Foshan Electrical and Lighting Co. Ltd.The semi-annual financial report 2024
1Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Financial Statements
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.
30 June 2024
Unit: RMB
Item 30 June 2024 1 January 2024
Current assets:
Monetary assets 3191608973.70 3596049654.55
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 106928328.01 152529775.41
Derivative financial assets
Notes receivable 968135967.44 1057352267.60
Accounts receivable 2452672368.91 2093499280.40
Accounts receivable financing 296834332.74 443201960.02
Prepayments 55984559.55 34508638.92
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 57278936.88 49108300.85
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 1713501547.83 1971171641.14
Including: data resources
Contract assets 2366030.73 4252013.94
Assets held for sale 17147339.84 17147339.84
Current portion of non-current assets
Other current assets 195745670.47 109292399.14
Total current assets 9058204056.10 9528113271.81
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations 1124498738.94 454822905.25
Long-term receivables
Long-term equity investments 180633275.87 179188555.15
Investments in other equity
674411551.40699762746.35
instruments
2Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item 30 June 2024 1 January 2024
Other non-current financial assets
Investment property 160155678.54 163636347.41
Fixed assets 3481812429.68 3453214586.47
Construction in progress 1070611321.57 1174533505.11
Productive living assets
Oil and gas assets
Right-of-use assets 4980388.38 8812320.64
Intangible assets 395232106.46 434549913.99
Including: data resources
Development costs
Including: data resources
Goodwill 421831593.46 421831593.46
Long-term prepaid expense 220312810.06 190362699.25
Deferred income tax assets 124528040.70 106283766.95
Other non-current assets 157198709.48 119327703.18
Total non-current assets 8016206644.54 7406326643.21
Total assets 17074410700.64 16934439915.02
Current liabilities:
Short-term borrowings 124850000.00 220019877.73
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 2052737312.65 2271174787.69
Accounts payable 2971638357.60 2875980206.64
Advances from customers 231062.59 466872.69
Contract liabilities 136319866.46 235335693.28
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 197680567.52 193830812.66
Taxes payable 80226629.71 42940157.30
Other payables 614845550.63 362491923.01
Including: Interest payable
Dividends payable 184293387.60
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
380199297.64343914214.45
liabilities
Other current liabilities 194436120.52 95008427.01
Total current liabilities 6753164765.32 6641162972.46
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 274397540.10 253093421.29
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 1976953.14 4310967.92
Long-term payables
Long-term employee benefits payable
3Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item 30 June 2024 1 January 2024
Provisions 16495438.86 14277087.30
Deferred income 67417473.08 75185461.27
Deferred income tax liabilities 166936684.37 174806746.25
Other non-current liabilities 205769.48
Total non-current liabilities 527224089.55 521879453.51
Total liabilities 7280388854.87 7163042425.97
Owners’ equity:
Share capital 1548778230.00 1548778230.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 914336325.66 914336325.66
Less: Treasury stock 82165144.15 82165144.15
Other comprehensive income 337823638.67 360027027.59
Specific reserve 4407364.68 1213325.92
Surplus reserves 107944679.06 107944679.06
General reserve
Retained earnings 3443244158.89 3435308364.11
Total equity attributable to owners of the
6274369252.816285442808.19
Company as the parent
Non-controlling interests 3519652592.96 3485954680.86
Total owners’ equity 9794021845.77 9771397489.05
Total liabilities and owners’ equity 17074410700.64 16934439915.02
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 30 June 2024 1 January 2024
Current assets:
Monetary assets 1196626652.19 1756256289.35
Held-for-trading financial assets 99400.00
Derivative financial assets
Notes receivable 100797978.25 90413382.59
Accounts receivable 894653466.59 840003427.41
Accounts receivable financing 13529700.40 105327382.82
Prepayments 5701515.48 7334575.29
Other receivables 723060470.78 558342534.44
Including: Interest receivable
Dividends receivable
Inventories 299958974.53 462793053.42
Including: data resources
Contract assets 2366030.73 4252013.94
Assets held for sale
Current portion of non-current assets
Other current assets 868495.65 8244786.97
Total current assets 3237662684.60 3832967446.23
Non-current assets:
Investments in debt obligations
Investments in other debt obligations 1124498738.94 454822905.25
Long-term receivables
Long-term equity investments 2561988701.78 2502623981.06
4Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item 30 June 2024 1 January 2024
Investments in other equity
634332982.60659684177.55
instruments
Other non-current financial assets
Investment property 45659514.37 47163026.83
Fixed assets 836040870.57 651197430.25
Construction in progress 55054639.18 205106029.03
Productive living assets
Oil and gas assets
Right-of-use assets 5134011.70 5082521.44
Intangible assets 59236789.26 93932977.96
Including: data resources
Development costs
Including: data resources
Goodwill
Long-term prepaid expense 22824457.66 29727301.65
Deferred income tax assets 38868999.60 36285162.26
Other non-current assets 93456548.50 48331060.62
Total non-current assets 5477096254.16 4733956573.90
Total assets 8714758938.76 8566924020.13
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 907228805.34 982735414.37
Accounts payable 1043067777.80 977444406.30
Advances from customers
Contract liabilities 63423644.02 145086858.16
Employee benefits payable 82707806.22 64958645.43
Taxes payable 31796289.03 20946142.07
Other payables 593057848.13 324137191.03
Including: Interest payable
Dividends payable 184293387.60
Liabilities directly associated with
assets held for sale
Current portion of non-current
4949546.081377403.64
liabilities
Other current liabilities 96594079.44 82802283.98
Total current liabilities 2822825796.06 2599488344.98
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 262647.65 3705117.80
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 58942641.95 63366691.06
Other non-current liabilities
Total non-current liabilities 59205289.60 67071808.86
Total liabilities 2882031085.66 2666560153.84
Owners’ equity:
Share capital 1548778230.00 1548778230.00
Other equity instruments
5Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item 30 June 2024 1 January 2024
Including: Preferred shares
Perpetual bonds
Capital reserves 909058541.44 909058541.44
Less: Treasury stock 82165144.15 82165144.15
Other comprehensive income 338309557.35 359858073.06
Specific reserve 3493553.56 897781.74
Surplus reserves 339248748.30 339248748.30
Retained earnings 2776004366.60 2824687635.90
Total owners’ equity 5832727853.10 5900363866.29
Total liabilities and owners’ equity 8714758938.76 8566924020.13
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
3. Consolidated Income Statement
Unit: RMB
Item H1 2024 H1 2023
1. Revenue 4784545767.42 4566062729.02
Including: Operating revenue 4784545767.42 4566062729.02
Interest income
Insurance premium income
Handling charge and
commission income
2. Costs and expenses 4531278513.54 4299771626.28
Including: Cost of sales 3861658076.61 3733474828.88
Interest expense
Handling charge and
commission expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 37916939.23 37443299.13
Selling expense 175810829.30 131921130.00
Administrative expense 226332962.51 200946085.42
R&D expense 260165950.63 226148905.26
Finance costs -30606244.74 -30162622.41
Including: Interest expense 11047212.70 14255244.44
Interest income 25938447.85 24520047.73
Add: Other income 60151413.19 27389992.05
Return on investment (“-” for loss) 38017499.24 22449570.63
Including: Share of profit or loss
1444720.721186031.53
of joint ventures and associates
Income from the derecognition
of financial assets at amortized cost (“-”
for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
-601447.40-22153522.56
for loss)
Credit impairment loss (“-” for
-38270808.58-18947421.03
loss)
6Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item H1 2024 H1 2023
Asset impairment loss (“-” for
-36958804.89-16390888.73
loss)
Asset disposal income (“-” for
-99108.79110475.52
loss)
3. Operating profit (“-” for loss) 275505996.65 258749308.62
Add: Non-operating income 3054859.55 2440914.48
Less: Non-operating expense 486217.43 4780570.32
4. Profit before tax (“-” for loss) 278074638.77 256409652.78
Less: Income tax expense 24632382.12 31304364.49
5. Net profit (“-” for net loss) 253442256.65 225105288.29
5.1 By operating continuity
5.1.1 Net profit from continuing
253442256.65225105288.29
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the 192229182.38 168935232.54
parent (“-” for net loss)
5.2.1 Net profit attributable to non-
61213074.2756170055.75
controlling interests (“-” for net loss)
6. Other comprehensive income net of
-22766075.54-49800869.38
tax
Attributable to owners of the
-22203388.92-50939650.35
Company as the parent
6.1 Items that will not be
-21548515.71-52237967.85
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
-21548515.71-52237967.85
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
-654873.211298317.50
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
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- -654873.21 1298317.50
denominated financial statements
6.2.7 Other
Attributable to non-controlling
-562686.621138780.97
interests
7. Total comprehensive income 230676181.11 175304418.91
Attributable to owners of the
170025793.46117995582.19
Company as the parent
Attributable to non-controlling 60650387.65 57308836.72
7Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item H1 2024 H1 2023
interests
8. Earnings per share
8.1 Basic earnings per share 0.1252 0.1252
8.2 Diluted earnings per share 0.1241 0.1240
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: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
4. Income Statement of the Company as the Parent
Unit: RMB
Item H1 2024 H1 2023
1. Operating revenue 1799801338.92 1767119810.22
Less: Cost of sales 1377838357.05 1475930147.80
Taxes and surcharges 15272851.85 14118151.89
Selling expense 111657013.75 76993414.88
Administrative expense 98157531.70 77700935.31
R&D expense 83461134.06 72152520.98
Finance costs -18473106.96 -23728727.28
Including: Interest expense 205821.60 3685018.81
Interest income 8056174.38 7478589.21
Add: Other income 11207995.85 1095070.80
Return on investment (“-” for loss) 38136678.31 27748972.71
Including: Share of profit or loss
1444720.721186031.53
of joint ventures and associates
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 (“-”
99400.00-23059475.00
for loss)
Credit impairment loss (“-” for
-22899921.83-9630073.47
loss)
Asset impairment loss (“-” for
-5911919.35-1814506.09
loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 152519790.45 68293355.59
Add: Non-operating income 1706418.89 36865.24
Less: Non-operating expense 127113.54 745254.33
3. Profit before tax (“-” for loss) 154099095.80 67584966.50
Less: Income tax expense 18488977.50 3301961.09
4. Net profit (“-” for net loss) 135610118.30 64283005.41
4.1 Net profit from continuing
135610118.3064283005.41
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income net of
-21548515.71-52237967.85
tax
5.1 Items that will not be reclassified
-21548515.71-52237967.85
to profit or loss
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
8Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item H1 2024 H1 2023
loss under the equity method
5.1.3 Changes in the fair value of
-21548515.71-52237967.85
investments in other equity 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 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 114061602.59 12045037.56
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
5. Consolidated Cash Flow Statement
Unit: RMB
Item H1 2024 H1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities
4381995484.083850932261.31
and rendering of services
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 82383727.52 100132103.39
Cash generated from other operating
119388419.41141107593.13
activities
Subtotal of cash generated from
4583767631.014092171957.83
operating activities
9Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item H1 2024 H1 2023
Payments for commodities and services 3124222860.48 2663359134.35
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
Net increase in interbank loans granted
Interest handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 731015486.26 687281073.20
Taxes paid 151177949.87 204166141.70
Cash used in other operating activities 192758289.79 149496551.38
Subtotal of cash used in operating
4199174586.403704302900.63
activities
Net cash generated from/used in
384593044.61387869057.20
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 305000000.00 190981292.12
Return on investment 24056243.57 22659407.23
Net proceeds from the disposal of fixed
assets intangible assets and other long- 22544055.06 1402000.00
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
351600298.63215042699.35
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 159583095.03 109147876.06
lived assets
Payments for investments 1024000000.00 110000000.00
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing activities 360759.99
Subtotal of cash used in investing
1183583095.03219508636.05
activities
Net cash generated from/used in
-831982796.40-4465936.70
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings raised 200111329.57 126598725.21
Cash generated from other financing
7224809.91381437.71
activities
Subtotal of cash generated from
207336139.48126980162.92
financing activities
Repayment of borrowings 136959822.56 323893000.00
Interest and dividends paid 39360714.14 160367407.65
Including: Dividends paid by
29139436.4430294736.68
subsidiaries to non-controlling interests
Cash used in other financing activities 11501309.43 2303428.02
Subtotal of cash used in financing
187821846.13486563835.67
activities
Net cash generated from/used in
19514293.35-359583672.75
financing activities
4. Effect of foreign exchange rates
14380245.234930576.64
changes on cash and cash equivalents
10Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item H1 2024 H1 2023
5. Net increase in cash and cash
-413495213.2128750024.39
equivalents
Add: Cash and cash equivalents
3101252943.881945971307.26
beginning of the period
6. Cash and cash equivalents end of the
2687757730.671974721331.65
period
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item H1 2024 H1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities
1714147588.241496145578.96
and rendering of services
Tax rebates 37731938.65 53498627.75
Cash generated from other operating
39430747.8433751986.68
activities
Subtotal of cash generated from
1791310274.731583396193.39
operating activities
Payments for commodities and services 1212273623.36 1035027746.06
Cash paid to and for employees 231944514.55 232728601.56
Taxes paid 59269827.89 35941134.26
Cash used in other operating activities 68770731.65 56041082.96
Subtotal of cash used in operating
1572258697.451359738564.84
activities
Net cash generated from/used in
219051577.28223657628.55
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 100000000.00
Return on investment 24016123.90 27483617.76
Net proceeds from the disposal of fixed
assets intangible assets and other long- 22433746.58
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
35000000.00
activities
Subtotal of cash generated from
81449870.48127483617.76
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 27169498.35 11143401.81
lived assets
Payments for investments 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
920972861.9611143401.81
activities
Net cash generated from/used in
-839522991.48116340215.95
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings raised
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings 178893000.00
11Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item H1 2024 H1 2023
Interest and dividends paid 119898677.90
Cash used in other financing activities
Subtotal of cash used in financing
298791677.90
activities
Net cash generated from/used in
-298791677.90
financing activities
4. Effect of foreign exchange rates
9378014.061541521.95
changes on cash and cash equivalents
5. Net increase in cash and cash
-611093400.1442747688.55
equivalents
Add: Cash and cash equivalents
1610082668.66461062144.20
beginning of the period
6. Cash and cash equivalents end of the
998989268.52503809832.75
period
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
7. Consolidated Statements of Changes in Owners’ Equity
H1 2024
Unit: RMB
H1 2024
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Item Shar Capi : com Spe Surp Gen Reta
cont
Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
1534623497
91482360107
1. Balance as 48 12 35 85 85 7133 165 02 94
at the end of 778 13 308 442 954 397
63147046
the period of 23 325 36 80 68 48
prior year 25. 4.1 27. 79.0.0 .92 4.1 8.1 0.8 9.0
6655906
01965
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as 15 34 62 34 97914 82 360 107
at the 48 12 35 85 85 7133 165 02 94
beginning of 778 13 308 442 954 397
63147046
the 23 325 36 80 68 48
Reporting 25. 4.1 27. 79.0.0 .92 4.1 8.1 0.8 9.0
Period 66 5 59 06
01965
3. Increase/ - 31 79 - 33 22
decrease in
22943511697624the period (“-” for 203 038 794 073 91 35
12Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2024
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Shar Capi : com Spe Surp Gen Reta contItem Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
decrease) 38 .76 .78 55 2.1 6.7
8.95.302
28
-
19217060230
22
3.1 Total 22 02 650 67
203
comprehensi 91 57 38 61
ve income 38 82. 93. 7.6 81.
8.9
3846511
2
3.2 Capital
increased
and reduced
by owners
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
----
18418429213
3.3 Profit 29 29 139 43
distribution 33 33 43 28
87.87.6.424.
6060404
3.3.1
Appropriatio
n to surplus
reserves
3.3.2
Appropriatio
n to general
reserve
----
3.3.318418429213
Appropriatio
292913943
n to owners
(or 33 33 43 28
shareholders) 87. 87. 6.4 24.
6060404
3.3.4
13Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2024
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Item Shar Capi : com Spe Surp Gen Reta
cont
Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
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
retained
earnings
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
31312153
3.5
94948680
Specific
reserve 038 038 960 999.76.76.89.65
49493079
3.5.1
40404990
Increase in
the period 359 359 660 019.02.02.90.92
171786226
3.5.2 Used 46 46 70 09
in the period 320 320 0.0 020.26.261.27
3.6 Other
4. Balance as 15 914 82 337 44 107 34 62 35 97
at the end of 48 33 165 82 07 94 43 74 19 94
14Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2024
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Item Shar Capi : com Spe Surp Gen Reta
cont
Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
the 778 63 14 36 364 46 244 369 652 021
Reporting 23 25. 4.1 38. .68 79. 15 25 59 84
Period
0.066567068.82.82.95.7
09167
H1 2023
Unit: RMB
H1 2023
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Item Shar Capi : com Spe Surp Gen Reta
cont
Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
1332513486
8249891
1. Balance as 61 72 96 73 27 00165 14 359
at the end of 994 45 490 066 280 346
141002
the period of 64 971 57 09 73 83
prior year 4.1 18. 7.17.0 .54 5.5 5.7 5.8 1.6
5705
02651
Add: -- - -
Adjustment 101
545447
for change in 77
accounting 747 747 032 9.1
policy .02 .02 .17 9
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as 13 32 51 34 8682 498 91
at the 61 72 96 73 27 00165 14 359
beginning of 994 45 435 011 233 245
141002
the 64 971 82 34 70 05
Reporting 4.1 18. 7.17.0 .54 8.5 8.7 3.6 2.4
Period 5 70 5
00482
--
3. Increase/ 34 27 1050 16
decrease in 035 014 110
939903the period (“- 76 10 21” for 65 887.8 0.0 7.5
decrease) 0.3 2.54 4 3
51
3.1 Total - 168 117 57 175
comprehensi 50 93 99 308 30
ve income 939 52 55 83 44
15Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2023
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Item Shar Capi : com Spe Surp Gen Reta
cont
Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
6532.82.6.718.
0.35419291
5
3.2 Capital
increased
and reduced
by owners
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
----
13413430165
3.3 Profit 89 89 294 19
distribution 94 94 73 42
64.64.6.601.
7070838
3.3.1
Appropriatio
n to surplus
reserves
3.3.2
Appropriatio
n to general
reserve
----
3.3.313413430165
Appropriatio
898929419
n to owners
(or 94 94 73 42
shareholders) 64. 64. 6.6 01.
7070838
3.3.4
Other
3.4
Transfers
within
owners’
equity
3.4.1
16Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2023
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Item Shar Capi : com Spe Surp Gen Reta
cont
Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
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
retained
earnings
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
3.5
Specific
reserve
3.5.1
Increase in
the period
3.5.2 Used
in the period
3.6 Other
1333513486
4. Balance as 82 447 9161 72 30 56 54 10
at the end of 165 20 359
99445471107247355
the 14 13 02
Reporting 64 971 59 46 80 264.1 68. 7.1
Period 7.0 .54 6.3 6.2 3.7 9.95 35 5
04325
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
17Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
8. Statements of Changes in Owners’ Equity of the Company as the Parent
H1 2024
Unit: RMB
H1 2024
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
1. Balance as 1548 2824 59009090 8216 3598 3392
at the end of 778 8977 687 363
5854514458074874
the period of 230.0 81.74 635.9 866.2
prior year 1.44 .15 3.06 8.30 0 0 9
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as
at the 1548 2824 59009090 8216 3598 3392
beginning of 778 8977 687 363
5854514458074874
the 230.0 81.74 635.9 866.2
Reporting 1.44 .15 3.06 8.30 0 0 9
Period
3. Increase/ - - -
decrease in 2595
215448686763the period (“- 771.” for 8515 3269 601382
decrease) .71 .30 .19
-
3.1 Total 1356 1140
2154
comprehensi 1011 6160
ve income 8515 8.30 2.59.71
3.2 Capital
increased
and reduced
by owners
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
18Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2024
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
3.2.4
Other
--
3.3 Profit 1842 1842
distribution 9338 9338
7.607.60
3.3.1
Appropriatio
n to surplus
reserves
3.3.2--
Appropriatio
18421842
n to owners
(or 9338 9338
shareholders) 7.60 7.60
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
retained
earnings
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
3.525952595
Specific 771. 771.reserve 82 82
19Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2024
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
3.5.141064106
Increase in 091. 091.the period 11 11
15101510
3.5.2 Used
319.319.
in the period
2929
3.6 Other
4. Balance as 1548 2776 5832
at the end of 9090 8216 3383 3493 3392
778004727
the 5854 5144 0955 553. 4874
Reporting 230.0 366.6 853.11.44 .15 7.35 56 8.30
Period 0 0 0
H1 2023
Unit: RMB
H1 2023
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
1. Balance as 1361 2810 49197426 8216 4987 3226
at the end of 994 316 023
635.514488286309
the period of 647.0 233.4 753.0
prior year 62 .15 4.79 6.39 0 1 6
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as
at the 1361 2810 49197426 8216 4987 3226
beginning of 994 316 023
635.514488286309
the 647.0 233.4 753.0
Reporting 62 .15 4.79 6.39 0 1 6
Period
3. Increase/ - - -
decrease in
522370611228the period (“-” for 7967 6459 5442
decrease) .85 .29 7.14
-
3.1 Total 6428 1204
5223
comprehensi 3005 5037
ve income 7967 .41 .56.85
3.2 Capital
increased
and reduced
20Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2023
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
by owners
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 1348 1348
distribution 9946 9946
4.704.70
3.3.1
Appropriatio
n to surplus
reserves
3.3.2--
Appropriatio
13481348
n to owners
(or 9946 9946
shareholders) 4.70 4.70
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
21Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
H1 2023
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
benefit
schemes
transferred to
retained
earnings
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
3.5
Specific
reserve
3.5.1
Increase in
the period
3.5.2 Used
in the period
3.6 Other
4. Balance as 1361 2739 4796
at the end of 7426 8216 4465 3226
994699169
the 635. 5144 5031 6309
Reporting 647.0 774.1 325.962 .15 6.94 6.39
Period 0 2 2
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
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 20 October 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 23 November 1993. The Company was approved to issue 50000000 B shares on 23 July 1995. And
22Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
as approved to change into a foreign-invested stock limited company on 26 August 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 11 December 2000 as approved by China Securities Regulatory Commission with ZJGS
Zi [2000] No. 175 Document the Company additionally issued 55000000 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. The Company held the 26th Meeting of the 9th Board of Directors on 14 January 2022
where the Proposal on Cancelling Some Shares of the Company's Repurchase Special Securities Account was
deliberated and adopted. The repurchased 13 million A shares were used for the equity incentive plan. The
remaining 18952995 A shares and the repurchased 18398512 B shares totaling 37351507 shares were all
deregistered. On 8 February 2022 it was confirmed by Shenzhen Branch of CSDC that the number of
repurchased public shares canceled this time was 37351507 accounting for 2.67% of the total share capital of
the Company before the cancellation 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. On 14 March
2023 the Company held the 39th Meeting of the Ninth Session of the Board of Directors and considered and
passed the Proposal on the Company's Compliance with the Conditions for the Issuance of A Shares to Specific
Objects and the Board of Directors agreed that the Company should apply for the issuance of shares to specific
objects to the Shenzhen Stock Exchange (''SZSE''). According to the resolutions passed at the 39th Meeting of
the Ninth Board of Directors and the First Extraordinary General Meeting of 2023 the Company applied for the
issuance of ordinary shares (A shares) not exceeding 30% of the total share capital i.e. not exceeding
408598394 shares to specific investors and 186783583 shares were actually issued. 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).Credibility code of the Company: 91440000190352575W.Legal representative: Mr. 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
23Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Main business of the company and its subsidiaries (hereinafter referred to as “the Company”): lighting products
electro technical 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 30 August 2024.(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
(referred to as “Zhida Company”) Foshan Hortilite Optoelectronics Co.Ltd. (referred to as “HortiliteCompany”) 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 “Nanning Liaowang”) Foshan NationStar Optoelectronics Co. Ltd. (referred to as “NationStarOptoelectronics”) Foshan Sigma Venture Capital Co. Ltd. (referred to as “Sigma”) and Fozhao Huaguang
(Maoming) Technology Co. Ltd. (referred to as “Huaguang Maoming”) in total 13 subsidiaries and Liuzhou
Guige Lighting Technology Co. Ltd. (referred to as “Liuzhou Lighting”) Liuzhou Guige Foreshine
Technology Co. Ltd. (referred to as “Liuzhou Foreshine”) Chongqing Guinuo Lighting Technology Co. Ltd.(referred to as “Chongqing Guinuo”) Qingdao Guige Lighting Technology Co. Ltd. (referred to as “QingdaoLighting”) Indonesia Liaowang Auto Lamp Co. Ltd. (referred to as “Indonesia Liaowang”) 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”) and Gaozhou NationStar
Lighting Technology Co. Ltd. (referred to as “Gaozhou NationStar”) in total 12 sub-subsidiary.
24Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Given that Nanyang Baoli Vanadium Industry Co. Ltd. (Baoli Vanadium) is in a state of non-continuing
operations the Financial Statements H1 2024 of Baoli Vanadium were formulated at fair value or costs
whichever was lower.The scope of consolidation of the financial statements for this period increased by one subsidiary Fozhao
Huaguang (Maoming) Technology Co. Ltd. (referred to as “Huaguang Maoming”) and one sub-subsidiary
Gaozhou NationStar Lighting Technology Co. Ltd. (referred to as “Gaozhou NationStar”) compared with the
previous period. See Note IX "Changes in the scope of consolidation" and Note 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.
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.
25Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
2. Fiscal Year
A fiscal year starts on January 1st and ends on December 31st 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
The individual amount accounts for more than 10% of the
Significant accounts receivable with bad debt provision
account receivable or bad debt provision and the amount
separately accrued
exceeds RMB10 million.Individual amount accounts for more than 10% of the current
Bad debt provision of accounts receivable collected or reversed
reversal of bad debt provision and the amount exceeds RMB10
with significant amount in this year
million.The individual amount accounts for more than 10% of the
Significant verification of accounts receivable in this year account receivable or bad debt provision and the amount
exceeds RMB10 million.The ending balance of an individual construction in progress
Significant construction in progress accounts for more than 10% and the amount exceeds RMB50
million.The individual amount accounts for more than 10% of accounts
Significant accounts payable/other payables over one year payable over 1 year/other payables and the amount exceeds
RMB10 million.Cash flows of an individual investment accounts for more than
Significant cash flows generated from investment activities 3% of the net assets at the period-end and the amount exceeds
RMB100 million.Significant non-wholly-owned subsidiary Minority shareholders hold more than 5% interest and any of
26Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
the items of total assets net assets operating revenues and net
profits of the subsidiary accounts for more than 10% of the
corresponding items in the consolidated financial statements.The investment income generated from joint ventures or
associated enterprises (The loss is calculated in absolute terms)
Significant joint ventures or associated enterprises
accounts for more than 10% of the net profit of consolidated
financial statements.Significant debt reorganization The influence of individual amount on net profit exceeds 10%.The amount of an individual commitment exceeds RMB10
Significant commitments
million.The amount of money involved in cases exceeds RMB10
Significant contingency
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.
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.
27Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(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
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.
28Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
Foreign currency shall be recognized by employing systematic and reasonable methods and shall be translated
into the amount in the functional currency at the exchange rate which is approximate to the spot exchange rate of
the transaction date. 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
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
29Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
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.
30Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
(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.* Accounts receivable of expected credit losses withdrawn individually
Rationale for a single provision for expected
Objective evidence of impairment credit losses
The impairment tests are conducted separately for accounts receivable individually
accrued. An impairment loss is recognized based on the difference between the Individual accruals for expected credit losses
present value of future cash flows and their carrying amount and an expected credit
loss is recorded
* Accounts Receivable with Expected Credit Losses Provision Based on Credit Risk Portfolio
31Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Portfolio name Basis for portfolio recognition Determination method of expected credit losses
General lighting auto lamps and other
Prepare the comparative list between aging of accounts
relevant business with the Company as the
Business portfolio of receivable and expected credit loss rate over the entire life
parent and the subsidiary Nanning
general lighting and auto and calculate the expected credit loss by consulting
Liaowang as the representative this
lamps historical experience in credit losses combining current
portfolio takes the aging of accounts
situation and prediction for future economic situation.receivable as the credit risk characteristics
LED packaging components and other
Prepare the comparative list between aging of accounts
relevant business with the subsidiary
receivable and expected credit loss rate over the entire life
Business portfolio of LED NationStar Optoelectronics as the
and calculate the expected credit loss by consulting
packaging and components representative this portfolio takes the aging
historical experience in credit losses combining current
of accounts receivable as the credit risk
situation and prediction for future economic situation.characteristics
Internal business portfolio Related parties and internal 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 over the entire life
Portfolio 2 Trade acceptance and calculate the expected credit loss by consulting
historical experience in credit losses combining current
situation and prediction for future economic situation.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 and Business portfolio of LED packaging and
auto lamps 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%
(2) Receivables and lease receivables containing significant financing components.
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.
32Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 Basis for portfolio recognition
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.
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 represented by
Portfolio 1: General lighting and lamps business
the parent company and its subsidiary Nanning Liaowang. This portfolio
portfolio
uses the aging of accounts receivable as the credit risk characteristic.LED packaging components and other related businesses represented by
Portfolio 2: LED packaging and components business
subsidiary NationStar Optoelectronics. This portfolio uses the aging of
portfolio
accounts receivable as the credit risk characteristic
Portfolio 3: Internal business portfolio This portfolio involves related-party transactions and internal transactions
33Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 goods in process materials in transit finished
goods commodities turnover materials materials commissioned for processing etc. Turnover materials include
low-value consumables and packaging materials.
2. Pricing method of issuing inventories
Inventories are valuated at the actual cost of the acquisition and the inventory costs include procurement costs
and processing costs. Inventories are valuated using the weighted average method when being 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.
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
34Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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.
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
35Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 in accordance with the relevant provisions of Accounting Standards for
Business Enterprises No. 12-Debt Restructuring; for long-term equity investments acquired through exchange of
non-monetary assets the initial investment cost is determined in accordance with the relevant provisions of
Accounting Standards for Business Enterprises No. 7-Exchange of Non-monetary Assets.
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
The Company's investment property include 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 labour 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
Annual depreciation
Category Depreciation method Depreciable life Residual value rate
rate
Straight-line
Houses and buildings 3-36 years 1%-10% 31.67%-3.17%
depreciation method
Straight-line
Machinery equipment 2-11 years 1%-10% 47.50%-8.18%
depreciation method
36Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Transportation Straight-line
5-10 years 1%-10% 19.00%-9.50%
equipment depreciation method
Straight-line
Electronic equipment 2-8 years 1%-10% 47.50%-11.88%
depreciation method
Straight-line
Other equipment 5 years 5%-10% 19%-18%
depreciation method
The Company's fixed assets are mainly classified into: buildings and structures machinery and equipment
electronic equipment transportation equipment other 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.
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
37Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
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 on a straight-line basis 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 useful life Amortization method
Land use right 20-50 Duration of land use rights Method of line
Expected number of years of
Patent use right 5-20 Method of line
benefit
Expected number of years of
Software use right 3-10 Method of line
benefit
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: including R&D personnel's employee remuneration direct input
38Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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.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.
39Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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.
32. Contract Liabilities
The Company presents the obligation of transferring goods to or providing services for customers for
consideration received or receivable as a contract liability. The Company presents contract asset and contract
liability under the same contract on a net basis.
33. Payroll
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.
(1) Accounting treatments for short-term 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
labour 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 labour 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:
40Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(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.
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.
41Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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;
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 labour 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.
42Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
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. Government subsidies without subsidy
object specified by the government document shall be recognized as asset-related subsidies.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.
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
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
43Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
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
44Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 unrealised 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 21 November 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 recognised 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 recognised. 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
Unit: RMB
Name of statement item
Changes to the accounting policies and why Amount affected
materially affected
The Interpretation No. 17 of the Accounting Standards for Business
Enterprises (C.K. [2023] No. 21) issued by the Ministry of Finance on 25October 2023 stipulates contents about “Classification of CurrentNo impact 0.00Liabilities and Non-current Liabilities” “Disclosure of FinancingArrangement of Suppliers” and “Accounting Treatment for Sale-leasebackTransactions” which shall be implemented since 1 January 2024.
(2) Changes in accounting estimates
□Applicable □Not applicable
45Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(3) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of the New
Accounting Standards Implemented since 2024
□Applicable □Not applicable
44. Other
None
VI. Taxes
1. Main Taxes and Tax Rates
Category of taxes Tax basis Tax rate
Sales volume from goods selling or
VAT 3% 6% 9% 13%
taxable service
Urban maintenance and construction tax Turnover tax payable 7% 5%
Enterprise income tax Taxable income 11% 15% 25%
Education surcharge Turnover tax payable 3%
Local educational surtax Turnover tax payable 2%
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 Nanning Liaowang Chongqing Guinuo
Liuzhou Lighting Liuzhou Foreshine Qingdao Lighting 15%
NationStar Optoelectronics NationStar Semiconductor
Germany NationStar Fenghua Semiconductor
Indonesia Liaowang 11%
Other subsidiaries 25%
2. Tax Preference
1. The Company passed the review of high-tech enterprises in 2023 and obtained the certificate of high-tech
enterprise (Certificate No. GR202344003659) approved by the Guangdong Provincial Department of Science and
Technology the Department of Finance of Guangdong Province and the Guangdong Provincial Tax Service of
State Taxation Administration. 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) approved by the Guangdong Provincial
Department of Science and Technology the Department of Finance of Guangdong Province and the Guangdong
Provincial Tax Service of State Taxation Administration. According to the relevant regulations Zhida Company is
entitled to a reduced enterprise income tax rate of 15% for three years starting from 2022.
3. Subsidiary Chanchang Company passed the audit of high-tech enterprises in December 2021 and obtained the
certificate of high-tech enterprise (Certificate No.: GR202144000342) approved by the Guangdong Provincial
Department of Science and Technology the Department of Finance of Guangdong Province and the Guangdong
Provincial Tax Service of State Taxation Administration. According to the relevant regulations Chanchang
Company is entitled to a reduced enterprise income tax rate of 15% for three years starting from 2021. In
46Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
accordance with the relevant provisions of the Enterprise Income Tax Law of the People's Republic of China
Chanchang Company shall prepay the enterprise income tax for fiscal year 2024 at a tax rate of 15%.
4. Subsidiary Haolaite Company passed the review of high-tech enterprises in 2022 and obtained the certificate of
high-tech enterprise (Certificate No. GR202244003711) approved by the Guangdong Provincial Department of
Science and Technology the Department of Finance of Guangdong Province and the Guangdong Provincial Tax
Service of State Taxation Administration. According to relevant regulations Haolaite Company is entitled to a
reduced enterprise income tax rate of 15% for three years starting from 2022.
5. Subsidiary Nanning Liaowang passed the review of high-tech enterprises in 2023 and obtained the certificate of
high-tech enterprise (Certificate No. GR202345001098) approved by the Science and Technology Department of
the Guangxi Zhuang Autonomous Region the Department of Finance of Guangxi Zhuang Autonomous Region
and the Guangxi Zhuang Autonomous Region Tax Service of State Taxation Administration. 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 Nanning Liaowang enjoys the tax incentives of reducing
and exempting enterprise income tax for the development of western China since 1 January 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 Nanning Liaowang passed the review of high-tech enterprise
in 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.
8. Liuzhou Fuxuan a wholly-owned subsidiary of Nanning Liaowang passed the review of high-tech enterprise in
November 2021 and obtained the certificate of high-tech enterprise (Certificate No.: GR202145001045) approved
by the Science and Technology Department of the Guangxi Zhuang Autonomous Region the Department of
Finance of Guangxi Zhuang Autonomous Region and the Guangxi Zhuang Autonomous Region Tax Service of
State Taxation Administration. According to relevant regulations Liuzhou Fuxuan will pay enterprise income tax
at a reduced rate of 15% for three years starting from 2021. In accordance with the relevant provisions of the
Enterprise Income Tax Law of the People's Republic of China Liuzhou Fuxuan shall prepay the enterprise income
tax for fiscal year 2024 at a tax rate of 15%.
9. Qingdao Lighting a wholly-owned subsidiary of Nanning Liaowang passed the review of high-tech enterprise
on 14 December 2022 and obtained the certificate of high-tech enterprise (Certificate No.: GR202237100785)
approved by the Qingdao Municipal Science and Technology Bureau the Qingdao Municipal Finance Bureau
and the Qingdao Municipal Tax Service of State Taxation Administration. According to relevant regulations
Qingdao Optoelectronics will pay enterprise income tax at a reduced rate of 15% for three years starting from
2022.
10. Subsidiary NationStar Optoelectronics was recognized as a high-tech enterprise on 16 December 2008 and its
certificate number was GR200844000097. It was re-recognized as a high-tech enterprise in 2023 and its new
certificate number is 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 was recognized as a
high-tech enterprise on 10 October 2015 and its certificate number was GR201544001238. It was re-recognized
as a high-tech enterprise in 2021 and its new certificate number is GR202144008779. According to relevant
regulations NationStar Semiconductor will pay enterprise income tax at a reduced rate of 15% for three years
starting from 2021. In accordance with the relevant provisions of the Enterprise Income Tax Law of the People's
Republic of China NationStar Semiconductor shall prepay the enterprise income tax for fiscal year 2024 at a tax
47Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
rate of 15%.
12. Fenghua Semiconductor a majority-owned subsidiary of NationStar Optoelectronics was recognized as a
high-tech enterprise on 16 December 2008 and its certificate number was GR200844000295. It was re-recognized
as a high-tech enterprise in 2021 and its new certificate number is GR202144008851. According to relevant
regulations Fenghua Semiconductor will pay enterprise income tax at a reduced rate of 15% for three years
starting from 2021. In accordance with the relevant provisions of the Enterprise Income Tax Law of the People's
Republic of China Fenghua Semiconductor shall prepay the enterprise income tax for fiscal year 2024 at a tax
rate of 15%.
13. Indonesia Liaowang a wholly-owned subsidiary of Nanning Liaowang is located in the country where
Indonesia's statutory corporate income tax rate is 22% and there are local incentives for medium small and micro
enterprises to reduce or waive income tax by 50% therefore Indonesia Liaowang is subject to a preferential tax
rate of 11% for the payment of enterprise income tax.
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 41943.58 42466.76
Bank deposits 1335829321.44 1942320219.96
Other monetary assets (Note 1) 498287775.41 466064741.94
Deposits placed with finance companies
1345958937.001179154268.07
(Note 2)
To-be-received interest (Note 3) 11490996.27 8467957.82
Total 3191608973.70 3596049654.55
Of which: Total amount deposited
30746333.1231405378.56
overseas
Other notes:
Note 1: Other monetary assets were security deposits for notes and performance bonds as well as investments
placed with security firm and the balance with e-commerce platforms of which the security deposits for notes
and performance bonds were restricted assets (see “31. Assets with Restricted 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.
48Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Note 3: To-be-received interest was interest receivable on undue bank deposits and term deposits as of the end
of the Reporting Period which is not recognised as cash and cash equivalents.
2. Trading Financial Assets
Unit: RMB
Item Ending balance Beginning balance
Financial assets at fair value through
106928328.01152529775.41
profit or loss
Of which:
Wealth management products 105825131.94 151550477.63
Equity instrument investments 1003796.07 979297.78
Others 99400.00
Total 106928328.01 152529775.41
Other notes:
Naught.
3. Derivative Financial Assets
Naught
4. Notes Receivable
(1) Notes Receivable Listed by Category
Unit: RMB
Item Ending balance Beginning balance
Bank acceptance bill 882662892.04 984928441.40
Commercial acceptance bill 85473075.40 72423826.20
Total 968135967.44 1057352267.60
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Notes
receivable 96988 1058
174496813514780105735
withdrawn bad 0315. 100.00% 0.18% 83030 100.00% 0.14%
348.47967.4437.272267.60
debt provision 91 4.87
by group
Of which:
Bank 88266 882662 98492 984928
91.01%0.000.00%93.02%0.000.00%
acceptance bill 2892. 892.04 8441. 441.40
49Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
0440
8721773901
Commercial 1744 85473 14780 724238
423.88.99%2.00%863.46.98%2.00%
acceptance bill 348.47 075.40 37.27 26.20
77
969881058
174496813514780105735
Total 0315. 100.00% 0.18% 83030 100.00% 0.14%
348.47967.4437.272267.60
914.87
Withdrawal of bad debt provision by group: RMB1744348.47 of bad debt provision by bank acceptance bill.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Within one year 87217423.87 1744348.47 2.00%
Total 87217423.87 1744348.47
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
Beginning
Category Reversal or Ending balance balance Withdrawn Write-off Others
recovery
Commercial
1478037.27266311.201744348.47
acceptance bill
Total 1478037.27 266311.20 1744348.47
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 609340614.44
Total 609340614.44
50Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(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
Amount of recognition termination at the Amount of not recognition termination at
Item
period-end the period-end
Bank acceptance bill 214209835.91 141027788.82
Total 214209835.91 141027788.82
(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) 2300520301.54 1944758964.52
One to two years 155076064.08 151569005.90
Two to three years 118368497.46 99249444.34
Over three years 58543775.35 40389042.02
Three to four years 24878664.34 9919239.39
Four to five years 5320094.97 7074054.82
Over five years 28345016.04 23395747.81
Total 2632508638.43 2235966456.78
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Accounts
receivable for
8520650838
which bad debt 34368 25780 21977 38024
971.63.24%105.559.66%1.15%85.25%
provision 866.08 344.44 900.85 43.59
35
accrued
separately
Of which:
Accounts
receivable 2547 12899 24183 22101 20896
120489
withdrawal of 30166 96.76% 8163. 5.06% 03502. 86112. 98.85% 5.45% 96836.
275.53
bad debt 6.80 97 83 34 81
provision by
51Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
portfolio
Of which:
(1) Business
186211458174761698415888
portfolio of 109583
2853870.74%6762.6.15%98620.28474.75.96%6.45%44852.
general lighting 622.27
2.7769085629
and auto lamps
(2) Business
portfolio of 68501 14411
67060451175710905500851
LED packaging 6284. 26.02% 401.2 2.10% 22.89% 2.13%
882.75637.78653.26984.52
and 03 8
components
263217983245262235920934
142467
Total 50863 100.00% 6269. 6.83% 72368. 66456. 100.00% 6.37% 99280.
176.38
8.4352917840
Category name of bad debt provision accrued by item: Bad debt provision accrued by item of RMB50838105.55.There is no significant individual provision for bad debts for accounts receivable in the current period.Withdrawal of bad debt provision by group: Withdrawal of bad debt provision of RMB114586762.69 for the portfolio of general
lighting and auto lamps; Withdrawal of bad debt provision of RMB14411401.28 for the portfolio of LED packaging and
component business.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
(1) Business portfolio of general
1862285382.77114586762.696.15%
lighting and auto lamps
(2) Business portfolio of LED
685016284.0314411401.282.10%
packaging and components
Total 2547301666.80 128998163.97
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
Write-off for
Beginning the previous
Category Reversal Ending balance
balance period and Write-Withdrawal or Others
transferred- off
recovery
back for the
current
52Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
period
Accounts receivable
for which bad debt
21977900.8528734766.446138.0050838105.55
provision accrued 131576.26
separately
Accounts receivable
withdrawal of bad
120489275.538508917.4929.05128998163.97
debt provision by
portfolio
Total 142467176.38 37243683.93 6138.00 29.05 179836269.52
131576.26
Of which bad debt provision collected or reversed with significant amount: Naught.The amount of expected credit losses accrued in the current period was RMB37243683.93 the amount of prior
period write-offs reversed in the current period was RMB131576.26 the amount of expected credit losses
recovered or reversed in the current period was RMB6138.00 the amount of expected credit losses written off
in the current period was RMB29.05 which is RMB5839.52 different from the amount of credit impairment
loss accrued in the current period of RMB37243385.45 which is due to the difference in translation of foreign
currency statements at the end of the period.
(4) Accounts Receivable with Actual Verification during the Reporting Period
Unit: RMB
Item Amount verified
Accounts receivable with actual verification 29.05
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 RMB29.05 and the bad debt provision
was RMB29.05. 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 of
Proportion to total bad debt provision
Ending balance of
Ending balance of ending balance of of accounts
Ending balance of accounts
Name of the entity accounts accounts receivable and
contract assets receivable and
receivable receivable and impairment
contract assets
contract assets provision for
contract assets
No. 1 173240516.01 173240516.01 6.57% 5197215.48
No. 2 136060695.38 136060695.38 5.16% 4081820.86
No. 3 132880329.94 132880329.94 5.04% 3986409.90
No. 4 126697107.97 126697107.97 4.81% 3803407.33
No. 5 86002105.06 86002105.06 3.26% 2656192.76
53Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance of
Proportion to total bad debt provision
Ending balance of
Ending balance of ending balance of of accounts
Ending balance of accounts
Name of the entity accounts accounts receivable and
contract assets receivable and
receivable receivable and impairment
contract assets
contract assets provision for
contract assets
Total 654880754.36 654880754.36 24.84% 19725046.33
6. Contract Assets
(1) List of Contract Assets
Unit: RMB
Ending balance Beginning balance
Item Carrying Bad debt Carrying Bad debt
Carrying value Carrying value
amount provision amount provision
Contract assets 3380043.90 1014013.17 2366030.73 6074305.63 1822291.69 4252013.94
Total 3380043.90 1014013.17 2366030.73 6074305.63 1822291.69 4252013.94
(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.
(3) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Withdrawal
of bad debt 33800 1014 23660 60743 182229 42520
100.00%30.00%100.00%30.00%
provision by 43.90 013.17 30.73 05.63 1.69 13.94
group
Of
Of which:
which:
Business
portfolio of
338001014236606074318222942520
general 100.00% 30.00% 100.00% 30.00%
43.90013.1730.7305.631.6913.94
lighting and
auto lamps
338001014236606074318222942520
Total 100.00% 30.00% 100.00% 30.00%
43.90013.1730.7305.631.6913.94
Withdrawal of bad debt provision by group: Withdrawal of bad debt provision of RMB1014013.17 for the portfolio of general
lighting and auto lamps.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Business portfolio of general 3380043.90 1014013.17 30.00%
54Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
lighting and auto lamps
Total 3380043.90 1014013.17
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
Withdrawal of the Reversal or recovery in
Item Verification Reason
Current Period the Reporting Period
Provision for impairment
808278.52
of contract assets
Total 808278.52
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 296834332.74 443201960.02
Total 296834332.74 443201960.02
(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
55Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(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 31596200.00
Total 31596200.00
(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
Amount of recognition termination at the Amount of not recognition termination at
Item
period-end the period-end
Bank acceptance bill 288485094.80
Total 288485094.80
(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.
(8) Other Notes
Naught.
8. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 57278936.88 49108300.85
Total 57278936.88 49108300.85
(1) Interest Receivable
1) Category of Interest Receivable
Naught
56Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
2) Significant Overdue Interest
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) Interests Receivable Written-off in Current Period
Naught.
(2) Dividends Receivable
1) Category of Dividends Receivable
Naught.
