Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Stock Code: 000541 200541 Stock Name: FSL FSL-B Announcement No. 2026-021

FOSHAN ELECTRICALAND LIGHTING CO. LTD.FIRST QUARTERLYREPORT 2026

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

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

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

1. The Board of Directors as well as the directors and senior management of the Company hereby guarantee that

the contents of this Report are true accurate and complete and free of any misrepresentations misleading statements

or material omissions and collectively and individually accept legal responsibility for such contents.

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

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

Report are true accurate and complete.

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

□ Yes□ No

1Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

I Key Financial Information

i. Key Accounting Data and Financial Indicators

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

Q1 2026 Q1 2025 YoY change (%)

Operating revenue (RMB) 2096453494.71 2145097615.85 -2.27%

Net profit attributable to the

listed company’s shareholders 26142891.26 64757120.39 -59.63%

(RMB)

Net profit attributable to the

listed company’s shareholders

22493632.5261595567.60-63.48%

before exceptional gains and

losses (RMB)

Net cash generated from/used

-140794900.53-114950715.22-22.48%

in operating activities (RMB)

Basic earnings per share

0.01700.0422-59.72%

(RMB/share)

Diluted earnings per share

0.01700.0420-59.52%

(RMB/share)

Weighted average return on

0.38%0.98%-0.60%

equity (%)

March 31 2026 December 31 2025 Change (%)

Total assets (RMB) 16832351569.46 17167245635.67 -1.95%

Equity attributable to the

listed company’s shareholders 6873685143.88 6834820501.84 0.57%

(RMB)

ii. Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2026 Note

Gain or loss on disposal of non-current assets (inclusive of

2169407.16

impairment allowance write-offs)

Government grants recognized in profit or loss (exclusive of

those that are closely related to the Company's normal business

operations and given in accordance with defined criteria and in 10157374.22

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 (exclusive of the -2196228.57

effective portion of hedges that is related to the Company's

normal business operations)

Capital occupation charges on non-financial enterprises that are

21236.77

charged to current gains and losses

Non-operating income and expense other than the above 851471.07

2Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Less: Income tax effects 1837630.28

Non-controlling interests effects (net of tax) 5516371.63

Total 3649258.74 --

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

□Applicable□ Not applicable

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

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

Exceptional Gain/Loss Items:

□Applicable□ Not applicable

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

□Applicable □ Not applicable

Unit: RMB

Item Q1 2026/ Q1 2025/ Change (%) Main reason for the change

March 31 2026 December 31 2025

Contract assets 225336.26 450672.52 -50.00%Receipt of customer payments during the period

Reclassification of large-denomination certificates

Current portion of non- 1009777870.59 429862721.67 134.91%of deposit under other debt investments during thecurrent assets period that have a term of over one year but will

mature within one year

Other current assets 380060136.25 221586381.03 71.52% Increase in term deposits purchased during theperiod

Reclassification of large-denomination certificates

Other debt investments 126844169.43 720083694.31 -82.38%of deposit under other debt investments during theperiod that have a term of over one year but will

mature within one year

Held-for-trading financial Fair value changes in forward foreign exchange

liabilities 1880400.00 N/A settlement products resulting from currencyfluctuations

Advances from customers 649658.57 328004.34 98.06% Increase in rent receipts during the period

Contract liabilities 197630575.59 140787246.73 40.38% Increase in advance receipts from customers duringthe period

Other current liabilities 158156475.26 81286297.53 94.57% Increase in endorsed or discounted notes receivablenot de-recognized

Finance costs 6497113.71 -9580677.36 167.81%Effect of currency fluctuations during the period

Gain on changes in fair Changes in the fair value of forward foreign

value -2101798.57 352749.63 -695.83% exchange settlement products arising from currencyfluctuations

3Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Effect of the decrease in allowances for bad debts

