.
1. The Company as Lessee
(1) Right-of-Use Assets
At the commencement date of the lease the Company recognizes right-of-use assets for all leases
except for short-term leases and leases of low-value assets. The right-of-use asset is initially measured at
cost. The cost comprises:
* The amount of the initial measurement of the lease liability;
135 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
* For lease payments made on or before the commencement date of the lease term if there are
lease incentives the relevant amounts of the lease incentives already enjoyed shall be deducted.* The initial expenses incurred by the Company;
* The costs expected to be incurred by the Company to dismantle and remove the leased assets
restore the premises of the leased assets or restore the leased assets to the condition agreed in the lease
terms excluding the cost for production of inventories.The Company subsequently depreciates the right-of-use asset using the straight-line method. If the
Company is reasonably certain to obtain ownership of the underlying asset by the end of the lease term the
asset is depreciated over its remaining useful life; otherwise the asset is depreciated over the shorter of the
lease term and its remaining useful life.The Company determines whether a right-of-use asset has been impaired and performs accounting
treatment for the identified impairment loss in accordance with the principles described in Note V 27
Impairment of Long-term Assets.
(2) Lease Liabilities
At the commencement date of the lease the Company recognizes lease liabilities for all leases except
for short-term leases and leases of low-value assets. The lease liability is initially measured at the present
value of the lease payments that are not paid at that date. The lease payment includes:
* Where there is a lease incentive for fixed payments (including in-substance fixed payments) the
incentive-related amount shall be deducted;
* Variable rental payments based on indexes or ratios;
* The amounts expected to be paid based on the residual value of the guarantee provided by the
Company;
* The exercise price of the purchase option provided that the Company can reasonably determine
that it will exercise the option;
* The amount to be paid for exercising the option to terminate the lease provided that the lease
period reflects that the Company will exercise the option to terminate the lease.The Company uses the interest rate implicit in the lease as the discount rate; however if that rate
cannot be readily determined the Company’s incremental borrowing rate is used as the discount rate.The Company calculates the interest expense of the lease liability for each period during the lease
term based on a constant periodic rate of interest and recognizes it in current profits or losses or the costs
of relevant assets.Variable lease payments that are not included in the measurement of lease liabilities are recognized in
current profit or loss or the costs of relevant assets when they actually occur.After the commencement date of the lease under the following circumstances the Company
remeasures the lease liability and adjusts the corresponding right-of-use asset. If the carrying value of the
right-of-use asset has been reduced to zero but the lease liability still needs further reduction the
remaining difference is recognized in current profits or losses:
* When there is a change in the assessment of a purchase option extension option or termination
option or if the actual exercise of such options is inconsistent with the original assessment the Company
remeasures the lease liability based on the present value of the revised lease payments and a revised
discount rate;
* When there is a change in in-substance fixed payments the amount expected to be payable
under a residual value guarantee or the index or rate used to determine lease payments the Company
remeasures the lease liability based on the present value of the revised lease payments and the original
discount rate. However if the change in lease payments results from a change in floating interest rates a
revised discount rate shall be used to calculate the present value.
(3) Short-term Leases and Leases of Low-value Assets
136 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The Company records the lease payment of short-term lease and low-value asset lease into current
profit or loss or costs of relevant assets in each period of the lease term based on the straight-line method
without recognition of right-of-use assets and lease liabilities. A short-term lease is a lease that at the
commencement date has a lease term of 12 months or less and does not include a purchase option. A lease
of low-value assets is a lease for which the underlying asset is of low value when it is new. If the Company
subleases or expects to sublease a leased asset the original lease is not recognized as a low-value asset
lease.
(4) Lease Changes
If the lease changes and the following conditions are met the Company will treat the lease change as
a separate lease for accounting:
* The lease change expands the scope of the lease by adding the right to use one or more leased
assets;
* The increased consideration is equivalent to the amount of the separate price of the expanded
part of the lease scope adjusted according to the contract.For the lease change that is not accounted for as a separate lease at the effective date of the change
the Company reallocates the consideration in the modified contract redetermines the lease term and
remeasures the lease liability by discounting the revised lease payments using a revised discount rate.If the lease change results in a decrease in the scope of the lease or a shortened lease term the
Company decreases the carrying value of the right-of-use asset accordingly and recognizes any gain or
loss relating to the partial or full termination of the lease in current profit or loss. For all other lease
changes resulting in the remeasurement of lease liabilities the Company adjusts the carrying value of the
right-of-use asset accordingly.Classification criteria and accounting treatment of leases as a lessor
√Applicable □Not Applicable
On the commencement date of the lease the Company classifies the lease as either a finance lease or
an operating lease. A financing lease is a lease that transfers substantially all the risks and rewards
associated with ownership of the leased assets regardless of whether ownership is ultimately transferred.An operating lease refers to any lease other than a finance lease. When the Company acts as a sublease
lessor it classifies subleases based on the right-of-use assets generated from the original lease.
(1) Accounting Treatment for Operating Leases
Lease payments from operating leases are recognized as rental income on a straight-line basis over
each period within the lease term. The Company capitalizes initial direct costs incurred in connection with
operating leases and amortizes them to the current period's profit or loss over the lease term on the same
basis as rental income recognition. Variable lease payments that are not included in lease receivables are
recognized in current profit or loss when they actually occur. In the event that the operating lease changes
the Company accounts for it as a new lease from the effective date of the change and any lease receipts
received in advance or receivable related to the original lease are considered part of the lease receipts for
the new lease.
(2) Accounting Treatment for Finance Leases
On the commencement date of the lease the Company recognizes finance lease receivables for
finance leases and derecognizes the finance lease assets. When performing initial measurement of finance
lease receivables the Company uses the net investment in the lease as the entry value of the finance lease
receivables. The net investment in the lease is the sum of the unguaranteed residual value and the present
value of the lease receipts not yet received at the commencement date discounted at the interest rate
implicit in the lease.The Company calculates and recognizes interest income for each period during the lease term based
on a constant periodic rate of interest. The derecognition and impairment of finance lease receivables are
accounted for in accordance with Note V 11 Financial Instruments.
137 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Variable lease payments that are not included in the net lease investment measurement are
recognized in current profit or loss when they actually occur.If the financing lease changes and the following conditions are met the Company will treat the lease
change as a separate lease for accounting:
* The change expands the scope of the lease by adding the right to use one or more leased assets;
* The increased consideration is equivalent to the amount of the separate price of the expanded
part of the lease scope adjusted according to the contract.If the change of the financial lease is not accounted for as a separate lease the Company shall deal
with the changed lease under the following circumstances:
* If the change takes effect on the commencement date of the lease the lease is classified as an
operating lease and the Company treats it as a new lease for accounting purposes from the effective date
of the lease change and takes the net lease investment prior to the effective date of the lease change as the
carrying value of the leased asset;
* If the change takes effect on the commencement date of the lease the lease is classified as a
financial lease and the Company conducts accounting treatment in accordance with the policies on
revising or renegotiating contracts in Note V 11 Financial instruments.
39. Other Significant Accounting Policies and Accounting Estimates
√Applicable □Not Applicable
For shares that need to be repurchased because the unlocking conditions for restricted shares have not
been met the Company shall based on the amount to be paid debit the "Other Payables - Restricted Share
Repurchase Obligation" and other relevant accounts and credit "Bank Deposits" and other relevant
accounts. Simultaneously based on the par value of the shares corresponding to the number of canceled
restricted shares the Company shall debit the "Share Capital" account; based on the carrying value of
treasury shares corresponding to the number of canceled restricted shares the Company shall credit the
"Treasury Shares" account; and for the difference debit the "Capital Reserve - Share Premium" account.
40. Changes in Significant Accounting Policies and Accounting Estimates
1. Changes in Significant Accounting Policies
Implementation of provisions on relevant accounting treatment for standard warehouse receipt
transactions in the Q&A of Implementation of Financial Instrument Criteria.The Ministry of Finance issued an implementation Q&A on accounting treatment for standard
warehouse receipts on July 8 2025 which explicitly stipulates that according to the Financial Instruments
Recognition and Measurement Standard if a company frequently enters into contracts for the purchase
and sale of standard warehouse receipts on a futures exchange for the purpose of profiting from price
differences without taking delivery of the physical commodities underlying the standard warehouse
receipts this usually indicates that the company has a practice of receiving the underlying items and then
reselling them in the short term to profit from short-term fluctuations. The company shall treat such
purchase and sale contracts for standard warehouse receipts as financial instruments and account for them
in accordance with the Financial Instruments Recognition and Measurement Standard. If the company
after obtaining standard warehouse receipts under the aforementioned contracts resells them within a
short period such sales shall not be recognized as revenue. Instead the difference between the
consideration received and the carrying amount of the standard warehouse receipts sold shall be
recognized as investment income. If the company holds standard warehouse receipts at the end of the
period that have not yet been sold they shall be presented as other current assets. For standard warehouse
receipts obtained under the aforementioned contracts if doing so would eliminate or significantly reduce
an accounting mismatch the company may elect at initial recognition to measure them at fair value
through profit or loss and this election shall be applied consistently to all standard warehouse receipts that
meet the election conditions. For standard warehouse receipts that have been elected to be measured at fair
138 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
value through profit or loss at initial recognition the company shall not revoke such election in subsequent
periods.According to the requirements of the "Notice on Rigorously Implementing Accounting Standards for
Business Enterprises and Properly Preparing 2025 Annual Reports" (CK [2025] No. 33) if a company
adjusts its accounting treatment due to the implementation of the above provisions on standard warehouse
receipts it shall adjust the information for the comparable period in the financial statements.The implementation of this provision had no impact on the Company's financial position or operating
results.
41. First-time adoption of new accounting standards or interpretations from 2025 onwards
involving adjustments to the financial statements at the beginning of the year of first adoption
□Applicable √Not Applicable
42. Others
□Applicable √Not Applicable
VI. Taxation
1. Main Taxes and Tax Rates
Information on main taxes and tax rates
√Applicable □Not Applicable
Tax Type Taxable Basis Tax Rate
The output tax is calculated on the basis of income
from the sale of goods and taxable services in
Value-added tax accordance with the provisions of the tax law and
13%9%6%5%0%
(VAT) after deducting the input tax allowable for
deduction in current period the difference will be
the value-added tax payable.Urban
According to the actual paid VAT and the approved
maintenance and 7% 5%
current tax credit amount
construction tax
Education According to the actual paid VAT and the approved
3%
surcharge current tax credit amount
Local education According to the actual paid VAT and the approved
2%
surcharges current tax credit amount
Corporate Statutory tax rate or the
Based on taxable income
income tax following preferential tax rate
Explanation of income tax rates for different taxpayers
□Applicable √Not Applicable
2. Tax Incentives
√Applicable □Not Applicable
During this reporting period the High-tech Enterprise Certificates obtained by the Company Suzhou
OPPLE Lighting Co. Ltd. and Shanghai Qianlong Energy Conservation Technology Co. Ltd. were
within their validity period and the corporate income tax for the year 2025 was levied at the rate of 15%.
139 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
3. Others
□Applicable √Not Applicable
VII. Notes to Items in the Consolidated Financial Statements
1. Monetary funds
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Bank deposits 226574181.64 217685041.34
Other monetary fund 1489988561.51 1363360902.27
Total 1716562743.15 1581045943.61
Including: total
proceeds deposited 42358143.64 36328598.90
abroad
Other explanations:
Item Closing Balance Opening Balance
Bond deposit 1400035.00 1279369.00
Others 3760.00 3675010.00
Total 1403795.00 4954379.00
2. Held-for-trading financial assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Financial assets measured at fair value
3642802853.794081348921.90
through profit or loss
Including:
Investment in wealth
3642802853.794077235046.02
management products
Investments in equity
-1220107.60
instruments
Others - 2893768.28
Total 3642802853.79 4081348921.90
Other explanations:
□Applicable √Not Applicable
140 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
3. Derivative financial assets
□Applicable √Not Applicable
4. Notes receivable
(1) Classification and Presentation of Notes Receivable
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Banker's acceptance bill 21044040.00 2826765.00
Trade acceptance - 3099428.84
Total 21044040.00 5926193.84
(2) Notes Receivable Pledged by the Company at the End of Period
□Applicable √Not Applicable
(3) Notes Receivable Endorsed or Discounted by the Company at Period-End That Were Not
Yet Due as of the Balance Sheet Date
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Amount Not
Item Closing Amount Derecognized
Derecognized
Banker's acceptance bill 3488952.17 19884040.00
Total 3488952.17 19884040.00
(4). Classification and Disclosure by Provision for Bad Debts Method
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of notes receivable that experienced a change in
loss provision during this period:
141 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
(5). Provision for Bad Debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Accounts Receivable Actually Written off during the Current Period
□Applicable √Not Applicable
Significant write-off of notes receivable
□Applicable √Not Applicable
Explanation of write-offs for notes receivable:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
5. Accounts Receivable
(1). Disclosure by Aging
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Aging Closing Book Balance Opening Book Balance
Within 1 year (inclusive) 802391854.70 695178282.99
Within 1 year 802391854.70 695178282.99
1 to 2 years 49330158.63 50862903.23
2 to 3 years 19737494.95 22864362.91
More than 3 years 44013569.12 31555072.73
Total 915473077.40 800460621.86
142 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Disclosure by Provision for Bad Debts Method
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Category Book Balance Provision for Bad Debts Book Balance Provision for Bad Debts Carrying Carrying
Proportion Provision
Amount Amount Amount
Proportion Provision
Amount Amount Amount
(%) Rate (%) (%) Rate (%)
Provision
for bad
2798287.4
debts on an 57380308.83 6.27 51426742.90 89.62 5953565.93 60043095.67 7.50 57244808.22 95.34
5
individual
basis:
Including:
Accounts
receivable
with
individually
significant
amount and 24121642.60 2.63 24121642.60 100.00 - 25525062.48 3.19 25525062.48 100.00 -
a provision
for bad debt
on an
individual
basis
143 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Accounts
receivable
with an
insignificant
single
2798287.4
amount but 33258666.23 3.64 27305100.30 82.10 5953565.93 34518033.19 4.31 31719745.74 91.89
5
a provision
for bad debt
on an
individual
basis
Provision
for bad
858092768.5708376847
debts on a 93.73 40329544.22 4.70 817763224.35 740417526.19 92.50 32040678.78 4.33
7.41
portfolio
basis
Including:
Portfolio
based on
858092768.5793.7340329544.224.70817763224.35740417526.1992.5032040678.784.33708376847.41
aging
analysis
Total 915473077.40 100.00 91756287.12 10.02 823716790.28 800460621.86 100.00 89285487.00 11.15 711175134.86
144 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Provision for bad debts on an individual basis:
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance
Name Provision for Bad Provision Rate Reason for
Book Balance
Debts (%) Provision
Taiji Lake Group
Hubei Wudang Taiji See Note XVIII 7
10672237.5810672237.58100.00
Lake Water for details.Recreation Co. Ltd.GOME Appliance See Note XVIII 7
13449405.0213449405.02100.00
Co. Ltd. for details.Others 33258666.23 27305100.30 82.10
Total 57380308.83 51426742.90 89.62 /
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
√Applicable □Not Applicable
Portfolio provision items: Portfolio based on aging analysis
Unit: Yuan Currency: RMB
Closing Balance
Name
Book Balance Provision for Bad Debts Provision Rate (%)
Within 1 year 792082960.96 15338685.77 1.94
1 to 2 years 43834475.12 8766895.03 20.00
2 to 3 years 11902738.49 5951369.42 50.00
More than 3 years 10272594.00 10272594.00 100.00
Total 858092768.57 40329544.22 4.70
Explanation of provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts
None
145 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Explanation of significant changes in the book balance of accounts receivable that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
(3). Provision for Bad Debts
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Changes in Current Period
Opening Closing
Category
Balance Recovery Charge-off or Other Provision Balance
or Reversal Write-off Changes
Accounts
89285487.005310908.82-2840108.70-91756287.12
Receivable
Total 89285487.00 5310908.82 - 2840108.70 - 91756287.12
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(4). Receivables written off in current period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Write-off Amount
Accounts receivable actually written off 2840108.70
Significant write-off of accounts receivable
□Applicable √Not Applicable
Description of write-off of accounts receivable:
□Applicable √Not Applicable
146 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(5). Accounts receivable and contract assets from the top five debtors based on the closing
balance
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Percentage to
Total Closing
Closing Closing Balance of
Closing Balance Balance of Closing Balance
Balance of Accounts
Name of Accounts Accounts of Provision for
Contract Receivable and
Receivable Receivable and Bad Debts
Assets Contract Assets
Contract Assets
(%)
No. 1 238534892.80 - 238534892.80 25.10 2494558.38
No. 2 35333333.33 - 35333333.33 3.72 -
No. 3 27557592.15 3386636.66 30944228.81 3.26 957846.19
No. 4 17590857.40 - 17590857.40 1.85 1617.56
No. 5 12196361.79 1089941.51 13286303.30 1.40 2478838.77
Total 331213037.47 4476578.17 335689615.64 35.32 5932860.90
Other explanations: None
Other explanations:
□Applicable √Not Applicable
147 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
6. Contract assets
(1). Contract assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Item Provision Provision Book Carrying Carrying
for Bad Book Balance for Bad
Balance Amount Amount
Debts Debts
Accounts
receivable 34892259.4 6619895.5 28272363.9 33319930.5 6068503.4 27251427.0
from 7 0 7 5 8 7
contracts
34892259.46619895.528272363.933319930.56068503.427251427.0
Total
707587
(2). Amounts and reasons for significant changes in carrying amount during the reporting
period
□Applicable √Not Applicable
148 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3). Disclosure by Provision for Bad Debts Method
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Category Book Balance Provision for Bad Debts Book Balance Provision for Bad Debts Carrying Carrying
Proportion Provision Amount Proportion Provision Amount Amount Amount Amount Amount
(%) Rate (%) (%) Rate (%)
Provision for
bad debts on
3690919.0210.583566934.9696.64123984.064609359.8813.834393902.9195.33215456.97
an individual
basis:
Including:
Contract
assets with
insignificant
individual
3690919.0210.583566934.9696.64123984.064609359.8813.834393902.9195.33215456.97
amounts but
separately
provisioned
for bad debts
Provision for
bad debts on a 31201340.45 89.42 3052960.54 9.78 28148379.91 28710570.67 86.17 1674600.57 5.83 27035970.10
portfolio basis
Including:
Portfolio
based on 31201340.45 89.42 3052960.54 9.78 28148379.91 28710570.67 86.17 1674600.57 5.83 27035970.10
aging analysis
Total 34892259.47 100.00 6619895.50 18.97 28272363.97 33319930.55 100.00 6068503.48 18.21 27251427.07
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
149 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Provision for bad debts on a portfolio basis:
√Applicable □Not Applicable
Portfolio provision items: Portfolio based on aging analysis
Unit: Yuan Currency: RMB
Closing Balance
Name
Book Balance Provision for Bad Debts Provision Rate (%)
Within 1 year 21870458.98 1099957.82 5.03
1 to 2 years 9044221.55 1808844.31 20.00
2 to 3 years 285003.01 142501.50 50.00
More than 3 years 1656.91 1656.91 100.00
Total 31201340.45 3052960.54 9.78
Explanation of provision for bad debts calculated on a portfolio basis
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of contract assets that experienced a change in loss
provision during this period:
□Applicable √Not Applicable
(4). Provision for bad debts of contract assets in current period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Changes in Current Period
Recovery Charge-off
Opening Provision or or Closing Item Reason
Balance Other in Current Reversal Write-off Balance
Changes
Period in Current in Current
Period Period
Accounts
receivable
6068503.48551392.02--6619895.50
from
contracts
Total 6068503.48 551392.02 - - 6619895.50 /
Including: recoveries and reversals of bad debt provisions of material amounts
150 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
Other explanations: None
(5). Contract assets actually written off in current period
□Applicable √Not Applicable
Significant write-off of contract assets
□Applicable √Not Applicable
Explanation of write-off of contract assets:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
7. Receivables financing
(1). Classification and presentation of receivables financing
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Notes receivable 56000.00 -
Total 56000.00 -
(2). Receivables pledge financing of the Company at the end of the period
□Applicable √Not Applicable
(3). Receivables financing endorsed or discounted and not yet due as of the balance sheet date
of the Company
□Applicable √Not Applicable
(4). Disclosure by Provision for Bad Debts Method
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
151 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts
None
Explanation of significant changes in the book balance of receivables financing that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
(5). Provision for Bad Debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Receivables financing actually written off in current period
□Applicable √Not Applicable
Significant write-off of receivables financing
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
152 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(7). Changes in the balance and fair value of receivables financing in current period:
√Applicable □Not Applicable
Closing Accumulated
Balance Addition in Derecognition Provision for Losses
Other Closing
Item of Current in Current Recognized in Other
Changes Balance
Previous Period Period Comprehensive
Year Income
Notes
-56000.00--56000.00-
receivable
Total - 56000.00 - - 56000.00 -
(8). Other explanations
□Applicable √Not Applicable
8. Prepayments
(1). Prepayments presented by aging
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Aging
Amount Proportion (%) Amount Proportion (%)
Within 1 year 17779565.86 89.22 14229050.61 77.66
1 to 2 years 1108640.98 5.56 3562252.25 19.44
2 to 3 years 834631.27 4.19 464155.36 2.53
More than 3
204452.511.0367892.810.37
years
Total 19927290.62 100.00 18323351.03 100.00
Explanation for the delayed settlement of prepayments with aging over one year and a material amount:
NA
(2). Prepayments to the top five receivers based on the closing balance
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Percentage of Total Closing Balance of
Name Closing Balance
Prepayments (%)
No. 1 2308753.08 11.59
No. 2 1829862.52 9.18
No. 3 1214003.52 6.09
No. 4 947823.42 4.76
No. 5 932066.32 4.68
153 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Total 7232508.86 36.30
Other explanations: None
Other explanations:
□Applicable √Not Applicable
9. Other receivables
Item presentation
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Dividends receivable - 3750655.20
Other receivables 31064802.47 30417628.33
Total 31064802.47 34168283.53
Other explanations:
□Applicable √Not Applicable
Interest receivable
(1) Classification of interest receivable
□Applicable √Not Applicable
(2) Significant overdue interest
□Applicable √Not Applicable
(3). Classification and disclosure by provision for bad debts
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
154 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of interest receivable that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Accounts receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of interest receivable
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
Dividends receivable
(1) Dividends receivable
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Project (or Investee) Closing Balance Opening Balance
Zhejiang Super Lighting Electric
-3750655.20
Appliance Co. Ltd.Total - 3750655.20
155 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2) Significant dividends receivable with aging over one year
□Applicable √Not Applicable
(3). Classification and disclosure by provision for bad debts
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts:
None
Explanation of significant changes in the book balance of dividends receivable that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provision of material amounts
□Applicable √Not Applicable
Other explanations:
None
(6). Dividends receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of dividends receivable
156 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
Other receivables
(1) Disclosure by aging
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Aging Closing Book Balance Opening Book Balance
Within 1 year (inclusive) 17864344.57 19091586.61
Within 1 year 17864344.57 19091586.61
1 to 2 years 3397320.84 4220205.44
2 to 3 years 3369981.35 1866155.80
More than 3 years 11037811.10 9943319.32
Total 35669457.86 35121267.17
(2). Classification by nature of payment
□Applicable √Not Applicable
(3). Provision for bad debts
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Stage 1 Stage 2 Stage 3
Provision for Bad Expected Credit Loss Expected Credit Loss Expected Credit
Debts Within the Entire Within the Entire
Total
Loss over the
Duration (Without Duration (with Credit
Next 12 Months
Credit Impairment) Impairment)
Balance as of
40076.84-4663562.004703638.84
January 1 2025
Changes in the
balance as of
----
January 1 2025 in
current period
Provision in current
--432826.28432826.28
period
Current reversal 3035.08 - - 3035.08
157 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Current charge-off - - - -
Current write-off - - 528774.65 528774.65
Other changes - - - -
Balance as of
37041.76-4567613.634604655.39
December 31 2025
Basis for classification into stages and provision rate for bad debts
None
Explanation of significant changes in the book balance of other receivables that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
Basis for bad debt provision and assessment of a significant increase in credit risk of financial instruments
during the current period:
□Applicable √Not Applicable
(4). Provision for bad debts
□Applicable √Not Applicable
Significant reversal or recovery of provision for bad debts in current period:
□Applicable √Not Applicable
Other explanations: None
(5). Other receivables actually written off during the current period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Write-off Amount
Other receivables actually written off 528774.65
Significant write-off of other receivables:
□Applicable √Not Applicable
Description of write-off of other receivables:
□Applicable √Not Applicable
(6) Other receivables from the top five debtors based on the closing balance
√Applicable □Not Applicable
158 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Unit: Yuan Currency: RMB
Percentage of
Total Closing Closing
Closing Balance of Balance of
Name Nature Aging
Balance Other Provision for
Receivables Bad Debts
(%)
Huazhu Hotel
Deposit and Within 1
Management Co. 1300000.00 3.64 -
security etc. year
Ltd.Shenzhen Bokala
Deposit and
Home Technology 1200000.00 3.36 2-3 years -
security etc.Co. Ltd.Datang Telecom
(Nanjing) Energy More
Deposit and
Saving Information 1200000.00 3.36 than 3 -
security etc.Technology Co. years
Ltd.Alipay (China)
Network Deposit and Within 1
950000.002.66-
Technology Co. security etc. year
Ltd.Shenyang Metro Deposit and
619749.92 1.74 1-2 years -
Group Co. Ltd. security etc.Total 5269749.92 14.76 / / -
(7) Presented as other receivables due to centralized fund management
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
10. Inventories
(1). Inventory classification
√Applicable □Not Applicable
159 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Provision for Provision for
inventory inventory
impairment/pro impairment/prov
Item vision for Carrying ision for Carrying
Book Balance Book Balance
impairment of Amount impairment of Amount
contract contract
performance performance
costs costs
Raw
73477034.045752228.4867724805.5682497682.486176253.9376321428.55
materials
Work-in-pr
40038258.141285195.8938753062.2546778646.47756991.4746021655.00
ogress
Finished
396676159.5135786485.72360889673.79397887593.6140308659.81357578933.80
goods
Low-value
consumable 5214307.63 579477.49 4634830.14 3959549.24 511180.12 3448369.12
s
Contract
performance 10783314.93 - 10783314.93 4604470.93 - 4604470.93
costs
Goods in
28630109.373959928.4624670180.9140043050.82-40043050.82
transit
Total 554819183.62 47363316.04 507455867.58 575770993.55 47753085.33 528017908.22
(2). Data resources recognized as inventories
□Applicable √Not Applicable
(3). Provision for inventory impairment and provision for impairment of contract
performance costs
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase in Current Period Decrease in Current Period
Item Opening Balance Reversal or Closing Balance
Provision Others Others
Charge-off
Raw
6176253.935016782.97-5440808.42-5752228.48
materials
Work-in-pr
756991.472013876.75-1485672.33-1285195.89
ogress
Finished
40308659.811693722.23-6215896.32-35786485.72
goods
Low-value
consumable 511180.12 264018.78 - 195721.41 - 579477.49
s
Goods in
-3959928.46---3959928.46
transit
Total 47753085.33 12948329.19 - 13338098.48 - 47363316.04
160 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Reasons for reversal or charge-off of provision for inventory impairment in current period
□Applicable √Not Applicable
Provision for inventory impairment on a portfolio basis
□Applicable √Not Applicable
Criteria of provision for inventory impairment on a portfolio basis
□Applicable √Not Applicable
(4). Amount of borrowing costs capitalized in the closing balance of inventories and the
criteria and basis for its calculation
□Applicable √Not Applicable
(5). Explanation of amortization of contract performance costs in current period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
11. Assets held for sale
□Applicable √Not Applicable
12. Current portion of non-current assets
□Applicable √Not Applicable
Debt investments due within one year
□Applicable √Not Applicable
Other debt investments due within one year
□Applicable √Not Applicable
Other explanations for the current portion of non-current assets:
None
13. Other current assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
161 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Item Closing Balance Opening Balance
Input tax to be deducted 36291678.03 37645223.82
Deferred expenses 9508220.76 8020091.06
Prepaid enterprise income tax 1447156.27 5219260.54
Total 47247055.06 50884575.42
Other explanations: None
14. Debt investments
(1). Debt investments
□Applicable √Not Applicable
Changes in provision for impairment of debt investments
□Applicable √Not Applicable
(2). Significant debt investments at the end of the period
□Applicable √Not Applicable
(3). Provision for impairment
□Applicable √Not Applicable
Basis for classification into stages and provision rate for impairment: None
Explanation of significant changes in the book balance of debt investments that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
Basis for provision for impairment and assessment of a significant increase in credit risk of financial
instruments during the current period
□Applicable √Not Applicable
(4). Debt investments actually written off in current period
□Applicable √Not Applicable
Significant write-off of debt investments
□Applicable √Not Applicable
Explanation of write-off of debt investments:
□Applicable √Not Applicable
162 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Other explanations:
□Applicable √Not Applicable
15. Other debt investments
(1). Information on other debt investments
□Applicable √Not Applicable
Changes in impairment provision for other debt investments in current period
□Applicable √Not Applicable
(2). Other significant debt investments at the end of the period
□Applicable √Not Applicable
(3). Provision for impairment
□Applicable √Not Applicable
Basis for classification into stages and provision rate for impairment: None
Explanation of significant changes in the book balance of other debt investments that experienced a
change in loss provision during this period:
□Applicable √Not Applicable
Basis for provision for impairment and assessment of a significant increase in credit risk of financial
instruments during the current period
□Applicable √Not Applicable
(4). Other debt investments actually written off in current period
□Applicable √Not Applicable
Significant write-off of other debt investments
□Applicable √Not Applicable
Explanation of write-off of other debt investments:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
163 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
16. Long-term receivables
(1). Long-term receivables
□Applicable √Not Applicable
(2). Disclosure by Provision for Bad Debts Method
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
(3). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: NA
Explanation of significant changes in the book balance of long-term receivables that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
Basis for bad debt provision and assessment of a significant increase in credit risk of financial instruments
during the current period
□Applicable √Not Applicable
(4). Bad debt provisions
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(5). Long-term receivables actually written off in current period
□Applicable √Not Applicable
164 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Significant write-off of long-term receivables
□Applicable √Not Applicable
Explanation of write-off of long-term receivables:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
165 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
17. Long-term equity investments
(1). Long-term equity investments
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase/Decrease in Current Period
Investment
Opening Cash Closing Closing
Gains and
Balance Adjustments to Dividends Balance Balance of
Investee Losses Changes Provision
(Carrying Additional Reduction in Other or Profits (Carrying Impairment
Recognized in Other for Others
Amount) Investment Investment Comprehensive Declared Amount) Reserve
under the Equities Impairment
Income and
Equity
Distributed
Method
I. Joint venture
II. Associates
Zhejiang Super
Lighting
241963177.4
Electric -3587414.57 5528.95 238381291.78 -
0
Appliance Co.Ltd.Jinyun Weston
Investment
Partnership
16763374.1516763374.15-
Enterprise
(Limited
Partnership)
Zhuhai XIMO
ELECTRIC 7312941.11 -1244043.70 12775.35 6081672.76 -
INC.Suzhou Pupo
Enterprise
Management
Partnership - - -
Enterprise
(Limited
Partnership)
166 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
266039492.6
Subtotal -4831458.27 18304.30 261226338.69 -
6
266039492.6
Total -4831458.27 18304.30 261226338.69 -
6
Note: The Company directly holds 19% equity interest in Zhejiang Shanpu and indirectly holds an additional 4.09% equity interest through Jinyun Weston
Investment Partnership (Limited Partnership) representing a total of 23.09% equity interest in Zhejiang Shanpu. Due to sustained losses of Suzhou Pubo Enterprise
Management Partnership (Limited Partnership) as of December 31 2025 the Company's long-term equity investment in Suzhou Pubo Enterprise Management
Partnership (Limited Partnership) accounted for using the equity method has been written down to zero.
