Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

Stock Code: 000541 200541 Stock Name: FSL FSL-B Announcement No. 2023-035

FOSHAN ELECTRICAL AND LIGHTING CO. LTD.FIRST QUARTERLY REPORT 2023

Foshan Electrical and Lighting Co. Ltd. (hereinafter referred to as the “Company”) and all the members of the

Company’s Board of Directors hereby guarantee that the contents of this Report are true accurate and complete

and free of any misrepresentations misleading statements or material omissions.Important Notes:

1. The Board of Directors the Supervisory Committee as well as the directors supervisors and senior

management of the Company hereby guarantee that the contents of this Report are true accurate and complete

and free of any misrepresentations misleading statements or material omissions and collectively and

individually accept legal responsibility for such contents.

2. The Company’s legal representative Chief Financial Officer (CFO) and person-in-charge of the Company’s

accounting organ (equivalent to accounting manager) hereby guarantee that the financial statements carried in

this Report are true accurate and complete.

3. Indicate whether the financial statements in this Report have been audited by an independent auditor.

□Yes □ No

4.This Report has been prepared in both Chinese and English. Should there be any discrepancies or

misunderstandings between the two versions the Chinese version shall prevail.

1Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

I Key Financial Information

(I) Key Accounting Data and Financial Indicators

Indicate whether there is any retrospectively restated datum in the table below.□ Yes □No

Reason

□ Changes of accounting policies □ Correction of accounting errors □ Business combination under the same

control □ Other reasons

Q1 2022 YoY change (%)

Q1 2023

Before Restated Restated

Operating revenue

2193613606.542007637120.852049503975.007.03%

(RMB)

Net profit attributable

to the listed company’s 66221546.43 61365477.84 62311074.56 6.28%

shareholders (RMB)

Net profit attributable

to the listed company’s

shareholders before 59526020.95 55625535.40 55624370.41 7.01%

exceptional gains and

losses (RMB)

Net cash generated

from/used in operating 74718240.10 -66973529.90 -54833636.58 236.26%

activities (RMB)

Basic earnings per

0.04910.04550.04626.28%

share (RMB/share)

Diluted earnings per

0.04860.04510.04576.35%

share (RMB/share)

Weighted average

1.27%0.96%0.97%0.30%

return on equity (%)

31 December 2022 Change (%)

31 March 2023

Before Restated Restated

Total assets (RMB) 15149537639.20 15287061119.70 15287061119.70 -0.90%

Equity attributable to

the listed company’s 5237745216.74 5173066095.76 5173066095.76 1.25%

shareholders (RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2023 Note

Gain or loss on disposal of non-current

assets (inclusive of impairment -160436.55

allowance write-offs)

Government grants through profit or loss

(exclusive of government grants given in

the Company’s ordinary course of 15305205.55

business at fixed quotas or amounts as

per the government’s uniform standards)

Capital occupation charges on non-

financial enterprises that are recognized 102265.48

in profit or loss

2Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

Gain or loss on fair-value changes on

held-for-trading financial assets and

liabilities & income from disposal of

held-for-trading financial assets and

3999408.90

liabilities and available-for-sale financial

assets (exclusive of the effective portion

of hedges that arise in the Company’s

ordinary course of business)

Non-operating income and expense other

-1401313.07

than the above

Less: Income tax effects 1642599.77

Non-controlling interests effects

9507005.06

(net of tax)

Total 6695525.48

Other items that meet the definition of exceptional gain/loss:

□Applicable □ Not applicable

No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the

Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the

Public—Exceptional Gain/Loss Items:

□Applicable □ Not applicable

No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why

□ Applicable □ Not applicable

Unit: RMB

Q1 2023/31 Q1 2022/31 Change

Item Explanation of why

March 2023 December 2022 (%)