2) Significant Dividends Receivable Aged over One 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 59879773.01 65389794.88
Performance bond 30112547.74 17686774.68
VAT export tax refunds 5905055.39 4708061.84
Staff borrow and petty cash 2054163.39 1589234.30
57Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Nature Ending carrying balance Beginning carrying balance
Rent water & electricity fees 1116434.75 817043.94
Total 99067974.28 90190909.64
2) Disclosure by Aging
Unit: RMB
Ageing Ending carrying balance Beginning carrying balance
Within one year (including one year) 55131877.28 46054067.53
One to two years 7593228.99 7676026.75
Two to three years 1578581.30 2219050.74
Over three years 34764286.71 34241764.62
Three to four years 6180482.37 5990920.12
Four to five years 3620295.50 4583526.14
Over five years 24963508.84 23667318.36
Total 99067974.28 90190909.64
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Bad debt
provision 31541 315412 315412 315412
31.84%100.00%0.0034.97%100.00%0.00
separately 239.47 39.47 39.47 39.47
accrued
Of which:
Withdrawal of
bad debt 67526 102477 572789 586496 954136 491083
68.16%15.18%65.03%16.27%
provision by 734.81 97.93 36.88 70.17 9.32 00.85
group
Of which:
Other
receivables of
bad debt
provision 67526 102477 572789 586496 954136 491083
68.16%15.18%65.03%16.27%
withdrawn by 734.81 97.93 36.88 70.17 9.32 00.85
credit risk
characteristic
portfolio:
99067417890572789901909410826491083
Total 100.00% 42.18% 100.00% 45.55%
974.2837.4036.8809.6408.7900.85
Category name of bad debt provision accrued by item: Bad debt provision accrued by item of RMB31541239.47.Unit: RMB
Name Beginning balance Ending balance
58Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Carrying Provision for Carrying Bad debt Withdrawal Reason for
amount impairment amount provision proportion withdrawal
Less likely to
Customer A 20000000.00 20000000.00 20000000.00 20000000.00 100.00%
be recovered
Total 20000000.00 20000000.00 20000000.00 20000000.00
Withdrawal of bad debt provision by group: Withdrawal of bad debt provision of RMB10247797.93 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 67526734.81 10247797.93 15.18%
risk characteristic portfolio:
Total 67526734.81 10247797.93
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
Phase I Phase II Phase III
Expected loss in the
Bad debt provision Expected loss in the Expected credit loss of duration (credit Total
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
1342723.927982242.9431757641.9341082608.79
2024
Balance of 1 January
2024 in the Current
Period
Withdrawal of the
253833.88502594.73756428.61
Current Period
Amount written-off for
50000.0050000.00
the current period
Balance of 30 June
1596557.808484837.6731707641.9341789037.40
2024
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
Category Beginning Changes in the Reporting Period Ending balance
59Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
balance Reversal or Charged-
Withdrawal Others
recovery off/Written-off
Other 41082608.7 41789037.4
756428.6150000.00
receivables 9 0
41082608.741789037.4
Total 756428.61 50000.00
90
The amount of expected credit losses accrued during the current period was RMB756428.61 the amount of
expected credit losses recovered or reversed during the current period was RMB0.00 and the amount of
expected credit losses verified during the current period was RMB50000.00 which was RMB4683.32 different
from the amount of expected credit losses on other receivables accrued during the current period of
RMB761111.93 which was due to the difference in translation of foreign currency statements at the end of the
current period.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
Unit: RMB
Item Amount verified
Customer A 50000.00
Of which the verification of significant other receivables: Naught.
6) Top 5 of the Ending Balance of the Other Receivables Collected according to the Arrears Party
Unit: RMB
Proportion to total
ending balance of Ending balance of
Name of the entity Nature Ending balance Ageing
other receivables bad debt provision
(%)
No. 1 Other intercourse 20000000.00 Over five years 20.19% 20000000.00
No. 2 Other intercourse 15883375.00 Within one year 16.03% 476501.25
No. 3 Performance bond 10000000.00 Within one year 10.09% 300000.00
VAT export tax
No. 4 5905055.39 Within one year 5.96% 177151.66
refunds
No. 5 Other intercourse 5000000.00 One to two years 5.05% 5000000.00
Total 56788430.39 57.32% 25953652.91
7) Presentation in Other Receivables Due to the Centralised Management of Fund
Naught.
9. Prepayments
(1) Listed by Aging
Unit: RMB
Ending balance Beginning balance
Ageing
Amount Proportion Amount Proportion
60Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Ageing
Amount Proportion Amount Proportion
Within one year 48852140.71 87.26% 27750424.91 80.42%
One to two years 3253316.42 5.81% 3496897.72 10.13%
Two to three years 1227273.96 2.19% 665594.01 1.93%
Over three years 2651828.46 4.74% 2595722.28 7.52%
Total 55984559.55 34508638.92
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
Relationship with the Proportion to total
Name of the entity Ending balance Ageing
Company prepayments (%)
No. 1 Unrelated party 8406000.00 Within one year 15.01%
No. 2 Unrelated party 4791920.00 Within one year 8.56%
No. 3 Unrelated party 3997613.78 Within one year 7.14%
No. 4 Unrelated party 2772000.00 Within one year 4.95%
No. 5 Unrelated party 1990400.00 Within one year 3.56%
Total 21957933.78 39.22%
Other notes: Naught.
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
reserves of reserves of
inventory or inventory or
Item depreciation depreciation
Carrying amount Carrying value Carrying amount Carrying value
reserves of reserves of
contract contract
performance performance
cost cost
Raw materials 344053149.04 15495808.86 328557340.18 305927108.28 13862774.27 292064334.01
Goods in process 205009533.55 205009533.55 247880117.38 247880117.38
Inventory goods 958249713.55 172754438.69 785495274.86 1051891889.47 146951222.27 904940667.20
Goods in transit 277403732.59 3513495.97 273890236.62 425003429.61 9197980.38 415805449.23
Semi-finished
96587205.464911245.3691675960.1096957960.114480118.2592477841.86
goods
Low-value
1916139.641916139.641322185.781322185.78
consumables
61Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Falling price Falling price
reserves of reserves of
inventory or inventory or
Item depreciation depreciation
Carrying amount Carrying value Carrying amount Carrying value
reserves of reserves of
contract contract
performance performance
cost cost
Others 26957062.88 26957062.88 16681045.68 16681045.68
Total 1910176536.71 196674988.88 1713501547.83 2145663736.31 174492095.17 1971171641.14
(2) Data Resources Recognised as Inventory
Naught.
(3) Falling Price Reserves of Inventory and Depreciation Reserves of Contract Performance Cost
Unit: RMB
Increase Decrease
Beginning
Item Reversal or Ending balance balance Withdrawal Others Others
write-off
Raw materials 13862774.27 3185716.44 1552681.85 15495808.86
Inventory
146951222.2730846707.825043491.40172754438.69
goods
Goods in transit 9197980.38 388014.16 6072498.57 3513495.97
Semi-finished
4480118.251324501.82893374.714911245.36
goods
Total 174492095.17 35744940.24 13562046.53 196674988.88
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 Capitalised Borrowing Expense
Naught
(5) Amortisation Amount of Contract Performance Cost during the Reporting Period
Naught
11. Held-for-Sale Assets
Unit: RMB
Ending Estimated
Depreciation Ending Estimated
Item carrying Fair value disposal
reserves carrying value disposal time
balance expense
62Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Houses
buildings and 31 December
17147339.8417147339.84183855895.0055718333.95
land involved 2024
in expropriation
Total 17147339.84 17147339.84 183855895.00 55718333.95
Other notes:
Note: For details see Part X-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
Term deposits (note) 108700000.00 700000.00
Input tax of VAT to be certified and deducted 79617000.29 94451130.80
Advance payment of enterprise income tax 4381508.30 11454058.94
Others 3047161.88 2687209.40
Total 195745670.47 109292399.14
Other notes:
Note: This is a fixed deposit with a term not exceeding one year from the date of purchase.
14. Investments in Debt Obligations
Naught
15. Other Investments in Debt Obligations
(1) List of Other Investments in Debt Obligations
Unit: RMB
Accumulated
Change in impairment
fair value Accumulated provision
Beginning Accrued Interest Ending
Item in the Cost changes in recognised in Note
balance interest adjustment balance
Reporting fair value other
Period comprehensive
income
Purchase held- Large
to-maturity 45482290 6714288. 41153719 4000000 deposit
investments in 5.25 43 3.68 00.00 certificate
2023 of a bank
Purchase held- 5961545. 71296154 7070000 Large
63Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Accumulated
Change in impairment
fair value Accumulated provision
Beginning Accrued Interest Ending
Item in the Cost changes in recognised in Note
balance interest adjustment balance
Reporting fair value other
Period comprehensive
income
to-maturity 26 5.26 00.00 deposit
investments in certificate
2024 of a bank
454822901267583311244981107000
Total
5.25.69738.94000.00
Changes in the impairment provision for other investments in debt obligations during the current period: Naught.
(2) Significant Other Investments in Debt Obligations at the Period-end
Unit: RMB
Ending balance Beginning balance
Item Actual Actual Coupon Overdue Coupon Overdue
Par value interest Maturity date Par value interest Maturity date
rate principal rate principal
rate rate
Large deposit
100000 6 January 100000 6 January
certificate of 3.30% 3.30% 3.30% 3.30%
000.002026000.002026
Everbright Bank
Large deposit
certificate of 500000 31 August 500000 31 August
2.90%2.90%2.90%2.90%
Bank of 00.00 2026 00.00 2026
Communications
Large deposit
100000 3 November 150000 3 November
certificate of 2.90% 2.90% 2.90% 2.90%
000.002026000.002026
Everbright Bank
Large deposit
certificate of 150000 1 December 150000 1 December
2.95%2.95%2.95%2.95%
Bank of 000.00 2026 000.00 2026
Guangzhou
Large deposit
certificate of 212000 5 February
2.75%2.75%
Bank of 000.00 2027
Guangzhou
Large deposit
550000 5 February
certificate of 2.60% 2.60%
00.002027
Everbright Bank
Large deposit
143000 5 February
certificate of 2.60% 2.60%
000.002027
Huaxia Bank
Large deposit
certificate of 820000 5 February
2.60%2.60%
China Merchants 00.00 2027
Bank
Large deposit
150000 8 March
certificate of 2.60% 2.60%
000.002027
Huaxia Bank
Large deposit 350000 29 March
2.60%2.60%
certificate of 00.00 2027
64Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Item Actual Actual Coupon Overdue Coupon Overdue
Par value interest Maturity date Par value interest Maturity date
rate principal rate principal
rate rate
China Merchants
Bank
Large deposit
certificate of 300000 30 April
2.60%2.60%
China Merchants 00.00 2027
Bank
110700450000
Total
0000.00000.00
(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.
16. Other Equity Instrument Investments
Unit: RMB
Reason for
assigning to
Losses Accumulative Accumulative
Gains recorded Dividend measure in fair
recorded in gains recorded losses recorded
in other income value and the
Beginning other in other in other Ending
Item comprehensive recognised changes
balance comprehensive comprehensive comprehensive balance
income in the in current included in
income in the income in the income in the
current period year other
current period current period current period
comprehensive
income
Equity
Gotion High-tech 36837650 1713379.1 32811209
40264408.85 245097612.52 instruments not
Co. Ltd. 6.50 0 7.65
held for trading
Equity
Xiamen Bank 29080767 17781139. 30572088
14913213.90 152763278.12 instruments not
Co.Ltd. 1.05 65 4.95
held for trading
Guangdong Equity
30000000.30000000.
Rising Finance 496154.24 instruments not
0000
Co. Ltd. held for trading
Beijing
Guangrong
Lianmeng Equity
7078568.87078568.8
Semiconductor instruments not
00
lighting Industry held for trading
Investment
Centre (L.P.)
65Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Reason for
assigning to
Losses Accumulative Accumulative
Gains recorded Dividend measure in fair
recorded in gains recorded losses recorded
in other income value and the
Beginning other in other in other Ending
Item comprehensive recognised changes
balance comprehensive comprehensive comprehensive balance
income in the in current included in
income in the income in the income in the
current period year other
current period current period current period
comprehensive
income
Foshan Nanhai
District United
Guangdong New Equity
3000000.03000000.0
Light Source instruments not
00
Industry held for trading
Innovation
Centre
Equity
China Guangfa
500000.00 500000.00 instruments not
Bank Co.Ltd.held for trading
6997627419990672.67441155
Total 14913213.90 40264408.85 397860890.64
6.35991.40
Derecognition in the current period: Naught.Disclosure of non-trading equity instrument investment by items
Unit: RMB
Amount of other Reason for assigning Reason for other
comprehensive to measure in fair comprehensive
Dividend
Accumulative Accumulative income value and the changes income
Item income
gains losses transferred to included in other transferred to
recognised
retained comprehensive retained
earnings income earnings
Not satisfied with the
Gotion High-tech Co. 1713379. 245097612
condition of trading Not applicable
Ltd. 10 .52
equity instrument
Not satisfied with the
17781139152763278
Xiamen Bank Co.Ltd. condition of trading Not applicable.65.12
equity instrument
Not satisfied with the
Guangdong Rising
496154.24 644988.33 condition of trading Not applicable
Finance Co. Ltd.equity instrument
Beijing Guangrong
Lianmeng Not satisfied with the
Semiconductor lighting 995839.20 condition of trading Not applicable
Industry Investment equity instrument
Centre (L.P.)
19990672399501718
Total.99.17
Other notes:
Naught.
17. Long-term Receivables
Naught.
66Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
18. Long-term Equity Investment
Unit: RMB
Increase/decrease
Beginning Beginning Gains and Adjustment Ending Ending
balance balance of losses Cash bonus Withdrawal
Investee of other Changes
balance balance of
(carrying impairment Additional Reduced recognised or profits of comprehen of other Others (carrying impairment
value) provision investment investment under the announced impairment sive equity value) provision
equity to issue provision
income
method
I. Joint Ventures
II. Associated Enterprises
Shenzhen
Primatronix 18063
179188144472
(Nanho) 3275.8
555.150.72
Electronics 7
Ltd.
18063
179188144472
Sub-total 3275.8
555.150.72
7
18063
179188144472
Total 3275.8
555.150.72
7
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.Other notes:
Naught.
19. Other Non-current Financial Assets
Naught.
67Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
20. Investment Property
(1) Investment Property Adopting the Cost Measurement Mode
□Applicable □ Not applicable
Unit: RMB
Construction in
Item Houses and buildings Land use right Total
Progress
I. Original carrying value
1. Beginning balance 204959267.68 204959267.68
2. Increased amount of
the period
3. Decreased amount
of the period
4. Ending balance 204959267.68 204959267.68
II. Accumulative
depreciation and
accumulative amortisation
1. Beginning balance 41322920.27 41322920.27
2. Increased amount of
3480668.873480668.87
the period
(1) withdrawal or
3480668.873480668.87
amortisation
3. Decreased amount
of the period
4. Ending balance 44803589.14 44803589.14
III. Depreciation reserves
1. Beginning balance
2. Increased amount of
the period
3. Decreased amount
of the period
4. Ending balance
IV. Carrying value
1. Ending Carrying
160155678.54160155678.54
Value
2. Beginning carrying
163636347.41163636347.41
value
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
68Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 of 30 June 2024 the relevant property certificates for the LED Workshop and R&D Workshop 18 are still in progress. The
Management 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 3479919717.47 3451760127.91
Disposal of fixed assets 1892712.21 1454458.56
Total 3481812429.68 3453214586.47
(1) List of Fixed Assets
Unit: RMB
Buildings and Machinery Transportation Electronic
Item Other (Note 1) Total
structures equipment equipment equipment
I. Original
carrying value
1. Beginning 2159878650. 5130492486. 7493531647.
38514056.0972880741.8591765712.00
balance 29 84 07
2. Increased
amount of the 212787304.72 70908098.55 1234254.48 4095032.92 2126126.53 291150817.20
period
(1) Purchase 952939.08 18657431.70 764584.07 3693065.72 429561.67 24497582.24
(2) Transfer
211834365.6451281113.60409670.41401967.201696564.86265623681.71
from
69Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Buildings and Machinery Transportation Electronic
Item Other (Note 1) Total
structures equipment equipment equipment
Construction in
progress
(3) Other (Note
969553.2560000.001029553.25
2)
3. Decreased
amount of the 144238068.90 11956506.64 685299.70 260308.44 389072.60 157529256.28
period
(1) Disposal or
10991457.51679081.00260078.93384334.4012314951.84
scrap
(2) Equipment
398251.96398251.96
transformation
(3) Other (Note
144238068.90566797.176218.70229.514738.20144816052.48
2)
4. Ending 2228427886. 5189444078. 7627153207.
39063010.8776715466.3393502765.93
balance 11 75 99
II.Accumulated
amortisation
1. Beginning 3107267227. 4033966802.
772209491.8328949352.0151404295.0174136436.53
balance 12 50
2. Increased
amount of the 49689862.40 200996187.31 1420192.61 4304261.54 3202985.76 259613489.62
period
(1) Withdrawal 49689862.40 200996187.31 1420192.61 4304261.54 3202985.76 259613489.62
3. Decreased
amount of the 142072380.30 10771429.68 654866.28 249869.95 369024.20 154117570.41
period
(1) Disposal or
10245692.75648709.76249642.74359531.1711503576.42
scrap
(2) Equipment
209802.10209802.10
transformation
(3) Other (Note
142072380.30315934.836156.52227.219493.03142404191.89
2)
4. Ending 3297491984. 4139462721.
679826973.9329714678.3455458686.6076970398.09
balance 75 71
III.Depreciation
reserves
1. Beginning
7800885.083037.99793.597804716.66
balance
2. Increased
amount of the
period
(1) Withdrawal
3. Decreased
amount of the 33947.85 33947.85
period
(1) Disposal or
scrap
(2) Equipment 33947.85 33947.85
70Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Buildings and Machinery Transportation Electronic
Item Other (Note 1) Total
structures equipment equipment equipment
transformation
4. Ending
7766937.233037.99793.597770768.81
balance
IV. Carrying
value
1. Ending 1548600912. 1884185156. 3479919717.
9348332.5321253741.7416531574.25
carrying value 18 77 47
2. Beginning 1387669158. 2015424374. 3451760127.
9564704.0821473408.8517628481.88
carrying value 46 64 91
Note 1: Fixed Assets - Other refer to cooling system and sewage treatment station of NationStar Optoelectronics
and instruments and implement of Nanning Liaowang.Note 2: The original carrying value and accumulated depreciation as well as other increases or decreases are
due to the addition of ancillary facilities to properties and buildings and the transfer to other non-current assets
because of purchase and storage.
(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 Standard Workshop J3 Fuwan Standard Workshop K1 Building 8 of Gaoming Family
Dormitory Fuwan Staff Dormitory Building 7 Family Dormitory Building 3 to 6 Staff Village Dormitory
Building A Staff Village Dormitory Building 2 3 5 6 10 to 13 Staff Dormitory Building 1 to 4 Fuwan
Energy Saving Lamp Workshop 2 Glass Workshop 8 Glass Workshop 9 Fluorescent Lamp Workshop
Standard Workshop A R&D Workshop 11 to 14 Kelian Building and LED Workshop 1-3 have been
completed and put into use and carried forward fixed assets. As at 30 June 2024 the relevant property
certificates are still in progress. The Management 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.In addition the ten-story comprehensive building Building 1 of Block A Building 3 of Block B etc. have no
property ownership certificates due to historical matters and these properties and buildings are involved in the
71Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
“pending expropriation” project which is planned to be implemented by the relevant government departments
as detailed in Note VII-30. Other Non-current Assets.
(5) Impairment Test of Fixed Assets
□Applicable □Not applicable
(6) Proceeds from Disposal of Fixed Assets
Unit: RMB
Item Ending balance Beginning balance
Applying for scrapping indisposed
1892712.211454458.56
equipment
Total 1892712.21 1454458.56
22. Construction in Progress
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 1070611321.57 1174533505.11
Total 1070611321.57 1174533505.11
(1) List of Construction in Progress
Unit: RMB
Ending balance Beginning balance
Item Carrying Depreciation Carrying Depreciation
Carrying value Carrying value
amount reserves amount reserves
Construction in 1072138876. 1070611321. 1176061060. 1174533505.
1527554.991527554.99
progress 56 57 10 11
1072138876.1070611321.1176061060.1174533505.
Total 1527554.99 1527554.99
56571011
(2) Changes in Significant Construction in Progress during the Reporting Period
Unit: RMB
Of which:
Proportion of Amount of Capitalisation
Accumulative
Transferred Other accumulative capitalised rate of
Beginning Increased Ending Job amount of Capital
Item Budget in fixed decreased investment in interests for interests for
balance amount balance schedule interest resources
assets amounts constructions the the Reporting
capitalisation
to budget Reporting Period
Period
The Project
Self-
of the
171454 46795550 248269 492782 financing
Geely 32.87% 32.87% 633494.78 71131.68 3.47%
6700.00 7.68 21.02 428.70 and
Industrial
borrowing
Park
Kelian 726738 26581875 193102 1570667.8 266179 41.63% 93.00% 36640953.0 Self-
72Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Of which:
Proportion of Amount of Capitalisation
Accumulative
Transferred Other accumulative capitalised rate of
Beginning Increased Ending Job amount of Capital
Item Budget in fixed decreased investment in interests for interests for
balance amount balance schedule interest resources
assets amounts constructions the the Reporting
capitalisation
to budget Reporting Period
Period
Building 900.00 1.84 6.18 7 110.15 2 financing
and
borrowing
FSL Fund
Hainan 310400 16513843 120082 177146 raising and
62.21%63.00%
Industrial 000.00 1.72 36.18 667.90 self-
Park I financing
Gaoming
212135 16477714 529558 21183436 589858 Self-
office 3.03% 95.00%
300.00 5.48 08.81 5.64 8.65 financing
building
2963821063689917219211834361570667.894200637274447.8
Total 71131.68 3.47%
0900.00836.7292.195.647795.400
(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
(1) Productive Living Assets Adopting Cost Measurement Mode
□Applicable □Not applicable
(2) Impairment Testing of Productive Living Assets Adopting Cost Measurement Mode
□Applicable □Not applicable
(3) Productive Living Assets Adopting Fair Value Measurement Mode
□Applicable □Not applicable
24. Oil and Gas Assets
□Applicable □Not applicable
73Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
25. Right-of-use Assets
(1) List of Right-of-use Assets
Unit: RMB
Item Houses and buildings Total
I. Original carrying value
1. Beginning balance 16811584.09 16811584.09
2. Increased amount of the period 4650661.92 4650661.92
(1) Leased in 4650661.92 4650661.92
3. Decreased amount of the period 8156616.28 8156616.28
(1) Disposal 8156616.28 8156616.28
4. Ending balance 13305629.73 13305629.73
II. Accumulated amortisation
1. Beginning balance 7999263.45 7999263.45
2. Increased amount of the period 4097193.56 4097193.56
(1) Withdrawal 4097193.56 4097193.56
3. Decreased amount of the period 3771215.66 3771215.66
(1) Disposal 3771215.66 3771215.66
4. Ending Balance 8325241.35 8325241.35
III. Depreciation reserves
1. Beginning balance
2. Increased amount of the period
3. Decreased amount of the period
4. Ending balance
IV. Carrying value
1. Ending carrying value 4980388.38 4980388.38
2. Beginning carrying value 8812320.64 8812320.64
(2) Impairment Test of Right-of-use Assets
□Applicable □Not applicable
26. Intangible Assets
(1) List of Intangible Assets
Unit: RMB
Non-patent Software use
Item Land use right Patent Total
technology rights
I. Original carrying
value
1. Beginning balance 491170315.79 24227977.69 74865934.65 590264228.13
2. Increased amount
53752.185904368.985958121.16
of the period
74Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Non-patent Software use
Item Land use right Patent Total
technology rights
(1) Purchase 53752.18 5904368.98 5958121.16
3. Decreased amount
69584050.8769584050.87
of the period
(1) Disposal 69584050.87 69584050.87
4. Ending balance 421640017.10 24227977.69 80770303.63 526638298.42
II. Accumulated
amortisation
1. Beginning balance 109627032.21 24185151.93 21902130.00 155714314.14
2. Increased amount
4920465.903903.105624943.3810549312.38
of the period
(1) Withdrawal 4920465.90 3903.10 5624943.38 10549312.38
3. Decreased amount
34857434.5634857434.56
of the period
(1) Disposal 34857434.56 34857434.56
4. Ending balance 79690063.55 24189055.03 27527073.38 131406191.96
III. Depreciation
Reserves
1. Beginning balance
2. Increased amount
of the period
3. Decreased amount
of the period
4. Ending balance
IV. Carrying value
1. Ending carrying
341949953.5538922.6653243230.25395232106.46
value
2. Beginning carrying
381543283.5842825.7652963804.65434549913.99
value
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 Recognised as Intangible Assets
Naught.
(3) Land Use Right with Certificate of Title Uncompleted
Naught.