(2). Impairment testing of long-term equity investments
□Applicable √Not Applicable
Other explanations: None
167 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
18. Investments in other equity instruments
(1). Information on investments in other equity instruments
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase/Decrease in Current Period
Reasons for
Cumulative Cumulative
Gains Losses Dividend Designated
Gains Losses
Recognized in Recognized in Revenue Measurement
Opening Closing Recognized in Recognized in
Item Reduction Other Other Recognized at Fair Value
Balance Additional Balance Other Other
in Comprehensive Comprehensive Others in Current Through Other
Investment Comprehensive Comprehensive
Investment Income during Income during Period Comprehensive
Income Income
the Current the Current Income
Period Period
Chengdu
Investments in
Xinchao
non-trading
Media 142901100.00 - - - - - 142901100.00 - - 7098900.00
equity
Group
instruments
Co. Ltd.Total 142901100.00 - - - - - 142901100.00 - - 7098900.00 /
168 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Explanation of derecognition in current period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
19. Other non-current financial assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Financial assets measured at fair value
74285521.15107268827.39
through profit or loss
Including: Investments in equity
74285521.15107268827.39
instruments
Total 74285521.15 107268827.39
Other explanations:
□Applicable √Not Applicable
20. Investment properties
Measurement model for investment properties
(1). Investment properties measured at cost
Unit: Yuan Currency: RMB
Houses and Land Use Construction
Item Total
Buildings Rights in Progress
I. Original carrying amount
1. Opening balance 113703108.43 113703108.43
2. Increase in current period - -
3. Decrease in current period - -
4. Closing balance 113703108.43 113703108.43
II. Accumulated depreciation and amortization
1. Opening balance 66308668.68 66308668.68
2. Increase in current period 5427215.18 5427215.18
(1) Provision or amortization 5427215.18 5427215.18
3. Decrease in current period - -
4. Closing balance 71735883.86 71735883.86
III. Impairment provision
IV. Carrying amount
169 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
1. Closing carrying amount 41967224.57 41967224.57
2. Opening carrying amount 47394439.75 47394439.75
(2). Investment properties without a certificate of title
□Applicable √Not Applicable
(3). Impairment testing of investment properties measured at cost
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
21. Fixed assets
Item presentation
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Fixed assets 1248608006.36 1327409436.51
Total 1248608006.36 1327409436.51
Other explanations:
□Applicable √Not Applicable
Fixed assets
(1). Information on fixed assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Office
Houses and Production Transportation
Item Equipment and Total
Buildings Equipment Equipment
Others
I. Original carrying amount:
1. Opening balance 1660322124.91 714202259.24 31534378.79 72702350.84 2478761113.78
2. Increase in current
13494079.7067020252.246307582.742810669.6789632584.35
period
(1) Acquisition 12103109.22 53446509.69 5096617.34 1602561.67 72248797.92
(2) Transferred from
construction in 1390970.48 13573742.55 1210823.52 1078715.74 17254252.29
progress
170 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3) Increase from
exchange - - 141.88 129392.26 129534.14
differences
(4) Transferred from
-----
right-of-use assets
3. Decrease in
16000534.4311524090.32832060.201913437.5730270122.52
current period
(1) Disposal or
-11494539.99818489.051872845.8314185874.87
scrapping
(2) Decrease from
exchange 197377.60 - 13571.15 40591.74 251540.49
differences
(3) Others 15803156.83 29550.33 - - 15832707.16
4. Closing balance 1657815670.18 769698421.16 37009901.33 73599582.94 2538123575.61
II. Accumulated depreciation
1. Opening balance 570135395.43 502959386.55 19965608.30 58291286.99 1151351677.27
2. Increase in current
80853137.0459364733.424092812.537386675.82151697358.81
period
(1) Provision 80853137.04 59364733.42 4092792.88 7275353.28 151586016.62
(2) Transferred from
accumulated
-----
depreciation of
right-of-use assets
(3) Increase from
exchange - - 19.65 111322.54 111342.19
differences
3. Decrease in
3589.4610922357.02785577.101821943.2513533466.83
current period
(1) Disposal or
-10922357.02775235.131784692.0713482284.22
scrapping
(2) Decrease from
exchange 3589.46 - 10341.97 37251.18 51182.61
differences
(3) Others - - - - -
4. Closing balance 650984943.01 551401762.95 23272843.73 63856019.56 1289515569.25
III. Impairment provision
IV. Carrying amount
1. Closing carrying
1006830727.17218296658.2113737057.609743563.381248608006.36
amount
2. Opening carrying
1090186729.48211242872.6911568770.4914411063.851327409436.51
amount
(2) Temporarily idle fixed assets
□Applicable √Not Applicable
(3) Fixed assets leased out through operating leases
□Applicable √Not Applicable
171 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(4) Fixed assets without a certificate of title
□Applicable √Not Applicable
(5). Impairment test of fixed assets
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
Liquidation of fixed assets
□Applicable √Not Applicable
22. Construction in progress
Item presentation
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Construction in progress 195859059.95 22953466.65
Total 195859059.95 22953466.65
Other explanations:
□Applicable √Not Applicable
Construction in progress
(1). Construction in progress
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Item Provision Provision
Book Book Carrying
for Carrying Amount for
Balance Balance Amount
Impairment Impairment
Equipment
1711584.52-1711584.523676903.44-3676903.44
installation
Buildings 194147475.43 - 194147475.43 19276563.21 - 19276563.21
Total 195859059.95 - 195859059.95 22953466.65 - 22953466.65
172 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2) Changes in significant construction in progress during the current period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amounts
Proportion of Including:
Transferred Interest
Other Accumulative Cumulative Amount of
to Fixed Capitalization Source
Opening Increase in Decrease in Project Construction Amount of Capitalized
Item Budget Assets Closing Balance Rate in of
Balance Current Period Current Investment in Progress Capitalized Interest in
during the Current Funds
Period the Budget Interest Current
Current Period (%)
(%) Period
Period
Intelligent
RMB
manufacturing
132 17231051.80 91296409.26 - - 108527461.06 82.29 82.29 - - - Owned
factory and
million
office building
RMB
B7 Factory
135 1627985.43 84112907.42 - 120878.48 85620014.37 63.34 63.34 - - - Owned
project
million
RMB
Total 267 18859037.23 175409316.68 - 120878.48 194147475.43 - -
million
173 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3) Provisions for impairment of construction in progress during the current period
□Applicable √Not Applicable
(4). Impairment test of construction in progress
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
Project Materials
(1). Status of project materials
□Applicable √Not Applicable
23. Productive biological assets
(1). Productive biological assets measured at cost
□Applicable √Not Applicable
(2). Impairment test of productive biological assets measured at cost
□Applicable √Not Applicable
(3). Productive biological assets measured at fair value
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
24. Oil and gas assets
(1). Status of oil and gas assets
□Applicable √Not Applicable
(2). Impairment test of oil and gas assets
□Applicable √Not Applicable
Other explanations:
None
174 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
25. Right-of-use assets
(1). Situation of Right-of-use Assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Houses and Buildings Total
I. Original carrying amount
1. Opening balance 26245473.01 26245473.01
2. Increase in current period 3352464.63 3352464.63
(1) New leasing 2370952.20 2370952.20
(2) Increase from exchange
981512.43981512.43
differences
3. Decrease in current period 7771927.70 7771927.70
(1) Transferred to fixed assets - -
(2) Decrease from exchange
32808.3932808.39
differences
(3) Disposal 7739119.31 7739119.31
4. Closing balance 21826009.94 21826009.94
II. Accumulated depreciation
1. Opening balance 12018032.75 12018032.75
2. Increase in current period 6425320.99 6425320.99
(1) Provision 6012052.49 6012052.49
(2) Increase from exchange
413268.50413268.50
differences
3. Decrease in current period 5862813.79 5862813.79
(1) Transferred to fixed assets - -
(2) Decrease from exchange
19639.5719639.57
differences
(3) Disposal 5843174.22 5843174.22
4. Closing balance 12580539.95 12580539.95
III. Impairment provision
IV. Carrying amount
1. Closing carrying amount 9245469.99 9245469.99
2. Opening carrying amount 14227440.26 14227440.26
(2). Impairment test of right-of-use assets
□Applicable √Not Applicable
175 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Other explanations:
None
26. Intangible assets
(1). Status of intangible assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Franchise
Item Land Use Rights Office Software Total
Rights
I. Original carrying amount
1. Opening balance 492948250.52 17305335.18 66862394.72 577115980.42
2. Increase in current
--94521286.1894521286.18
period
(1) Acquisition - - 94521286.18 94521286.18
3. Decrease in current
2368840.46--2368840.46
period
(1) Decrease from
2368840.46--2368840.46
exchange differences
4. Closing balance 490579410.06 17305335.18 161383680.90 669268426.14
II. Accumulated amortization
1. Opening balance 66908108.92 15695756.85 10290402.29 92894268.06
2. Increase in current
7832594.881002458.0810092411.9518927464.91
period
(1) Provision 7832594.88 1002458.08 10092411.95 18927464.91
3. Decrease in current
----
period
(1) Disposal - - - -
4. Closing balance 74740703.80 16698214.93 20382814.24 111821732.97
III. Impairment provision
IV. Carrying amount
1. Closing carrying
415838706.26607120.25141000866.66557446693.17
amount
2. Opening carrying
426040141.601609578.3356571992.43484221712.36
amount
The proportion of intangible assets from internal R&D activities of the Company to the balance of
intangible assets at the end of this period is 0.
(2). Data resources recognized as intangible assets
□Applicable √Not Applicable
(3). Land use rights without a certificate of title
□Applicable √Not Applicable
176 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(4). Impairment test of intangible assets
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
27. Goodwill
(1). Original carrying amount of goodwill
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Decrease in Current
Increase in Current Period
Period
Name of Investee Opening Closing
Formed by a
or Goodwill Items Balance Balance
Business Others Disposal Others
Combination
Shanghai OPPLE
Jiedeng Lighting 1819845.85 - - - - 1819845.85
Co. Ltd.Guangxi Ouheng
Intelligent
6750000.00--6750000.00--
Technology Co.Ltd.Total 8569845.85 - - 6750000.00 - 1819845.85
(2). Provision for goodwill impairment
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase in Current Decrease in Current
Name of Investee or Opening Period Period Closing
Goodwill Items Balance Balance
Provision Others Disposal Others
Shanghai OPPLE
Jiedeng Lighting Co. 1819845.85 - - - - 1819845.85
Ltd.Guangxi Ouheng
Intelligent 6750000.00 - - 6750000.00 - -
Technology Co. Ltd.Total 8569845.85 - - 6750000.00 - 1819845.85
177 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3). Information about the asset group or asset group portfolio to which the goodwill belongs
√Applicable □Not Applicable
Composition of the
Asset Group or Affiliated Business No Change Compared to the
Name
Portfolio of Asset Division and Basis Previous Year
Groups and Basis
Related assets and
Asset Group of Shanghai OPPLE
liabilities; the asset
Shanghai OPPLE Jiedeng Lighting Co.group can generate Yes
Jiedeng Lighting Co. Ltd.; independent
cash inflows
Ltd. operating cash flows
independently
Changes in the asset group or the asset group portfolio
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
(4). Specific method for determining recoverable amount
Recoverable amount is determined as the net amount of fair value minus disposal costs
□Applicable √Not Applicable
Recoverable amount is determined based on the present value of estimated future cash flows
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Key
Parameters
Key Basis for Basis for
for the Stable
Parameters for Determining Determining
Period
Carrying Recoverable Impairment Forecast the Forecast Parameters Key
Item (Growth
Amount Amount Amount Period Period (Growth of the Parameters
Rate Profit
Rate Profit Forecast of the Stable
Margin
Margin etc.) Period Period
Discount
Rate etc.)
Revenue
Revenue
Asset growth rate:
growth rate:
Group of 0%;
5.00%;
Shanghai Operating Revenue
Operating
OPPLE 8288615.64 37642259.51 - 5.00 / profit growth rate:
profit margin:
Jiedeng margin: 0%
18.52%;
Lighting 18.52%;
Discount rate:
Co. Ltd. Discount
10.28%
rate: 10.28%
Total 8288615.64 37642259.51 / / / / /
Reasons for significant discrepancies between the aforementioned information and the information used in
the impairment tests of previous years or external information.□Applicable √Not Applicable
178 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Reasons for significant discrepancies between the information used in the Company's impairment tests of
previous years and the actual circumstances of the current year.□Applicable √Not Applicable
(5). Performance commitments and corresponding goodwill impairment
There are performance commitments when the goodwill is formed and the reporting period or the period
immediately preceding the reporting period falls within the performance commitment period.□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
28. Long-term deferred expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amortization
Opening Increase in Other
Item Amount in Closing Balance
Balance Current Period Decreases
Current Period
Renovation
9027063.348791878.755855664.026817.1311956460.94
costs
Others 23705.94 - 12588.02 - 11117.92
Total 9050769.28 8791878.75 5868252.04 6817.13 11967578.86
Other explanations: None
29. Deferred tax assets/deferred tax liabilities
(1). Deferred tax assets not offset
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Item Deductible Deductible Deferred Tax Deferred Tax
Temporary Temporary
Asset Asset
Differences Differences
Provision for asset
155191408.2328161831.11146471772.2526452647.04
impairment
Unrealized profits from
62592601.118403457.9157829675.888108274.88
internal transactions
Deductible losses 19945378.48 3078889.19 43614504.20 7677835.37
Gains and losses on
changes in the fair value
--118063.5817709.54
of trading financial
liabilities
179 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Employee benefits
25957333.754400510.4638577422.016221049.73
payable
Accrued expenses 285916134.95 48723033.18 284661806.22 46604411.66
Share-based payments 28182616.76 2457267.66 34300895.67 5748005.15
Provisions 41781029.40 8756991.16 44953951.72 9630856.33
Others 81468489.31 17900952.09 66942140.64 15156823.47
Total 701034991.99 121882932.76 717470232.17 125617613.17
(2). Deferred income tax liabilities not offset
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Item Temporary Temporary Deferred Tax Deferred Tax
Taxable Taxable
Liability Liability
Differences Differences
Valuation of trading
11569353.791765052.159059236.781389795.26
financial instruments
Gains and losses on
changes in the fair value
1597763.34239664.502476504.96371475.75
of other non-current
assets
Others 8404627.82 429113.31 2783409.43 417511.41
Total 21571744.95 2433829.96 14319151.17 2178782.42
(3). Deferred tax assets or liabilities presented as net of offsets
□Applicable √Not Applicable
(4). Breakdown of unrecognized deferred tax assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Deductible Temporary
33192554.2837380499.30
Differences
Deductible losses 8027874.42 -
Total 41220428.70 37380499.30
180 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(5). Maturity years of deductible losses of unrecognized deferred tax assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Year Closing Balance Opening Balance Remark
2026--
2027--
20282932780.75-
20292673000.66-
20302422093.01-
Total 8027874.42 - /
Other explanations:
□Applicable √Not Applicable
30. Other non-current assets
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Item Provision Provision Carrying Carrying
Book Balance for Book Balance for
Amount Amount
Impairment Impairment
Prepaid
41151798.00-41151798.0041151798.00-41151798.00
land fees
Prepayment
for
31192193.91-31192193.9124124186.74-24124186.74
engineering
equipment
EMC
project
assets to be 42765940.54 - 42765940.54 26657833.07 - 26657833.07
carried
forward
Total 115109932.45 - 115109932.45 91933817.81 - 91933817.81
Other explanations: None
181 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
31. Assets with restricted ownership or right of use
□Applicable √Not Applicable
Other explanations: None
32. Short-term borrowings
(1). Classification of short-term borrowings
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Note discounting not eligible for
8769946.312092805.00
derecognition
Guaranteed loans - 78503229.90
Total 8769946.31 80596034.90
Explanation of classification of short-term borrowings: None
(2). Overdue and outstanding short-term borrowings
□Applicable √Not Applicable
The significant overdue and outstanding short-term borrowings are as follows:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
33. Held-for-trading financial liabilities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Reasons and Basis
Item Opening Balance Closing Balance
for Designation
Held-for-trading financial
118063.58-/
liabilities
Including:
Derivative financial liabilities 118063.58 - /
Total 118063.58 - /
Other explanations:
□Applicable √Not Applicable
182 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
34. Derivative financial liabilities
□Applicable √Not Applicable
35. Notes payable
(1). Presentation of notes payable
□Applicable √Not Applicable
36. Accounts payable
(1). Presentation of accounts payables
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Within 1 year 765260131.48 913326184.72
1 to 2 years 10938046.86 10606353.71
2 to 3 years 3585023.04 2489513.73
More than 3 years 8762020.99 8227676.84
Total 788545222.37 934649729.00
(2). Significant accounts payable with aging over one year or overdue
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
37. Advance receipts
(1) Presentation of advances received
□Applicable √Not Applicable
(2) Significant advances with aging over one year
□Applicable √Not Applicable
(3) Amounts and reasons for significant changes in carrying amount during the reporting
period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
183 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
38. Contract liabilities
(1). Status of contract liabilities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Within 1 year 137472786.77 146735407.52
1 to 2 years 5043806.18 889501.06
2 to 3 years 452841.21 1750572.82
More than 3 years 2845750.80 2217379.15
Total 145815184.96 151592860.55
(2). Significant contract liabilities with aging over one year
□Applicable √Not Applicable
(3). Amounts and reasons for significant changes in carrying amount during the reporting
period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
39. Employee benefits payable
(1). Presentation of payroll payable
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Opening Increase in Current Decrease in Closing
Item
Balance Period Current Period Balance
I. Short-term
292438704.691255942905.251284765162.85263616447.09
remuneration
II. Post-employment
benefit- defined 2484830.02 110832786.91 110830195.88 2487421.05
contribution plans
Total 294923534.71 1366775692.16 1395595358.73 266103868.14
184 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Presentation of short-term remunerations
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Opening Increase in Current Decrease in Current Closing
Item
Balance Period Period Balance
I. Salaries bonuses
allowances and 290871155.82 1128654166.76 1158266031.64 261259290.94
subsidies
II. Employee benefits - 11204215.90 11204215.90 -
III. Social security
1566761.2765804685.7865015082.002356365.05
contributions
Including: medical
1415806.1258764230.5457974431.092205605.57
insurance premiums
Employment injury
46278.424703807.504703814.0546271.87
insurance premiums
Maternity insurance
104676.732336647.742336836.86104487.61
premiums
IV. Housing provident
-46266897.5846266897.58-
fund
V. Funds for trade
unions and staff 787.60 4012939.23 4012935.73 791.10
education
VI. Short-term
----
absence with payroll
VII. Short-term profit
----
sharing plan
Total 292438704.69 1255942905.25 1284765162.85 263616447.09
(3). Presentation of defined contribution plans
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Opening Increase in Decrease in
Item Closing Balance
Balance Current Period Current Period
1. Basic pension insurance 2406632.21 107370228.30 107367653.06 2409207.45
2. Unemployment insurance
78197.813462558.613462542.8278213.60
premiums
Total 2484830.02 110832786.91 110830195.88 2487421.05
Other explanations:
□Applicable √Not Applicable
40. Taxes and rates payable
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
185 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Value-added tax (VAT) 30289778.56 34308336.76
Urban construction tax 1890793.11 1877115.69
Education surcharge 1100447.65 1087152.58
Local education surcharges 737965.10 724768.36
Corporate income tax 50943151.94 49160016.93
Personal income tax 5577964.02 3502085.34
Property tax 3449172.71 9629111.44
Land use tax 238589.06 493575.83
Stamp duty 2496356.74 1645726.59
Others 185623.02 46937.81
Total 96909841.91 102474827.33
Other explanations: None
41. Other payables
(1). Item presentation
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Other payables 424434275.89 471535342.22
Total 424434275.89 471535342.22
Other explanations:
□Applicable √Not Applicable
(2). Interest payable
Classification and presentation
□Applicable √Not Applicable
Significant overdue payable interest:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
186 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3). Dividends payable
Classification and presentation
□Applicable √Not Applicable
(4). Other payables
Other payables presented by nature of payment
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Dealer deposit 116920131.57 121440024.35
Supplier warranty deposit 112020867.08 113301773.19
Accounts payable to other
54998212.9685434032.46
entities
Restricted stock repurchase
48630688.6078286396.27
obligations
Other payables to employees 1942894.76 2145953.97
Project payments payable 89921480.92 70927161.98
Total 424434275.89 471535342.22
Other significant payables with aging over one year or overdue
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
42. Liabilities held for sale
□Applicable √Not Applicable
43. Non-current liabilities due within one year
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Long-term payables due within
8998803.008999980.00
one year
Lease liabilities due within one
4409492.605781803.37
year
Total 13408295.60 14781783.37
Other explanations: None
187 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
44. Other current liabilities
Status of other current liabilities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Accrued expenses - rebates 171226847.48 200148640.17
-Channel support fee 329225224.65 360709808.63
-Marketing expenses 10963695.04 11145268.39
-Transportation costs 36198340.61 34459677.27
-Others 169363186.12 157506015.57
Tax to be charged off 11032679.11 9792979.43
Note endorsements not
11114093.693040000.00
eligible for derecognition
Total 739124066.70 776802389.46
Increase or decrease in short-term bonds payable:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
45. Long-term borrowing
(1) Classification of long-term borrowings
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
46. Bonds payable
(1). Bonds payable
□Applicable √Not Applicable
(2). Details of bonds payable (excluding preferred shares perpetual bonds and other financial
instruments classified as financial liabilities):
□Applicable √Not Applicable
(3). Explanation of convertible bonds
□Applicable √Not Applicable
188 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Accounting treatment and basis for judgment of conversion rights
□Applicable √Not Applicable
(4). Description of other financial instruments classified as financial liabilities
Basic information of preferred shares perpetual bonds and other financial instruments outstanding at the
end of the period
□Applicable √Not Applicable
Table of changes in preferred shares perpetual bonds and other financial instruments outstanding at the
end of the period
□Applicable √Not Applicable
Basis for classification of other financial instruments as financial liabilities
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
47. Lease liabilities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Operating lease payable 5492757.68 9279172.51
Total 5492757.68 9279172.51
Other explanations: None
48. Long-term payables
Item presentation
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Long-term payables - 8998803.00
Total - 8998803.00
Other explanations:
189 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
Long-term payables
(1) Long-term payables presented by nature
□Applicable √Not Applicable
Special payables
(1). Special payables presented by nature
□Applicable √Not Applicable
49. Long-term employee benefits payable
□Applicable √Not Applicable
50. Provisions
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance Causes
Product quality
44925810.2647482998.90
assurance
Total 44925810.26 47482998.90 /
Other explanations including important assumptions and estimates related to significant provisions: None
51. Deferred income
Status of deferred incomes
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Opening Increase in Decrease in Closing
Item Causes
Balance Current Period Current Period Balance
Government grants 57686532.09 18000000.00 7557189.24 68129342.85
Total 57686532.09 18000000.00 7557189.24 68129342.85 /
Other explanations:
√Applicable □Not Applicable
190 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Items involved in governmental subsidies:
Increase in Decrease in Related to
Opening Closing
Item Current Current Causes Assets/Related to
Balance Balance
Period Period Revenue
Subsidies
for
industrial 50000000.00 - - - 50000000.00 Asset-related
project
funds
Equipment
technology
6984734.79 18000000.00 7265152.06 - 17719582.73 Asset-related
renovation
project
Subsidies
for green
701797.30 - 292037.18 - 409760.12 Asset-related
energy
saving
Total 57686532.09 18000000.00 7557189.24 - 68129342.85
52. Other non?current liabilities
□Applicable √Not Applicable
53. Share capital
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Change in Current Period (+/-)
Transfer
Opening from
New Bonus Reserved Closing Balance Balance Shares Others Subtotal
Shares Funds
Issued
to Share
Capital
Total
number
745225175.00----1407542.00-1407542.00743817633.00
of
shares
Other explanations:
During the reporting period the Company canceled a total of 1407542 repurchased restricted shares
reducing treasury shares by RMB 12474599.52 reducing share capital by RMB 1407542.00 and
reducing capital reserve by the difference of RMB 11067057.52.