Reclassification of large depository receipts to

Other current assets 218918288.49 79438576.89 175.58%

other current assets in the current period

Changes in the fair value of forward forex

Held-for-trading financial

- 4679000.00 -100.00% settlement contracts as a result of currency

liabilities

fluctuations

Advances from customers 1339057.16 2532442.44 -47.12% Decrease in advances of rentals

Reclassification of long-term borrowings that

Current portion of non-current

247471375.77 65540510.67 277.59% were repaid in advance to the current portion of

liabilities

non-current liabilities in the current period

Reclassification of long-term borrowings that

Long-term borrowings 516211979.02 747931023.71 -30.98% were repaid in advance to the current portion of

non-current liabilities in the current period

Increased provisions for product warranties in

Provisions 12615770.46 9587043.31 31.59%

the current period

Decreased liabilities of subsidiary to be

Other non-current liabilities 511.50 308780.61 -99.83%

liquidated and de-registered

Increased provisions for loan interest and

Finance costs 5335776.00 -3284457.97 262.46%

currency fluctuations in the current period

3Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

Increased provisions for loan interest in the

Interest expense 8813441.07 1957846.94 350.16%

current period

Increased interest on deposits in the current

Interest income 11539895.40 6491795.94 77.76%

period

Increased gains on forward forex settlement

Return on investment 4102704.62 2358344.69 73.97%

contracts in the current period

Increase in net profits of associates attributable

Including: Share of profit or loss

468407.36 205973.61 127.41% to owners of the Company as the parent in the

of joint ventures and associates

current period

Changes in the fair value of forward forex

Gain on changes in fair value 2355332.19 -117369.16 2106.77% settlement contracts as a result of exchange rate

fluctuations

Credit impairment loss (“-” for Increased allowance for expected credit loss in

-6018416.501838113.16-427.42%

loss) the current period

Asset impairment loss (“-” for - Increased inventory valuation allowances in the

-12009254.31542141.81

loss) 2315.15% current period

Impact of the fixed asset disposal loss of

Asset disposal income 152323.52 -922171.71 116.52% subsidiary Nanning Liaowang in the same

period of last year

Impact of the settlement of payables of

Non-operating income 1102454.61 8418730.30 -86.90% subsidiary NationStar Optoelectronics that it did

not need to pay in the same period of last year

Increase in losses on the disposal of fixed assets

Non-operating expense 2805527.75 1553860.16 80.55%

in the current period

Decreased amount of changes in the fair value

Other comprehensive income net

-1178927.49 -257827934.62 99.54% of investments in other equity instruments in the

of tax

current period

Other comprehensive income net Decreased amount of changes in the fair value

of tax attributable to owners of -1542425.45 -257628039.63 99.40% of investments in other equity instruments in the

the Company as the parent current period

Changes in the fair value of Decreased amount of changes in the fair value

investments in other equity -1962252.78 -257478786.43 99.24% of investments in other equity instruments in the

instruments current period

Differences arising from the

Fluctuations of the RMB against foreign

translation of foreign currency- 419827.33 -149253.20 381.29%

currencies

denominated financial statements

Other comprehensive income net

Fluctuations of the RMB against foreign

of tax attributable to non- 363497.96 -199894.99 281.84%

currencies

controlling interests

Decreased amount of changes in the fair value

Total comprehensive income 90129509.60 -169173985.43 153.28% of investments in other equity instruments in the

current period

Total comprehensive income Decreased amount of changes in the fair value

attributable to owners of the 64679120.98 -195316965.07 133.11% of investments in other equity instruments in the

Company as the parent current period

Net cash generated from/used in The Company as the parent enhanced inventory

74718240.10-54833636.58236.26%

operating activities control in the current period

More redemptions of bank’s wealth

Net cash generated from/used in

-160051306.41 346579406.27 -146.18% management products in the same period of last

investing activities

year

More payment for the acquisition of equity

Net cash generated from/used in interests in subsidiary NationStar

23862522.56-668275506.17103.57%

financing activities Optoelectronics under common control in the

same period of last year

Net increase in cash and cash Increased net cash generated from financing

-64182857.56-378545477.0883.04%

equivalents activities

4Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

II Shareholder Information

(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

Number of preference shareholders with resumed

Number of ordinary shareholders 68995 0

voting rights (if any)

