Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
FOSHAN ELECTRICAL AND LIGHTING CO. LTD.The semi-annual financial report 2025
August 2025
1Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Financial Report
I Auditor’s Report
Whether the interim report has been audited
□Yes□ No
The interim report of the Company has not been audited.II Financial Statements
Currency unit for the financial statements and the notes thereto: RMB
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co. Ltd.June 30 2025
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary assets 3084419399.18 3209127437.31
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 2288376.68 43649820.47
Derivative financial assets
Notes receivable 792038054.34 997281070.21
Accounts receivable 2243390191.30 2125667291.96
Accounts receivable financing 380276549.15 352694866.89
Prepayments 32710901.40 24419779.12
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
2Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
reserve
Other receivables 69553723.47 70524265.25
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 2025757449.08 2025499361.38
Including: Data resources
Contract assets 1126681.30 1690021.95
Assets held for sale 17147339.84 17147339.84
Current portion of non-current
assets
Other current assets 414826910.56 261284776.85
Total current assets 9063535576.30 9128986031.23
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt
obligations 1155317713.39 1140022863.72
Long-term receivables
Long-term equity investments 180947314.66 180300594.89
Investments in other equity
instruments 747257412.11 726663613.42
Other non-current financial assets
Investment property 827883993.63 793487046.02
Fixed assets 3572275761.68 3646594206.04
3Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Construction in progress 293945488.06 263601705.89
Productive living assets
Oil and gas assets
Right-of-use assets 18139960.72 22342999.34
Intangible assets 383721802.95 388587348.99
Including: Data resources
Development costs
Including: Data resources
Goodwill 279564092.85 279438540.78
Long-term prepaid expense 253617342.85 253024495.82
Deferred income tax assets 141555140.03 135948224.91
Other non-current assets 255160466.10 200765785.59
Total non-current assets 8109386489.03 8030777425.41
Total assets 17172922065.33 17159763456.64
Current liabilities:
Short-term borrowings 199599173.96 307141147.49
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial
liabilities 275250.00
Derivative financial liabilities
Notes payable 1781207077.08 1930784817.62
Accounts payable 2765954401.30 2781965096.70
Advances from customers 13633630.14 13531474.15
4Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Contract liabilities 142244278.82 119506301.48
Financial assets sold under
repurchase agreements
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 176048047.84 214651088.46
Taxes payable 78673132.01 107085160.39
Other payables 669335888.63 495717050.97
Including: Interest payable
Dividends payable 188359258.07
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities 154950261.52 120574788.81
Other current liabilities 394759280.65 377156212.40
Total current liabilities 6376405171.95 6468388388.47
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 131440187.61 222581930.54
Bonds payable
5Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Including: Preferred shares
Perpetual bonds
Lease liabilities 11380772.63 15023993.11
Long-term payables
Long-term employee benefits
payable
Provisions 26914403.37 27430683.82
Deferred income 91488890.41 73739179.94
Deferred income tax liabilities 189304175.41 185921269.29
Other non-current liabilities 175649.83 177917.63
Total non-current liabilities 450704079.26 524874974.33
Total liabilities 6827109251.21 6993263362.80
Owners’ equity:
Share capital 1535778230.00 1548778230.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 843517955.90 914336325.66
Less: Treasury stock 82165144.15
Other comprehensive income 425383074.84 383429155.02
Specific reserve 5487071.02 4782061.20
Surplus reserves 167285701.79 150097522.97
General reserve
Retained earnings 3740440128.62 3655046154.57
6Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Total equity attributable to owners
of the Company as the parent 6717892162.17 6574304305.27
Non-controlling interests 3627920651.95 3592195788.57
Total owners’ equity 10345812814.12 10166500093.84
Total liabilities and owners’ equity 17172922065.33 17159763456.64
Legal representative: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary assets 1227301560.14 1260985441.29
Held-for-trading financial assets 95600.00
Derivative financial assets
Notes receivable 60849619.93 71832245.04
Accounts receivable 785383196.43 745257268.31
Accounts receivable financing 29742336.71 67526522.26
Prepayments 11827478.34 71078813.72
Other receivables 1161580974.30 944184445.88
Including: Interest receivable
Dividends receivable 4733110.26
Inventories 246162081.25 268069616.21
Including: Data resources
Contract assets 1126681.30 1690021.95
7Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Assets held for sale
Current portion of non-current
assets
Other current assets 156754438.06 861413.93
Total current assets 3680823966.46 3431485788.59
Non-current assets:
Investments in debt obligations
Investments in other debt
obligations 1061827379.53 1047759858.61
Long-term receivables
Long-term equity investments 2482240506.32 2434177186.55
Investments in other equity
instruments 700854868.31 687581069.62
Other non-current financial assets
Investment property 196570234.20 202079386.31
Fixed assets 583618398.55 599351996.15
Construction in progress 7054078.30 5884955.59
Productive living assets
Oil and gas assets
Right-of-use assets 11329050.69 8720969.67
Intangible assets 58583470.90 57347999.70
Including: Data resources
Development costs
Including: Data resources
Goodwill
8Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Long-term prepaid expense 30209636.40 35546452.07
Deferred income tax assets 39740384.34 38910990.65
Other non-current assets 186159759.10 120611200.89
Total non-current assets 5358187766.64 5237972065.81
Total assets 9039011733.10 8669457854.40
Current liabilities:
Short-term borrowings 14556611.51
Held-for-trading financial
liabilities 275250.00
Derivative financial liabilities
Notes payable 1016255068.69 864782508.32
Accounts payable 962461446.94 860893918.87
Advances from customers 13367850.30 13367850.30
Contract liabilities 75701497.82 58018288.88
Employee benefits payable 53763682.59 57145931.55
Taxes payable 43430264.94 75527406.17
Other payables 499445543.51 445875922.06
Including: Interest payable
Dividends payable 184293387.60
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities 7831175.53 3581230.44
Other current liabilities 53231986.52 50682086.68
Total current liabilities 2740045128.35 2430150393.27
9Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 3956954.17 5516409.11
Long-term payables
Long-term employee benefits
payable
Provisions 2110312.84
Deferred income
Deferred income tax liabilities 75985122.66 68096992.10
Other non-current liabilities
Total non-current liabilities 79942076.83 75723714.05
Total liabilities 2819987205.18 2505874107.32
Owners’ equity:
Share capital 1535778230.00 1548778230.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 839893397.29 909058541.44
Less: Treasury stock 82165144.15
Other comprehensive income 425971708.97 383570431.32
Specific reserve 3194742.64 3170252.81
10Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending balance Beginning balance
Surplus reserves 398589771.03 381401592.21
Retained earnings 3015596677.99 3019769843.45
Total owners’ equity 6219024527.92 6163583747.08
Total liabilities and owners’ equity 9039011733.10 8669457854.40
Legal representative: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
3. Consolidated Income Statement
Unit: RMB
Item H1 2025 H1 2024
1. Revenue 4385731119.78 4784545767.42
Including: Operating revenue 4385731119.78 4784545767.42
Interest income
Insurance premium income
Handling charge and commission
income
2. Costs and expenses 4257961593.80 4531278513.54
Including: Cost of sales 3565320556.68 3870251108.01
Interest expense
Handling charge and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as insurance
contract reserve
Expenditure on policy dividends
11Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
Reinsurance premium expense
Taxes and surcharges 35195442.18 37916939.23
Selling expense 182892072.03 167217797.90
Administrative expense 224001579.55 226332962.51
R&D expense 267669599.53 260165950.63
Finance costs -17117656.17 -30606244.74
Including: Interest expense 8116483.14 11047212.70
Interest income 20148088.69 25938447.85
Add: Other income 45245132.45 60151413.19
Return on investment (“-” for loss) 27447075.84 38017499.24
Including: Share of profit or loss of
joint ventures and associates 646719.77 1444720.72
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 (“-”
for loss) 345894.65 -601447.40
Credit impairment loss (“-” for
loss) -12101495.69 -38270808.58
Asset impairment loss (“-” for loss) -22424871.33 -36958804.89
Asset disposal income (“-” for
loss) -64693.00 -99108.79
3. Operating profit (“-” for loss) 166216568.90 275505996.65
Add: Non-operating income 2113315.35 3054859.55
12Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
Less: Non-operating expense 2087195.60 486217.43
4. Profit before tax (“-” for loss) 166242688.65 278074638.77
Less: Income tax expense 18318812.92 24632382.12
5. Net profit (“-” for net loss) 147923875.73 253442256.65
5.1 By operating continuity
5.1.1 Net profit from continuing
operations (“-” for net loss) 147923875.73 253442256.65
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as 114993752.24 192229182.38
the parent (“-” for net loss)
5.2.2 Net profit attributable to non-
controlling interests (“-” for net 32930123.49 61213074.27
loss)
6. Other comprehensive income
net of tax 213491772.64 -22766075.54
Attributable to owners of the
Company as the parent 213835708.05 -22203388.92
6.1 Items that will not be
reclassified to profit or loss 214283065.88 -21548515.71
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
investments in other equity 214283065.88 -21548515.71
instruments
6.1.4 Changes in the fair value
13Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
arising from changes in own credit
risk
6.1.5 Other
6.2 Items that will be reclassified
to profit or loss -447357.83 -654873.21
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
investments in other debt
obligations
6.2.3 Other comprehensive income
arising from the reclassification of
financial assets
6.2.4 Credit impairment allowance
for investments in other debt
obligations
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the
translation of foreign currency- -447357.83 -654873.21
denominated financial statements
6.2.7 Other
Attributable to non-controlling
interests -343935.41 -562686.62
7. Total comprehensive income 361415648.37 230676181.11
Attributable to owners of the
Company as the parent 328829460.29 170025793.46
Attributable to non-controlling
interests 32586188.08 60650387.65
8. Earnings per share
8.1 Basic earnings per share 0.0749 0.1252
8.2 Diluted earnings per share 0.0748 0.1241
14Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
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: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
4. Income Statement of the Company as the Parent
Unit: RMB
Item H1 2025 H1 2024
1. Operating revenue 1375713664.69 1799801338.92
Less: Cost of sales 1098937232.29 1378551377.80
Taxes and surcharges 13565054.39 15272851.85
Selling expense 124554920.28 110943993.00
Administrative expense 78778907.88 98157531.70
R&D expense 63700067.52 83461134.06
Finance costs -5528642.24 -18473106.96
Including: Interest expense 860302.39 205821.60
Interest income 5633071.27 8056174.38
Add: Other income 3932905.05 11207995.85
Return on investment (“-” for loss) 31566338.46 38136678.31
Including: Share of profit or loss of
joint ventures and associates 646719.77 1444720.72
Income from the derecognition of
financial assets at amortized cost
(“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss) 134700.00 99400.00
Credit impairment loss (“-” for
loss) -3137238.29 -22899921.83
15Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
Asset impairment loss (“-” for loss) -8828838.84 -5911919.35
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 25373990.95 152519790.45
Add: Non-operating income 26638.49 1706418.89
Less: Non-operating expense 524656.29 127113.54
3. Profit before tax (“-” for loss) 24875973.15 154099095.80
Less: Income tax expense -550639.58 18488977.50
4. Net profit (“-” for net loss) 25426612.73 135610118.30
4.1 Net profit from continuing
operations (“-” for net loss) 25426612.73 135610118.30
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income
net of tax 214283065.88 -21548515.71
5.1 Items that will not be
reclassified to profit or loss 214283065.88 -21548515.71
5.1.1 Changes caused by
remeasurements on defined benefit
schemes
5.1.2 Other comprehensive income
that will not be reclassified to
profit or loss under the equity
method
5.1.3 Changes in the fair value of
investments in other equity 214283065.88 -21548515.71
instruments
5.1.4 Changes in the fair value
arising from changes in own credit
risk
5.1.5 Other
5.2 Items that will be reclassified
16Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
to profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or
loss under the equity method
5.2.2 Changes in the fair value of
investments in other debt
obligations
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Credit impairment allowance
for investments in other debt
obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign currency-
denominated financial statements
5.2.7 Other
6. Total comprehensive income 239709678.61 114061602.59
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
Legal representative: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
5. Consolidated Cash Flow Statement
Unit: RMB
Item H1 2025 H1 2024
1. Cash flows from operating
activities:
Proceeds from sale of commodities
and rendering of services 4100249556.88 4381995484.08
17Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
Net increase in customer deposits
and interbank deposits
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 handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading
of securities
Tax rebates 88415257.94 82383727.52
Cash generated from other
operating activities 98470018.95 119388419.41
Subtotal of cash generated from
operating activities 4287134833.77 4583767631.01
Payments for commodities and
services 3072000160.70 3124222860.48
Net increase in loans and advances
to customers
Net increase in deposits in the
central bank and in interbank loans
granted
Payments for claims on original
insurance contracts
18Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
Net increase in interbank loans
granted
Interest handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 793037980.68 731015486.26
Taxes paid 197243157.16 151177949.87
Cash used in other operating
activities 215008522.28 192758289.79
Subtotal of cash used in operating
activities 4277289820.82 4199174586.40
Net cash generated from/used in
operating activities 9845012.95 384593044.61
2. Cash flows from investing
activities:
Proceeds from disinvestment 386722784.87 305000000.00
Return on investment 12193550.27 24056243.57
Net proceeds from the disposal of
fixed assets intangible assets and 43414.00 22544055.06
other long-lived assets
Net proceeds from the disposal of
subsidiaries and other business
units
Cash generated from other
investing activities 23042757.16
Subtotal of cash generated from
investing activities 422002506.30 351600298.63
Payments for the acquisition of
fixed assets intangible assets and 188617109.18 159583095.03
other long-lived assets
Payments for investments 252320000.00 1024000000.00
Net increase in pledged loans
19Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
granted
Net payments for the acquisition of
subsidiaries and other business
units
Cash used in other investing
activities
Subtotal of cash used in investing
activities 440937109.18 1183583095.03
Net cash generated from/used in
investing activities -18934602.88 -831982796.40
3. Cash flows from financing
activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to
subsidiaries
Borrowings raised 63768004.07 200111329.57
Cash generated from other
financing activities 35675972.28 7224809.91
Subtotal of cash generated from
financing activities 99443976.35 207336139.48
Repayment of borrowings 184157032.76 136959822.56
Interest and dividends paid 30690680.79 39360714.14
Including: Dividends paid by
subsidiaries to non-controlling 24282863.70 29139436.44
interests
Cash used in other financing
activities 16484020.64 11501309.43
Subtotal of cash used in financing
activities 231331734.19 187821846.13
Net cash generated from/used in
financing activities -131887757.84 19514293.35
4. Effect of foreign exchange rates 2424112.08 14380245.23
20Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
changes on cash and cash
equivalents
5. Net increase in cash and cash
equivalents -138553235.69 -413495213.21
Add: Cash and cash equivalents
beginning of the period 2684382020.41 3101252943.88
6. Cash and cash equivalents end
of the period 2545828784.72 2687757730.67
Legal representative: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item H1 2025 H1 2024
1. Cash flows from operating
activities:
Proceeds from sale of commodities
and rendering of services 1309774743.22 1714147588.24
Tax rebates 43232841.35 37731938.65
Cash generated from other
operating activities 18841629.90 39430747.84
Subtotal of cash generated from
operating activities 1371849214.47 1791310274.73
Payments for commodities and
services 1062624948.98 1212273623.36
Cash paid to and for employees 199120202.97 231944514.55
Taxes paid 93662045.51 59269827.89
Cash used in other operating
activities 93658109.42 68770731.65
Subtotal of cash used in operating
activities 1449065306.88 1572258697.45
Net cash generated from/used in -77216092.41 219051577.28
21Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
operating activities
2. Cash flows from investing
activities:
Proceeds from disinvestment 249522784.87
Return on investment 12328693.07 24016123.90
Net proceeds from the disposal of
fixed assets intangible assets and 22433746.58
other long-lived assets
Net proceeds from the disposal of
subsidiaries and other business
units
Cash generated from other
investing activities 215850.00 35000000.00
Subtotal of cash generated from
investing activities 262067327.94 81449870.48
Payments for the acquisition of
fixed assets intangible assets and 70343058.99 27169498.35
other long-lived assets
Payments for investments 197416600.00 714920000.00
Net payments for the acquisition of
subsidiaries and other business
units
Cash used in other investing
activities 178883363.61
Subtotal of cash used in investing
activities 267759658.99 920972861.96
Net cash generated from/used in
investing activities -5692331.05 -839522991.48
3. Cash flows from financing
activities:
Capital contributions received
Borrowings raised 14556611.51
Cash generated from other
22Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item H1 2025 H1 2024
financing activities
Subtotal of cash generated from
financing activities 14556611.51
Repayment of borrowings
Interest and dividends paid
Cash used in other financing
activities
Subtotal of cash used in financing
activities
Net cash generated from/used in
financing activities 14556611.51
4. Effect of foreign exchange rates
changes on cash and cash 237020.05 9378014.06
equivalents
5. Net increase in cash and cash
equivalents -68114791.90 -611093400.14
Add: Cash and cash equivalents
beginning of the period 1084153666.22 1610082668.66
6. Cash and cash equivalents end
of the period 1016038874.32 998989268.52
Legal representative: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
23Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
7. Consolidated Statements of Changes in Owners’ Equity
H1 2025
Unit: RMB
H1 2025
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Oth interests equitycapital Prefer Perpet reserves stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
1.
Balance
as at the 15487782 9143363 821651 3834291 478206 1500975 36550461 65743043 35921957 10166500
end of the 30.00 25.66 44.15 55.02 1.20 22.97 54.57 05.27 88.57 093.84
period of
prior year
Add:
Adjustme
nt for
change in
accountin
g policy
Adjustme
nt for
correction
of
previous
error
Other
adjustmen
24Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital comprehe Specific Surplus ral Retained Oth interests equity
capital Prefer Perpet reserves
Treasury
stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
ts
2.
Balance
as at the
beginning 15487782 9143363 821651 3834291 478206 1500975 36550461 65743043 35921957 10166500
of the 30.00 25.66 44.15 55.02 1.20 22.97 54.57 05.27 88.57 093.84
Reporting
Period
3.
Increase/
decrease - - -
in the 4195391 705009. 1718817 85393974. 14358785 35724863. 17931272013000000. 7081836 821651period (“- 9.82 82 8.82 05 6.90 38 .2800 9.76 44.15” for
decrease)
3.1 Total
comprehe 2138357 11499375 32882946 32586188. 361415648
nsive 08.05 2.24 0.29 08 .37
income
3.2
Capital - - - -
increased 28999773. 27346547.and 13000000. 7081836 821651 1653225.6 07 46
reduced 00 9.76 44.15 1
by owners
25Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Othcapital reserves nsive reserve reserves reser earnings er Subtotal
interests equity
Prefer Perpet
red ual Oth
stock income ve
shares bonds er
3.2.1
Ordinary
shares
increased
by owners
3.2.2
Capital
increased
by
holders of
other
equity
instrumen
ts
3.2.3
Share-
based
payments
included
in
owners’
equity
----
3.2.428999773.27346547.
Other 13000000. 7081836 821651 1653225.6 07 46
009.7644.151
3.3 Profit - - - -
distributio 18429338 18429338 28348734. 212642121
26Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Oth interests equitycapital Prefer Perpet reserves stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
n 7.60 7.60 17 .77
3.3.1
Appropria
tion to
surplus
reserves
3.3.2
Appropria
tion to
general
reserve
3.3.3
Appropria
tion to - - - -
owners 18429338 18429338 28348734. 212642121
(or 7.60 7.60 17 .77
sharehold
ers)
3.3.4
Other
3.4-
Transfers 1718817 154693601718817
within 8.82 9.4188.23
owners’
27Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Oth interests equitycapital Prefer Perpet reserves stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
equity
3.4.1
Increase
in capital
(or share
capital)
from
capital
reserves
3.4.2
Increase
in capital
(or share
capital)
from
surplus
reserves
3.4.3 Loss
offset by
surplus
reserves
3.4.4
Changes
in defined
benefit
schemes
28Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Othcapital Subtotal
interests equity
Prefer Perpet reservesOth stock
nsive reserve reserves reser earnings er
red ual income ve
shares bonds er
transferre
d to
retained
earnings
3.4.5
Other
comprehe
nsive -
income 1718817 154693601718817
transferre 8.82 9.4188.23
d to
retained
earnings
3.4.6
Other
3.5
Specific 705009. 2487636.4 3192646.2705009.82
reserve 82 0 2
3.5.1
Increase 118126 11812685. 5958913.0 17771598.in the 85.82 82 5 87
period
3.5.211107611107676.3471276.614578952.
Used in 76.00 00 5 65
29Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital
capital reserves Treasury
comprehe Specific Surplus ral Retained Oth interests equity
Prefer Perpet stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
the period
3.6 Other
4.
Balance
as at the 15357782 8435179 4253830 548707 1672857 37404401 67178921 36279206 10345812
end of the 30.00 55.90 74.84 1.02 01.79 28.62 62.17 51.95 814.12
Reporting
Period
H1 2024
Unit: RMB
H1 2024
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital
capital reserves Treasury
comprehe Specific Surplus ral Retained Oth interests equity
Prefer Perpet stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
1.1548778291433638216513600270121332107944634353083628544283485954697713974
Balance 30.00 25.66 44.15 27.59 5.92 79.06 64.11 08.19 80.86 89.05
30Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital comprehe Specific Surplus ral Retained Oth interests equity
capital Treasury SubtotalPrefer Perpet reserves stock nsive reserve reserves reser earnings er
red ual Oth income ve
shares bonds er
as at the
end of the
period of
prior year
Add:
Adjustme
nt for
change in
accountin
g policy
Adjustme
nt for
correction
of
previous
error
Other
adjustmen
ts
2.
Balance
as at the
beginning 15487782 9143363 821651 3600270 121332 1079446 34353083 62854428 34859546 97713974
of the 30.00 25.66 44.15 27.59 5.92 79.06 64.11 08.19 80.86 89.05
Reporting
Period
31Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Oth Subtotal interests equitycapital Prefer Perpet reserves stock nsive reserve reserves reser earnings er
red ual Oth income ve
shares bonds er
3.
Increase/
decrease - -
in the 319403 7935794.7 33697912. 22624356.2220338 11073555.period (“- 8.76 8 10 728.92 38” for
decrease)
3.1 Total -
comprehe 19222918 17002579 60650387. 23067618
nsive 2220338 2.38 3.46 65 1.11
income 8.92
3.2
Capital
increased
and
reduced
by owners
3.2.1
Ordinary
shares
increased
by owners
3.2.2
Capital
increased
by
32Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital
capital reserves Treasury
comprehe Specific Surplus ral Retained Oth interests equity
Prefer Perpet stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
holders of
other
equity
instrumen
ts
3.2.3
Share-
based
payments
included
in
owners’
equity
3.2.4
Other
3.3 Profit - - - -
distributio 18429338 18429338 29139436. 21343282
n 7.60 7.60 44 4.04
3.3.1
Appropria
tion to
surplus
reserves
3.3.2
Appropria
33Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital
capital reserves Treasury
comprehe Specific Surplus ral Retained Oth interests equity
Prefer Perpet stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
tion to
general
reserve
3.3.3
Appropria
tion to - - - -
owners 18429338 18429338 29139436. 21343282
(or 7.60 7.60 44 4.04
sharehold
ers)
3.3.4
Other
3.4
Transfers
within
owners’
equity
3.4.1
Increase
in capital
(or share
capital)
from
capital
reserves
34Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Oth interests equitycapital Prefer Perpet reserves stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
3.4.2
Increase
in capital
(or share
capital)
from
surplus
reserves
3.4.3 Loss
offset by
surplus
reserves
3.4.4
Changes
in defined
benefit
schemes
transferre
d to
retained
earnings
3.4.5
Other
comprehe
nsive
income
transferre
35Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Equity attributable to owners of the Company as the parent
Item Other equity
instruments Non- Total
Less: Other Gene controlling owners’Share Capital Treasury comprehe Specific Surplus ral Retained Oth interests equitycapital Prefer Perpet reserves stock nsive reserve reserves reser earnings er
Subtotal
red ual Oth income ve
shares bonds er
d to
retained
earnings
3.4.6
Other
3.5
Specific 319403 3194038.7 2186960.8 5380999.6
reserve 8.76 6 9 5
3.5.1
Increase 494035 4940359.0 3049660.9 7990019.9
in the 9.02 2 0 2
period
3.5.2
Used in 174632 1746320.2 2609020.2862700.01
the period 0.26 6 7
3.6 Other
4.
Balance
as at the 15487782 9143363 821651 3378236 440736 1079446 34432441 62743692 35196525 97940218
end of the 30.00 25.66 44.15 38.67 4.68 79.06 58.89 52.81 92.96 45.77
Reporting
Period
36Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Legal representative: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
8. Statements of Changes in Owners’ Equity of the Company as the Parent
H1 2025
Unit: RMB
H1 2025
Item Other equity instruments
Share capital Capital
Less: Other
Treasury comprehensiv Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe reserves stock e income reserve reserves earnings r equity
d shares al bonds r
1. Balance as
at the end of 1548778230. 909058541. 82165144.1 383570431. 3170252.8 381401592. 3019769843. 6163583747.the period of 00 44 5 32 1 21 45 08
prior year
Add:
Adjustment
for change in
accounting
policy
Adjustment
for correction
of previous
error
Other
adjustments
2. Balance as
at the 1548778230. 909058541. 82165144.1 383570431. 3170252.8 381401592. 3019769843. 6163583747.beginning of 00 44 5 32 1 21 45 08
the Reporting
37Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Item Other equity instruments Less: Other
Share capital Capital Treasury comprehensiv Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe reserves stock e income reserve reserves earnings r equity
d shares al bonds r
Period
3. Increase/
decrease in - -the period (“- 42401277.6 17188178.8-13000000.00 69165144.1 82165144.1 24489.83 -4173165.46 55440780.84” for 5 25 5
decrease)
3.1 Total
comprehensi 214283065. 25426612.73 239709678.61
ve income 88
3.2 Capital - -
increased and
reduced by -13000000.00 69165144.1 82165144.1
owners 5 5
3.2.1
Ordinary
shares
increased by
owners
3.2.2 Capital
increased by
holders of
other equity
instruments
3.2.3 Share-
based
payments
included in
owners’
38Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Item Other equity instruments
Share capital Capital
Less: Other
reserves Treasury comprehensiv
Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe stock e income reserve reserves earnings r equity
d shares al bonds r
equity
--
3.2.4 Other -13000000.00 69165144.1 82165144.1
55
3.3 Profit - -
distribution 184293387.60 184293387.60
3.3.1
Appropriatio
n to surplus
reserves
3.3.2
Appropriatio
n to owners - -
(or 184293387.60 184293387.60
shareholders)
3.3.3 Other
3.4 Transfers -
within 17188178.8
owners’ 171881788. 154693609.412
equity 23
3.4.1
Increase in
capital (or
share capital)
from capital
reserves
39Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Item Other equity instruments
Share capital Capital
Less: Other
reserves Treasury comprehensiv
Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe stock e income reserve reserves earnings r equity
d shares al bonds r
3.4.2
Increase in
capital (or
share capital)
from surplus
reserves
3.4.3 Loss
offset by
surplus
reserves
3.4.4
Changes in
defined
benefit
schemes
transferred to
retained
earnings
3.4.5 Other
comprehensi -
ve income 17188178.8
transferred to 171881788. 154693609.412
retained 23
earnings
3.4.6 Other
3.5 Specific
reserve 24489.83 24489.83
40Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2025
Item Other equity instruments
Capital Less: OtherShare capital Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe reserves
Treasury comprehensiv
stock e income reserve reserves earnings r equity
d shares al bonds r
3.5.1
Increase in 5741655.3 5741655.37
the period 7
3.5.2 Used in 5717165.5
the period 5717165.544
3.6 Other
4. Balance as
at the end of 1535778230. 839893397. 425971708. 3194742.6 398589771. 3015596677. 6219024527.the Reporting 00 29 97 4 03 99 92
Period
H1 2024
Unit: RMB
H1 2024
Item Other equity instruments
Share capital Capital
Less: Other
reserves Treasury comprehensiv
Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe stock e income reserve reserves earnings r equity
d shares al bonds r
1. Balance as
at the end of 1548778230. 909058541. 82165144.1 359858073. 339248748. 2824687635. 5900363866.the period of 897781.7400 44 5 06 30 90 29
prior year
Add:
41Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Item Other equity instruments
Share capital Capital
Less: Other
Treasury comprehensiv Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe reserves stock e income reserve reserves earnings r equity
d shares al bonds r
Adjustment
for change in
accounting
policy
Adjustment
for correction
of previous
error
Other
adjustments
2. Balance as
at the
beginning of 1548778230. 909058541. 82165144.1 359858073. 339248748. 2824687635. 5900363866.897781.74
the Reporting 00 44 5 06 30 90 29
Period
3. Increase/
decrease in -the period (“- 2595771.821548515.7 -48683269.30 -67636013.19” for 21
decrease)
3.1 Total -
comprehensi 21548515.7 135610118.30 114061602.59
ve income 1
3.2 Capital
increased and
reduced by
owners
42Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Item Other equity instruments
Share capital Capital
Less: Other
reserves Treasury comprehensiv
Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe stock e income reserve reserves earnings r equity
d shares al bonds r
3.2.1
Ordinary
shares
increased by
owners
3.2.2 Capital
increased by
holders of
other equity
instruments
3.2.3 Share-
based
payments
included in
owners’
equity
3.2.4 Other
3.3 Profit - -
distribution 184293387.60 184293387.60
3.3.1
Appropriatio
n to surplus
reserves
3.3.2
Appropriatio - -
n to owners 184293387.60 184293387.60
(or
43Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Item Other equity instruments
Share capital Capital
Less: Other
Treasury comprehensiv Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe reserves stock e income reserve reserves earnings r equity
d shares al bonds r
shareholders)
3.3.3 Other
3.4 Transfers
within
owners’
equity
3.4.1
Increase in
capital (or
share capital)
from capital
reserves
3.4.2
Increase in
capital (or
share capital)
from surplus
reserves
3.4.3 Loss
offset by
surplus
reserves
3.4.4
Changes in
defined
benefit
schemes
transferred to
44Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
H1 2024
Item Other equity instruments
Share capital Capital
Less: Other
Treasury comprehensiv Specific Surplus Retained Othe Total owners’
Preferre Perpetu Othe reserves stock e income reserve reserves earnings r equity
d shares al bonds r
retained
earnings
3.4.5 Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6 Other
3.5 Specific 2595771.8
reserve 2595771.822
3.5.1
Increase in 4106091.1 4106091.11
the period 1
3.5.2 Used in 1510319.2
the period 1510319.299
3.6 Other
4. Balance as
at the end of 1548778230. 909058541. 82165144.1 338309557. 3493553.5 339248748. 2776004366. 5832727853.the Reporting 00 44 5 35 6 30 60 10
Period
Legal representative: Wan Shan Chief Financial Officer: Zeng Xiaojing
Person-in-charge of the Company’s accounting organ: Li Yizhi
45Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
III Company Profile
(I) Basic information
Foshan Electrical and Lighting Co. Ltd. (hereinafter referred to as “the Company”) a joint-stock limited
company jointly founded by Foshan Electrical and Lighting Company Nanhai Wuzhuang Color Glazed Brick
Field and Foshan Poyang Printing Industrial Co. on October 20 1992 by raising funds under the approval of YGS
(1992) No. 63 Document issued by the Joint Examination Group for Experimental Enterprises in Stock System of
Guangdong Province and the Economic System Reform Commission of Guangdong Province is an enterprise
with its shares held by both the corporate and the natural persons. As approved by China Securities Regulatory
Commission with Document (1993) No. 33 the Company publicly issued 19.3 million shares of social public
shares (A shares) to the public in October 1993 and was listed in Shenzhen Stock Exchange for trade on
November 23 1993. The Company was approved to issue 50 million B shares on July 23 1995. And as approved
to change into a foreign-invested stock limited company on August 26 1996 by (1996) WJMZEHZ No. 466
Document issued by the Ministry of Foreign Trade and Economic Cooperation of the People’s Republic of China.On December 11 2000 as approved by China Securities Regulatory Commission with ZJGS Zi [2000] No. 175
Document the Company additionally issued 55 milion A shares. At approved by the Shareholders’ General
Meeting 2006 2007 2008 2014 and 2017 the Company implemented the plan of capitalization of capital reserve
after the transfer the registered capital of the Company has increased to RMB1399346154.00. On February 8
2022 the Company cancelled 37351507 shares held in the repurchase special securities account (including
18952995 A-shares and 18398512 B-shares). Upon the cancellation of the shares the total share capital of the
Company was changed from 1399346154 shares to 1361994647 shares. The Company’s registered capital was
changed to RMB1361994647.00. In August 2023 upon approval by the CSRC (Z.J.X.K. Document No. 1974
[2023]) the Company issued 186783583 RMB-denominated ordinary shares (A-shares) to 13 specific subjects.These shares were listed on the Shenzhen Stock Exchange on December 4 2023. After the issuance of shares the
total share capital of the Company changed from 1361994647 shares to 1548778230 shares and the registered
capital of the Company changed to RMB One Billion Five Hundred and Forty-eight Million Seven Hundred and
Seventy-eight Thousand Two Hundred and Thirty (RMB1548778230.00). On January 10 2025 the Company
canceled 13 million A-shares held in the repurchase special securities account. Following this cancellation the
Company’s total share capital changed from 1548778230 shares to 1535778230 shares and the Company’s
registered capital changed to RMB1535778230.00).Credibility code of the Company: 91440000190352575W.Legal representative: Wan Shan
Corporate domicile: No. 64 Fenjiang North Road Chancheng District Foshan Guangdong Province
Office address: No. 8 Zhihui Road Chancheng District Foshan Guangdong Province
Main business of the company and its subsidiaries (hereinafter referred to as “the Company”): general lighting
products vehicle lamp products epitaxy and chip products LED packaging and component products trade and
other products.The business term of the Company is long-term which was calculated from the date of issuance of License of
Business Corporation.(II) Authorized issuer and date of approval of the financial report
The Financial Report was approved and authorized for issue by the Board of Directors on August 27 2025.(III) Consolidation scope of financial statements
The consolidation scope of the financial statement during the Reporting Period including the Company and FSL
Chanchang Optoelectronics Co. Ltd. ( referred to as “Chanchang Company”) Foshan Taimei Times Lamp Co.Ltd. ( referred to as “Taimei Company”) Nanjing Fozhao Lighting Components Co. Ltd. ( referred to as
“Nanjing Fozhao”) FSL (Xinxiang) Lighting Co. Ltd. ( referred to as “Xinxiang Company”) Foshan Fozhao
Zhicheng Technology Co. Ltd. ( referred to as “Zhicheng Company”) FSL Zhida Electric Technology Co. Ltd
46Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(referred to as “Zhida Company”) Foshan Hortilite Optoelectronics Co.Ltd. (referred to as “Hortilite Company”)
Fozhao (Hainan) Technology Co. Ltd. (referred to as “Hainan Technology”) Foshan Kelian New Energy
Technology Co. Ltd. (referred to as “Foshan Kelian”) Nanning Liaowang Auto Lamp Co. Ltd. (referred to as“Liaowang Auto Lamp) Foshan NationStar Optoelectronics Co. Ltd. (referred to as “NationStarOptoelectronics”) Foshan Sigma Venture Capital Co. Ltd. (referred to as “Sigma”) Fozhao Huaguang
(Maoming) Technology Co. Ltd. (referred to as “Fozhao Huaguang”) and Beijing Airtrust Aviation Technology
Co. Ltd. (referred to as “Beijing Airtrust”) in total 14 subsidiaries and Liuzhou Guige Lighting Technology Co.Ltd. (referred to as “Liuzhou Lighting”) Liuzhou Guige Foreshine Technology Co. Ltd. (referred to as “LiuzhouForeshine”) Chongqing Guinuo Lighting Technology Co. Ltd. (referred to as “Chongqing Guinuo”) Qingdao
Guige Lighting Technology Co. Ltd. (referred to as “Qingdao Lighting”) Indonesia Liaowang Auto Lamp Co.Ltd. (referred to as “Indonesia Liaowang”) Liaowang Auto Lamp (Suzhou) Co. Ltd. (“Suzhou Liaowang”)
Zhejiang Hule Electric Equipment Manufacture Co. Ltd. (“Hule Electric Equipment”) Foshan NationStar
Electronic Manufacturing Co. Ltd. (referred to as “Guoxing Electronic”) Foshan NationStar Semiconductor Co.Ltd. (referred to as “NationStar Semiconductor”) Nanyang Baoli Vanadium Industry Co. Ltd. (referred to as
“Baoli Vanadium Industry”) Guangdong New Electronic Information Ltd. (referred to as “New Electronic”)
NationStar Optoelectronics (Germany) Co. Ltd. (referred to as “Germany NationStar”) Guangdong Fenghua
Semiconductor Technology Co. Ltd. (referred to as “Fenghua Semiconductor”) Gaozhou NationStar Lighting
Technology Co. Ltd. (referred to as “Gaozhou NationStar”) Airstar (Tianjin) Lighting Co. Ltd. (referred to as
“Airstar”) and FSL (Thailand) Lighting Technology Co. Ltd. (referred to as “Thailand Company”) in total 16
sub-subsidiary. Additionally the Company has 1 subsidiary of a sub-subsidiary which is Shanghai Lelaite
Electrical Equipment Co. Ltd. (“Shanghai Leilite”).Given that Nanyang Baoli Vanadium Industry Co. Ltd. (Baoli Vanadium) is in a state of non-continuing
operations the Financial Statements H1 2025 of Baoli Vanadium were formulated at fair value or costs whichever
was lower.The Company had 31 subsidiaries included in the consolidation scope during the current period. See Notes “IXChanges in the scope of consolidation and “X Interests in other entities” for details.IV Basis for Preparation of Financial Statements
1. Preparation Basis
The Company’s financial statements are prepared on a going concern basis based on transactions and events that
actually occur in accordance with the provisions of the Accounting Standards for Business Enterprises - Basic
Guidelines and specific accounting standards issued by the Ministry of Finance (hereinafter referred to as
“ASBEs”) as well as the relevant provisions of No. 15 of the Rules Governing the Preparation of Information
Disclosures by Companies Offering Securities to the Public - General Provisions on Financial Reporting of the
China Securities Regulatory Commission and on the basis of the significant accounting policies and accounting
estimates formulated.