54. Other equity instruments
(1). Basic information of preferred shares perpetual bonds and other financial instruments
outstanding at the end of the period
□Applicable √Not Applicable
191 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Table of changes in preferred shares perpetual bonds and other financial instruments
outstanding at the end of the period
□Applicable √Not Applicable
Explanation of changes in other equity instruments during the current period reasons for the changes and
the basis for the relevant accounting treatment:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
55. Capital reserves
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase in Decrease in
Item Opening Balance Closing Balance
Current Period Current Period
Capital premium (share
604381751.2525453231.9224683020.72605151962.45
premium)
Other capital reserves 41520671.57 19320543.41 25453231.92 35387983.06
Total 645902422.82 44773775.33 50136252.64 640539945.51
Other explanations on changes including increases and decreases in current period and reasons for these
changes:
1. During the reporting period the Company canceled a total of 1407542 repurchased restricted
shares reducing treasury shares by RMB 12474599.52 reducing share capital by RMB 1407542.00
and reducing capital reserve by the difference of RMB 11067057.52.
2. During the reporting period the Company granted 1440000 restricted shares and the source of
the granted shares was the treasury shares resulting from the Company's centralized repurchases. during
this grant the Company received total monetary fund contributions of RMB 9878400.00 from the
subscribing shareholders while simultaneously recognizing a repurchase obligation of RMB 9878400.00
decreasing treasury shares by RMB 23494363.20 and decreasing capital reserve by RMB
13615963.20.
3. During the reporting period the Company lifted the trading restrictions on and listed for trading a
total of 2832954 restricted shares that had met the unlocking conditions. In connection with this matter
the Company reduced treasury shares by RMB 24559835.04 derecognized the corresponding liability
for the repurchase obligation and carried forward the capital reserve (other capital reserve) of RMB
25453231.92 recognized during the vesting period.
4. In accordance with the relevant provisions of Accounting Standards for Business Enterprises No.
11——Share-based Payments the Company will recognize the services received in current period as
relevant costs or expenses and capital reserve on each balance sheet date during the lock-up period or
vesting period. As calculated the amount of share-based payment expenses apportioned during this
reporting period is RMB 19320543.41.
56. Treasury shares
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
192 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Increase in Current Decrease in
Item Opening Balance Closing Balance
Period Current Period
Restricted stock 83396900.00 9878400.00 38034830.38 55240469.62
Share repurchase 76099114.95 - 23494363.20 52604751.75
Total 159496014.95 9878400.00 61529193.58 107845221.37
Other explanations on changes including increases and decreases in current period and reasons for these
changes:
1. During the reporting period the Company canceled a total of 1407542 repurchased restricted
shares reducing treasury shares by RMB 12474599.52 reducing share capital by RMB 1407542.00
and reducing capital reserve by the difference of RMB 11067057.52.
2. During the reporting period the Company granted 1440000 restricted shares and the source of
the granted shares was the treasury shares resulting from the Company's centralized repurchases. during
this grant the Company received total monetary fund contributions of RMB 9878400.00 from the
subscribing shareholders while simultaneously recognizing a repurchase obligation of RMB 9878400.00
decreasing treasury shares by RMB 23494363.20 and decreasing capital reserve by RMB
13615963.20.
3. During the reporting period the Company lifted the trading restrictions on and listed for trading a
total of 2832954 restricted shares that had met the unlocking conditions. In connection with this matter
the Company reduced treasury shares by RMB 24559835.04 derecognized the corresponding liability
for the repurchase obligation and carried forward the capital reserve (other capital reserve) of RMB
25453231.92 recognized during the vesting period.
4. For holders of restricted shares that are expected to become unlockable in the future the Company
based on the amount of cash dividends distributed debited accounts such as "Other Payables —
Repurchase Obligation for Restricted Shares" and credited the "Treasury Shares" account thereby
reducing treasury shares by RMB 1000395.82.
193 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
57. Other comprehensive income
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Period
Less: Amount Less: Amount
Recognized in Recognized in
Amount Other Other Amount Amount
Less:
Opening Incurred in Comprehensive Comprehensive Attributable to Attributable Closing
Item Income
Balance Current Period Income in Previous Income in Previous the Parent to Minority Balance
Tax
Before Income Period and Period and Company After Shareholders
Expenses
Tax Transferred into the Transferred into the Tax After Tax
Profit or Loss in Retained Earnings
Current Period in Current Period
I. Other
comprehensive
income that
-7098900.00------7098900.00
cannot be
re-classified into
profit or loss
Including:
changes in the
fair value of
-7098900.00------7098900.00
other equity
instrument
investments
II. Other
comprehensive
income to be -3837555.23 -14584677.69 - - - -14332018.35 -252659.34 -18169573.58
re-classified into
profit or loss
Including:
Changes in fair
-------
value of other
debt investments
194 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Exchange
differences on
the translation of
-3837555.23-14584677.69----14332018.35-252659.34-18169573.58
foreign currency
financial
statements
Total other
comprehensive -10936455.23 -14584677.69 - - - -14332018.35 -252659.34 -25268473.58
income
Other explanations including adjustment of the effective portion of cash flow hedge gains/losses transferred to the initially recognized amount of the hedged item:
None.
195 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
58. Special reserves
□Applicable √Not Applicable
59. Surplus reserves
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase in Current Decrease in Current
Item Opening Balance Closing Balance
Period Period
Statutory surplus
400338803.84--400338803.84
reserve
Total 400338803.84 - - 400338803.84
Explanation of surplus reserve including information on changes during the current period and reasons for
such changes: None
60. Undistributed profits
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Current Period Previous Period
Undistributed profits at the end of the
5103007686.944823670299.69
previous period before adjustment
Undistributed profits at the beginning
5103007686.944823670299.69
of the current period after adjustment
Add: Net profit attributable to owners
920496707.23902969226.83
of the parent for the period
Less: Appropriation to statutory
--
surplus reserve
Ordinary share dividends payable 662661104.05 623631839.58
Undistributed profits at the end of the
5360843290.125103007686.94
period
Details of adjustment of undistributed profits at the beginning of the period:
1) Due to retrospective adjustments made according to the Accounting Standards for Business Enterprises
and relevant new regulations the impact on undistributed profits at the beginning of the period is RMB 0.
2. Due to changes in accounting policies the impact on undistributed profits at the beginning of the period
is RMB 0.
3. Due to the correction of material accounting errors the impact on undistributed profits at the beginning
of the period is RMB 0.
4. Due to changes in consolidation scope arising from business combinations under common control the
impact on undistributed profits at the beginning of the period is RMB 0.
5. The total impact of other adjustments on undistributed profits at the beginning of the period is RMB 0.
196 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
61. Operating revenues and operating costs
(1). Status of operating revenues and operating costs
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Period Amount Incurred in Previous Period
Item
Revenue Cost Revenue Cost
Main
6917087704.504212555358.637033467076.174285096503.01
businesses
Other
53058721.0115930245.6962876229.7222915789.25
businesses
Total 6970146425.51 4228485604.32 7096343305.89 4308012292.26
(2). Breakdown of operating revenue and operating costs
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount for the Current Period Amount for the Previous Period
Item Operating
Operating revenue Operating costs Operating costs
revenue
By industry
Lighting industry 6917087704.50 4212555358.63 7033467076.17 4285096503.01
Total 6917087704.50 4212555358.63 7033467076.17 4285096503.01
By region
Domestic sales 6244636339.54 3832316833.45 6362308838.60 3891791446.75
Foreign sales 672451364.96 380238525.18 671158237.57 393305056.26
Total 6917087704.50 4212555358.63 7033467076.17 4285096503.01
Other explanations:
□Applicable √Not Applicable
(3). Description of performance obligations
□Applicable √Not Applicable
(4). Explanation of allocation to remaining performance obligations
□Applicable √Not Applicable
(5). Major contract changes or significant adjustments to transaction prices
□Applicable √Not Applicable
Other explanations: None
197 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
62. Taxes and surcharges
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Urban maintenance and
15311287.8116956773.97
construction tax
Education surcharge 8743944.33 9434878.15
Local education surcharges 5833629.54 6382505.21
Property tax 18134075.86 18474322.71
Stamp duty 6922477.60 5888362.40
Land use tax 1139515.48 1140413.22
Environmental protection tax 437477.44 48557.36
Total 56522408.06 58325813.02
Other explanations: None
63. Selling expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Employee remuneration 490381372.88 527801313.17
Channel support fee 529544975.82 582698721.51
Advertising and marketing fee 18377374.77 18100459.12
Rental fee 37901243.84 34011548.88
Office expenses 128811719.55 122720170.12
Others 8639571.10 5856185.06
Total 1213656257.96 1291188397.86
Other explanations: None
198 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
64. Administrative expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in
Item
Period Previous Period
Employee remuneration 150792180.31 177910773.23
Office expenses 47148381.37 46431853.74
Travel expenses transportation expenses
5325396.067230147.69
transportation costs etc.Consulting fee 35788104.06 39986663.79
Depreciation and amortization 28169552.91 61585470.21
Others 2334324.11 2548327.51
Total 269557938.82 335693236.17
Other explanations: None
65. R&D expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in
Item
Period Previous Period
Employee remuneration 205494151.27 205714668.56
Material consumption 51187576.55 55432258.01
Depreciation expenses and others 40240790.82 44876896.30
Total 296922518.64 306023822.87
Other explanations: None
66. Financial expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in
Item
Period Previous Period
Interest expense 1187029.81 5466488.41
Including: interest on lease liabilities 331516.86 281738.36
Less: interest income 22633394.20 70928071.15
Exchange gains and looses -17032476.93 4938708.93
Others 7515620.75 8049490.78
Total -30963220.57 -52473383.03
199 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Other explanations: None
67. Other income
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Classification by nature
Period Period
Government grants 75213373.62 72090828.45
Withholding handling fee 1111938.84 762684.56
Other subsidies 10476441.89 21306569.39
Total 86801754.35 94160082.40
Other explanations:
Government subsidies included in other income:
Amount Incurred in Amount Incurred in Related to Assets/Related
Classification by nature
Current Period Previous Period to Revenue
Technical renovation
7265152.06 2054659.54 Asset-related
project
Subsidies for green
292037.18 292037.14 Asset-related
energy saving
Subsidies for upgrades
and renovations under
- 490000.05 Asset-related
the energy performance
contracting model
Subsidies for industrial
- 129578.46 Asset-related
project funds
Government funds and
36946184.38 36210953.26 Earning-related
special-purpose funds
Financial support 30710000.00 32913600.00 Earning-related
Total 75213373.62 72090828.45
68. Investment income
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Income from long-term equity
investments accounted for using the -4831458.27 25834599.07
equity method
Investment income from disposal of
96091.201619342.47
trading financial assets/liabilities
Investment income from disposal of
financial assets measured at fair value 79194147.62 63359476.42
through profit or loss
200 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Investment income from debt
-167385.47
restructuring
Investment income from disposing of
-923926.03
long-term equity investment
Total 74458780.55 91904729.46
Other explanations: None
69. Gains from net exposure hedging
□Applicable √Not Applicable
70. Gains from changes in fair value
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Sources of Gains from Changes in Amount Incurred in Current Amount Incurred in Previous
Fair Value Period Period
Held-for-trading financial assets 2626423.77 8191328.56
Including: Gains from changes in the
fair value of derivative financial 5520192.05 5297560.28
instruments
Others -2893768.28 2893768.28
Other non-current financial assets -878741.62 -21974.41
Total 1747682.15 8169354.15
Other explanations: None
71. Credit impairment losses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Accounts receivable loss on bad debts 5310908.82 20001460.45
Other accounts receivable loss on bad
429791.201424751.63
debts
Total 5740700.02 21426212.08
Other explanations: None
201 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
72. Asset impairment loss
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Loss on impairment of inventories
10019653.529646897.38
and contract performance cost
Loss on impairment of contract assets 551392.02 843074.61
Total 10571045.54 10489971.99
Other explanations: None
73. Gains from assets disposal
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Gains from disposal of fixed
29920.35106676.20
assets
Total 29920.35 106676.20
Other explanations: None
74. Non-operating income
Status of non-operating income
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amounts Included in
Amount Incurred in Amount Incurred in
Item Non-recurring Gains and
Current Period Previous Period
Losses for the Period
Others 33719362.41 22092252.22 33719362.41
Total 33719362.41 22092252.22 33719362.41
Other explanations:
□Applicable √Not Applicable
75. Non-operating expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amounts Included in
Amount Incurred in Amount Incurred in
Item Non-recurring Gains and
Current Period Previous Period
Losses for the Period
Total losses on
683928.131729875.21683928.13
disposal of
202 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
non-current assets
External donations 30305102.08 66521.78 30305102.08
Others 2170059.56 2444998.13 2170059.56
Total 33159089.77 4241395.12 33159089.77
Other explanations: None
76. Income tax expenses
(1). Table of income tax expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Current income tax expenses 156651285.72 131649533.41
Deferred income tax expenses 3989727.95 -6554874.99
Total 160641013.67 125094658.42
(2). Adjustment process for accounting profit and income tax expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Amount Incurred in Current Period
Total profit 1083251582.76
Income tax expenses calculated at the
162487737.43
statutory/applicable tax rate
Effect of different tax rates applicable to
24882421.35
subsidiaries
Effect of adjusting income taxes for prior periods 16315379.66
Effect of non-deductible costs expenses and
2715573.43
losses
Effect of additional deduction for technological
-40304625.66
development expenses
Impact of changes in income tax rates -
Effect of utilizing deductible losses for which no
-13212941.83
deferred tax asset is recognized in prior periods
Effect of deductible temporary differences or tax
losses for which no deferred tax asset is 1840148.10
recognized in current period
Others 5917321.19
Impact of the additional deduction for wages paid
-
to disabled employees
Impact of tax-exempt income on income tax
-
expense
203 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Income tax expenses 160641013.67
Other explanations:
□Applicable √Not Applicable
77. Other comprehensive income
□Applicable √Not Applicable
78. Cash flow statement items
(1). Cash related to operating activities
Other cash received relating to operating activities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Interest income 22633394.20 70928071.15
Income from government subsidies 86834840.17 69932998.89
Receivables/payables and other
57858451.9685363691.30
payments
Total 167326686.33 226224761.34
Explanation of other cash received relating to operating activities: None
Other cash paid relating to operating activities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Period expense paid 767141253.65 774871218.92
Receivables/payables and other
131148316.65219135567.31
payments
Total 898289570.30 994006786.23
Explanation of other cash paid relating to operating activities: None
204 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Cash related to investment activities
Significant cash received relating to investment activities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Cash received from the disposal of
2160400000.001700000000.00
investment
Total 2160400000.00 1700000000.00
Explanation of significant cash received relating to investment activities: None
Significant cash paid relating to investment activities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Cash paid for investments 770000000.00 4573000000.00
Total 770000000.00 4573000000.00
Explanation of significant cash paid relating to investment activities: None
Other cash received relating to investment activities
□Applicable √Not Applicable
Other cash paid relating to investment activities
□Applicable √Not Applicable
(3). Cash related to financing activities
Other cash received relating to financing activities
□Applicable √Not Applicable
Other cash paid relating to financing activities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Financing proceeds and handling fees 6558438.06 9325876.58
Payments for share repurchase 13173159.36 174229334.44
Minority interest transactions - 4517120.00
205 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Total 19731597.42 188072331.02
Explanation of other cash paid relating to financial activities: None
Changes in liabilities generated from financing activities
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase in Current Period Decrease in Current Period
Opening Closing
Item
Balance Non-cash Non-cash Cash Changes Cash Changes Balance
Changes Changes
Other payables -
restricted share
78286396.279878400.00-13173159.3626360948.3148630688.60
repurchase
obligations
Short-term