(4) Impairment Test of Intangible Assets
□Applicable □Not applicable
75Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
27. Goodwill
(1) Original Carrying Value of Goodwill
Unit: RMB
Name of the Increase Decrease
invested units
Beginning
or events Formed by Ending balance
balance
generating business Disposal
goodwill combination
Nanning
Liaowang Auto 16211469.82 16211469.82
Lamp Co. Ltd.Foshan
NationStar
405620123.64405620123.64
Optoelectronics
Co. Ltd.Total 421831593.46 421831593.46
28. Long-term Prepaid Expense
Unit: RMB
Amortisation
Other decreased
Item Beginning balance Increased amount amount of the Ending balance
amount
period
Mould 130329590.74 115507296.40 65168696.17 13253649.00 167414541.97
Expense on
maintenance and 49146320.04 6751286.13 10426803.16 45470803.01
decoration
Boarding box 667938.96 39889.35 210439.49 497388.82
Others 10218849.51 830927.90 4119701.15 6930076.26
Total 190362699.25 123129399.78 79925639.97 13253649.00 220312810.06
Other notes: Other decrease amount of moulds was mainly due to the provision for impairment and the sales of moulds
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 tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for
435105859.5066462224.17390622029.7159298411.33
impairment of assets
Unrealised profit of
110879700.1416631955.0437737392.895660608.94
internal transactions
Deductible loss 121241173.91 21149566.84 124708331.49 22015171.66
Estimated expense 50202680.16 7530402.02 46135701.47 6920355.22
Depreciation of fixed
49521055.657428158.3554793929.618219089.44
assets
Accrued liabilities 16495438.86 2474315.82 14277087.30 2141563.09
76Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Changes in the fair
value of trading 726609.03 108991.36 751107.32 112666.10
financial assets
Lease liabilities and
17716016.402742427.1012750617.721915901.17
others
Total 801888533.65 124528040.70 681776197.51 106283766.95
(2) Deferred Income Tax Liabilities Had not Been Off-set
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
Assets assessment
appreciation from
81212531.5312181879.7383667098.6012550064.79
business consolidation not
under the same control
Changes in fair value of
other investments in 392010890.64 58801633.60 417362085.59 62604312.84
equity instruments
One-off depreciation of
626634231.5894353357.81649066960.9897598859.53
fixed assets
Changes in the fair value
1659245.00248886.751559845.00233976.75
of trading financial assets
Right-of-use assets and
8442450.831350926.4812108349.601819532.34
others
Total 1109959349.58 166936684.37 1163764339.77 174806746.25
(3) Deferred Income Tax Assets or Liabilities Listed by Net Amount after Off-set
Unit: RMB
Mutual set-off amount Amount of deferred Mutual set-off amount Amount of deferred
of deferred income tax income tax assets or of deferred income tax income tax assets or
Item
assets and liabilities at liabilities after off-set assets and liabilities at liabilities after off-set
the period-end at the period-end the period-begin at the period-begin
Deferred income tax
124528040.70106283766.95
assets
Deferred income tax
166936684.37174806746.25
liabilities
(4) List of Unrecognised Deferred Income Tax Assets
Naught.
(5) Deductible Losses of Unrecognised Deferred Income Tax Assets will Due in the Following Years
Naught.
77Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
30. Other Non-current Assets
Unit: RMB
Ending balance Beginning balance
Item Carrying Depreciation Carrying Depreciation
Carrying value Carrying value
amount reserves amount reserves
Long-term
assets to be 80601020.69 80601020.69 41955426.17 41955426.17
disposed (note)
Prepaid long-
term assets
44550073.0544550073.0536085714.0036085714.00
acquisition
funds
Advance
payment for
31752262.9431752262.9440991898.7340991898.73
equipment and
project
Prepayment for
equity 10000000.00 10000000.00 10000000.00 10000000.00
acquisition
Others 295352.80 295352.80 294664.28 294664.28
Total 167198709.48 10000000.00 157198709.48 129327703.18 10000000.00 119327703.18
Other notes:
Note: The Company intends to hand over the plots of land located on the south and north sides of the Gongye
Road to the government for revitalisation in the form of “pending expropriation”. When the government
successfully sells the plots through a public auction the Company will be given the compensation for the land
transfer according to the policy. The buildings and constructions to be revitalised include the plant of LED
Workshop 3 the added plant of LED Workshop 3 the large plant in the south area (single-end workshop) the
plant in the north area (four buildings) spark plug workshop of energy saving lamps warehouse T8 Workshop
1 (Building 2) LED Workshop 2 Building 14 of Iodine Lamp Workshop 3155m the Company’s new finished
goods warehouse 3662M2 materials warehouse (east end of single-end workshop) North Zone LPG station T5
warehouse in the North Zone ten-story comprehensive building Building 1 of Block A Building 3 of Block B
etc.
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
Bill Bill
Monetary 49236024 49236024 Restricted deposit 48632875 48632875 Restricted deposit
Assets 6.76 6.76 use guarantee 2.85 2.85 use guarantee
deposit deposit
78Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
pre-sale pre-sale
house house
payment payment
etc etc
Pledge of Pledge of
Pledge bill pool Pledge bill pool
endorsed or bills endorsed or bills
Notes 75036840 75036840 87327555 87327555
discounted receivable discounted receivable
receivable 3.26 3.26 6.80 6.80
but not yet endorsed or but not yet endorsed or
due discounted due discounted
and not due and not due
Mortgage Mortgage
Fixed 32652271 21166244 guarantee 32652271 21974633 guarantee
Pledge Pledge
assets 5.93 3.02 of related 5.93 1.38 of related
parties parties
Mortgage Mortgage
Intangible 15551408. 10497200. guarantee 15551408. 10652715. guarantee
Pledge Pledge
assets 00 96 of related 00 04 of related
parties parties
Accounts
31596200. 31596200. Pledge of 12022119 12022119 Pledge of
receivable Pledged Pledged
00 00 bill pool 9.92 9.92 bill pool
financing
16163989149648441821899617102245
Total
73.9594.0033.5055.99
32. Short-term Borrowings
(1) Category of Short-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledged loans 39850000.00
Mortgage loans 20000000.00 83330000.00
Credit borrowings 65000000.00 70000000.00
Acceptance bill discount 66689877.73
Total 124850000.00 220019877.73
(2) List of the Short-term Borrowings Overdue but not Returned
Naught.
33. Trading Financial Liabilities
Naught.
34. Derivative Financial Liabilities
Naught.
79Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
35. Notes Payable
Unit: RMB
Category Ending balance Beginning balance
Bank acceptance bill 2052737312.65 2256122566.65
letter of credit 15052221.04
Total 2052737312.65 2271174787.69
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 2971638357.60 2875980206.64
Total 2971638357.60 2875980206.64
(2) Significant Accounts Payable Aging over One Year or Overdue
Unit: RMB
Item Ending balance Reason for not repayment or carry-over
No. 1 53279803.09 It has not reached the settlement period
Total 53279803.09
37. Other Payables
Unit: RMB
Item Ending balance Beginning balance
Dividends payable 184293387.60
Other payables 430552163.03 362491923.01
Total 614845550.63 362491923.01
(1) Interest Payable
Naught.
(2) Dividends Payable
Unit: RMB
Item Ending balance Beginning balance
Ordinary share dividends 184293387.60
Total 184293387.60
Other notes: Including significant dividends payable unpaid for over one year the unpaid reason shall be disclosed: Naught.
80Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(3) Other Payables
1) Other Payables Listed by Nature
Unit: RMB
Item Ending balance Beginning balance
Transaction amount 140671169.10 122073392.43
Relevant expense of sales 109951518.01 88852388.08
Performance bond 96000687.89 76508284.65
Payments for demolition 34898417.30 36592784.44
Payment for equity transfer 5000000.00 5000000.00
Others 44030370.73 33465073.41
Total 430552163.03 362491923.01
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 100046577.48 It has not reached the settlement period
Total 100046577.48
38. Advances from Customers
(1) List of Advances from Customers
Unit: RMB
Item Ending balance Beginning balance
Advance payments received 231062.59 466872.69
Total 231062.59 466872.69
(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 136319866.46 235335693.28
Total 136319866.46 235335693.28
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
81Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Beginning balance Increase Decrease Ending balance
I. Short-term salary 192578525.70 687220124.10 683439069.76 196359580.04
II. Post-employment
benefit-defined 1252286.96 60736517.03 60667816.51 1320987.48
contribution plans
III. Termination
712550.73712550.73
benefits
Total 193830812.66 748669191.86 744819437.00 197680567.52
(2) List of Short-term Salary
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
1. Salary bonus
189203378.17605069847.01600337718.86193935506.32
allowance subsidy
2. Employee welfare 39743.10 29828256.30 29828433.13 39566.27
3. Social insurance 513915.45 27467949.85 27520016.05 461849.25
Of which:
Medical insurance 432930.31 25411232.75 25462669.89 381493.17
premiums
Work-
80985.142056717.102057346.1680356.08
related injury insurance
4. Housing fund 498319.50 19702612.21 19681009.93 519921.78
5. Labour union budget
and employee 2323169.48 5151458.73 6071891.79 1402736.42
education budget
Total 192578525.70 687220124.10 683439069.76 196359580.04
(3) List of Defined Contribution Plans
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
1. Basic pension
941107.3956317069.7456310872.05947305.08
benefits
2. Unemployment
29771.682015785.002015259.2530297.43
insurance
3. Annuity 281407.89 2403662.29 2341685.21 343384.97
Total 1252286.96 60736517.03 60667816.51 1320987.48
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
assumes further payment obligations. Corresponding expenses are recorded into the current profits or losses or
the cost of related assets when incurred.
82Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
41. Taxes Payable
Unit: RMB
Item Ending balance Beginning balance
VAT 37093526.88 15318825.56
Corporate income tax 24245663.48 17336516.13
Personal income tax 1648953.58 3796001.53
City maintenance and construction tax 3270422.27 1905489.83
Property tax 8849819.79 1260207.36
Education surcharge 2260139.15 1423582.17
Land use tax 1320801.82 247268.25
Others 1537302.74 1652266.47
Total 80226629.71 42940157.30
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 376755861.52 339846622.13
Current portion of lease liabilities 3443436.12 4067592.32
Total 380199297.64 343914214.45
44. Other Current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Pending changerover output VAT and others 8817198.94 23162317.81
Reversed notes that are endorsed and undue 185618921.58 71846109.20
Total 194436120.52 95008427.01
Increase/decrease of the short-term bonds payable: Naught.
45. Long-term Borrowings
(1) Category of Long-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Mortgage loans 36511789.18 27754169.97
Credit borrowings 614641612.44 565185873.45
Less: Current portion of long-term
376755861.52339846622.13
borrowings
Total 274397540.10 253093421.29
83Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
46. Bonds Payable
Naught.
47. Lease Liabilities
Unit: RMB
Item Ending balance Beginning balance
Leasing liabilities 5420389.26 8378560.24
Less: current portion of lease liabilities 3443436.12 4067592.32
Total 1976953.14 4310967.92
Other notes:
Analysis of maturity fate of lease liabilities
Item Ending balance Beginning balance
One to two years 1885905.40 1637899.09
Two to five years 91047.74 2673068.83
Total 1976953.14 4310967.92
48. Long-term Accounts Payable
Naught.
49. Long-term Employee Benefits Payable
Naught.
50. Provisions
Unit: RMB
Item Ending balance Beginning balance Formed reason
Provision for product quality
Product quality assurance 16495438.86 14277087.30
guarantee expenses
Total 16495438.86 14277087.30
51. Deferred Income
Unit: RMB
Item Beginning balance Increase Decrease Ending balance Formed reason
Government
Government grants 75185461.27 12184500.00 19952488.19 67417473.08
allocations
Total 75185461.27 12184500.00 19952488.19 67417473.08
Other notes:
84Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Amount
Amount
recorded
recorded Amount
into non-
Amount into other offset cost Related to
Beginning operating Other Ending
Item of newly income in in the assets/related
balance income in changes balance
subsidy the Reporting income
the
Reporting Period
Reporting
Period
Period
Government grants related to 639508 676350 115496 59164
assets 64.78 0.00 64.02 700.76
The Projects of the Production
Expansion and Technological
140684 203227 12036 Related to
Transformation of Components of
97.44 5.84 221.60 assets
Small-spacing and Outdoor LED
Displays
The Project of the Innovation in
Packaging Technology and
Technological Transformation of Key 762329 785363. 68379 Related to
Packaging Equipment of LEDs with 3.17 70 29.47 assets
High Colour Rendering Index for
Illumination
2023 Award Funds Project for
Industrial Enterprise Expansion
476350 47635 Related to
Investment Technological Innovation
0.00 00.00 assets
and Quality Improvement of Hainan
Province
The Project of the Innovation in
Packaging Technology and
483295 548355. 42845 Related to
Technological Transformation of Key
4.10 48 98.62 assets
Packaging Equipment of LEDs with
Small Spacing for Display
2022 Award Funds Project for
Industrial Enterprise Expansion
413700 41370 Related to
Investment Technological Innovation
0.00 00.00 assets
and Quality Improvement of Hainan
Province
The Subsidy for Metal-organic
708469 480091 22837 Related to
Chemical Vapour Deposition
6.84 2.92 83.92 assets
(MOCVD)
The First Batch of 2022 Special
Funds for Industrial Technological 204799 128000. 19199 Related to
Transformation by the Finance 9.99 00 99.99 assets
Bureau of Liang Jiang New Area
The Project of Resource
244048 671246. 17692 Related to
Conservation and Environmental
1.00 82 34.18 assets
Protection
The Second Batch of Support Funds
for the "Technological
156666 100000. 14666 Related to
Transformation of Thousands of
6.58 02 66.56 assets
Enterprises" in the Guangxi Zhuang
Autonomous Region for 2021
The 2019 Second Batch of Special
Funds of RMB3 million for the 150000 150000. 13500 Related to
Industrial and Information 0.00 00 00.00 assets
Development of the City
Special Project on Deep-sea 120000 12000 Related to
85Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Amount
Amount
recorded
recorded Amount
into non-
Amount into other offset cost Related to
Beginning operating Other Ending
Item of newly income in in the assets/related
balance income in changes balance
subsidy the Reporting income
the
Reporting Period
Reporting
Period
Period
Technology Industry Promotion 0.00 00.00 assets
(Industry Development Category) of
Hainan Deep-Sea Technology
Innovation Centre - Project on
Building and Commercial Operation
of Deep-sea Lighting Product
Production Line
The First Batch of Special Funds for
the Industrial and Information
Development for the Guangxi 136666 199999. 11666 Related to
Zhuang Autonomous Region for 6.93 98 66.95 assets
2017 (Technological Transformation)
for Liuzhou Guige
The Project of the First Batch of
Support Funds for Enterprises in 120000 150000. 10500 Related to
Liuzhou City for 2017 for Liuzhou 0.00 00 00.00 assets
Guige
Research and Development and
Industrialisation Project of Potassium
857384. 56798.7 800585 Related to
Nitride-based Rf Devices in the Field
58 6 .82 assets
of Next Generation Mobile
Communication
Research on the Third-generation
800000. 800000 Related to
Semiconductor Power Device and
00 .00 assets
Module Packaging Technology
The 2019 14th Batch of Industrial 750000. 75000.0 675000 Related to
Support Funds of RMB1.5 million 00 0 .00 assets
Intelligent Technology Reform
620755. 620755 Related to
Project of LED Packaging Workshop
00 .00 assets
in Geely Industrial Park (Phase I)
The First Batch of 2022 Special
560000. 35000.0 525000 Related to
Funds for Micro Small and Medium
01 0 .01 assets
Enterprises
The Innovation Fund for Enterprises
600000. 75000.0 525000 Related to
in Liudong New Area for 2017 for
00 0 .00 assets
Liuzhou Guige
The Project of the Third Batch of
Special Funds of Innovation-driven
520000. 48000.0 472000 Related to
Development for the Guangxi
00 0 .00 assets
Zhuang Autonomous Region for
2018 for Liuzhou Guige
LED Technology for Efficient
607172. 143251. 463921 Related to
Cultivation in Modern Agriculture
60 56 .04 assets
and Its Demonstrative Application
The Project of Support Funds for
516666. 100000. 416666 Related to
Enterprises in Liuzhou City for 2020
57 02 .55 assets
for Liuzhou Guige
The Key Labs of Semiconductor 434562. 37718.7 396843 Related to
86Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Amount
Amount
recorded
recorded Amount
into non-
Amount into other offset cost Related to
Beginning operating Other Ending
Item of newly income in in the assets/related
balance income in changes balance
subsidy the Reporting income
the
Reporting Period
Reporting
Period
Period
Micro Display Enterprises in 60 0 .90 assets
Guangdong Province (for 2020)
The Project of Key Technologies and
380250. 30495.0 349755 Related to
Industrialisation of Silica-based
00 0 .00 assets
Gallium Nitride Power Components
The Project of Research and
Development and Industrialisation of
NB-IoT-based Multi-Mode Low- 361725. 18915.9 342809 Related to
Power Wide-Area Internet of Things 80 0 .90 assets
Node Chips and Packaging
Technology
The Project of Financial Support for
Developing Liuzhou City into an
421333. 79000.0 342333 Related to
Industrial Internet of Things (IIOT)
24 2 .22 assets
Demonstration City for 2021 for
Liuzhou Guige
The Demonstration of Industrial
Internet of Things (IIOT) 380668. 67332.7 313336 Related to
Applications for LED Production 88 8 .10 assets
Control
907208 121699 78550 Related to
Others
9.45 6.52 92.93 assets
Government grants related to 112345 542100 840282 82527
income 96.49 0.00 4.17 72.32
The Research on the Key Technology
of 4K/8K Full-colour Micro-LED 496251 291157 20509 Related to
Displays with Ultra High Definition 6.28 6.13 40.15 income
(UHD)
2023 Automotive Lamp Production
765000. 103000 94000.0 17010 Related to
Digitalisation Workshop Technology
00 0.00 0 00.00 income
Improvement Project
Research on Key Technologies of the
Third Generation of High Frequency 170547 33235.8 16722 Related to
Semiconductor Electronic Power 4.54 6 38.68 income
Module in Colleges and Universities
The Research on Full-colour and
Integrated Packaging of Micro-LED 177040 877192. 893210 Related to
Display with High Brightness and 2.30 23 .07 income
Contrast
The Fund for the Intelligent
Transformation and Upgrading 487333. 34000.0 453333 Related to
Projects of Automobile Enterprises 22 2 .20 income
for 2021
The Fund for the Project of the
Management Committee of the 448000. 31999.9 416000 Related to
Liuzhou High-tech Industrial 12 8 .14 income
Development Zone
The Guangdong-Hong Kong-Macao 350000. 3983.07 346016 Related to
87Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Amount
Amount
recorded
recorded Amount
into non-
Amount into other offset cost Related to
Beginning operating Other Ending
Item of newly income in in the assets/related
balance income in changes balance
subsidy the Reporting income
the
Reporting Period
Reporting
Period
Period
Joint Lab of Intelligent Micro-nano 00 .93 income
Photoelectric Technology
The Special Fund of the Science and
Technology Department of the
340000. 30000.0 310000 Related to
Guangxi Zhuang Autonomous
00 0 .00 income
Region for Innovation-driven
Development for 2020
Epitaxial Growth and Chip
400000. 400000. Related to
Fabrication Techniques for High-
00 00 income
Performance Deep Ultraviolet LED
439100 398683 410033 Related to
Others 5870.03
0.00 6.88 .15 income
75185412184519952467417
Total
61.2700.0088.19473.08
52. Other Non-current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Pending changerover output VAT 205769.48
Total 205769.48
53. Share Capital
Unit: RMB
Increase/decrease (+/-)
Beginning Ending
balance Bonus issue New issues Bonus shares Others Sub-total balance
from profit
154877821548778230
Total shares
30.00.00
Other notes:
Beginning balance Ending balance
Item/Investor Increase Decrease
Invested amount Proportion Invested amount Proportion
Restricted shares 197537241.00 12.75% 140165794.00 57371447.00 3.70%
Unrestricted
1351240989.0087.25%140165794.001491406783.0096.30%
shares
Total 1548778230.00 100.00% 140165794.00 140165794.00 1548778230.00 100.00%
54. Other Equity Instrument
Naught.
88Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
55. Capital Reserves
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
Capital premium
907090354.12907090354.12
(premium on stock)
Other capital reserves 7245971.54 7245971.54
Total 914336325.66 914336325.66
Other notes including a description of the increase or decrease for the current period and the reasons for the change: Naught.
56. Treasury Shares
Unit: RMB
Item Beginning balance Increase Decrease Ending balance
Treasury shares (A-
82165144.1582165144.15
share)
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: Naught.
57. Other Comprehensive Income
Unit: RMB
Reporting Period
Less: Recorded Less: Recorded
Attributab
in other in other
le to
Income comprehensive comprehensive Attributable
Beginning owners of
Item before income in prior income in prior Less: to non-
Ending
balance the taxation in period and period and Income tax controlling balance
Company
the Current transferred to transferred to expense interests
as the
Period profit or loss in retained after tax
parent
the Current earnings in the
after tax
Period Current Period
I. Other
comprehensive
---
income that may not 359730 338181
253511943802679.215485
subsequently be 272.74 757.03.952415.71
reclassified to profit
or loss
Changes in fair
---
value of other 359730 338181
253511943802679.215485
investments in equity 272.74 757.03.952415.71
instruments
II. Other
comprehensive - - -
296754.-
income that may be 1217559. 654873. 358118
85562686.62
reclassified to profit 83 21 .36
or loss
Differences - - -
296754.-
arising from 1217559. 654873. 358118
85562686.62
translation of foreign 83 21 .36
89Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Reporting Period
Less: Recorded Less: Recorded
Attributab
in other in other
le to
Income comprehensive comprehensive Attributable
Beginning owners of
Item before income in prior income in prior Less: to non-
Ending
balance the taxation in period and period and Income tax controlling balance
Company
the Current transferred to transferred to expense interests
as the
Period profit or loss in retained after tax
parent
the Current earnings in the
after tax
Period Current Period
currency-denominated
financial statements
Total of other - - -
360027-337823
comprehensive 26568754 3802679. 222033
027.59562686.62638.67
income .78 24 88.92
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
1213325.924940359.021746320.264407364.68
reserve
Total 1213325.92 4940359.02 1746320.26 4407364.68
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
66264408.1066264408.10
reserve
Discretionary surplus
41680270.9641680270.96
reserve
Total 107944679.06 107944679.06
60. Retained Profits
Unit: RMB
Item Reporting Period Same period of last year
Beginning balance of retained earnings
3435308364.113296490575.52
before adjustments
90Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Reporting Period Same period of last year
Beginning balance of total retained
earnings of adjustments (“+” for -54747.02
increase “-” for decrease)
Beginning balance of retained earnings
3435308364.113296435828.50
after adjustments
Add: Net profit attributable to owners of
192229182.38290357652.22
the Company as the parent
Less: Withdrawal of statutory surplus
16585651.91
reserves
Dividend of ordinary shares payable 184293387.60 134899464.70
Ending retained earnings 3443244158.89 3435308364.11
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.
Note: Due to changes in accounting policies from the previous year the retained profits at the beginning of the previous year were
RMB-54747.02.
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 4641840263.11 3761579956.02 4405159052.69 3604574132.92
Other operations 142705504.31 100078120.59 160903676.33 128900695.96
Total 4784545767.42 3861658076.61 4566062729.02 3733474828.88
Breakdown information of operating revenue and cost of sales:
Unit: RMB
Total
Category of contracts
Operating revenue Cost of sales
Business type 4784545767.42 3861658076.61
Of which:
General lighting products 1718962585.41 1268088979.58
LED packaging and component products 1323471292.10 1099752921.69
Vehicle lamp products 1045063423.50 852898599.13
Trade and other products 697048466.41 640917576.21
By operating places 4784545767.42 3861658076.61
Of which:
Domestic 3747878177.49 2991223462.34
Overseas 1036667589.93 870434614.27
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
91Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
completed at the end of the Reporting Period was RMB248672435.17.