Credit impairment loss -4445956.53 -9452922.19 52.97% as a result of lower balances of receivables during

the period

Asset disposal income 2037287.01 444.50 458232.29%Effect of the income generated from asset disposalduring the period

Non-operating income 1283268.21 168918.91 659.69%Effect of the penalty income received during theperiod

Non-operating expense 299676.99 790444.83 -62.09%Effect of the fines and late payment surcharges paidduring the prior period

Net profit attributable to

owners of the parent 26142891.26 64757120.39 -59.63%Decreased gross profit margin and increased

company exchange losses during the period

Net profit attributable to

non-controlling interests -25360429.85 22536165.67 -212.53%

Increased losses incurred by majority-owned

subsidiaries during the period

Differences arising from

the translation of foreign -2707303.20 -643179.23 -320.93%Fluctuations in the exchange rates of RMB againstcurrency-denominated foreign currencies

financial statements

Net cash generated Joint effect of the receipt of bank acceptance bill

from/used in financing 2023301.28 -5735354.24 135.28%deposits and the payment of supplier financing

activities arrangements during the period

II Shareholder Information

i. Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well as

Holdings of Top 10 Shareholders

Unit: share

Number of ordinary shareholders Number of preference shareholders with resumed

759470

at the period-end voting rights at the period-end (if any)

Top 10 shareholders (exclusive of shares lent in refinancing)

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

shareholder shareholder percentage held shares held Status Shares

Hong Kong

Wah Shing

Overseas

Holding 12.85% 197338980 0 N/A 0

corporation

Company

Limited

Prosperity

Lamps & Overseas

9.57% 146934857 0 N/A 0

Components corporation

Limited

Guangdong

Electronics

State-owned

Information 9.35% 143623846 0 N/A 0

corporation

Industry Group

Ltd.Guangdong

Rising State-owned

8.45% 129826793 0 N/A 0

Holdings corporation

Group Co. Ltd.Central Huijin

Asset State-owned

2.16% 33161800 0 N/A 0

Management corporation

Co. Ltd.SDICS

Overseas

International 1.69% 25981530 0 N/A 0

corporation

Securities

4Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

(Hong Kong)

Limited

Rising

Investment Overseas

1.66% 25482252 0 N/A 0

Development corporation

Limited

Domestic

Zhang Shaowu 1.11% 17000000 0 N/A 0

individual

Overseas

Zhuang Jianyi 0.78% 11903509 8927632 N/A 0

individual

Domestic

Zhu Shangming 0.46% 7050000 0 N/A 0

individual

Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives)

Shares by class

Name of shareholder Unrestricted shares held

Class Shares

RMB-

denominated 188496430

Hong Kong Wah Shing Holding ordinary stock

197338980

Company Limited Domestically

listed overseas 8842550

stock

RMB-

Prosperity Lamps & Components

146934857 denominated 146934857

Limited

ordinary stock

RMB-

Guangdong Electronics

143623846 denominated 143623846

Information Industry Group Ltd.ordinary stock

RMB-

Guangdong Rising Holdings

129826793 denominated 129826793

Group Co. Ltd.ordinary stock

RMB-

Central Huijin Asset Management

33161800 denominated 33161800

Co. Ltd.ordinary stock

Domestically

SDICS International Securities

25981530 listed overseas 25981530

(Hong Kong) Limited

stock

Domestically

Rising Investment Development

25482252 listed overseas 25482252

Limited

stock

RMB-

Zhang Shaowu 17000000 denominated 17000000

ordinary stock

RMB-

Zhu Shangming 7050000 denominated 7050000

ordinary stock

RMB-

Hong Kong Securities Clearing

6341247 denominated 6341247

Company Limited

ordinary stock

Among the top 10 shareholders and the top 10 unrestricted shareholders

Hong Kong Wah Shing Holding Company Limited Guangdong

Electronics Information Industry Group Ltd. Guangdong Rising

Holdings Group Co. Ltd. and Rising Investment Development Limited

Related or acting-in-concert parties among the

are acting-in-concert parties; and Prosperity Lamps & Components

shareholders above

Limited and Zhuang Jianyi are related and acting-in-concert parties.Apart from that it is unknown whether there is among the top 10

shareholders any other related parties or acting-in-concert parties as

defined in the Administrative Measures for the Acquisition of Listed

5Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Companies.Top 10 shareholders involved in securities margin