80596034.9020198103.33-91780690.37243501.558769946.31
borrowings
Dividends
--662661104.05661660708.501000395.55-
payable
Lease liabilities
(including the
current portion of 15060975.90 - 3288188.32 6495856.79 1951057.15 9902250.28
non-current
liabilities)
Long-term
payables -
minority equity
transactions
4178480.00--2089240.002089240.00
(including the
current portion of
non-current
liabilities)
Total 178121887.07 30076503.33 665949292.37 773110415.02 31645142.56 69392125.19
(4). Explanation of representing cash flows on a net basis
□Applicable √Not Applicable
(5) Significant activities that do not involve current period cash receipts and payments but affect the
financial position of the enterprise or may affect its cash flows in the future and their financial
effects
□Applicable √Not Applicable
79. Supplementary information to the cash flow statement
(1). Supplementary information to the cash flow statement
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
206 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Amount for the Previous
Supplementary Information Amount for the Current Period
Period
1. Reconciliation of net profit to cash flow from operating activities:
Net Profit 922610569.09 904753983.56
Add: Provision for asset impairment 10571045.54 10489971.99
Credit impairment losses 5740700.02 21426212.08
Depreciation of fixed assets
depreciation of oil & gas assets and
151697358.81152983274.96
depreciation of productive biological
assets
Amortization of right-of-use assets 6425320.99 7557346.22
Amortization of intangible assets 18927464.91 15648580.51
Amortization of long-term prepaid
5868252.049962100.98
expenses
Losses on the disposal of fixed assets
intangible assets and other long-term -29920.35 -106676.20
assets (gains denoted by "-")
Losses from scrapping of fixed assets
683928.131729875.21
(gains denoted by "-")
Loss on changes in fair value (gains
-1747682.15-8169354.15
denoted by "-")
Financial expenses (gains denoted by
-16700960.075220447.29
"-")
Investment losses (gains denoted by
-74458780.55-91904729.46
"-")
Decrease in deferred tax assets
3734680.41-7795186.58
(increase denoted by "-")
Increase in deferred tax liabilities
255047.541240311.59
(decrease denoted by "-")
Decrease in inventories (increase
10542387.1235031550.16
denoted by "-")
Decrease in receivables under
operating activities (increase denoted -127871420.93 -92264375.80
by "-")
Increase in payables under operating
-226373511.04-146665497.03
activities (decrease denoted by "-")
Others - -
Net cash flow from operating activities 689874479.51 819137835.33
2. Significant investing and financing activities that do not involve cash receipts and payments:
3. Net changes in cash and equivalents:
Closing balance of cash 1715158948.15 1576091564.61
Less: Opening balance of cash 1576091564.61 4537065540.94
Add: Closing balance of cash
-
equivalents
Less: Opening balance of cash
950000000.00
equivalents
Net increase in cash and cash
139067383.54-3910973976.33
equivalents
207 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Net cash paid for the acquisition of subsidiaries during the current period
□Applicable √Not Applicable
(3). Net cash received from disposal of subsidiaries during the current period
□Applicable √Not Applicable
(4). Composition of cash and cash equivalents
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
I. Cash 1715158948.15 1576091564.61
Including: Bank deposits that are
226570421.64214010031.34
readily available for payment
Deposits with the central bank
1488588526.511362081533.27
that are available for payment
II. Cash equivalents - -
Including: Bond investments due
--
within three months
III. Closing balance of cash and cash
1715158948.151576091564.61
equivalents
(5). Items restricted in use that are still presented as cash and cash equivalents
□Applicable √Not Applicable
(6). Monetary funds not classified as cash and cash equivalents
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance Reason
Bond deposit 1400035.00 1279369.00 Restricted use
Others 3760.00 3675010.00 Restricted use
Total 1403795.00 4954379.00 /
Other explanations:
□Applicable √Not Applicable
80. Notes to items in the statement of changes in owner's equity
Name of items under "Other" for which the previous closing balance is adjusted and the adjustment
amount:
208 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
81. Monetary items denominated in foreign currencies
(1). Monetary items denominated in foreign currencies
√Applicable □Not Applicable
Unit: Yuan
Closing Balance in Exchange Rate for Closing Balance
Item
Foreign Currency Translation Translated to RMB
Monetary funds - - 336051566.12
Including: USD 39935145.36 7.0288 280695556.83
HKD 655284.30 0.9032 591853.29
EUR 5329033.72 8.2355 43887258.58
AED 1200797.89 1.9071 2290029.65
INR 7921812.83 0.0780 617584.53
THB 17698913.68 0.2225 3938362.28
IDR 1088572168.00 0.0004 457200.31
VDN 13224756088.00 0.0003 3570684.13
MXN 7788.09 0.3899 3036.51
Accounts Receivable - - 154385166.47
Including: USD 9962579.23 7.0288 70024976.80
EUR 7889591.86 8.2355 64974733.94
INR 201143737.56 0.0780 15681165.78
THB 2354481.73 0.2225 523915.49
VDN 11779164663.00 0.0003 3180374.46
Other receivables - - 1562190.70
Including: USD 28064.09 7.0288 197257.52
HKD 16308.08 0.9032 14729.48
EUR 142187.61 8.2355 1170985.41
AED 16000.00 1.9071 30513.44
INR 1262272.17 0.0780 98406.73
THB 18821.08 0.2225 4188.07
IDR 52049580.00 0.0004 21860.82
VND 89811981.00 0.0003 24249.23
Accounts payable - - 4291100.27
Including: USD 23184.58 7.0288 162959.65
209 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
EUR 231460.51 8.2355 1906193.02
AED 74391.76 1.9071 141871.78
INR 26388943.30 0.0780 2057282.02
VND 84421462.00 0.0003 22793.80
Other payables - - 3314538.98
Including: USD 39.61 7.0288 278.41
EUR 397769.56 8.2355 3275831.22
AED 18048.06 1.9071 34419.27
THB 1592.00 0.2225 354.25
IDR 5087658.00 0.0004 2136.81
VND 5626000.00 0.0003 1519.02
Other explanations: None
(2). Explanation of overseas business entities including for significant overseas business entities
disclosure of their main overseas place of operations functional currency and the basis for its
selection and if the functional currency has changed the reasons for such change.□Applicable √Not Applicable
82. Leases
(1). As the lessee
√Applicable □Not Applicable
Amount for the Current
Item Amount for the Previous Period
Period
Interest expense on lease liabilities 331516.86 281738.36
Short-term lease expenses subject to
simplified treatment and included in
18698422.5917963629.51
the costs of relevant assets or current
profit or loss
Total cash outflow related to leases 26939718.68 28627013.69
Variable lease payments not included in the measurement of lease liabilities
□Applicable √Not Applicable
Short-term leases subject to simplified treatment or leases of low-value assets
□Applicable √Not Applicable
Sale and leaseback transactions and basis of judgment
210 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
Total cash outflow related to leasing: 26939718.68 (Unit: Yuan Currency: RMB)
(2). As the lessor
Operating leases as lessor
□Applicable √Not Applicable
Financing leases as lessor
□Applicable √Not Applicable
Reconciliation of undiscounted lease payments receivable and net investment in the lease
□Applicable √Not Applicable
Undiscounted lease payments receivable for the next five years
□Applicable √Not Applicable
(3) Recognition of sales profit or loss on a financing lease as a manufacturer or dealer
□Applicable √Not Applicable
Other explanations: None
83. Data resources
□Applicable √Not Applicable
84. Others
□Applicable √Not Applicable
VIII. Research and development expenses
1. Presentation by nature of expenses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in
Item
Period Previous Period
Employee remuneration 205494151.27 205714668.56
Material consumption 51187576.55 55432258.01
Depreciation expenses and others 40240790.82 44876896.30
Total 296922518.64 306023822.87
211 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Other explanations: None
2. Development expenditure on R&D projects is eligible for capitalization
□Applicable √Not Applicable
Significant capitalized R&D projects
□Applicable √Not Applicable
Provision for impairment of development expenses
□Applicable √Not Applicable
Other explanations: None
3. Significant outsourced in-process R&D projects
□Applicable √Not Applicable
IX. Changes in Consolidation Scope
1. Business combination not under common control
□Applicable √Not Applicable
2. Business combination under common control
□Applicable √Not Applicable
3. Reverse acquisition
□Applicable √Not Applicable
4. Disposal of subsidiaries
Whether there are any transactions or events that resulted in loss of control over subsidiaries during the
current period.□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
Whether there are any circumstances involving loss of control over subsidiaries through step-by-step
disposal of investments in subsidiaries in multiple transactions during the current period
□Applicable √Not Applicable
Other explanations:
212 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
□Applicable √Not Applicable
5. Changes in the consolidation scope due to other reasons
Descriptions for changes in consolidation scope due to other reasons (e.g. newly established subsidiaries
liquidated subsidiaries etc.) and related circumstances:
√Applicable □Not Applicable
1. Deregistration of Guangxi Ouheng Intelligent Technology Co. Ltd.
During this reporting period the Company's subsidiary Guangxi Ouheng Intelligent Technology Co.Ltd. had been deregistered with the administration for industry and commerce and was no longer included
in the scope of consolidation.
2. Deregistration of OPPLE Intelligent (Hangzhou) Technology Co. Ltd.
During this reporting period the Company's subsidiary OPPLE Intelligent (Hangzhou) Technology
Co. Ltd. had been deregistered with the administration for industry and commerce and was no longer
included in the scope of consolidation.
3. Establishment of OPPLE (Guangzhou) E-commerce Co. Ltd.
Our Company's subsidiary OPPLE Intelligent Lighting Technology Co. Ltd. established OPPLE
(Guangzhou) E-commerce Co. Ltd. with a monetary fund contribution which was wholly funded by
OPPLE Intelligent Lighting Technology Co. Ltd. Our Company had included it in its consolidation scope.
4. Establishment of OPPLE Smart City Technology (Shanghai) Co. Ltd.
Our Company's subsidiary Shanghai Qianlong Energy Conservation Technology Co. Ltd.established OPPLE Smart City Technology (Shanghai) Co. Ltd. with a monetary fund contribution
which was wholly funded by Shanghai Qianlong Energy Conservation Technology Co. Ltd. Our
Company had included it in its consolidation scope.
5. Establishment of Shanghai Oule Ouhe Lighting Technology Co. Ltd.
Our Company invested in establishing Shanghai Oule Ouhe Lighting Technology Co. Ltd. which
was wholly funded by the Company through monetary fund contribution. Our Company had included it in
its consolidation scope.
6. Establishment of OPPLE Smart City Technology (Zhongshan) Co. Ltd.
Our Company's subsidiary Shanghai Qianlong Energy Conservation Technology Co. Ltd.established OPPLE Smart City Technology (Zhongshan) Co. Ltd. with a monetary fund contribution
which was wholly funded by Shanghai Qianlong Energy Conservation Technology Co. Ltd. Our
Company had included it in its consolidation scope.
7. Establishment of OPPLE Lighting Company
Our Company's subsidiary OPPLE Lighting International Holding Limited established OPPLE
Lighting Company with a monetary fund contribution which was wholly funded by OPPLE Lighting
International Holding Limited. Our Company had included it in its consolidation scope.
6. Others
□Applicable √Not Applicable
X. Equity in Other Entities
1. Equity in subsidiaries
(1). Composition of the enterprise group
√Applicable □Not Applicable
213 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Unit: Yuan Currency: RMB
Principal Shareholding
Subsidiary Registered Place of Nature of
Place of Ratio (%)
Method of
Name Capital Registration Business Acquisition
Business Direct Indirect
Suzhou OPPLE
Suzhou CNY Suzhou
Lighting Co. Manufacturing 100.00 Establishment
Jiangsu 280000000.00 Jiangsu
Ltd.Shanghai
Combination
Shanglong CNY
Shanghai Shanghai Trading 100.00 under common
Lighting Co. 1000000.00
control
Ltd.Shanghai
Qianlong
Combination
Energy CNY Sales and
Shanghai Shanghai 77.00 23.00 under common
Conservation 10000000.00 design
control
Technology
Co. Ltd.Shanghai Kupu Merger under
CNY Sales and
Lighting Co. Shanghai Shanghai 100.00 common
5000000.00 design
Ltd. control
OPPLE
Business
Lighting
Zhongshan CNY Zhongshan combination
Appliances Manufacturing 100.00
Guangdong 50000000.00 Guangdong under common
(Zhongshan)
control
Co. Ltd.OPPLE
Lighting
USD
International Hong Kong Hong Kong Trading 100.00 Establishment
28750000.00
Holding
Limited
Shanghai Pushi
CNY
Lighting Co. Shanghai Shanghai Sales 100.00 Establishment
5000000.00
Ltd.Shanghai
Haoshi CNY
Shanghai Shanghai Sales 100.00 Establishment
Lighting Co. 5000000.00
Ltd.Shanghai
Combination
OPPLE Jiedeng CNY
Shanghai Shanghai Sales 100.00 under common
Lighting Co. 10000000.00
control
Ltd.Shanghai
OPPLE
Weishang CNY
Shanghai Shanghai Sales 100.00 Establishment
Building 50000000.00
Materials Co.Ltd.OPPLE
Intelligent
CNY
Lighting Shanghai Shanghai Sales 100.00 Establishment
100000000.00
Technology
Co. Ltd.OPPLE
Zhongshan CNY Zhongshan Production
(Zhongshan) 100.00 Establishment
Guangdong 300000000.00 Guangdong and sales
Intelligent
214 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Technology
Co. Ltd.Suzhou OPPLE
Intelligent Suzhou CNY Suzhou Production
100.00 Establishment
Lighting Co. Jiangsu 80000000.00 Jiangsu and sales
Ltd.OPPLE
Zhixiang
CNY
(Shanghai) Shanghai Shanghai Sales 100.00 Establishment
50000000.00
Technology
Co. Ltd.OPPLE Zhihui
(Shenzhen) Shenzhen CNY Shenzhen
Sales 100.00 Establishment
Technology Guangdong 14000000.00 Guangdong
Co. Ltd.OPPLE
Zhicheng
Shenzhen CNY Shenzhen
Technology Sales 100.00 Establishment
Guangdong 50000000.00 Guangdong
(Shenzhen) Co.Ltd.Shanghai
OPPLE
CNY
Ruishang Shanghai Shanghai Sales 51.00 Establishment
10000000.00
Lighting Co.Ltd.OPPLE
Zhicheng
Zhengzhou CNY Zhengzhou
Technology Sales 100.00 Establishment
Henan 20000000.00 Henan
(Henan) Co.Ltd.Shanghai Oule
Ouhe Lighting CNY
Shanghai Shanghai Sales 100.00 Establishment
Technology 10000000.00
Co. Ltd.Kaiyun
(Shanghai)
Enterprise Combination
CNY
Management Shanghai Shanghai Others 99.99 under common
8625000.00
Partnership control
(Limited
Partnership)
Explanation of the difference between the shareholding ratio in a subsidiary and the voting rights ratio:
None
Basis for controlling the investee while holding half or less of the voting rights or not controlling the
investee while holding more than half of the voting rights: None
Basis for control over significant structured entities included in the consolidation scope: None
Basis for determining whether the Company acts as an agent or a principal: None
Other explanations: None
215 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Significant non-wholly-owned subsidiaries
□Applicable √Not Applicable
(3). Main financial information of significant non-wholly-owned subsidiaries
□Applicable √Not Applicable
(4). Significant restrictions on the use of enterprise group assets and settlement of enterprise
group liabilities
□Applicable √Not Applicable
(5). Financial or other support provided to structured entities included in the consolidated
financial statement
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
2. Transactions resulting in changes in the Company's ownership interest in subsidiaries while retaining
control
□Applicable √Not Applicable
3. Equity in joint ventures or associates
√Applicable □Not Applicable
(1). Significant joint ventures and associates
□Applicable √Not Applicable
(2). Main financial information of significant joint ventures
□Applicable √Not Applicable
(3). Main financial information of significant associates
□Applicable √Not Applicable
(4). Aggregated financial information of non-significant joint ventures and associates
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance/Amount for the Opening Balance/Amount for the
Current Period Previous Period
Joint ventures:
216 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Associates:
Total carrying amount of
261226338.69266039492.66
investments
Aggregate amounts of the following items calculated based on shareholding ratios:
--Net profit -4831458.27 25859377.46
--Other comprehensive income - -
--Total comprehensive income -4831458.27 25859377.46
Other explanations: None
(5). Explanation of significant restrictions on the ability of joint ventures or associates to
transfer funds to the Company
□Applicable √Not Applicable
(6). Excess loss incurred by joint ventures or associates
□Applicable √Not Applicable
(7). Unconfirmed commitment related to cooperative enterprise investment
□Applicable √Not Applicable
(8). Contingent liabilities related to investments in joint ventures or associates
□Applicable √Not Applicable
4. Significant joint operations
□Applicable √Not Applicable
5. Equity in structured entities not included in the consolidated financial statement
Description on the structured main body that is not included in the combined financial statement:
□Applicable √Not Applicable
6. Others
□Applicable √Not Applicable
XI. Government grants
1. Governmental subsidy recognized as receivables at the end of the reporting period
□Applicable √Not Applicable
Reasons for not receiving the expected amounts of governmental subsidy at estimated time
□Applicable √Not Applicable
217 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Liabilities related to governmental subsidies
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Other
Relevance
Newly increased Transferred to changes
to
Item Opening Balance subsidy amount other income in in Closing Balance
Assets/Inc
in current period current period current
ome
period
Deferred Asset-relat
57686532.0918000000.007557189.24-68129342.85
income ed
Asset-relat
Total 57686532.09 18000000.00 7557189.24 - 68129342.85
ed
3. Government grants recognized in the current profit and loss
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Type
Period Period
Asset-related 7557189.24 2966275.19
Earning-related 67656184.38 69124553.26
Total 75213373.62 72090828.45
Other explanations: None
XII. Risks Associated with Financial Instruments
1. Risk of financial instruments
√Applicable □Not Applicable
The Company faces various financial risks in the process of operation including credit risk liquidity
risk and market risk (including exchange rate risk interest rate risk and other price risks). The
Company’s executive management is fully responsible for determining the risk management objectives
and policies and bears ultimate responsibility for them. The executive management reviews the
effectiveness of the implemented procedures as well as the reasonableness of the risk management
objectives and policies through the monthly reports submitted to them. Our Company's internal auditors
also audit risk management policies and procedures and report their findings to the Audit Committee.The Company's overall objective of risk management is to formulate risk management policies to
minimize risks as far as possible without having excessive influence on the competitiveness and resilience
of the Company.