2. Going Concern
The Company has the ability to continue as a going concern for at least 12 months from the end of the Reporting
Period and there are no material matters affecting its ability to continue as a going concern.V Important Accounting Policies and Estimations
Reminders of the specific accounting policies and accounting estimations:
The following significant accounting policies and accounting estimates of the Company have been formulated in
accordance with ASBEs. Operations not mentioned are treated in accordance with the relevant accounting policies
in the ASBE.
47Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
1. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Company are in compliance with the Accounting Standards for Business
Enterprises which factually and completely present the Company’s and the consolidated financial positions
business results and cash flows as well as other relevant information of the Company.
2. Fiscal Year
A fiscal year starts on January 1 and ends on December 31 according to the Gregorian calendar.
3. Operating Cycle
An operating cycle for the Company is 12 months which is also the classification criterion for the liquidity of its
assets and liabilities.
4. Recording Currency
Renminbi is the recording currency for the statements of the Company.
5. Methods for Determining Materiality Standards and Selection Criteria
□Applicable □ Not applicable
1. Materiality of financial statement items
The Company determines the materiality of financial statement items based on the principle of whether such items
affect the users of financial statements making economic decisions in terms of both the nature and amount. The
materiality of financial statement items in terms of the amount is determined based on a certain percentage of
relevant items in total assets total liabilities net assets operating income and net profit. The materiality of
financial statement items in terms of nature is based on factors with a significant impact on the Company’s
financial position and operating results such as whether they are part of routine operating activities whether they
result in changes in profit or loss and whether they affect regulatory indicators.
2. Materiality of detailed items in the notes to financial statement items
The Company determines the materiality of detailed items in the notes to financial statement items based on the
materiality of the financial statement items. This determination is made by considering a certain percentage of the
specific item or a combination of the amount of the item taking into account the nature of the specific item.Certain items that are not material to the financial statements may be material to the notes and still require
separate disclosure in the notes. The materiality criteria related to the notes to the financial statement items are:
Item Materiality criteria
Significant accounts receivable with The individual amount accounts for more than 10% of the account
bad debt provision separately accrued receivable or bad debt provision and the amount exceeds RMB10million.Bad debt provision of accounts
receivable collected or reversed with Individual amount accounts for more than 10% of the current reversal
significant amount in this year of bad debt provision and the amount exceeds RMB10 million.Significant verification of accounts The individual amount accounts for more than 10% of the account
receivable in this year receivable or bad debt provision and the amount exceeds RMB10million.
48Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Significant construction in progress The ending balance of an individual construction in progress accountsfor more than 10% and the amount exceeds RMB50 million.Significant accounts payable/other The individual amount accounts for more than 10% of accounts
payables over one year payable over 1 year/other payables and the amount exceeds RMB10million.Significant cash flows generated from Cash flows of an individual investment accounts for more than 3% of
investment activities the net assets at the period-end and the amount exceeds RMB100million.Minority shareholders hold more than 5% interest and any of the
Significant non-wholly-owned items of total assets net assets operating revenues and net profits of
subsidiary the subsidiary accounts for more than 10% of the corresponding items
in the consolidated financial statements.Significant joint ventures or associated The investment income generated from joint ventures or associated
enterprises enterprises (The loss is calculated in absolute terms) accounts formore than 10% of the net profit of consolidated financial statements.Significant debt reorganization The influence of individual amount on net profit exceeds 10%.Significant commitments The amount of an individual commitment exceeds RMB10 million.Significant contingency The amount of money involved in cases exceeds RMB10 million.
6. Accounting Methods for Business Combination Involving Enterprises under and not under the Same
Control
1. Business combination under the same control
In case of a long-term equity investment resulting from a business combination under the same control if the
acquirer pays cash transfers non-cash assets assumes debts as merger consideration the share of the Company’s
equity of the acquiree obtained on combination date in the carrying value of the financial statements of the
ultimate controlling party is deemed as an initial investment cost of long-term equity investments. If the acquirer
issues equity instruments as consideration for a combination the total par value of the shares issued is treated as
equity. The difference between the initial investment cost of a long-term equity investment and the carrying
amount of the consideration for consolidation (or the total nominal value of shares issued) shall be adjusted to
capital surplus; if capital surplus is not sufficient to offset the difference retained earnings shall be adjusted.
2. Business combination not involving entities under the same control
In case of business combination involving enterprises not under the same control the combination costs shall be
the total fair values of the assets paid liabilities incurred or assumed and the equity securities issued on the date of
acquisition by the acquirer in exchange for control on the acquiree. Identifiable assets liabilities and contingent
liabilities of the acquiree acquired in a business combination not under the same control that qualify for
recognition are measured at fair value on the date of acquisition. The acquirer recognizes as goodwill the
difference between the combination costs and the fair value share of the identifiable net assets of the acquiree
obtained in the combination. If the combination costs are less than the fair value share of the acquiree’s
identifiable net assets obtained in the combination the difference between the combination costs still less than the
fair value share of the acquiree’s identifiable net assets obtained in the combination after review shall be included
in the non-operating revenue for the current period.
49Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
7. Criteria for Judging Control and Methods for Preparing Consolidated Financial Statements
1. Judgment criteria for control
The scope of consolidation of the consolidated financial statements is determined on the basis of control. An
investee is considered to be controlled if the following three elements are present: the possession of power over
the investee the enjoyment of variable returns as a result of participating in the relevant activities of the investee
and the ability to use the power over the investee to affect the amount of returns.
2. Preparation methods for consolidation financial statements
(1) Unification of accounting policies balance sheet dates and accounting periods of parent and subsidiary
companies
If the accounting policies and accounting period adopted by the subsidiaries are inconsistent with those of the
Company necessary adjustments are made in accordance with the accounting policies and accounting period of
the Company when preparing the consolidated financial statements.
(2) Offsetting items in the consolidated financial statements
The consolidated financial statements are based on the financial statements of the Company and its subsidiaries
and have been offset by internal transactions that occurred between the Company and its subsidiaries and between
subsidiaries. The share of owners’ equity of subsidiaries that do not belong to the Company is presented as
minority interests in the consolidated balance sheet under the item of shareholders’ equity as “minority interests”.Long-term equity investments held by subsidiaries are deemed as the Company’s treasury stock and presented as a
deduction from shareholders’ equity in the consolidated balance sheet under the item “Less: treasury stock”.
(3) Accounting treatment of the acquisition of subsidiaries through consolidation
For subsidiaries acquired through a business combination under common control the assets liabilities operating
results and cash flows are included in the consolidated financial statements from the beginning of the period of
consolidation as if the business combination had occurred at the time the ultimate controlling party began to
exercise control; for subsidiaries acquired through a business combination not under the same control the fair
value of the identifiable net assets on the acquisition date is used as the basis for preparing the consolidated
financial statements. The financial statements are adjusted based on the fair value of the identifiable net assets on
the acquisition date.
(4) Accounting treatment of disposal of subsidiaries
If a long-term equity investment in a subsidiary is partially disposed of without loss of control the difference
between the disposal price and the share of the net assets of the subsidiary corresponding to the disposal of the
long-term equity investment calculated on an ongoing basis from the acquisition date or the consolidation date is
adjusted to capital surplus in the consolidated financial statements and retained earnings is adjusted if the capital
surplus is not sufficient to cover the reduction. If the control over the investee is lost due to the disposal of part of
equity investments the residual equity are re-measured at fair value on the date of loss of control. The aggregate
of the consideration obtained by disposing of the equity and the fair value of the remaining equity less the portion
of the net assets of the subsidiary that has been measured as calculated at the original shareholding proportion
from the acquisition date or combination date is recognized in profit and loss of the current period on investments
in which the control is lost and goodwill shall be offset. Other comprehensive income related to the equity
investments in the former subsidiary shall be included in the return on investment for the current period when the
Company lost the control.
8. Classification of Joint Operation Arrangements and Accounting Methods for Joint Operations
1. Classification of joint arrangements
Joint arrangements are divided into joint operations and joint ventures. The joint arrangements not reached
through separate entities are classified as joint operations. Separate entities refer to entities with separate
identifiable financial structures including separate legal entities and entities that do not have legal entity status but
are recognized by law. The joint arrangements reaching through separate entities are usually classified as joint
50Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
ventures. Where changes in relevant facts and circumstances result in changes in the rights and obligations of the
joint venture parties in the joint venture arrangement the joint venture parties shall reassess the classification of
the joint venture arrangement.
2. Accounting treatment of joint operations
As a participant in a joint operation the Company recognizes the following items related to its share of interest in
the joint operations. It accounts for them following the relevant Accounting Standards for Business Enterprises:
Recognition of assets or liabilities held separately and recognition of assets or liabilities held jointly on a share
basis; recognition of revenue from the sale of the share of output from the joint operation to which it is entitled;
recognition of revenue from the joint operation arising from the sale of output on a share basis; and recognition of
expenses incurred separately and recognition of expenses incurred in the joint operation on a share basis.If the Company is a participant in a joint operation that does not enjoy joint control and it owns the underlying
assets of the joint operation and assumes the liabilities related to the joint operation the accounting treatment of
the joint operation partner shall be referred to; otherwise the accounting treatment shall be carried out in
accordance with the relevant enterprise accounting standards.
3. Accounting treatment of joint ventures
If the Company is a joint venture partner it shall account for its investment in joint ventures following the
provisions of Accounting Standards for Business Enterprises No. 2-Long-term Equity Investments; if the
Company is a non-joint venture partner it shall account for its investment in such joint ventures based on the
extent of its influence on such joint ventures.
9. Recognition Criteria of Cash and Cash Equivalents
Cash as determined by the Company in preparing the statement of cash flows represents the Company’s cash on
hand and deposits that are readily available for disbursement. Cash equivalents identified in the preparation of the
statement of cash flows are investments that are held for a short period of time are highly liquid are readily
convertible to known amounts of cash and are subject to an insignificant risk of change in value.
10. Translation of Transactions and Financial Statements Denominated in Foreign Currencies
1. Conversion of foreign currency business
The Company records foreign currency transactions using the spot exchange rate on the transaction date or the
nearest exchange rate to the transaction date to convert into the functional currency. On the balance sheet date the
monetary items in foreign currencies are translated at the spot exchange rate. Exchange differences arising from
the difference between the spot rate on that date and the spot rate at initial recognition or on the previous balance
sheet date are recognized in profit or loss except for exchange differences on special borrowings in foreign
currencies that qualify for capitalization which are capitalized in the period in which they are capitalized and
charged to the cost of the related assets. Non-monetary items measured at historical costs in foreign currencies are
still translated at the spot exchange rate on the transaction date with the amount of standard currency for
accounting unchanged. Non-monetary items measured at fair value in foreign currencies are translated at the spot
exchange rate on the date when the fair value is determined. The difference between the amount of standard
currency for accounting after translation and the original amount shall be treated as a change in fair value
(including exchange rate changes) and recognized in current profit or loss or in other comprehensive income.
2. Conversion of foreign currency financial statements
If the Company’s subsidiaries joint ventures and affiliated business use a different bookkeeping base currency
from the Company’s they need to convert their foreign currency financial statements before conducting
accounting and preparing consolidated financial statements. The assets and liabilities in the balance sheet shall be
translated at the spot rate on the balance sheet date. All items of owners’ equity except for “undistributed profit”
shall be translated at the spot exchange rate at the time of occurrence. Items under revenue and expenses in the
income statement are translated at the spot exchange rate on the transaction date. The exchange difference in
translating foreign operations arising from the translation are shown under other comprehensive income in the
owner’s equity line in the balance sheet. Cash flows in foreign currencies shall be translated at the spot exchange
51Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
rate on the date of occurrence of the cash flows. The impact of exchange rate changes on cash is presented
separately in the cash flow statement. When an overseas operation is disposed of the foreign currency statement
translation difference related to the overseas operation is transferred to the current profit and loss of the disposal in
full or in proportion to the disposal of the overseas operation.
11. Financial Instruments
1. Classification recognition and measurement of financial instruments
(1) Financial assets
Based on the business model for managing financial assets and the contractual cash flow characteristics of
financial assets the Company classifies its financial assets into the following three categories:
a) Financial assets are measured at the amortized cost. The business model of the Company for managing such
financial assets aims at obtaining contractual cash flow and the characteristics of contractual cash flow of such
financial assets are basically the same as basic borrowing arrangement namely the cash flow arising on a specific
date which are solely payments of principal and interest on the principal amount outstanding. Interest income is
subsequently recognized on such financial assets on the basis of the effective interest method.b) Financial assets at fair value and changes included in other comprehensive income The business model of the
Company for managing such financial assets aims at receiving contractual cash flow as well as selling and the
characteristics of contractual cash flow of such financial assets are basically the same as basic borrowing
arrangement. Such financial assets are subsequently measured at fair value with changes recognized in other
comprehensive income except for interest income impairment losses or gains calculated in accordance with the
effective interest method and foreign exchange gains or losses recognized in the current profit or loss.c) Financial assets measured at fair value through profit or loss for the current period Financial assets held that are
not classified as at amortized cost and at fair value through other comprehensive income are measured at fair
value with gains or losses (including interest and dividend income) recognized in profit or loss for the current
period. On initial recognition a financial asset may be irrevocably designated as financial asset at fair value
through profit or loss if the accounting mismatch can be eliminated or reduced. The designation shall not be
revoked once made.For instruments in non-business equity instruments the Company may irrevocably assign such investments as
financial assets (equity instruments) measured at fair value through other comprehensive income at initial
recognition. The assignment is made based on investments by item and the relevant investments meet the
definition of an equity instrument from the issuer’s perspective. Such financial assets are subsequently measured
at fair value and except for dividends received (except for the portion which forms part of investment cost
recovered) which are recognized in profit or loss all other related gains and losses are recognized in other
comprehensive income and are not subsequently transferred to current profit or loss.
(2) Financial liabilities
On initial recognition financial liabilities are classified into the following categories:
a) Financial liabilities measured at fair value through profit and loss for the current period. Such financial
liabilities are subsequently measured at fair value and the resulting gains or losses are recognized in profit or loss
for the current period.b) Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the
continuing involvement approach applies.c) Financial liabilities measured at amortized cost. Such financial liabilities are measured at amortized cost using
the effective interest method.
2. Method for recognizing the fair value of financial instruments
For a financial instrument with an active market its fair value is determined by its quoted price in the active
market; for a financial instrument without an active market its fair value is determined by valuation techniques.Under limited circumstances if the information used to determine fair value is insufficient or if the range of
52Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
possible estimates of fair value is wide and the cost represents the best estimate of fair value within that range the
cost may represent its appropriate estimate of fair value within that range of distribution. The Company uses all
information available after the initial recognition date about the investee’s performance and operations to
determine whether the cost represents fair value.
3. Derecognition of financial instruments
A financial asset is derecognized when one of the following conditions is met: (1) the contractual right to receive
cash flows from the financial asset is terminated; (2) the financial asset is transferred and the conditions for
derecognition are met.If the present obligation of a financial liability is discharged in whole or in part the discharged portion is
derecognized. If an existing liability is replaced by another financial liability from the same creditor on
substantially different terms or the terms of an existing liability are substantially modified the existing financial
liability is derecognized and a new financial liability is recognized simultaneously. All regular acquisitions or
sales of financial assets are recognized and derecognized on a transaction date basis.
12. Notes Receivable
The determination methods and accounting methods of notes receivable are detailed in Note V-13. Accounts
Receivable.
13. Accounts Receivable
1. Measurement of expected credit loss
The Company uses expected credit losses as the basis for impairment accounting and recognizes an allowance for
bad debts for financial assets measured at amortized cost (including accounts receivable including notes
receivable and accounts receivable) financing receivables lease receivables and other receivables.
2. Recognition method for expected credit losses
The general approach to expected credit losses is that: the Company assesses whether the credit risk of the
relevant financial instruments has increased significantly since the initial recognition on each balance sheet date
divides the process of credit impairment of financial instruments into three stages and applies different
accounting treatments to the impairment of financial instruments at different stages: (1) in the first stage if the
credit risk of a financial instrument has not increased significantly since the initial recognition the Company will
measure the loss reserves according to the amount equivalent to the expected credit losses in the next 12 months
and calculate the interest revenue according to the book balance (i.e. before deducting the provision for
impairment) and the actual interest rate; (2) In the second stage if the credit risk of a financial instrument has
increased significantly since the initial recognition but no credit impairment has occurred the Company will
measure the loss reserves based on the expected credit loss over the entire life of the financial instrument and
calculates interest revenue based on the carrying amount of the financial instrument and the effective interest rate;
(3) In the third stage if credit impairment occurs after the initial recognition the Company will measure the loss
reserves based on the expected credit loss over the life of the financial instrument and calculates interest revenue
based on the amortized cost (carrying amount less provision for impairment) and the effective interest rate.The simplified approach for expected credit losses is to always measure the allowance for losses at an amount
equal to the expected credit losses throughout their lives.
3. Accounting methods of the expected credit losses
To reflect the changes in credit risk of financial instruments since initial recognition the Company remeasures
expected credit losses at each balance sheet date. The resulting increase or reversal amount of the loss provision
should be recognized as an impairment loss or gain in profit or loss and offset against the carrying amount of the
financial asset as stated in the balance sheet or included in projected liabilities depending on the type of financial
instrument (loan commitments or financial guarantee contracts).
4. Method of the provision for losses on the measurement of receivables lease receivables
53Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(1) Receivables with no significant financing component. For receivables arising from transactions governed by
Accounting Standard for Business Enterprises No. 14 - Revenue that do not have a significant financing
component the Company uses a simplified approach whereby the allowance for losses is always measured on the
basis of expected credit losses throughout their lives.a) Accounts receivable of expected credit losses withdrawn individually
Rationale for a single provision for
expected credit losses Objective evidence of impairment
The impairment tests are conducted separately for accounts receivable
Individual accruals for expected credit individually accrued. An impairment loss is recognized based on the
losses difference between the present value of future cash flows and their
carrying amount and an expected credit loss is recorded
2) Accounts Receivable with Expected Credit Losses Provision Based on Credit Risk Portfolio
Portfolio name Basis for portfolio recognition Determination method of expected credit losses
General lighting auto lamps and
other relevant business with the Prepare the comparative list between aging of
Business portfolio of Company as the parent and the accounts receivable and expected credit loss rate
general lighting and subsidiary Liaowang Auto Lamp as over the entire life and calculate the expected
auto lamps the representative this portfolio credit loss by consulting historical experience intakes the aging of accounts credit losses combining current situation and
receivable as the credit risk prediction for future economic situation.characteristics
LED packaging components and
other relevant business with the Prepare the comparative list between aging of
Business portfolio of subsidiary NationStar accounts receivable and expected credit loss rate
LED packaging and Optoelectronics as the over the entire life and calculate the expected
components representative this portfolio takes credit loss by consulting historical experience in
the aging of accounts receivable as credit losses combining current situation and
the credit risk characteristics prediction for future economic situation.Internal business Related parties and internal
portfolio transactions Other methods
Notes Receivable for which the Expected Credit Loss is withdrawn by Credit Risk Characteristics
Portfolio name Basis for portfolio recognition Determination method of expected credit losses
Portfolio 1 Bank acceptance bill Low credit risk with no provision for bad debts
Prepare the comparative list between aging of
accounts receivable and expected credit loss rate
Portfolio 2 Trade acceptance over the entire life and calculate the expectedcredit loss by consulting historical experience in
credit losses combining current situation and
prediction for future economic situation.
54Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
The aging analyses are based on their date of entry into the accounts.Among portfolios expected credit losses accrued by aging analysis:
Expected credit loss rate
Aging
Business portfolio of general lighting Business portfolio of LED packaging
and auto lamps and components
Within 1 year (including 1 year) 3% 2%
1 to 2 years 10% 10%
2 to 3 years 30% 30%
3 to 4 years 50% 50%
4 to 5 years 80% 80%
Over 5 years 100% 100%
For receivables with significant financing components and lease receivables the Company measures the provision
for losses in accordance with the general method i.e. the “three-stage” model. The credit risk characteristics
grouping the aging calculation method based on the credit risk characteristics grouping and the criteria for
determining individual provisioning are consistent with the recognition standards for those without financing
components.
5. Method of measuring loss provision for other financial assets
For financial assets other than those mentioned above such as debt investments other debt investments other
receivables and long-term receivables other than lease receivables the Company measures the allowance for
losses in accordance with the general method i.e. the “three-stage” model.
(1) Categories of bad debt provision according to credit risk characteristics and basis of determination
The Company divides other receivables into certain credit risk combinations based on the nature of the amounts. It
calculates expected credit losses based on the combinations and the basis for determining the combinations is as
below:
Portfolio name Determination basis
Porfolio 1: Deposit security deposit Based on nature of accounts
Porfolio 2: Amounts from related parties Based on nature of accounts
Porfolio 3: Advances on behalf of others Based on nature of accounts
(2) Aging calculation method for recognizing credit risk combinations based on aging
Refer to the description of receivables with no significant financing components.
(3) Criteria for determining the bad debt provision based on individual items
Refer to the description of receivables with no significant financing components.
55Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
14. Accounts Receivable Financing
The determination methods and accounting methods of receivables financing are detailed in Note V-13. Accounts
Receivable.
15. Other Receivables
The determination methods and accounting methods of expected credit losses of other receivables is the same as
that of accounts receivable as detailed in Note V-13. Accounts Receivable.
16. Contract Assets
The Company presents the right to receive consideration for goods or services that have been transferred to the
customer (and which is dependent on factors other than time-lapse) as a contract asset. The provision for
impairment of contract assets is made with reference to the method of determining expected credit losses in this
note.Contract assets are categorized into the following portfolios according to credit risk characteristics:
Portfolio Determination basis
General lighting automotive lamps and related businesses
Portfolio 1: General lighting and lamps represented by the parent company and its subsidiary Liaowang
business portfolio Auto Lamp. This portfolio uses the aging of accounts
receivable as the credit risk characteristic.LED packaging components and other related businesses
Portfolio 2: LED packaging and components represented by subsidiary NationStar Optoelectronics. This
business portfolio portfolio uses the aging of accounts receivable as the credit risk
characteristic
Portfolio 3: Internal business portfolio This portfolio involves related-party transactions and internaltransactions
17. Inventory
1. Classification of inventories
Inventories refer to the Company’s finished goods or commodities for sale held in daily activities unfinished
goods in manufacturing process and materials and supplies consumed in process of manufacturing products or
providing services etc. Inventories mainly include raw materials circulating materials (such as packaging
materials low-value consumables etc.) materials for entrusted processing work-in-progress self-manufactured
semi-finished products and finished goods (inventory goods).
2. Pricing method of issuing inventories
When inventory is issued the Company uses the weighted average method to determine the actual cost of the
inventory issued.
3. Inventory system of inventories
The perpetual inventory system is adopted for the inventories of the Company.
4. Amortization of low-value consumables and packing materials
The one-off charge-off method is used for low-value consumables and packaging materials.
56Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
5. Criteria for Recognizing and Accrual method of provision for decline in value of inventories
Net realizable value refers to the amount after deducting the cost estimated until completion estimated selling
expenses and relevant taxes from the estimated selling price of the inventory. The Company determines the net
realizable value of inventories based on solid evidence obtained and after taking into consideration the purpose for
which the inventory is held and the impact of post-balance sheet events.The net realizable value of finished goods materials for sale and other merchandise inventories used directly for
sale is determined in the normal course of production and operation as the estimated selling price of such
inventories less estimated selling expenses and related taxes.The net realizable value of material inventories subject to processing is determined in the normal course of
production operations as the estimated selling price of the finished goods produced less the estimated costs to be
incurred to completion estimated selling expenses and related taxes. The Company determines the net realizable
value of inventories based on solid evidence obtained and after taking into consideration the purpose for which the
inventory is held and the impact of post-balance sheet events.
18. Assets Held for Sale
1. Recognition criteria and accounting treatment for non-current assets classified as held for sale or disposal
groups
A non-current asset or disposal group whose carrying value will be recovered principally through sale rather than
through continuing use is classified as held for sale and meets the following conditions: first it is immediately
available for sale under current conditions based on the customary practice for sales of such assets or disposal
groups in similar transactions; and second it is highly probable that the sale will occur i.e. the enterprise has
already resolved on a plan for the sale and has obtained a firm commitment to purchase and it is expected that the
sale is expected to be completed within one year. The relevant regulations require the approval of the relevant or
regulatory authority of the enterprise before the sale shall have been approved.When the Company initially measures or remeasures non-current assets or disposal groups held for sale on the
balance sheet date if the carrying value is higher than the fair value minus the net amount of the sale costs the
carrying value will be written down to the net amount of fair value minus the sale costs. The amount written down
will be recognized as asset impairment loss and included in current profit and loss and provision for impairment
of assets held for sale will be made.The amount of asset impairment loss recognized for disposal groups held for sale shall be offset against the
carrying value of goodwill in the disposal group first and then against the carrying value of each non-current asset
proportionately according to the proportion of the carrying value of each non-current asset in the disposal group as
defined in the applicable measurement of the Accounting Standards for Business Enterprises - Non-current Assets
Held for Sale Disposal Groups and Discontinued Operations.
2. Recognition criteria and presentation of discontinued operations
Discontinued operations is a separately distinguishable component that meets one of the following conditions and
that has been disposed of by the Company or classified by the Company as held for sale: the component
represents a separate principal business or a separate principal operating area; the component is part of a related
program of proposed dispositions of a separate principal business or a separate principal operating area; The
component is a subsidiary acquired specifically for resale.The Company presents gains and losses from continuing operations and gains and losses from discontinued
operations separately in the statement of income. Operating gains and losses such as impairment losses and
reversal amounts for discontinued operations and gains and losses on disposals are presented as gains and losses
from discontinued operations. The revenues expenses gross profit income tax expense (benefit) and net profit
from discontinued operations impairment losses recognized on assets or disposal groups of discontinued
operations and the amount of their reversal total gain or loss on disposal of discontinued operations income tax
expense (benefit) and net gain or loss on disposal net cash flows from operating activities investing activities and
financing activities of discontinued operations and gains and losses from continuing operations and gains and
losses from discontinued operations attributable to owners of the parent company are disclosed in the notes.
57Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
19. Investment in Debt Obligations
Not applicable
20. Other Investment in Debt Obligations
The determination methods and accounting methods of other investment in debt obligations are detailed in Note
V-11. Financial Instruments.
21. Long-term Receivables
Not applicable
22. Long-term Equity Investments
1. Judgment criteria for joint control and significant influence
Joint control means that activities that have a significant impact on the return of an arrangement must be decided
upon with the unanimous consent of the participants sharing control including sales and purchases of goods or
services management of financial assets purchases and disposals of assets research and development activities
and financing activities. Significant influence refers to the condition where an investor holds between 20% to 50%
of the voting capital in an investee generally indicating a significant influence. Or although less than 20%
having a significant influence when one of the following conditions is met: Representation on the board of
directors or similar authority of the investee; participation in the policy-making process of the investee;
assignment of management personnel to the investee; reliance of the investee on the technology or technical
information of the investee; and major transactions with the investee.
2. Determination of initial investment cost
For long-term equity investments acquired through a business combination in the case of a business combination
under the same control the initial investment cost of the long-term equity investment shall be the share of the
owners’ equity of the party being combined in the consolidated financial statements of the ultimate controlling
party on the combination date; in the case of a business combination not under the same control the initial
investment cost of the long-term equity investment shall be the cost of combination determined on the acquisition
date; for long-term equity investments acquired by paying cash the initial investment cost is the actual purchase
price paid; for long-term equity investments acquired by issuing equity securities the initial investment cost is the
fair value of the equity securities issued; for long-term equity investments acquired through debt restructuring the
initial investment cost is determined
3. Method of subsequent measurement and recognition of profit or loss
Long-term equity investments in which the Company can exercise control over the investees are accounted for by
the cost method and long-term equity investments in associates and joint ventures are accounted for by the equity
method. If a portion of the Company’s equity investments in affiliates is held indirectly through venture capital
institutions mutual funds trust companies or similar entities including investment-linked funds regardless of
whether the above entities have significant influence over this portion of the investment the Company treats it in
accordance with the relevant provisions of Accounting Standards for Business Enterprises No. 22-Recognition
and Measurement of Financial Instruments and accounts for the remaining portion with the equity method.
23. Investment Properties
Measurement model of investment property
Measurement of cost method
Depreciation or amortization method
58Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
The Company’s investment property includes leased land use rights leased buildings and land use rights held and
ready to be transferred after appreciation. Investment property is initially measured according to cost and then
measured by cost model.The Company uses the composite life depreciation method for buildings leased out of investment properties and
the specific accounting policies are the same as those for fixed assets. Land use rights leased out of investment
properties and land use rights held and intended to be transferred after appreciation are amortized through the
straight-line method with the same accounting policies as those for the intangible assets segment.
24. Fixed Assets
(1) Recognition conditions
The fixed assets refer to tangible assets held for production of goods provision of labor services lease or business
with a service life of over a fiscal year. Recognition is made when the following conditions are met: The
economic benefits associated with the fixed-asset will probably flow to the enterprise; the cost of the fixed-asset
can be measured reliably.
(2) Depreciation method
Category Depreciationmethod Depreciable life Residual value rate
Annual depreciation
rate
Houses and Straight-line
buildings depreciation 3-38 years 1%-10% 31.67%-3.17%method
Machinery Straight-line
equipment depreciation 2-11 years 1%-10% 47.50%-8.18%method
Transportation Straight-line
equipment depreciation 5-10 years 1%-10% 19.00%-9.50%method
Electronic Straight-line
equipment depreciation 2-8 years 1%-10% 47.50%-11.88%method
Straight-line
Other equipment depreciation 5 years 5%-10% 19.00%-18.00%
method
The Company’s fixed assets are mainly classified into: buildings and structures machinery and equipment
electronic equipment transportation equipment etc. The depreciation method is the average annual limit method.The service lives and estimated residual values of fixed assets are determined according to the nature and
utilization of each category of fixed assets. At the end of the year the service lives estimated residual values and
depreciation methods of fixed assets are reviewed and adjustments are made accordingly if there are differences
from the original estimates. All fixed assets are depreciated except for fully depreciated fixed assets that continue
to be used and land that is separately accounted for.
59Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
25. Construction in Progress
The Company’s construction in progress is divided into two types: Construction on a self-operation basis and a
contracted basis. The criteria and time point for carrying forward construction in progress to fixed assets are based
on the construction in progress reaching its intended state of use. The standard for determining the intended usable
condition shall be one of the following: The physical construction (including installation) of the fixed assets has
been fully completed or substantially completed; production or trial operation has been conducted and the results
show that the assets can operate normally or can steadily produce qualified products or the results of the trial
operation show that they can function normally or operate; the amount of expenditure on the fixed assets
constructed is little or almost no longer incurred; the fixed assets acquired have met the design or contract
requirements or are substantially consistent with the design or contract requirements.
26. Borrowing Costs
1. Recognition principles for the capitalization of borrowing costs
If the borrowing costs incurred by the Company can be directly attributable to the acquisition construction or
production of assets that meet the capitalization conditions they shall be capitalized and included in the costs of
the underlying assets; other borrowing costs recognized as costs according to the amount incurred shall be
included in the profit and loss for the current period. Assets eligible for capitalization refer to assets such as fixed
assets investment properties and inventories that require a long period for their acquisition or production
activities to reach the expected usable or saleable status.
2. Calculation of capitalization amount
The capitalization period refers to the period from when the capitalization of borrowing costs starts to when the
capitalization stops. The period during which capitalization of borrowing costs is suspended is not included.Capitalization of borrowing costs shall be suspended if there is an abnormal interruption in the course of
acquisition or production and the interruption lasts for more than three consecutive months.Borrowing of special borrowings is determined by the interest expense incurred in the period of the special
borrowings less the interest revenue expenditure earned by depositing the unused borrowed funds in banks or the
investment income earned by making temporary investments; the appropriation of general borrowings is
determined by multiplying the weighted average amount of asset expenses over the portion of special borrowings
by the capitalization rate of the general borrowings appropriated which is the weighted average interest rate of
general borrowings; if there is a discount or premium on borrowings the amount of discount or premium to be
amortized in each accounting period is determined by the effective interest rate method. The amount of interest is
adjusted for each period.The effective interest rate method is a method of calculating the amortized discount or premium or interest
expense on a borrowing based on its effective interest rate. The effective interest rate method calculates the
amortized discount or premium or interest expense on a borrowing based on its effective interest rate.
27. Living Assets
Not applicable
28. Oil and Gas Assets
Not applicable
29. Intangible Assets
1. Pricing method of intangible assets
60Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
The Company initially measures the intangible assets at cost. For the acquired intangible assets the actual prices
paid and related expenses shall be regarded as the actual costs. The actual cost of intangible assets invested by
investors shall be recognized according to the value agreed upon in the investment contract or agreement. In case
of unfair contract or agreement the actual cost shall be recognized according to the fair value. The cost of self-
developed intangible assets shall be the total expenditure incurred before they reach the intended use.