62. Taxes and Surtaxes
Unit: RMB
Item Reporting Period Same period of last year
Urban maintenance and construction tax 11477398.90 11300137.99
Education surcharge 5817380.58 5980104.43
Property tax 12240976.04 11009535.41
Land use tax 1862982.54 3483007.51
Vehicle and vessel use tax 11539.44 11986.96
Stamp duty 4090236.94 3297666.10
Local education surcharge 2386760.07 2165938.97
Environmental protection tax 19936.01 41537.23
Embankment fee 2613.03 128.45
Deed tax 146289.40
Others 7115.68 6966.68
Total 37916939.23 37443299.13
63. Administrative Expense
Unit: RMB
Item Reporting Period Same period of last year
Employee benefits 130927710.77 125958952.18
Depreciation charge 39408441.47 25811976.14
Office expenses 18519960.05 13062802.09
Intermediary agency fee 5246590.63 4119910.31
Engineering decoration cost 4801504.22 6357723.64
Rent of land and management charge 4141330.16 1104528.44
Amortisation of intangible assets 4114485.79 4630270.87
Utilities 3149472.00 4491149.48
Labour cost 2666214.20 1731130.54
Security fund for the disabled 30023.52 102385.50
Party building funds 87374.01
Others 13327229.70 13487882.22
Total 226332962.51 200946085.42
64. Selling Expense
Unit: RMB
Item Reporting Period Same period of last year
Employee benefits 72432535.06 57961009.41
Business propagandise fees and
53863531.3030216805.26
advertising fees
After-sales expenses 8564114.94 6867083.35
Office expenses 6876969.60 2944396.54
Sales promotion fees 6294529.20 7233896.10
Business travel charges 5507517.26 4858839.15
Commercial insurance premium 3232729.39 3582158.77
Others 19038902.55 18256941.42
92Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Reporting Period Same period of last year
Total 175810829.30 131921130.00
65. Development Costs
Unit: RMB
Item Reporting Period Same period of last year
Personnel and labour costs 126235339.99 108806040.39
Direct investment expenses 82440945.66 74178886.31
Depreciation expenses and long-term
22649859.1322819097.36
prepaid expenses
Cost of outsourcing external R&D 3917155.30 188759.61
Design fees 1696516.00 406394.30
Amortisation charge of intangible assets 28166.42 125382.49
Other Fees 23197968.13 19624344.80
Total 260165950.63 226148905.26
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.
66. Finance Cost
Unit: RMB
Item Reporting Period Same period of last year
Interest costs 11047212.70 14255244.44
Less: Interest income 25938447.85 24520047.73
Foreign exchange gains or losses -17140676.80 -21315108.34
Handling charge and others 1425667.21 1417289.22
Total -30606244.74 -30162622.41
67. Other Income
Unit: RMB
Sources Reporting Period Same period of last year
The Deductible Input Tax for Advanced Manufacturing Enterprises 30052926.81
The Tax Incentives for The Poor 5435946.87 2247050.00
The Subsidy for Metal-organic Chemical Vapour Deposition
4800912.928258085.76
(MOCVD)
The Research on the Key Technology of 4K/8K Full-colour Micro-
2911576.131338901.10
LED Displays with Ultra High Definition (UHD)
The Projects of the Production Expansion and Technological
Transformation of Components of Small-spacing and Outdoor LED 2032275.84 2032275.84
Displays
CAE software Research Project for Multi-physics Field Coupling
1890966.85
Simulation of NationStar LED Products
Manufacturing Operation Management MOM Prototype Software 1880000.00
93Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Sources Reporting Period Same period of last year
Research Project for NationStar Manufacturing Scenarios
The Research on Full-colour and Integrated Packaging of Micro-LED
877192.23116069.52
Display with High Brightness and Contrast
The Project of the Innovation in Packaging Technology and
Technological Transformation of Key Packaging Equipment of LEDs 785363.70 1014030.94
with High Colour Rendering Index for Illumination
The Project of Resource Conservation and Environmental Protection 671246.82 904683.72
Support Fund for the Digital Intelligent Transformation of the
592548.00172700.00
Manufacturing Industry
The Project of the Innovation in Packaging Technology and
Technological Transformation of Key Packaging Equipment of LEDs 548355.48 510442.92
with Small Spacing for Display
Chancheng District Government Quality Award 500000.00
Reward Funds for Smart Factory Demonstration Enterprises and
500000.00
Digital Workshops
Return of handling charges for withholding and remittance 479040.08 737693.99
Epitaxial Growth and Chip Fabrication Techniques for High-
400000.00
Performance Deep Ultraviolet LED
Enterprise with 5A Quality Management Maturity 400000.00
Standardised Strategy Municipal Subsidy Funds 370000.00
Incentive for standard products of Foshan City 360000.00 400000.00
Incentive Subsidy for Digital and Intelligent Demonstration Workshop
2000000.00
of Foshan City in 2022
Subsidy for Industrial Logistics in the Second Quarter of 2022 808200.00
The Research on the Key Technology of Full-colour Micro-LED
506013.47
Displays with High Brightness and Contrast
The 2021 "100 Enterprises Strive for the First Place" bonus 500000.00
The Visible Light Communication and Positioning System for the
473516.21
Industrial Internet of Things (IIOT)
2022 Special Funds of Nanhai District Foshan City for Promoting
347360.00
High-quality Development of Foreign Trade
Enterprise R&D Reward and Subsidy 333200.00
Others 4663061.46 4689768.58
Total 60151413.19 27389992.05
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 -601447.40 905952.44
Trading financial liabilities -23059475.00
Total -601447.40 -22153522.56
70. Investment Income
Unit: RMB
Item Reporting Period Same period of last year
94Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Reporting Period Same period of last year
Long-term equity investment income
1444720.721186031.53
accounted by equity method
Investment income from disposal of
2911077.392649651.54
trading financial assets
Dividend income from holding of other
19990672.9916686333.81
equity instrument investment
Interest income of investment in other
13671028.14
debt obligations during holding period
Investment income from financial
1927553.75
products and structural deposits
Total 38017499.24 22449570.63
71. Credit Impairment Loss
Unit: RMB
Item Reporting Period Same period of last year
Bad debt loss on notes receivable -266311.20 -512338.76
Bad debt loss on accounts receivable -37243385.45 -19672657.13
Bad debt loss on other receivables -761111.93 1237574.86
Total -38270808.58 -18947421.03
72. Asset Impairment Loss
Unit: RMB
Item Reporting Period Same period of last year
I. Loss on inventory valuation and
-29752322.32-14576382.64
contract performance cost
IV. Loss on impairment of fixed assets -1500990.00
XI. Loss on impairment of contract
808278.52-313516.09
Assets
XII. Others -8014761.09
Total -36958804.89 -16390888.73
73. Assets Disposal Income
Unit: RMB
Sources Reporting Period Same period of last year
Gains/losses from the disposal of non-
-99108.79110475.52
current assets
Total -99108.79 110475.52
74. Non-operating Income
Unit: RMB
Same period of Amount recorded in the current
Item Reporting Period
last year non-recurring profit or loss
95Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Same period of Amount recorded in the current
Item Reporting Period
last year non-recurring profit or loss
Government grants 11000.00
Total income from scrap of non-current assets 320853.22 37753.32 320853.22
Of which: income from scrap of fixed assets 320853.22 37753.32 320853.22
Income from default money 1460120.49 11400.00 1460120.49
Confiscated income 54273.27 106635.54 54273.27
Others 1219612.57 2274125.62 1219612.57
Total 3054859.55 2440914.48 3054859.55
75. Non-operating Expense
Unit: RMB
Amount recorded in the current
Item Reporting Period Same period of last year
non-recurring profit or loss
Losses from damage and
156010.361547347.79156010.36
scrap of non-current assets
Of which: Loss on disposal of
156010.361547347.79156010.36
fixed assets
Penalty and fine for delaying
204491.051842755.41204491.05
payment
Others 125716.02 1390467.12 125716.02
Total 486217.43 4780570.32 486217.43
76. Income Tax Expense
(1) List of Income Tax Expense
Unit: RMB
Item Reporting Period Same period of last year
Current income tax expense 31645407.23 34309667.76
Deferred income tax expense -7013025.11 -3005303.27
Total 24632382.12 31304364.49
(2) Adjustment Process of Accounting Profit and Income Tax Expense
Unit: RMB
Item Reporting Period
Profit before taxation 278074638.77
Current income tax expense accounted at statutory/applicable
41711195.82
tax rate
Influence of applying different tax rates by subsidiaries 600242.10
Influence of income tax before adjustment 2642987.97
Influence of non-taxable income -3691644.03
Influence of non-deductable costs expenses and losses 9442.91
The effect of using deductible losses of deferred income tax
-6851117.26
assets that have not been recognised in the previous period
Influence of unrecognised deductible temporary differences 8588753.73
96Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
and deductible losses
Influence of deduction -18377479.12
Income tax expenses 24632382.12
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 22370050.64 35010552.18
Deposit interest 22332393.90 19310323.07
Income from subsidy 20458063.38 10420346.33
Income from waste 14076991.86 12864885.36
Rental income from property and
2272907.823406219.56
equipment utility
Others 37878011.81 60095266.63
Total 119388419.41 141107593.13
Cash used in other operating activities
Unit: RMB
Item Reporting Period Same period of last year
Administrative expense paid in cash 61546270.39 56194828.30
Selling expense paid in cash 46645367.15 31789893.32
Finance costs paid in cash 1012751.95 1521292.79
Returned cash deposit 52147104.25 28216695.73
Others 31406796.05 31773841.24
Total 192758289.79 149496551.38
(2) Cash Related to Investing Activities
Cash generated from other investing activities
Naught.Significant cash received related to investing activities
Naught.Notes to other cash payments related to financing activities:
Naught.Cash used in other investing activities
Unit: RMB
97Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Reporting Period Same period of last year
Others 360759.99
Total 360759.99
(3) Cash Related to Financing Activities
Cash generated from other financing activities
Unit: RMB
Item Reporting Period Same period of last year
Recapture bank acceptance bill margin 7224809.91 381437.71
Total 7224809.91 381437.71
Cash used in other financing activities
Unit: RMB
Item Reporting Period Same period of last year
Payment for cash deposit of bank
10803556.412124043.19
acceptance bills
Payment for financing intermediary fees
211897.22
etc
Others 485855.80 179384.83
Total 11501309.43 2303428.02
Changes in liabilities arising from financing activities
□Applicable □ Not applicable
Unit: RMB
Beginning Increase Decrease
Item Ending balance
balance Cash Non-cash Cash Non-cash
Short-term
220019877.7389896989.0085000000.00100066866.73124850000.00
borrowings
Long-term 10114335.2 47114921.0
253093421.29110214340.5751909636.00274397540.10
loans 7 3
Other payables
- equity transfer 5000000.00 5000000.00
payments
Non-current
64060020.127774936.9
liabilities due 343914214.45 380199297.64
45
within one year
Leasing
4310967.927958032.33433063.099858984.021976953.14
liabilities
82132387.7184815708.
Total 826338481.39 200111329.57 137342699.09 786423790.88
473
(4) Explanation for Presentation of Cash Flows on a Net Basis
Naught.
98Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(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
Naught.
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 253442256.65 225105288.29
Add: Provision for impairment of assets 75229613.47 35338309.76
Depreciation of fixed assets oil-gas assets
263094158.49261275385.66
and productive living assets
Depreciation of right-of-use assets 4097193.56 4213175.21
Amortisation of intangible assets 10549312.38 6138499.52
Amortisation of long-term deferred expenses 79925639.97 33792488.83
Loss from disposal of fixed assets intangible
99108.79-110475.52
assets and other long-term assets (gains: negative)
Losses from scrapping of fixed assets (gains:
-164842.861509594.47
negative)
Losses from changes in fair value (gains:
601447.4022153522.56
negative)
Finance costs (gains: negative) -6093464.10 14255244.44
Investment loss (gains: negative) -38017499.24 -22449570.63
Decrease in deferred income tax assets
-18244273.75-3951966.78
(increase: negative)
Increase in deferred income tax liabilities (“-”
-4067382.64946663.51
for decrease)
Decrease in inventory (“-” for increase) 227917770.99 367566004.75
Decrease in operating receivables (“-” for
-250051969.33-492079133.11
increase)
Increase in operating payables (“-” for
-219105024.82-65833973.76
decrease)
Others 5380999.65 0.00
Net cash generated from/used in operating
384593044.61387869057.20
activities
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
99Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Supplemental information Reporting Period Same period of last year
3.Net increase/decrease of cash and cash equivalents:
Ending balance of cash 2687757730.67 1974721331.65
Less: Beginning balance of cash 3101252943.88 1945971307.26
Add: Ending balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase in cash and cash equivalents -413495213.21 28750024.39
(2) Net Cash Paid For Acquisition of Subsidiaries
Naught.
(3) Net Cash Received from Disposal of the Subsidiaries
Naught.
(4) Cash and Cash Equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 2687757730.67 3101252943.88
Including: Cash on hand 41943.58 42466.76
Bank deposits available on demand 2667512806.58 3097947293.67
Other monetary assets on demand 20202980.51 3263183.45
III. Ending balance of cash and cash equivalents 2687757730.67 3101252943.88
(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
Reason for not classifying the
Item Reporting Period Same period of last year item as cash and cash
equivalents
Bill deposit guarantee
deposit pre-sale house 492360246.76 535698818.93 Specific purpose
payment etc
Interest receivable on undue
bank deposits and term
To-be-received interest 11490996.27 8255130.73
deposits as of the end of the
Reporting Period
Total 503851243.03 543953949.66
100Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(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
Ending foreign currency Ending balance converted to
Item Exchange rate
balance RMB
Monetary Assets 240519383.87
Including: USD 30122860.10 7.1268 214679599.36
EUR 163298.07 7.6617 1251140.82
HKD 51810.41 0.91268 47286.32
IDR 55273327410.47 0.000444 24541357.37
Accounts receivable 367246194.87
Including: USD 50952638.99 7.1268 363129267.55
EUR 446529.92 7.6617 3421178.29
HKD 24796.39 0.91268 22631.17
IDR 1516031205.42 0.000444 673117.86
Other receivables 1391.14
Of which: IDR 3133197.00 0.000444 1391.14
Accounts payable 23156860.15
Including: USD 2631991.97 7.1268 18757680.37
EUR 189530.79 7.6617 1452128.05
IDR 6637503901.41 0.000444 2947051.73
Other current assets 286788.25
Of which: IDR 645919472.76 0.000444 286788.25
(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
101Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Amount
Simplified short-term lease charges recognised in the cost of the related
198758.23
assets or in current profit or loss
Total cash outflows related to leases 2508044.34
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 variable
Item Lease income lease payments not included in lease
receipts
House lease and others 7202722.94 0.00
Total 7202722.94 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.
84. Others
Naught.
102Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
VIII. Research and Development Expenses
Unit: RMB
Item Reporting Period Same period of last year
Personnel and labour costs 126235339.99 108806040.39
Direct investment expenses 111116478.82 72326399.46
Depreciation expenses and long-term
22649859.1322819097.36
prepaid expenses
Cost of outsourcing external R&D 3917155.30 188759.61
Design fees 1696516.00 406394.30
Amortisation charge of intangible assets 28166.42 125382.49
Other Fees 23197968.13 23046628.13
Total 288841483.79 227718701.74
Including: research and development
288841483.79227718701.74
expenditures that are expensed
Note: 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.
1. Research and Development Projects Which are Eligible for Capitalisation
Naught.
2. Significant Outsourced Research and Development Projects in Progress
Naught.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
Naught.
(2) Combination Cost and Goodwill
Naught.
(3) Identifiable Assets and Liabilities of the Acquiree on the Acquisition Date
Naught.
103Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(4) Gain or Loss from Remeasurement of Equity Interests Held before the Acquisition Date at Fair Value
Whether there were several transactions to realise 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
(1) Business Combination under the Same Control during the Current Period
Naught.
(2) Combination Cost
Naught.
(3) The Carrying Value of Assets and Liabilities of the Combined Party on the Combination Date
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
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:
104Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Fozhao Huaguang (Maoming) Technology Co. Ltd. completed its business registration in April of the current
period and the Company completed its capital injection in May. Huaguang (Maoming) has been included in the
merger scope since May 2024;
Gaozhou NationStar Lighting Technology Co. Ltd. completed its business registration in April of the current
period and NationStar completed its capital injection in May. Gaozhou NationStar has been included in the
merger scope since May 2024.
6. Others
Naught.X. Equity in Other Entities
1. Equity in Subsidiary
(1) Subsidiaries
Unit: RMB
Main Holding percentage
Name of the Registered Registration Nature of Way of
operating
subsidiary capital place business
place Direct Indirect
gaining
Foshan Fozhao
Zhicheng Production and Newly
50000000.00 Foshan Foshan 100.00%
Technology sales established
Co. Ltd.FSL Chanchang
Production and Newly
Lighting Co. 72782944.00 Foshan Foshan 100.00%
sales established
Ltd.Foshan Taimei
Production and Newly
Times Lamp 500000.00 Foshan Foshan 70.00%
sales established
Co. Ltd.Foshan
Electrical &
Production and Newly
Lighting 35418439.76 Xinxiang Xinxiang 100.00%
sales established
(Xinxiang) Co.Ltd.Nanjing Fozhao
Lighting
Production and
Components 41683200.00 Nanjing Nanjing 100.00% Acquired
sales
Manufacturing
Co. Ltd.FSL Zhida
Electric Production and Newly
38150000.00 Foshan Foshan 66.84%
Technology sales established
Co. Ltd.Foshan Haolaite
Production and Newly
Lighting Co. 17158000.00 Foshan Foshan 51.00% 10.53%
sales established
Ltd.NationStar 1436419.00 Germany Germany Trade 61.53% Business
105Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Main Holding percentage
Name of the Registered Registration Nature of Way of
operating
subsidiary capital place business Direct Indirect gaining place
Optoelectronics combination
(Germany) Co. under the
Ltd. same control
Foshan Kelian Business
New Energy Property combination
170000000.00 Foshan Foshan 100.00%
Technology development under the
Co. Ltd. same control
Fozhao
(Hainan) Production and Newly
200000000.00 Haikou Haikou 100.00%
Technology sales established
Co. Ltd.Nanning
Manufacturing
Liaowang Auto 35055700.00 Nanning Nanning 53.79% Acquired
of vehicle lamps
Lamp Co. Ltd.Liuzhou Guige
Lighting Manufacturing
30000000.00 Liuzhou Liuzhou 53.79% Acquired
Technology of vehicle lamps
Co. Ltd.Liuzhou Guige Manufacturing
Fuxuan of automotive
20000000.00 Liuzhou Liuzhou 53.79% Acquired
Technology electronic
Co. Ltd. products
Chongqing
Guinuo
Manufacturing
Lighting 30000000.00 Chongqing Chongqing 53.79% Acquired
of vehicle lamps
Technology
Co. Ltd.Qingdao Guige
Lighting Manufacturing
30000000.00 Qingdao Qingdao 53.79% Acquired
Technology of vehicle lamps
Co. Ltd.Indonesia
Manufacturing
Liaowang Auto 40873066.42 Indonesia Indonesia 53.79% Acquired
of vehicle lamps
Lamp Co. Ltd.Business
Foshan Sigma
Business combination
Venture Capital 50000000.00 Foshan Foshan 100.00%
services under the
Co. Ltd.same control
Fozhao
Huaguang
Production and Newly
(Maoming) 22920000.00 Maoming Maoming 100.00%
sales established
Technology
Co. Ltd.Foshan Business
NationStar Electronic combination
618477169.00 Foshan Foshan 21.48%
Optoelectronics manufacturing under the
Co. Ltd. same control
Foshan Business
NationStar Electronic combination
820000000.00 Foshan Foshan 21.48%
Semiconductor manufacturing under the
Co. Ltd. same control
Foshan Guoxing Business
Electronic
Electronic 10000000.00 Foshan Foshan 21.48% combination
manufacturing
Manufacture under the
106Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Main Holding percentage
Name of the Registered Registration Nature of Way of
operating
subsidiary capital place business
place Direct Indirect
gaining
Co. Ltd. same control
Nanyang Baoli Business
Vanadium combination
100000000.00 Henan Nanyang Mining 12.89%
Industry Co. under the
Ltd. same control
Guangdong Business
New Electronic combination
5000000.00 Guangzhou Guangzhou Trade 21.48%
Information under the
Ltd. same control
Guangdong
Business
Fenghua
Electronic combination
Semiconductor 200000000.00 Guangzhou Guangzhou 21.45%
manufacturing under the
Technology
same control
Co. Ltd.Gaozhou
NationStar
Electronic Newly
Lighting 30000000.00 Maoming Maoming 21.48%
manufacturing established
Technology
Co. Ltd.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.
(2) Significant Non-wholly-owned Subsidiary
Unit: RMB
Shareholding The profit or loss Declaring dividends Balance of non-
Name of the subsidiary proportion of non- attributable to the non- distributed to non- controlling interests at
controlling interests controlling interests controlling interests the period-end
Nanning Liaowang
46.21%12280230.29469759697.56
Auto Lamp Co. Ltd.Foshan NationStar
Optoelectronics Co. 78.52% 44120712.70 29139436.44 2988225565.90
Ltd.Holding proportion of non-controlling interests in subsidiary different from voting proportion:
107Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Naught.
(3) The Main Financial Information of Significant Not Wholly-owned Subsidiary
Unit: RMB
Ending balance Beginning balance
Name of
the Non- Non- Non- Non-Current Total Current Total Current Total Current Total
subsidiary current current current current assets assets liabilities liabilities assets assets liabilities liabilities
assets liabilities assets liabilities
25
Nanning 1602 21 1590 248
9190150878969151215677
Liaowang 836 919 65611 157438 859 784 54928
826977464.82948294258343.
Auto Lamp 374.9 06 525.40 8989.57 943.2 289 920.36
0.98178.712.9935
Co. Ltd. 1 5.8 6 1.97
9
64
Foshan
400224555739672559652
NationStar 22536 2340 27229
485284769378735263241291121641382388
Optoelectro 75523. 58427 73125.
032.1925.695425.630948.75374.5730.0310851.56
nics Co. 12 3.66 22
917.8264.58
Ltd.
0
Unit: RMB
Reporting Period Same period of last year
Name of Total Cash flows Total Cash flows
the Operating comprehen from Operating comprehen from
subsidiary Net profit Net profit revenue sive operating revenue sive operating
income activities income activities
Nanning
Liaowang 8353201 2866121 2744552 1532878 7202093 2234174 2479371 8225803
Auto Lamp 28.96 4.92 7.70 6.43 06.91 9.52 6.86 .73
Co. Ltd.Foshan
NationStar
18537085624243562424314046131758744538044553804451029050
Optoelectro
942.972.002.0098.36095.832.962.9650.77
nics Co.Ltd.
(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.
108Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
2. The Transaction of the Company with Its Owner’s Equity Share Changed but Still Controlling the
Subsidiary
(1) Note to the Owner’s Equity Share Changed in Subsidiary
Naught.
(2) The Transaction’s Influence on the Equity of Non-controlling Interests and the Owner’s Equity Attributable to the
Company as the Parent
Naught.
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.
(3) Main Financial Information of Significant Associated Enterprises
Naught.
(4) Summary Financial Information of Insignificant Joint Ventures or Associated Enterprises
Unit: RMB
Beginning balance/Same period of last
Ending balance/Reporting Period
year
Joint ventures:
The total of following items according to
the shareholding proportions
Associated enterprises:
Total carrying value of investment 180633275.87 179188555.15
The total of following items according to
the shareholding proportions
--Net profit 1444720.72 1186031.53
--Total comprehensive income 1444720.72 1186031.53
(5) Note to the Significant Restrictions on the Ability of Joint Ventures or Associated Enterprises to
Transfer Funds to the Company
Naught.
109Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(6) The Excess Loss of Joint Ventures or Associated Enterprises
Naught.
(7) The Unrecognised 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.
