Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

Stock Code: 000541 200541 Stock Name: FSL FSL-B Announcement No. 2025-052

FOSHAN ELECTRICALAND LIGHTING CO. LTD.THIRD QUARTERLYREPORT 2025

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

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

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

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

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

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

individually accept legal responsibility for such contents.

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

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

this Report are true accurate and complete.

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

□ Yes□ No

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

misunderstandings between the two versions the Chinese version shall prevail.

1Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

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

Q3 2025 YoY change (%) Q1-Q3 2025 YoY change (%)

Operating revenue

(RMB) 2146468712.59 2.08% 6532199832.37 -5.16%

Net profit attributable

to the listed company’s 26013078.35 -55.68% 141006830.59 -43.80%

shareholders (RMB)

Net profit attributable

to the listed company’s

shareholders before 15947121.16 -59.10% 122024105.45 -43.98%

exceptional gains and

losses (RMB)

Net cash generated

from/used in operating — — 41134245.61 -92.80%

activities (RMB)

Basic earnings per

share (RMB/share) 0.0169 -55.76% 0.0918 -43.82%

Diluted earnings per

share (RMB/share) 0.0169 -55.41% 0.0917 -43.40%

Weighted average

return on equity (%) 0.41% -0.51% 2.12% -1.82%

September 30 2025 December 31 2024 Change (%)

Total assets (RMB) 17057984441.19 17159763456.64 -0.59%

Equity attributable to

the listed company’s 6709844021.01 6574304305.27 2.06%

shareholders (RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q3 2025 Q1-Q3 2025 Note

Gain or loss on disposal of

non-current assets (inclusive

of impairment allowance 2968623.46 2921019.84

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 14970138.57 35798504.96

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- 1063444.21 1822073.71

financial enterprise as well as

on disposal of financial assets

2Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

and liabilities (exclusive of

the effective portion of

hedges that is related to the

Company's normal business

operations)

Capital occupation charges on

non-financial enterprises that

are charged to current gains 268168.89 1403217.44

and losses

Reversed portions of

impairment allowances for

receivables which are tested 3280256.54 4843438.81

individually for impairment

Gain or loss on debt

restructuring -199519.83 -199519.83

Non-operating income and

expense other than the above -316752.01 -307721.64

Less: Income tax effects 3215672.19 6652474.57

Non-controlling interests

effects (net of tax) 8752730.45 20645813.58

Total 10065957.19 18982725.14 --

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

□Applicable□ Not applicable

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

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

Public—Exceptional Gain/Loss Items:

□Applicable□ Not applicable

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

□Applicable □ Not applicable

Unit: RMB

Q1-Q3 2025/

Item September 30 Q1-Q3 2024/ ChangeDecember 31 2024 (%) Main reason for the change2025

Held-for-trading Maturity and settlement of wealth management products in

financial assets 3223320.89 43649820.47 -92.62% the period

Prepayments 48436434.98 24419779.12 98.35% Increase in prepaid routine operating expenses at theperiod-end

Contract assets 1126681.30 1690021.95 -33.33%Receipt of customer payments in the period

Other current

assets 754574507.13 261284776.85 188.79%Purchase of term deposits in the period

Other equity

investments 407114018.00 726663613.42 -43.97%Disposal of Gotion High-tech shares in the period

Other non-current 287175746.15 200765785.59 43.04%Payment in the period of management expenses on land to

3Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

assets be processed

Held-for-trading 0.00 275250.00 -100.00%Changes in the fair value of forward exchange settlementfinancial liabilities products as a result of currency fluctuations

Other non-current

liabilities 108494.80 177917.63 -39.02%Decrease in pre-collected property sales proceeds

Inventory shares 0.00 82165144.15 -100.00%Retirement of inventory shares in the period

Other Transfer of other comprehensive income to retained

comprehensive 175140819.35 383429155.02 -54.32% earnings due to the disposal of Gotion High-tech shares in

income the period

Finance costs -17863301.69 -30819141.97 42.04%Decreased interest income and currency fluctuations in theperiod

Gain on changes in

fair value 1376438.86 -29111.32 4828.19%Fluctuations of stock prices in the period

Credit impairment -8606983.81 -31784287.66 72.92%Decreased credit impairment loss on receivables in theloss period

Asset disposal

income 2985690.65 21473940.85 -86.10%Decrease in assets disposed of in the period