2. Service life and its determination basis estimation amortization method or review procedure
Intangible assets with finite service lives are amortized using the methods presented in the table below over their
service lives and the service lives and amortization methods of intangible assets are reviewed at the end of the
year and adjusted accordingly if there are differences from the original estimates. Intangible assets with indefinite
service lives are not amortized but are reviewed at the end of the year for service lives and estimated when there
is conclusive evidence that the service life is finite.The useful life and its determination basis and amortization method of intangible assets with restricted useful life:
Category Useful life Determination basis of usefullife Amortization method
Land use right 20-50 years Duration of land use rights Method of line
Patent use right 5-20 years Expected number of years ofbenefit Method of line
Software 3-10 years Expected number of years ofbenefit Method of line
Trademark right 3-10 years Expected number of years ofbenefit Method of line
Other 3-10 years Expected number of years ofbenefit Method of line
The intangible assets are regarded as intangible assets with uncertain service life if the term during which they can
bring economic benefits to the Company is unforeseeable or if their usage period is uncertain. The bases for
determining of uncertain service life are: The intangible assets come from contractual or other legal rights but the
contract or laws have no certain stipulations of the service life; the term during which the intangible assets bring
economic benefits to the Company is still unforeseeable even with consideration of peer status or demonstrations
of related professionals.At the end of each year the review of service life of intangible assets with uncertain service life mainly adopts the
method of reviewing from lower department to upper department where departments related to the use of
intangible assets shall conduct the basic review and make assessment of whether the determining basis of
uncertain service life changes.
3. The scope of R&D expenditure collection and the related accounting treatment
The scope of the Company’s R&D expenditures is mainly formulated based on the Company’s research and
development projects which mainly includes: R&D personnel’s employee remuneration direct input expenses
depreciation expenses and long-term amortization expenses design expenses equipment commissioning
expenses amortization expenses of intangible assets commissioned external research and development expenses
and other expenses etc.Expenditures incurred during the research phase of an internal research and development project are recognized in
profit or loss when incurred; expenditures incurred during the development phase that meet the conditions for
recognition as an intangible asset are transferred to intangible asset accounting.
61Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Specific criteria for dividing the research phase and development phase of internal research and development
projects: The expenditures in internal research and development projects of the Company are classified into
expenditures in research stage and expenditures in development stage. The expenditures in research stage are
included in the current profits and losses when incurred. The expenditures in development stage are recognized as
intangible assets when meeting the following conditions:
(1) The completion of the intangible assets makes it technically feasible for using or selling;
(2) Having the intention to complete and use or sell the intangible assets;
(3) The way in which an intangible asset generates economic benefits including the proof that the products
produced with the intangible assets can be sold in a market or the proof of its usefulness if the intangible assets
can be sold in a market and will be used internally;
(4) Having sufficient technical financial resources and other resources to support the development of the
intangible assets and the ability to use or sell the intangible assets;
(5) Expenditure attributable to the development stage of intangible assets can be measured reliably.
The cost of self-developed intangible assets includes the total expenditure incurred after meeting intangible assets
recognition criterion and before reaching intended use. Expenditures that have been expensed in previous periods
are no longer adjusted.
30. Impairment of Long-term Assets
For long-term assets having the indication of impairment on balance sheet date such as long-term equity
investments investment property measured in cost mode fixed assets construction in progress productive living
assets measured in cost mode oil and gas assets and intangible assets the Company shall test the impairment. If
the impairment test results indicate that the recoverable amount of the asset is lower than its book value the
impairment provision shall be made at the difference and included in the impairment loss.The recoverable amount is the higher of the fair value of the asset minus the disposal cost and the present value of
the expected future cash flow of the asset. The provision for impairment of assets is calculated and recognized on
the basis of individual assets. If it is difficult to estimate the recoverable amount of individual assets the
recoverable amount of the asset group shall be recognized by the asset group to which the asset belongs. The asset
group is the smallest portfolio of assets that can generate cash inflows independently.Goodwill presented separately in the financial statements shall be tested for impairment every year whether or not
there is any indication of impairment. The book value of the goodwill shall be apportioned to the asset group or
portfolio of asset groups that is expected to benefit from the synergies of the business combination when the
impairment test is conducted. The corresponding impairment loss is recognized if the test results indicate that the
recoverable amount of the asset group or portfolio of asset groups containing the apportioned goodwill is lower
than its book value. The amount of the impairment loss shall offset the book value of the goodwill apportioned to
the asset group or portfolio of asset groups and offset the book value of other assets in proportion according to the
proportion of the book value of other assets except the goodwill in the asset group or portfolio of asset groups.Once the impairment loss of the above asset is recognized the portion that the value is restored will not be written
back in subsequent periods.
31. Long-term Prepaid Expense
Long-term prepaid expense refers to general expenses with the apportioned period over one year (excluding one
year) that have occurred but are attributable to the current and future periods. Long-term prepaid expense shall be
amortized averagely within benefit period. In case of no benefit in the future accounting period the amortized
value of such item that fails to be amortized shall be transferred into the current profits and losses.
62Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
32. Contract Liabilities
The Company presents the obligations to transfer goods or provide services to customers for consideration
received or receivable from customers as contract liabilities. Contract assets and contract liabilities under the same
contract are presented net: if the net amount results in a debit balance it is presented in “Contract Assets” or
“Other Non-current Assets” based on its liquidity; if the net amount results in a credit balance it is presented in
“Contract Liabilities” or “Other Non-current Liabilities” based on its liquidity. Contract assets and contract
liabilities under different contracts cannot be offset against each other.
33. Payroll
(1) Accounting treatment of the short-term remuneration
Employee benefits refer to all forms of remuneration or compensation given by the Company for services
rendered by employees or for the termination of employment relationships. Employee benefits mainly include
short-term benefits post-employment benefits termination benefits and other long-term employee benefits.The short-term compensation actually happened during the accounting period when the active staff offering the
service for the Company should be recognized as liabilities and is included in the current profits and losses except
for those required or allowed to be included in the assets cost by the Accounting Standards for Business
Enterprises. The employee services benefits actually happened in the Company shall be included in the current
profits and losses or relevant assets cost according to the actual amount. Of which the non-monetary benefits
should be measured according to the fair value. During the accounting term in which employees provide service
the Company calculates and determines the corresponding payroll amount in accordance with the withdrawal
basis and withdrawal proportion specified in regulations with the social insurance premiums such as medical
insurance premiums industrial injury insurance premium and birth insurance premium housing fund and the
labor union budget and employee education budget withdrawn in regulations and then recognizes it as liabilities
that are included in the current profits and losses or relevant assets cost.
(2) Accounting treatment of the welfare after demission
The payable and deposit amount calculated according to the defined contribution plan during the accounting
period when the active staff offering the service for the Company is recognized as liabilities and is included in the
current profits and losses or relevant assets cost. The benefit obligations arising from the defined benefit plan shall
be attributable to the period in which the employees provide services based on the formula determined by
expected cumulative welfare unit method and included in current profits and losses or cost of relevant asset.
(3) Accounting treatment of the demission welfare
When offering the demission welfare the Company shall recognize the payroll liabilities incurred from the
demission welfare on the earlier of the date when the Company could not unilaterally withdraw the demission
welfare offered by the plan or layoff proposal owing to termination of the labor relationship or the date when the
Company recognizes the cost related to the reorganization of the payment of the demission welfare and include
the payroll liabilities into the current profits and losses:
(4) Accounting treatment of the welfare of other long-term staffs
The other long-term welfare that the Company offers to the staff if met with the setting drawing plan shall be
disposed of according to the relevant setting drawing plan; except for that net liabilities or net assets of the
welfare of other long-term staff shall be recognized and measured according to the setting drawing plan.
63Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
34. Accrued liabilities
The obligation pertinent to contingencies shall be recognized as provisions when that obligation is a current
obligation of the Company and it is likely to cause any economic benefit to flow out of the enterprise as a result
of performance of the obligation while the amount of the obligation can be measured in a reliable way. The
Company conducts the initial measurement in accordance with the best estimate of the necessary expenses for the
performance of the current obligation. If there is a sequent range for the necessary expenses and if all the
outcomes within this range are equally likely to occur the best estimate shall be determined in accordance with
the midpoint estimate within the range; if the contingencies concern two or more items the best estimate shall be
calculated and determined in accordance with all possible outcomes and the relevant probabilities.Review of the book value of provisions shall be conducted on the balance sheet date. The book value shall be
adjusted in accordance with the current best estimate when there is definite evidence indicating that the book
value cannot reflect the current best estimate in faithfulness.
35. Share-based Payment
Not applicable
36. Other Financial Instruments such as Preferred Shares and Perpetual Bonds
Not applicable
37. Revenue
Disclosure of accounting policies adopted for revenue recognition and measurement by type of business
The Company recognizes revenue based on the transaction price apportioned to the performance obligation in a
contract when the customer obtains control of the underlying good or service. Obtaining control of related goods
refers to that customers can control the use of the goods and obtain almost all the economic benefits from the
goods. A performance obligation is a contractual commitment by the Company to transfer a clearly distinguishable
commodity to a customer. The transaction price is the amount of consideration that the Company expects to be
entitled to receive as a result of the transfer of the commodity to the customer excluding amounts collected on
behalf of third parties and amounts that the Company expects to return to the customer.Whether the performance obligation is to be fulfilled within a certain period of time or at a certain point in time
depends on the terms of the contract and the relevant legal provisions. If the performance obligation is fulfilled
within a certain period of time the Company recognizes revenue in accordance with the progress of performance.Otherwise the Company recognizes revenue at a point in time when the customer obtains control of the
underlying asset.The Company determines whether the Company’s status is that of a principal or agent when engaging in a
transaction based on whether it has control over the goods or services prior to transferring them to the customer. If
the Company is able to control the goods or services before transferring them to the customer the Company is the
principal responsible party and recognizes revenue based on the total consideration received or receivable.Otherwise the Company shall recognize revenue as an agent based on the amount of commissions or fees to
which it is expected to be entitled which shall be determined at the net amount of the total consideration received
or receivable less the price payable to other related parties or at the established commission amount or
percentage etc.Specific principles and measurement methods for revenue recognition by business type: The Company recognizes
revenue from general lighting products LED packaging and component products automotive lamp products
trading and other products as follows:
(1) Recognition of domestic sales revenue: Under the conventional settlement mode the Company has delivered
goods that have passed inspection to the purchaser as required by the purchaser the amount of revenue has been
determined a sales invoice has been issued and the payment has been received or is expected to be recovered;
64Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
under the consignment sales settlement mode the Company recognizes sales revenue when the product is issued
and the settlement notice is issued after the customer inspection is qualified.
(2) Recognition of export sales revenue: The Company has produced goods according to the requirements
stipulated in the sales contract and completed the export declaration procedures after the goods have passed
inspection; products have been loaded on board; the amount of revenue has been determined an export sales
invoice has been issued and the payment has been received or is expected to be recovered.Different business models for the same type of business involving different revenue recognition and measurement
methods
None.
38. Contract Costs
Contract costs are either the incremental costs of obtaining a contract with a customer or the costs to fulfil a
contract with a customer. Incremental costs of obtaining a contract (“contract acquisition costs”) are costs that
won’t have been incurred if the contract is not acquired. The Company recognizes as an asset the incremental
costs of obtaining a contract with a customer if it expects to recover those costs.Costs incurred for the performance of a contract that do not fall within the scope of other enterprise accounting
standards such as inventory are recognized as an asset as contract performance costs when the following
conditions are simultaneously met: The cost is directly related to a current or anticipated acquisition of a contract
and includes direct labor direct materials manufacturing overhead (or similar costs) costs explicitly attributable
to the user and other costs incurred solely as a result of that contract; the cost increases the resources available to
meet future performance obligations; and the cost is expected to be recovered.Contract performance costs recognized as assets are included in “Inventory” on the balance sheet if the
amortization period at the initial recognition doesn’t exceed one year or one normal operating cycle; if the
amortization period at the initial recognition is more than one year or one normal operating cycle they are
included in “Other non-current assets” on the balance sheet.Contract acquisition cost recognized as assets are included in “Other current assets” on the balance sheet if the
amortization period at the initial recognition doesn’t exceed one year or one normal operating cycle; if the
amortization period at the initial recognition is more than one year or one normal operating cycle they are
included in “Other non-current assets” on the balance sheet.The Company amortizes the assets recognized for contract acquisition costs and contract performance costs on the
same basis as the revenue recognition of the merchandise to which the assets relate and recognizes them in profit
or loss for the current period. Assets formed from the incremental cost of acquiring a contract with an
amortization period of not more than one year are recognized in profit or loss for the current period when it
occurs.If the carrying amount of an asset related to the cost of a contract exceeds the difference between the following
two items the Company makes an allowance for impairment and recognizes an asset impairment loss for the
excess: the remaining consideration expected to be received for the transfer of the merchandise to which the asset
relates; and the estimated costs to be incurred for the transfer of the related merchandise.If the two differences above are higher than the book value of the assets due to the subsequent changes in the
impairment factors in previous periods the asset impairment provisions set aside should be reversed and
recognized as profit and loss of the current period. However upon the reversal the book value of the assets shall
not exceed the book value of the assets on the reversal date supposing that impairment provisions are not set
aside.
39. Government Subsidies
1. Category of and accounting treatment for government subsidies
Government subsidies refer to the monetary assets or non-monetary assets obtained by the Company from the
government (excluding the capital invested by the government as an equity holder). If a government subsidy is a
65Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
monetary asset it shall be measured according to the amount received or receivable. If a government subsidy is a
non-monetary asset it shall be measured at its fair value and shall be measured at a nominal amount when the fair
value cannot be obtained reliably.Government subsidies related to the daily activities are included in other income in accordance with the nature of
economic business. Government subsidies unrelated to the daily activities are included in non-operating revenue.Government subsidies are recognized as asset-related subsidies when stipulated by government documents to be
used for acquisition construction or otherwise formation long-term assets. Regarding the government grants that
the government document does not specify the object of subsidy and can form long-term assets the part of
government subsidy corresponding to the asset value shall be regarded as the asset-related government subsidy
and the rest shall be regarded as income-related government subsidy. If it is difficult to distinguish the
government subsidy shall be regarded as the income-related government subsidy. Government grants related to
assets are recognized as deferred income. The amount recognized as deferred income is included in the current
profits and losses in accordance with reasonable and systematic method in the useful life of relevant assets.Government subsidies other than asset-related government subsidies are recognized as government subsidies
related to income. Government subsidies related to income used to compensate the relevant costs expenses or
losses of the Company in the subsequent period shall be recognized as deferred income and shall be included in
the current profit and loss during the period of confirming the relevant cost expenses or losses; subsidies used to
compensate the relevant costs expenses or losses incurred by the Company shall be directly included in the
current profits and losses.In the case that the Company obtains a policy favorable loan interest subsidy and the fiscal system allocates the
fund of interest subsidy to the lending bank who provides loans to the Company at a policy favorable interest
rate the actual loan amount received is recognized as the recorded value of the loan and the relevant borrowing
costs are calculated based on the loan principal and the policy favorable interest rate; if the fiscal system allocates
the fund of interest subsidy to the Company directly the Company reduces the corresponding interest subsidy
against relevant borrowing costs.
2. Recognition time of government subsidies
Government subsidies shall be recognized when the Company satisfies the conditions attached to the government
subsidies and is able to receive them. Government subsidies measured according to the receivable amount shall be
recognized when there is positive evidence at the end of the period that they can meet the relevant conditions
stipulated by the financial support policies and are expected to receive financial support funds. Other government
subsidies other than government subsidies measured by amount receivable are recognized when the Company
actually receives the subsidies.
40. Deferred Income Tax Assets/Deferred Income Tax Liabilities
1. Recognition of deferred income tax
The Company recognizes the deferred income tax assets or deferred income tax liabilities in accordance with the
applicable tax rate during the estimated period of recapturing the assets or paying the liabilities for the different
amount between the book value of assets or liabilities and its tax base (for items not recognized as assets and
liabilities if its tax basis can be determined according to the tax law the tax basis is recognized as the different
amount).
2. Measurement of deferred income tax
The recognition of deferred income tax assets is subject to the amount of taxable income obtained to offset the
deductible temporary differences. On the balance sheet date deferred income tax assets without recognition
during the former accounting period shall be recognized if there are definite indications representing that it is
probable to have sufficient taxable income to offset the deductible temporary differences during the future period.If it is likely that sufficient taxable income will not be available to offset the benefit of the deferred income tax
assets in the future period the book value of the deferred income tax assets will be written down.For taxable temporary differences related to the investment in subsidiaries and associated enterprises the deferred
income tax liabilities are recognized unless the time of temporary differences reversal can be controlled by the
66Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Company and are probably not to be reversed in foreseeable future. For deductible temporary differences related
to the investment in subsidiaries and associated enterprises the deferred income tax assets are recognized if the
temporary differences are probably to be reversed in foreseeable future and it is likely to have taxable income to
offset the deductible temporary differences.
3. Basis for netting off deferred income taxes
Deferred income tax assets and deferred income tax liabilities are presented in net amount after offsetting when
the following conditions are simultaneously met: there is a legal right to settle current income tax assets and
current income tax liabilities on a net basis; the deferred income tax assets and deferred income tax liabilities are
related to income taxes levied by the same tax authority on the same taxable entity or are related to different
taxable entities but are not expected to reverse in the future in each of the periods in which the deferred income
tax assets and deferred income tax liabilities are material; and the taxable entities involved intend to settle current
income tax assets and current income tax liabilities on a net basis. However in each future period in which the
deferred tax assets and deferred tax liabilities are reversed the taxable entity involved intends to either settle the
current income tax assets and current income tax liabilities on a net basis or to acquire the assets and settle the
liabilities at the same time.
41. Lease
The Company assesses whether a contract is a lease or contains a lease at the inception date of the contract. A
contract is a lease or contains a lease if one of the parties to the contract has given up the right to control the use of
one or more identified assets for a specified period of time in exchange for consideration.
(1) Accounting treatment for leases as the lessee
1. On the start date of the lease term the Company deems the right-of-use assets and lease liabilities of all the
operating leases except for the short-term leases and low-value leases and recognizes the depreciation expense
and interest expense respectively within the lease term.
(1) Right-of-use assets
After the commencement date of the lease term the Group uses the cost for initial measurement of right-of-use
assets. This cost includes the initial measurement amount of the lease liability lease payments made on or before
the commencement date of the lease term net of lease incentives and initial direct cost.If it is reasonably certain that the ownership of the leasehold property will be obtained at the end of the lease term
the Company will depreciate the leasehold property over its estimated remaining service life. If it is not
reasonably certain that the ownership of the leasehold property will be obtained at the end of the lease term the
Company will depreciate the leased assets over the lease term or the remaining service life whichever is shorter.When the recoverable amount is less than the carrying amount of the right-of-use asset the carrying amount is
written down to the recoverable amount.
(2) Lease liabilities
The Company initially measures the lease liabilities at the current value of the lease payments outstanding at the
start date of the lease term. Lease payments include fixed payments and payments that are reasonably certain to be
made when the option to purchase or terminate the lease is exercised. Variable lease payments that are not
covered in the measurement of the lease liabilities are included in current profit or loss when actually incurred.The Company uses the interest rate implicit in lease as the rate of discount. If the interest rate implicit in lease
cannot be reasonably determined the Company’s incremental borrowing rate is used as the rate of discount.Interest expense on the lease liability for each period during the lease term is calculated on the basis of a fixed
periodic rate i.e. the discount rate used by the Company or a revised discount rate and is included in finance
costs.
2. Judgment criteria and accounting treatment for short-term leases and leases of low-value assets as a lessee for
simplified treatment
67Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
For short-term leases with a lease term of no exceeding 12 months and leases where the brand-new value of a
single asset is less than RMB40000 the Company has elected not to recognize right-of-use assets and lease
liabilities and to charge the related rental expenses to current profit or loss or the cost of the related assets on a
straight-line basis for each period during the lease term.
(2) Accounting treatment of leases as the lessor
The Company recognizes leases that transfer substantially all the risks and rewards associated with ownership of
the leased asset as finance leases at the inception of the lease and leases other than these are classified as
operating leases.
(1) Accounting treatment of operating leases
Rental income from operating leases is recognized on a straight-line basis over the lease term. Initial direct
expenses are capitalized and recognized as current income in instalments over the lease term on the same
recognition basis as rental income and variable rentals not included in lease receipts are recognized as rental
income when they are actually incurred.
(2) Accounting treatment of financial lease
On the inception of a lease the difference between the sum of finance lease receivable and unguaranteed residual
value and its present value is recognized as unrealized lease income by the Company which is recognized as lease
income in each period when the rent is received in the future and the finance lease asset is derecognized. Initial
direct costs are included in the initial recorded value of the finance lease receivable.
42. Other Significant Accounting Policies and Estimates
(1) Safety production expenses
Operating in the electrical machinery and equipment manufacturing industry the Company has accrued safety
production expenses in accordance with the relevant provisions of the Management Measures for the Provision
and Use of Enterprise Production Safety Costs (C.Z. [2022] No. 136) jointly issued by the Ministry of Finance
and the Ministry of Emergency Management on November 21 2022. Safety production expenses when accrued
are included in costs or current profit or loss of relevant products and in the “Special Reserve” account. When
safety production expenses are used within the prescribed scope and are operating expenses they are directly used
to offset the special reserves. If they form fixed assets the expenses incurred are first aggregated under the
“Construction in Progress” account and when the safety projects are completed and reach the predetermined
usable state they are recognized as fixed assets. Meanwhile the special reserves are offset as per the cost of
forming fixed assets and an equivalent amount of accumulated depreciation is recognized. The aforesaid fixed
assets will not be depreciated as accrued in the future period.
43. Changes in Main Accounting Policies and Estimates
(1) Change in accounting policies
□ Applicable ? Not applicable
(2) Changes in accounting estimates
□Applicable□Not applicable
68Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(3) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2025
□Applicable□Not applicable
44. Other
None
VI. Taxes
1. Main Taxes and Tax Rates
Category of taxes Tax basis Tax rate
VAT Sales volume from goods selling ortaxable service 3% 6% 9% 13%
Urban maintenance and
construction tax Turnover tax payable 7% 5%
Enterprise income tax Taxable income 15% 22% 25%
Notes of the disclosure situation of the taxpaying bodies with different enterprises income tax rate
Name Income tax rate
The Company Zhida Company Chanchang
Company Haolaite Company Liaowang Auto Lamp
Chongqing Guinuo Liuzhou Lighting Liuzhou
Foreshine Qingdao Lighting NationStar
Optoelectronics NationStar Semiconductor Fenghua 15%
Semiconductor Hainan Technology Hule Electric
Equipment Germany NationStar and Xinxiang
Company
Indonesia Liaowang 22%
Other subsidiaries 25%
2. Tax Preference
1. The Company passed the review of high-tech enterprises in December 2023 and obtained the certificate of
high-tech enterprise (Certificate No. GR202344003659). According to relevant regulations the Company is
entitled to a reduced enterprise income tax rate of 15% for three years starting from 2023.
2. Subsidiary Zhida Company passed the review of high-tech enterprises in December 2022 and obtained the
certificate of high-tech enterprise (Certificate No.: GR202244009711). According to the relevant regulations
Zhida Company is entitled to a reduced enterprise income tax rate of 15% for three years starting from 2022. In
accordance with the relevant provisions of the Enterprise Income Tax Law of the People’s Republic of China
Zhida Company shall prepay the enterprise income tax rate for 2025 at a tax rate of 15%.
69Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
3. Subsidiary Chanchang Company passed the audit of high-tech enterprises in November 2024 and obtained the
certificate of high-tech enterprise (Certificate No.: GR202444001793). According to the relevant regulations
Chanchang Company is entitled to a reduced enterprise income tax rate of 15% for three years starting from 2024.
4. Subsidiary Haolaite Company passed the review of high-tech enterprises in December 2022 and obtained the
certificate of high-tech enterprise (Certificate No. GR202244003711). According to relevant regulations Haolaite
Company is entitled to a reduced enterprise income tax rate of 15% for three years starting from 2022. In
accordance with the relevant provisions of the Enterprise Income Tax Law of the People’s Republic of China
Haolaite Company shall prepay the enterprise income tax rate for 2025 at a tax rate of 15%.
5. Subsidiary Liaowang Auto Lamp passed the review of high-tech enterprises in December 2023 and obtained
the certificate of high-tech enterprise (Certificate No. GR202345001098). According to relevant regulations
Nanning Liaowang is entitled to a reduced enterprise income tax rate of 15% for three years starting from 2023.
6. Chongqing Guinuo a wholly-owned subsidiary of Liaowang Auto Lamp enjoys the tax incentives of reducing
and exempting enterprise income tax for the development of western China since January 1 2019 and is entitled
to a reduced enterprise income tax rate of 15% after examination by and filing with the tax authorities.
7. Liuzhou Lighting a wholly-owned subsidiary of Liaowang Auto Lamp passed the review of high-tech
enterprise in December 2022 and obtained the certificate of high-tech enterprise (Certificate No.:
GR202245001221). According to relevant regulations Liuzhou Lighting will pay enterprise income tax at a
reduced rate of 15% for three years starting from 2022. In accordance with the relevant provisions of the
Enterprise Income Tax Law of the People’s Republic of China Liuzhou Lighting shall prepay the enterprise
income tax rate for 2025 at a tax rate of 15%.
8. Liuzhou Foreshine a wholly-owned subsidiary of Liaowang Auto Lamp passed the review of high-tech
enterprise in November 2024 and obtained the certificate of high-tech enterprise (Certificate No.:
GR202445000159). According to relevant regulations Liuzhou Fuxuan will pay enterprise income tax at a
reduced rate of 15% for three years starting from 2024.In addition according to the Notice of the Guangxi Zhuang Autonomous Region Department of Finance and the
Guangxi Zhuang Autonomous Region Tax Service of the State Taxation Administration on Clarifying the Policy
on the Partial Exemption of Local Share of Enterprise Income Tax under Certain Circumstances (G.C.S. [2023])
enterprises recognized as high and new technology enterprises during the period from 2021 to 2025 shall be
exempt for five consecutive years starting from the first year of recognition from the portion of enterprise
income tax that is locally shared. According to the above provisions Liuzhou Foreshine is entitled to a 40%
reduction in its payable enterprise income tax.
9. Qingdao Lighting a wholly-owned subsidiary of Liaowang Auto Lamp passed the recognition of high-tech
enterprise on December 2022 and obtained the certificate of high-tech enterprise (Certificate No.:
GR202237100785). According to relevant regulations Qingdao Lighting will pay enterprise income tax at a
reduced rate of 15% for three years starting from 2022. In accordance with the relevant provisions of the
Enterprise Income Tax Law of the People’s Republic of China Qinghai Lighting shall prepay the enterprise
income tax rate for 2025 at a tax rate of 15%.
10. Subsidiary NationStar Optoelectronics passed the recognition of high-tech enterprises in December 2023 and
obtained the certificate of high-tech enterprise (Certificate No. GR202344017343). According to relevant
regulations NationStar Optoelectronics will pay enterprise income tax at a reduced rate of 15% for three years
starting from 2023.
11. NationStar Semiconductor a wholly-owned subsidiary of NationStar Optoelectronics passed the recognition
of high-tech enterprise on November 2024 and obtained the certificate of high-tech enterprise (Certificate No.:
GR202444004544). According to relevant regulations NationStar Semiconductor will pay enterprise income tax
at a reduced rate of 15% for three years starting from 2024.
12. Fenghua Semiconductor a majority-owned subsidiary of NationStar Optoelectronics passed the recognition
of high-tech enterprise on December 2024 and obtained the certificate of high-tech enterprise (Certificate No.:
GR202444013633) According to relevant regulations Fenghua Semiconductor will pay enterprise income tax at a
reduced rate of 15% for three years starting from 2024.
70Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
13. In October 2024 the subsidiary Hainan Technology obtained the qualification as a High and New Technology
Enterprise and received the High and New Technology Enterprise Certificate (Certificate No.: GR202446000187).According to relevant regulations Hainan Technology is entitled to pay enterprise income tax at a reduced rate of
15% for three years starting from 2024.
14. In December 2023 Hule Electrical Equipment a majority-owned subsidiary of Hainan Technology obtained
the qualification as a High and New Technology Enterprise and received the High and New Technology
Enterprise Certificate (Certificate No.: GR202333010552). According to relevant regulations Hule Electrical
Equipment is entitled to pay enterprise income tax at a reduced rate of 15% for three years starting from 2023.
15. In October 2024 the subsidiary Xinxiang Company obtained the qualification as a High and New Technology
Enterprise and received the High and New Technology Enterprise Certificate (Certificate No.: GR202441001673).According to relevant regulations Xinxiang Company is entitled to pay enterprise income tax at a reduced rate of
15% for three years starting from 2024.
16. NationStar Optoelectronics (Germany) a wholly-owned subsidiary of Haolaite Company is registered in
Germany. According to local tax policies it is entitled to an enterprise income tax rate of 15%.
17. Subsidiary Fozhao Huaguang subsidiary Beijing Hangxin and Shanghai Lelaite (indirectly controlled by
subsidiary Hainan Technology) are small and micro enterprises. From January 1 2025 to December 31 2025 in
accordance with the actual conditions of each province autonomous region and municipality directly under the
Central Government and subject to macroeconomic regulation requirements small and micro enterprises may
enjoy a 50% reduction in resource tax urban maintenance and construction tax property tax urban land use tax
stamp duty (excluding stamp duty on securities transactions) farmland occupation tax education surcharge and
local education surcharge.
3. Other
Pay in accordance with the relevant provisions of the tax law.VII. Notes to Main Items of Consolidated Financial Statements
1. Monetary Assets
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 78888.57 40535.66
Bank deposits 1289270845.12 1221721793.26
Other monetary assets (Note 1) 649539702.48 512794818.03
Deposits placed with finance
companies (Note 2) 1131061845.67 1462165277.45
To-be-received interest (Note 3) 14468117.34 12405012.91
Total 3084419399.18 3209127437.31
Of which: Total amount deposited
overseas 53460658.31 32471593.74
71Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Other notes:
Note 1: Other monetary assets were security deposits for notes and performance bonds pre-sale house payments
as well as investments placed with security firm and the balance with e-commerce platforms of which the securitydeposits for notes performance bonds and pre-sale house payment were restricted assets (see “31. Assets withRestricted Ownership or Right of Use” in Note “VII Notes to Consolidate Financial Statements”).Note 2: Deposits placed with finance companies refer to the amount deposited with Guangdong Rising Finance
Co. Ltd.Note 3: To-be-received interest was interest receivable on undue bank deposits and term deposits as at the end of
the Reporting Period which is not recognized as cash and cash equivalents.
2. Trading Financial Assets
Unit: RMB
Item Ending balance Beginning balance
Financial assets at fair value
through profit or loss 2288376.68 43649820.47
Of which:
Wealth management products 41661005.56
Equity instrument investments 2192776.68 1988814.91
Others 95600.00
Of which
Total 2288376.68 43649820.47
3. Derivative Financial Assets
Naught
4. Notes Receivable
(1) Notes Receivable Listed by Category
Unit: RMB
Item Ending balance Beginning balance
Bank acceptance bill 670457905.01 928954818.05
Commercial acceptance bill 121580149.33 68326252.16
Total 792038054.34 997281070.21
72Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount Proportion Amount Withdrawal Amount Proportion Amount Withdrawalproportion proportion
Accounts
receivable for
which bad debt
provision accrued
separately
Notes receivable
withdrawn bad debt 794523312.64 100.00% 2485258.30 0.31% 792038054.34 998684179.44 100.00% 1403109.23 0.14% 997281070.21
provision by group
Of which:
Bank acceptance
bill 670457905.01 84.38% 0.00 0.00% 670457905.01 928954818.05 93.02% 0.00 0.00% 928954818.05
Commercial
acceptance bill 124065407.63 15.62% 2485258.30 2.00% 121580149.33 69729361.39 6.98% 1403109.23 2.01% 68326252.16
Total 794523312.64 100.00% 2485258.30 0.31% 792038054.34 998684179.44 100.00% 1403109.23 0.14% 997281070.21
73Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Withdrawal of bad debt provision by group: Bank acceptance bill and commercial acceptance bill.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Within one year 794523312.64 2485258.30 0.31%
Total 794523312.64 2485258.30
Notes:
Please refer to Note V-13. Accounts Receivable for details.If adopting the general mode of expected credit loss to withdraw bad debt provision of notes receivable:
□Applicable□Not applicable
(3) Bad Debt Provision Withdrawn Reversed or Collected during the Reporting Period
Information of bad debt provision withdrawn:
Unit: RMB
Changes in the Reporting Period
Category Beginning Endingbalance balance
Withdrawn Reversal orrecovery Write-off Others
Notes
receivable
withdrawn
bad debt 1403109.23 1082149.07 2485258.30
provision by
group
Total 1403109.23 1082149.07 2485258.30
Of which bad debt provision collected or reversed with significant amount:
□Applicable□Not applicable
(4) Notes Receivable Pledged by the Company at the Period-end
Unit: RMB
Item Amount pledged at the period-end
Bank acceptance bill 447552986.75
Total 447552986.75
74Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(5) Notes Receivable which Had Endorsed by the Company or Had Discounted and Had not Due on the
Balance Sheet Date at the Period-end
Unit: RMB
Item Amount of recognition termination Amount of not recognitionat the period-end termination at the period-end
Bank acceptance bill 63254781.83 382982915.48
Commercial acceptance bill 395015.00
Total 63254781.83 383377930.48
(6) Notes Receivable with Actual Verification for the Reporting Period
Naught
5. Accounts Receivable
(1) Disclosure by Aging
Unit: RMB
Ageing Ending carrying balance Beginning carrying balance
Within one year (including one
year) 2074228964.74 1958007653.74
One to two years 181832703.00 160745414.76
Two to three years 63067902.06 75845969.51
Over three years 119581860.75 116132806.59
Three to four years 66613570.91 74345304.65
Four to five years 19241607.01 8949462.00
Over five years 33726682.83 32838039.94
Total 2438711430.55 2310731844.60
75Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount Proportion Amount Withdrawalproportion Amount Proportion Amount
Withdrawal
proportion
Accounts
receivable for
which bad
debt provision 98723680.62 4.05% 72460102.73 73.40% 26263577.89 146052307.68 6.32% 72871642.18 49.89% 73180665.50
accrued
separately
Accounts
receivable
withdrawal of
bad debt 2339987749.93 95.95% 122861136.52 5.25% 2217126613.41 2164679536.92 93.68% 112192910.46 5.18% 2052486626.46
provision by
portfolio
Of which:
(1) Business
portfolio of
general 1527343308.58 62.63% 105723794.99 6.92% 1421619513.59 1470492300.88 63.64% 97526907.72 6.63% 1372965393.16
lighting and
auto lamps
(2) Business
portfolio of
LED 812644441.35 33.32% 17137341.53 2.11% 795507099.82 694187236.04 30.04% 14666002.74 2.11% 679521233.30
packaging and
components
76Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount Proportion Amount Withdrawalproportion Amount Proportion Amount
Withdrawal
proportion
Total 2438711430.55 100.00% 195321239.25 8.01% 2243390191.30 2310731844.60 100.00% 185064552.64 8.01% 2125667291.96
Category name of bad debt provision accrued by item: Accounts receivable for which bad debt provision accrued separately.There is no significant individual provision for bad debts for accounts receivable in the current period.
77Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Withdrawal of bad debt provision by group: (1) Business portfolio of general lighting and auto lamps; (2) business
portfolio of LED packaging and components.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
(1) Business portfolio of
general lighting and auto 1527343308.58 105723794.99 6.92%
lamps
(2) Business portfolio of
LED packaging and 812644441.35 17137341.53 2.11%
components
Total 2339987749.93 122861136.52
Notes:
Please refer to Note V-13. Accounts Receivable for details.If adopting the general mode of expected credit loss to withdraw bad debt provision of accounts receivable:
□Applicable□Not applicable
(3) Bad Debt Provision Withdrawn Reversed or Recovered in the Reporting Period
Information of bad debt provision withdrawn:
Unit: RMB
Changes in the Reporting Period
Category Beginning
Current- Ending
balance period Reversal balance
Withdrawl recovery of or Write- Others
prior-period recovery off
write-offs
Accounts
receivable
for which
bad debt 1563182.72871642.18 1151642.82 72460102.73
provision 27
accrued
separately
Accounts
receivable
withdrawa 78240.7112192910.46 10532475.78 213991.00 122861136.52
l of bad 2
debt
provision
78Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
by
portfolio
Total 1563182. 78240.7185064552.64 11684118.60 213991.00 195321239.2527 2
Note: Others refer to bad debt provision accrued for the increased accounts receivable of Beijing Airtrust due to
combination in the current period.Of which bad debt provision collected or reversed with significant amount: Naught.
(4) Accounts Receivable with Actual Verification during the Reporting Period
Unit: RMB
Item Amount verified
Accounts receivable with actual verification 78240.72
Of which verification of significant accounts receivable: Naught.Notes to verification of accounts receivable:
The amount of accounts receivable written off in the current period was RMB 78240.72 and the bad debt
provision was RMB 78240.72. The approval procedure was performed in accordance with provisions of the bad
debt management system of the Company.
(5) Top Five Accounts Receivable and Contract Assets in Ending Balance Collected According to the
Arrears Party
Unit: RMB
Ending balance
Proportion to of bad debt
Ending balance Ending balance Ending balance total ending provision ofName of the
entity of accounts of contract
of accounts balance of accounts
receivable assets receivable and accounts receivable andcontract assets receivable and impairment
contract assets provision for
contract assets
No. 1 114168148.32 114168148.32 4.68% 3425044.45
No. 2 102522801.14 102522801.14 4.20% 3075684.03
No. 3 89508216.10 89508216.10 3.67% 6383095.03
No. 4 56240105.00 56240105.00 2.30% 1794826.93
No. 5 55114971.26 55114971.26 2.26% 1103099.43
Total 417554241.82 417554241.82 17.11% 15781749.87
79Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
6. Contract Assets
(1) List of Contract Assets
Unit: RMB
Ending balance Beginning balance
Item
Carrying Bad debt Carrying Carrying Bad debt Carrying
amount provision value amount provision value
Contract
assets 2253362.60 1126681.30 1126681.30 3380043.90 1690021.95 1690021.95
Total 2253362.60 1126681.30 1126681.30 3380043.90 1690021.95 1690021.95
(2) Significant Changes in the Amount of Carrying Value and the Reason in the Reporting Period
There was no significant change in the book value during the Reporting Period.
80Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(3) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying Carrying
value value
Amount Proportion Amount Withdrawal Withdrawalproportion Amount Proportion Amount proportion
Bad debt
provision accrued
separately
Withdrawal of bad
debt provision by 2253362.60 100.00% 1126681.30 50.00% 1126681.30 3380043.90 100.00% 1690021.95 50.00% 1690021.95
group
Of which:
Business portfolio
of general lighting 2253362.60 100.00% 1126681.30 50.00% 1126681.30 3380043.90 100.00% 1690021.95 50.00% 1690021.95
and auto lamps
Total 2253362.60 100.00% 1126681.30 50.00% 1126681.30 3380043.90 100.00% 1690021.95 50.00% 1690021.95
81Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Withdrawal of bad debt provision by group: Business portfolio of general lighting and auto lamps.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Business portfolio of
general lighting and auto 2253362.60 1126681.30 50.00%
lamps
Total 2253362.60 1126681.30
Notes:
Please refer to Note V-16. Contract Assets
Withdrawal of bad debt provision by adopting the general mode of expected credit loss
□Applicable□Not applicable
(4) Bad Debt Provision Withdrawn Reversed or Recovered in the Reporting Period
Unit: RMB
Item Withdrawal of the
Reversal or recovery
Current Period in the Reporting Verification ReasonPeriod
Provision for
impairment of -563340.65
contract assets
Total -563340.65
Of which bad debt provision collected or reversed with significant amount: Naught.
(5) Contract Assets Written-off in Current Period
Naught.
7. Accounts Receivable Financing
(1) Accounts Receivable Financing Listed by Category
Unit: RMB
Item Ending balance Beginning balance
Bank acceptance bill 380276549.15 352694866.89
82Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Total 380276549.15 352694866.89
(2) Disclosure by Withdrawal Methods for Bad Debts
Naught.The basis for the division of each phase and the withdrawal proportion of bad debt provision
Please refer to Note V-13. Accounts Receivable for details.Explanation of significant changes in the accounts receivable financing book balance with changes in loss
reserves in the current period: Naught
(3) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Naught.
(4) Accounts Receivable Financing Pledged by the Company at the Period-end
Unit: RMB
Item Amount pledged at the period-end
Bank acceptance bill 7600759.79
Total 7600759.79
(5) Accounts Receivable Financing Which Had Endorsed by the Company or Had Discounted and Had
not Due on the Balance Sheet Date at the Period-end
Unit: RMB
Item Amount of recognition termination Amount of not recognitionat the period-end termination at the period-end
Bank acceptance bill 543860638.36
Total 543860638.36
(6) Accounts Receivable Financing with Actual Verification for the Current Period
Naught.
(7) The Changes of Accounts Receivable Financing in the Reporting Period and the Changes in Fair
Value
Naught.
83Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(8) Other Notes
Naught.
8. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 69553723.47 70524265.25
Total 69553723.47 70524265.25
(1) Interest Receivable
Naught.
(2) Dividends Receivable
Naught.
(3) Other Receivables
1) Other Receivables Disclosed by Account Nature
Unit: RMB
Nature Ending carrying balance Beginning carrying balance
Other intercourse 82431083.68 77640342.04
Performance bond 24791707.62 25244600.82
Staff borrow and petty cash 4223606.87 3138997.42
Rent water & electricity fees 1837756.79 1314614.82
VAT export tax refunds 5974168.41
Total 113284154.96 113312723.51
2) Disclosure by Aging
Unit: RMB
Ageing Ending carrying balance Beginning carrying balance
84Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ageing Ending carrying balance Beginning carrying balance
Within one year (including one
year) 41338021.49 51110555.10
One to two years 30283306.99 22389136.32
Two to three years 6766434.76 6564915.91
Over three years 34896391.72 33248116.18
Three to four years 2690801.70 1383400.01
Four to five years 4313935.81 4236860.23
Over five years 27891654.21 27627855.94
Total 113284154.96 113312723.51
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying Carrying
value value
Amount Proportion Amount Withdrawal Withdrawalproportion Amount Proportion Amount proportion
Bad debt
provision 30288 302880 304090 304090
separately 26.74% 100.00% 26.84% 100.00%040.46 40.46 96.04 96.04
accrued
Withdrawal of
bad debt 82996 134423 695537 829036 123793 705242
provision by 73.26% 16.20% 73.16% 14.93%114.50 91.03 23.47 27.47 62.22 65.25
group
Among which:
Other
receivables of
bad debt
provision 82996 134423 695537 829036 123793 705242
withdrawn by 73.26% 16.20% 73.16% 14.93%114.50 91.03 23.47 27.47 62.22 65.25
credit risk
characteristic
portfolio:
85Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying Carrying
Amount Proportion Amount Withdrawal
value value
proportion Amount Proportion Amount
Withdrawal
proportion
Total 113284 437304 695537 113312 427884 705242100.00% 38.60% 100.00% 37.76%
154.9631.4923.47723.5158.2665.25
Category name of bad debt provision accrued by item: Bad debt provision separately accrued.Significant accounts receivable for which bad debts are accrued separately:
Unit: RMB
Beginning balance Ending balance
Name
Carrying Provision for Carrying Bad debt Withdrawal Reason for
amount impairment amount provision proportion withdrawal
Customer A 20000000.00 20000000.00 20000000.00 20000000.00 100.00% Less likely tobe recovered
Total 20000000.00 20000000.00 20000000.00 20000000.00
Withdrawal of bad debt provision by group: Other receivables of bad debt provision withdrawn by credit risk
characteristic portfolio.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Other receivables of bad
debt provision withdrawn
by credit risk 82996114.50 13442391.03 16.20%
characteristic portfolio
Total 82996114.50 13442391.03
Notes:
Please refer to Note V-13. Accounts Receivable for details.Withdrawal of bad debt provision by adopting the general mode of expected credit loss:
Unit: RMB
Bad debt provision Phase I Phase II Phase III Total
86Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Expected credit loss Expected loss in theduration (credit Expected loss in theof the next 12 impairment not duration (creditmonths occurred) impairment occurred)
Balance of January
120251522971.9010819330.4730446155.8942788458.26
Balance of January
1 2025 in the
current period
Withdrawal of the
current period -333607.19 1353073.06 -121055.58 898410.29
Amount written-off
for the current 31213.89 12349.05 43562.94
period
Balance of June 30
20251220578.6012184752.5830325100.3143730431.49
The basis for the division of each phase and the withdrawal proportion of bad debt provision
Please refer to Note V-13. Accounts Receivable for details.Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable□Not applicable
4) Bad Debt Provision Withdrawn Reversed or Recovered in the Reporting Period
Information of bad debt provision withdrawn:
Unit: RMB
Changes in the Reporting Period
Category Beginning Endingbalance Charged- balance
Withdrawal Reversal orrecovery off/Written- Othersoff
Other
receivables 42788458.26 898410.29 43562.94 43730431.49
Total 42788458.26 898410.29 43562.94 43730431.49
Of which the bad debt provision reversed or recovered with significant amount during the Reporting Period:
Naught.
5) Particulars of the Actual Verification of Other Receivables during the Reporting Period
Naught.
87Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
6) Top 5 of the Ending Balance of the Other Receivables Collected according to the Arrears Party
Unit: RMB
Proportion to total Ending
Name of the Nature Ending balance Ageing ending balance of balance ofentity other receivables bad debt
(%) provision
No. 1 Otherintercourse 20000000.00 Over five years 17.65% 20000000.00
No. 2 Otherintercourse 15883375.00
Within two
years 14.02% 1588337.50
No. 3 Otherintercourse 14840849.57 Within one year 13.10% 445225.49
No. 4 VAT export taxrefunds 10000000.00
Within two
years 8.83% 1000000.00
No. 5 Performancebond 5000000.00
Within three
years 4.41% 5000000.00
Total 65724224.57 28033562.958.01%
9
7) Presentation in Other Receivables Due to the Centralized Management of Fund
Naught.
9. Prepayments
(1) Listed by Aging
Unit: RMB
Ending balance Beginning balance
Ageing
Amount Proportion Amount Proportion
Within one year 24889681.78 76.09% 18587036.85 76.11%
One to two years 3300051.28 10.09% 2101361.07 8.61%
Two to three years 2540825.57 7.77% 1640558.43 6.72%
Over three years 1980342.77 6.05% 2090822.77 8.56%
Total 32710901.40 24419779.12
88Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Notes of the reasons of the prepayment aging over one year with significant amount but failed settled in time:
Naught.
(2) Top Five of the Ending Balance of the Prepayments Collected according to the Prepayment Target
Unit: RMB
Name of the Relationship with the
entity Company Ending balance Ageing
Proportion to total
prepayments (%)
No. 1 Unrelated party 2192566.06 Within four years 6.70%
No. 2 Unrelated party 2024786.17 Within one year 6.19%
No. 3 Unrelated party 1080492.13 Within one year 3.30%
No. 4 Unrelated party 961670.98 Within one year 2.94%
No. 5 Unrelated party 814300.00 Within one year 2.49%
Total 7073815.34 21.62%
10. Inventory
Whether the Company needs to comply with disclosure requirements for real estate industry
No
(1) Category of Inventory
Unit: RMB
Ending balance Beginning balance
Falling price Falling price
Item reserves of reserves of
Carrying inventory or Carrying Carrying inventory or Carrying
amount depreciation value amount depreciation value
reserves of contract reserves of contract
performance cost performance cost
Raw 340191533. 3182511 314930694 2923956
materials 21940374.41 22535048.5578 59.37 .77 46.22
Goods in 213986865. 2139868 229665213 2296652
process 68 65.68 .27 13.27
Inventory 125283389 1113162 12491307 1122784
goods 139671260.73 126346042.261.25 630.52 00.18 657.92
89Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Falling price Falling price
Item reserves of reserves of
Carrying inventory or Carrying Carrying inventory or Carrying
amount depreciation value amount depreciation value
reserves of contract reserves of contract
performance cost performance cost
Goods in 273854319. 2728146 291148176 2633317
transit 1039688.86 27816444.6748 30.62 .11 31.44
Semi-
finished 103588159. 1009494 103638782 10114642638690.27 2492313.51
goods 96 69.69 .42 68.91
Low-value 2637603 1515044.7 1515044.consumables 2637603.96 .96 4 74
Others 3955089 14660598. 14660593955089.24 .24 88 8.88
Total 219104746 2025757 22046892 2025499165290014.27 179189848.993.35 449.08 10.37 361.38
(2) Data Resources Recognized as Inventory
Naught.
(3) Falling Price Reserves of Inventory and Depreciation Reserves of Contract Performance Cost
Unit: RMB
Increase Decrease
Item Beginning Endingbalance
Withdrawal Others Reversal or
balance
write-off Others
Raw
materials 22535048.55 676683.67 1271357.81 21940374.41
Inventory
goods 126346042.26 22805561.00 9480342.53 139671260.73
Goods in
transit 27816444.67 494490.58 27271246.39 1039688.86
Semi-
finished 2492313.51 146376.76 2638690.27
goods
Total 179189848.99 24123112.01 38022946.73 165290014.27
90Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Note: In the amount reversed or charged off in the current period the amount reversed was RMB 1778010.83
and the amount charged off was RMB 36244935.90.Provision for depreciation in value of inventories by portfolio
Naught.Provision standards for depreciation in value of inventories by group
Please refer to Note V-17. Inventory.
(4) Notes to the Ending Balance of Inventories Including Capitalized Borrowing Expense
Naught
(5) Amortization Amount of Contract Performance Cost during the Reporting Period
Naught
11. Held-for-Sale Assets
Unit: RMB
Ending
Item carrying Depreciation
Ending Estimated
carrying Fair value disposal Estimated
balance reserves value expense disposal time
Houses
buildings and
land involved 17147339.17147339.84 165208303.00 55718333.95 December
in 84 31 2025
expropriation
Total 17147339.17147339.84 165208303.00 55718333.9584
Other notes:
Note: For details see Part VIII-XVIII. Other Major Events-8. Other: “Demolition Matters of Nanjing Fozhao” of
this Report. The estimated disposal costs include employee resettlement fees compensation for the termination of
the original tenant’s contract and taxes related to the proceeds of demolition.
12. Current Portion of Non-current Assets
Naught.
13. Other Current Assets
Unit: RMB
Item Ending balance Beginning balance
Input tax of VAT to be certified and
deducted 130072096.20 125298564.45
91Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Large-value bank certificates of
deposit 281243990.34 130975312.95
Advance payment of enterprise income
tax 1544945.99 2524237.91
Others 1965878.03 2486661.54
Total 414826910.56 261284776.85
14. Investments in Debt Obligations
Naught
92Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
15. Other Investments in Debt Obligations
(1) List of Other Investments in Debt Obligations
Unit: RMB
Accumulated
Change in impairment
Item Beginning Accrued Interest fair value in
Accumulated provision
balance interest adjustment the Reporting Ending balance Cost changes in fairvalue recognized in other
Note
Period comprehensive
income
Purchase held-to-
maturity Large deposit
investments in 417634469.18 6021698.99 423656168.17 400000000.00 certificate of a
2023 bank
Purchase held-to-
maturity Large deposit
investments in 722388394.54 9273150.68 731661545.22 707000000.00 certificate of a
2024 bank
Total 1140022863.72 15294849.67 1155317713.39 1107000000.00
Changes in the impairment provision for other investments in debt obligations during the current period
Naught.
93Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(2) Significant Other Investments in Debt Obligations at the Period-end
Unit: RMB
Ending balance Beginning balance
Item
Par value Coupon Actualrate interest rate Maturity date
Overdue
principal Par value
Coupon Actual Overdue
rate interest rate Maturity date principal
Large deposit
certificate of 100000000.00 3.30% 3.30% January 6 2026 100000000.00 3.30% 3.30% January 6 2026
Everbright Bank
Large deposit
certificate of Bank of 50000000.00 2.90% 2.90% August 31 2026 50000000.00 2.90% 2.90% August 31 2026
Communications
Large deposit
certificate of 100000000.00 2.90% 2.90% November 32026 100000000.00 2.90% 2.90%
November 3
Everbright Bank 2026
Large deposit
certificate of Bank of 150000000.00 2.95% 2.95% December 12026 150000000.00 2.95% 2.95%
December 1
Guangzhou 2026
Large deposit
certificate of Bank of 212000000.00 2.75% 2.75% February 5 2027 212000000.00 2.75% 2.75% February 5 2027
Guangzhou
Large deposit
certificate of 55000000.00 2.60% 2.60% February 5 2027 55000000.00 2.60% 2.60% February 5 2027
Everbright Bank
Large deposit
certificate of Huaxia 143000000.00 2.60% 2.60% February 5 2027 143000000.00 2.60% 2.60% February 5 2027
Bank
Large deposit 82000000.00 2.60% 2.60% February 5 2027 82000000.00 2.60% 2.60% February 5 2027
certificate of China
94Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Item
Par value Coupon Actualrate interest rate Maturity date
Overdue Par value Coupon Actualprincipal rate interest rate Maturity date
Overdue
principal
Merchants Bank
Large deposit
certificate of Huaxia 150000000.00 2.60% 2.60% March 8 2027 150000000.00 2.60% 2.60% March 8 2027
Bank
Large deposit
certificate of China 35000000.00 2.60% 2.60% March 29 2027 35000000.00 2.60% 2.60% March 29 2027
Merchants Bank
Large deposit
certificate of China 30000000.00 2.60% 2.60% April 30 2027 30000000.00 2.60% 2.60% April 30 2027
Merchants Bank
Total 1107000000.00 1107000000.00
(3) Status of Accrued Depreciation Reserves
Naught.The basis for the division of each phase and the withdrawal proportion of bad debt provision
Please refer to Note V-20. Other Debt Investments.
(4) Status of Other Investments in Debt Obligations Written-off in Current Period
Naught.
95Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
16. Other Equity Instrument Investments
Unit: RMB
Reason for
Gains recorded Losses recorded Accumulative Accumulative assigning to
in other in other gains recorded in losses recorded
Dividend
income measure in fair
Name of project Beginning other in other Ending value and thebalance comprehensive comprehensiveincome in the income in the comprehensive comprehensive
recognized balance changes
current period current period income in the income in the
in current
year included in othercurrent period current period comprehensive
income
Gotion High-tech Equity
Co. Ltd. 363579045.02 186135432.31 264486123.71 310890551.46 instruments notheld for trading
Xiamen Bank Equity
Co.Ltd. 323502024.60 65962292.25 236506710.02 9177362.40 389464316.85 instruments notheld for trading
China Guangfa Equity
Bank Co.Ltd. 500000.00 72432.86 500000.00 instruments notheld for trading
Foshan Nanhai
District United
Guangdong New Equity
Light Source 3000000.00 3000000.00 instruments not
Industry held for trading
Innovation Center
Beijing Guangrong
Lianmeng Equity
Semiconductor 6082543.80 6082543.80 instruments not
Lighting Industry held for trading
Investment Center
96Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Reason for
Gains recorded Losses recorded Accumulative Accumulative assigning to
in other in other gains recorded in losses recorded
Dividend measure in fair
Name of project Beginning
income
balance comprehensive comprehensive
other in other Ending value and the
income in the income in the comprehensive comprehensive
recognized
in current balance changes
current period current period income in the income in the included in othercurrent period current period year comprehensive
income
(L.P.)
Guangdong Rising Equity
Finance Co. Ltd. 30000000.00 477925.41 30000000.00 instruments notheld for trading
Rising Baijianwan
High-Quality
Development
Industry Equity
Investment Fund 7320000.00 instruments not
Partnership held for trading
(Limited
Partnership)
Total 726663613.42 252097724.56 500992833.73 9727720.67 747257412.11
Derecognition in the current period
Naught.Disclosure of non-trading equity instrument investment by items
Unit: RMB
97Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Amount of other Reason for assigning to Reason for other
Name of project Dividend income Accumulative Accumulative comprehensive
measure in fair value and comprehensive
recognized gains losses income transferred the changes included in income transferred
to retained earnings other comprehensiveincome to retained earnings
Not satisfied with the
Gotion High-tech Co. Ltd. 264486123.71 171881788.23 condition of trading equity Sales of shares
instrument
Not satisfied with the
Xiamen Bank Co. Ltd. 9177362.40 236506710.02 condition of trading equity Not applicable
instrument
Beijing Guangrong
Lianmeng Semiconductor Not satisfied with the
Lighting Industry Investment 1505569.32 condition of trading equity Not applicable
Center (L.P.) instrument
Guangdong Rising Finance Not satisfied with the
Co. Ltd. 477925.41 1122913.74 condition of trading equity Not applicableinstrument
Total 9655287.81 503621316.79 171881788.23
Other notes:
1. NationStar Optoelectronics is a limited partner of Beijing Guangrong Lianmeng Semiconductor Lighting Industry Investment Center (Limited Partnership). As at
June 30 2025 NationStar Optoelectronics has received a total distribution of principal and interest amounting to RMB 5423025.52 from Beijing Guangrong
Lianmeng Semiconductor Lighting Industry Investment Center (Limited Partnership). The accumulated principal repaid is RMB3917456.20. After partial recovery
of the investment NationStar Optoelectronics holds a 3.98% equity stake in the partnership.
2. NationStar Optoelectronics is a limited partner in Guangdong Rising Baiqianwan High-Quality Development Industry Investment Fund Partnership (Limited
Partnership) holding a 2.24% stake corresponding to a subscribed capital contribution of RMB11.2 million. As of June 30 2025 NationStar Optoelectronics had
paid in RMB7.32 million.
98Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
17. Long-term Receivables
Naught.
18. Long-term Equity Investment
Unit: RMB
Increase/decrease
Beginning Beginning Gains and Ending
Investee balance balance of
Ending balance
losses Adjustment of Cash Withdrawal balance of
(carrying impairment Changes bonus or (carryingAdditional Reduced recognized other of value) impairmentvalue) provision investment investment under the comprehensive of other profits impairment Others provision
equity income equity announced provision
method to issue
I. Joint Ventures
II. Associated Enterprises
Shenzhen
Primatronix
(Nanho) 180300594.89 646719.77 180947314.66
Electronics
Ltd.Sub-total 180300594.89 646719.77 180947314.66
Total 180300594.89 646719.77 180947314.66
99Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□Applicable□Not applicable
The recoverable amount is determined by the present value of the expected future cash flow
□Applicable□Not applicable
The reason for the discrepancy between the foregoing information and the information used in the impairment
tests in prior years or external information
Naught.The reason for the discrepancy between the information used in the Company’s impairment tests in prior years
and the actual situation of those years
Naught.
19. Other Non-current Financial Assets
Naught.
20. Investment Property
(1) Investment Property Adopting the Cost Measurement Mode
□Applicable □ Not applicable
Unit: RMB
Item Houses and Land use right Construction inbuildings Progress Total
I. Original carrying
value
1. Beginning balance 822894661.93 61486213.33 884380875.26
2. Increased amount of
the period 53799926.84 53799926.84
(1) Outsourcing
(2) Transfer from
inventories/fixed
assets/construction in 53799926.84 53799926.84
progress
(3) Increase for
business combination
3. Decreased amount of
the period 503561.13 503561.13
(1) Disposal
100Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Houses andbuildings Land use right
Construction in
Progress Total
(2) Other transfer 503561.13 503561.13
4. Ending balance 876191027.64 61486213.33 937677240.97
II. Accumulative
depreciation and
accumulative
amortization
1. Beginning balance 77917683.10 12976146.14 90893829.24
2. Increased amount of
the period 17913167.15 1108124.73 19021291.88
(1) Withdrawal or
amortization 16011084.84 1108124.73 17119209.57
(2) Transfer from
inventories/fixed
assets/construction in 1902082.31 1902082.31
progress
3. Decreased amount of
the period 121873.78 121873.78
(1) Disposal
(2) Other transfer 121873.78 121873.78
4. Ending balance 95708976.47 14084270.87 109793247.34
III. Depreciation
reserves
1. Beginning balance
2. Increased amount of
the period
(1) Withdrawal
3. Decreased amount of
the period
(1) Disposal
(2) Other transfer
101Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Houses and Construction inbuildings Land use right Progress Total
4. Ending balance
IV. Carrying value
1. Ending carrying
value 780482051.17 47401942.46 827883993.63
2. Beginning carrying
value 744976978.83 48510067.19 793487046.02
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□Applicable□Not applicable
The recoverable amount is determined by the present value of the expected future cash flow
□Applicable□Not applicable
The reason for the discrepancy between the foregoing information and the information used in the impairment
tests in prior years or external information
Naught.The reason for the discrepancy between the information used in the Company’s impairment tests in prior years
and the actual situation of those years
Naught.
(2) Investment Property Adopting the Fair Value Measurement Mode
□Applicable□Not applicable
(3) Projects Converted to Investment Properties and Measured at Fair Value
Naught.
(4) Investment Property Failed to Accomplish Certification of Property
As at December 2025 the relevant property certificates for the LED Workshop R&D Workshop 18 some Hainan
Fuli parking spaces and the leased portion of the Hainan production base are still in progress. The Company
believes that obtaining such property certificates is not subject to any substantive legal obstacles and has no
significant adverse impact on the Company’s normal operations.
21. Fixed Assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 3571748769.66 3646134662.80
Disposal of fixed assets 526992.02 459543.24
102Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Total 3572275761.68 3646594206.04
(1) List of Fixed Assets
Unit: RMB
Buildings
Item and Machinery Transportatio Electronic Other (Noteequipment n equipment equipment 1) Totalstructures
I. Original
carrying value
1. Beginning 2446766384. 5356958204. 8027338334.
balance 41393466.76 82849592.26 99370685.9414 94 04
2. Increased
amount of the 25094628.33 154385555.00 495044.25 4310575.63 2386563.79 186672367.00
period
(1) Purchase 24326613.99 18388373.99 495044.25 3285319.53 447132.73 46942484.49
(2) Transfer from
Construction in 218383.68 135568512.16 877629.20 1896971.37 138561496.41
progress
(3) Increase for
business 147626.90 147626.90
combination
(4) Other (Note
2)549630.66428668.8542459.691020759.20
3. Decreased
amount of the 7558964.37 3599608.52 6327.53 492852.54 506308.72 12164061.68
period
(1) Disposal or
scrap 24254.78 3504923.58 2669.47 21589.00 452239.42 4005676.25
(2) Equipment
transformation 51282.05 51282.05
(3) Other (Note
2)7534709.5994684.943658.06471263.542787.258107103.38
4. Ending 2464302048. 5507744151. 8201846639.
balance 41882183.48 86667315.35 101250941.0110 42 36
II. Accumulated
103Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Buildings
Item and Machinery Transportatio Electronic Other (Note
structures equipment n equipment equipment 1)
Total
amortization
1. Beginning 3482012719. 4372821401.
balance 722456586.96 29416209.26 59344753.72 79591132.1628 38
2. Increased
amount of the 55795012.28 189649936.18 1733624.94 5325667.39 2672338.12 255176578.91
period
(1) Withdrawal 55673138.50 189242700.73 1733624.94 5231533.42 2632001.41 254512999.00
(2) Increase for
business 94133.97 94133.97
combination
(3) Other (Note
2)121873.78407235.4540336.71569445.94
3. Decreased
amount of the 1936895.05 3372740.41 3621.48 468647.14 500476.37 6282380.45
period
(1) Disposal or
scrap 14807.54 3336481.43 20941.33 446947.77 3819178.07
(2) Equipment
transformation 50769.23 50769.23
(3) Other (Note
2)1922087.5136258.983621.48447705.812759.372412433.15
4. Ending 3668289915. 4621715599.
balance 776314704.19 31146212.72 64201773.97 81762993.9105 84
III. Depreciation
reserves
1. Beginning
balance 8375870.55 3454.52 2944.79 8382269.86
2. Increased
amount of the
period
(1) Withdrawal
3. Decreased
amount of the
104Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Buildings
Item and Machinery Transportatio Electronic Other (Note
structures equipment n equipment equipment 1)
Total
period
(1) Disposal or
scrap
4. Ending
balance 8375870.55 3454.52 2944.79 8382269.86
IV. Carrying
value
1. Ending 1687987343. 1831078365. 3571748769.
carrying value 10735970.76 22462086.86 19485002.3191 82 66
2. Beginning 1724309797. 1866569615. 3646134662.
carrying value 11977257.50 23501384.02 19776608.9918 11 80
Note 1: Fixed Assets - Other refer to cooling system and sewage treatment station of NationStar Optoelectronics
and instruments and implement of Liaowang Auto Lamp.Note 2: Changes in the original carrying value and accumulated amortization are mainly due to the addition of
ancillary facilities to buildings and structures reclassifications between investment property and fixed assets due
to changes in building usage during the current period and outward transfer of input VAT during the current
period.
(2) List of Temporarily Idle Fixed Assets
Naught.
(3) Fixed Assets Leased out by Operation Lease
Naught.
(4) Fixed Assets Failed to Accomplish Certification of Property
Other notes:
The Company’s Fuwan Energy Saving Lamp Workshop 2 Glass Workshop 8 Glass Workshop 9 Fluorescent
Lamp Workshop Standard Workshop A Hainan Production Base (self-use part) Fuwan Employee Village
Family Dormitory Buildings 2-6 Family Dormitory Building 8 Fuwan Industrial Park Employee Village
Dormitory Buildings 01-04 Fuwan Employee Village Dormitory Buildings A 2 3 5 6 7 10 to 13 and
Employee Apartment Buildings 1-4 have been completed and put into use and carried forward fixed assets. As at
June 30 2025 the relevant property certificates are still in progress. The Company believes that obtaining such
property certificates is not subject to any substantive legal obstacles and has no significant adverse impact on the
Company’s normal operations.
(5) Impairment Test of Fixed Assets
□Applicable□Not applicable
105Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(6) Proceeds from Disposal of Fixed Assets
Unit: RMB
Item Ending balance Beginning balance
Equipment 526992.02 459543.24
Total 526992.02 459543.24
22. Construction in Progress
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 293945488.06 263601705.89
Total 293945488.06 263601705.89
(1) List of Construction in Progress
Unit: RMB
Ending balance Beginning balance
Item
Carrying Depreciation
amount reserves Carrying value
Carrying Depreciation
amount reserves Carrying value
Construction
in progress 295540307.20 1594819.14 293945488.06 265196525.03 1594819.14 263601705.89
Total 295540307.20 1594819.14 293945488.06 265196525.03 1594819.14 263601705.89
(2) Changes in Significant Construction in Progress during the Reporting Period
Unit: RMB
Proportion Of
of which:Amount Capitalizati
Beginnin Increas Transferr Other
accumulati Accumulat
Ending ve Job ive amount of on rate ofName of ed ed in decrease
project Budget g amoun fixed d balanc investment schedu of interest
capitalise interests Capital
balance e in le capitalizati d for the resourcest assets amounts constructio on interests Reporting
ns to for the Period
budget Reporting Period
The 1714 203811 12037 756058 111871 23739 45.4045.40% 645610.61 Self-
Project 54670 312.45 9063. 28.61 54.31 7393. % financing
106Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Proportion Of
of which:Amount Capitalizati
Beginnin Increas Transferr Other
accumulati Accumulat
Name of ed ed in decrease Ending ve Job ive amount
of on rate of
project Budget g amoun fixed d balanc investment schedu of interest
capitalise interests Capital
balance e in le capitalizati d for the resourcest assets amounts constructio on interests Reporting
ns to for the Period
budget Reporting Period
of the 0.00 88 41 and
Geely borrowing
Industria
l Park
17141203723739
Total 203811 756058 11187154670 9063. 7393. 645610.61
312.4528.6154.31
0.008841
(3) List of the Withdrawal of the Depreciation Reserves for Construction in Progress
Naught.
(4) Impairment Test of Construction in Progress
□Applicable□Not applicable
(5) Engineering Materials
Naught.
23. Productive Living Assets
Naught.
24. Oil and Gas Assets
Naught.
25. Right-of-use Assets
(1) List of Right-of-use Assets
Unit: RMB
Item Houses and Machinerybuildings equipment Other Total
I. Original carrying value
1. Beginning balance 31539171.10 1096398.96 75471.70 32711041.76
107Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Houses and Machinerybuildings equipment Other Total
2. Increased amount of the period 1249716.67 1249716.67
(1) Leased in 1249716.67 1249716.67
3. Decreased amount of the period 1054446.31 1054446.31
(1) Disposal 1054446.31 1054446.31
4. Ending balance 31734441.46 1096398.96 75471.70 32906312.12
II. Accumulated amortization
1. Beginning balance 9940040.61 383976.64 44025.17 10368042.42
2. Increased amount of the period 5099604.70 274099.74 18867.90 5392572.34
(1) Withdrawal 5099604.70 274099.74 18867.90 5392572.34
3. Decreased amount of the period 994263.36 994263.36
(1) Disposal 994263.36 994263.36
4. Ending Balance 14045381.95 658076.38 62893.07 14766351.40
III. Depreciation reserves
1. Beginning balance
2. Increased amount of the period
(1) Withdrawal
3. Decreased amount of the period
(1) Disposal
4. Ending balance
IV. Carrying value
1. Ending carrying value 17689059.51 438322.58 12578.63 18139960.72
2. Beginning carrying value 21599130.49 712422.32 31446.53 22342999.34
108Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(2) Impairment Test of Right-of-use Assets
□Applicable□Not applicable
26. Intangible Assets
(1) List of Intangible Assets
Unit: RMB
Item Land use Non-patent Otherright Patent technology Software Trademark (Note) Total
I. Original carrying value
1. Beginning balance 369823060 38099524. 8232155 27020000.0 3470000.0 5207341.63 86 7.78 0 0 43.27
2. Increased amount of the 5001661. 7952261.
period 2950600.0027 27
(1) Purchase 5001661. 5001661.27 27
(2) Internal R&D
(3) Increase for business 2950600.
combination 2950600.00 00
3. Decreased amount of the
period 1547.17 1547.17
(1) Disposal
(2) Other 1547.17 1547.17
4. Ending balance 369823060 38097977. 8732321 29970600.0 3470000.0 5286848.63 69 9.05 0 0 57.37
II. Accumulated
amortization
1. Beginning balance 72311396. 25018656. 3354632 13214671125833.35 144583.3530 50 4.78 94.28
2. Increased amount of the 6389503. 1281644
period 3858565.3 994694.77 173500.0287 1400176.69 0.672
(1) Withdrawal 6389503. 12816443858565.3 994694.77 173500.0287 1400176.69 0.67
2
3. Decreased amount of the
period 180.53 180.53
109Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Land useright Patent
Non-patent
technology Software Trademark
Other
(Note) Total
(1) Disposal
(2) Other 180.53 180.53
4. Ending balance 26013170. 3993582 144963076169961. 318083.3774 8.65 2526010.04 54.42
62
III. Depreciation reserves
1. Beginning balance
2. Increased amount of the
period
(1) Withdrawal
3. Decreased amount of the
period
(1) Disposal
4. Ending balance
IV. Carrying value
1. Ending carrying value 293653099 12084806. 4738739 27444589.9 3151916.6 3837218.01 95 0.40 6 3 02.95
2. Beginning carrying value 297511664 13080868. 4877523 25894166.6 3325416.6 3885873.33 36 3.00 5 5 48.99
Note: Intangible Assets—“Other” mainly refers to software copyrights.The proportion of intangible assets formed from the internal R&D of the Company at the period-end to the ending
balance of intangible assets was 0.00%.