6. Others
Naught.XI. Government Grants
1. Government Grants Recognised 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 into
carried Other
Amount of non-
Accounting Beginning forward other changes in Ending Related to
newly operating
items balance income in the the Reporting balance assets/income
subsidy income in the
Reporting Period
Reporting
Period
Period
Deferred 63950864.7 11549664.0 59164700. Related to
6763500.00
income 8 2 76 assets
Deferred 11234596.4 5421000.00 8402824.17 8252772.3 Related to
110Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
income 9 2 income
3. Government Grants Recognised in Profit or Loss for the Current Period
□Applicable □ Not applicable
Unit: RMB
Accounting items Reporting Period Same period of last year
Other income 60151413.19 27389992.05
Non-operating income 11000.00
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 bills receivable accounts
receivable other receivables accounts payable bills payable other payables short-term borrowings long-term
borrowings etc. The details of each financial instrument see relevant items of Note V.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 centralised controlled by the Financial Department of the Company. The
financial department through supervising the balance of the cash and securities can be convert to cash at any
111Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 of 30 June 2024 the Company’s assets and
liabilities were in RMB except for the balances of USD EUR HKD and IDR 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 is 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 short-term
financing needs of the Company with preferential loan interest rates. As of 30 June 2024 the Company’s fixed
interest rate loan balance was RMB776003401.62 accounting for 100% of the total loan balance and the risks
in this part were controllable.
3) Other Price Risk
Naught.
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.
112Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(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 Amount of
Transfer
financial assets financial assets Derecognition Basis for determining derecognition
methods
transferred transferred
Due to the low credit risk and deferred payment
risk of bank acceptance bills in accounts receivable
Accounts
Bills financing and the transfer of interest rate risk
receivable 288485094.80 Yes
endorsement related to the bills to the bank it can be concluded
financing
that almost all risks and rewards of ownership of
the bills have been transferred
Bills Notes Almost all risks and rewards related to the
74782858.81 Yes
endorsement receivable ownership of the bills have been transferred
Bills Notes Almost all risks and rewards related to the
139426977.10 Yes
discounting receivable ownership of the bills have been transferred
Bills Notes Retaining almost all risks and rewards including
141027788.82 No
endorsement receivable default risks associated with them
Total 643722719.53
(2) Financial Assets Derecognised due to Transfer
□Applicable □ Not applicable
Unit: RMB
Ways of transferring financial Derecognised financial Gains or losses related to
Item
assets asset amount derecognition
Accounts receivable financing Bills endorsement 288485094.80
Notes receivable Bills endorsement 74782858.81
Notes receivable Bills discounting 139426977.10
Total 502694930.71
(3) Continued Involvement in the Transfer of Assets Financial Assets
□Applicable □ Not applicable
Unit: RMB
Amount of liabilities formed
Amount of assets formed due
Item Asset transfer methods due to continuous
to continuous involvement
involvement
Notes receivable
Of which: Bank’s acceptance
Bills endorsement 141027788.82
bill
113Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Total 141027788.82
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
Total
measurement measurement measurement
I. Consistent fair value
--------
measurement
1. Trading financial
1103196.07105825131.94106928328.01
assets
(1)Financial assets at
fair value through 1103196.07 105825131.94 106928328.01
profit or loss
1) Wealth management
105825131.94105825131.94
products
2) Equity instrument
1003796.071003796.07
investment
3) Other 99400.00 99400.00
2. Other Investments in
1124498738.941124498738.94
Debt Obligations
3. Other equity
633832982.6040578568.80674411551.40
instrument investment
4. Accounts receivable
296834332.74296834332.74
financing
Total assets measured
at fair value on a 634936178.67 1230323870.88 337412901.54 2202672951.09
recurring basis
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.
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.
114Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 Centre Beijing Guang Rong
Union Semiconductor Lighting Industry Investment Centre 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 recognise 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.
115Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
XIV. Related Party and Related-party Transactions
1. Information on the Company as the Parent
Proportion of
Proportion of share
voting rights
held by the
owned by the
Company name Registration place Nature of business Registered capital Company as the
Company as the
parent against the
parent against the
Company (%)
Company (%)
Hongkong Wah
Shing Holding Hong Kong Investment HKD110000 12.52% 12.52%
Company Limited
Guangdong Rising
Holdings Group Guangzhou Investment RMB10 billion 8.38% 8.38%
Co. Ltd.Guangdong
Electronics
Production and
Information Guangzhou RMB1162 million 8.49% 8.49%
sales
Industry Group
Ltd.Rising Investment
RMB360 million
Development Hong Kong Investment 1.65% 1.65%
and HKD1 million
Limited
Total 31.04% 31.04%
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 Shenzhen Rising Investment Development Co. Ltd. (hereinafter referred to as
“Shenzhen Rising”) Guangdong Rising Finance Holding Co. Ltd. (renamed Guangdong Rising Capital Investment Co. Ltd. on
13 December 2021 hereinafter referred to as “Rising Capital”) 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 Electronics Group Shenzhen Rising Rising Capital and Rising Investment are
concerted actors and Rising Holdings Group becomes the actual controller of the Company. In December 2021 Shenzhen Rising
and Rising Capital transferred all their shares of the Company to Rising Holdings Group. After the transfer Rising Holdings
Group Electronics Group and Rising Investment acted in concert with each other. In February 2022 the Company repurchased
and cancelled part of its shares and the proportion of shares held by the above parties acting in concert was 30.82% in aggregate;
in November 2023 the Company made a non-public offering of 186783583.00 shares of A-shares to a specific object and Rising
Group subscribed 46695895.00 shares and the proportion of shares held by the above parties acting in concert was 30.12%. In
June 2024 Electronic Group and Hongkong Wah Shing cumulatively increased their holdings of the Company’s shares by
15487850 shares through call auction on the Shenzhen Stock Exchange trading system. As of 30 June 2024 the total proportion
of shares held by the aforementioned concerted action parties was 31.04%.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.
116Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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.List of other joint ventures and associated enterprises that made connected transactions with the Company generating balance
during or before the Reporting Period:
Naught.
4. Information on Other Related Parties
Name of other related parties Relationship with the Company
PROSPERITY LAMPS & COMPONENTS LTD Shareholder owning over 5% shares
Dongguan Hengjian Environmental Protection Technology Co. Ltd. Under same actual controller
Foshan Fulong Environmental Technology Co. Ltd. Under same actual controller
Guangdong Fenghua Advanced Technology Holding Co. Ltd. Under same actual controller
Guangdong Rising Research and Development Institute Co. Ltd. Under same actual controller
Guangdong Heshun Property Management Co. Ltd. Rising
Under same actual controller
International Building Branch
Guangdong Huajian Enterprise Group Co. Ltd. Under same actual controller
Guangdong Electronics Information Industry Group Ltd. Under same actual controller
Guangdong Rising Finance Co. Ltd. Under same actual controller
Guangdong Yixin Changcheng Construction Group Under same actual controller
Guangdong Zhongjin Lingnan Engineering Technology Co. Ltd. Under same actual controller
Guangdong Zhongnan Construction Co. Ltd. Under same actual controller
Guangdong Zhongren Group Construction Co. Ltd Under same actual controller
Guangdong Zhuyuan Construction Engineering Co. Ltd. Under same actual controller
Guangzhou Haixinsha Industrial Co. Ltd. Under same actual controller
Guangzhou Wanshun Investment Management Co. Ltd. Under same actual controller
Jiangmen Dongjiang Environmental Company Limited Under same actual controller
Zhuhai Doumen District Yongxingsheng Environmental Industry
Under same actual controller
Waste Recovery and Comprehensive Treatment Co. Ltd.Shenzhen Longgang Dongjiang Industrial Waste Treatment Co. Ltd. Under same actual controller
Shenzhen Yuepeng Construction Co. Ltd. Under same actual controller
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Under same actual controller
Zhuhai Dongjiang Environmental Protection Technology Co. Ltd. Under same actual controller
Shandong Zhongjin Lingnan Copper Co. Ltd. Under same actual controller
Guangdong Great Wall Hotel Co. Ltd. Under same actual controller
Shenzhen Nanhe Mobile Communication Technology Co. Ltd. Under same actual controller
Guangdong Xintao Microelectronics Co. Ltd. Under same actual controller
Rising Nonferrous Metals Share Co. Ltd. Under same actual controller
Guangdong Huajian Engineering Construction Co. Ltd. Under same actual controller
Guangzhou Shengfeng Catering Management Service Co. Ltd. Under same actual controller
Guangdong Rising Commercial Development Co. Ltd.Under same actual controller
(Renamed Guangzhou Tianxin Property Management Company)
Guangzhou Huajian Business Development Co. Ltd. Under same actual controller
Hongkong Wah Shing Holding Company Limited Under same actual controller
Rising Investment Development Limited Under same actual controller
Prosperity (China) Electrical Company Limited Enterprise controlled by related natural person
Hangzhou Times Lighting Electric Appliances Co. Ltd. Enterprise controlled by related natural person
Nanning Ruixiang Industrial Investment Co. Ltd. Enterprise significantly affected by related natural person
Under same actual controller (not included into the
Guangdong Electronic Technology Research Institute consolidation scope of Rising Holdings Group since
October 2023)
Guangdong The Great Wall Building Co. Ltd. Enterprises controlled by the same actual controller
117Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Name of other related parties Relationship with the Company
(cancelled in August 2023)
5. Transactions with Related Parties
(1) Information on Acquisition of Goods and Reception of Labour Service
Information on acquisition of goods and reception of labour service
Unit: RMB
Name of related Nature of The approval trade Whether exceed Same period of
Reporting Period
party transaction credit trade credit or not last year
Guangdong
Fenghua
Purchase of
Advanced 2264120.89 16000000.00 No 1427073.05
materials
Technology
Holding Co. Ltd.Guangdong Yixin
Changcheng Receiving of
47493226.4742453620.42
Construction labour service
Group
Guangdong
Zhongnan Receiving of
8266347.7258500517.50
Construction Co. labour service
Ltd.Guangdong
Zhongren Group Receiving of
2407583.1826677655.81
Construction Co. labour service
Ltd
Shenzhen
Yuepeng Receiving of
1886492.75754528.33
Construction Co. labour service
Ltd.Shenzhen Nanhe
Mobile
Receiving of
Communication 114801.77
labour service
Technology Co.Ltd.Zhuhai Dongjiang
Environmental
Receiving of
Protection 271319.56 13133.52
labour service
Technology Co.Ltd.Foshan Fulong
Environmental Receiving of
70467.96162917.93
Technology Co. labour service
Ltd.
3000000.00 No
Shenzhen Nanhe
Mobile
Purchase of
Communication 16672.57
materials
Technology Co.Ltd.Shenzhen
Longgang Receiving of
14375.09116673.57
Dongjiang labour service
Industrial Waste
118Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Name of related Nature of The approval trade Whether exceed Same period of
Reporting Period
party transaction credit trade credit or not last year
Treatment Co.Ltd.Zhuhai Doumen
District
Yongxingsheng
Environmental
Receiving of
Industry Waste 4528.30
labour service
Recovery and
Comprehensive
Treatment Co.Ltd.Jiangmen
Dongjiang Receiving of
2169.8169970.76
Environmental labour service
Company Limited
Dongguan
Hengjian
Environmental Receiving of
76930.19
Protection labour service
Technology Co.Ltd.Guangdong The
Receiving of
Great Wall 22053.55
labour service
Building Co. Ltd.Guangzhou
Shengfeng
Receiving of
Catering 1362571.29
labour service
Management
Service Co. Ltd.Guangdong Rising
Commercial
Development Co.
12000000.00 No
Ltd. (renamed Receiving of
42887.7218779.44
Guangzhou labour service
Tianxin Property
Management
Company)
Guangdong Great
Receiving of
Wall Hotel Co. 5740.00
labour service
Ltd.Guangzhou
Receiving of
Haixinsha 513226.63 467135.78
labour service
Industrial Co. Ltd.Guangzhou 9000000.00 No
Huajian Business Receiving of
87421.36
Development Co. labour service
Ltd.Prosperity Lamps
Purchase of
& Components 3000000.00 No 57268.76
materials
Limited
Total 64823953.07 43000000.00 No 130818258.61
Information of sales of goods and provision of labour service
Unit: RMB
119Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Name of related party Nature of transaction Reporting Period Same period of last year
Prosperity Lamps &
Sale of products 5732428.94 12641522.79
Components Limited
Guangdong Fenghua
Advanced Technology Sale of products 4572650.62 7466567.41
Holding Co. Ltd.Guangdong Yixin
Changcheng Construction Sale of products 121035.60
Group
Rising Nonferrous Metals
Sale of products 99577.88
Share Co. Ltd.Guangzhou Wanshun
Investment Management Co. Sale of products 59565.75
Ltd.Shandong Zhongjin Lingnan
Sale of products 9102.65 223796.46
Copper Co. Ltd.Guangdong Zhongnan
Sale of products 3012466.81
Construction Co. Ltd.Shenzhen Zhongjin Lingnan
Sale of products 710376.99
Nonfemet Co. Ltd.Guangdong Zhongjin Lingnan
Engineering Technology Co. Sale of products 23113.27
Ltd.Guangdong Zhuyuan
Construction Engineering Sale of products 12318.58
Co. Ltd.Guangdong Rising Holdings
Sale of products 2787.61
Group Co. Ltd.Total 10594361.44 24092949.92
Notes to acquisition of goods and reception of labour 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:
Unit: RMB
Income
Name of the Name of the
Type Start date Due date Pricing basis recognised in this
entruster/contractee entrustee/contractor
Current Period
Guangdong
Foshan NationStar
Zhongren Group 30 December 31 December
Optoelectronics
Construction Co. 2020 2022
Co. Ltd.Ltd
Fozhao (Hainan) Guangdong 30 March
14 May 2023
Technology Co. Zhongnan 2022
120Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Income
Name of the Name of the
Type Start date Due date Pricing basis recognised in this
entruster/contractee entrustee/contractor
Current Period
Ltd. Construction Co.Ltd.Guangdong
Foshan Kelian New
Zhongnan 23 December
Energy Technology 23 June 2021
Construction Co. 2022
Co. Ltd.Ltd.Foshan Kelian New Guangdong Huajian
31 December
Energy Technology Enterprise Group 1 May 2023
2033
Co. Ltd. Co. 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 30 December 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. As of the date of this report the project is in the acceptance
inspection stage.
2. The Company’s subsidiary Fozhao (Hainan) Technology Co. Ltd. entered into the General Contracting Contract for Design and
Construction of FSL Hainan Industrial Park Phase I with Guangdong Zhongnan Construction Co. Ltd. and Guangdong
Architectural Design & Research Institute Co. Ltd. on 30 March 2022. The above parties take charge of the design and
construction of FSL Hainan Industrial Park. The total price of the contract is RMB179051600 and the planned total construction
period is 390 calendar days (50 days for design and 340 days for construction). As of the date of this report the project has not yet
reached its intended usable state.
3. The Company’s subsidiary Foshan Kelian New Energy Technology Co. Ltd. entered into the General Contracting Contract for
Design and Construction of the Foshan Kelian Building Decoration Engineering with Guangdong Zhongnan Construction Co. Ltd.and Guangdong Architectural Design & Research Institute Co. Ltd. on 23 June 2021. The above parties take charge of the survey
design and construction of Kelian Building. The total price of the contract is RMB189070200 and the planned total construction
period is 240 calendar days. Among them except for the self-used layers the construction period shall be counted from the date
when the construction actually begins. As of the date of this report the office self use floor of Building 2 has been completed and
passed the final acceptance inspection. The decoration work for the public areas and apartments on floors 4-8 of Building 2 has
been completed and Building 1 is currently in the stage of detailed construction drawing design.
4. On 21 April 2023 the Company’s subsidiary Foshan Kelian New Energy Technology Co. Ltd. entered into the Contract on the
Operation and Investment Attraction Services for Kelian Building with Guangdong Huajian Enterprise Group Co. Ltd.(hereinafter referred to as “Huajian Group”) and Foshan Kelian entrusted some of the properties of Kelian Building to Huajian
Group for operation. During the operation period Huajian Group paid a guaranteed rental income to Foshan Kelian. As of the date
of this report the property entrusted for operation is under renovation.
(3) Information on Connected Lease
The Company was lessor:
Unit: RMB
The lease income confirmed The lease income confirmed
Name of lessee Type of assets leased
in the Reporting Period in the same period of last year
Guangdong Rising Research Plant 647933.71 582347.85
121Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
The lease income confirmed The lease income confirmed
Name of lessee Type of assets leased
in the Reporting Period in the same period of last year
and Development Institute
Co. Ltd. and its majority-
owned subsidiaries
The Company served as the lessee:
Unit: RMB
Rental expenses of
Variable lease payments
short-term lease
not included in the Income expense of lease Increased right-of-use
simplified treated and Paid rent
Type of measurement of lease liabilities undertaken assets
low-value asset lease (if
Name of lessor assets liabilities (if applicable)
applicable)
leased
Same Same Same Same Same
Reporting Reporting Reporting Reporting Reporting
period of period of period of period of period of
Period Period Period Period Period
last year last year last year last year last year
Guangdong
The Great Wall Operating
64954.291801.29
Building Co. lease
Ltd.Guangdong
Rising
Commercial
Development
Co. Ltd.Operating
(renamed 166520.05 65059.65 3420.80 1211.87 291156.20
lease
Guangzhou
Tianxin
Property
Management
Company)
Notes to connected lease:
Naught.
(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.
(7) Information on Remuneration for Key Management Personnel
Unit: RMB
Item Reporting Period Same period of last year
122Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Reporting Period Same period of last year
Chairman of the Board 412195.28 486397.79
General Manager 481683.12 475655.67
Chairman of the Supervisory Committee 615288.82 467681.15
Secretary of the Board 418182.04 275841.67
Chief Financial Officer 475438.92 466313.55
Others 2568209.82 3782176.00
Total 4970998.00 5954065.83
(8) Other Connected Transactions
In accordance with the Financial Service Agreement signed by the Company 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 of 30 June 2024 the deposit balance
of the Company and its holding subsidiaries deposited in Guangdong Rising Finance Co. Ltd. is
RMB1345958900. The outstanding interest receivable is RMB6007900.
6. Receivables from and Payables to Related Parties
(1) Accounts Receivable
Unit: RMB
Ending balance Beginning balance
Name of related
Item
party Provision for Provision for Carrying amount Carrying amount
impairment impairment
Monetary capital- Guangdong Rising
6007939.775226458.64
accrued interest Finance Co. Ltd.Prosperity Lamps
Accounts
& Components 3684287.87 110528.64 7510483.08 225314.49
receivable
Limited
Guangdong
Fenghua
Accounts
Advanced 3671208.41 73424.17 2992978.95 59859.58
receivable
Technology
Holding Co. Ltd.Guangdong
Accounts Zhongnan
3423458.25339854.414612923.23188722.11
receivable Construction Co.Ltd.Guangdong Yixin
Accounts Changcheng
2332537.86403416.482332537.86206392.47
receivable Construction
Group
Guangdong
Zhuyuan
Accounts
Construction 510276.71 15308.30 510276.71 15308.30
receivable
Engineering Co.Ltd.
123Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Name of related
Item
party Provision for Provision for Carrying amount Carrying amount
impairment impairment
Shenzhen
Accounts Zhongjin Lingnan
504147.0031536.61566449.0016993.47
receivable Nonfemet Co.Ltd.Guangdong Xintao
Accounts
Microelectronics 457251.11 9145.02 266736.05 5334.72
receivable
Co. Ltd.Guangdong
Accounts Zhongren Group
289918.228697.55289918.228697.55
receivable Construction Co.Ltd
Guangdong
Zhongjin Lingnan
Accounts
Engineering 138827.00 4164.81 138827.00 4164.81
receivable
Technology Co.Ltd.Guangdong
Huajian
Accounts
Engineering 44297.00 29813.02 44297.00 22148.50
receivable
Construction Co.Ltd.Guangdong Rising
Accounts
Holdings Group 15206.96 304.14 146462.96 2929.26
receivable
Co. Ltd.Shandong
Accounts
Zhongjin Lingnan 10286.00 308.58
receivable
Copper Co. Ltd.Guangdong Rising
Accounts Research and
3850.00138.603850.0077.00
receivable Development
Institute Co. Ltd.Guangdong
Heshun Property
Accounts Management Co.
242112.687263.38
receivable Ltd. Rising
International
Building Branch
Prosperity (China)
Prepayments Electrical 39428.00 39428.00
Company Limited
Hangzhou Times
Lighting Electric
Prepayments 1300.88 1300.88
Appliances Co.Ltd.Guangdong
Fenghua
Prepayments Advanced 148.68 148.68
Technology
Holding Co. Ltd.Guangdong
Other receivables Huajian Enterprise 2090868.46 62726.05 1791739.20 53752.18
Group Co. Ltd.Guangdong Rising
Other receivables 77761.92 2685.16 67165.92 1343.32
Commercial
124Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Name of related
Item
party Provision for Provision for Carrying amount Carrying amount
impairment impairment
Development Co.Ltd. (renamed
Guangzhou
Tianxin Property
Management
Company)
Nanning Ruixiang
Industrial
Other receivables 5000.00 150.00 5000.00 150.00
Investment Co.Ltd.Guangdong
Zhongren Group
Other receivables 304.31 9.13 304.31 9.13
Construction Co.Ltd
Total 23308304.41 1092210.67 26789398.37 818460.27
(2) Accounts Payable
Unit: RMB
Beginning carrying
Item Name of related party Ending carrying balance
balance
Guangdong Fenghua Advanced Technology
Notes payable 155588.72 373870.86
Holding Co. Ltd.Notes payable Guangdong Zhongren Group Construction Co. Ltd 15052221.04
Accounts payable Guangdong Zhongren Group Construction Co. Ltd 113478475.81 117665437.46
Accounts payable Guangdong Yixin Changcheng Construction Group 95910150.20 65992673.05
Accounts payable Guangdong Zhongnan Construction Co. Ltd. 35906275.26 43398748.24
Guangdong Fenghua Advanced Technology
Accounts payable 2096767.69 1385589.20
Holding Co. Ltd.Accounts payable Shenzhen Yuepeng Construction Co. Ltd. 1123472.38 1174680.84
Shenzhen Nanhe Mobile Communication
Accounts payable 306838.00 14457.85
Technology Co. Ltd.Accounts payable Guangzhou Haixinsha Industrial Co. Ltd. 146441.00 506936.01
Accounts payable Prosperity Lamps & Components Limited 58230.70 58230.70
Guangdong Electronic Technology Research
Accounts payable 46500.00 46500.00
Institute
Accounts payable Nanning Ruixiang Industrial Investment Co. Ltd. 32400.00
Guangzhou Shengfeng Catering Management
Accounts payable 665.00
Service Co. Ltd.Shenzhen Longgang Dongjiang Industrial Waste
Accounts payable 9478.00
Treatment Co. Ltd.Zhuhai Dongjiang Environmental Protection
Accounts payable 1325.10
Technology Co. Ltd.Other payables Nanning Ruixiang Industrial Investment Co. Ltd. 100046577.48 103639661.12
Other payables Guangdong Huajian Enterprise Group Co. Ltd. 6618860.15 3593345.15
Guangdong Fenghua Advanced Technology
Other payables 5035015.07 5030015.07
Holding Co. Ltd.Other payables Shenzhen Yuepeng Construction Co. Ltd. 406880.64 474900.64
Other payables Guangzhou Haixinsha Industrial Co. Ltd. 345769.78 154568.76
Guangzhou Shengfeng Catering Management
Other payables 268000.00
Service Co. Ltd.Other payables Guangzhou Huajian Business Development Co. 13900.00
125Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Beginning carrying
Item Name of related party Ending carrying balance
balance
Ltd.Shenzhen Nanhe Mobile Communication
Other payables 13624.00
Technology Co. Ltd.Other payables Guangdong Xintao Microelectronics Co. Ltd. 8028.00 8028.00
Other payables Guangdong Rising Holdings Group Co. Ltd. 4750.00
Other payables Guangdong Zhongnan Construction Co. Ltd. 423469.05
Zhuhai Dongjiang Environmental Protection
Other payables 20000.00
Technology Co. Ltd.Shenzhen Longgang Dongjiang Industrial Waste
Other payables 20000.00
Treatment Co. Ltd.Dividends payable Hongkong Wah Shing Holding Company Limited 23211071.75
Guangdong Electronics Information Industry Group
Dividends payable 15772745.52
Ltd.Dividends payable Prosperity Lamps & Components Limited 17632182.84
Dividends payable Guangdong Rising Holdings Group Co. Ltd. 15579215.16
Dividends payable Rising Investment Development Limited 2781438.77
Contract liabilities
other current Prosperity Lamps & Components Limited 57547.68 59428.00
liabilities
Other current
Guangdong Zhongren Group Construction Co. Ltd 568478.42 0.00
liabilities
Other current
Guangdong Zhongnan Construction Co. Ltd. 500000.00 6700000.00
liabilities
Other current Guangdong Fenghua Advanced Technology
207244.60339669.91
liabilities Holding Co. Ltd.Other current
Guangzhou Haixinsha Industrial Co. Ltd. 51154.03 339220.26
liabilities
Other current
Guangdong Yixin Changcheng Construction Group 69483.06
liabilities
Total 438384288.65 366551937.37
7. Commitments of the Related Parties
1. Commitment on Avoidance of Horizontal Competition
(1) Commitment Makers: Electronics Group and Hong Kong Rising Investment
Contents: Electronics Group and Hong Kong Rising Investment have made more commitments as follows to
avoid horizontal competition with the Company: 1. They shall conduct supervision and restraint on the
production and operation activities of themselves and their relevant enterprises so that besides the enterprise
above that is in horizontal competition with the Company for now if the products or business of them or their
relevant enterprises become the same with or similar to those of the Company or its subsidiaries in the future
they shall take the following measures: (1) If the Company thinks necessary they and their relevant enterprises
shall reduce and wholly transfer their relevant assets and business; and (2) If the Company thinks necessary it
is given the priority to acquire first by proper means the relevant assets and business of them and their relevant
enterprises. 2. All the commitments made by them to eliminate or avoid horizontal competition with FSL are
126Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
also applicable to their directly or indirectly controlled subsidiaries. They are obliged to urge and make sure that
other subsidiaries execute what’s prescribed in the relevant document and faithfully honour all the relevant
commitments. 3. If they or their directly or indirectly controlled subsidiaries break the aforesaid commitments
and thus cause a loss for the Company they shall compensate the Company on a rational basis.Date of commitment making: 4 December 2015.Term of commitment: Long-standing.Fulfilment: In execution.