None

trading (if any)

5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares

lending

□ Applicable□ Not applicable

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return

compared with the prior period

□ Applicable□ Not applicable

ii. Number of Preference Shareholders and Shareholdings of Top 10 of Them

□ Applicable□ Not applicable

III Other Significant Events

□ Applicable□ Not applicable

IV Quarterly Financial Statements

i. Financial Statements

1. Consolidated Balance Sheet

Prepared by Foshan Electrical and Lighting Co. Ltd.March 31 2026

Unit: RMB

Item March 31 2026 January 1 2026

Current assets:

Monetary assets 2923245731.31 3455743091.17

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets 2547598.76 2768997.33

Derivative financial assets

Notes receivable 768576976.49 732835152.15

Accounts receivable 2130845148.09 2173325283.78

Receivables financing 507353830.21 415949788.02

Prepayments 57837193.17 49790049.31

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 72660624.63 82678537.89

6Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Including: Interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 2138905282.66 2163660652.65

Including: data resources

Contract assets 225336.26 450672.52

Assets held for sale

Current portion of non-current assets 1009777870.59 429862721.67

Other current assets 380060136.25 221586381.03

Total current assets 9992035728.42 9728651327.52

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments 126844169.43 720083694.31

Long-term receivables

Long-term equity investments 185008221.18 184806652.92

Investments in other equity

504725183.55471794043.90

instruments

Other non-current financial assets

Investment property 803012959.86 810582038.87

Fixed assets 3538668949.91 3586917576.90

Construction in progress 279302778.49 223949659.06

Productive living assets

Oil and gas assets

Right-of-use assets 20907185.36 23771544.09

Intangible assets 384713272.60 383525440.66

Including: data resources

Development costs

Including: data resources

Goodwill 245346155.52 245346155.52

Long-term prepaid expense 348084795.65 335938420.48

Deferred income tax assets 138309367.79 144164584.33

Other non-current assets 265392801.70 307714497.11

Total non-current assets 6840315841.04 7438594308.15

Total assets 16832351569.46 17167245635.67

Current liabilities:

Short-term borrowings 603134189.40 635015074.86

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities 1880400.00

Derivative financial liabilities

Notes payable 1978769428.10 2179070444.41

Accounts payable 2251538966.30 2443871780.95

Advances from customers 649658.57 328004.34

Contract liabilities 197630575.59 140787246.73

Financial assets sold under

repurchase agreements

Customer deposits and deposits from

other banks and financial institutions

Payables for acting trading of

securities

Payables for underwriting of

securities

Employee benefits payable 140940196.52 167248995.64

7Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Taxes and levies payable 95713473.10 91181551.13

Other payables 318571295.58 372152039.73

Including: Interest payable

Dividends payable

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

139128284.26131296264.00

liabilities

Other current liabilities 158156475.26 81286297.53

Total current liabilities 5886112942.68 6242237699.32

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 190139444.98 192915075.78

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities 13234821.73 15354724.02

Long-term payables

Long-term employee benefits

payable

Provisions 17543012.21 17991357.40

Deferred income 112793157.89 116931745.07

Deferred income tax liabilities 151763190.57 150196615.46

Other non-current liabilities 107831.23 107831.23

Total non-current liabilities 485581458.61 493497348.96

Total liabilities 6371694401.29 6735735048.28

Owners’ equity:

Share capital 1535778230.00 1535778230.00

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital reserves 843525667.22 843517955.90