Transfer from payables that no longer needed payment and

Non-operating

income 2470572.42 16055872.56 -84.61%

receipt of compensation in the period as well as the

recovery of a mediation payment by a majority-owned

subsidiary in the same period of last year

Non-operating

expense 2842964.87 1940258.19 46.53% Increase in late payment fees in the period

Income tax

expense 19197772.12 27753365.92 -30.83%Decreased profit in the period

Changes in the fair Increased changes in the fair value of other equity

value of other 181967425.64 39391019.21 361.95% investments in the period compared with the same period of

equity investments last year

Differences arising

from the

translation of

foreign currency- -1011491.93 -72824.95 -1288.94%Fluctuations of the RMB against foreign currencies

denominated

financial

statements

Net cash generated

from/used in 41134245.61 571133616.55 -92.80%Year-on-year decrease in sales collection

operating activities

Net cash generated

from/used in -138945796.94 -1005019520.60 86.17%Purchase of a higher total amount of large depository

investing activities receipts in the same period of last year

Net cash generated

from/used in -355806593.15 -80483899.13 -342.08%Year-on-year decrease in bank loans and increase in

financing activities repayments of bank loans

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 82691 Number of preference shareholders with resumedat the period-end voting rights at the period-end (if any) 0

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 corporation 12.85% 197338980 0 N/A 0

Company

4Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

Limited

Prosperity

Lamps & Overseas

Components corporation 9.57% 146934857 0 N/A 0

Limited

Guangdong

Electronics

Information State-owned

Industry Group corporation

9.35% 143623846 0 N/A 0

Ltd.Guangdong

Rising State-owned

Holdings corporation 8.45% 129826793 0 N/A 0

Group Co. Ltd.Central Huijin

Asset State-owned

Management corporation 2.16% 33161800 0 N/A 0

Co. Ltd.SDICS

International

Securities Overseas

(Hong Kong) corporation

1.69% 25981530 0 N/A 0

Limited

Rising

Investment Overseas

Development corporation 1.66% 25482252 0 N/A 0

Limited

Zhang Shaowu Domesticindividual 1.11% 17000000 0 N/A 0

Zhuang Jianyi Overseasindividual 0.78% 11903509 8927632 N/A 0

Hong Kong

Securities

Clearing Overseas

Company corporation

0.51% 7878733 0 N/A 0

Limited

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

Shares by class and number

Name of shareholder Unrestricted shares held

Class Shares

RMB-

denominated 188496430

Hong Kong Wah Shing Holding 197338980 ordinary stock

Company Limited Domestically

listed overseas 8842550

stock

Prosperity Lamps & Components RMB-

Limited 146934857 denominated 146934857ordinary stock

Guangdong Electronics RMB-

Information Industry Group Ltd. 143623846 denominated 143623846ordinary stock

Guangdong Rising Holdings RMB-

Group Co. Ltd. 129826793 denominated 129826793ordinary stock

Central Huijin Asset Management RMB-

Co. Ltd. 33161800 denominated 33161800ordinary stock

SDICS International Securities Domestically

(Hong Kong) Limited 25981530 listed overseas 25981530stock

Rising Investment Development Domestically

Limited 25482252 listed overseas 25482252stock

RMB-

Zhang Shaowu 17000000 denominated 17000000

ordinary stock

5Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

Hong Kong Securities Clearing RMB-

Company Limited 7878733 denominated 7878733ordinary stock

RMB-

Zhao Xiyi 7390673 denominated 7390673

ordinary stock

Among the top 10 shareholders and top 10 unrestricted shareholders

Hong Kong Wah Shing Holding Company Limited Guangdong

Electronics Information Industry Group Ltd. Guangdong Rising

Related or acting-in-concert parties among the Holdings Group Co. Ltd. and Rising Investment Development Limited

shareholders above are acting-in-concert parties; Prosperity Lamps & Components Limitedand Zhuang Jianyi are 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 Companies.Top 10 shareholders involved in securities margin

trading (if any) None

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.September 30 2025

Unit: RMB

Item September 30 2025 January 1 2025

Current assets:

Monetary assets 2854704500.09 3209127437.31

Settlement reserve

Loans to other banks and financial

6Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

institutions

Held-for-trading financial assets 3223320.89 43649820.47

Derivative financial assets

Notes receivable 762583087.43 997281070.21

Accounts receivable 2161876624.12 2125667291.96

Receivables financing 414480312.89 352694866.89

Prepayments 48436434.98 24419779.12

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 72874782.26 70524265.25

Including: Interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 2172015019.00 2025499361.38