Top 10 shareholders

Name of Nature of Shareholding Total shares Restricted Shares in pledge marked or frozen

shareholder shareholder percentage held shares held Status Shares

Hong Kong

Wah Shing

Foreign

Holding 13.84% 188496430 0 In pledge 92363251

corporation

Company

Limited

Prosperity

Lamps & Foreign

10.79%1469348570

Components corporation

Limited

Guangdong

Electronics

State-owned

Information 9.01% 122694246 0 In pledge 32532815

corporation

Industry Group

Ltd.Guangdong

Rising State-owned

6.10%831308980

Holdings corporation

Group Co. Ltd.Essence

International

Foreign

Securities 2.71% 36913759 0

corporation

(Hong Kong)

Limited

Central Huijin

Asset State-owned

2.43%331618000

Management corporation

Co. Ltd.Rising

Investment Foreign

1.87%254822520

Development corporation

Limited

Foreign

Zhuang Jianyi 0.87% 11903509 8927632

individual

Domestic

Zhang Shaowu 0.79% 10700000 0

individual

China

Merchants Foreign

0.76%103331310

Securities (HK) corporation

Co. Limited

Top 10 unrestricted shareholders

Shares by class

Name of shareholder Unrestricted shares held

Class Shares

RMB-

Hong Kong Wah Shing Holding

188496430 denominated 188496430

Company Limited

ordinary share

RMB-

Prosperity Lamps & Components

146934857 denominated 146934857

Limited

ordinary share

RMB-

Guangdong Electronics

122694246 denominated 122694246

Information Industry Group Ltd.ordinary share

5Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

RMB-

Guangdong Rising Holdings

83130898 denominated 83130898

Group Co. Ltd.ordinary share

Domestically

Essence International Securities

36913759 listed foreign 36913759

(Hong Kong) Limited

share

RMB-

Central Huijin Asset Management

33161800 denominated 33161800

Co. Ltd.ordinary share

Domestically

Rising Investment Development

25482252 listed foreign 25482252

Limited

share

RMB-

Zhang Shaowu 10700000 denominated 10700000

ordinary share

Domestically

China Merchants Securities (HK)

10333131 listed foreign 10333131

Co. Limited share

RMB-

Zhao Xiyi 7319073 denominated 7319073

ordinary share

Among the top 10 shareholders Hong Kong Wah Shing Holding Company Limited

Guangdong Electronics Information Industry Group Ltd. Guangdong Rising Holdings

Group Co. Ltd. and Rising Investment Development Limited are acting-in-concert parties;

Related or acting-in-concert parties

Prosperity Lamps & Components Limited and Zhuang Jianyi are acting-in-concert parties.among the shareholders above

Apart from that it is unknown whether there is among the top 10 shareholders any other

related parties or acting-in-concert parties as defined in the Administrative Measures for the

Acquisition of Listed Companies.Top 10 shareholders involved in

None

securities margin trading (if any)

(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them

□Applicable □ Not applicable

III Other Significant Events

□ Applicable □ Not applicable

Pre-plan for the Issuance of A-shares to Specific Objects in 2023

The Company reviewed and approved matters related to the Company’s issuance of A-Shares to specific objects

at the 39th Meeting of 9th Board of Directors and the 1st Extraordinary General Meeting of 2023 held

respectively on 14 March 2023 and 31 March 2023 and intended to issue additional A-shares to no more than

35 specific targets including the Company's de facto controller Rising Group who meet the conditions

stipulated by the CSRC. The number of shares to be issued to the specific targets will not exceed 30% of the

total share capital before issuance i.e. not more than 408598394 shares (inclusive) and the total amount of

funds to be raised will not exceed RMB 1094551800 (inclusive).

6Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

The raised funds will be invested in FSL automation transformation and digital transformation project FSL

Hainan Industrial Park I smart street light construction project vehicle lamp module production construction

project and R & D center construction project the use of raised funds is closely related to the Company's future

development strategy and existing main business.The issuance of shares to specific targets is subject to the approval of the Shenzhen Stock Exchange and the

consent of the CSRC to the registration decision before implementation.IV Quarterly Financial Statements

(I) Financial Statements

1. Consolidated Balance Sheet

Prepared by Foshan Electrical and Lighting Co. Ltd.

31 March 2023

Unit: RMB

Item 31 March 2023 1 January 2023

Current assets:

Monetary assets 2357468063.19 2484508907.43

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets 222970783.57 261541896.45

Derivative financial assets

Notes receivable 832931760.96 821537774.07

Accounts receivable 2066025996.78 1920770941.76

Receivables financing 672092679.79 569868831.79

Prepayments 53545575.40 45526548.93

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract reserve

Other receivables 31773899.34 32902865.98

Including: Interest receivable

Dividends receivable

Financial assets purchased under resale

agreements

Inventories 1681667759.45 2031637401.87

Contract assets 5466875.07 5466875.07

Assets held for sale 17147339.84 17147339.84

Current portion of non-current assets

Other current assets 218918288.49 79438576.89

Total current assets 8160009021.88 8270347960.08

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments

7Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

Long-term receivables

Long-term equity investments 182400200.02 181931792.66

Investments in other equity

860901521.60864191346.40

instruments

Other non-current financial assets

Investment property 43989299.46 44611882.44

Fixed assets 3405250132.85 3508094282.41

Construction in progress 1362157512.57 1282780335.14

Productive living assets

Oil and gas assets

Right-of-use assets 11698582.37 13047727.73

Intangible assets 337826947.36 340166852.37

Development costs

Goodwill 421831593.46 421831593.46

Long-term prepaid expense 190805253.07 190126627.91

Deferred income tax assets 89510487.12 88387206.25

Other non-current assets 83157087.44 81543512.85

Total non-current assets 6989528617.32 7016713159.62

Total assets 15149537639.20 15287061119.70

Current liabilities:

Short-term borrowings 157596526.02 157715359.35

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities 4679000.00

Derivative financial liabilities

Notes payable 2162278226.39 1975743568.71

Accounts payable 2127591876.56 2513177458.14

Advances from customers 1339057.16 2532442.44

Contract liabilities 148242316.45 125143161.61

Financial assets sold under repurchase

agreements

Customer deposits and deposits from

other banks and financial institutions

Payables for acting trading of securities

Payables for underwriting of securities

Employee benefits payable 145192901.02 173034152.18

Taxes and levies payable 79457988.56 64295552.10

Other payables 478158179.50 440230081.05

Including: Interest payable

Dividends payable 15646.07 15646.07

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

247471375.7765540510.67

liabilities

Other current liabilities 81962192.23 100192681.00

Total current liabilities 5629290639.66 5622283967.25

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 516211979.02 747931023.71

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities 7725191.05 7055542.18

Long-term payables

Long-term employee benefits payable

8Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

Provisions 12615770.46 9587043.31

Deferred income 89353828.55 97078233.43

Deferred income tax liabilities 203863377.75 202469697.60

Other non-current liabilities 511.50 308780.61

Total non-current liabilities 829770658.33 1064430320.84

Total liabilities 6459061297.99 6686714288.09

Owners’ equity:

Share capital 1361994647.00 1361994647.00

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital reserves 7245971.54 7245971.54

