粤照明Ｂ：2021年半年度报告（英文版）.PDF

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1、Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 1 FOSHAN ELECTRICAL AND LIGHTING CO.,LTD.INTERIM REPORT 2021 August 2021 Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 2 Part I Important Notes,Table of Contents and Definitions The Board of Directors(or the“Board”),the Supervis

2、ory Committee as well as the directors,supervisors and senior management of Foshan Electrical and Lighting Co.,Ltd.(hereinafter referred to as the“Company”)hereby guarantee the factuality,accuracy and completeness of the contents of this Report and its summary,and shall be jointly and severally liab

3、le for any misrepresentations,misleading statements or material omissions therein.Wu Shenghui,the Companys legal representative,Tang Qionglan,the Companys Chief Financial Officer(CFO),and Peng Fentao,the person-in-charge of the Companys accounting organ(equivalent to accounting manager)hereby guaran

4、tee that the Financial Statements carried in this Report are factual,accurate and complete.All the Companys directors have attended the Board meeting for the review of this Report and its summary.Any plans for the future and other forward-looking statements mentioned in this Report and its summary s

5、hall NOT be considered as absolute promises of the Company to investors.Therefore,investors are reminded to exercise caution when making investment decisions.The Company has described in detail in this Report the risk of macro-economy fluctuations and fiercer market competition,the risk of rising ra

6、w material prices,and the risk of exchange rate fluctuations.Please refer to the section headed“Risks Facing the Company and Countermeasures”in Item X of Part III of this Report.The Company has no interim dividend plan,either in the form of cash or stock.This Report and its summary have been prepare

7、d in both Chinese and English.Should there be any discrepancies or misunderstandings between the two versions,the Chinese versions shall prevail.Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 3 Table of Contents Part I Important Notes,Table of Contents and Definitions.2 Part II Corporate

8、 Information and Key Financial Information.6 Part III Management Discussion and Analysis.9 Part IV Corporate Governance.34 Part V Environmental and Social Responsibility.35 Part VI Significant Events.40 Part VII Share Changes and Shareholder Information.56 Part VIII Preferred Shares.62 Part IX Corpo

9、rate Bonds.63 Part X Financial Statements.64 Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 4 Documents Available for Reference 1.The financial statements signed and stamped by the Companys legal representative,Chief Financial Officer,and the person-in-charge of the Companys accounting o

10、rgan.2.The originals of all the Companys announcements and documents disclosed to the public during the Reporting Period on the media designated by the CSRC for information disclosure.Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 5 Definitions Term Definition The“Company”,“FSL”or“we”Fos

11、han Electrical and Lighting Co.,Ltd.and its consolidated subsidiaries,except where the context otherwise requires Rising Group Guangdong Rising Holdings Group Co.,Ltd.Electronics Group Guangdong Electronics Information Industry Group Ltd.GD Rising Finance Guangdong Rising Finance Holding Co.,Ltd.She

12、nzhen Rising Investment Shenzhen Rising Investment Development Co.,Ltd.Hong Kong Rising Investment Rising Investment Development Limited Nanning Liaowang Nanning Liaowang Auto Lamp Co.,Ltd.CSRC China Securities Regulatory Commission SZSE Shenzhen Stock Exchange General meeting General meeting of Fos

13、han Electrical and Lighting Co.,Ltd.Board of Directors The board of directors of Foshan Electrical and Lighting Co.,Ltd.Supervisory Committee The supervisory committee of Foshan Electrical and Lighting Co.,Ltd.RMB,RMB0,000 Expressed in the Chinese currency of Renminbi,expressed in ten thousand Renmi

14、nbi The“Reporting Period”or“Current Period”The period from 1 January 2021 to 30 June 2021 Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 6 Part II Corporate Information and Key Financial Information I Corporate Information Stock name FSL,FSL-B Stock code 000541,200541 Stock exchange for

15、stock listing Shenzhen Stock Exchange Company name in Chinese 佛山电器照明股份有限公司 Abbr.(if any)佛山照明 Company name in English(if any)FOSHAN ELECTRICAL AND LIGHTING CO.,LTD Abbr.(if any)FSL Legal representative Wu Shenghui II Contact Information Board Secretary Securities Representative Name Huang Zhenhuan Hu