(2) Data Resources Recognized as Intangible Assets
Naught.
(3) Land Use Right with Certificate of Title Uncompleted
Naught.
(4) Impairment Test of Intangible Assets
□Applicable□Not applicable
110Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
27. Goodwill
(1) Original Carrying Value of Goodwill
Unit: RMB
Name of the Increase Decrease
invested units
or events Beginning EndingFormed by
generating balance balancebusiness Disposal
goodwill combination
Foshan
NationStar
Optoelectronic 405620123.64 405620123.64
s Co. Ltd.Nanning
Liaowang
Auto Lamp 16211469.82 16211469.82
Co. Ltd.Beijing
Airtrust
Aviation 125552.07 125552.07
Technology
Co. Ltd.Total 421831593.46 125552.07 421957145.53
(2) Goodwill Impairment Provisions
Unit: RMB
Name of the Increase Decrease
invested units or Beginning Ending
events generating balance balance
goodwill Withdrawal Disposal
Foshan NationStar
Optoelectronics 142393052. 142393052.68
Co. Ltd. 68
Total 142393052. 142393052.6868
28. Long-term Prepaid Expense
Unit: RMB
111Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Beginning Increased AmortizationItem Other decreasedbalance amount amount of theperiod amount
Ending balance
Mould 180708464.33 48318682.13 31204596.70 21037782.33 176784767.43
Expense on
maintenance 64783900.72 17911930.93 14674584.46 1723.46 68019523.73
and decoration
Boarding box 313010.00 103633.88 209376.12
Others 7219120.77 3389160.58 2004605.78 8603675.57
Total 253024495.82 69619773.64 47987420.82 21039505.79 253617342.85
Other notes
Other decrease amount was mainly due to the disposal of molds
29. Deferred Income Tax Assets/Deferred Income Tax Liabilities
(1) Deferred Income Tax Assets that had not Been Off-set
Unit: RMB
Ending balance Beginning balance
Item Deductible
temporary Deferred income
Deductible
temporary Deferred income
difference tax assets difference tax assets
Provision for impairment
of assets 453198893.30 69193986.12 437165619.65 66540210.84
Unrealized profit of
internal transactions 47409166.20 7111374.93 67232648.57 10084897.28
Deductible loss 222913091.73 36729051.10 205026280.47 33375483.69
Depreciation of fixed
assets 41027390.87 6154108.63 45661228.34 6849184.25
Accrued liabilities 26914403.37 4037160.50 27430683.82 4114602.59
Changes in the fair value
of trading financial assets 368641.02 55296.15 636322.31 95448.35
Estimated expense 77864074.81 12884866.41 59384034.04 8907605.11
112Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Lease liabilities and others 31915351.06 5389296.19 34868832.74 5980792.80
Total 901611012.36 141555140.03 877405649.94 135948224.91
(2) Deferred Income Tax Liabilities Had not Been Off-set
Unit: RMB
Ending balance Beginning balance
Item
Taxable temporary Deferred income Taxable temporary Deferred income
difference tax liabilities difference tax liabilities
Assets assessment
appreciation from
business consolidation 146948206.73 22188702.59 151028108.51 22654216.26
not under the same
control
Changes in fair value of
other investments in 495142833.72 74271425.06 445258977.65 66788846.65
equity instruments
Changes in the fair value
of trading financial assets 1043668.13 156550.22 736537.65 110480.65
One-off depreciation of
fixed assets 594843119.81 89226467.98 615396814.10 92309522.12
Right-of-use assets and
others 18771766.87 3461029.56 22342999.38 4058203.61
Total 1256749595.26 189304175.41 1234763437.29 185921269.29
(3) Deferred Income Tax Assets or Liabilities Listed by Net Amount after Off-set
Unit: RMB
Mutual set-off Amount of deferred Mutual set-off Amount of deferredamount of deferred amount of deferred income tax assets or
Item income tax assets income tax assets orliabilities after off- income tax assets liabilities after off-and liabilities at the
period-end set at the period-end
and liabilities at the set at the period-
period-begin begin
Deferred income
tax assets 141555140.03 135948224.91
Deferred income
tax liabilities 189304175.41 185921269.29
113Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(4) List of Unrecognized Deferred Income Tax Assets
Naught.
(5) Deductible Losses of Unrecognized Deferred Income Tax Assets will Due in the Following Years
Naught.
30. Other Non-current Assets
Unit: RMB
Ending balance Beginning balance
Item
Carrying Depreciation Carrying Carrying Depreciation Carrying
amount reserves value amount reserves value
Contract assets 467940.84 33626.88 434313.96 389288.95 20492.17 368796.78
Long-term assets to 165522692 103788056.be disposed 165522692.24 103788056.44.24 44
Prepaid long-term
assets acquisition 36085714. 36085714.036085714.00 36085714.00
funds 00 0
Advance payment
for equipment and 51956326. 59359531.651956326.93 59359531.60
project 93 0
Prepayment for
equity acquisition 10000000.00 10000000.00 10000000.00 10000000.00
Others 1161418.91161418.97 1163686.77 1163686.777
Total 255160466 200765785.265194092.98 10033626.88 210786277.76 10020492.17.10 59
Note: The long-term assets expected to be disposed of mainly include the land use rights of the plot at No. 64
Fenjiang North Road which is to be transferred and disposed of as well as the disposal costs of the plot.
31. Assets with Restricted Ownership or Right of Use
Unit: RMB
Period-end Period-beginning
Item
Carrying Carrying Type of Status of Carrying Carrying Type of Status of
amount value restriction restriction amount value restriction restriction
524122497. 524122497. Bill 512340403. 512340403.Monetary 12 12 Restricted
Bill
deposit 99 99 Restricted deposit
114Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Period-end Period-beginning
Item
Carrying Carrying Type of Status of Carrying Carrying Type of Status of
amount value restriction restriction amount value restriction restriction
Assets use guarantee use guarantee
deposit deposit
pre-sale pre-sale
house house
payment payment
etc. etc
Pledge of Pledge of
Pledge bill pool Pledge bill pool
endorsed bills endorsed bills
Notes 830930917. 830930917. or receivableendorsed 951909082. 951909082. or
receivable
receivable 23 23 discounted or 20 20 discounted
endorsed
but not yet or
due discounted
but not yet
and not due
discounted
and not
due due
Mortgage Mortgage
Fixed 348161016. 207316221. Pledge guarantee 348161016. 211977100. Pledge guaranteeassets 79 86 of related 79 96 of related
parties parties
Mortgage Mortgage
Intangible 15551408.0 10263929.8
assets 0 2 Pledge
guarantee 15551408.0 10341686.8 Pledge guaranteeof related 0 7 of related
parties parties
Accounts
receivable 7600759.79 7600759.79 Pledged Pledge of 25328943.2 25328943.2 Pledge of
financing bill pool 4 4
Pledged bill pool
Other non-
current Frozen Frozen663.57 663.57 Frozen
assets funds
2931.37 2931.37 Frozen funds
Frozen
Other debt large-
investment 103309041. 103309041. denominati
s 10 10 oncertificates
of deposit
Total 172636726 158023498 195660282 1815209182.50 9.39 6.69 9.73
115Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
32. Short-term Borrowings
(1) Category of Short-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledged loans 39850000.00
Mortgage loans 8000000.00 28000000.00
Credit borrowings 177042562.45 234995981.93
Acceptance bill discount 14556611.51 4282836.39
Interest from short-term
borrowings 12329.17
Total 199599173.96 307141147.49
Note of the category for short-term loans:
Notes discounted but not yet due at the end of the period do not meet the conditions for derecognition. Therefore
they are recognized as short-term borrowings.
(2) List of the Short-term Borrowings Overdue but not Returned
Naught.
33. Trading Financial Liabilities
Unit: RMB
Item Ending balance Beginning balance
Held-for-trading financial
liabilities 275250.00
Including:
Other 275250.00
Total 275250.00
34. Derivative Financial Liabilities
Naught.
116Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
35. Notes Payable
Unit: RMB
Category Ending balance Beginning balance
Bank acceptance bill 1781207077.08 1930784817.62
Total 1781207077.08 1930784817.62
The total amount of the due but not paid notes payable at the end of the period was of RMB0.00.
36. Accounts Payable
(1) List of Accounts Payable
Unit: RMB
Item Ending balance Beginning balance
Accounts payable 2765954401.30 2781965096.70
Total 2765954401.30 2781965096.70
(2) Significant Accounts Payable Aging over One Year or Overdue
Unit: RMB
Item Ending balance Reason for not repayment or carry-over
Unit A 81073448.55 It has not reached the settlementperiod
Total 81073448.55
37. Other Payables
Unit: RMB
Item Ending balance Beginning balance
Dividends payable 188359258.07
Other payables 480976630.56 495717050.97
Total 669335888.63 495717050.97
117Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(1) Interest Payable
Naught.
(2) Dividends Payable
Unit: RMB
Item Ending balance Beginning balance
Ordinary share dividends 184293387.60
Other 4065870.47
Total 188359258.07
(3) Other Payables
1) Other Payables Listed by Nature
Unit: RMB
Item Ending balance Beginning balance
Transaction amount 208201244.02 208777778.90
Performance bond 85303654.73 96583554.73
Relevant expense of sales 79290940.23 87551768.43
Payments for demolition 34831884.30 34898417.30
Payment for equity transfer 16366572.00 16366572.00
Others 56982335.28 51538959.61
Total 480976630.56 495717050.97
2) Significant Other Accounts Payable Aging over One Year or Overdue
Unit: RMB
Item Ending balance Reason for not repayment or carry-over
Unit A 79046577.48 It has not reached the settlementperiod
Total 79046577.48
118Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
38. Advances from Customers
(1) List of Advances from Customers
Unit: RMB
Item Ending balance Beginning balance
Advance payments received 265779.84 163623.85
Land reserve payment 13367850.30 13367850.30
Total 13633630.14 13531474.15
(2) Significant Advances from Customers Aging over One Year or Overdue
Naught.
39. Contract Liability
Unit: RMB
Item Ending balance Beginning balance
Advances on sales 142244278.82 119506301.48
Total 142244278.82 119506301.48
Significant contract liabilities aging over one year: Naught.
40. Payroll Payable
(1) List of Payroll Payable
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
I. Short-term salary 200892219.93 682061966.06 714249652.25 168704533.74
II. Post-
employment
benefit-defined 1620912.77 71397561.93 71302971.74 1715502.96
contribution plans
III. Termination
benefits 12137955.76 2921356.41 9431301.03 5628011.14
Total 214651088.46 756380884.40 794983925.02 176048047.84
119Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(2) List of Short-term Salary
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
1. Salary bonus
allowance subsidy 197310106.14 592022731.39 623904434.50 165428403.03
2. Employee
welfare 39061.65 33286660.66 33292052.71 33669.60
3. Social insurance 662261.81 29115632.55 29176810.23 601084.13
Of which: Medical
insurance premiums 566202.62 26359592.93 26423567.44 502228.11
Work-related injury
insurance 96059.19 2756039.62 2753242.79 98856.02
4. Housing fund 509881.17 21867279.88 21778251.34 598909.71
5. Labor union
budget and
employee education 2370909.16 5769661.58 6098103.47 2042467.27
budget
Total 200892219.93 682061966.06 714249652.25 168704533.74
(3) List of Defined Contribution Plans
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
1. Basic pension
benefits 1165716.90 65724442.96 65684954.97 1205204.89
2. Unemployment
insurance 37636.78 2648111.22 2646728.33 39019.67
3. Annuity 417559.09 3025007.75 2971288.44 471278.40
Total 1620912.77 71397561.93 71302971.74 1715502.96
Other notes:
The Company participates in the scheme of pension insurance and unemployment insurance established by
government agencies as required. According to the scheme fees are paid to it on a monthly basis and at the rate of
stipulated by government agencies. In addition to the above monthly deposit fees the Company no longer
120Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
assumes further payment obligations. Corresponding expenses are recorded into the current profits or losses or the
cost of related assets when incurred.
41. Taxes Payable
Unit: RMB
Item Ending balance Beginning balance
VAT 22061381.45 20024672.48
Corporate income tax 38596999.98 70202563.56
Personal income tax 1885724.05 10342055.07
City maintenance and construction
tax 2128620.26 1622938.34
Property tax 8056557.86 1631337.72
Land use tax 2412804.10 313705.15
Stamp tax 1437782.97 1757727.88
Education surcharge 1098284.53 695000.38
Local education surcharge 602863.68 458383.14
Others 392113.13 36776.67
Total 78673132.01 107085160.39
42. Liabilities Held for sale
Naught.
43. Non-current Liabilities Due within One Year
Unit: RMB
Item Ending balance Beginning balance
Current portion of long-term
borrowings 146435517.57 112386714.93
Current portion of lease liabilities 8514743.95 8188073.88
Total 154950261.52 120574788.81
121Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
44. Other Current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Reversed notes that are endorsed and
undue 383377930.48 368196176.60
Endorsed but not yet terminated
recognition 1050000.00 1050000.00
Pending changeover output VAT and
others 10331350.17 7910035.80
Total 394759280.65 377156212.40
45. Long-term Borrowings
(1) Category of Long-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Mortgage loans 38731836.84 39680861.51
Credit borrowings 239143868.34 295287783.96
Less: Current portion of long-term
borrowings 146435517.57 112386714.93
Total 131440187.61 222581930.54
46. Bonds Payable
Naught.
47. Lease Liabilities
Unit: RMB
Item Ending balance Beginning balance
Leasing liabilities 21685561.49 25185296.61
Less: Unrecognized financing
expenses 1790044.91 1973229.62
122Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Less: current portion of lease
liabilities 8514743.95 8188073.88
Total 11380772.63 15023993.11
Other notes:
Analysis of maturity fate of lease liabilities
Item Ending balance Beginning balance
One to two years 6743657.94 7538905.81
Three to five years 2261917.77 4826977.55
Over five years 2375196.92 2658109.75
Total 11380772.63 15023993.11
48. Long-term Accounts Payable
Naught.
49. Long-term Employee Benefits Payable
Naught.
50. Provisions
Unit: RMB
Item Ending balance Beginning balance Formed reason
Pending litigation 2110312.84 Contract dispute
Provision for product
Product quality assurance 26914403.37 25320370.98 quality guarantee
expenses
Total 26914403.37 27430683.82
51. Deferred Income
Unit: RMB
Item Beginningbalance Increase Decrease Ending balance Formed reason
Government 73739179.94 31526945.90 13777235.43 91488890.41 Government
123Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
grants allocations
Total 73739179.94 31526945.90 13777235.43 91488890.41
124Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Other notes:
Unit: RMB
Amoun
t
recorde Amount
d into recorded Amoun
non- into t offsetAmount cost in Other Related to
Item Beginnin of newly operati other Ending assets/relag balance subsidy ng income
the chang balance ted
income in the Reporti es
in the Reportin ng
income
Reporti g Period Period
ng
Period
Government grants related to assets 6818374 27697519 9681661. 861996057.38 .13 12 .39
Small-pitch LED Packaging Technology Innovation for Display and Key Packaging 9444242. 17147261 Related to
Equipment Technology Transformation Project 9322107. 88 1619089.78 44 .22 assets
Technology Renovation Project for the Production Line of Micro and Flip-chip 2001695. 12225583 862079.46 13365199 Related toLED Chips. 76 .00 .30 assets
Government Subsidy for Annual Fixed Asset Investment in Advanced 8677987.Manufacturing and Oil & Gas Extraction Projects 50 222512.52
8455474. Related to
98 assets
Small-pitch and Outdoor LED Display Device Expansion Project and Technical 1000394
Transformation Project 5.76 2032275. 7971669.Related to
84 92 assets
The Project of the Innovation in Packaging Technology and Technological
Transformation of Key Packaging Equipment of LEDs with High Color Rendering 6052565.77 785363.70
5267202. Related to
07
Index for Illumination assets
125Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Amoun
t
recorde Amount
d into recorded Amoun
non- into t offset Related to
Item Beginnin
Amount cost in Other
of newly operati other the chang Ending assets/relag balance subsidy ng income Reporti es balance tedincome in the ng incomein the Reportin
Reporti g Period Period
ng
Period
The Second Batch of Ultra-long-term Special Government Bond Project Subsidies 5162500. 4900000. Related to
for 2024. 00 262500.00 00 assets
Special Project on Deep-sea Technology Industry Promotion (Industry
Development Category) of Hainan Deep-Sea Technology Innovation Center - 1200000. 1600000. 159660.04 2640339. Related toProject on Building and Commercial Operation of Deep-sea Lighting Product 00 00 96 assets
Production Line
Equipment subsidy for Gaozhou Production Base Construction Project 2504336. 22407.54 2481928. Related to13 59 assets
Intelligent Technology Reform Project of LED Packaging Workshop in Geely 620755.0 1683357. 2304112. Related to
Industrial Park (Phase I) 0 12 12 assets
2023 Automotive Lamp Production Digitalization Workshop Technology 2129000. 2006000. Related to
Improvement Project 00 123000.00 00 assets
Research on the Third-generation Semiconductor Power Device and Module 1871395.Packaging Technology 37 167493.66
1703901. Related to
71 assets
The First Batch of 2022 Special Funds for Industrial Technological Transformation 1792000. 1664000. Related to
by the Finance Bureau of Liang Jiang New Area 00 128000.00 00 assets
126Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Amoun
t
recorde Amount
d into recorded Amoun
non- into t offsetAmount Related to
Item Beginnin of newly operati other
cost in Other Ending assets/rela
g balance ng income the changsubsidy income in the Reporti es
balance ted
income
in the Reportin ng
Reporti g Period Period
ng
PeriodThe Second Batch of Support Funds for the “Technological Transformation of 1366666. 1266666. Related toThousands of Enterprises” in the Guangxi Zhuang Autonomous Region for 2021 54 100000.02 52 assets
The Project of Resource Conservation and Environmental Protection 1425234.20 343999.98
1081234. Related to
22 assets
The 2019 Second Batch of Special Funds of RMB3 million for the Industrial and 1200000. 1050000. Related to
Information Development of the City 00 150000.00 00 assets
The First Batch of Special Funds for the Industrial and Information Development
for the Guangxi Zhuang Autonomous Region for 2017 (Technological 966666.97 199999.98 766666.99
Related to
Transformation) for Liuzhou Guige assets
The Project of the First Batch of Support Funds for Enterprises in Liuzhou City for 900000.0 Related to
2017 for Liuzhou Guige 0 150000.00 750000.00 assets
Research and Development and Industrialization Project of Potassium Nitride-based 743787.0 Related to
Rf Devices in the Field of Next Generation Mobile Communication 6 56798.76 686988.30 assets
The 2019 14th Batch of Industrial Support Funds of RMB1.5 million 600000.00 75000.00 525000.00
Related to
assets
127Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Amoun
t
recorde Amount
d into recorded Amoun
Amount non- into
t offset
cost in Other Related to
Item Beginnin of newly operati otherg balance ng income the chang
Ending assets/rela
subsidy Reporti es balance tedincome in the income
in the Reportin ng
Reporti g Period Period
ng
Period
The First Batch of Special Funds for Small and Medium-sized Enterprises in 2022 490000.0 35000.00 Related to
0 455000.00 assets
2021 Automotive Industry Enterprise Intelligent Transformation and Upgrading Related to
Project Funding 419333.1 34000.028 385333.16 assets
Liuzhou Guige's Third Batch of Guangxi Innovation-driven Development Special
Asset Projects in 2018 424000.0 48000.00
Related to
0 376000.00 assets
Liuzhou Guige 2017 Liudong New District Enterprise Potential Development and Related to
Renovation Fund 450000.0 75000.000 375000.00 assets
Project Funds from the Liuzhou High-tech Industrial Development Zone Related to
Management Committee 384000.1 31999.986 352000.18 assets
Guangdong Provincial Semiconductor Microdisplay Enterprise Key Laboratory
(2020)359125.237718.70
Related to
0 321406.50 assets
Research and Development and Industrialization of Multi-mode Low-power Wide- Related to
area IoT Node Chips and Packaging Technologies Based on NB-IoT 323894.0 18915.900 304978.10 assets
128Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Amoun
t
recorde Amount
d into recorded Amoun
non- into t offset Related to
Item Beginnin
Amount
of newly operati other
cost in Other
the chang Ending assets/relag balance subsidy ng incomeincome in the Reporti es
balance ted
in the Reportin ng
income
Reporti g Period Period
ng
Period
Others 9297087. 240000.00 1940845. 7596241. Related to
13 58 55 assets
Government grants related to income 5555432. 3829426. 4095574. 5289285.56 77 31 02
Research Project on Key Technologies of the Third Generation of High Efficiency 1639002. 1605766. Related to
and Frequency Semiconductor Electronic Power Module 82 33235.86 96 income
The Research on the Key Technology of 4K/8K Full-color Micro-LED Displays 1344000. 1344000. Related to
with Ultra High Definition (UHD) 00 00 income
The Research on Full-colour and Integrated Packaging of Micro-LED Display with 990013.5
High Brightness and Contrast 9 59918.46 930095.13
Related to
income
MDL Project 840000.00 840000.00
Related to
income
Others 742416.1 3829426. 4002419.5 77 99 569422.93
Related to
income
129Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Amoun
t
recorde Amount
d into recorded Amoun
Amount non- into
t offset Related to
Item Beginnin of newly operati other
cost in Other
the chang Ending assets/relag balance subsidy ng incomeincome in the Reporti es
balance ted
ng incomein the Reportin
Reporti g Period Period
ng
Period
Total 7373917 31526945 13777235 914888909.94 .90 .43 .41
130Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
52. Other Non-current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Pending changeover output VAT 174986.26 174986.26
Other 663.57 2931.37
Total 175649.83 177917.63
53. Share Capital
Unit: RMB
Increase/decrease (+/-)
Beginning Ending
balance
New issues Bonus Bonus issue
balance
shares from profit Others Sub-total
Total - -15487782 1535778230
shares 13000000. 13000000.30.00 .0000 00
Note: Other refers to the Company’s cancellation of 13 million A-shares held in the repurchase special securities
account on January 10 2025 with a corresponding reduction in registered capital. Following this cancellation the
Company’s total share capital changed from 1548778230 shares to 1535778230 shares.Other notes:
Unit: RMB
Beginning balance Ending balance
Item/Investor Increase Decrease
Invested
amount Proportion
Invested
amount Proportion
57295457.003.70%46796039.0010499418.000.68%
Restricted shares
1491482773.0096.30%46796039.0013000000.001525278812.0099.32%
Unrestricted
shares
1548778230.00100.00%46796039.0059796039.001535778230.00100.00%
Total
54. Other Equity Instrument
Naught.
131Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
55. Capital Reserves
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
Capital premium
(premium on stock) 907090354.12 70818369.76 836271984.36
Other capital
reserves 7245971.54 7245971.54
Total 914336325.66 70818369.76 843517955.90
Other notes including a description of the increase or decrease for the current period and the reasons for the
change:
Capital premium (premium on stock) decreased by RMB 70818369.76 in the current period which were mainly
due to
1. The Company cancelled its stock shares on January 10 2025 resulting in a RMB 69165144.15 decrease in the
capital reserve;
2. The acquisition of non-controlling interests in the majority-owned subsidiary Haolaite resulting in a RMB
1653225.61 decrease in the capital reserve.
56. Treasury Shares
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
Treasury shares (A-
share) 82165144.15 82165144.15
Total 82165144.15 82165144.15
Other notes including a description of the increase or decrease for the current period and the reasons for the
change:
Decrease in treasury shares (A-shares) by RMB 82165144.15 during the current period is attributable to the
Company’s cancellation of 13 million A-shares held in the repurchase special securities account on January 10
2025 with a corresponding reduction in registered capital.
132Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
57. Other Comprehensive Income
Unit: RMB
Reporting Period
Less: Recorded Less: Recorded
in other in other Attributable
Beginning Income comprehensive comprehensive to owners AttributableItem Endingbalance before income in prior income in prior
taxation in period and period and Less: Income
of the to non- balance
Company controlling
the Current transferred to transferred to tax expense as the interests after
Period profit or loss in retained earnings parent after tax
the Current in the Current tax
Period Period
I. Other comprehensive
income that may not
subsequently be reclassified 383442631.00 252097724.56 171881788.23 37814658.68 42401277.65 425843908.65
to profit or loss
Changes in fair value of
other investments in equity 383442631.00 252097724.56 171881788.23 37814658.68 42401277.65 425843908.65
instruments
II. Other comprehensive
income that may be -13475.98 -791293.24 -447357.83 -343935.41 -460833.81
reclassified to profit or loss
Differences arising from
translation of foreign
currency-denominated -13475.98 -791293.24 -447357.83 -343935.41 -460833.81
financial statements
Total of other comprehensive
income 383429155.02 251306431.32 171881788.23 37814658.68 41953919.82 -343935.41 425383074.84
133Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Other notes including the note to the adjustment of the initial recognition amount of hedged item transferred from
the effective gain/loss on cash flow hedges:
Naught.
58. Specific Reserve
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
Production safety
reserve 4782061.20 11812685.82 11107676.00 5487071.02
Total 4782061.20 11812685.82 11107676.00 5487071.02
Other notes including a description of the increase or decrease for the current period and the reasons for the
change:
The increase in the current year represents the safety production expenses accrued in accordance with the
proportion stipulated in the Notice on issuing the Management Measures for the Provision and Use of Enterprise
Production Safety Costs (C.Z. [2022] No. 136) and the decrease in the current year represents the actual safety
production expenses incurred.
59. Surplus Reserves
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
Statutory surplus
reserve 108417252.01 17188178.82 125605430.83
Discretionary
surplus reserve 41680270.96 41680270.96
Total 150097522.97 17188178.82 167285701.79
Notes including changes and reasons thereof:
The increase in surplus reserve by RMB 17188178.82 during the current period is attributable to the disposal of
equity securities classified as investments in other equity instruments whereby the cumulative fair value changes
previously recognized in other comprehensive income were transferred to retained earnings with simultaneous
allocation to surplus reserve.
60. Retained Profits
Unit: RMB
Item Reporting Period Same period of last year
Beginning balance of retained
earnings before adjustments 3655046154.57 3435308364.11
134Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Reporting Period Same period of last year
Beginning balance of retained
earnings after adjustments 3655046154.57 3435308364.11
Add: Net profit attributable to
owners of the Company as the 114993752.24 446184021.97
parent
Less: Withdrawal of statutory
surplus reserves 42152843.91
Dividend of ordinary shares
payable 184293387.60 184293387.60
Add: Other (Note) 154693609.41
Ending retained earnings 3740440128.62 3655046154.57
Note: It refers to the transfer of cumulative fair value changes previously recognized in other comprehensive
income to retained earnings upon sales of shares during the current period.List of adjustment of beginning retained earnings:
(1) RMB0.00 beginning retained profits was affected by retrospective adjustment conducted according to the
Accounting Standards for Business Enterprises and relevant new regulations.
(2) RMB0.00 beginning retained earnings was affected by changes in accounting policies.
(3) RMB0.00 beginning retained earnings was affected by correction of significant accounting errors.
(4) RMB0.00 beginning retained earnings was affected by changes in combination scope arising from same
control.
(5) RMB0.00 beginning retained earnings was affected totally by other adjustments.
61. Operating Revenue and Cost of Sales
Unit: RMB
Reporting Period Same period of last year
Item
Operating revenue Cost of sales Operating revenue Cost of sales
Main operations 4185528329.95 3379096211.37 4641840263.11 3770172987.42
Other operations 200202789.83 186224345.31 142705504.31 100078120.59
Total 4385731119.78 3565320556.68 4784545767.42 3870251108.01
Breakdown information of operating revenue and cost of sales:
135Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Unit: RMB
Total
Category of contracts
Operating revenue Cost of sales
Business type 4385731119.78 3565320556.68
Of which:
General lighting products 1555797106.24 1142860150.29
LED packaging and component
products 1138917060.61 944141765.80
Vehicle lamp products 1013526856.90 833677921.36
Trade and other products 677490096.03 644640719.23
By operating places
Of which:
Domestic 3419449003.11 2742697709.96
Overseas 966282116.67 822622846.72
Total 4385731119.78 3565320556.68
Information related to transaction value assigned to residual performance obligations:
The amount of revenue corresponding to performance obligations that have been contracted but not yet performed
or not completed at the end of the Reporting Period was RMB221676101.25.
62. Taxes and Surtaxes
Unit: RMB
Item Reporting Period Same period of last year
Urban maintenance and
construction tax 9073146.40 11477398.90
Education surcharge 4078286.18 5817380.58
Property tax 12564073.03 12240976.04
Land use tax 2949828.19 1862982.54
Vehicle and vessel use tax 9346.88 11539.44
136Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Reporting Period Same period of last year
Stamp duty 3884049.49 4090236.94
Local education surcharge 2594481.89 2386760.07
Environmental protection tax 33538.16 19936.01
Others 8691.96 9728.71
Total 35195442.18 37916939.23
63. Administrative Expense
Unit: RMB
Item Reporting Period Same period of last year
Employee benefits 131837173.33 130927710.77
Depreciation charge 45950398.92 39408441.47
Office expenses 13106605.91 18519960.05
Amortization of intangible assets 5039291.89 4114485.79
Engineering decoration cost 3561866.59 4801504.22
Intermediary agency engagement
fee 3523533.02 5246590.63
Utilities 3483871.72 3149472.00
Rent of land and management
charge 3044193.90 4141330.16
Labor cost 2184951.46 2666214.20
Security fund for the disabled 30023.52
Others 12269692.81 13327229.70
Total 224001579.55 226332962.51
137Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
64. Selling Expense
Unit: RMB
Item Reporting Period Same period of last year
Employee benefits 76018915.08 72432535.06
Business propagandizing fees and
advertising fees 59495362.31 53863531.30
Sales promotion fees 11457954.80 6294529.20
Office expenses 6887070.56 6876969.60
Business travel charges 5779947.18 5507517.26
Commercial insurance premium 2471904.93 3232729.39
Others 20780917.17 19009986.09
Total 182892072.03 167217797.90
65. Development Costs
Unit: RMB
Item Reporting Period Same period of last year
Personnel and labor costs 145282615.31 126235339.99
Direct investment expenses 81124028.88 82440945.66
Depreciation expenses and long-
term prepaid expenses 25237404.37 22649859.13
Cost of outsourcing external R&D 3418767.96 3917155.30
Amortization charge of intangible
assets 20760.96 28166.42
Design fees 12264.15 1696516.00
Other Fees 12573757.90 23197968.13
Total 267669599.53 260165950.63
Other notes:
138Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
In respect of R&D expense incurred by the Company expense other than that on bench-scale and pilot-scale
production is included in R&D expense; and sales revenue of products from bench-scale and pilot-scale
production is included in core business revenue and the relevant costs are included in cost of sales of core
business.
66. Finance Cost
Unit: RMB
Item Reporting Period Same period of last year
Interest costs 8116483.14 11047212.70
Less: Interest income 20148088.69 25938447.85
Foreign exchange gains or losses -2889508.01 -17140676.80
Handling charge and others -2196542.61 1425667.21
Total -17117656.17 -30606244.74
67. Other Income
Unit: RMB
Sources Reporting Period Same period of lastyear
The Deductible Input Tax for Advanced Manufacturing
Enterprises 19970901.49 30052926.81
The Projects of the Production Expansion and Technological
Transformation of Components of Small-spacing and 4561671.74 2032275.84
Outdoor LED Displays
VAT refunded as soon as it is levied 3514199.48
Manufacturing Operation Management MOM Software
Research Project for NationStar Manufacturing Scenarios 1420000.00
CAE software Research Project for Multi-physics Field
Coupling Simulation of NationStar LED Products 1206700.00 1890966.85
National Manufacturing Single Champion Award 1200000.00
Social insurance subsidies 1032640.64 67954.64
The “Strong Start” Economic Initiative for Q1 by Nanning
New and High-tech Industrial Development Zone 1010000.00
139Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Sources Reporting Period Same period of lastyear
Manufacturing Operation Management MOM Prototype
Software Research Project for NationStar Manufacturing 933200.00 1880000.00
Scenarios
The Tax Incentives for the Poor 864650.00 5435946.87
Technology Renovation Project of Mini and Flip-chip LED
Chip Production Lines 862079.46
The Project of the Innovation in Packaging Technology and
Technological Transformation of Key Packaging Equipment
of LED packaging with High Color Rendering Index for 785363.70 785363.70
Illumination
Return of handling charges for withholding and remittance 581015.09 479040.08
LED Technology for Efficient Cultivation in Modern
Agriculture and Its Demonstrative Application 455981.82 143251.56
Funds for New Industrialization from the Autonomous
Region 430000.00
Enterprise R&D Reward and Subsidy 403326.00
The Project of Resource Conservation and Environmental
Protection 343999.98 671246.82
The Subsidy for Metal-organic Chemical Vapor Deposition
(MOCVD) 4800912.92
The Research on the Key Technology of 4K/8K Full-color
Micro-LED Displays with Ultra-High Definition (UHD) 2911576.13
Support Fund for the Digital Intelligent Transformation of
the Manufacturing Industry 592548.00
Small-pitch LED Packaging Technology Innovation for
Display and Key Packaging Equipment Technology 548355.48
Transformation Project
Chancheng District Government Quality Award 500000.00
Reward Funds for Smart Factory Demonstration Enterprises
and Digital Workshops 500000.00
Epitaxial Growth and Chip Fabrication Techniques for High-
Performance Deep Ultraviolet LED 400000.00
140Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Sources Reporting Period Same period of lastyear
Quality Management Maturity Level 5A Enterprise Bonus 400000.00
Incentive for standard products of Foshan City 360000.00
Others 5669403.05 5699047.49
Total 45245132.45 60151413.19
68. Net Gain on Exposure Hedges
Naught.