(2) Commitment Maker: Rising Holdings Group
Contents: 1. The Promisor will take active measures to avoid any business or activity that competes or may
compete with the principal business of the Company and its auxiliary enterprises and urge the Promisor to
control enterprises to avoid any business or activity that competes or may compete with the principal business
of the Company and its auxiliary enterprises. 2. If the Promisor and its controlled enterprises are given the
opportunity to engage in new business that constitutes or may constitute horizontal competition with the
principal businesses of the Company and its auxiliary enterprises the Promisor will make every effort to make
the business opportunity first available to the Company or its auxiliary enterprises on reasonable and fair terms
and conditions on the premise that conditions permit and in the interest of the listed company.Date of commitment making: 4 November 2021.Term of commitment: Long-standing.Fulfilment: In execution.
(3) Commitment Makers: Rising Holdings Group Rising Capital and Hongkong Wah Shing
Contents: 1. They shall conduct supervision and restraint on the production and operation activities of
themselves and their relevant enterprises so that besides the enterprise above that is in horizontal competition
with FSL for now if the products or business of them or their relevant enterprises become the same with or
similar to those of FSL or its subsidiaries in the future they shall take the following measures: (1) If FSL thinks
necessary they and their relevant enterprises shall reduce and wholly transfer their relevant assets and business;
and (2) If FSL thinks necessary it is given the priority to acquire first by proper means the relevant assets and
business of them and their relevant enterprises. 2. All the commitments made by them to eliminate or avoid
horizontal competition with FSL are also applicable to their directly or indirectly controlled subsidiaries. They
are obliged to urge and make sure that other subsidiaries execute what’s prescribed in the relevant document
and faithfully honour all the relevant commitments. 3. If they or their directly or indirectly controlled
127Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
subsidiaries break the aforesaid commitments and thus cause a loss for FSL they shall compensate FSL on a
rational basis.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
2. Commitment on Reduction and Regulation of Related-party Transactions
(1) Commitment makers: Electronics Group and Hong Kong Rising Investment
Contents: Electronics Group and Hong Kong Rising Investment have made a commitment that during their
direct or indirect holding of the Company’s shares they shall 1. strictly abide by the regulatory documents of
the CSRC and the SZSE the Company’s Articles of Association etc. and not harm the interests of the Company
or other shareholders of the Company in their production and operation activities by taking advantage of their
position as the controlling shareholder and actual controller; 2. make sure that they or their other controlled
subsidiaries branch offices jointly-run or associated companies (the “Relevant Enterprises” for short) will try
their best to avoid or reduce related-party transactions with the Company or the Company’s subsidiaries; 3.strictly follow the market principle of justness fairness and equal value exchange for necessary and unavoidable
related-party transactions between them and their Relevant Enterprises and the Company and withdraw from
voting when a related-party transaction with them or their Relevant Enterprises is being voted on at a general
meeting or a board meeting and execute the relevant approval procedure and information disclosure duties
pursuant to the applicable laws regulations and regulatory documents. Where the aforesaid commitments are
broken and a loss is thus caused for the Company its subsidiaries or the Company’s other shareholders they
shall be obliged to compensate.Date of commitment making: 4 December 2015.Term of commitment: Long-standing.Fulfilment: In execution.
(2) Commitment Maker: Rising Holdings Group
Contents: 1. Strictly abide by the regulatory documents of the CSRC and the SZSE the Company’s Articles of
Association etc. and not harm the interests of the Company or other shareholders of the Company in their
production and operation activities by taking advantage of their position as the controlling shareholder and
actual controller; 2. make sure that they or their other controlled subsidiaries branch offices jointly-run or
associated companies (the “Relevant Enterprises” for short) will try their best to avoid or reduce related-party
128Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
transactions with the Company or the Company’s subsidiaries; 3. strictly follow the market principle of justness
fairness and equal value exchange for necessary and unavoidable related-party transactions between them and
their Relevant Enterprises and the Company and withdraw from voting when a related-party transaction with
them or their Relevant Enterprises is being voted on at a general meeting or a board meeting and execute the
relevant approval procedure and information disclosure duties pursuant to the applicable laws regulations and
regulatory documents.Date of commitment making: 4 November 2021.Term of commitment: Long-standing.Fulfilment: In execution.
(3) Commitment makers: Rising Holdings Group Rising Capital and Hongkong Wah Shing
Contents: They have made a commitment that during their direct or indirect holding of FSL’s shares they shall
1. strictly abide by the regulatory documents of the CSRC and the SZSE FSL’s Articles of Association etc. and
not harm the interests of the Company or other shareholders of FSL in their production and operation activities
by taking advantage of their position as the controlling shareholder and actual controller; 2. make sure that theyor their other controlled subsidiaries branch offices jointly-run or associated companies (the “RelevantEnterprises” for short) will try their best to avoid or reduce related-party transactions with FSL or FSL’s
subsidiaries; 3. strictly follow the market principle of justness fairness and equal value exchange for necessary
and unavoidable related-party transactions between them and their Relevant Enterprises and FSL and withdraw
from voting when a related-party transaction with them or their Relevant Enterprises is being voted on at a
general meeting or a board meeting and execute the relevant approval procedure and information disclosure
duties pursuant to the applicable laws regulations and regulatory documents. Where the aforesaid commitments
are broken and a loss is thus caused for FSL its subsidiaries or FSL’s other shareholders they shall be obliged
to compensate.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
3. Commitment on Independence
(1) Commitment makers: Electronics Group and Hong Kong Rising Investment
Contents: In order to ensure the independence of FSL in business personnel asset organisation and finance
Electronics Group and Hong Kong Rising Investment have made the following commitments: 1. They will
129Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
ensure the independence of FSL in business: (1) They promise that FSL will have the assets personnel
qualifications and capabilities for it to operate independently as well as the ability of independent sustainable
operation in the market. (2) They promise not to intervene in FSL’s business activities other than the execution
of their rights as FSL’s shareholders. (3) They promise that they and their related parties will not be engaged in
business that is substantially in competition with FSL’s business. And (4) They promise that they and their
related parties will try their best to reduce related-party transactions between them and FSL; for necessary and
unavoidable related-party transactions they promise to operate fairly following the market-oriented principle
and at fair prices and execute the transaction procedure and the duty of information disclosure pursuant to the
applicable laws regulations and regulatory documents. 2. They will ensure the independence of FSL in
personnel: (1) They promise that FSL’s GM deputy GMs CFO Secretary of the Board and other senior
management personnel will work only for and receive remuneration from FSL not holding any positions in
them or their other controlled subsidiaries other than director and supervisor. (2) They promise FSL’s absolute
independence from their related parties in labour human resource and salary management. And (3) They
promise to follow the legal procedure in their recommendation of directors supervisors and senior management
personnel to FSL and not to hire or dismiss employees beyond FSL’s Board of Directors and General Meeting.
3. They will ensure the independence and completeness of FSL in asset: (1) They promise that FSL will have a
production system an auxiliary production system and supporting facilities for its operation; legally have the
ownership or use rights of the land plants machines trademarks patents and non-patented technology in
relation to its production and operation; and have independent systems for the procurement of raw materials and
the sale of its products. (2) They promise that FSL will have independent and complete assets all under FSL’s
control and independently owned and operated by FSL. And (3) They promise that they and their other
controlled subsidiaries will not illegally occupy FSL’s funds and assets in any way or use the FSL’s assets to
provide guarantees for the debts of themselves or their other controlled subsidiaries with. 4. They will ensure
the independence of the Company in organisation: (1) They promise that FSL has a sound corporate governance
structure as a joint-stock company with an independent and complete organisational structure. (2) They promise
that the operational and management organs within FSL will independently execute their functions according to
laws regulations and FSL’s Articles of Association. 5. They will ensure the independence of FSL in finance: (1)
They promise that FSL will have an independent financial department and financial accounting system with
normative independent financial accounting rules. (2) They promise that FSL will have independent bank
accounts and not share bank accounts with its related parties. (3) They promise that FSL’s financial personnel
130Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
do not hold concurrent positions in its related parties. (4) They promise that FSL will independently pay its tax
according to law. And (5) They promise that FSL can make financial decisions independently and that they will
not illegally intervene in FSL’s use of its funds.Date of commitment making: 4 December 2015.Term of commitment: Long-standing.Fulfilment: In execution.
(2) Commitment makers: Rising Holdings Group
Contents: To maintain the independence of the Company the Promisor has made the following commitments: It
will ensure the personnel independence of the Company. 1. It promises to ensure personnel independence with
the Company and GM deputy GMs CFO Secretary of the Board of Directors and other senior management
personnel of the Company will not hold positions other than directors and supervisors in the enterprises wholly
owned controlled or actually controlled by it and its subsidiaries (hereinafter referred to as “subsidiaries”) and
will not receive salaries from it or its subsidiaries. 2. It will ensure the asset independence of the Company: (1)
It promises that the Company has independent and complete assets. (2) It promises that it and its subsidiaries
will not illegally occupy the Company’s funds and assets in any way. 3. It will ensure the financial
independence of the Company: (1) It promises that the Company will have an independent financial department
and financial accounting system. (2) It promises that the Company will have a standardised and independent
financial accounting system. (3) It promises that the Company will have independent bank accounts and not
share bank accounts with it. (4) It promises that the Company’s financial personnel do not hold concurrent
positions in it or its subsidiaries. And (5) It promises that the Company can make financial decisions
independently and that they will not illegally intervene in the Company’s use of its funds. 4. It will ensure the
independence of the Company in organisation: (1) It promises that the Company can operate independently with
an independent and complete organisation structure. (2) It promises that the office and production and business
premises of the Company are separated from those of Rising Holdings Group. And (3) It promises that the
Board of Directors the Supervisory Committee and various functional departments of the Company operate
independently and there is no subordinate relationship with the functional departments of Rising Holdings
Group. 5. It will ensure the independence of the Company in business: (1) It promises that the Company will
have independence in business. And (2) It promises that the Company will have the assets personnel
qualifications and capabilities for it to operate independently as well as the ability of independent sustainable
operation in the market.
131Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Date of commitment making: 4 November 2021.Term of commitment: Long-standing.Fulfilment: In execution.
4. Commitment on Effective Performance of Measures to Fill up Returns
Commitment makers: Rising Holdings Group Rising Capital Electronics Group Hongkong Wah Shing Hong
Kong Rising Investment and Shenzhen Rising Investment
Contents: 1. They promise not to interfere in the operation and management activities of the listed company
beyond their authority and not to encroach on the interests of the listed company. 2. From the date of issuance
of these commitments to the completion of this trading of the listed company if the CSRC makes new
regulatory requirements on measures to fill up returns and commitments of relevant personnel and the above
commitments cannot meet these new regulatory requirements of the CSRC they promise to issue
supplementary commitments according to the latest regulations of the CSRC at that time. From the date of
issuance of these commitments to the completion of this trading of the listed company if the CSRC makes new
regulatory requirements on measures to fill up returns and commitments of relevant personnel and the above
commitments cannot meet these new regulatory requirements of the CSRC they promise to issue
supplementary commitments according to the latest regulations of the CSRC at that time. 3. They promise to
earnestly fulfill the measures to fill up returns formulated by the listed company and any commitments made by
them. If they violate these commitments and causes losses to the listed company or investors they are willing to
bear the compensation responsibility for the listed company or investors according to law. As one of the
subjects responsible for the measures to fill up returns if they violate the above commitments or refuse to fulfil
the above commitments they agree that the securities regulatory agencies such as the CSRC and the SZSE will
punish them or take relevant regulatory measures in accordance with the relevant regulations and rules they
formulated or issued.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
5. Commitment on Compensation for Possible Violations of Laws and Regulations by NATIONSTAR
Commitment makers: Rising Holdings Group Electronics Group and Rising Capital
Contents: If NationStar Optoelectronics is subject to administrative penalties such as accountability and fines by
relevant competent departments after the completion of this trading due to the illegal acts of NationStar
132Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Optoelectronics before the completion of this acquisition they promise to fully bear the losses of NATIONSTAR
or FSL as well as the expenses and fees under punishment or recourse to ensure that NationStar Optoelectronics
or FSL will not suffer any economic losses.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
6. Commitment on the Truthfulness Accuracy and Completeness of the Information Provided During This
Major Asset Restructuring
(1) Commitment makers: Rising Holdings Group Electronics Group and Rising Capital
Contents: 1. They promise that the information provided is true accurate and complete and there are no false
records misleading statements or material omissions. 2. They have provided relevant information and
documents (including but not limited to original written materials duplicate materials or oral testimony etc.)
related to this trading to the intermediaries. They promise that the copies or photocopies of the documents and
materials provided are consistent with the originals and that the signatures and seals of the documents and
materials are authentic and the signatories of the documents have been legally authorised and effectively signed
the documents; that there are no false records misleading statements or material omissions. 3. They promise
that the explanations and confirmations issued by them are true accurate and complete and there are no false
records misleading statements or material omissions. 4. During this trading they will disclose the information
about this trading in a timely manner in accordance with relevant laws and regulations the CSRC and the SZSE
and ensure the authenticity accuracy and completeness of such information. 5. They shall bear legal
responsibility for the authenticity accuracy and completeness of the information documents materials
explanations and confirmations provided. In case of any violation or losses caused to the listed company
investors parties to the trading and intermediaries participating in this trading they will be liable for
compensation according to law. 6. Where the information provided or disclosed by them in this trading is
suspected of false records misleading statements or material omissions and they are filed for investigation by
the judicial organ or by the CSRC the shares with interests in the listed company will not be transferred until
the investigation conclusion is formed.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
133Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
(2) Commitment Markers: Directors and Senior Management of the Company
Contents of Commitment: 1. We have provided relevant information and documents (including but not limited
to original written materials duplicate materials or oral testimony etc.) related to this trading to the
intermediaries providing professional services of auditing assessment legal and financial consultancy for this
trading. We promise that the copies or photocopies of the documents and materials provided are consistent with
the originals and that the signatures and seals of the documents and materials are authentic and the signatories
of the documents have been legally authorised and effectively signed the documents; that the provided
information and documents are authentic accurate and complete and that there are no false records misleading
statements or material omissions. We also promise to bear individual and joint and several liability. 2. We
promise that the information provided is true accurate and complete. In case of any losses caused to investors
due to any false presentations misleading statements or material omissions in the information provided we will
be liable for compensation according to law. 3. Where the information provided or disclosed by us in this
trading is suspected of false records misleading statements or material omissions and we are filed for
investigation by the judicial organ or by the CSRC the shares with interests in the listed company will not be
transferred until the investigation conclusion is formed.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
7. Commitment on the Clarity of the Underlying Assets of This Major Asset Restructuring
1) Commitment maker: Electronics Group
Contents: Electronics Group promises that the 100% equity of Sigma it held is clear in ownership and is not
subject to any dispute or potential dispute and there is no situation affecting its legal existence; and there is no
pending or potential litigation arbitration and any other administrative or judicial procedure that may lead to the
seizure freezing expropriation or restriction of transfer of the above-mentioned equity by the relevant judicial
or administrative organs. There is no entrusted shareholding or trust shareholding restriction or prohibition of
transfer of the above-mentioned equity controlled by Electronics Group.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
2) Commitment Makers: Rising Holdings Group and Rising Capital
134Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Contents: They promise that shares of NATIONSTAR they held are clear in ownership and are not subject to
any dispute or potential dispute and there is no situation affecting its legal existence; and there is no pending or
potential litigation arbitration and any other administrative or judicial procedure that may lead to the seizure
freezing expropriation or restriction of transfer of the above-mentioned equity by the relevant judicial or
administrative organs. There is no entrusted shareholding or trust shareholding restriction or prohibition of
transfer of the above-mentioned equity controlled by Rising Group and Rising Capital.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
8. About Measures to Fill up Returns for Risks Arising from Diluting Immediate Return in Major Asset
Restructuring
Commitment markers: Directors and Senior Management of the Company
Contents of Commitment: 1. We promise not to transfer benefits to other units or individuals free of charge or
under unfair conditions and not to harm the interests of the Company in any other ways. 2. We promise to
restrain position-related consumption behaviour. 3. We promise not to use the Company’s assets to engage in
investment and consumption activities unrelated to the performance of duties. 4. We promise that the future
remuneration system formulated by the Board of Directors or the Remuneration and Assessment Committee
will be linked to the implementation of the Company’s measures to fill up returns. 5. If the Company formulates
an equity incentive plan in the future we will actively promote the exercise conditions of the future equity
incentive plan to be linked with the implementation of the Company’s measures to fill up returns. 6. From the
date of issuance of these commitments to the completion of this major asset restructuring of the Company if the
CSRC makes other new regulatory provisions on measures to fill up returns and the relevant commitments and
these commitments cannot meet these provisions of the CSRC we promise to issue supplementary
commitments in accordance with the latest regulations of the CSRC at that time. 7. We promise to earnestly
fulfil the compensation measures formulated by the Company and any commitments we make. If we violate any
of these commitments and cause losses to the Company or investors we are willing to bear corresponding legal
responsibilities to the Company or investors according to law.Date of commitment making: 27 October 2021.Term of commitment: Long-standing.Fulfilment: In execution.
135Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
9. About the Measures to Fill up Immediate Returns Diluted by the Issuance of A-shares to Specific Objects in
2023
Commitment markers: Directors and Senior Management of the Company
Contents: According to the Opinions of the General Office of the State Council on Further Strengthening the
Protection of the Lawful Rights and Interests of Small and Medium-sized Investors in the Capital Market (G.B.F.[2013] No. 110) Opinions of the State Council on Further Promoting the Sound Development of Capital
Markets (G.F. [2014] No. 17) Guiding Opinions on Matters concerning the Dilution of Immediate Return in
Initial Public Offering Refinancing and Material Asset Restructuring (Z.J.H.G.G. [2015] No. 31) and other
relevant regulations in order to protect the interests of small and medium-sized investors the Directors and
Senior Management of the Company have made the following commitments that the measures to fill up
immediate returns diluted by the issuance of A-shares to specific objects can be effectively fulfilled: 1. We
promise not to transfer benefits to other units or individuals for free or under unfair conditions and not to
compromise the interests of the Company in other ways. 2. We promise to restrain position-related consumption
behaviour. 3. We promise not to use the Company’s assets to engage in investment and consumption activities
unrelated to the performance of duties. 4. We promise that the remuneration system formulated by the Board of
Directors or the Remuneration and Assessment Committee is linked to the implementation of the Company’s
measures to fill up returns. 5. If the Company implements an equity incentive plan in the future the exercise
conditions of the future equity incentive plan will be linked with the implementation of the Company’s
measures to fill up returns. 6. From the date of issuance of these commitments to the completion of the issuance
of shares to specific objects if the CSRC makes other new regulatory provisions on measures to fill up returns
and the relevant commitments and these commitments cannot meet these provisions of the CSRC we promise
to issue supplementary commitments in accordance with the latest regulations of the CSRC at that time. As one
of the subjects responsible for the measures to fill up returns if we violate the above commitments or refuse to
fulfil the above commitments we agree that the securities regulatory agencies such as the CSRC and the
Shenzhen Stock Exchange will punish us or take relevant regulatory measures in accordance with the relevant
regulations and rules they formulated or issued.Date of commitment making: 14 March 2023.Term of commitment: Long-standing.Fulfilment: In execution.
10. About Matters on Special Self-inspection of the Real Estate Business
136Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Commitment makers: Directors and Senior Management of the Company Rising Holdings Group Electronics
Group Hongkong Wah Shing Hong Kong Rising Investment and Shenzhen Rising Investment
Contents: According to the laws and regulations issued by the State Council such as the Notice of the State
Council on Resolutely Curbing the Soaring of Housing Prices in Some Cities (G.F. [2010] No. 10) the Notice of
the General Office of the State Council on Further Improving Regulation of the Real Estate Market (G.B.F.[2013] No. 17) and the Adjustment of Regulatory Policies on Listed Companies’ Re-financing Merger and
Acquisition and Reorganisation Involving Real Estate Business issued by the CSRC on the relevant
requirements for refinancing of listed companies involved in real estate business the controlling shareholders
and all directors and Senior Management of Foshan Electrical and Lighting Co. Ltd. (hereinafter referred to as
the “Company”) have made the following commitments: The Self-inspection Report on the Company’s
Involvement in Real Estate Business has truthfully disclosed the self-inspection of the real estate development
projects of the Company and its subsidiaries between 1 January 2020 and 31 December 2022. If the Company is
identified with illegalities or violations not disclosed as required by the self-inspection such as idle land land
speculation holding real estate projects from selling and house price rigging thus causing losses to itself and
the investors we will be liable for compensation in line with relevant laws regulations and requirements of
securities regulatory authorities.Date of commitment making: 14 March 2023.Term of commitment: Long-standing.Fulfilment: In execution.
11. About the Effective Fulfilment of Measures Taken by Controlling Shareholders and De Facto Controller to
Fill up Immediate Returns
Commitment makers: Rising Holdings Group Electronics Group Hongkong Wah Shing Hong Kong Rising
Investment and Shenzhen Rising Investment
Contents: According to the relevant provisions of the CSRC in order to ensure that the measures to fill up
immediate returns diluted by the issuance of A-shares to specific objects can be practically fulfilled the
Company’s controlling shareholders Rising Holdings Group Electronics Group Hong Kong Rising Investment
Hongkong Wah Shing and the de facto controller Rising Holdings Group respectively made the following
commitments: 1. We promise not to interfere in the operation and management activities of the listed company
beyond our authority and not to encroach on the interests of the listed company. 2. From the date of issuance of
these commitments to the completion of the issuance of shares to specific objects if the CSRC makes new
137Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
regulatory requirements on measures to fill up returns and commitments of relevant personnel and the above
commitments cannot meet these new regulatory requirements of the CSRC we promise to issue supplementary
commitments according to the latest regulations of the CSRC at that time. 3. They promise to earnestly fulfil the
measures to fill up returns formulated by the listed company and any commitments made by them. If they
violate these commitments and causes losses to the listed company or investors they are willing to bear the
compensation responsibility for the listed company or investors according to law. As one of the subjects
responsible for the measures to fill up returns if we violate the above commitments or refuse to fulfil the above
commitments we agree that the securities regulatory agencies such as the CSRC and the Shenzhen Stock
Exchange will punish us or take relevant regulatory measures in accordance with the relevant regulations and
rules they formulated or issued.Date of commitment making: 14 March 2023.Term of commitment: Long-standing.Fulfilment: In execution.