Including: data resources

Contract assets 1126681.30 1690021.95

Assets held for sale 17147339.84 17147339.84

Current portion of non-current assets

Other current assets 754574507.13 261284776.85

Total current assets 9263042609.93 9128986031.23

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments 1152753108.54 1140022863.72

Long-term receivables

Long-term equity investments 181050942.67 180300594.89

Investments in other equity 407114018.00 726663613.42

instruments

Other non-current financial assets

Investment property 822450387.81 793487046.02

Fixed assets 3585261557.74 3646594206.04

Construction in progress 229339991.06 263601705.89

Productive living assets

Oil and gas assets

Right-of-use assets 24096158.09 22342999.34

Intangible assets 379479530.85 388587348.99

Including: data resources

Development costs

Including: data resources

Goodwill 279564092.85 279438540.78

Long-term prepaid expense 302516934.04 253024495.82

Deferred income tax assets 144139363.46 135948224.91

Other non-current assets 287175746.15 200765785.59

Total non-current assets 7794941831.26 8030777425.41

Total assets 17057984441.19 17159763456.64

Current liabilities:

Short-term borrowings 255116136.47 307141147.49

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities 275250.00

Derivative financial liabilities

Notes payable 2006532427.77 1930784817.62

7Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

Accounts payable 2689367984.79 2781965096.70

Advances from customers 13868126.04 13531474.15

Contract liabilities 152289800.94 119506301.48

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 179558958.44 214651088.46

Taxes and levies payable 93075461.16 107085160.39

Other payables 433404532.94 495717050.97

Including: Interest payable

Dividends payable

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current 129900630.10 120574788.81

liabilities

Other current liabilities 327665509.38 377156212.40

Total current liabilities 6280779568.03 6468388388.47

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 161708520.94 222581930.54

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities 17098117.07 15023993.11

Long-term payables

Long-term employee benefits

payable

Provisions 19522541.97 27430683.82

Deferred income 92525273.92 73739179.94

Deferred income tax liabilities 142679206.06 185921269.29

Other non-current liabilities 108494.80 177917.63

Total non-current liabilities 433642154.76 524874974.33

Total liabilities 6714421722.79 6993263362.80

Owners’ equity:

Share capital 1535778230.00 1548778230.00

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital reserves 843517955.90 914336325.66

Less: Treasury stock 82165144.15

Other comprehensive income 175140819.35 383429155.02

Specific reserve 4305625.85 4782061.20

Surplus reserves 189021949.91 150097522.97

General reserve

Retained earnings 3962079440.00 3655046154.57

Total equity attributable to owners of the 6709844021.01 6574304305.27

parent company

Non-controlling interests 3633718697.39 3592195788.57

Total owners’ equity 10343562718.40 10166500093.84

Total liabilities and owners’ equity 17057984441.19 17159763456.64

8Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

Legal representative: Yu Zhongmin Chief Financial Officer: Zeng Xiaojing

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

2. Consolidated Income Statement for Q1-Q3

Unit: RMB

Item Q1-Q3 2025 Q1-Q3 2024

1. Revenues 6532199832.37 6887273560.82

Including: Operating revenue 6532199832.37 6887273560.82

Interest revenue

Insurance premium income

Fee and commission income

2. Costs and expenses 6398351267.79 6603913211.15

Including: Cost of sales 5349187907.07 5573521449.18

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 52167209.97 57229904.62

Selling expense 266412731.31 247090723.82

Administrative expense 336659001.12 344152454.09

R&D expense 411787720.01 412737821.41

Finance costs -17863301.69 -30819141.97

Including: Interest costs 13226344.82 16344079.84

Interest revenue 28591087.05 41280269.74

Add: Other income 72233682.81 79097762.16

Return on investment (“-” for 39369257.40 46575224.07

loss)

Including: Share of profit or 750347.78 1396302.33

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 (“-” 1376438.86 -29111.32

for loss)

Credit impairment loss (“-” for -8606983.81 -31784287.66

loss)

Asset impairment loss (“-” for -38950356.92 -48898832.11

loss)

Asset disposal income (“-” for 2985690.65 21473940.85

9Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

loss)