69. Gains from Changes in Fair Value
Unit: RMB
Sources Reporting Period Same period of last year
Financial assets held for trading 345894.65 -601447.40
Total 345894.65 -601447.40
70. Investment Income
Unit: RMB
Item Reporting Period Same period of last year
Long-term equity investment
income accounted by equity 646719.77 1444720.72
method
Investment income from disposal
of trading financial assets 420703.90 2911077.39
Dividend income from holding of
other equity instrument investment 9727720.67 19990672.99
Interest income of investment in
other debt obligations during 15294849.67 13671028.14
holding period
Investment income from financial
products and structural deposits 1357081.83
141Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Reporting Period Same period of last year
Total 27447075.84 38017499.24
71. Credit Impairment Loss
Unit: RMB
Item Reporting Period Same period of last year
Bad debt loss on notes receivable -1082149.07 -266311.20
Bad debt loss on accounts
receivable -10120936.33 -37243385.45
Bad debt loss on other receivables -898410.29 -761111.93
Total -12101495.69 -38270808.58
72. Asset Impairment Loss
Unit: RMB
Item Reporting Period Same period of last year
I. Loss on inventory valuation and
contract performance cost -22345101.18 -29752322.32
XI. Loss on impairment of contract
Assets 550205.94 808278.52
XII. Others -629976.09 -8014761.09
Total -22424871.33 -36958804.89
73. Assets Disposal Income
Unit: RMB
Sources Reporting Period Same period of last year
Gains or losses arising from the
disposal of non-current assets not -64693.00 -99108.79
classified as held for sale
Total -64693.00 -99108.79
142Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
74. Non-operating Income
Unit: RMB
Item Reporting Same period of
Amount recorded in the
Period last year current non-recurring profitor loss
Income from scrap of non-current assets 19461.06 320853.22 19461.06
Of which: income from scrap of fixed
assets 19461.06 320853.22 19461.06
Income from default money 202108.27 1460120.49 202108.27
Confiscated income 32100.00 54273.27 32100.00
Others 1859646.02 1219612.57 1859646.02
Total 2113315.35 3054859.55 2113315.35
75. Non-operating Expense
Unit: RMB
Item Reporting Period Same period of last
Amount recorded in the
year current non-recurring profitor loss
External donation 30000.00 30000.00
Losses from damage and
scrap of non-current 2371.68 156010.36 2371.68
assets
Of which: Loss on
disposal of fixed assets 2371.68 156010.36 2371.68
Penalty and fine for
delaying payment 795772.15 204491.05 795772.15
Others 1259051.77 125716.02 1259051.77
Total 2087195.60 486217.43 2087195.60
143Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
76. Income Tax Expense
(1) List of Income Tax Expense
Unit: RMB
Item Reporting Period Same period of last year
Current income tax expense 26724735.72 31645407.23
Deferred income tax expense -8405922.80 -7013025.11
Total 18318812.92 24632382.12
(2) Adjustment Process of Accounting Profit and Income Tax Expense
Unit: RMB
Item Reporting Period
Profit before taxation 166242688.65
Current income tax expense accounted at
statutory/applicable tax rate 24936403.30
Influence of applying different tax rates by
subsidiaries -682404.70
Influence of income tax before adjustment 9763870.79
Influence of non-taxable income -2313090.68
Influence of non-deductible costs expenses and losses 3601618.95
The effect of using deductible losses of deferred
income tax assets that have not been recognized in the -6265165.00
previous period
Influence of unrecognized deductible temporary
differences and deductible losses 7808743.76
Impact of additional deduction of R&D expenses -17706682.23
Other -824481.27
Income tax expenses 18318812.92
144Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
77. Other Comprehensive Income
Refer to Note VII Notes to Main Items of Consolidated Financial Statements-57 for details.
78. Cash Flow Statement
(1) Cash Related to Operating Activities
Cash generated from other operating activities
Unit: RMB
Item Reporting Period Same period of last year
Margin 11435215.76 22370050.64
Deposit interest 16644598.41 22332393.90
Income from subsidy 37237015.27 20458063.38
Income from waste 9810965.91 14076991.86
Rental income from property and
equipment utility 2207358.66 2272907.82
Others 21134864.94 37878011.81
Total 98470018.95 119388419.41
Notes to cash generated from operating activities:
Naught.Cash used in other investing activities
Unit: RMB
Item Reporting Period Same period of last year
Administrative expense paid in
cash 72987101.29 61546270.39
Selling expense paid in cash 49217298.77 46645367.15
Finance costs paid in cash 6712280.00 1012751.95
Cash deposit 13458767.82 52147104.25
Others 72633074.40 31406796.05
Total 215008522.28 192758289.79
145Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Notes to cash used in other operating activities:
Naught
(2) Cash Related to Investing Activities
Cash generated from other investing activities
Item Reporting Period Same period of last year
Proceeds from foreign exchange
settlement 215850.00
Reclassification of net cash paid
for acquisition of subsidiaries 22826907.16
Total 23042757.16
Significant cash received related to investing activities:
Naught.Cash used in other investing activities:
Naught.Significant cash used related to investing activities:
Naught.
(3) Cash Related to Financing Activities
Cash generated from other financing activities
Unit: RMB
Item Reporting Period Same period of last year
Recapture margin 35675972.28 7224809.91
Total 35675972.28 7224809.91
Notes to cash generated from other financing activities:
Naught.Cash used in other financing activities
Unit: RMB
Item Reporting Period Same period of last year
Payment for cash deposit of bank
acceptance bills 14576319.88 10803556.41
Payment for financing 1090901.93 211897.22
146Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
intermediary fees etc
Others 816798.83 485855.80
Total 16484020.64 11501309.43
Notes to cash used in other financing activities:
Naught.Changes in liabilities arising from financing activities
□Applicable □ Not applicable
Unit: RMB
Increase Decrease
Item Beginning Endingbalance balance
Cash Non-cash Cash Non-cash
Short-term
borrowings 307141147.49 62556611.51 58226.88 125929392.21 44227419.71 199599173.96
Long-term
loans 222581930.54 1211392.56 56115823.33 58706402.73 89762556.09 131440187.61
Other
payables -
equity 5000000.00 5000000.00
transfer
payments
Non-current
liabilities due
within one 120574788.81 94941196.02 60565723.31 154950261.52
year
Leasing
liabilities 15023993.11 5029867.67 4029890.75 4643197.40 11380772.63
Total 670321859.95 63768004.07 156145113.90 188665685.69 199198896.51 502370395.72
(4) Explanation for Presentation of Cash Flows on a Net Basis
Naught.
(5) Significant Activities and Financial Impact that Do Not Involve Current Cash Receipts and
Disbursements but Affect the Company’s Financial Position or May Affect the Company’s Cash Flows in
the Future
In 2025 the Company and its subsidiaries received RMB 1757.7021 million in various types of acceptance bills
issued and endorsed by customers and RMB1073.63 million in various types of acceptance bills endorsed and
147Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
transferred to suppliers. In addition the Company and its subsidiaries received a total of RMB 168.0125 million in
payments for goods through bill discounting.
79. Supplemental Information for Cash Flow Statement
(1) Supplemental Information for Cash Flow Statement
Unit: RMB
Supplemental information Reporting Period Same period of last year
1. Reconciliation of net profit to net cash
generated from/used in operating activities:
Net profit 147923875.73 253442256.65
Add: Provision for impairment of assets 34526367.02 75229613.47
Depreciation of fixed assets oil-gas assets
and productive living assets 271632208.57 263094158.49
Depreciation of right-of-use assets 5392572.34 4097193.56
Amortization of intangible assets 12719631.55 10549312.38
Amortization of long-term deferred expenses 47987420.82 79925639.97
Loss from disposal of fixed assets intangible
assets and other long-term assets (gains: 64693.00 99108.79
negative)
Losses from scrapping of fixed assets (gains:
negative) -17089.38 -164842.86
Losses from changes in fair value (gains:
negative) -345894.65 601447.40
Finance costs (gains: negative) 3163870.70 -6093464.10
Investment loss (gains: negative) -27447075.84 -38017499.24
Decrease in deferred income tax assets
(increase: negative) -3720364.18 -18244273.75
Increase in deferred income tax liabilities (“-”
for decrease) -4685558.62 -4067382.64
Decrease in inventory (“-” for increase) -21335937.11 227917770.99
Decrease in operating receivables (“-” for -316641457.57 -250051969.33
148Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Supplemental information Reporting Period Same period of last year
increase)
Increase in operating payables (“-” for
decrease) -140077259.25 -219105024.82
Others 705009.82 5380999.65
Net cash generated from/used in operating
activities 9845012.95 384593044.61
2. Significant investing and financing
activities without involvement of cash
receipts and payments
Transfer of debts into capital
Current portion of convertible corporate
bonds
Fixed assets leased in for financing
3.Net increase/decrease of cash and cash
equivalents:
Ending balance of cash 2545828784.72 2687757730.67
Less: Beginning balance of cash 2684382020.41 3101252943.88
Add: Ending balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase in cash and cash equivalents -138553235.69 -413495213.21
(2) Net Cash Paid for Acquisition of Subsidiaries
Unit: RMB
Amount
Cash or cash equivalents paid in the current period for
the business combination occurring in the previous 22500000.00
period
Including:
Beijing Airtrust Aviation Technology Co. Ltd. 22500000.00
149Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Less: Cash and cash equivalents held by subsidiary at
the acquisition date 45326907.16
Including:
Beijing Airtrust Aviation Technology Co. Ltd. 45326907.16
Including:Amounts reclassified to “Cash generated from otherinvesting activities” (Note) 22826907.16
Net cash paid for acquisition of subsidiaries
Note: In the capital increase of Beijing Airtrust during the year the net amount of cash or cash equivalents paid
for business combinations during the current period minus the cash and cash equivalents held by the subsidiaryon the date of acquisition was negative. Therefore the amount has been reclassified to the “Cash generatedfrom other investing activities” item for presentation purposes.
(3) Net Cash Received from Disposal of the Subsidiaries
Naught.
(4) Cash and Cash Equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 2545828784.72 2684382020.41
Including: Cash on hand 78888.57 40535.66
Bank deposits available on demand 2416824912.95 2680618712.62
Other monetary assets on demand 128924983.20 3722772.13
III. Ending balance of cash and cash
equivalents 2545828784.72 2684382020.41
(5) Presentation of Cash and Cash Equivalents that Are Subject to Certain Restrictions on Their Usage
Naught.
(6) Monetary Funds Other than Cash and Cash Equivalents
Unit: RMB
150Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Reporting Period Same period of Reason for not classifying the itemlast year as cash and cash equivalents
Bill deposit guarantee
deposit pre-sale house 524122497.12 492360246.76 Specific purpose
payment etc
Interest receivable on undue bank
To-be-received interest 14468117.34 11490996.27 deposits and term deposits as at
the end of the Reporting Period
Total 538590614.46 503851243.03
(7) Notes on Other Significant Activities
Naught.
80. Notes to Items of the Statements of Changes in Owners’ Equity
Notes to names under the item of “Other” in the adjusted ending balance for the same period of last year and the
corresponding amount:
Naught.
81. Foreign Currency Monetary Items
(1) Foreign Currency Monetary Items
Unit: RMB
Item Ending foreign currency Exchange rate Ending balance convertedbalance to RMB
Monetary Assets 367309187.45
Including: USD 44550940.34 7.1586 318922361.52
EUR 153393.47 8.4024 1288873.29
HKD 51815.60 0.91195 47253.24
IDR 57989708959.98 0.000443 25689441.07
THB 97238065.96 0.21968 21361258.33
Accounts receivable 337018218.95
Including: USD 46423417.64 7.1586 332326677.52
151Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Ending foreign currencybalance Exchange rate
Ending balance converted
to RMB
EUR 380323.79 8.4024 3195632.61
HKD
IDR 3376769338.96 0.000443 1495908.82
Long-term borrowings
Including: USD
EUR
HKD
Other receivables 553770.29
Of which: USD 3707.19 7.1586 26538.29
THB 2400000.00 0.21968 527232.00
Accounts payable 15390058.91
Including: USD 1605671.68 7.1586 11494361.29
EUR 213470.59 8.4024 1793665.29
IDR 4744993974.50 0.000443 2102032.33
Other current assets 66446.83
Of which: IDR 149992849.76 0.000443 66446.83
(2) Notes to Overseas Entities Including: for Significant Overseas Entities Main Operating Place
Recording Currency and Selection Basis Shall Be Disclosed; If There Are Changes in Recording
Currency Relevant Reasons Shall Be Disclosed.□Applicable□Not applicable
82. Leases
(1) The Company Served as the Lessee:
□Applicable □ Not applicable
Item Amount
152Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Amount
Simplified short-term lease charges recognized in the cost of the
related assets or in current profit or loss 1197410.44
Total cash outflows related to leases 3988335.90
Variable lease payments that are not covered in the measurement of the lease liabilities
□Applicable□Not applicable
Simplified short-term lease or lease expense for low-value assets
□Applicable□Not applicable
Circumstances involving sale and leaseback transactions
Naught.
(2) The Company Served as the Lessor:
Operating leases with the Company as lessor
□Applicable □ Not applicable
Unit: RMB
Of which: income related to
Item Lease income variable lease payments not
included in lease receipts
House lease and others 9208133.08 0.00
Total 9208133.08 0.00
Finance leases with the Company as lessor
□Applicable□Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable□Not applicable
Reconciliation of undiscounted lease receipts to net investment in leases
Naught.
(3) Recognition of Gain or Loss on Sales under Finance Leases with the Company as a Manufacturer or
Distributor
□Applicable□Not applicable
83. Data Resources
Naught.
153Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
84. Others
Naught.VIII. Research and Development Expenses
Unit: RMB
Item Reporting Period Same period of last year
Personnel and labor costs 145282615.31 126235339.99
Direct investment expenses 81124028.88 82440945.66
Depreciation expenses and long-
term prepaid expenses 25237404.37 22649859.13
Cost of outsourcing external R&D 3418767.96 3917155.30
Amortization charge of intangible
assets 20760.96 28166.42
Design fees 12264.15 1696516.00
Other fees 12573757.90 23197968.13
Total 267669599.53 260165950.63
Including: research and
development expenditures that are 267669599.53 260165950.63
expensed
Other notes:
In respect of R&D expense incurred by the Company expense other than that on bench-scale and pilot-scale
production is included in R&D expense and sales revenue of products from bench-scale and pilot-scale
production is included in core business revenue and the relevant costs are included in cost of sales of core
business.
154Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
IX. Change of Consolidation Scope
1. Business Combination Involving Entities Not Under Common Control
(1) Business Combination Not under the Same Control during the Current Period
Unit: RMB
Cash flows
Income of Net profits of the
Time of Cost of Recognition acquiree of acquiree acquiree
Acquirees gaining gaining the Proportion Way to gain Acquisition basis of from the from the from the
equity equity of equity equity date purchase purchase purchase purchasedate date to date to date to the
period-end period-end end of the
period
Re-electing
directors
completing
Beijing property
Airtrust Capital transfer
Aviation May 1 22500000.0 45% increase2025 0 through cash May 1 2025 procedures -585722.64 -646259.56Technology etc. and
Co. Ltd. contribution actually
controlling
the acquired
company
(2) Combination Cost and Goodwill
Unit: RMB
Combination cost Beijing Airtrust Aviation Technology Co. Ltd.-Cash 22500000.00
Total combination costs 22500000.00
Less: share in the fair value of identifiable net assets
acquired 22374447.93
The amount of goodwill/combination cost less than
the share in the fair value of identifiable net assets 125552.07
acquired
155Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(3) Identifiable Assets and Liabilities of the Acquiree on the Acquisition Date
Unit: RMB
Beijing Airtrust Aviation Technology Co. Ltd.Fair value on purchase date Carrying value on purchase date
Assets:
Monetary assets 45326907.16 45326907.16
Accounts receivable 58831.97 58831.97
Inventories 1267251.77 1302397.51
Fixed assets 53492.93 39515.53
Intangible assets 2950600.00
Prepayments 119698.00 119698.00
Other receivables 1143035.99 1143035.99
Other current assets 4741.73 4741.73
Long-term prepaid expense 822174.76 822174.76
Deferred income tax assets 1886550.94 1886550.94
Total assets 53633285.25 50703853.59
Liabilities:
Borrowings
Accounts payable 195197.50 195197.50
Deferred income tax liabilities 585886.33
Other payables 3223105.00 3223105.00
Taxes payable -91898.97 -91898.97
Total liabilities 3912289.86 3326403.53
Net assets 49720995.39 47377450.06
Less: Non-controlling interests 27346547.46 26057597.53
156Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Beijing Airtrust Aviation Technology Co. Ltd.Fair value on purchase date Carrying value on purchase date
Net assets acquired 22374447.93 21319852.53
Method for determining the fair value of identifiable assets and liabilities:
When the Company increased its capital in Beijing Airtrust Aviation Technology Co. Ltd. it engaged an
assessment agency with relevant qualifications to assess the identifiable assets and liabilities of the target
company in accordance with the asset-based method and determined the fair value of the consolidated net assets
of Beijing Airtrust Aviation Technology Co. Ltd. based on the assessment results.
(4) Gain or Loss from Remeasurement of Equity Interests Held before the Acquisition Date at Fair Value
Whether there were several transactions to realize business combinations and acquire controls during the
Reporting Period
□Yes□ No
(5) Notes to Failure to Reasonably Determine the Combination Consideration or the Fair Value of
Identifiable Assets and Liabilities of the Acquiree on the Acquisition Date or at the End of the Current
Period
Naught.
(6) Other Notes
Naught.
2. Business Combination under the Same Control
Naught.
3. Counter Purchase
Basic information of the transactions basis of the counter purchase basis and whether assets and liabilities
retained by the listed company constitute business determination of the combination cost the amount and
calculation of the equity amount adjusted in treatment for the equity transaction:
Naught.
4. Disposal of Subsidiary
Whether there were any transactions or events during the period in which control of the subsidiary was lost
□Yes□No
Whether there are several disposals of the investment to the subsidiary and lost controls
□Yes□No
157Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
5. Changes in Combination Scope for Other Reasons
Note to changes in combination scope for other reasons (such as newly establishment or liquidation of
subsidiaries etc.) and relevant information:
1. Beijing Airtrust the Company’s majority-owned company holds 100% equity interest in Airstar and exercises
control over it. The Company obtained control over Airstar through a capital increase in Beijing Airtrust. Airstar
has been included in the consolidation scope since May 2025.
2. FSL (Thailand) Lighting Technology Co. Ltd. completed its overseas investment filing in June of the current
period. Simultaneously Haolaite Company and Chanchang Company injected capital into Thailand Company.Thailand Company has been included in the consolidation scope since June 2025.
6. Others
Naught.X. Equity in Other Entities
1. Equity in Subsidiary
(1) Subsidiaries
Unit: RMB
Holding percentage
Name of the Registered Mainoperating Registration Nature of Way ofsubsidiary capital place place business gainingDirect Indirect
Foshan Fozhao
Zhicheng
Technology Co. 50000000.00 Foshan Foshan
Production and 100.00% Newlysales established
Ltd.FSL Chanchang
Lighting Co. 72782944.00 Foshan Foshan Production and Newly
Ltd. sales
100.00% established
Foshan Taimei
Times Lamp 500000.00 Foshan Foshan Production and 70.00% Newly
Co. Ltd. sales established
Foshan
Electrical &
Lighting 35418439.76 Xinxiang Xinxiang Production and 100.00% Newly
(Xinxiang) Co. sales established
Ltd.Nanjing Fozhao
Lighting 41683200.00 Nanjing Nanjing Production and 100.00% Acquired
Components sales
Manufacturing
158Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Holding percentage
Name of the Registered Main Registration Nature of Way of
subsidiary capital operatingplace place business gainingDirect Indirect
Co. Ltd.FSL Zhida
Electric Production and Newly
Technology Co. 38150000.00 Foshan Foshan sales 66.84% established
Ltd.Foshan Haolaite
Lighting Co. 17158000.00 Foshan Foshan Production and 100.00% Newly
Ltd. sales established
NationStar Business
Optoelectronics
(Germany) Co. 1436419.00 Germany Germany Trade 100.00%
combination
under the same
Ltd. control
FSL (Thailand)
Lighting Production and Newly
Technology Co. 21393145.55 Thailand sales 100.00% established
Ltd.Foshan Kelian Business
New Energy
Technology Co. 170000000.00 Foshan Foshan
Property combination
development 100.00% under the same
Ltd. control
Fozhao (Hainan)
Technology Co. 200000000.00 Haikou Haikou Production and Newly
Ltd. sales
100.00% established
Zhejiang Hule
Electrical
Equipment 29000000.00 Jiaxing Jiaxing Production andsales 66.00% AcquiredManufacturing
Co. Ltd.Shanghai Lelaite
Electrical
Equipment Co. 1000000.00 Shanghai Shanghai Trade 36.30% Acquired
Ltd.Nanning
Liaowang Auto 35055700.00 Nanning Nanning Manufacturing
Lamp Co. Ltd. of vehicle lamps
53.79% Acquired
Liuzhou Guige
Lighting
Technology Co. 30000000.00 Liuzhou Liuzhou
Manufacturing
of vehicle lamps 53.79% Acquired
Ltd.
159Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Main Holding percentageName of the Registered operating Registration Nature of Way ofsubsidiary capital place place business gainingDirect Indirect
Liuzhou Guige Manufacturing
Fuxuan 20000000.00 Liuzhou Liuzhou of automotiveTechnology Co. electronic 53.79% Acquired
Ltd. products
Chongqing
Guinuo Lighting
Technology Co. 30000000.00 Chongqing Chongqing
Manufacturing
of vehicle lamps 53.79% Acquired
Ltd.Qingdao Guige
Lighting 30000000.00 Qingdao Qingdao ManufacturingTechnology Co. of vehicle lamps 53.79% Acquired
Ltd.Indonesia
Liaowang Auto 40873066.42 Indonesia Indonesia Manufacturing
Lamp Co. Ltd. of vehicle lamps
53.79% Acquired
Liaowang Auto
Lamp (Suzhou) 25000000.00 Suzhou Suzhou Manufacturing Newly
Co. Ltd. of vehicle lamps
53.79% established
Foshan Sigma Business
Venture Capital 50000000.00 Foshan Foshan Business combination
Co. Ltd. services
100.00% under the same
control
Foshan Business
NationStar
Optoelectronics 618477169.00 Foshan Foshan
Electronic
manufacturing 21.48%
combination
under the same
Co. Ltd. control
Foshan Business
NationStar Electronic combination
Semiconductor 820000000.00 Foshan Foshan manufacturing 21.48% under the same
Co. Ltd. control
Foshan Guoxing Business
Electronic
Manufacture 10000000.00 Foshan Foshan
Electronic combination
manufacturing 21.48% under the same
Co. Ltd. control
Nanyang Baoli Business
Vanadium combination
Industry Co. 100000000.00 Henan Nanyang Mining 12.89% under the same
Ltd. control
160Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Holding percentage
Name of the Registered Main Registration Nature of Way of
subsidiary capital operatingplace place business gainingDirect Indirect
Guangdong New Business
Electronic 5000000.00 Guangzhou Guangzhou Trade 21.48% combination
Information Ltd. under the samecontrol
Guangdong
Fenghua Business
Semiconductor 200000000.00 Guangzhou Guangzhou Electronicmanufacturing 21.45%
combination
Technology Co. under the same
Ltd. control
Gaozhou
NationStar
Lighting 30000000.00 Maoming Maoming Electronic Newly
Technology Co. manufacturing
21.48% established
Ltd.Fozhao
Huaguang
(Maoming) 22920000.00 Maoming Maoming Production and 100.00% Newly
Technology Co. sales established
Ltd.Beijing Airtrust
Aviation Production and
Technology Co. 50000000.00 Beijing Beijing sales 45.00% Acquired
Ltd.Airstar (Tianjin)
Lighting Co. 5000000.00 Tianjin Tianjin Production andsales 45.00% AcquiredLtd.Notes to holding proportion in subsidiary different from voting proportion:
Naught.Basis of holding half or less voting rights but still controlling the investee and holding more than half of the voting
rights but not controlling the investee:
Naught.Significant structural entities and controlling basis in the scope of combination:
Naught.Basis of determining whether the Company is the agent or the principal:
Naught.Other notes;
Guoxing Electronic Manufacture NationStar Semiconductor Baoli Vanadium Industry New Electronics
Fenghua Semiconductor and Gaozhou NationStar are subsidiaries of NationStar Optoelectronics.
161Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(2) Significant Non-wholly-owned Subsidiary
Unit: RMB
Name of the Shareholding
The profit or loss
attributable to the Declaring dividends Balance of non-
subsidiary proportion of non- non-controlling distributed to non- controlling interestscontrolling interests interests controlling interests at the period-end
Nanning Liaowang
Auto Lamp Co. 46.21% 10982488.44 4065870.47 491046739.52
Ltd.Foshan NationStar
Optoelectronics 78.52% 19433755.88 24282863.70 3004357842.15
Co. Ltd.Holding proportion of non-controlling interests in subsidiary different from voting proportion:
Naught.
162Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(3) The Main Financial Information of Significant Not Wholly-owned Subsidiary
Unit: RMB
Ending balance Beginning balance
Name of
the
subsidiary Current Non-current Current
Non-
Total assets current Total Current Non-current Current
Non- Total
assets assets liabilities liabilities liabilities assets assets
Total assets liabilities currentliabilities liabilities
Nanning
Liaowang
Auto 16538223 99546658 26492889 15298653 5679749 15866628 17975940 10176668 28152609 16741022 9274370 17668459
Lamp Co. 84.87 8.97 73.84 54.86 2.27 47.13 99.17 28.52 27.69 78.76 0.71 79.47
Ltd.Foshan
NationStar
Optoelectr 37091050 23935352 61026403 19934349 2853478 22787827 38412595 24080197 62492792 20969151 3282024 24251176
onics Co. 28.91 93.43 22.34 21.60 73.55 95.15 63.85 05.26 69.11 66.37 53.19 19.56
Ltd.Unit: RMB
Reporting Period Same period of last year
Name of the
subsidiary Operating Total Cash flows Total Cash flows
revenue Net profit comprehensive from operating
Operating
revenue Net profit comprehensive from operatingincome activities income activities
Nanning Liaowang
Auto Lamp Co. 914845763.09 23766475.75 23010159.22 48082149.88 835320128.96 28661214.92 27445527.70 15328786.43
Ltd.Foshan NationStar
Optoelectronics Co. 1681244438.51 24571004.38 24571004.38 -6708763.72 1853708942.97 56242432.00 56242432.00 140461398.36
Ltd.
163Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(4) Significant Restrictions on Using the Assets and Liquidating the Liabilities of the Company
Naught.
(5) Financial Support or Other Supports Provided to Structural Entities Incorporated into the Scope of
Consolidated Financial Statements
Naught.
2. The Transaction of the Company with Its Owner’s Equity Share Changed but Still Controlling the
Subsidiary
(1) Changes in the Owner's Equity Share in Subsidiaries
Shareholding percentage before the Shareholding percentage after the
Name of subsidiary change change
Direct Indirect Direct Indirect
Foshan Haolaite Lighting Co. Ltd. 51.00% 10.53% 100.00%
(2) Impact of the Transaction on Minority Shareholders' Interests and Equity Attributable to the Parent
Company
Unit: RMB
Foshan Haolaite Lighting Co. Ltd.Purchase cost/disposal consideration 24916600.00
--Cash 24916600.00
--Fair value of non-cash assets
Total purchase cost/disposal consideration 24916600.00
Less: Share of subsidiary's net assets calculated based on equity acquired/disposed 26569825.61
Difference -1653225.61
Of which: Adjustment to capital reserve -1653225.61
Adjustment to surplus reserve
Adjustment to retained earnings
3. Equity in Joint Ventures or Associated Enterprises
(1) Significant Joint Ventures or Associated Enterprises
Naught.
(2) Main Financial Information of Significant Joint Ventures
Naught.
164Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(3) Main Financial Information of Significant Associated Enterprises
Naught.
(4) Summary Financial Information of Insignificant Joint Ventures or Associated Enterprises
Unit: RMB
Ending balance/Reporting Period Beginning balance/Same period oflast year
Associated enterprises:
Total carrying value of investment 180947314.66 180300594.89
The total of following items
according to the shareholding
proportions
--Net profit 646719.77 1112039.74
--Total comprehensive income 646719.77 1112039.74
(5) Note to the Significant Restrictions on the Ability of Joint Ventures or Associated Enterprises to
Transfer Funds to the Company
Naught.
(6) The Excess Loss of Joint Ventures or Associated Enterprises
Naught.
(7) The Unrecognized Commitment Related to Investment to Joint Ventures
Naught.
(8) Contingent Liabilities Related to Investment to Joint Ventures or Associated Enterprises
Naught.
4. Significant Common Operation
Naught.
5. Equity in the Structured Entity Excluded in the Scope of Consolidated Financial Statements
Notes to the structured entity excluded in the scope of consolidated financial statements:
Naught.
165Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
6. Others
Naught.XI. Government Grants
1. Government Grants Recognized at the End of the Reporting Period at the Amount Receivable
□Applicable□Not applicable
Reasons for failing to receive government grants in the estimated amount at the estimated point in time
□Applicable□Not applicable
2. Liability Items Involving Government Grants
□Applicable □ Not applicable
Unit: RMB
Amount Amount
recorded carried Other
Accounting Beginning Amount of
into non- forward
newly operating other
changes in Ending Related to
items balance subsidy income in income in
the balance assets/inco
the the Reporting me
Reporting Reporting Period
Period Period
Deferred 68183747.3 27697519.1 86199605.income 9681661.12
Related to
8 3 39 assets
Deferred 5289285.0
income 5555432.56 3829426.77 4095574.31
Related to
2 income
3. Government Grants Recognized in Profit or Loss for the Current Period
□Applicable □ Not applicable
Unit: RMB
Accounting items Reporting Period Same period of last year
Other income 23389446.31 24166249.43
XII. Risks Associated with Financial Instruments
1. Various Types of Risks Arising from Financial Instruments
The primary financial instruments of the Company include equity investments held-for-trading financial assets
receivables financing bills receivable accounts receivable other receivables other current assets other debt
166Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
investments accounts payable bills payable other payables short-term borrowings long-term borrowings etc.The details of each financial instrument see relevant items of Note VII.The main risks of the Company due to financial instruments were credit risk liquidity risk and market risk. The
operating management of the Company was responsible for the risk management target and the recognition of the
policies.
(1) Credit Risk
Credit risk was one party of the contract failed to fulfil the obligations and causes loss of financial assets of the
other party. The credit risk the Company faced was selling on credit which leads to customer credit risk.The Company will evaluate credit risk of new customer and set credit limit once the balance of account
receivable over credit limit require the customer to pay or producing and delivering goods shall be approved by
the management of the Company.The Company through monthly aging analysis of account receivable and monitoring the collection situation of the
customer ensured the overall credit risk of the Company was in control scope. Once appear abnormal situation
the Company should conduct necessary measures to requesting the payment timely.
(2) Liquidity Risk
Liquidity risk is referred to their risk of incurring capital shortage when performing settlement obligation in the
way of cash payment or other financial assets. The policies of the Company are to ensure that there was sufficient
cash to pay the due liabilities. The liquidity risk is centralised controlled by the Financial Department of the
Company. The liquidity risk is centralized controlled by the Financial Management Department of the Company.The Financial Management Department through supervising the balance of the cash and securities can be convert
to cash at any time and the rolling prediction of cash flow in future 12 months to ensure the Company have
sufficient cash to pay the liabilities under the case of all reasonable prediction.
(3) Market Risk
Market risk was referred to risk of the fair value or future cash flow of financial instrument changed due to the
change of market price including: exchange rate risk interest rate risk and other price risk.
1) Exchange Rate Risk
Exchange rate risk refers to the risk of loss due to exchange rate changes. The Company’s exposure to foreign
exchange risk is mainly related to the US dollar and the euro. As at June 30 2025 the Company’s assets and
liabilities were in RMB except for the balances of USD EUR HKD IDR and THB as set out in this Note VII-81
Foreign Currency Monetary Items. Foreign exchange risk arising from the assets and liabilities of such foreign
currency balances may have a certain impact on the Company’s operating results.The Company made efforts to avoid exchange rate risk through forward exchange settlement improving operation
management and promoting the international competitiveness of the Company etc.
2) Interest Rate Risk
Interest rate risk refers to fluctuation risk of the fair value or future cash flow of financial instrument change due
to the change of market interest rates. The interest rate risk faced by the Company mainly comes from bank
borrowings. By establishing a good bank-enterprise relationship the Company reasonably designed the credit line
credit variety and credit period ensured sufficient credit line of banks and met various long- and short-term
financing needs of the Company with preferential loan interest rates. As at June 2025 the Company’s fixed
interest rate loan balance was RMB 477474879.14 accounting for 100% of the total loan balance. Therefore the
market risk of interest rate changes borne by the Company is not significant.
3) Other Price Risk
The Group’s other price risks arise primarily from investments in equity instruments as there is the risk of
changes in the price of equity instruments.
167Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
As at December 2025 if the expected prices of the Group’s various equity instrument investments increase or
decrease by 1% and other factors remain unchanged the Group shall increase or decrease comprehensive income
by approximately RMB1095686.08 (December 31 2024: increasing or decreasing comprehensive income by
approximately RMB 1059041.21).
2. Hedge
(1) The Company Carries out Hedging Business for Risk Management
□Applicable□Not applicable
(2) The Company Conducts Eligible Hedging Operations and Applies Hedge Accounting
Naught.
(3) The Company Conducts Hedging Operations for Risk Management Expects to Achieve Its Risk
Management Objectives but Does Not Apply Hedge Accounting
□Applicable□Not applicable
3. Financial Assets
(1) Classification of Transfer Methods
□Applicable □ Not applicable
Unit: RMB
Nature of
Transfer financial Amount of
methods assets financial assets Derecognition Basis for determining derecognition
transferred transferred
Due to the low credit risk and deferred payment
Accounts risk of bank acceptance bills in accountsBills receivable 380352993.54 Yes receivable financing and the transfer of interestendorsement financing rate risk related to the bills to the bank it can beconcluded that almost all risks and rewards of
ownership of the bills have been transferred
Bills Accountsreceivable 163507644.82 Yes Almost all risks and rewards related to thediscounting financing ownership of the bills have been transferred
Bills Notes Almost all risks and rewards related to the
discounting receivable 63254781.83 Yes ownership of the bills have been transferred
Bills Notes
endorsement receivable 383377930.48 No
Retaining almost all risks and rewards including
default risks associated with them
Cloud Credit Accounts 1050000.00 No Retaining almost all risks and rewards including
168Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
endorsement receivable default risks associated with them
Cloud Credit Accounts 14556611.51 No Retaining almost all risks and rewards includingdiscount receivable default risks associated with them
Total 1006099962.18
(2) Financial Assets Derecognized due to Transfer
□Applicable □ Not applicable
Unit: RMB
Item Ways of transferring Derecognized financial Gains or losses related tofinancial assets asset amount derecognition
Accounts receivable
financing Bills endorsement 380352993.54
Accounts receivable
financing Bills discounting 163507644.82 -793787.18
Notes receivable Bills endorsement 63254781.83
Total 607115420.19 -793787.18
(3) Continued Involvement in the Transfer of Assets Financial Assets
□Applicable □ Not applicable
Unit: RMB
Amount of assets formed Amount of liabilities
Item Asset transfer methods due to continuous formed due to continuous
involvement involvement
Notes receivable 383377930.48 383377930.48
Of which: Bank’s
acceptance bill Bills endorsement 382982915.48 382982915.48
Commercial acceptance
bill Bill endorsement 395015.00 395015.00
Accounts receivable Cloud Creditendorsement 1050000.00 1050000.00
Accounts receivable Cloud Credit discount 14556611.51 14556611.51
Total 398984541.99 398984541.99
169Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
XIII. The Disclosure of Fair Value
1. Ending Fair Value of Assets and Liabilities at Fair Value
Unit: RMB
Ending fair value
Item
Level 1 Fair value Level 2 Fair value Level 3 Fair value
measurement measurement measurement Total
I. Consistent fair value
measurement -- -- -- --
1. Trading financial assets 2288376.68 2288376.68
(1) Financial assets at fair
value through profit or loss 2288376.68 2288376.68
1) Equity instrument
investment 2192776.68 2192776.68
2) Other 95600.00 95600.00
2. Other Investments in Debt
Obligations 1155317713.39 1155317713.39
3. Other equity instrument
investment 700354868.31 46902543.80 747257412.11
4. Accounts receivable
financing 380276549.15 380276549.15
Total assets measured at fair
value on a recurring basis 702643244.99 1155317713.39 427179092.95 2285140051.33
II. Inconsistent fair value
measurement -- -- -- --
2. Basis for Determining the Market Value of Continuing and Discontinuing Level 1 Fair Value
Measurement Items
Level 1 fair value measurements are determined based on the market price of equities at the balance sheet date and the
mid-price of the RMB exchange rate published by the State Administration of Foreign Exchange as quoted prices in
an active market.
170Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
3. Continuing and Discontinuing Level 2 Fair Value Measurement Items Qualitative and Quantitative
Information on the Valuation Techniques Used and Significant Parameters
The fair value of financial products and other debt investment subscribed by the Group that are measured at fair
value is determined by reference to the expected rate of return provided by the financial institutions.
4. Continuing and Discontinuing Level 3 Fair Value Measurement Items Qualitative and Quantitative
Information on the Valuation Techniques Used and Significant Parameters
(1) The Company measured the investment at cost as a reasonable estimate of fair value because there were no
significant changes in the business environment and operating and financial conditions of the investee GF Bank.
(2) The Company measured the investee Shenzhen Zhonghao (Group) Company Limited at nil as a reasonable
estimate of fair value due to the deterioration of its business environment and operating and financial conditions.
(3) The Company measured the investment at cost as a reasonable estimate of fair value because there were no
significant changes in the business environment and operating and financial conditions of the investee companies
Foshan Nanhai District United Guangdong New Light Source Industry Innovation Center Beijing Guang Rong Union
Semiconductor Lighting Industry Investment Center and Guangdong Rising Finance Co. Ltd.
(4) The receivables financing represents bank acceptance notes held by the Company with a short remaining
maturity the face value of which approximates the fair value and the face amount is used to recognize the fair
value at the statement date.
5. Consistent Fair Value Measurement Items at Level 3 Adjustment between the Beginning Carrying
Value and the Ending Carrying Value and Sensitivity Analysis on Unobservable Parameters
Naught.
6. Explain the Reason for Conversion and the Governing Policy when the Conversion Happens if
Conversion Happens among Consistent Fair Value Measurement Items at Different Levels
Naught.
7. Changes in Valuation Techniques in the Reporting Period and Reasons for the Changes
Naught.
8. Fair Value of Financial Assets and Liabilities Not Measured at Fair Value
Financial assets and liabilities not measured at fair value include: monetary assets accounts receivable and
accounts payable etc. There is small difference between the carrying value of above financial assets and liabilities
and fair value.
9. Others
Naught.
171Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
XIV. Related Party and Related-party Transactions
1. Information on the Company as the Parent
Proportion of Proportion of
share held by voting rights
Registration Nature of Registered the Company as owned by theCompany name place business capital the parent Company as the
against the parent against
Company (%) the Company(%)
Hongkong Wah
Shing Holding
Company Hong Kong Investment HKD110000 12.85% 12.85%
Limited
Guangdong
Rising Holdings Guangzhou Investment RMB10 billion 8.45% 8.45%
Group Co. Ltd.Guangdong
Electronics
Information Guangzhou Production and RMB1162 9.35% 9.35%
Industry Group sales million
Ltd.Rising
Investment RMB420
Development Hong Kong Investment million and 1.66% 1.66%
Limited HKD1 million
Total 32.31% 32.31%
Notes to the Company as the parent
Hongkong Wah Shing Holding Company Limited (hereinafter referred to as “Hongkong Wah Shing”) the largest
shareholder of the Company is a wholly-owned subsidiary of Guangdong Electronics Information Industry Group
Ltd. (hereinafter referred to as “Electronics Group”) and Electronics Group and Rising Investment Development
Limited (hereinafter referred to as “Rising Investment”) are wholly-owned subsidiaries of Guangdong Rising
Holdings Group Co. Ltd. (hereinafter referred to as “Rising Holdings Group”). According to the relevant
provisions of the Company Law and the Measures for the Administrative Measures on Acquisition of Listed
Companies Hongkong Wah Shing Electronics Group and Rising Investment are concerted actors of Rising
Holdings Group and Rising Holdings Group is the actual controller of the Company. As at June 30 2025 the
total proportion of shares held by Rising Holdings Group and its concerted actors was 32.31%.The final controller of the Company is Guangdong Rising Holdings Group Co. Ltd.
2. Subsidiaries of the Company
Refer to Note X Equity in Other Entities-1. Equity in Subsidiaries for details of the Company’s subsidiaries.
172Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
3. Information on the Joint Ventures and Associated Enterprises of the Company
Refer to Note X Equity in Other Entities-3. Equity in Joint Ventures or Associated Enterprises for details of
significant joint ventures or associated enterprises of the Company.
4. Information on Other Related Parties
Name of other related parties Relationship with the Company
PROSPERITY LAMPS & COMPONENTS LTD Shareholder owning over 5% shares
Guangdong Zhongnan Construction Co. Ltd. Under same actual controller
Guangzhou Haixinsha Industrial Co. Ltd. Under same actual controller
Guangdong Fenghua Advanced Technology (Holding) Co.Ltd. Under same actual controller
Guangdong Yixin Changcheng Construction Group Under same actual controller
Shenzhen Yuepeng Construction Co. Ltd. Under same actual controller
Primatronix Nanho Technology Ltd. Under same actual controller
Guangdong Huajian Enterprise Group Co. Ltd. Under same actual controller
Guangdong Xintao Microelectronics Co. Ltd. Under same actual controller
Guangzhou Shengfeng Catering Management Service Co.Ltd. Under same actual controller
Guangdong Rising Cultural Industry Development Co.Ltd. Under same actual controller
Shenzhen Yuedin Precise Machinery Co. Ltd. Under same actual controller
Guangdong Fenghua New Energy Co. Ltd. Under same actual controller
Guangdong Zhongren Group Construction Co. Ltd. Under same actual controller
Zhuhai Dongjiang Environmental Protection Technology
Co. Ltd. Under same actual controller
Guangdong Semiconductor Device Factory Under same actual controller
Guangdong Zhuyuan Construction Engineering Co. Ltd. Under same actual controller
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Under same actual controller
173Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Name of other related parties Relationship with the Company
Guangdong Zhongjin Lingnan Engineering Technology
Co. Ltd. Under same actual controller
Shandong Zhongjin Lingnan Copper Co. Ltd. Under same actual controller
Shantou Rising Infrastructure Construction Investment Co.Ltd. Under same actual controller
Guangdong Huajian Engineering Construction Co. Ltd. Under same actual controller
Guangdong Rising Finance Co. Ltd. Under same actual controller
Guangdong Rising Commercial Development Co. Ltd. Under same actual controller
Guangdong Rising Mining Group Co. Ltd. Under same actual controller
Guangzhou Wanshun Investment Management Co. Ltd. Under same actual controller
Foshan Fulong Environmental Technology Co. Ltd. Under same actual controller
Shenzhen Longgang Dongjiang Industrial Waste Treatment
Co. Ltd. Under same actual controller
Jiangmen Dongjiang Environmental Company Limited Under same actual controller
Ramada Pearl Hotel Guangzhou Under same actual controller
Guangzhou Huajian Business Development Co. Ltd. Under same actual controller
Guangdong Rising Urban Services Co. Ltd. Under same actual controller
Guangdong Rising Hydrogen Energy Co. Ltd. Under same actual controller
Zhuhai Doumen District Yongxingsheng Environmental
Industry Waste Recovery and Comprehensive Treatment Under same actual controller
Co. Ltd.Guangdong Rising Research and Development Institute Co.Ltd. Under same actual controller
Prosperity (China) Electrical Company Limited Enterprise controlled by related natural person
Traxon Technologies Limited Enterprise controlled by related natural person
Nanning Ruixiang Industrial Investment Co. Ltd. Enterprise significantly affected by relatednatural person
174Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
5. Transactions with Related Parties
(1) Information on Acquisition of Goods and Reception of Labor Service
Information on acquisition of goods and reception of labor service
Unit: RMB
Whether exceed
Related party Nature of Reporting The approval Same period oftransaction Period trade credit trade credit ornot last year
Guangdong
Xintao Purchase of
Microelectronic materials 2042234.00
s Co. Ltd.Guangdong
Rising Holdings Receiving of
Group Co. Ltd. labor service
1333182.30
Shenzhen
Yuepeng Receiving of
Construction labor service 333072.46 1886492.75
Co. Ltd.Primatronix
Nanho Receiving of
Technology labor service 216716.81 114801.77
Ltd.Shenzhen
Yueding Precise Purchase of 58500000.00 No
Machinery Co. materials 191766.31
Ltd.Guangdong
Rising
Hydrogen Receiving oflabor service 81637.17Energy Co.Ltd.Zhuhai
Dongjiang
Environmental Receiving of
Protection labor service 81304.53 271319.56
Technology
Co. Ltd.Shenzhen
Yueding Precise Receiving of
Machinery Co. labor service 64955.76
Ltd.
175Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Related party Nature of Reporting The approval
Whether exceed
transaction Period trade credit trade credit or
Same period of
not last year
Guangdong
Electronics
Information Receiving oflabor service 60156.76Industry Group
Ltd.Guangdong
Fenghua New Receiving of
Energy Co. labor service 57430.97
Ltd.Shenzhen
Longgang
Dongjiang Receiving of
Industrial Waste labor service 22058.15 14375.09
Treatment Co.Ltd.Zhuhai Doumen
District
Yongxingsheng
Environmental
Industry Waste Receiving oflabor service 7907.50 4528.30Recovery and
Comprehensive
Treatment Co.Ltd.Foshan Fulong
Environmental Receiving of
Technology labor service 3021.30 70467.96
Co. Ltd.Jiangmen
Dongjiang
Environmental Receiving of 2169.81 2169.81
Company labor service
Limited
Guangdong
Electronics
Information Purchase ofmaterials 1911.50Industry Group
Ltd.Primatronix
Nanho Purchase of
Technology materials 16672.57
Ltd.
176Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Nature of Reporting The approval Whether exceedRelated party Same period oftransaction Period trade credit trade credit ornot last year
Guangzhou
Shengfeng
Catering Receiving of
Management labor service 3935965.99 1362571.29
Service Co.Ltd.Guangdong
Rising Urban Receiving of
Services Co. labor service 582602.76
Ltd.Guangdong 15000000.00
Rising Cultural No
Industry Receiving of 109742.88 5740.00
Development labor service
Co. Ltd.Guangdong
Rising
Commercial Receiving oflabor service 38879.99 42887.72Development
Co. Ltd.Ramada Pearl
Hotel Receiving oflabor service 35725.28Guangzhou
Guangdong
Fenghua
Advanced Purchase of
Technology materials 3762628.44 24100000.00 No 2264120.89
Holding Co.Ltd.Guangzhou
Haixinsha Receiving of
Industrial Co. labor service 1373791.75 513226.63
Ltd.Guangdong 17000000.00
Huajian Receiving of
Enterprise labor service 1358026.48
No
Group Co. Ltd.Guangzhou
Huajian Receiving of
labor service 112044.02 87421.36Business
Development
177Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Related party Nature of Reporting The approval
Whether exceed
trade credit or Same period oftransaction Period trade credit not last year
Co. Ltd.Prosperity
Lamps & Purchase of
Components materials 40604.45 1000000.00 No
Limited
Guangdong
Zhongnan Receiving of
Construction labor service 49179363.76 No 8266347.72
Co. Ltd.Guangdong
Zhongren
Group Receiving oflabor service 18348623.85 No 2407583.18Construction
Co. Ltd.Guangdong
Yixin
Changcheng Receiving oflabor service No 47493226.47Construction
Group
Total 83377524.98 115600000.00 No 64823953.07
Information of sales of goods and provision of labor service
Unit: RMB
Related party Nature of transaction Reporting Period Same period of last year
Guangdong Fenghua
Advanced Technology Sale of products 4728179.44 4572650.62
(Holding) Co. Ltd.PROSPERITY LAMPS
& COMPONENTS Sale of products 4405252.25 5732428.94
LIMITED
Traxon Technologies
Limited Sale of products 2298878.91
Primatronix Nanho
Technology Ltd. Sale of products 973112.50
Guangdong Xintao
Microelectronics Co. Sale of products 411591.87
Ltd.
178Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Related party Nature of transaction Reporting Period Same period of last year
Guangdong Zhuyuan
Construction Engineering Sale of products 31156.00
Co. Ltd.Guangdong Zhongren
Group Construction Co. Sale of products 2953.27
Ltd.Guangdong Rising
Mining Group Co. Ltd. Sale of products 99577.88
Guangzhou Wanshun
Investment Management Sale of products 59565.75
Co. Ltd.Shandong Zhongjin
Lingnan Copper Co. Ltd. Sale of products 9102.65
Guangdong Yixin
Changcheng Construction Sale of products 121035.60
Group
Primatronix Nanho
Technology Ltd. Rendering of services 22166.04
Total 12873290.28 10594361.44
Notes to acquisition of goods and reception of labor service
1. The pricing policy for related-party transactions between the Company and its related parties is as follows:
The pricing of related-party transactions should be market-oriented and subject to the market prices when such a
transaction occurs. The relevant funds should be paid on time according to the actual transaction.
2. The related-party transactions between the Company and its subsidiaries and between subsidiaries have been
offset during report consolidation.
(2) Connected Transactions with the Company as Entrustee/Contractor or Entruster/Contractee
The Company as entrustee/contractor:
Naught.The Company as entruster/contractee:
179Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Unit: RMB
Name of the Name of the
Income
entrustee/cont Type Start date Due date Pricing recognized inentruster/contractee ractor basis this CurrentPeriod
Guangdong
Foshan NationStar Zhongren
Optoelectronics Co. Group December December
Ltd. Construction 30 2020 31 2022
Co. Ltd
Guangdong
Foshan Electrical Yixin
and Lighting Co. Changcheng May 28 December
Ltd. Construction 2021 29 2022
Group
Guangdong
Foshan Electrical Yixin
and Lighting Co. Changcheng March 1 December
Ltd. Construction 2022 11 2022
Group
Foshan Kelian New Guangdong
Energy Technology Zhongnan June 23 December
Co. Ltd. Construction 2021 23 2022Co. Ltd.Guangdong
Foshan Kelian New Huajian
Energy Technology Enterprise January 1 December
Co. Ltd. Group Co. 2025 31 2033
Ltd.Notes:
1. The Company’s subsidiary Foshan NationStar Optoelectronics Co. Ltd. entered into the General Contracting
Contract of NationStar Optoelectronics for the Survey Design and Construction of the Geely Industrial Park
with Guangdong Zhongren Group Construction Co. Ltd. Guangdong Architectural Design & Research Institute
Co. Ltd. and CSIC International Engineering Co. Ltd. on December 30 2020. The above parties take charge of
the survey design and construction of the Geely Industrial Park. The total price of the contract is
RMB509292500.
2. The Company entered into the General Contracting Contract of Foshan Electrical and Lighting Co. Ltd. for
the Design and Construction of the Office Buildings of Gaoming Headquarters Production Base Phase II with
Guangdong Yixin Changcheng Construction Group Co. Ltd. and Guangdong Architectural Design & Research
Institute Co. Ltd. on May 28 2021. The above parties take charge of the design and construction of Gaoming
office buildings. The total price of the contract is RMB175025600 and the planned total construction period is
560 calendar days (560 days for construction including 90 days for design). As at the date of this Report the
project has passed the completion acceptance check.
3. On March 1 2022 the Company signed a General Contract for Design and Construction of the Smart LED
Lighting Production Factory Buildings 1-3 at the Gaoming Production Base of Foshan Electrical and Lighting
Co. Ltd. with Guangdong Yixin Great Wall Construction Group Co. Ltd. and Guangdong Architectural Design &
180Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Research Institute Co. Ltd. The aforementioned companies were responsible for the design and construction of
the three buildings in Gaoming. The tentative total contract value was RMB 129991400 with a planned total
construction period of 285 calendar days (30 days for design and 255 days for construction). The project has now
been completed and accepted.
4. On June 23 2021 the Company’s subsidiary Foshan Kelian New Energy Technology Co. Ltd. signed a
General Contract for Design and Construction of the Decoration Engineering of Kelian Building with Guangdong
Zhongnan Construction Co. Ltd. and Guangdong Architectural Design & Research Institute Co. Ltd. The
aforementioned companies were responsible for the interior design and construction of the building. The tentative
total contract value was RMB189070200 with a planned total construction period of 240 calendar days (60 days
for design and 210 days for Building 2 and 240 days for Building 1). The construction period for the self-use
floors starts from the actual commencement of construction. The project has now been completed with the self-
use floors of Building 2 having passed acceptance and the property management company is currently conducting
the handover process for Building 1.
5. On April 21 2023 the Company’s subsidiary Foshan Kelian New Energy Technology Co. Ltd. signed the
Kelian Building Operation and Leasing Service Contract and the Kelian Building Property Management Service
Contract with Huajian Group. The industrial (R&D center) area (located in Building 1) commercial (service
apartments) commercial (shops) and part of the underground parking lot totaling 70340.04 square meters were
entrusted to Huajian Group for operation and leasing. The operation and leasing service period is 10 years from
January 1 2025.
181Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(3) Information on Connected Lease
The Company was lessor:
Unit: RMB
Name of lessee Type of assets leased The lease income confirmed in the The lease income confirmed in theReporting Period same period of last year
Guangdong Rising Research and
Development Institute Co. Ltd. and its Plant 746120.71 647933.71
majority-owned subsidiaries
The Company served as the lessee:
Unit: RMB
Rental expenses of short- Variable lease payments
term lease simplified not included in the Income expense of lease
treated and low-value asset measurement of lease Paid rent liabilities undertaken Increased right-of-use assets
Type of lease (if applicable) liabilities (if applicable)
Name of lessor assets
leased
Reporting Same period Reporting Same period Reporting Same Same
Period of last year Period of last year Period period of
Reporting Same period Reporting
Period of last year Period period oflast year last year
Guangdong
Rising Buildings
Commercial and 31706.00 166520.05 13312.48 3420.80 1057213.99 291156.20
Development structures
Co. Ltd.Guangdong Buildings
Rising Holdings and 2406864.12 221988.14
Group Co. Ltd. structures
Nanning Buildings
Ruixiang and 8000.00 6000.00
Industrial structures
Investment Co.
182Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Rental expenses of short- Variable lease payments
term lease simplified not included in the Paid rent Income expense of leasetreated and low-value asset measurement of lease liabilities undertaken Increased right-of-use assets
Type of lease (if applicable) liabilities (if applicable)
Name of lessor assets
leased
Reporting Same period Reporting Same period Reporting Same Reporting Same period Reporting Same
Period of last year Period of last year Period period oflast year Period of last year Period
period of
last year
Ltd.
(4) Connected Guarantee
Naught.
(5) Interbank Borrowing and Lending of Capital by Connected Party
Naught.
(6) Information on Assets Transfer and Debt Restructuring by Related Party
Naught.
183Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(7) Information on Remuneration for Key Management Personnel
Unit: RMB
Item Reporting Period Same period of last year
Chairman of the Board 463921.43 412195.28
General Manager 446431.33 481683.12
Chairman of the Supervisory
Committee 426785.10 615288.82
Secretary of the Board 500892.14 418182.04
Chief Financial Officer 368082.70 475438.92
Others 4023167.19 2568209.82
Total 6229279.89 4970998.00
(8) Other Connected Transactions
In accordance with the Financial Service Agreement newly signed by the Company in 2025 the total maximum
daily deposit balance of the Company and its holding subsidiaries deposited in Guangdong Rising Finance Co.Ltd. shall not exceed RMB1.5 billion and the general credit limit provided by Guangdong Rising Finance Co.Ltd. for the Company and its holding subsidiaries shall not exceed RMB2 billion. As at June 30 2025 the deposit
balance of the Company and its holding subsidiaries deposited in Guangdong Rising Finance Co. Ltd. is RMB
1251.0619million. The outstanding interest receivable is RMB5.1018 million.
6. Receivables from and Payables to Related Parties
(1) Accounts Receivable
Unit: RMB
Ending balance Beginning balance
Name of project Related party
Carrying Provision for Carrying Provision for
amount impairment amount impairment
Monetary
capital- accrued Guangdong RisingFinance Co. Ltd. 5004016.43 5153062.03interest
Other current
assets-accrued Guangdong Rising
interest Finance Co. Ltd.
97777.78105555.56
Accounts Prosperity Lamps & 3225236.48 96757.09 2558600.74 76758.02
184Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Name of project Related party
Carrying Provision for Carrying Provision for
amount impairment amount impairment
receivable Components Limited
Guangdong Fenghua
Accounts Advanced
receivable Technology Holding 2344510.48 46890.21 5584276.94 111685.54
Co. Ltd.Accounts Guangdong Yixin
receivable Changcheng 2332537.86 820038.74 2332537.86 623014.72Construction Group
Guangdong
Accounts Zhongnan
receivable Construction Co. 911495.28 171244.55 3453458.25 422680.16
Ltd.Shantou Rising
Accounts Infrastructure
receivable Construction 746660.40 22399.81 1555346.68 46660.40
Investment Co. Ltd.Guangdong Zhuyuan
Accounts Construction
receivable Engineering Co. 510276.71 51027.67 510276.71 51027.67
Ltd.Accounts Shenzhen Zhongjin
receivable Lingnan Nonfemet 504147.00 97306.70 504147.00 50414.70Co. Ltd.Accounts Guangdong Xintao
receivable Microelectronics 405382.81 8107.66 355473.15 7109.46Co. Ltd.Guangdong
Accounts Zhongren Group
receivable Construction Co. 158114.20 15577.82 239918.22 23991.82
Ltd.Guangdong
Accounts Zhongjin Lingnan
receivable Engineering 138827.00 13882.70 138827.00 13882.70Technology Co.Ltd.Accounts Guangdong Huajian
receivable Engineering 44297.00 39024.51 44297.00 35437.60
Construction Co.
185Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Name of project Related party
Carrying Provision for Carrying Provision for
amount impairment amount impairment
Ltd.Accounts Guangdong Rising
receivable Holdings Group Co. 15206.96 1520.70 15206.96 1520.70Ltd.Accounts Shandong Zhongjin
receivable Lingnan Copper Co. 10286.00 1028.60 10286.00 308.58Ltd.Guangdong Fenghua
Notes receivable AdvancedTechnology Holding 3242258.87
Co. Ltd.Prosperity (China)
Prepayments Electrical Company 39428.00 39428.00
Limited
Guangdong Fenghua
Prepayments AdvancedTechnology Holding 148.68 148.68
Co. Ltd.Guangdong Rising
Prepayments Urban Services Co. 60317.70
Ltd.Guangdong Rising
Prepayments Holdings Group Co. 13959.24
Ltd.Other Guangdong Huajian
receivables Enterprise Group 2587607.38 223989.02 2587607.38 203049.97Co. Ltd.Other Guangdong
receivables Semiconductor 816441.49 816441.49 816441.49 816441.49Device Factory
Other Guangdong Rising
receivables Holdings Group Co. 587979.04 17622.46 586288.04 17588.64Ltd.Other Nanning Ruixiang
receivables Industrial 5000.00 500.00 5000.00 500.00Investment Co. Ltd.
186Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Name of project Related party
Carrying Provision for Carrying Provision for
amount impairment amount impairment
Guangdong
Other Zhongren Group
receivables Construction Co. 304.31 30.43 304.31 30.43
Ltd.Guangdong
Other Guangsheng
receivables Commercial 74761.92 6868.51Development Co.Ltd.Total 23727940.16 2443390.16 26745526.86 2508971.11
(2) Accounts Payable
Unit: RMB
Name of project Related party Ending carrying Beginning carryingbalance balance
Notes payable Guangdong Xintao Microelectronics Co.Ltd. 1253375.42
Notes payable Guangdong Fenghua Advanced TechnologyHolding Co. Ltd. 1037580.11 119158.00
Notes payable Guangdong Electronics InformationIndustry Group Ltd. 150000.00
Notes payable Primatronix Nanho Technology Ltd. 74812.50
Accounts Guangdong Zhongren Group Construction
payable Co. Ltd. 81073448.55 99422072.40
Accounts Guangdong Fenghua Advanced Technology
payable Holding Co. Ltd. 2656061.79 3976905.41
Accounts
payable Shenzhen Yuepeng Construction Co. Ltd. 1381887.30 1381887.30
Accounts Guangdong Electronics Information
payable Industry Group Ltd. 569200.00 638973.44
Accounts Guangdong Xintao Microelectronics Co.payable Ltd. 387206.24 2560606.36
187Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Name of project Related party Ending carrying Beginning carryingbalance balance
Accounts
payable Guangzhou Haixinsha Industrial Co. Ltd. 240676.00 1003260.00
Accounts Shenzhen Yuedin Precise Machinery Co.payable Ltd. 191766.31
Accounts Guangzhou Shengfeng Catering
payable Management Service Co. Ltd. 104139.13 99516.27
Accounts
payable Guangdong Fenghua New Energy Co. Ltd. 50800.00 53946.92
Accounts
payable Prosperity Lamps & Components Limited 40604.45
Accounts Guangdong Rising Cultural Industry
payable Development Co. Ltd. 32733.16 14567.75
Accounts
payable Primatronix Nanho Technology Ltd. 11898.00 95998.00
Accounts Zhuhai Dongjiang Environmental Protection
payable Technology Co. Ltd. 2667.91
Accounts Nanning Ruixiang Industrial Investment
payable Co. Ltd. 2000.00
Accounts Shenzhen Longgang Dongjiang Industrial
payable Waste Treatment Co. Ltd. 7352.40
Other payables Nanning Ruixiang Industrial InvestmentCo. Ltd. 79046577.48 91046577.48
Other payables Guangdong Zhongnan Construction Co.Ltd. 60172552.20 38499432.70
Other payables Guangdong Yixin Changcheng ConstructionGroup 44951543.71 52340650.63
Other payables Guangdong Fenghua Advanced TechnologyHolding Co. Ltd. 5035015.07 5035015.07
Other payables Guangdong Huajian Enterprise Group Co.Ltd. 4565714.65 5215652.63
Other payables Shenzhen Yuepeng Construction Co. Ltd. 549689.05 499150.37
Other payables Guangzhou Shengfeng Catering 379000.00 347000.00
188Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Name of project Related party Ending carrying Beginning carryingbalance balance
Management Service Co. Ltd.Other payables Guangdong Rising Holdings Group Co.Ltd. 279184.78
Other payables Primatronix Nanho Technology Ltd. 13624.00 13624.00
Other payables Guangdong Xintao Microelectronics Co.Ltd. 8429.40 8429.40
Other payables Guangdong Electronics InformationIndustry Group Ltd. 5000.00
Contract
liabilities other Prosperity Lamps & Components Limited 56542.00 59428.00
current liabilities
Contract
liabilities other Primatronix Nanho Technology Ltd. 218729.24
current liabilities
Other current Nanning Ruixiang Industrial Investment
liabilities Co. Ltd. 2000000.00
Other current Guangdong Fenghua Advanced Technology
liabilities Holding Co. Ltd. 960985.42 693580.58
Other current Guangdong Zhongnan Construction Co.liabilities Ltd. 907211.60
Other current
liabilities Guangzhou Haixinsha Industrial Co. Ltd. 801331.52 464919.17
Other current Guangdong Zhongren Group Construction
liabilities Co. Ltd. 150000.00
Total 288918445.25 304041246.02
7. Commitments of the Related Parties
Date of
No. Commitment Promisor commitment Term of
making commitment
Fulfillment
1 About avoidance of
Electronics Group December 04
horizontal competition and Hong Kong 2015 Long-term OngoingRising Investment
189Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Rising Holdings November 04
Group 2021 Long-term Ongoing
Rising Holdings
Group Rising
Capital and October 27
Hongkong Wah 2021
Long-term Ongoing
Shing
Electronics Group
and Hong Kong December 42015 Long-term OngoingRising Investment
About reduction and Rising Holdings November 4Group 2021 Long-term Ongoing2 regulation of related-party
transactions
Rising Holdings
Group Rising
Capital and October 272021 Long-term OngoingHongkong Wah
Shing
Electronics Group
and Hong Kong December 42015 Long-term OngoingRising Investment
3 About independence
Rising Holdings November 4
Group 2021 Long-term Ongoing
Rising Holdings
Group Rising
Capital Electronics
About effective Group Hongkong
4 performance of measures Wah Shing Hong October 27
to fill up returns Kong Rising 2021
Long-term Ongoing
Investment and
Shenzhen Rising
Investment
About compensation for
possible violations of laws Rising Holdings
5 and regulations by Group Electronics October 27
NATIONSTAR Group and Rising 2021
Long-term Ongoing
OPTOELECTRONICS Capital
Rising Holdings
About the truthfulness Group Electronics October 27
accuracy and completeness Group and Rising 2021 Long-term Ongoing
6 of the information Capital
provided during this major
asset restructuring Director and senior Long-term Ongoing
management office October 27
190Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
of FSL 2021
Electronics Group October 272021 Long-term Ongoing
About the clarity of the
7 underlying assets of this
major asset restructuring Rising Holdings
Group and Rising October 27 Long-term Ongoing
Capital 2021
About measures to fill up
returns for risks arising Director and senior
8 from diluting immediate management office October 27
return in major asset of FSL 2021
Long-term Ongoing
restructuring
About the measures to fill
up immediate returns Director and senior
9 diluted by the issuance of management office March 142023 Long-term OngoingA-shares to specific of FSL
objects in 2023
Directors and senior
management of
About matters on special FSL Rising
10 self-inspection of the real Holdings Group March 14
estate business Electronics Group 2023
Long-term Ongoing
Hongkong Wah
Shing Hong Kong
Rising Investment
About the effective Rising Holdings
fulfilment of measures Group Electronics
11 taken by controlling Group Hongkong March 14shareholders and de facto Wah Shing Hong 2023 Long-term Ongoing
controller to fill up Kong Rising
immediate returns Investment
Within six
Notification Letter months
12 Regarding the Increase in Electronics Group November 18 starting from Completed
Foshan Lighting Shares 2024 20 November
2024.
8. Other
Naught.
191Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
XV. Share-based Payment
1. Overview of Share-based Payments
□Applicable□Not applicable
2. Equity-settled Share-based Payments
□Applicable□Not applicable
3. The Stock Payment Settled in Cash
□Applicable□Not applicable
4. Share-Based Payment Expenses for the Period
□Applicable□Not applicable
5. Modification and Termination of Share-based Payment
Naught.
6. Others
Naught.XVI. Commitments and Contingency
1. Significant Commitments
Significant commitments on the balance sheet date
Commitment on the development of Haikou plot
In November 2021 Hainan Technology a wholly-owned subsidiary of the Company acquired an industrial land
located in Mei’an Science and Technology New City Haikou with a land area of 34931.13 square meters and a
land price of RMB26596784.43. In the same month Hainan Technology signed the Agreement on Industrial
Project Development and Land Access with Haikou National High-tech Industrial Development Zone
Management Committee (hereinafter referred to as the “Haikou Development Zone Management Committee”).The agreement stipulates that the above-mentioned plot is used for the development of marine lighting R&D and
manufacturing base projects and the investment of fixed assets is approximately RMB314 million (including
plants equipment and land equivalent to RMB6 million per mu. Hainan Technology promises to complete the
planning scheme design within two months from the date of signing the Confirmation of Listing and Transferring
the Right to Use State-owned Construction Land; complete the construction drawing design within three months
after completing the planning scheme design and obtain the Building Construction Permits and start construction
at the same time (subject to the foundation concrete pouring of the main buildings).The project will be put into
production within 18 months from the date of signing the Confirmation of Listing and Transferring the Right to
Use State-owned Construction Land. From the date of signing the contract to the first year after the project is put
into production the accumulated tax payment is not less than RMB10 million; the accumulated tax payment in the
first two years is not less than RMB27.4 million; the accumulated tax payment in the first three years is not less
than RMB67.1 million; the accumulated tax payment in the first four years is not less than RMB117 million; the
accumulated tax payment in the five years is not less than RMB203 million. The total industrial output value (or
revenue) in the first year after the project is put into production is not less than RMB218 million; the accumulated
192Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
value in the first two years is not less than RMB433 million; the accumulated value in the first three years is not
less than RMB929 million; the accumulated value in the first four years is not less than RMB1548 million; the
accumulated value in the five years is not less than RMB2.62 billion. If the project fails to start construction
within 12 months from the date of signing the Confirmation of Listing and Transferring the Right to Use State-
owned Construction Land due to Hainan Technology reasons the Haikou Development Zone Management
Committee has the right to unilaterally terminate the contract and the municipal government will recover the land
use rights according to law; if the total amount of tax paid in the year after the project is put into production does
not reach the total annual tax payment as agreed Hainan Technology shall pay liquidated damages to the Haikou
Development Zone Management Committee according to the difference; if Hainan Technology has idle land not
due to government reasons and force majeure the municipal government shall collect idle land fees or recover the
right to use state-owned construction land. As at the date of this report the first phase of the Hainan Industrial
Park has been completed and put into production.
2. Contingency
(1) Significant Contingency on Balance Sheet Date
1) Litigation between the Company and Yinghe (Shenzhen) Robotics and Automation Technology Co. Ltd.Yinghe (Shenzhen) Robotics and Automation Technology Co. Ltd. (hereinafter referred to as the “YingheCompany”) and the Company entered into the Bulb Lamp Intelligent Manufacturing Workshop Project
Construction Contract in 2021. The project failed to meet the final acceptance inspection criteria and after
repeated negotiations between both parties no agreement was reached. Therefore Yinghe Company filed a
lawsuit with the Chancheng District People’s Court of Foshan City in December 2023 with the amount of
RMB104403700 involved in litigation. In January 2024 the Company filed a counterclaim on the grounds that
the project undertaken by Yinghe Company had not reached the final acceptance standards for two years overdue
constituting a fundamental breach of contract demanding that Yinghe Company refund the contract amount of
RMB26904000 and pay a penalty of RMB26904000 totaling RMB53808000. In September 2024 the
Company received the first-instance judgment from the People’s Court of Chancheng District Foshan City
Guangdong Province: 1. The court dismissed all the claims made by Yinghe Company; 2. Yinghe Company is
required to return RMB 26904000 to the Company; 3. Yinghe Company is responsible for the costs of removing
the equipment and systems located in the Foshan Lighting production workshop. Both parties appealed and in
January 2025 the case was heard in the second-instance court. In February 2025 the Company received the
second-instance judgment from the Foshan Intermediate People’s Court Guangdong Province which upheld the
original first-instance judgment. In March 2025 the Company applied for compulsory enforcement and the case
was accepted for filing in June 2025.
2) Litigation between the Company and China Construction Fourth Engineering Division Installation Engineering
Co. Ltd.China Construction Fourth Engineering Division Installation Engineering Co. Ltd. as a customer of the
Company has a dispute with the Company over a sales contract. The Company initiated arbitration with the
Guangzhou Arbitration Commission with the subject matter of the arbitration amounting to RMB18420100. In
December 2024 both parties signed a Settlement Agreement. As at the date of this report China Construction
Fourth Engineering Division has fulfilled partial obligations and the case is pending for trial. The Company has
made a provision for bad debts of RMB5855300 based on expected credit losses.
3) Litigation between Sub-subsidiary Chongqing Guinuo and Hasco VISION Technology (Chongqing) Co. Ltd.
and Hasco VISION Technology (Shanghai) Co. Ltd.Hasco VISION Technology (Chongqing) Co. Ltd. and Hasco VISION Technology (Shanghai) Co. Ltd. as
customers of sub-subsidiary Chongqing Guinuo have disputes with the sub-subsidiary Chongqing Guinuo over
sales contracts. Chongqing Guinuo has filed a lawsuit with Yubei District People’s Court Chongqing with the
subject matter of the lawsuit amounting to RMB17381700. The first hearing of the case was held in August
2024 followed by a second hearing in October and a third in December 2024. During the three hearings the court
requested that the legal representatives of both parties sign the Application for Settlement Agreement with a
mediation period of three months. In February 2025 Chongqing Guinuo received the first-instance judgment from
the Yubei District People’s Court of Chongqing: all claims filed by Chongqing Guinuo were dismissed.Chongqing Guinuo filed an appeal based on the first-instance judgment and the appeal trial commenced in April
193Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
2025 and in June 2025 the Chongqing No.1 Intermediate People’s Court issued the second-instance ruling
upholding the original judgment.