16、ang Yufen Address No.64,Fenjiang North Road,Chancheng District,Foshan City,Guangdong Province,P.R.China No.64,Fenjiang North Road,Chancheng District,Foshan City,Guangdong Province,P.R.China Tel.0757-82810239 0757-82966028 Fax 0757-82816276 0757-82816276 Email address III Other Information 1.Contact

17、Information of the Company Indicate by tick mark whether any change occurred to the registered address,office address and their zip codes,website address and email address of the Company in the Reporting Period.Applicable Not applicable No change occurred to the said information in the Reporting Per

18、iod,which can be found in the 2020 Annual Report.2.Media for Information Disclosure and Place where this Report is Kept Indicate by tick mark whether any change occurred to the information disclosure media and the place for keeping the Companys periodic reports in the Reporting Period.Foshan Electri

19、cal and Lighting Co.,Ltd.Interim Report 2021 7 Applicable Not applicable The newspapers designated by the Company for information disclosure,the website designated by the CSRC for disclosing the Companys periodic reports and the place for keeping such reports did not change in the Reporting Period.T

20、he said information can be found in the 2020 Annual Report.IV Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below.Yes No Reason for retrospective restatement:Business combination involving entities under common control.H1 2021 H1 202

21、0 Change(%)Before Restated Restated Operating revenue(RMB)1,955,342,116.20 1,522,884,127.04 1,522,884,127.04 28.40%Net profit attributable to the listed companys shareholders(RMB)110,555,542.93 151,061,447.83 148,896,274.55-25.75%Net profit attributable to the listed companys shareholders before exc

22、eptional gains and losses(RMB)98,950,507.51 150,434,836.00 150,434,836.00-34.22%Net cash generated from/used in operating activities(RMB)45,779,640.52 201,077,703.45 206,334,880.07-77.81%Basic earnings per share(RMB/share)0.0802 0.1095 0.1080-25.74%Diluted earnings per share(RMB/share)0.0802 0.1095

23、0.1080-25.74%Weighted average return on equity(%)1.82%2.94%2.86%-1.04%30 June 2021 31 December 2020 Change(%)Before Restated Restated Total assets(RMB)8,257,852,503.96 8,519,336,914.11 8,519,336,914.11-3.07%Equity attributable to the listed companys shareholders(RMB)5,910,583,239.23 6,263,921,304.54

24、 6,263,921,304.54-5.64%V Accounting Data Differences under Chinas Accounting Standards for Business Enterprises(CAS)and International Financial Reporting Standards(IFRS)and Foreign Accounting Standards 1.Net Profit and Equity Differences under CAS and IFRS Applicable Not applicable No such differenc

25、es for the Reporting Period.Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 8 2.Net Profit and Equity Differences under CAS and Foreign Accounting Standards Applicable Not applicable No such differences for the Reporting Period.XI Exceptional Gains and Losses Applicable Not applicable Uni

26、t:RMB Item Amount Note Gain or loss on disposal of non-current assets(inclusive of impairment allowance write-offs)3,037,823.13 Government subsidies charged to current profit or loss(exclusive of government subsidies given in the Companys ordinary course of business at fixed quotas or amounts as per

27、 the governments uniform standards)7,791,032.60 Capital occupation charges on non-financial enterprises that are recognized in profit or loss 516,895.46 Gain or loss on fair-value changes on held-for-trading and derivative financial assets and liabilities&income from disposal of held-for-trading and

28、 derivative financial assets and liabilities and other debt investments(exclusive of the effective portion of hedges that arise in the Companys ordinary course of business)2,356,050.00 Non-operating income and expense other than the above 189,648.11 Less:Income tax effects 1,969,325.03 Non-controlli

29、ng interests effects(net of tax)317,088.85 Total 11,605,035.42-Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the PublicExceptional Gain

30、/Loss Items:Applicable Not applicable No such cases for the Reporting Period.Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 9 Part III Management Discussion and Analysis I Principal Activity of the Company in the Reporting Period 1.The Companys Principal Activities or Products We design,

31、manufacture and market high-quality,green and energy-efficient lighting products and electrical products,as well as provide complete lighting and electrical solutions.Our products mainly include electrical products such as LED light sources and luminaries,automotive LED luminaries,traditional light

32、sources switches and socket.Currently,we have three major operating divisions,namely,lighting,electrical products and vehicle lighting.Upon years of development,we have won quite many honors,and our“FSL”and“Fenjiang”brands have been certified as“Famous China Brands”.2.Main business models (1)Procure

