[一季报]光峰科技(688007):2025年第一季度报告（英文版）

 时间：2025年07月04日 22:03:39 中财网

原标题:光峰科技:2025年第一季度报告（英文版）

Stock Code: 688007 Stock Short Name: Appotronics Appotronics Corporation Limited
The First Quarter Report in 2025
The Board of Directors and all the directors of the Company warrant that the information contained in this Report is free from any misrepresentation, misleading statement or material omission, and agree to assume the liability for the truth, accuracy and completeness of this Report according to the law.
Important Note
The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the
Company hereby warrant that the information contained in this Quarter Report is true, accurate and complete and this Report is free from any misrepresentation, misleading statement or major omission, and agree to assume joint and several liability for this Quarter Report. The Principal of the Company, Person in Charge of the Accounting Work and Person in Charge of the Accounting Body (Chief Accountant) warrant the information presented in the financial statements in this Quarter Report is true, accurate and complete. st
Whether the financial statements of the 1 quarter have been audited □ Yes √ No

本报告为深圳光峰科技股份有限公司自愿披露的《2025年第一季度报告（英文版）》，对本报告的中英文版本理解上发生歧义时，以中文版本为准。

This is 2025 First Quarter Report (English version) voluntarily disclosed by Appotronics Corporation Limited. In the event of any discrepancy between the English and Chinese versions of this
Report, the Chinese version shall prevail.

I. Major Financial Data
(I) Main accounting data and financial indicators
In RMB

ItemCurrent periodPrior periodChange on a year-on-year basis (%)
Operating revenue461,382,026.25445,039,193.213.67
Net profit attributable to shareholders of the listed company-21,359,576.9644,543,331.11-147.95
Net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss-23,974,913.50622,945.86-3,948.64
Net cash flow from operating activities64,127,372.6812,224,792.96424.57
Basic earnings per share (RMB/share)-0.050.10-150.00
Diluted earnings per share (RMB/share)-0.050.10-150.00
Weighted average return on net assets (%)-0.781.57-2.35 percentage points
Total R&D investments63,015,830.2654,022,432.4416.65
Proportion of R&D investments to operating revenue (%)13.6612.14+1.52 percentage points
　At the end of the current reporting periodAt the end of the prior yearChanges at the end of the reporting period from the end of the prior year (%)
Total assets4,091,205,356.584,255,663,351.00-3.86
Owners’ equity attributable to shareholders of the listed company2,719,899,594.772,740,047,895.12-0.74

(II) Items and amounts of non-recurring profit or loss
√ Applicable □ N/A


In RMB

Item of non-recurring profit or lossAmount for the current periodDescription
Gain or loss on disposal of non-current assets, including write-off of provision for asset impairment833,766.07　
Government grants recognized in profit or loss for the current period (excluding government grants that are closely related to the business of the Company and are provided in accordance with established standards with continuous effects on the profit or loss of the Company according to the provisions of national policies)714,707.83　
Profit or loss on changes in the fair value of financial assets and financial liabilities held by non-financial enterprises and profit or loss on the disposal of financial assets and financial liabilities, other than those used in the effective hedging activities related to normal operating business of the Company783,124.94　
Profit or loss from entrusting others to invest or manage assets596,598.66　
Net profit or loss of subsidiaries from the beginning of the period up to the business combination date recognized as a result of business combination involving entities under common control185,274.09　
Other non-operating revenue and expenses50,461.54　
Other profits or losses items meeting the definition of non-recurring profit or loss　　
Less: Effect of income taxes375,024.46　
Effects attributable to minority interests (net of tax)173,572.13　
Total2,615,336.54　
It is required to specify the reason for defining items not illustrated in the Information Disclosure and
Presentation Rules for Companies Making Public Offering of Securities No. 1 - Non-recurring Profit or
Loss as non-recurring profit or loss items of significant amounts, and reasons for defining non-recurring
profit or loss items illustrated in the Information Disclosure and Presentation Rules for Companies
Making Public Offering of Securities No. 1 - Non-recurring Profit or Loss as recurring profit or loss
items.
□ Applicable √ N/A

(III) Description of and reasons for changes in the main accounting data and financial indicators √ Applicable □ N/A