3. Operating profit (“-” for loss) 202256293.57 349795045.66

Add: Non-operating income 2470572.42 16055872.56

Less: Non-operating expense 2842964.87 1940258.19

4. Profit before tax (“-” for loss) 201883901.12 363910660.03

Less: Income tax expense 19197772.12 27753365.92

5. Net profit (“-” for net loss) 182686129.00 336157294.11

5.1 By operating continuity

5.1.1 Net profit from continuing 182686129.00 336157294.11

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

owners of the parent company (“-” for 141006830.59 250922255.79

net loss)

5.2.1 Net profit attributable to non- 41679298.41 85235038.32

controlling interests (“-” for net loss)

6. Other comprehensive income net of 180036119.91 39255823.16

tax

Attributable to owners of the parent 180955933.71 39318194.26

company

6.1 Items that will not be 181967425.64 39391019.21

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 181967425.64 39391019.21

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 -1011491.93 -72824.95

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- -1011491.93 -72824.95

denominated financial statements

6.2.7 Other

Attributable to non-controlling -919813.80 -62371.10

interests

7. Total comprehensive income 362722248.91 375413117.27

7.1 Attributable to owners of the 321962764.30 290240450.05

10Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

parent company

7.2 Attributable to non-controlling 40759484.61 85172667.22

interests

8. Earnings per share

8.1 Basic earnings per share 0.0918 0.1634

8.2 Diluted earnings per share 0.0917 0.1620

Where business combinations under common control occurred in the 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 Chief Financial Officer: Zeng Xiaojing

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

3. Consolidated Cash Flow Statement for Q1-Q3

Unit: RMB

Item Q1-Q3 2025 Q1-Q3 2024

1. Cash flows from operating activities:

Proceeds from sale of commodities 6136832938.37 6382134539.43

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 116505804.66 132299754.21

Cash generated from other operating 152887535.19 199368180.81

activities

Subtotal of cash generated from 6406226278.22 6713802474.45

operating activities

Payments for commodities and 4567641268.40 4496493532.75

services

Net increase in loans and advances to

customers

Net increase in deposits in the central

bank and other banks and financial

11Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

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 1159646469.89 1086677957.96

Taxes and levies paid 293332979.28 244998020.42

Cash used in other operating 344471315.04 314499346.77

activities

Subtotal of cash used in operating 6365092032.61 6142668857.90

activities

Net cash generated from/used in 41134245.61 571133616.55

operating activities

2. Cash flows from investing activities:

Proceeds from disinvestment 859119175.12 430000000.00

Return on investment 15732609.12 25411998.70

Net proceeds from the disposal of

fixed assets intangible assets and other 846610.25 29412095.54

long-lived assets

Net proceeds from the disposal of

subsidiaries and other business units

Cash generated from other investing 23491657.16

activities

Subtotal of cash generated from 899190051.65 484824094.24

investing activities

Payments for the acquisition of fixed

assets intangible assets and other long- 280674030.06 260307678.16

lived assets

Payments for investments 720520000.00 1174000000.00

Net increase in pledged loans granted

Net payments for the acquisition of 55535936.68

subsidiaries and other business units

Cash used in other investing 36941818.53

activities

Subtotal of cash used in investing 1038135848.59 1489843614.84

activities

Net cash generated from/used in -138945796.94 -1005019520.60

investing activities

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by

non-controlling interests to subsidiaries

Borrowings received 218768004.07 238828726.86

Cash generated from other financing 11903942.08 58412450.44

activities

Subtotal of cash generated from 230671946.15 297241177.30

financing activities

Repayment of borrowings 280054239.75 138097169.56

Interest and dividends paid 224536815.02 229484182.41

Including: Dividends paid by 31998652.43 32714218.04

subsidiaries to non-controlling interests

Cash used in other financing activities 81887484.53 10143724.46

Subtotal of cash used in financing 586478539.30 377725076.43

12Foshan Electrical and Lighting Co. Ltd. Third Quarterly Report 2025

activities

Net cash generated from/used in -355806593.15 -80483899.13

financing activities

4. Effect of foreign exchange rates 392973.91 12044077.87

changes on cash and cash equivalents

5. Net increase in cash and cash -453225170.57 -502325725.31

equivalents

Add: Cash and cash equivalents 2684382020.41 3101252943.88

beginning of the period

6. Cash and cash equivalents end of the 2231156849.84 2598927218.57

period

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 2025

□ Applicable□ Not applicable

(III) Independent Auditor’s Report

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

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

Foshan Electrical and Lighting Co. Ltd.October 29 2025

13