8. Other
Naught.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.
138Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 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
139Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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.
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 received the Notice of Response to the
Complaint and on 12 January 2024 Everbright Bank froze RMB100 million of the Company’s large deposits
in Everbright Bank in accordance with the Notice of Assistance in Execution from the Chancheng District
People’s Court of Foshan City and deposits of RMB4403700 in China Minsheng Bank were also frozen.On 12 January 2024 the Company filed a counterclaim on the grounds that Yinghe’s failure to meet the final
acceptance standard for the project constructed by Yinghe after a delay of two years constituted a fundamental
breach of contract and demanded Yinghe to return the contract sum of RMB26904000 and the liquidated
damages of RMB26904000 amounting to RMB53808000 in total. As of the date of this report the case is still
in the first instance procedure.
2) Litigation between the Company and Dianbai County Construction Engineering Co. Ltd.
Dianbai County Construction 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 RMB24804400. As of the date of this report the
Arbitration Commission has filed a case which came to trial on 27 August with no arbitration award yet. The
Company has already made a provision for bad debts of RMB9554400 based on expected credit losses.
3) 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.
140Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
As of the date of this report the Arbitration Commission has filed a case which is awaiting scheduling a court
hearing. The Company has made a provision for bad debts of RMB9428700 based on expected credit losses.
4) 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 Primary People’s Court Chongqing with the
subject matter of the lawsuit amounting to RMB15672000. The case was heard in the first instance on 20
August 2024. As of the date of this report the case is still in the first instance procedure.
5) Litigation between the Company the Subsidiary Hainan Technology and China Construction First Group
Corporation Limited
China Construction First Group Corporation Limited (hereinafter referred to as “China Construction First”) as
a customer of the Company and the subsidiary Hainan Technology has disputes with the Company and the
subsidiary Hainan Technology over sales contracts. The Company initiated arbitration with the Shanghai
Arbitration Commission with the subject matter of the arbitration amounting to RMB14191000. As of the date
of this report the Arbitration Commission has filed a case which is awaiting scheduling a court hearing. The
two sides are currently negotiating a settlement. The Company has made a provision for bad debts of
RMB6810200 based on expected credit losses.
6) Litigation of Land Use Payment Dispute in Respect of Sub-subsidiary Baoli Vanadium
According to the Notice of Xichuan County on the Preferential Policies for Accelerating the Development of
Industrial Clusters (Provisional) issued by the People’s Government of Xichuan County on 2 November 2009
Baoli Vanadium the Sub-subsidiary paid a total amount of RMB10994400 to the People’s Government of
Xichuan County in 2011 for the application of land use. The land selected for the project site has not yet
completed the requisition procedures and has not yet started the bidding and auctioning procedures so the
People’s Government of Xichuan County is unable to obtain the land use approval to complete the requisition
of the land and deliver the land. Baoli Vanadium has filed a lawsuit to Nanyang Intermediate People’s Court
requesting the return of the advance payment and compensation for losses and at the same time applying for the
return of RMB100000 of environmental management and restoration deposit to Baoli Vanadium and received
a judgment of first instance on 22 September 2023 which ruled that the defendant the People’s Government of
Xichuan County shall return the amount of RMB10694400 to the plaintiff Nanyang Baoli Vanadium Industry
Co. Ltd. within 30 days from the date of the entry into force of the judgment. The People’s Government of
Xichuan County appealed against the judgment. On 26 December 2023 Baoli Vanadium received a deposit of
RMB100000 for environmental management and restoration. In the second instance stage Baoli Vanadium
reached a mediation agreement with the People’s Government of Xichuan County. On 21 May 2024 the Henan
Provincial Supreme People’s Court issued an administrative mediation agreement: The People’s Government of
Xichuan County shall pay RMB9 million to Baoli Vanadium. If the People’s Government of Xichuan County
fails to timely and fully pay RMB9 million as agreed in the mediation agreement it shall still pay
RMB10694400 according to the first instance judgment. As of the date of this report Baoli Vanadium has
received a total payment of RMB9 million and is currently undergoing liquidation and cancellation procedures.
7) Litigation between Sub-subsidiary Chongqing Guinuo and Hasco VISION Technology (Chongqing) Co. Ltd.
141Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 Primary People’s Court Chongqing with the subject matter of the lawsuit amounting to RMB10433900.The case was heard in the first instance on 6 August 2024. As of the date of this report the case is still in the
first instance procedure.
(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 of 30 June 2024 mutual guarantees among Nanning Liaowang and its subsidiaries were as follows
(RMB’0000):
Principal debtee Type of Guarantee
No. Principal debtor Guarantor Amount
(Lender) guarantee balance
Nanning Liaowang Auto Lamp
Co. Ltd. Liuzhou Guige
Nanning Branch of Nanning Liaowang
1 Fuxuan Technology Co. Ltd. Pledge 6350.00 2832.98 Industrial Bank Auto Lamp Co. Ltd.
Liuzhou Guige Lighting
Technology Co. Ltd. (Note 1)
Chongqing Guinuo
Chongqing Guinuo Lighting Chongqing Branch
2 Lighting Technology Pledge 7000.00 4930.60
Technology Co. Ltd. (Note 2) of Industrial Bank
Co. Ltd.Liuzhou Guige Lighting
Technology Co. Ltd. Nanning Liuzhou Guige
Nanning Branch of
3 Liaowang Auto Lamp Co. Ltd. Lighting Technology Pledge 14300.00 4385.06
Industrial Bank
and Liuzhou Guige Fuxuan Co. Ltd.Technology Co. Ltd. (Note 3)
Total - - - 27650.00 12148.64
Note 1: Nanning Liaowang and Nanning Branch of Industrial Bank signed the Master Agreement for Domestic
Letter of Credit Financing numbered MO120240409000444 borrowing RMB20 million from Nanning Branch
of Industrial Bank (term from 15 April 2024 to 9 April 2025); Nanning Liaowang 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 RMB8329800. Nanning Liaowang 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 RMB69139100. The mortgage amount is valid from 25 April 2022 to 31 December
2025 and the guarantee amount is RMB63.5 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.
142Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 RMB50 million (from 21 June 2023 to 20
June 2026). As at 30 June 2024 RMB36506000 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) to conduct a
bill transaction of RMB12.8 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 RMB122294700. The mortgage amount is valid from 25 May 2023 to 24 May 2024 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 RMB43850600.
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 RMB139943700.The mortgage amount is valid from 24 April 2022 to 31 December 2025 and the guarantee amount is RMB143
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 Centre 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.
XVII. Events after Balance Sheet Date
1. Significant Non-adjusted Events
Naught.
2. Profit Distribution
Naught.
3. Sales Return
Naught.
143Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
Naught.
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
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 1 June 2022. The management of the enterprise annuity fund is subject to the supervision
and inspection of relevant state departments.
5. Discontinued Operations
Naught.
144Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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
LED packaging and
General lighting and
Item component products Offset among segments Total
vehicle lamp products
and other products
I. Operating revenue 2962882279.10 1853708942.97 -32045454.65 4784545767.42
II. Cost of sales 2257995942.27 1635851501.72 -32189367.38 3861658076.61
III. Income from
investments to joint 1444720.72 1682561.70 -1682561.70 1444720.72
ventures and associates
IV. Credit impairment
-34492571.20-4060752.39282515.01-38270808.58
loss
V. Asset impairment
-26622907.83-10335897.06-36958804.89
loss
VI. Depreciation and
177305768.76180741665.66-381130.02357666304.40
amortisation cost
VII. Total profits 228848683.80 53238490.71 -4012535.74 278074638.77
VIII. Income tax
27607285.17-3003941.2929038.2424632382.12
expense
IX. Net profits 201241398.63 56242432.00 -4041573.98 253442256.65
X. Total assets 11493185048.30 6457769957.80 -876544305.46 17074410700.64
XI. Total liabilities 4696923558.72 2632410948.75 -48945652.60 7280388854.87
(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.
145Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
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 15 December 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 Equipment Manufacturing Co. Ltd. (hereinafter referred to as “Nanjing Fozhao”) a
wholly-owned subsidiary of the Company at a compensation amount of RMB183855895.00 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. As of 30 June 2024
Nanjing Fozhao has 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. As of the date of this
report the site handover is still in progress. After the demolition work is completed Nanjing Fozhao plans to
carry out liquidation and cancellation.
(2) Land Purchase and Reserve
On 6 December 2023 and 22 December 2023 the Company held the 49th Meeting of the 9th Board of Directors
and the 2nd Extraordinary General Meeting of Shareholders deliberating on and approved the Proposal on the
Disposal of Assets of the Company and Signing of Reserve Agreement. The Board of Directors agreed that the
Company would sign the Letter of Intent on Land Reserve with Foshan City Chancheng District Zumiao Street
Office and sign the Agreement on the Use Right of State-owned Land with Foshan City Chancheng District
Land Reserve Centre and Foshan City Chancheng District Zumiao Street Office. After completing the
preliminary land preparation work such as demolition of buildings on the ground in accordance with relevant
laws regulations and policies the No. 64 Fenjiang North Road land parcel in Chancheng District Foshan City
would be handed over in three years batch by batch for pending expropriation. On 1 February 2024 the
Company formally signed the State-owned Land Use Right Reserve Agreement with Foshan Chancheng
District Land Reserve Centre and Foshan Chancheng District Zumiao Street Office. The Company would
conduct pending expropriation of No. 64 Fenjiang North Road land parcel in accordance with the relevant
146Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
contents of the agreement. The Company will continue to follow up on the progress of land credit collection and
reserve and fulfil its information disclosure obligations in a timely manner in accordance with relevant laws
regulations and normative documents.
(3) Equity Incentive Plan
On 12 June 2023 the Company held the 44th Meeting of the Ninth Board of Directors and the 22nd Meeting of
the Ninth Supervisory Committee respectively and reviewed and approved the 2023 Restricted Share Incentive
Plan (Draft) and related supporting proposals. The Company planned to grant no more than 13 million restricted
shares to 262 incentive objects of which 11.7 million shares will be granted for the first time accounting for
90.00% of the total number of shares granted under this incentive plan and 1.3 million shares will be reserved
accounting for 10.00% of the total number of shares granted under the incentive plan. The restricted shares were
A-stock ordinary shares repurchased by the Company. And the grant price for the first grant was
RMB3.81/share. This equity incentive plan is subject to approval by the State-owned Assets Supervision and
Administration Commission of Guangdong Province and a general meeting of shareholders of the Company.For further information see the 2023 Restricted Share Incentive Plan (Draft) and Its Summary and other
relevant proposals that have been disclosed on http://www.cninfo.com.cn/ dated 13 June 2023.
(4) Application for Registration and Issuance of SCP by NationStar Optoelectronics
NationStar Optoelectronics reviewed and approved the Proposal on Application for Registration and Issuance
of SCP at the 22nd Meeting of the 5th Board of Directors and the 19th Meeting of the 5th Supervisory
Committee held on 29 August 2022 and submitted it to the 3rd Extraordinary General Meeting of 2022 of
NationStar Optoelectronics for consideration. On 11 November 2022 NationStar Optoelectronics convened the
3rd Extraordinary General Meeting of 2022 to vote on above-mentioned proposal and agreed the application for
registration and issuance of SCP by NationStar Optoelectronics with the scale not exceeding RMB1 billion
(inclusive). The final registration amount will be subject to the amount stated in the registration notice of China
Interbank Market Dealers Association. The registration is valid for two years and may be issued multiple times
within the registration period with each issuance period not exceeding 270 days (inclusive). On 29 August 2023
NationStar Optoelectronics announced that it had received the Notice of Acceptance of Registration (Z.SH.X.Z.[2023] SCP No. 363) from National Association of Financial Market Institutional Investors (NAFMII) in which
NAFMII decided to accept the registration of NationStar Optoelectronics’ SCP with the registered amount of
RMB1 billion and the registration quota being valid for two years from the date of the notice. NationStar
147Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Optoelectronics may issue the SCP by instalment within the validity of the registration. At present NationStar
Optoelectronics has not issued SCP.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) 756261588.07 683345802.12
One to two years 94055752.47 125068556.37
Two to three years 112055133.50 92436464.67
Over three years 43559786.18 28150275.79
Three to four years 18713524.34 6324306.99
Four to five years 4260850.25 4557233.31
Over five years 20585411.59 17268735.49
Total 1005932260.22 929001098.95
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal value Withdrawal Amount Proportion Amount Amount Proportion Amount value
proportion proportion
Accounts
receivable for
7390241240
which bad debt 32661 16206 13266 29394
016.87.35%741.155.80%1.74%81.86%
provision 275.68 226.20 776.46 49.74
46
accrued
separately
Of which:
Accounts
receivable
9320370038
withdrawal of 861992 912794 75730 837063
0243.92.65%052.47.51%98.26%8.30%
bad debt 190.91 872.75 895.08 977.67
387
provision by
portfolio
Of which:
(1) Business
8521870038
portfolio of 782142 843754 75730 768023
0624.84.72%052.48.22%90.83%8.98%
general lighting 572.49 827.55 895.08 932.47
967
and auto lamps
(2) Internal 79849 79849 69040 69040
7.94%7.43%
business 618.4 618.42 045.20 045.20
148Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
portfolio 2
100511127
89465392900188997840003
Total 93226 100.00% 8793. 11.06% 100.00% 9.58%
466.59098.95671.54427.41
0.2263
Category name of bad debt provision accrued by item: Bad debt provision accrued by item of RMB41240741.16.There is no significant individual provision for bad debts for accounts receivable in the current period.Withdrawal of bad debt provision by group: Withdrawal of bad debt provision of RMB70038052.47 for the portfolio of general
lighting and auto lamps.Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
(1) Business portfolio of general
852180624.9670038052.478.22%
lighting and auto lamps
(2) Internal business portfolio 79849618.42
Total 932030243.38 70038052.47
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
Beginning
Category
balance Reversal or
Ending balance
Withdrawal Write-off Others
recovery
Accounts receivable
for which bad debt 13266776. 41240741.1
27980102.706138.00
provision accrued 46 6
separately
Accounts receivable
withdrawal of bad 75730895. 70038052.4
-5692830.6112.00
debt provision by 08 7
portfolio
88997671.111278793.
Total 22287272.09 6138.00 12.00
5463
Of which bad debt provision collected or reversed with significant amount: Naught.
(4) Accounts Receivable with Actual Verification during the Reporting Period
Unit: RMB
149Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Amount verified
Accounts receivable with actual verification 12.00
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 RMB12.00 and the bad debt provision was RMB12.00.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 of
Proportion to total bad debt provision
Ending balance of
Ending balance of ending balance of of accounts
Ending balance of accounts
Name of the entity accounts accounts receivable and
contract assets receivable and
receivable receivable and impairment
contract assets
contract assets provision for
contract assets
No. 1 136060695.38 136060695.38 13.48% 4081820.86
No. 2 132880329.94 132880329.94 13.17% 3986409.90
No. 3 56424103.25 56424103.25 5.59%
No. 4 24804411.54 24804411.54 2.46% 9554411.54
No. 5 20683026.66 20683026.66 2.05% 620490.80
Total 370852566.77 370852566.77 36.75% 18243133.10
2. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 723060470.78 558342534.44
Total 723060470.78 558342534.44
(1) Interest Receivable
1) Category of Interest Receivable
Naught.
2) Significant Overdue Interest
Naught.
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □Not applicable
150Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
4) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Naught.
5) Interests Receivable Written-off in Current Period
Naught.
(2) Dividends Receivable
1) Category of Dividends Receivable
Naught.
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 712248485.01 550330445.91
Performance bond 6671407.95 5017218.52
VAT export tax refunds 5905055.39 4708061.84
Staff borrow and petty cash 1528077.89 1267076.22
Rent water & electricity fees 1114934.75 808434.42
Total 727467960.99 562131236.91
2) Disclosure by Aging
Unit: RMB
Ageing Ending carrying balance Beginning carrying balance
151Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Ageing Ending carrying balance Beginning carrying balance
Within one year (including one year) 247443791.81 125675552.49
One to two years 63089679.83 40089841.13
Two to three years 413074772.94 393099727.65
Over three years 3859716.41 3266115.64
Three to four years 1782290.23 1588177.54
Four to five years 422267.04 981563.00
Over five years 1655159.14 696375.10
Total 727467960.99 562131236.91
3) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal value Withdrawal Amount Proportion Amount Amount Proportion Amount value
proportion proportion
Of which:
Withdrawal of
bad debt 727467 440749 723060 562131 378870 558342
100.00%0.61%100.00%0.67%
provision by 960.99 0.21 470.78 236.91 2.47 534.44
group
Of which:
Other
receivables of
bad debt
provision 727467 440749 723060 562131 378870 558342
100.00%0.61%100.00%0.67%
withdrawn by 960.99 0.21 470.78 236.91 2.47 534.44
credit risk
characteristic
portfolio:
727467440749723060562131378870558342
Total 100.00% 0.61% 100.00% 0.67%
960.990.21470.78236.912.47534.44
Withdrawal of bad debt provision by group: Withdrawal of bad debt provision of RMB4407490.21 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 727467960.99 4407490.21 0.61%
risk characteristic portfolio:
Total 727467960.99 4407490.21
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
152Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Expected loss in the
Expected loss in the
Expected credit loss of duration (credit
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
841350.402947352.073788702.47
2024
Balance of 1 January
2024 in the Current
Period
Withdrawal of the
179217.48439570.26618787.74
Current Period
Balance of 30 June
1020567.883386922.334407490.21
2024
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
Beginning
Category Reversal or Charged- Ending balance balance Withdrawal Others
recovery off/Written-off
Other
3788702.47618787.744407490.21
receivables
Total 3788702.47 618787.74 4407490.21
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.
6) Top 5 of the Ending Balance of the Other Receivables Collected according to the Arrears Party
Unit: RMB
Proportion to total
ending balance of Ending balance of
Name of the entity Nature Ending balance Ageing
other receivables bad debt provision
(%)
No. 1 Internal group 469657393.34 Within three years 64.56%
No. 2 Internal group 216125584.72 Within two years 29.71%
No. 3 Other intercourse 15883375.00 Within one year 2.18% 476501.25
153Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Proportion to total
ending balance of Ending balance of
Name of the entity Nature Ending balance Ageing
other receivables bad debt provision
(%)
VAT export tax
No. 4 5905055.39 Within one year 0.81% 177151.66
refunds
No. 5 Other intercourse 3467318.54 Within one year 0.48% 104019.56
Total 711038726.99 97.74% 757672.47
7) Presentation in Other Receivables Due to the Centralised Management of Fund
Naught.
3. Long-term Equity Investment
Unit: RMB
Ending balance Beginning balance
Item Carrying Depreciation Carrying Depreciation
Carrying value Carrying value
amount reserves amount reserves
Investment to 2381355425. 2381355425. 2323435425. 2323435425.subsidiaries 91 91 91 91
Investment to
joint ventures
180633275.87180633275.87179188555.15179188555.15
and associated
enterprises
2561988701.2561988701.2502623981.2502623981.
Total
78780606
(1) Investment to Subsidiaries
Unit: RMB
Increase/decrease
Beginning Beginning Ending Ending
balance balance of Withdrawal balance balance of
Investee
(carrying impairment Additional Reduced of Others (carrying impairment
value) provision investment investment impairment value) provision
provision
Foshan
NationStar 1212090 12120902
Optoelectronics 245.94 45.94
Co. Ltd.Nanning
4938801493880163
Liaowang Auto
63.76.76
Lamp Co. Ltd.Fozhao
(Hainan) 2000000 200000000
Technology 00.00 .00
Co. Ltd.Foshan Kelian
New Energy 1700000 170000000
Technology 00.00 .00
Co. Ltd.FSL Chanchang 8250735 82507350.
154Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Increase/decrease
Beginning Beginning Ending Ending
balance balance of Withdrawal balance balance of
Investee
(carrying impairment Additional Reduced of Others (carrying impairment
value) provision investment investment impairment value) provision
provision
Lighting Co. 0.00 00
Ltd.Nanjing Fozhao
Lighting
720000072000000.
Components
0.0000
Manufacturing
Co. Ltd.Foshan
Electrical &
354184335418439.
Lighting
9.7676
(Xinxiang) Co.Ltd.FSL Zhida
Electric 2550000 25500000.Technology 0.00 00
Co. Ltd.Foshan Haolaite
166850016685000.
Lighting Co.
0.0000
Ltd.Foshan Fozhao
Zhicheng 1500000 35000000 50000000.Technology 0.00 .00 00
Co. Ltd.Foshan Taimei
Times Lamps 350000.0
350000.00
and Lanterns 0
Co. Ltd.Fozhao
Huaguang
2292000022920000.
(Maoming).0000
Technology
Co. Ltd.Foshan Sigma
Venture Capital 4226.45 4226.45
Co. Ltd.
23234355792000023813554
Total
425.91.0025.91
(2) Investment to Joint Ventures and Associated Enterprises
Unit: RMB
Increase/decrease
Gains and
Beginning Beginning Ending Ending
losses Adjustment of Cash bonus Withdrawal
balance balance of Changes balance balance of
Investee Additional Reduced recognised other or profits of
(carrying impairment of other Others (carrying impairment
investment investment under the comprehensive announced impairment
value) provision equity value) provision
equity income to issue provision
method
I. Joint ventures
155Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Increase/decrease
Gains and
Beginning Beginning Ending Ending
losses Adjustment of Cash bonus Withdrawal
balance balance of Changes balance balance of
Investee Additional Reduced recognised other or profits of
(carrying impairment of other Others (carrying impairment
investment investment under the comprehensive announced impairment
value) provision equity value) provision
equity income to issue provision
method
II. Associated enterprises
Shenzhen
Primatronix
179188551444720.718063327
(Nanho)
5.1525.87
Electronics
Ltd.
179188551444720.718063327
Sub-total
5.1525.87
179188551444720.718063327
Total
5.1525.87
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.
(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 1741973631.59 1332424793.83 1711281228.74 1436735973.21
Other operations 57827707.33 45413563.22 55838581.48 39194174.59
Total 1799801338.92 1377838357.05 1767119810.22 1475930147.80
156Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
5. Investment Income
Unit: RMB
Item Reporting Period Same period of last year
Income from long-term equity
investments accounted for using cost 3184010.70 6007918.32
method
Income from long-term equity
investments accounted for using equity 1444720.72 1186031.53
method
Investment income from disposal of
342400.002154000.00
trading financial assets
Dividend income from holding of other
19494518.7516633969.35
equity instrument investment
Interest income of investment in other
13671028.14
debt obligations during holding period
Investment income from financial
1767053.51
products and structural deposits
Total 38136678.31 27748972.71
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 65734.07
allowance write-offs)
Government grants recognised in current
profit or loss (exclusive of those that are
closely related to the Company's normal
business operations and given in
28947688.70
accordance with defined criteria and in
compliance with government policies
and have a continuing impact on the
Company's profit or loss)
Gain or loss on fair-value changes in
financial assets and liabilities held by a
non-financial enterprise as well as on
disposal of financial assets and liabilities 2805784.23
(exclusive of the effective portion of
hedges that arise in the Company’s
ordinary course of business)
Capital occupation charges on a non-
159108.10
financial enterprise that are charged to
157Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
Item Amount Note
current profit or loss
Reversed portions of impairment
allowances for receivables which are 137714.26
tested individually for impairment
Non-operating income and expense other
2403799.26
than the above
Less: Income tax effects 3935014.64
Non-controlling interests effects
17198544.37
(net of tax)
Total 13386269.61 --
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 3.02% 0.1252 0.1241
shareholders
Net profit before exceptional
gains and losses attributable
2.81%0.11650.1155
to the 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
Naught.
158Foshan Electrical and Lighting Co. Ltd. semi-annual financial report of 2024
4. Other
Naught.
159
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