1. Credit Risk
Credit risk refers to the risk of financial loss to the other party arising from one party of financial
instrument failing to fulfill obligations. Main credit risks of the Company are mainly caused by sales on
credit. Prior to the signing of a new contract the Company will evaluate the credit risks of new customers
including external credit ratings and bank reference letters in some cases (when this information is
available). The Company sets a credit limit for each customer which is the maximum amount for them
without requiring additional approval.
218 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Through quarterly monitoring of existing customers' credit ratings and monthly review of accounts
receivable aging analysis the Company ensures that its overall credit risk is under control. In the
monitoring of credit risks the customers are grouped according to their credit characteristics. Customers
rated as "high risk" will be placed on a restricted customer list and the Company may only grant them
credit sales in the future with additional approval; otherwise such customers will be required to make the
corresponding payments in advance.
2. Liquidity Risk
Liquidity risk refers to shortage risk of funds when the Company performs its settlement obligation in
form of cash payment or payment of other financial assets.Its policy is to ensure sufficient cash to repay debts. Liquidity risk is centrally controlled by the
Company's financial department. By monitoring the cash balance marketable securities that can be
realized at any time and rolling forecast of cash flow in the next 12 months the Financial Department
ensures that the Company has sufficient funds to repay debts under all reasonable forecasts. At the same
time it continuously monitors whether the loan agreement is met and obtains the commitment of
providing sufficient reserve funds from major financial institutions to meet short-term and long-term
capital needs.The following table presents the Company's financial liabilities based on the undiscounted
contractual cash flows grouped by maturity date:
Closing Balance
Item
Within 1 year 1-3 years More than 3 years Total
Held-for-trading
financial - - - -
liabilities
Short-term
8769946.31--8769946.31
borrowings
Accounts payable 788545222.37 - - 788545222.37
Current portion of
non-current 13408295.60 - - 13408295.60
liabilities
Total 810723464.28 - - 810723464.28
Closing Balance of Previous Year
Item
Within 1 year 1-3 years More than 3 years Total
Held-for-trading
financial 118063.58 - - 118063.58
liabilities
Short-term
80596034.90--80596034.90
borrowings
Accounts payable 934649729.00 - - 934649729.00
Current portion of
non-current 14781783.37 - - 14781783.37
liabilities
Total 1030145610.85 - - 1030145610.85
3. Market Risk
219 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The market risk of financial instruments refers to the risk of fluctuation of the fair value or the future
cash flow of the financial instruments caused by the change of the market price including exchange rate
risk interest rate risk and other price risks.
(1) Interest Rate Risk
Interest rate risk refers to the fluctuation risk for fair value or the future cash flow of the financial
instrument arising from the change of the market interest rate.The interest rate risk of the Company is mainly from short-term borrowing from bank. By
establishing a good bank-enterprise relationship the Company ensures adequate credit facilities through
the reasonable design of credit lines credit varieties and credit tenor while securing favorable loan
interest rates to meet its various short-term financing needs.As of December 31 2025 the Company’s outstanding fixed-rate borrowings amounted to RMB 0.
(2) Exchange Rate Risk
The exchange rate risk refers to the risk that the fair value or future cash flow of financial instruments
will fluctuate due to changes in foreign exchange rates.Our company continuously monitors the scale of foreign currency transactions foreign currency
assets and foreign currency liabilities to minimize the foreign exchange risk it faces. In addition the
Company may enter into forward foreign exchange contracts or currency swap contracts to hedge against
exchange rate risk.
220 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Our Company's exchange rate risk primarily arises from financial assets and financial liabilities denominated in US dollars and Euros. The amounts of foreign
currency financial assets and foreign currency financial liabilities translated into RMB are presented as follows:
Closing Balance Closing Balance of Previous Year
Item Other Foreign Other Foreign
USD EUR Total USD EUR Total
Currencies Currencies
Foreign
currency
financial assets
Monetary funds 280695556.83 43887258.58 11468750.70 336051566.12 365852587.88 43848823.79 11630139.71 421331551.38
Accounts
70024976.8064974733.9419385455.73154385166.4771349204.8258654646.1821376434.75151380285.75
Receivable
Other
197257.521170985.41193947.771562190.70143313.651213797.71248477.271605588.63
receivables
Subtotal 350917791.15 110032977.93 31048154.20 491998923.29 437345106.35 103717267.68 33255051.73 574317425.76
Foreign
currency
financial
liabilities
Short-term
--------
borrowings
Accounts
162959.651906193.022221947.604291100.27872170.314667298.102718519.848257988.25
payable
Other payables 278.41 3275831.22 38429.35 3314538.98 26356.77 342526.64 21710.96 390594.37
Subtotal 163238.06 5182024.24 2260376.95 7605639.25 898527.08 5009824.74 2740230.80 8648582.62
As at 31 December 2025 if all other variables keep constant a 10% appreciation or depreciation of the RMB against foreign currencies would increase or
decrease the Company’s net profit by RMB 48439328.40 (31 December 2024: RMB 56566884.31). The management believes that 10% reasonably reflects the
range of possible changes in the exchange rate of RMB against foreign currencies in the coming year.
221 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Hedging
(1). The Company is engaged in hedging activities for risk management.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
(2). The Company is engaged in eligible hedging activities and applies hedge accounting.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
(3). The Company is engaged in hedging activities for risk management and expects to achieve risk
management objectives but does not apply hedge accounting.□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
3. Transfer of financial assets
(1). Classification of transfer methods
□Applicable √Not Applicable
(2). Financial assets derecognized as a result of transfers
□Applicable √Not Applicable
(3). Transferred financial assets with continuing involvement
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
222 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
XIII. Disclosure of Fair Value
1. Closing fair value of assets and liabilities measured at fair value
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Fair Value
Item Measured at Measured at Fair Measured at Fair
Fair Value at Total
Value at Level 2 Value at Level 3
Level 1
I. Continuous fair
value measurement
(I) Held-for-trading
-3642802853.79-3642802853.79
financial assets
1. Financial assets
measured at fair value - 3642802853.79 - 3642802853.79
through profit or loss
(1) Debt instrument
-3642802853.79-3642802853.79
investment
(2) Equity instrument
----
investment
(3) Derivative financial
----
assets
(II) Receivables
56000.00--56000.00
financing
(III) Other debt
----
investments
(IV) Other equity
-142901100.00142901100.00
instrument investments
(V) Other non-current
--74285521.1574285521.15
financial assets
1. Financial assets
measured at fair value - - 74285521.15 74285521.15
through profit or loss
(1) Debt instrument
----
investment
(2) Equity instrument
--74285521.1574285521.15
investment
(3) Others - - - -
Total assets
continuously 56000.00 3642802853.79 217186621.15 3860045474.94
measured at fair value
(VI) Held-for-trading
----
financial liabilities
1. Held-for-trading
----
financial liabilities
(1) Trading bonds
----
issued
(2) Derivative financial
----
liabilities
(3) Others - - - -
Total liabilities
continuously - - - -
measured at fair value
223 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
2. Basis for determining the market value of items continuously or not continuously
measured at fair value at Level 1
□Applicable √Not Applicable
3. The valuation method and the qualitative and quantitative information of important
parameters used for an item continuously or not continuously measured at fair value at Level 2
√Applicable □Not Applicable
Key Parameters
Closing Fair Valuation
Item
Value Techniques Qualitative Quantitative
Information Information
Predicted
Debt instruments Quotation for
3642802853.79 Market approach annualized rate of
investment similar assets
return
Derivative Predicted
Quotation for
financial - Market approach annualized rate of
similar assets
liabilities return
4. The valuation method and the qualitative and quantitative information of important
parameters used for an item continuously or not continuously measured at fair value at Level 3
√Applicable □Not Applicable
Closing Fair Valuation Unobservable
Item
Value Techniques Inputs
Held-for-trading financial assets (other) -
Other equity instrument investments (equity
142901100.00
instrument investments)
Other non-current financial assets (equity
74285521.15
instrument investments)
224 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
5. The reconciliation information between the beginning and ending carrying amounts and the sensitivity analysis of unobservable parameters for an item
continuously measured at fair value at Level 3
√Applicable □Not Applicable
Unrealized
Gains or
Changes for
Current
Period
Total Gain or Loss in Current Closing Recognized
Purchase Issue Sales and Settlement
Period Balance in Profit or
Closing
Transferred-in Transferred-out Loss (For
Item Balance of
to level 3 from Level 3 Assets Held
Previous Year
at End of
Reporting
Period)
Included in
Recognized
other New Sell or
in Profit or Purchase Others
Comprehensiv Shares Settlement
Loss
e Income
◆
Held-for-trad 2893768.
2893768.28---------
ing financial 28
assets
Financial
assets
measured at 2893768.
2893768.28---------
fair value 28
through
profit or loss
- Debt
instrument - - - - - - - - - - -
investment
- Equity
instrument - - - - - - - - - - -
investment
- Derivative
-----------
financial
225 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
assets
2893768.
- Others 2893768.28 - - - - - - - - -
28
◆ Other
equity
142901100.00-------142901100.00-
instrument
investments
◆Other
non-current 32104564.
107268827.39---878741.62----74285521.15-878741.62
financial 62
assets
Financial
assets
measured at 32104564.
107268827.39---878741.62----74285521.15-878741.62
fair value 62
through
profit or loss
- Debt
instrument - - - - - - - - - - -
investment
- Equity
32104564.
instrument 107268827.39 - - -878741.62 - - - 74285521.15 -878741.62
62
investment
- Derivative
financial - - - - - - - - - - -
assets
- Others - - - - - - - - - - -
32104564.2893768.
Total 253063695.67 - - -878741.62 - - 217186621.15 -878741.62
6228
Including:
Profit and
loss related -878741.62 -878741.62
to financial
assets
Profit and
loss related
to - -
non-financial
assets
226 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
227 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
6. For an item continuously measured at fair value the transfers between levels (if any) occurred
during the current period the reasons for the transfers and the policy for determining the timing of
such transfers
□Applicable √Not Applicable
7. Changes in valuation techniques during the current period and the reasons for such
changes
□Applicable √Not Applicable
8. Fair value information of financial assets and financial liabilities not measured at fair
value
√Applicable □Not Applicable
Our Company's financial assets and financial liabilities measured at amortized cost mainly include:
monetary fund bills receivables accounts receivables other receivables other current assets accounts
payable other payables other current liabilities non-current liabilities due within one year other
non-current liabilities etc. The carrying amounts of the Company's financial assets and financial liabilities
not measured at fair value do not differ significantly from their fair values.
9. Others
□Applicable √Not Applicable
XIV. Related parties and transactions
1. Information about the parent company
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Voting Rights
Shareholding
Parent Ratio of the
Place of Nature of Registered Ratio of the Parent
Company Parent
Registration Business Capital Company in the
Name Company in the
Company (%)
Company (%)
Zhongshan
OPPLE Investment
Zhongshan 250000000.00 46.81 46.81
Investment management
Co. Ltd.Explanation of the parent company of the Company: None
The ultimate controllers of the Company are Wang Yaohai and Ma Xiuhui.Other explanations: None
2. Information about subsidiaries of the Company
Details of the Company's subsidiaries are set out in the Notes.√Applicable □Not Applicable
Details of the Company's subsidiaries are set out in Note X "Interests in Other Entities".
228 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
3. Information about joint ventures and associates of the Company
Significant joint ventures or associates of the Company are set out in the Notes.□Applicable √Not Applicable
Other joint ventures or associates that had related party transactions with the Company during the current
period or had balances arising from related party transactions with the Company in prior periods are as
follows:
√Applicable □Not Applicable
Name of Joint Venture or Associate Relationship with the Company
Zhejiang Super Lighting Electric Appliance Co. Ltd. Associate
Zhuhai XIMO ELECTRIC INC. Associate
Suzhou Pupo Enterprise Management Partnership Enterprise
Associate
(Limited Partnership)
Other explanations:
□Applicable √Not Applicable
4. Other related parties
√Applicable □Not Applicable
Name of Other Related Party Relationship with the Company
Zhejiang Jinling Lighting Electrical Appliance Controlled by a relative of Ma Xiuhui one of the actual
Co. Ltd. controllers of the Company
Controlled by a relative of Ma Xiuhui one of the actual
Jiangmen Jinhong Lighting Co. Ltd.controllers of the Company
Controlled by a relative of Ma Xiuhui one of the actual
Suzhou Zhipu Intelligent Motor Co. Ltd.controllers of the Company
Controlled by one of the actual controllers of the
Suzhou OPPLE Real Estate Co. Ltd.Company
Shanghai Fengyue Enterprise Management Controlled by one of the actual controllers of the
Partnership (Limited Partnership) Company
Controlled by one of the actual controllers of the
Suzhou OPPLE Property Management Co. Ltd.Company
Suzhou Shunheng New Energy Technology Controlled by one of the actual controllers of the
Co. Ltd. Company
Controlled by one of the actual controllers of the
Shanghai Ouzhi Investment Co. Ltd.Company
Shanghai Huida Puzhao Information Controlled by one of the actual controllers of the
Technology Co. Ltd. Company
Controlled by the same controlling shareholder as the
Suzhou CM Technology Co. Ltd.Company
CM Technology (Zhongshan) Co. Ltd. Same controlling shareholder
Fengrong Financing Leasing (Shanghai) Co.Same controlling shareholder
Ltd.Shanghai OP Energy Technology Co. Ltd. Same controlling shareholder
229 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Dalian Casamotion Art Glass Co. Ltd. Joint stock company
Chengdu Xinchao Media Group Co. Ltd. Joint stock company
Jiaxing Zhuiguang Intelligent Technology Co.Subsidiary controlled by an associate
Ltd.Other explanations: None
5. Related party transactions
(1). Related party transactions involving the purchase and sale of goods and the provision and
receipt of services
Table of purchases of goods/receipt of services
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Approved
Nature of Amount Limit Amount
Transaction
Related Party Related Party Incurred in Exceeded (If Incurred in
Limit (If
Transaction Current Period Applicable) Previous Period
Applicable)
Zhejiang Super
Lighting Electric
Purchase of
Appliance Co. 558369.78 5000000.00 No 2147157.27
raw materials
Ltd. and its
subsidiaries
Zhejiang Jinling
Lighting
Purchase of
Electrical 22411306.44 15000000.00 Yes 22502191.20
raw materials
Appliance Co.Ltd.Suzhou CM
Outsourced
Technology Co.mold 46800148.82 110000000.00 No 95067040.11
Ltd. and its
development
subsidiaries
Suzhou OPPLE
Property
Property
management 48389.70 - 11805700.70
Management
service
Co. Ltd.Shanghai Huida
Puzhao Purchase of
Information consulting 22227900.01 29800000.00 No 17198443.40
Technology Co. services
Ltd.Zhuhai XIMO Purchase of
275901.89 5000000.00 No 2104776.30
ELECTRIC INC. goods
Suzhou Zhipu
Purchase of
Intelligent Motor 45623327.45 70000000.00 No 46668869.43
goods
Co. Ltd.Jiaxing
Zhuiguang
Purchase of
Intelligent 14164663.96 - 11962440.28
goods
Technology Co.Ltd.