4) Litigation between the Company & Its Subsidiary Foshan Kelian and Foshan Centurynet Industrial Park
Investment and Development Co. Ltd.Foshan Centurynet Industrial Park Investment and Development Co. Ltd. (hereinafter referred to as
“Centurynet”) entered into a State-Owned Construction Land Use Right Transfer Contract and a supplementary
agreement with the Foshan Bureau of Land and Resources under which Centurynet was permitted to divide the
acquired land parcel into eight separate plots. In April 2016 Centurynet signed a State-Owned Construction Land
Use Right Transfer Contract with Foshan Kelian New Energy Technology Co. Ltd. (hereinafter referred to as
“Foshan Kelian”) transferring Plot Seven to Foshan Kelian. In June 2023 the Foshan Bureau of Natural
Resources issued a Notice on the Payment of Liquidated Damages for Delayed Completion to Centurynet
regarding Plot FC (G) 2010-017 (Century Binjiang Project) stating that the required completion date for the
eight subdivided plots was August 6 2017 while the actual completion date was August 19 2021. As a result
Centurynet was required to pay liquidated damages for delayed completion amounting to RMB55221600. Based
on the notice Centurynet paid the liquidated damages and subsequently filed a lawsuit against the Company and
its subsidiary Foshan Kelian demanding that they bear a proportional share of the penalty—RMB11449200—as
well as RMB100000 in legal fees totaling RMB11549200. When acquiring Foshan Kelian the Company signed
an Equity Transfer Agreement in which the transferor committed that: if the target company or the transferee
incurs any loss claim or legal liability arising from any matter that occurred prior to the closing date (excluding
debts already disclosed in the audit report) the transferor shall bear joint and several liability and provide
compensation to the target company or the transferee in cash. In December 2024 the Company received litigation
documents served by the court. The first-instance hearing of the case was held in January 2025. In April 2025 the
Company was served with the first-instance judgment by Foshan Chancheng District People’s Court: Foshan
Kelian shall pay liquidated damages plus accrued interest for delayed completion to Centurynet; FSL shall bear
joint and several liability. The Company subsequently appealed and the second-instance trial commenced in June
2025. As at the date of this Report the case is still in the second instance procedure.
5) Litigation between Sub-subsidiary Chongqing Guinuo and Hasco VISION Technology (Chongqing) Co. Ltd.
The sub-subsidiary Chongqing Guinuo has a dispute with Hasco VISION Technology (Chongqing) Co. Ltd.(hereinafter referred to as “Hasco VISION”) over a lease contract. Hasco VISION has filed a lawsuit with Yubei
District People’s Court Chongqing in December 2023 with the subject matter of the lawsuit amounting to
RMB10433900. The first instance trial of this case was held in August 2024 followed by a second trial in
September of the same year. In November 2024 the People’s Court of Yubei District Chongqing issued a civil
ruling to suspend the litigation. In July 2025 Yubei District People’s Court Chongqing notified that the trial
would be held in August 2025. After the two parties reached a preliminary settlement consensus Chongqing
Guinuo applied for a postponement of the trial. As at the date of this report the case is still in the procedure of the
first instance.
6) Litigation between the Company and Industrial and Commercial Bank of China Foshan Branch
In April 2023 the company engaged in foreign exchange options business with Industrial and Commercial Bank
of China Limited Foshan Branch (hereinafter referred to as “ICBC Foshan”). A dispute arose due to transaction
differences and as per the agreement ICBC Foshan was required to compensate for a difference of
RMB15883400. In April 2025 the Company filed a lawsuit with the People’s Court of Chancheng District
Foshan. The case was heard in the first instance in June 2025. As at the date of this report the case is still in the
first-instance procedure.
7) Land acquisition penalty matter involving Nanjing Fozhao Lighting Components Manufacturing Co. Ltd.
On July 10 2020 the People’s Government of Lishui District Nanjing issued the Decision on the Expropriation
of Houses on State-Owned Land for the Lishui District Honglan Subdistrict Affordable Housing Construction
Project (Document No. [2020] 18 of the Nanjing Lishui Government) deciding to expropriate the land and above-
ground structures located at No. 688 Jinniu North Road Honglan Subdistrict Lishui District Nanjing owned by
Nanjing Fozhao Lighting. The expropriation was to be implemented by Nanjing Lishui District Demolition and
Resettlement Co. Ltd. (hereinafter referred to as the “Demolition Company”). On December 15 2021 the
Demolition Company and Nanjing Fozhao Lighting entered into the House Expropriation and Compensation
Agreement for State-Owned Land in Lishui District Nanjing stipulating a total compensation amount of
194Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
RMB183855900. The agreement required the Demolition Company to make a one-time full payment within
fifteen days after Nanjing Fozhao Lighting vacated the premises. It also was agreed that the breaching party would
be liable to pay liquidated damages calculated at a daily rate of 0.05% of the compensation amount. On December
16 2021 Nanjing Fozhao promised to complete the lease clearance and house handover before May 31 2022.
However the last housing rental enterprise was actually relocated on September 9 2024 and the demolition
company completed the land and house reception of the last housing rental enterprise on January 7 2025.Currently the two parties are negotiating and implementing issues such as contract fulfillment responsibilities and
payment of the remaining compensation.
8) Litigation matters between subsidiary NationStar Optoelectronics and Lighthouse Technologies (Huizhou)
Limited and Lighthouse Technologies LimitedNationStar Optoelectronics sued Lighthouse Technologies (Huizhou) Limited (hereinafter referred to as “HuizhouLighthouse”) and Lighthouse Technologies Limited (hereinafter referred to as “Lighthouse”) for a sales contract
dispute involving an amount of RMB25882900. Among them the account receivable involved is
RMB25352200 and the interest is RMB530700. The specific basic situation and progress of the case are as
follows:
Huizhou Lighthouse has been overdue in paying NationStar Optoelectronics’s goods since April 2024 with a total
overdue amount of RMB25352200. In view of this NationStar Optoelectronics filed a lawsuit with the People’s
Court of Chancheng District Foshan City Guangdong Province in November 2024. The trial commenced in
March 2025. In June 2025 NationStar Optoelectronics was served with the first-instance judgment ordering: (1)
Huizhou Lighthouse to pay NationStar Optoelectronics RMB25352200 in outstanding principal plus interest
accruing at 130% of the LPR from the date of default until full payment; (2) Lighthouse jointly and severally
liable for the said debt; (3) all litigation and preservation costs borne jointly and severally. As of the disclosure
date of this report no appeal information of the other party has been received. In response to the above matters
NationStar Optoelectronics filed a claim with the insurance company under the "2023-2024 Domestic Trade
Credit Insurance (Short-term) Insurance Contract" and received an insurance payment of RMB22.817 million on
May 16 2025.
(2) In Despite of no Significant Contingency to Disclose the Company Shall Also Make Relevant Statements
There was no significant contingency in the Company.
3. Other
(1) As at June 30 2024 mutual guarantees among Liaowang Auto Lamp and its subsidiaries were as follows
(RMB’0000):
Principal debtee
No. Principal debtor Guarantor Type of Guarantee Guarantee
(Lender) guarantee Amount balance
Nanning Liaowang Auto
Lamp Co. Ltd. Liuzhou
1 Guige Fuxuan Technology
Nanning Branch Nanning
Co. Ltd. Liuzhou Guige of Industrial Liaowang Auto Pledge 6350.00 3063.49
Lighting Technology Co. Bank Lamp Co. Ltd.Ltd. (Note 1)
Chongqing Guinuo Chongqing Chongqing
2 Lighting Technology Co. Branch of Guinuo LightingTechnology Co. Pledge 7000.00 3870.05Ltd. (Note 2) Industrial Bank Ltd.
Nanning Liaowang Auto Liuzhou Guige
3 Lamp Co. Ltd. Liuzhou Nanning Branch Lighting Pledge 14300.00 3501.50
Guige Fuxuan Technology of Industrial Technology Co.
195Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Principal debtee
No. Principal debtor Guarantor Type of Guarantee Guarantee
(Lender) guarantee Amount balance
Co. Ltd. and Liuzhou Bank Ltd.Guige Lighting
Technology Co. Ltd.(Note 3)
Total - - - 27650.00 10435.04
Note 1: Liaowang Auto Lamp and Nanning Branch of Industrial Bank signed the Master Agreement for Domestic
Letter of Credit Financing numbered M0120240409000444 borrowing RMB 20 million from Nanning Branch of
Industrial Bank (term from April 15 2024 to April 9 2025) which has been settled on April 9 2025; Liaowang
Auto Lamp and Nanning Branch of Industrial Bank entered into the Maximum Financing Agreement
(X.Y.G.CH.B.R.Z.Z. [2022] No. (01)) to conduct a bill transaction of RMB30.6349 million. Liaowang Auto
Lamp provides mortgage guarantee with the immovable property owned as collateral and the balance of its
creditor’s rights does not exceed the maximum mortgage principal of RMB69.1391 million. The mortgage amount
is valid from April 25 2022 to December 31 2025 and the guarantee amount is RMB 63.5 million. The
mortgaged real estate is 1) Y.G. (2017) N.N.SH.B.D.CH.Q.Z. No.0065501; 2) E.G. (2017) N.N.SH.B.D.CH.Q.Z.No.0065499; 3) S.G. (2017) N.N.SH.B.D.CH.Q.Z. No.0065498; 4) S.G. (2017) N.N.SH.B.D.CH.Q.Z.No.0065497.Note 2: Chongqing Guinuo and Chongqing Branch of Industrial Bank entered into the Fixed Asset Loan Contract
numbered CQ2023-477 with the contract amount being RMB 50 million (from June 21 2023 to June 20 2026).As at June 30 2025 RMB 38.7005 million had been used. Chongqing Guinuo and Chongqing Branch of
Industrial Bank entered into the Maximum Mortgage Contract (X.Y.Y.L.J.G.N.D. [2023] No. 001) and the
Maximum Mortgage Contract (X.Y.Y.K.G.G.N.D. [2024] No. 001) to conduct a bill transaction of RMB 70
million. Chongqing Guinuo provides mortgage guarantee with the immovable property owned as collateral and
the balance of its creditor’s rights does not exceed the maximum mortgage principal of RMB 240 million. The
mortgage amount is valid from May 21 2024 to May 20 2025 and the guarantee amount is RMB70 million. The
mortgaged real estate is a) Y.Y. (2020) L.J.X.Q.B.D.C.Q. No.000436821 b) E.Y. (2020) L.J.X.Q.B.D.C.Q.No.000437330 c) S.Y. (2020) L.J.X.Q.B.D.C.Q. No.000437429 and d) S.Y. (2020) L.J.X.Q.B.D.C.Q.No.000437448.Note 3: Liuzhou Photoelectric entered into the Maximum Financing Agreement numbered X.Y.G.CH.B.R.Z.Z.
(2022) No. (02) with Nanning Branch of Industrial Bank incurring a note business of RMB35.0150 million.
Liuzhou Guige Photoelectric provides mortgage guarantee with the immovable property owned as collateral and
the balance of its creditor’s rights does not exceed the maximum mortgage principal of RMB139.9437 million.The mortgage amount is valid from April 24 2022 to December 31 2025 and the guarantee amount is RMB 143
million. The mortgaged real estate is: a) Y.G. (2019) L.ZH.SH.B.D.CH.Q. No. 0191988 located at No. 1 Factory
Building No. 12 Hengsi Road Cheyuan; b) E.G. (2019) L.ZH.SH.B.D.CH.Q. No. 0191991 located in the mould
Center of No. 12 Hengsi Road Cheyuan; c) S.G. (2019) L.ZH.SH.B.D.CH.Q. No. 0191994 located in the
logistics gate guard room at No. 12 Hengsi Road Cheyuan; d) S.G. (2019) L.ZH.SH.B.D.CH.Q. No. 0191995
located in the guard room of Gate 12 Hengsi Road Cheyuan.
(2) As at June 30 2025 the guarantee arrangements of Hule Electric Company were as follows (RMB’0000):
Principal PrincipalNo. debtor debtee Guarantor
Type of Guarantee Guarantee
(Lender) guarantee amount balance
Zhejiang Hule
Electrical Agricultural Zhejiang Hule Electrical
1 Equipment Bank of China Equipment Manufacturing Mortgaged 2000.00 1360.62
Manufacture Limited Co. Ltd.Co. Ltd. Jiaxing Nanhu
196Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(Note 1) Sub-branch
Total —— —— —— 2000.00 1360.62
Hule Electrical Equipment entered into Maximum Mortgage Contract (No. 33100620230099053) with Jiaxing
Nanhu Sub-branch of the Agricultural Bank of China. Under the contract Hule Electric pledged its real estate
assets as collateral to secure debts with the maximum secured principal not exceeding RMB 31.18 million. The
guaranteed amount is RMB 20 million. The mortgage contract is valid from August 21 2023 to August 20 2028.The mortgaged properties are: a) Property Ownership Certificate No. 00479600 Nanhu District Jiaxing; b)
Property Ownership Certificate No. 00479599 Nanhu District Jiaxing.XVII. Events after Balance Sheet Date
1. Significant Non-adjusted Events
Naught.
2. Profit Distribution
Naught.
3. Sales Return
Naught.
4. Notes to Other Events after Balance Sheet Date
Naught.XVIII. Other Significant Matters
1. The Accounting Errors Correction in Previous Period
Naught.
2. Debt Restructuring
No such cases in the Reporting Period.
3. Assets Replacement
Naught.
4. Pension Plans
In accordance with provisions of Measures for Enterprise Annuity (R.SH.B.L. No. 36) Measures for Managing
Enterprise Annuity Fund (R.SH.B.L. No. 11) and other policies the Company has formulated the Enterprise
Annuity Plan of Foshan Electrical and Lighting Co. Ltd. (hereinafter referred to as the “Plan”).The Plan adopts the corporate trusteeship mode. The collected enterprise annuity fund will be managed by the
trustee entrusted by Foshan Electrical and Lighting Co. Ltd. with the Enterprise Annuity Fund Trusteeship
197Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Contract. The trustee of the enterprise annuity fund should appoint custodians account managers and investment
managers with the qualification of managing enterprise annuity to provide unified related services. The expenses
required shall be jointly borne by the Company and the employees. The payment channels of the Company shall
be implemented according to relevant regulations of the state and the part that shall be paid by employees
themselves will be withheld and paid by the Company from their salaries.The Plan has been filed at Chancheng District Human Resources and Social Security Bureau of Foshan City and
implemented since June 1 2022. The management of the enterprise annuity fund is subject to the supervision and
inspection of relevant state departments.
5. Discontinued Operations
Naught.
6. Segment Information
(1) Determination Basis and Accounting Policies of Reportable Segment
With the deployment of the Company’s strategic management and the expansion of business segments based on
the requirements of regulatory laws and regulations company management etc. operating segments will be
determined which are as follows:
* General lighting automotive lamps products segment: General lighting automotive lamps products segment
research and development manufacturing and sales;
* LED packaging and components other products segment: Research and development manufacturing and
sales of LED packaging and components and other products;
Inter-segment transfer prices are determined with reference to the prices used for sales to third parties. Assets
liabilities and expenses are determined based on the financial data of each segment.
(2) The Financial Information of Reportable Segment
Unit: RMB
General lighting LED packaging and
Item and vehicle lamp component products Offset among
products and other products segments
Total
I. Operating
revenue 2754454796.20 1681244438.51 -49968114.93 4385731119.78
II. Cost of sales 2137285391.26 1477504380.21 -49469214.79 3565320556.68
III. Income from
investments to joint
ventures and 646719.77 646719.77
associates
IV. Credit
impairment loss -8545614.22 -3560903.16 5021.69 -12101495.69
V. Asset
impairment loss -14480541.18 -7944330.15 -22424871.33
198Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
VI. Depreciation
and amortization 166817846.91 171295116.37 -381130.00 337731833.28
cost
VII. Total profits 145087132.84 23888549.11 -2732993.30 166242688.65
VIII. Income tax
expense 19071097.85 -682455.27 -69829.66 18318812.92
IX. Net profits 126016034.99 24571004.38 -2663163.64 147923875.73
X. Total assets 11973607913.80 6102640322.34 -903326170.81 17172922065.33
XI. Total liabilities 4630707143.21 2278782795.15 -82380687.15 6827109251.21
(3) If there Was no Reportable Segment or the Total Amount of Assets and Liabilities of Each
Reportable Segment Could Not Be Reported Relevant Reasons Shall Be Clearly Stated
Naught.
(4) Other notes
Naught.
7. Other Significant Transactions and Events with Influence on Investors’ Decision-making
Naught.
8. Other
(1) Demolition Matters of Nanjing Fozhao
The Company held the 24th Meeting of the 9th Board of Directors on December 15 2021 where the Proposal on
Expropriation of Land and Above-ground Housing of the Wholly-owned Subsidiary Nanjing Fozhao Lighting
Equipment Manufacturing Co. Ltd. was deliberated and adopted. The Board of Directors agreed that Nanjing
Lishui District People’s Government expropriates the land use rights and above-land housing of Nanjing Fozhao
Lighting a wholly-owned subsidiary of the Company at a compensation amount of RMB183855900.00 and
Nanjing Fozhao signed an expropriation and compensation agreement with Lishui County House Dismantling
Moving & Resettling Development Co. Ltd. the implementing unit of the housing expropriation. In December
2021 Nanjing Fozhao received 30% of the compensation that is RMB55160000.00 and the land use right
certificate and house ownership certificate of the assets involved have been cancelled. After the demolition work
is completed Nanjing Fozhao plans to carry out liquidation and cancellation. As at January 7 2025 Lishui
District Demolition and Resettlement Co. Ltd. of Nanjing had taken possession of all land and above-ground
buildings of Nanjing Fozhao. As at the disclosure date of this report both parties are in negotiation and
implementation regarding the performance of the contract and the payment of the remaining compensation. After
the demolition work is completed Nanjing Fozhao plans to carry out liquidation and cancellation.
(2) Participation in the Subscription of the Private Placement of A-shares by the Controlling Subsidiary
NationStar Optoelectronics in 2025
The Company’s controlling subsidiary Foshan NationStar Optoelectronics Co. Ltd. (stock abbreviation:
NationStar Optoelectronics stock code: 002449) in order to seize industry development opportunities optimize
its product structure enhance its technology reserves strengthen its R&D capabilities and further improve its
199Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
core competitiveness and sustainable development capacity proposes to issue no more than 185543150 A-shares
(inclusive) through a private placement raising total proceeds of no more than RMB981.3239 million (inclusive)
to be used for the “Ultra-high Definition Mini/Micro LED and Display Module Manufacturing Project” the
“Optoelectronic Sensor and Intelligent Health Device Industrialization Project” the “Smart Home Display andMini Backlight Module Construction Project” the “Intelligent Automotive Device and Application Project” the
“NationStar Optoelectronics R&D Laboratory Project” as well as for replenishment of working capital. The
Company will subscribe for the private placement of A-shares by NationStar Optoelectronics with its own funds
(excluding the raised funds) with a subscription amount of RMB116 million and the final number of shares to be
subscribed will be determined based on the actual issue price of NationStar Optoelectronics. The Company has
entered into a conditional Share Subscription Agreement with NationStar Optoelectronics and provided the
relevant undertakings. For details please refer to the Announcement on Participation in the Subscription of the
Private Placement of A-shares by the Controlling Subsidiary NationStar Optoelectronics in 2025 disclosed by the
Company on July 11 2025 on the website of CNINFO.XIX. Notes of Main Items in the Financial Statements of the Company as the Parent
1. Accounts Receivable
(1) Disclosure by Aging
Unit: RMB
Ageing Ending carrying balance Beginning carrying balance
Within one year (including one
year) 683951617.48 611829771.52
One to two years 61650292.34 87098817.76
Two to three years 60276000.42 61831224.89
Over three years 87183426.90 89329641.58
Three to four years 56049883.91 68133250.97
Four to five years 14180221.08 5227888.30
Over five years 16953321.91 15968502.31
Total 893061337.14 850089455.75
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying Carrying
Withdrawal value valueAmount Proportion Amount proportion Amount Proportion Amount
Withdrawal
proportion
200Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying Carrying
value value
Amount Proportion Amount Withdrawalproportion Amount Proportion Amount
Withdrawal
proportion
Accounts
receivable for
which bad debt 73111 547420 1836953 9759847 5527082 4232764
provision 8.19% 74.87% 11.48% 56.63%546.63 12.11 4.52 2.58 8.47 4.11
accrued
separately
Accounts
receivable
withdrawal of 819949 529361 7670136 7524909 4956135 7029296
bad debt 91.81% 6.46% 88.52% 6.59%790.51 28.60 61.91 83.17 8.97 24.20
provision by
portfolio
Of which:
(1) Business
portfolio of 737414 529361 6844787 6747206 4956135 6251593
general lighting 82.57% 7.18% 79.37% 7.35%861.99 28.60 33.39 65.62 8.97 06.65
and auto lamps
(2) Internal
business 82534 8253492 7777031 77770319.24% 9.15%
portfolio 928.52 8.52 7.55 7.55
Total 893061 107678 7853831 8500894 1048321 7452572100.00% 12.06% 100.00% 12.33%
337.14140.7196.4355.7587.4468.31
Category name of bad debt provision accrued by item: Accounts receivable for which bad debt provision accrued
separately.Unit: RMB
Beginning balance Ending balance
Name
Carrying Bad debt Carrying Bad debt Withdrawal Reason for
amount provision amount provision proportion withdraw
Customer A 11187337.20 11187337.20 11187337.20 11187337.20 100.00% Litigationinvolved
Dishonest and
high-risk
Customer B 12462884.41 12462884.41 11846436.54 11846436.54 100.00% entities;recovery is
deemed
unlikely.Total 23650221.61 23650221.61 23033773.74 23033773.74
201Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Category name of bad debt provision accrued by group: (1) Business portfolio of general lighting and auto lamps;
(2) internal business portfolio.
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
(1) Business portfolio of
general lighting and auto 737414861.99 52936128.60 7.18%
lamps
(2) Internal business
portfolio 82534928.52
Total 819949790.51 52936128.60
Notes:
Please refer to Note V-13. Accounts Receivable for details.If adopting the general mode of expected credit loss to withdraw bad debt provision of accounts receivable:
□Applicable□Not applicable
(3) Bad Debt Provision Withdrawn Reversed or Recovered in the Reporting Period
Information of bad debt provision withdrawn:
Unit: RMB
Changes in the Reporting Period
Category Beginning
Current- Rever Ending
balance period balance
Withdrawal recovery of sal or Other
prior-period recove
Write-off s
write-offs ry
Accounts receivable
for which bad debt 10452 54742012.provision accrued 55270828.47 516389.91 06.27 11
separately
Accounts receivable
withdrawal of bad debt 52936128.49561358.97 3453009.16 78239.53
provision by portfolio 60
Total 10452 10767814104832187.44 3969399.07 78239.5306.27 0.71
Of which bad debt provision collected or reversed with significant amount: Naught.
202Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(4) Accounts Receivable with Actual Verification during the Reporting Period
Unit: RMB
Item Amount verified
Accounts receivable with actual verification 78239.53
Of which verification of significant accounts receivable: Naught.Notes to verification of accounts receivable:
The amount of accounts receivable written off in the current period was RMB 78239.53 and the bad debt
provision was RMB 78239.53. The approval procedure was performed in accordance with provisions of the bad
debt management system of the Company.
(5) Top Five Accounts Receivable and Contract Assets in Ending Balance Collected according to the
Arrears Party
Unit: RMB
Proportion to Ending balance of
Name of the Ending balance Ending balance
Ending balance total ending bad debt provision of
entity of accounts of contract
of accounts balance of accounts receivable
receivable assets receivable and accounts and impairmentcontract assets receivable and provision for
contract assets contract assets
No. 1 114168148.32 114168148.32 12.75% 3425044.45
No. 2 102522801.14 102522801.14 11.45% 3075684.03
No. 3 52437451.67 52437451.67 5.86% 15657156.84
No. 4 46489677.86 46489677.86 5.19%
No. 5 28889921.19 28889921.19 3.23% 866697.64
Total 344508000.18 344508000.18 38.48% 23024582.96
2. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Dividends receivable 4733110.26
Other receivables 1156847864.04 944184445.88
203Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Total 1161580974.30 944184445.88
(1) Interest Receivable
Naught.
(2) Dividends Receivable
1) Category of Dividends Receivable
Unit: RMB
Item Ending balance Beginning balance
Nanjing Liaowang Auto Lamp Co.Ltd. 4733110.26
Total 4733110.26
2) Significant Dividends Receivable Aged over 1 Year
Naught.
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable□Not applicable
4) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Naught.
5) Dividends Receivable with Actual Verification during the Reporting Period
Naught.
(3) Other Receivables
1) Other Receivables Disclosed by Account Nature
Unit: RMB
Nature Ending carrying balance Beginning carrying balance
Other intercourse 1154388886.04 936571845.70
Performance bond 5458921.47 5349914.65
Rent water & electricity fees 1834411.66 1283664.90
204Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Nature Ending carrying balance Beginning carrying balance
Staff borrow and petty cash 856748.32 482910.18
VAT export tax refunds 5974168.41
Total 1162538967.49 949662503.84
2) Disclosure by Aging
Unit: RMB
Ageing Ending carrying balance Beginning carrying balance
Within one year (including one
year) 445299195.82 410148181.90
One to two years 226638116.09 109304181.17
Two to three years 77163436.17 37014033.22
Over three years 413438219.41 393196107.55
Three to four years 410859611.40 390960824.47
Four to five years 999286.01 975961.08
Over five years 1579322.00 1259322.00
Total 1162538967.49 949662503.84
3) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying Carryin
Withdrawal value Withdrawal g valueAmount Proportion Amount proportion Amount Proportion Amount proportion
Withdrawal of
bad debt
provision by
individual item
Withdrawal of 11625 94418569110 115684 949662 547805
bad debt 38967. 100.00% 0.49% 100.00% 0.58% 4445.83.45 7864.04 503.84 7.96
provision by 49 8
205Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying Carryin
value g value
Amount Proportion Amount Withdrawal Withdrawalproportion Amount Proportion Amount proportion
Withdrawal of
bad debt
provision by
individual item
group
Of which:
Other
receivables of
bad debt 11625 94418
provision 569110 115684 949662 547805
withdrawn by 38967. 100.00% 0.49% 100.00% 0.58% 4445.83.45 7864.04 503.84 7.96
credit risk 49 8
characteristic
portfolio:
1162594418
Total 569110 115684 949662 54780538967. 100.00% 0.49% 100.00% 0.58% 4445.8
3.457864.04503.847.96
498
Withdrawal of bad debt provision by group: Withdrawal of bad debt provision based on credit risk characteristic
portfolio
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Other receivables of bad
debt provision withdrawn
by credit risk 1162538967.49 5691103.45 0.49%
characteristic portfolio:
Total 1162538967.49 5691103.45
Notes:
Please refer to Note V-13. Accounts Receivable for details.Withdrawal of bad debt provision by adopting the general mode of expected credit loss:
206Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Unit: RMB
Phase I Phase II Phase III
Bad debt provision Expected credit loss Expected loss in the Expected loss in the Total
of the next 12 duration (credit duration (credit
months impairment not impairmentoccurred) occurred)
Balance of January
12025919700.544558357.425478057.96
Balance of January
1 2025 in the
Current Period
Withdrawal of the
Current Period -184090.12 397135.61 213045.49
Balance of June 30
2025735610.424955493.035691103.45
The basis for the division of each phase and the withdrawal proportion of bad debt provision
Please refer to Note V-13. Accounts Receivable for details.Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable□Not applicable
4) Bad Debt Provision Withdrawn Reversed or Recovered in the Reporting Period
Information of bad debt provision withdrawn:
Unit: RMB
Changes in the Reporting Period
Category Beginning Endingbalance balance
Withdrawal Reversal or Charged-recovery off/Written-off Others
Other
receivables 5478057.96 213045.49 5691103.45
Total 5478057.96 213045.49 5691103.45
Of which the bad debt provision reversed or recovered with significant amount during the Reporting Period:
Naught.
5) Particulars of the Actual Verification of Other Receivables during the Reporting Period
Naught.
207Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
6) Top 5 of the Ending Balance of the Other Receivables Collected according to the Arrears Party
Unit: RMB
Proportion to total
Name of the Nature Ending balance Ageing ending balance of
Ending
entity other receivables balance of bad
(%) debt provision
No. 1 Internal group 496425090.60 Within fouryears 42.70%
No. 2 Internal group 327453965.21 Within threeyears 28.17%
No. 3 Internal group 276269469.08 Within one year 23.76%
No. 4 Otherintercourse 15883375.00
Within two
years 1.37% 1588337.50
No. 5 Otherintercourse 14840849.57 Within one year 1.28% 445225.49
Total 1130872749.46 97.28% 2033562.99
7) Presentation in Other Receivables Due to the Centralized Management of Fund
Naught.
3. Long-term Equity Investment
Unit: RMB
Ending balance Beginning balance
Item
Carrying Depreciation Carrying Carrying Depreciation Carrying
amount reserves value amount reserves value
Investment to 2428772025 2301293191. 2381355425 2253876591.subsidiaries 127478834.25 127478834.25.91 66 .91 66
Investment to
joint ventures
and 180947314.6 180300594.8 180300594.8180947314.66
associated 6 9 9
enterprises
Total 2609719340 2482240506. 2561656020 2434177186.127478834.25 127478834.25.57 32 .80 55
208Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(1) Investment to Subsidiaries
Unit: RMB
Increase/decrease
Beginning Beginning Ending Ending
Investee balance balance of Withdrawal balance balance of(carrying impairment Additional Reduced of (carrying impairment
value) provision investment investment impairment Others value) provision
provision
Foshan NationStar
Optoelectronics Co. 1084611 12747883 10846114 127478834
Ltd. 411.69 4.25 11.69 .25
Nanning Liaowang 4938801 493880163
Auto Lamp Co. Ltd. 63.76 .76
Fozhao (Hainan) 2000000 200000000
Technology Co. Ltd. 00.00 .00
Foshan Kelian New
Energy Technology 1700000 170000000
Co. Ltd. 00.00 .00
FSL Chanchang 8250735 82507350.Lighting Co. Ltd. 0.00 00
Nanjing Fozhao
Lighting Components 7200000 72000000.Manufacturing Co. Ltd. 0.00 00
Foshan Electrical &
Lighting (Xinxiang) 3541843 35418439.Co. Ltd. 9.76 76
FSL Zhida Electric 2550000 25500000.Technology Co. Ltd. 0.00 00
Foshan Haolaite 1668500 24916600 41601600.Lighting Co. Ltd. 0.00 .00 00
Foshan Fozhao
Zhicheng Technology 5000000 50000000.Co. Ltd. 0.00 00
Foshan Taimei Times
Lamps and Lanterns 350000.0 350000.00
Co. Ltd. 0
Fozhao Huaguang
(Maoming) Technology 2292000 22920000.Co. Ltd. 0.00 00
Foshan Sigma Venture
Capital Co. Ltd. 4226.45 4226.45
209Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Increase/decrease
Beginning Beginning Ending Ending
Investee balance balance of Withdrawal balance balance of(carrying impairment Additional Reduced of (carrying impairment
value) provision investment investment impairment Others value) provision
provision
Beijing Hangxin Air
Navigation Technology 22500000 22500000.Co. Ltd. .00 00
Total 2253876 12747883 47416600 23012931 127478834
591.664.25.0091.66.25
210Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
(2) Investment to Joint Ventures and Associated Enterprises
Unit: RMB
Increase/decrease
Beginning Beginning Gains and
balance balance of Ending balance
Ending
Investee losses Adjustment of
Cash Withdrawal (carrying balance of(carrying impairment Additional Reduced recognized other Changes bonus or of impairment
value) provision value)investment investment under the comprehensive of other profits impairment Others provision
equity income equity announcedto issue provisionmethod
I. Joint ventures
II. Associated enterprises
Shenzhen
Primatronix
(Nanho) 180300594.89 646719.77 180947314.66
Electronics
Ltd.Sub-total 180300594.89 646719.77 180947314.66
Total 180300594.89 646719.77 180947314.66
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□Applicable□Not applicable
The recoverable amount is determined by the present value of the expected future cash flow
□Applicable□Not applicable
The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years or external information
Naught.
211Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
The reason for the discrepancy between the information used in the Company’s impairment tests in prior years
and the actual situation of those years
Naught.
(3) Other Notes
Naught.
4. Operating Revenue and Cost of Sales
Unit: RMB
Reporting Period Same period of last year
Item
Operating revenue Cost of sales Operating revenue Cost of sales
Main operations 1340130009.75 1070064893.17 1741973631.59 1333137814.58
Other operations 35583654.94 28872339.12 57827707.33 45413563.22
Total 1375713664.69 1098937232.29 1799801338.92 1378551377.80
5. Investment Income
Unit: RMB
Item Reporting Period Same period of last year
Income from long-term equity
investments accounted for using cost 7386452.51 3184010.70
method
Income from long-term equity
investments accounted for using equity 646719.77 1444720.72
method
Investment income from disposal of
trading financial assets 215850.00 342400.00
Dividend income from holding of other
equity instrument investment 9249795.26 19494518.75
Interest income of investment in other
debt obligations during holding period 14067520.92 13671028.14
Total 31566338.46 38136678.31
212Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
6. Others
Naught.XX. Supplementary Materials
1. Exceptional Gains and Losses
□Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current
assets (inclusive of impairment -47603.62
allowance write-offs)
Government grants recognized in
current profit or loss (exclusive of those
that are closely related to the
Company’s normal business operations
and given in accordance with defined 20828366.39
criteria and in compliance with
government policies and have a
continuing impact on the Company’s
profit or loss)
Gain or loss on fair-value changes in
financial assets and liabilities held by a
non-financial enterprise as well as on
disposal of financial assets and liabilities 758629.50
(exclusive of the effective portion of
hedges that arise in the Company’s
ordinary course of business)
Capital occupation charges on a non-
financial enterprise that are charged to 1135048.55
current profit or loss
Reversed portions of impairment
allowances for receivables which are 1563182.27
tested individually for impairment
Non-operating income and expense
other than the above 9030.37
Less: Income tax effects 3436802.38
Non-controlling interests effects (net of
tax) 11893083.13
213Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
Item Amount Note
Total 8916767.95 --
Details of other items that meet the definition of exceptional gain/loss:
□ Applicable□ Not applicable
No such cases for 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
2. Return on Equity (ROE) and Earnings Per Share (EPS)
EPS (RMB/share)
Profit in the Reporting
Period Weighted average ROE
Basic EPS (RMB/share) Diluted EPS(RMB/share)
Net profit attributable to
the Company’s ordinary 1.71% 0.0749 0.0748
shareholders
Net profit before
exceptional gains and
losses attributable to the 1.57% 0.0691 0.0690
Company’s ordinary
shareholders
3. Differences between Accounting Data under Domestic and Overseas Accounting Standards
(1) Differences of Net Profit and Net Assets Disclosed in Financial Reports Prepared under International
and Chinese Accounting Standards
□Applicable□Not applicable
(2) Differences of Net profit and Net Assets Disclosed in Financial Reports Prepared under Overseas and
Chinese Accounting Standards
□Applicable□Not applicable
(3) Explain Reasons for the Differences between Accounting Data under Domestic and Overseas
Accounting Standards; for any Adjustment Made to the Difference Existing in the Data Audited by the
Foreign Auditing Agent Such Foreign Auditing Agent’s Name Shall Be Clearly Stated
□Applicable□Not applicable
214Foshan Electrical and Lighting Co. Ltd. The semi-annual financial report 2025
4. Other
Naught.
215
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