Less: Treasury stock 82165144.15 82165144.15

Other comprehensive income 496598593.25 498141018.70

Specific reserve

Surplus reserves 91359027.15 91359027.15

General reserve

Retained earnings 3362712121.95 3296490575.52

Total equity attributable to owners of the

5237745216.745173066095.76

Company as the parent

Non-controlling interests 3452731124.47 3427280735.85

Total owners’ equity 8690476341.21 8600346831.61

Total liabilities and owners’ equity 15149537639.20 15287061119.70

Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan

Person-in-charge of the Company’s accounting organ: Liang Yuefei

2. Consolidated Income Statement

Unit: RMB

Item Q1 2023 Q1 2022

1. Revenues 2193613606.54 2049503975.00

Including: Operating revenue 2193613606.54 2049503975.00

Interest revenue

Insurance premium income

Fee and commission

income

2. Costs and expenses 2084362951.90 1973447363.73

Including: Cost of sales 1813154540.46 1722217250.17

Interest costs

Fee and commission

expense

Surrenders

Net insurance claims paid

Net amount provided as

insurance contract reserve

Expenditure on policy

dividends

Reinsurance premium

expense

Taxes and levies 16950032.53 13227888.52

Selling expense 52638260.76 53841097.76

Administrative expense 97742566.42 93201175.94

R&D expense 98541775.73 94244409.31

Finance costs 5335776.00 -3284457.97

Including: Interest costs 8813441.07 1957846.94

9Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

Interest

11539895.406491795.94

revenue

Add: Other income 15294205.55 19355680.58

Return on investment (“-” for loss) 4102704.62 2358344.69

Including: Share of profit or loss

468407.36205973.61

of joint ventures and associates

Income from the derecognition

of financial assets at amortized cost (“-”

for loss)

Exchange gain (“-” for loss)

Net gain on exposure hedges (“-”

for loss)

Gain on changes in fair value (“-”

2355332.19-117369.16

for loss)

Credit impairment loss (“-” for

-6018416.501838113.16

loss)

Asset impairment loss (“-” for

-12009254.31542141.81

loss)

Asset disposal income (“-” for

152323.52-922171.71

loss)

3. Operating profit (“-” for loss) 113127549.71 99111350.64

Add: Non-operating income 1102454.61 8418730.30

Less: Non-operating expense 2805527.75 1553860.16

4. Profit before tax (“-” for loss) 111424476.57 105976220.78

Less: Income tax expense 20116039.48 17322271.59

5. Net profit (“-” for net loss) 91308437.09 88653949.19

5.1 By operating continuity

5.1.1 Net profit from continuing

91308437.0988653949.19

operations (“-” for net loss)

5.1.2 Net profit from discontinued

operations (“-” for net loss)

5.2 By ownership

5.2.1 Net profit attributable to

66221546.4362311074.56

owners of the Company as the parent

5.2.1 Net profit attributable to non-

25086890.6626342874.63

controlling interests

6. Other comprehensive income net of

-1178927.49-257827934.62

tax

Attributable to owners of the

-1542425.45-257628039.63

Company as the parent

6.1 Items that will not be

-1962252.78-257478786.43

reclassified to profit or loss

6.1.1 Changes caused by

remeasurements on defined benefit

schemes

6.1.2 Other comprehensive

income that will not be reclassified to

profit or loss under the equity method

6.1.3 Changes in the fair value of

-1962252.78-257478786.43

investments in other equity instruments

6.1.4 Changes in the fair value

arising from changes in own credit risk

6.1.5 Other

6.2 Items that will be reclassified to

419827.33-149253.20

profit or loss

6.2.1 Other comprehensive

income that will be reclassified to profit

or loss under the equity method

6.2.2 Changes in the fair value of

other debt investments

6.2.3 Other comprehensive

income arising from the reclassification

of financial assets

6.2.4 Credit impairment

10Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

allowance for other debt investments

6.2.5 Reserve for cash flow

hedges

6.2.6 Differences arising from the

translation of foreign currency- 419827.33 -149253.20

denominated financial statements

6.2.7 Other

Attributable to non-controlling

363497.96-199894.99

interests

7. Total comprehensive income 90129509.60 -169173985.43

Attributable to owners of the

64679120.98-195316965.07

Company as the parent

Attributable to non-controlling

25450388.6226142979.64

interests

8. Earnings per share

8.1 Basic earnings per share 0.0491 0.0462

8.2 Diluted earnings per share 0.0486 0.0457

Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before

the combinations was RMB0.00 with the amount for the same period of last year being RMB0.00.Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan

Person-in-charge of the Company’s accounting organ: Liang Yuefei

3. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2023 Q1 2022

1. Cash flows from operating activities:

Proceeds from sale of commodities

1755313840.621867956031.94

and rendering of services

Net increase in customer deposits and

deposits from other banks and financial

institutions

Net increase in borrowings from the

central bank

Net increase in loans from other

financial institutions

Premiums received on original

insurance contracts

Net proceeds from reinsurance

Net increase in deposits and

investments of policy holders

Interest fees and commissions received

Net increase in loans from other banks

and financial institutions

Net increase in proceeds from

repurchase transactions

Net proceeds from acting trading of

securities

Tax and levy rebates 47283404.19 61511509.10

Cash generated from other operating

60839027.2975214936.70

activities

Subtotal of cash generated from

1863436272.102004682477.74

operating activities

Payments for commodities and services 1257371909.59 1495723909.80

Net increase in loans and advances to

customers

Net increase in deposits in the central

bank and other banks and financial

institutions

Payments for claims on original

insurance contracts

Net increase in loans to other banks and

11Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

financial institutions

Interest fees and commissions paid

Policy dividends paid

Cash paid to and for employees 350439220.39 394835007.03

Taxes and levies paid 90343198.54 86687935.34

Cash used in other operating activities 90563703.48 82269262.15

Subtotal of cash used in operating

1788718032.002059516114.32

activities

Net cash generated from/used in

74718240.10-54833636.58

operating activities

2. Cash flows from investing activities:

Proceeds from disinvestment 20981292.12 502992240.66

Return on investment 15446.65 4392035.26

Net proceeds from the disposal of fixed

assets intangible assets and other long- 356000.00 42419.45

lived assets

Net proceeds from the disposal of

subsidiaries and other business units

Cash generated from other investing

activities

Subtotal of cash generated from

21352738.77507426695.37

investing activities

Payments for the acquisition of fixed

assets intangible assets and other long- 51404045.18 119151525.79

lived assets

Payments for investments 130000000.00 41695763.31

Net increase in pledged loans granted

Net payments for the acquisition of

subsidiaries and other business units

Cash used in other investing activities

Subtotal of cash used in investing

181404045.18160847289.10

activities

Net cash generated from/used in

-160051306.41346579406.27

investing activities

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by

non-controlling interests to subsidiaries

Borrowings received 50000000.00 432336000.00

Cash generated from other financing

78509476.5851224394.37

activities

Subtotal of cash generated from

128509476.58483560394.37

financing activities

Repayment of borrowings 100000000.00 88897858.15

Interest and dividends paid 4578701.69 936829.90

Including: Dividends paid by

subsidiaries to non-controlling interests

Cash used in other financing activities 68252.33 1062001212.49

Subtotal of cash used in financing

104646954.021151835900.54

activities

Net cash generated from/used in

23862522.56-668275506.17

financing activities

4. Effect of foreign exchange rates

-2712313.81-2015740.60

changes on cash and cash equivalents

5. Net increase in cash and cash

-64182857.56-378545477.08

equivalents

Add: Cash and cash equivalents

1945971307.261940209052.92

beginning of the period

6. Cash and cash equivalents end of the

1881788449.701561663575.84

period

Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan

Person-in-charge of the Company’s accounting organ: Liang Yuefei

12Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2023

(II) Independent Auditor’s Report

Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□Yes □ No

These financial statements have not been audited by such an auditor.The Board of Directors

Foshan Electrical and Lighting Co. Ltd.

28 April 2023

13