230 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Suzhou
Shunheng New
Purchase of
Energy 8844375.46 25000000.00 No 6407885.73
electricity
Technology Co.Ltd.Table of sales of goods/provision of services
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount
Amount
Nature of Related Party Incurred in
Related Party Incurred in
Transaction Previous
Current Period
Period
Sale of products and
Suzhou CM Technology Co. Ltd. 2559105.95 2559653.91
provision of services
Suzhou OPPLE Real Estate Co. Ltd. Projects - 940744.03
Suzhou OPPLE Real Estate Co. Ltd. Sale of products 497827.42 351448.68
Shanghai OP Energy Technology Co.Sale of products 20210.62 14026.55
Ltd.Explanation of related party transactions involving purchase and sale of goods and provision and receipt
of services
□Applicable √Not Applicable
(2). Entrusted management/contracting from related parties and delegated
management/outsourcing by related parties
Table of entrusted management/contracting by the Company:
□Applicable √Not Applicable
Explanation of entrusted management/contracting from related parties
□Applicable √Not Applicable
Table of delegated management/outsourcing from the Company
□Applicable √Not Applicable
Explanation of delegated management/outsourcing by related parties
□Applicable √Not Applicable
231 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3). Related party leases
The Company as lessor:
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Lease Income Lease Income
Type of Assets
Name of Lessee Recognized in Recognized in
Leased
Current Period Previous Period
Houses and
Suzhou CM Technology Co. Ltd. 16107377.97 13659067.39
buildings
Suzhou OPPLE Property Management Houses and
867.808492.33
Co. Ltd. buildings
Shanghai Huida Puzhao Information Houses and
55819.4175890.10
Technology Co. Ltd. buildings
Houses and
Suzhou Zhipu Intelligent Motor Co. Ltd. 987510.83 859267.33
buildings
Houses and
CM Technology (Zhongshan) Co. Ltd. 2195060.29 -
buildings
Shanghai OP Energy Technology Co. Houses and
933.96-
Ltd. buildings
232 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
The Company as lessee:
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Period Amount Incurred in Previous Period
Rental Rental
Expenses for Expenses for
Short-Term Variable Lease Short-Term Variable Lease
Type of Leases Payments not Interest Leases Payments not Interest
Name of
Assets Subjected to Included in Expense Increased Subjected to Included in Expense Increased
Lessor
Leased Simplified Measurement Rent Paid on Lease Right-of-Use Simplified Measurement Rent Paid on Lease Right-of-Use
Treatment or of Lease Liabilities Assets Treatment or of Lease Liabilities Assets
Leases of Liabilities (If Incurred Leases of Liabilities (If Incurred
Low-Value Applicable) Low-Value Applicable)
Assets (If Assets (If
Applicable) Applicable)
Houses
Wang
and - 48000.00
Yaohai
buildings
Shanghai
Houses
Ouzhi
and 9259215.76 9693578.48
Investment
buildings
Co. Ltd.Zhongshan
Houses
OPPLE
and 8861973.16 5166874.86
Investment
buildings
Co. Ltd.Explanation of related party leases
□Applicable √Not Applicable
233 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(4). Related party guarantees
The Company as guarantor
□Applicable √Not Applicable
The Company as guaranteed party
□Applicable √Not Applicable
Explanation of related party guarantees
□Applicable √Not Applicable
(5). Related party fund borrowing/lending
□Applicable √Not Applicable
(6). Related party asset transfers and debt restructuring
□Applicable √Not Applicable
(7). Key management remuneration
√Applicable □Not Applicable
Unit: RMB 10000 Currency: RMB
Amount Incurred in
Item Amount Incurred in Current Period
Previous Period
Key management remuneration 1180.06 1520.73
(8). Other related party transactions
□Applicable √Not Applicable
6. Outstanding balances of receivables from and payables to related parties
(1). Receivables
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Item Related Party Book Bad-debt Book Bad-debt
Balance Provision Balance Provision
Accounts Suzhou CM Technology Co.
768488.80-710433.93-
receivable Ltd.Accounts Suzhou OPPLE Real Estate Co.--379402.352563.05
receivable Ltd.Contract Suzhou OPPLE Real Estate Co.
30751.616150.3230762.34207.81
assets Ltd.
234 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Payables
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Book
Item Related Party Opening Book Balance
Balance
Suzhou CM
Accounts payable Technology Co. Ltd. 174157.03 36669982.14
and its subsidiaries
Suzhou Zhipu
Accounts payable Intelligent Motor Co. 7224736.59 8810924.32
Ltd.Zhejiang Jinling
Accounts payable Lighting Electrical 3610300.82 4438112.65
Appliance Co. Ltd.Zhuhai XIMO
Accounts payable - 162884.81
ELECTRIC INC.Zhejiang Super
Lighting Electric
Accounts payable 1641.80 98512.42
Appliance Co. Ltd. and
its subsidiaries
Jiaxing Zhuiguang
Accounts payable Intelligent Technology 2303290.51 3215995.21
Co. Ltd.Shanghai Huida Puzhao
Accounts payable Information 1228050.00 350700.00
Technology Co. Ltd.Suzhou CM
Other payables 300000.00 300000.00
Technology Co. Ltd.Zhejiang Super
Lighting Electric
Other payables 200000.00 200000.00
Appliance Co. Ltd. and
its subsidiaries
Zhejiang Jinling
Other payables Lighting Electrical 300000.00 1000000.00
Appliance Co. Ltd.Suzhou Zhipu
Other payables Intelligent Motor Co. 500000.00 300000.00
Ltd.Zhuhai XIMO
Other payables 200000.00 200000.00
ELECTRIC INC.Jiaxing Zhuiguang
Other payables Intelligent Technology 300000.00 300000.00
Co. Ltd.
(3). Other items
□Applicable √Not Applicable
7. Related party commitments
□Applicable √Not Applicable
235 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
8. Others
□Applicable √Not Applicable
XV. Share-based Payments
1. Equity instruments
(1). Details
√Applicable □Not Applicable
Quantity Unit: 10000 Shares Amount Unit: 10000 Yuan Currency: RMB
Granted during the Exercised during the Vested during the Forfeited during the
Type of Current Period Current Period Current Period Current Period
Recipient
Number Amount Number Amount Number Amount Number Amount
Management
and technical 144.00 987.84 283.30 283.30 151.90 1317.32
core staff
Total 144.00 987.84 283.30 283.30 151.90 1317.32
(2). Outstanding stock options or other equity instruments at the end of the period
□Applicable √Not Applicable
2. Equity-settled share-based payments
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Recipients of equity-settled share-based payments Management and technical core staff
The fair value of stock options is estimated using
the internationally accepted Black-Scholes option
Method for determining the fair value of equity
pricing model; the fair value of restricted shares is
instruments on the grant date
determined using the closing price of restricted
shares on the grant date
Significant parameters of the fair value of equity
instruments on the grant date
Best estimate based on subsequent information
such as the latest changes in the number of
Basis for determining the number of exercisable
employees expected to vest and restricted shares
equity instruments
expected to unlock is used to revise the estimated
number of exercisable equity instruments.Reasons for significant differences between the
current period estimate and the previous period None
estimate
Cumulative amount of equity-settled share-based
72144655.25
payments recognized in capital reserve
Other explanations:
1. Granting Restricted Shares in 2023
236 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
On May 4 2023 the 11th meeting of the 4th Board of Directors and the 9th meeting of the Fourth
Board of Supervisors of the Company deliberated and approved the Proposal on the First Grant of
Restricted Shares to Incentive Recipients under the 2023 Restricted Stock Incentive Plan agreeing that the
Company would take May 4 2023 as the grant date and grant a total of 6798000 restricted shares to 278
individuals at a grant price of RMB 9.52 per share. After the grant date a total of 7 incentive recipients
voluntarily waived an aggregate of 260000 granted restricted shares for personal reasons. The Company
actually granted 6538000 restricted shares to 271 individuals at a grant price of RMB 9.52 per share. The
Company completed the grant registration on June 19 2023.The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
Exercise Proportion of
Period/Unlocking Exercise Time/Unlocking Time Exercisable/Unlockable
Period Shares
From the first trading day after the 12 months
1st exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 24 30%
period months following the grant registration completion
date
From the first trading day after the 24 months
2nd exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 36 30%
period months following the grant registration completion
date
From the first trading day after the 36 months
3rd exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 48 40%
period months following the grant registration completion
date
On June 22 2024 the Company announced the Proposal Regarding the Satisfaction of the Unlocking
Conditions for the First Lock-up Period of the First Grant Portion under the 2023 Restricted Stock
Incentive Plan which was deliberated and approved at the 18th meeting of the 4th Board of Directors and
the 14th meeting of the Fourth Board of Supervisors. A total of 1610220 restricted shares that met the
conditions for lifting the trading restrictions this time were unlocked and listed for trading on August 23
2024.
2. Granting Reserved Restricted Shares in 2023
On November 7 2023 the 15th meeting of the 4th Board of Directors and the 12th meeting of the
Fourth Board of Supervisors of the Company deliberated and approved the Proposal Regarding the Grant
of Reserved Restricted Shares to Incentive Recipients agreeing that the Company would take November 7
2023 as the reserved grant date and grant a total of 575000 restricted shares to 13 incentive recipients at a
grant price of RMB 9.52 per share. After the grant date the Company actually granted 575000 restricted
shares to 13 individuals at a grant price of RMB 9.52 per share. The Company completed the grant
registration on January 2 2024.The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
Exercise Proportion of
Period/Unlocking Exercise Time/Unlocking Time Exercisable/Unlockable
Period Shares
From the first trading day after the 12 months
1st exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 24 30%
period months following the grant registration completion
date
2nd exercise From the first trading day after the 24 months
period/unlocking following the grant registration completion date to 30%
period (and including) the last trading day within the 36
237 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
months following the grant registration completion
date
From the first trading day after the 36 months
3rd exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 48 40%
period months following the grant registration completion
date
3. Granting Restricted Shares in 2024
On August 26 2024 the 1st meeting of the 5th Board of Directors and the 1st meeting of the Fifth
Board of Supervisors of the Company deliberated and approved the Proposal on the First Grant of
Restricted Shares to Incentive Recipients under the 2024 Restricted Stock Incentive Plan agreeing that the
Company would take August 28 2024 as the grant date and grant 5957600 restricted shares to 320
eligible incentive recipients at a grant price of RMB 7.76 per share. After the grant date a total of 9
incentive recipients voluntarily waived all of their granted restricted shares for personal reasons and 1
incentive recipient voluntarily waived part of their granted restricted shares for personal reasons totaling
192700 restricted shares. The Company actually granted 5764900 restricted shares to 311 individuals at
a grant price of RMB 7.76 per share. The Company completed the grant registration on October 8 2024.The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
Exercise Proportion of
Period/Unlocking Exercise Time/Unlocking Time Exercisable/Unlockable
Period Shares
From the first trading day after the 12 months
1st exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 24 30%
period months following the grant registration completion
date
From the first trading day after the 24 months
2nd exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 36 30%
period months following the grant registration completion
date
From the first trading day after the 36 months
3rd exercise following the grant registration completion date to
period/unlocking (and including) the last trading day within the 48 40%
period months following the grant registration completion
date
4. Granting Reserved Restricted Shares in 2025
On August 5 2025 the 6th meeting of the 5th Board of Directors and the 6th meeting of the Fifth
Board of Supervisors of the Company deliberated and approved the Proposal Regarding the Grant of 2024
Reserved Restricted Shares to Incentive Recipients agreeing that the Company would take August 5
2025 as the grant date and grant 1440000 restricted shares to 47 eligible incentive recipients at a grant
price of RMB 6.86 per share. during the capital contribution process no incentive recipients voluntarily
gave up subscribing to the granted restricted shares. The actual number of incentive recipients
participating in the subscription was 47 and the actual number of granted restricted shares was 1440000
shares. The Company completed the grant registration on September 17 2025.The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
Exercise Proportion of
Period/Unlocking Exercise Time/Unlocking Time Exercisable/Unlockable
Period Shares
1st exercise From the first trading day after the 12 months following
period/unlocking the grant registration completion date to (and including) 30%
period the last trading day within the 24 months following the
238 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
grant registration completion date
From the first trading day after the 24 months following
2nd exercise
the grant registration completion date to (and including)
period/unlocking 30%
the last trading day within the 36 months following the
period
grant registration completion date
From the first trading day after the 36 months following
3rd exercise
the grant registration completion date to (and including)
period/unlocking 40%
the last trading day within the 48 months following the
period
grant registration completion date
3. Cash-settled share-based payments
□Applicable √Not Applicable
4. Share-based payment expenses for the current period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Equity-settled Share-based Cash-settled Share-based
Type of Recipient
Payment Expenses Payment Expenses
Management and technical core
19320543.41
staff
Total 19320543.41
Other explanations: None
5. Modifications and termination of share-based payments
□Applicable √Not Applicable
6. Others
□Applicable √Not Applicable
XVI. Commitments and Contingencies
1. Major commitments
□Applicable √Not Applicable
2. Contingencies
(1). Significant contingencies existed on the balance sheet date
□Applicable √Not Applicable
239 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Explanation shall also be made if the Company has no significant contingencies to be
disclosed:
□Applicable √Not Applicable
3. Others
□Applicable √Not Applicable
XVII. Events after the Balance Sheet Date
1. Significant non-adjusting events
□Applicable √Not Applicable
2. Profit distribution
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Profits or dividends to be distributed 628986174.75
Profits or dividends declared to be
628986174.75
distributed after deliberation and approval
After being reviewed and approved at the 11th meeting of the 5th Board of Directors held on April
22 2026 the profit distribution plan for the year 2025 of the Company is proposed to distribute a cash
dividend of RMB 8.5 (including tax) for every 10 shares based on the total share capital of the Company
minus the number of shares in the special repurchase account. Based on the total share capital as of the
disclosure date of this Report (743207949 shares) minus the number of shares in the special repurchase
account (3224214 shares) the estimated amount of cash dividends (including tax) is RMB
628986174.75 accounting for 68.33% of the net profit attributable to shareholders of the parent company
in 2025. The final total actual distribution amount shall be calculated based on the total number of shares
entitled to the equity distribution at the registration date of the actual equity distribution minus the number
of shares in the special repurchase account. If there is a change in the total share capital and the number of
shares in the special repurchase account before the equity registration date for equity distribution the
Company intends to maintain the same distribution amount per share and adjust the total distribution
amount accordingly. In 2025 the Company proposed not to offer bonus shares to shareholders or to
convert capital reserves into share capital.Meanwhile the Company’s Board of Directors requests the General Meeting of Shareholders to
authorize the Board of Directors to determine and implement the Company’s 2026 interim profit
distribution scheme provided that the conditions for profit distribution are met. The aforementioned 2025
annual profit distribution scheme and the authorization for the 2026 interim profit distribution are still
subject to submission to the Company’s General Meeting of Shareholders for deliberation.
3. Sales returns
□Applicable √Not Applicable
4. Explanations of other events after the balance sheet date
□Applicable √Not Applicable
240 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
XVIII. Other Material Matters
1. Correction of accounting errors from the previous period
Refer to Analysis and Explanation by the Company on the Reasons for and Impacts of Changes in
Accounting Policies and Accounting Estimates or Corrections of Material Accounting Errors under
Material Matters
2. Significant debt restructuring
□Applicable √Not Applicable
3. Asset replacement
(1). Non-monetary asset exchange
□Applicable √Not Applicable
(2). Other assets replacement
□Applicable √Not Applicable
4. Annuity scheme
□Applicable √Not Applicable
5. Discontinued operations
□Applicable √Not Applicable
6. Segment information
(1). Determination basis and accounting policy for reportable segments
□Applicable √Not Applicable
(2). Financial information of reportable segments
□Applicable √Not Applicable
(3). The Company shall explain the reason if there is no reportable segment or it can not
disclose the total assets and total liabilities in the reportable segments.□Applicable √Not Applicable
(4). Other explanations
□Applicable √Not Applicable
7. Other significant transactions and matters affecting the investor's decision
√Applicable □Not Applicable
241 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
1. Litigation Matter concerning Accounts Receivable against Hubei Wudang Taiji Lake Water
Amusement Co. Ltd. under Hubei Wudang Taijihu Investment Co. Ltd.Hubei Wudang Taiji Lake Water Amusement Co. Ltd. under Hubei Wudang Taijihu Investment Co.Ltd. (hereinafter referred to as “Taiji Lake Company”) is a customer of the Company. As of December 31
2025 the Company’s accounts receivables balance due from Taiji Lake Company was RMB
10672237.58 with an aging of more than three years. After multiple failed collection attempts by the
Company on December 30 2014 the Company filed a lawsuit with the Shiyan City Intermediate People’s
Court in Hubei Province against Taiji Lake Company regarding the goods payment owed by it. On May 7
2015 the Company filed an application for property preservation with the same court and provided part
of the buildings and land use rights of its subsidiary OPPLE Electric as security for such property
preservation. On June 30 2015 the Shiyan City Intermediate People's Court in Hubei Province ruled in
favor of the Company in the first-instance judgment. The case is currently under enforcement. As of the
date of this Report the Company has not yet received any payment. Therefore based on the principle of
prudence the Company had previously made a full provision for impairment against this accounts
receivable.