33、ment model We mainly procure raw materials such as LED lamp beads,electronic components,aluminum substrate,plastic parts,metal materials,and fuel by way of bids invitation.A bids invitation supervisory committee consisting of personnel from several departments will be set up in the future.For every

34、kind of our main raw materials,we usually have a few suppliers to choose from in procurement so that the procurement prices would be fair,the supply of raw materials in time and the good quality of the raw materials ensured.(2)Production models Production of the conventional products Concerning the

35、conventional products,we analyze sales of every month and predict future market demand so as to formulate a production plan for the coming month.And our workshops produce according to the plan to avoid extra stock and at the same time ensure that there is enough for sale.Production according to orde

36、rs Different from the conventional lighting products which are of little variation in specifications,LED lighting products are at a fast pace of renewal and different customers often have different requirements regarding the products appearances and performance indexes.Therefore,we have to organize

37、individualized production for some orders for LED lighting products,export orders in particular.For this kind of orders,we formulate our production plans based on them and then make procurement plans according to the production plans,which will Foshan Electrical and Lighting Co.,Ltd.Interim Report 2

38、021 10 help effectively control the stock and the procurement prices of raw materials,reduce capital occupation and improve our operating efficiency to the maximum.Combination of independent production and outsourcing With a high production capacity,we produce most of our products and parts on our o

39、wn.Only a small portion of parts and low-tech products is outsourced to sub-manufacturers,who will produce in strict accordance with our requirements.We will also tag along their production processes and examine carefully the quality of the products finished.In this way,our supply of products is gua

40、ranteed.(3)Sales model Domestically,we mainly adopt a commercial agent model.In terms of channels,we have wholesale,franchised store,illumination engineering&commercial lighting,industrial and mining outdoor channels,e-commerce&retail sales and automotive lighting channels.For overseas markets,we pr

41、imarily adopt OEM/ODM models and also sell under our own brands(through agents).3.Main driving forces for growth During the Reporting Period,the Covid-19 pandemic was not entirely under control across the world,and the downward pressure on the economy kept mounting.However,Chinas policies of“Carbon

42、Emission Peak and Carbon Neutrality”,new infrastructure,new urbanization,major construction projects,etc.have brought new development opportunities for the countrys lighting industry,healthy lighting and smart lighting in particular.While maintaining its major markets,the Company vigorously explored

43、 segment markets,which has created new growth points for its development.Meanwhile,with the evolution of the industrial competition model,consumers are getting increasingly concerned with product quality and brand.As a result,companies with weak competitiveness will be gradually elbowed out of the m

44、arket while large enterprises or enterprises with core competitiveness will have more market opportunities.By virtue of its advantages in technology,brand,channel and scale,the Company has continued to promote the technical upgrading of main products,improve product quality,beef up market expansion

45、and optimize and upgrade the product sales structure through sustained spending on R&D and technical innovation.Meanwhile,it has gained an advantageous position in the process of enhancing market concentration by increasing the level of production automation,effectively controlling purchase costs an

46、d ramping up production efficiency.4.Development stage and periodicity of the lighting industry as well as our position in the market Foshan Electrical and Lighting Co.,Ltd.Interim Report 2021 11 At present,the lighting industry has transitioned from a high-speed development period,which occurred a

47、few years ago,to a stable development period and is suffering significant structural overcapacity.With rigidly increasing operating costs,the profit margins of lighting enterprises have been squeezed to a certain extent.From the perspective of the global market,with the emergence of the anti-globali

48、zation movement,the fluctuations in the RMB-to-USD exchange rate and the Covid-19 pandemic not entirely under control across the world,the lighting industry is facing many uncertainties in export,and many export-oriented enterprises are turning to the domestic market,exacerbating the competition in

49、the domestic market.Under the dual pressures from market demand and fierce competition,large enterprises are seeking expansion through merger and restructuring while improving their market competitiveness through transformation and upgrading,thereby continuously improving their market position.Gener

50、ally speaking,Chinas lighting industry is insufficiently centralized with no overwhelmingly superior enterprises despite an enlarging market share of competitive brands.Upon years of development,we have become a leading and quite competitive lighting enterprise with strong competitiveness in brand,p