Less: Treasury stock

Other comprehensive income 239554056.81 227147391.31

Specific reserve 3743868.03 3436494.07

Surplus reserves 189358133.42 189358133.42

General reserve

Retained earnings 4061725188.40 4035582297.14

Total equity attributable to owners of the

6873685143.886834820501.84

Company as the parent

Non-controlling interests 3586972024.29 3596690085.55

Total owners’ equity 10460657168.17 10431510587.39

Total liabilities and owners’ equity 16832351569.46 17167245635.67

Legal representative: Yu Zhongmin

Chief Financial Officer: Zeng Xiaojing

Person-in-charge of the Company’s accounting organ: Li Yizhi

2. Consolidated Income Statement

Unit: RMB

Item Q1 2026 Q1 2025

1. Revenues 2096453494.71 2145097615.85

8Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Including: Operating revenue 2096453494.71 2145097615.85

Interest revenue

Insurance premium income

Fee and commission income

2. Costs and expenses 2099977688.02 2056892022.73

Including: Cost of sales 1767027613.86 1724777902.13

Interest costs

Fee and commission expense

Surrenders

Net insurance claims paid

Net amount provided as

insurance contract reserve

Expenditure on policy

dividends

Reinsurance premium expense

Taxes and levies 16337044.98 15693648.62

Selling expense 78314856.71 86338594.05

Administrative expense 111548805.11 112221955.49

R&D expense 120252253.65 127440599.80

Finance costs 6497113.71 -9580677.36

Including: Interest costs 6543418.70 3748523.11

Interest revenue 10789113.98 10735162.93

Add: Other income 21244234.93 24274999.40

Return on investment (“-” for

7893214.918680242.37

loss)

Including: Share of profit or

201568.26245371.68

loss 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 (“-”

-2101798.57352749.63

for loss)

Credit impairment loss (“-” for

-4445956.53-9452922.19

loss)

Asset impairment loss (“-” for

-12160257.23-12182413.52

loss)

Asset disposal income (“-” for

2037287.01444.50

loss)

3. Operating profit (“-” for loss) 8942531.21 99878693.31

Add: Non-operating income 1283268.21 168918.91

Less: Non-operating expense 299676.99 790444.83

4. Profit before tax (“-” for loss) 9926122.43 99257167.39

Less: Income tax expense 9143661.02 11963881.33

5. Net profit (“-” for net loss) 782461.41 87293286.06

5.1 By operating continuity

5.1.1 Net profit from continuing

782461.4187293286.06

operations (“-” for net loss)

9Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

5.1.2 Net profit from

discontinued operations (“-” for net loss)

5.2 By ownership

5.2.1 Net profit attributable to

26142891.2664757120.39

owners of the Company as the parent

5.2.1 Net profit attributable to non-

-25360429.8522536165.67

controlling interests

6. Other comprehensive income net of

12038138.4919149234.46

tax

Attributable to owners of the

12406665.5019701189.72

Company as the parent

6.1 Items that will not be

15113968.7020344368.95

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

15113968.7020344368.95

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

-2707303.20-643179.23

profit or loss

6.2.1 Other comprehensive

income that will be reclassified to profit

or loss under the equity method

6.2.2 Changes in the fair value of

other debt investments

6.2.3 Other comprehensive

income arising from the reclassification

of financial assets

6.2.4 Credit impairment

allowance for other debt investments

6.2.5 Reserve for cash flow

hedges

6.2.6 Differences arising from the

translation of foreign currency- -2707303.20 -643179.23

denominated financial statements

6.2.7 Other

Attributable to non-controlling

-368527.01-551955.26

interests

7. Total comprehensive income 12820599.90 106442520.52

Attributable to owners of the

38549556.7684458310.11

Company as the parent

Attributable to non-controlling

-25728956.8621984210.41

interests

8. Earnings per share

8.1 Basic earnings per share 0.0170 0.0422

8.2 Diluted earnings per share 0.0170 0.0420

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: Yu Zhongmin

10Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Chief Financial Officer: Zeng Xiaojing