2. Litigation Matter concerning Accounts Receivables against GOME Appliance Co. Ltd.
GOME Appliance Co. Ltd. and its subsidiaries (hereinafter referred to as “Gome”) are customers of
the Company. As of December 31 2025 the Company’s accounts receivable balance due from Gome was
RMB 13449405.02. In light of Gome’s current financial liquidity crisis and credit rating downgrade and
after unsuccessful collection efforts regarding the overdue payments the Company filed a lawsuit with the
people’s court on December 30 2022 against Gome concerning the outstanding goods payment. On
August 26 2024 the Beijing Chaoyang District People's Court ruled in favor of the Company in the
first-instance judgment. The case is currently under enforcement. Based on the principle of prudence the
Company performed impairment testing on all accounts receivables due from GOME Appliance Co. Ltd.and its subsidiaries and made a full provision for impairment.
8. Others
□Applicable √Not Applicable
XIX. Notes to Major Items of the Parent Company's Financial Statement
1. Accounts Receivable
(1). Disclosure by Aging
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Aging Closing Book Balance Opening Book Balance
Within 1 year (inclusive) 160254763.67 208866597.11
Within 1 year 160254763.67 208866597.11
1 to 2 years 4461810.11 2166466.10
2 to 3 years 1566842.29 317021.47
More than 3 years 14220760.46 14424547.48
Total 180504176.53 225774632.16
242 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Disclosure by Bad Debt Provision Method
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Book Balance Bad-debt Provision Book Balance Bad-debt Provision
Category
Provision Carrying Provision Carrying
Proportion
Amount Amount Ratio Amount
Proportion
Amount Amount Ratio Amount
(%)(%)
(%)(%)
Provision for
bad debts on
15503461.248.5914314894.3892.331188566.8615922620.647.0614324117.0989.961598503.55
an individual
basis:
Including:
Accounts
receivable
with
individually
significant
10672237.585.9110672237.58100.00-10672237.584.7310672237.58100.00-
amount and a
provision for
bad debt on an
individual
basis
243 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Accounts
receivable
with an
insignificant
single amount
4831223.662.683642656.8075.401188566.865250383.062.333651879.5169.551598503.55
but a
provision for
bad debt on an
individual
basis
Provision for
bad debts on a 165000715.29 91.41 2706005.08 1.64 162294710.21 209852011.52 92.94 1483074.49 0.71 208368937.03
portfolio basis
Including:
Related
parties 115292425.22 63.87 - - 115292425.22 171967120.95 76.16 - - 171967120.95
portfolio
Portfolio
based on 49708290.07 27.54 2706005.08 5.44 47002284.99 37884890.57 16.78 1483074.49 3.91 36401816.08
aging analysis
Total 180504176.53 100.00 17020899.46 9.43 163483277.07 225774632.16 100.00 15807191.58 7.00 209967440.58
244 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Provision for bad debts on an individual basis:
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance
Name Bad-debt Provision Rate Reason for
Book Balance
Provision (%) Provision
Taiji Lake Group
Hubei Wudang Taiji See Note XVIII 7
10672237.5810672237.58100.00
Lake Water for details.Recreation Co. Ltd.Others 4831223.66 3642656.80 75.40
Total 15503461.24 14314894.38 92.33 /
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
√Applicable □Not Applicable
Portfolio provision items: Portfolio based on aging analysis
Unit: Yuan Currency: RMB
Closing Balance
Name
Book Balance Bad-debt Provision Provision Rate (%)
Within 1 year 43772798.98 947725.51 2.17
1 to 2 years 4279486.82 855897.37 20.00
2 to 3 years 1507244.18 753622.11 50.00
More than 3 years 148760.09 148760.09 100.00
Total 49708290.07 2706005.08 5.44
Explanation of provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of accounts receivable that experienced a change in
245 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
loss provision during this period:
□Applicable √Not Applicable
(3). Bad Debt Provisions
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Changes in Current Period
Opening
Category Recovery Charge-off
Closing
Balance Other Provision or or Balance
Changes
Reversal Write-off
Accounts
15807191.581213707.88---17020899.46
Receivable
Total 15807191.58 1213707.88 - - - 17020899.46
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(4). Receivables written off in current period
□Applicable √Not Applicable
Significant write-off of accounts receivable
□Applicable √Not Applicable
Description of write-off of accounts receivable:
□Applicable √Not Applicable
(5). Accounts receivable and contract assets from the top five debtors based on the closing
balance
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Percentage to
Closing
Total Closing
Closing Closing Balance of Closing
Balance of
Balance of Balance of Accounts Balance of
Name Accounts
Accounts Contract Receivable and Bad Debt
Receivable
Receivable Assets Contract Provision
and Contract
Assets
Assets (%)
No. 1 42701844.45 - 42701844.45 23.20 -
No. 2 34860989.09 - 34860989.09 18.94 -
246 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
No. 3 18368095.00 - 18368095.00 9.98 -
No. 4 13421520.42 - 13421520.42 7.29 -
No. 5 5556809.99 257994.00 5814803.99 3.16 165532.10
Total 114909258.95 257994.00 115167252.95 62.57 165532.10
Other explanations: None
Other explanations:
□Applicable √Not Applicable
2. Other receivables
Item presentation
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Interest receivable 17944.31 -
Dividends receivable 276557680.67 276557680.67
Other receivables 304223920.36 346482337.60
Total 580799545.34 623040018.27
Other explanations:
□Applicable √Not Applicable
Interest receivable
(1) Classification of interest receivable
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Closing Balance Opening Balance
Interest receivable 17944.31 -
Total 17944.31 -
(2) Significant overdue interest
□Applicable √Not Applicable
247 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3). Classification and disclosure by bad debt provision
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of interest receivable that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Accounts receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of interest receivable
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
248 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Other explanations:
□Applicable √Not Applicable
Dividends receivable
(1) Dividends receivable
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Project (or Investee) Closing Balance Opening Balance
Suzhou OPPLE Lighting Co. Ltd. 276557680.67 276557680.67
Subtotal 276557680.67 276557680.67
Less: bad debt provision - -
Total 276557680.67 276557680.67
(2) Significant dividends receivable with aging over one year
□Applicable √Not Applicable
(3). Classification and disclosure by bad debt provision
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of dividends receivable that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
249 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Dividends receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of dividends receivable
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
Other receivables
(1) Disclosure by aging
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Aging Closing Book Balance Opening Book Balance
Within 1 year (inclusive) 297987292.28 341223298.42
Within 1 year 297987292.28 341223298.42
1 to 2 years 1443619.86 3289126.31
2 to 3 years 2729163.15 1240665.80
More than 3 years 6450886.83 5219885.91
Total 308610962.12 350972976.44
250 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2). Classification by nature of payment
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Nature of payment Closing Book Balance Opening Book Balance
Accounts receivable from entities
291267753.68333418506.79
within the scope of consolidation
Deposit and security 11134986.09 7768711.77
Employee reserve fund 277478.64 3699730.73
Advanced five social insurance
2045335.522197620.16
and one housing fund
Accounts receivable from other
3885408.193888406.99
entities
Total 308610962.12 350972976.44
(3). Provision for bad debts
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Stage 1 Stage 2 Stage 3
Expected Credit Loss Expected Credit Loss
Bad-debt Provision Expected Credit Within the Entire Within the Entire Total
Loss over the
Duration (Without Duration (with Credit
Next 12 Months
Credit Impairment) Impairment)
Balance as of
40076.84-4450562.004490638.84
January 1 2025
Changes in the
balance as of
January 1 2025 in
current period
--Transferred to
----
Stage 2
--Transferred to
----
Stage 3
--Transferred back
----
to Stage 2
--Transferred back
----
to Stage 1
Provision in current
--285476.57285476.57
period
Current reversal 3035.08 - - 3035.08
Current charge-off - - - -
Current write-off - - 386038.57 386038.57
Other changes - - - -
Balance as of
37041.76-4350000.004387041.76
December 31 2025
251 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of other receivables that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
Basis for provision for bad debt and assessment of a significant increase in credit risk of financial
instruments during the current period:
□Applicable √Not Applicable
(4). Provision for bad debts
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Changes in Current Period
Opening Closing
Category
Balance Recovery or Charge-off or Other Provision Balance
Reversal Write-off Changes
Other
4490638.84285476.573035.08386038.57-4387041.76
receivables
Total 4490638.84 285476.57 3035.08 386038.57 - 4387041.76
Significant reversal or recovery of bad debt provision in current period:
□Applicable √Not Applicable
Other explanations: None
(5). Other receivables actually written off during the current period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Write-off Amount
Other receivables actually written off 386038.57
Significant write-off of other receivables:
□Applicable √Not Applicable
Description of write-off of other receivables:
□Applicable √Not Applicable
252 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(6) Other receivables from the top five debtors based on the closing balance
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Percentage of
Total Closing Bad-debt
Balance of Provision
Name Closing Balance Nature Aging
Other Closing
Receivables Balance
(%)
OPPLE Accounts
(Zhongshan) receivable from
Within 1
Intelligent 260000000.00 84.25 entities within the -
year
Technology scope of
Co. Ltd. consolidation
Huazhu Hotel
Deposit and Within 1
Management 1300000.00 0.42 -
security year
Co. Ltd.Shenzhen
Bokala Home Deposit and
1200000.00 0.39 2-3 years -
Technology security
Co. Ltd.Accounts
OPPLE Zhihui
receivable from
(Shenzhen) Within 1
989893.00 0.32 entities within the -
Technology year
scope of
Co. Ltd.consolidation
Sany
Automobile Deposit and More than
500000.000.16-
Manufacturing security 3 years
Co. Ltd.Total 263989893.00 85.54 / / -
(7) Presented as other receivables due to centralized fund management
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
253 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
3. Long-term equity investments
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Closing Balance Opening Balance
Item Provision Provision
Carrying Carrying
Book Balance for Book Balance for
Amount Amount
Impairment Impairment
Investment in
1122571911.84-1122571911.841091463511.84-1091463511.84
subsidiaries
Investment in
associates and 6081672.76 - 6081672.76 7312941.11 - 7312941.11
joint ventures
Total 1128653584.60 - 1128653584.60 1098776452.95 - 1098776452.95
254 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(1) Investment in subsidiaries
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Opening Increase/Decrease in Current Period Closing
Opening Balance Balance of Closing Balance Balance of
Investee
(Carrying Amount) Provision for Additional Reduction in Provision for Others (Carrying Amount) Impairment
Impairment Investment Investment Impairment Reserve
Suzhou OPPLE
280000000.00-----280000000.00-
Lighting Co. Ltd.Shanghai Shanglong
26010696.65-----26010696.65-
Lighting Co. Ltd.Shanghai Qianlong
Energy Conservation 15163479.60 - - - - - 15163479.60 -
Technology Co. Ltd.Shanghai Kupu
22091537.29--5000000.00--17091537.29-
Lighting Co. Ltd.OPPLE Lighting
Appliances
50000000.00-----50000000.00-
(Zhongshan) Co.Ltd.OPPLE Lighting
International Holding 154822775.00 - 43208400.00 - - - 198031175.00 -
Limited
Shanghai Pushi
550000.00-----550000.00-
Lighting Co. Ltd.Shanghai Haoshi
5000000.00-----5000000.00-
Lighting Co. Ltd.Shanghai OPPLE
Jiedeng Lighting Co. 8411840.30 - - - - - 8411840.30 -
Ltd.Shanghai OPPLE
1000000.00-----1000000.00-
Weishang Building
255 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
Materials Co. Ltd.OPPLE Intelligent
Lighting Technology 100000000.00 - - - - - 100000000.00 -
Co. Ltd.OPPLE (Zhongshan)
Intelligent 300000000.00 - - - - - 300000000.00 -
Technology Co. Ltd.Suzhou OPPLE
Intelligent Lighting 35350000.00 - - - - - 35350000.00 -
Co. Ltd.Guangxi Ouheng
Intelligent 500000.00 - - 500000.00 - - - -
Technology Co. Ltd.OPPLE Zhihui
(Shenzhen) 7000000.00 - - - - - 7000000.00 -
Technology Co. Ltd.OPPLE Intelligent
(Hangzhou) 6600000.00 - - 6600000.00 - - - -
Technology Co. Ltd.OPPLE Zhicheng
Technology 40000000.00 - - - - - 40000000.00 -
(Shenzhen) Co. Ltd.OPPLE Zhicheng
Technology (Henan) 2000000.00 - - - - - 2000000.00 -
Co. Ltd.Kaiyun (Shanghai)
Enterprise
Management 36963183.00 - - - - - 36963183.00 -
Partnership (Limited
Partnership)
Total 1091463511.84 - 43208400.00 12100000.00 - - 1122571911.84 -
256 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(2) Investment in joint ventures and associates
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Increase/Decrease in Current Period
Investment
Cash
Opening Gains and Closing Closing
Adjustments to Dividends
Balance Reduction Losses Changes Provision Balance Balance of
Investor Additional Other or Profits
(Carrying in Recognized in Other for Others (Carrying Impairment
Investment Comprehensive Declared
Amount) Investment under the Equities Impairment Amount) Reserve
Income and
Equity
Distributed
Method
I. Joint venture
II. Associates
Zhuhai Ximo
7312941.11----1231268.35---6081672.76-
Electric Inc.Suzhou Pupo
Enterprise
Management
Partnership - - - - - - - - - -
Enterprise
(Limited
Partnership)
Total 7312941.11 - - - -1231268.35 - - - - 6081672.76 -
Due to sustained losses of Suzhou Pubo Enterprise Management Partnership (Limited Partnership) as of December 31 2025 the Company's long-term equity
investment in Suzhou Pubo Enterprise Management Partnership (Limited Partnership) accounted for using the equity method has been written down to zero.
257 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(3). Impairment testing of long-term equity investments
□Applicable √Not Applicable
Other explanations: None
4. Operating revenues and operating costs
(1) Operating revenue and operating costs
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Period Amount Incurred in Previous Period
Item
Revenue Cost Revenue Cost
Main
4184813252.583056729374.724463008955.023272532979.36
businesses
Other
6491163.442589508.098013802.352057591.79
businesses
Total 4191304416.02 3059318882.81 4471022757.37 3274590571.15
(2). Breakdown of operating revenue and operating costs
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount for the Current Period Amount for the Previous Period
Item
Operating revenue Operating costs Operating revenue Operating costs
Product type
Lighting industry 4184813252.58 3056729374.72 4463008955.02 3272532979.36
Total 4184813252.58 3056729374.72 4463008955.02 3272532979.36
By region
Domestic sales 4184813252.58 3056729374.72 4463008955.02 3272532979.36
Total 4184813252.58 3056729374.72 4463008955.02 3272532979.36
Other explanations:
□Applicable √Not Applicable
(3) Explanation of performance obligations
□Applicable √Not Applicable
(4) Explanation of allocation to remaining performance obligations
□Applicable √Not Applicable
258 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
(5) Major contract changes or significant adjustments to transaction prices
□Applicable √Not Applicable
Other explanations: None
5. Investment income
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amount Incurred in Current Amount Incurred in Previous
Item
Period Period
Long-term equity investment income
173540761.12346335914.50
measured with the cost method
Income from long-term equity
investments accounted for using the -1231268.35 -96887.70
equity method
Investment income from disposing of
--
held-for-trading financial assets
Investment income from disposal of
financial assets measured at fair value 71647732.49 58547403.02
through profit or loss
Investment income from disposing of
-915735.63
long-term equity investment
Total 243957225.26 405702165.45
Other explanations: None
6. Others
□Applicable √Not Applicable
XX. Supplementary Information
1. Detailed statement of current non-recurring gains and losses
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Amount Remarks
Gains and losses from the disposal of non-current
assets including the reversal of recognized -654007.78
impairment provisions for assets
Governmental subsidies recognized in the current
profit or loss except those that are closely related
to the Company's normal operations comply with
85689815.52
national policies are entitled under established
criteria and have a continuous impact on the
Company's profit or loss
Gains and losses arising from changes in the fair
value of financial assets and financial liabilities 81916662.59
held by non-financial enterprises as well as gains
259 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
and losses from the disposal of financial assets and
financial liabilities except for effective hedging
transactions related to the Company's normal
operations
Gains and losses from entrusted investment or
-878741.62
management of assets
Reversal of impairment provision for receivables
3890475.66
subject to separate impairment tests
Gains and losses from debt restructuring -
Other non-operating revenue and expenses
1244200.77
excluding the above items
Other profit and loss items that meet the definition
1111938.83
of non-recurring gains and losses
Subtotal 172320343.97
Less: Impact of income tax -31170348.06
Impact of minority equity (after-tax) 1770.39
Total 141151766.30
Explanations shall be made for the Company's recognition of items not listed in the Explanatory
Announcement No. 1 on Information Disclosure by Companies Publicly Offering Securities –
Non-recurring gains and losses as items of non-recurring gains and losses with significant amounts as
well as the classification of items of non-recurring gains and losses listed in the Announcement as items of
recurring gains and losses.□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
2. Returns on equity and earnings per share
√Applicable □Not Applicable
Weighted Earnings per Share
Average
Profits during the Reporting Period
Return on Basic Earnings Diluted Earnings
Equity (%) per Share per Share
Net profit attributable to the Company's
13.621.261.26
ordinary shareholders
Net profit attributable to the Company's
ordinary shareholders after the deduction of the 11.53 1.06 1.06
non-recurring gains and losses
260 / 261Annual Report 2025 of OPPLE Lighting Co. Ltd.
3. Differences in accounting data under domestic and foreign accounting standards
□Applicable √Not Applicable
4. Other
□Applicable √Not Applicable
Chairman: Wang Yaohai
Date of submission approved by the Board of Directors: April 22 2026
Revision
□Applicable √Not Applicable
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