Person-in-charge of the Company’s accounting organ: Li Yizhi

3. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2026 Q1 2025

1. Cash flows from operating activities:

Proceeds from sale of commodities

1963903225.451840468719.36

and rendering of services

Net increase in customer deposits and

deposits from other banks and financial

institutions

Net increase in borrowings from the

central bank

Net increase in loans from other

financial institutions

Premiums received on original

insurance contracts

Net proceeds from reinsurance

Net increase in deposits and

investments of policy holders

Interest fees and commissions

received

Net increase in loans from other

banks and financial institutions

Net increase in proceeds from

repurchase transactions

Net proceeds from acting trading of

securities

Tax and levy rebates 47468922.01 42324289.03

Cash generated from other operating

39012067.9556271518.72

activities

Subtotal of cash generated from

2050384215.411939064527.11

operating activities

Payments for commodities and

1633591901.041427759982.92

services

Net increase in loans and advances to

customers

Net increase in deposits in the central

bank and other banks and financial

institutions

Payments for claims on original

insurance contracts

Net increase in loans to other banks

and financial institutions

Interest fees and commissions paid

Policy dividends paid

Cash paid to and for employees 394204293.17 422878320.24

Taxes and levies paid 61633217.22 102669682.38

Cash used in other operating 101749704.51 100707256.79

11Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

activities

Subtotal of cash used in operating

2191179115.942054015242.33

activities

Net cash generated from/used in

-140794900.53-114950715.22

operating activities

2. Cash flows from investing activities:

Proceeds from disinvestment 210000000.00 73621911.11

Return on investment 11194278.73 615512.98

Net proceeds from the disposal of

fixed assets intangible assets and other 1329533.33 200.00

long-lived assets

Net proceeds from the disposal of

subsidiaries and other business units

Cash generated from other investing

activities

Subtotal of cash generated from

222523812.0674237624.09

investing activities

Payments for the acquisition of fixed

assets intangible assets and other long- 119594255.29 107051778.62

lived assets

Payments for investments 370177758.71 347500000.00

Net increase in pledged loans granted

Net payments for the acquisition of

subsidiaries and other business units

Cash used in other investing

76800.00237500.00

activities

Subtotal of cash used in investing

489848814.00454789278.62

activities

Net cash generated from/used in

-267325001.94-380551654.53

investing activities

3. Cash flows from financing activities:

Capital contributions received 14700000.00

Including: Capital contributions by

14700000.00

non-controlling interests to subsidiaries

Borrowings received 60158188.00 29211392.56

Cash generated from other financing

111389950.8428051987.34

activities

Subtotal of cash generated from

186248138.8457263379.90

financing activities

Repayment of borrowings 179285077.67 48017316.00

Interest and dividends paid 3273291.80 2753062.86

Including: Dividends paid by

subsidiaries to non-controlling interests

Cash used in other financing activities 1666468.09 12228355.28

Subtotal of cash used in financing

184224837.5662998734.14

activities

Net cash generated from/used in

2023301.28-5735354.24

financing activities

4. Effect of foreign exchange rates

-10317245.741727522.77

changes on cash and cash equivalents

5. Net increase in cash and cash

-416413846.93-499510201.22

equivalents

Add: Cash and cash equivalents

2819359299.722684382020.41

beginning of the period

6. Cash and cash equivalents end of the

2402945452.792184871819.19

period

12Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2026

Legal representative: Yu Zhongmin

Chief Financial Officer: Zeng Xiaojing

Person-in-charge of the Company’s accounting organ: Li Yizhi

ii. Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of the

New Accounting Standards Implemented since 2026

□ Applicable□ Not applicable

iii. Independent Auditor’s Report

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

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

Foshan Electrical and Lighting Co. Ltd.April 27 2026

13