Project% ChangeMain reason
Net profit attributable to shareholders of the listed company-147.95Primarily due to the decrease in the gross profits and increase in R&D expenses caused by the changes in the income structure in the current period, the selling and holding of shares in Gabrielle and the gains on changes in fair values in the same period of the prior year.
Net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss-3,948.64Primarily due to the small base number in the same period of the prior year, and the decrease in the gross profits and increase in R&D expenses caused by the changes in the income structure in the current period.
Net cash flow from operating activities424.57Primarily due to the increase in receivables from the automotive business in the current period.
Basic earnings per share (RMB/share)-150.00Primarily due to the decrease in the net profit attributable to shareholders of the listed company during the reporting period.
Diluted earnings per share (RMB/share)-150.00Primarily due to the decrease in the net profit attributable to shareholders of the listed company during the reporting period.

1. Analysis of business operation
In the first quarter of 2025, we insisted on the strategy of “core technologies + core components +
application scenarios” and maintained the R&D investments in upstream core components and cutting-edge fields with a focus on the layout of and expansion to innovative fields including AR/AI,
robots, automotive optics, etc. During the reporting period, our operating revenue was RMB 461 million,
increased by 3.67% year on year; where the automotive optics business achieved the operating revenue
of RMB 78.78 million, up by 64.03% year on year. The operating conditions of the Company during the
reporting period include:
? Automotive optics business
Since the beginning of 2025, we have acquired 3 high-quality nominations from domestic and overseas well-known automobile manufacturers, and received continuous orders from Seres for automotive projection giant screen systems to be used on AITO M8 and M9 models. In the first quarter
of 2025, our automotive optics business achieved the operating revenue of RMB 78.78 million, up by 64.03% year on year.
In April 2025, we officially released the “Lingjing” smart automotive optics system on the Shanghai International Automobile Industry Exhibition 2025 (Auto Shanghai 2025). This system can achieve discretionary projection for the whole vehicle and smart interaction through AI speech control,
so as to create a new mode of automotive optics featuring “full projection in the vehicle with discretionary projection” and improve the optical features and user experiences of the vehicle in all
aspects. During the Auto Shanghai 2025, we declared a strategic cooperation with Valeo, a global leader
in automotive lighting systems and software, and jointly released a new generation of automotive lighting solutions integrating Appotronics’s ALL-in-ONE universal colorful laser headlights. This innovative solution not only enhances the adaptive driving beam (ADB) function of vehicles to greatly
improve safety on road, but also meets drivers’ increasing needs for comfortable lighting and entertainment functions, so as to provide a safer, smarter, and more personalized driving experiences for
the global market.
? Dedicated display business
In the World Expo 2025 (Expo 2025) in Osaka started in April 2025, our products were successfully used in the pavilions of China, Cambodia, and Gabon. Nearly a hundred of laser large venue projection
devices broke through the boundaries of physical exhibition and implemented tens of light and shadow
presentation tasks, which facilitate the presentation of the culture of the countries in a more vivid
manner by making use of technologies, hence showcasing the scientific strength and brand image of China by opening the global laser market with our technologies and products. The recognition and use of
our products by three major national pavilions at the Expo 2025 indicate the successful expansion of our
large venue business to the overseas market relying on its product quality and technology accumulation.
? Innovative applications
We always pay attention to emerging application scenarios in the laser industry and actively explore
product layouts and application scenarios for combination with our technologies, so as to continuously
expand and extend the boundaries for application scenarios of laser technologies. At the International
Consumer Electronics Show (CES 2025), we released a split-type optical fiber light engine, which is the
first of its kind in the industry. This product achieved innovation for laser light engines in aspects of
technology, product form, and application scenario, and can achieve unprecedented flexibility. Meanwhile, we released an ultra-small fully colorful AR light engine solution with the volume of only
0.8cc, featuring high cost-performance ratio, low power consumption, and outstanding display effects,
which can meet the lightweight requirements of AR glasses.
At the Hong Kong Electronics Fair (Spring Edition), we released a new laser engraver product to the industry for the first time. The laser engraver is both a breakthrough achieved by the Company in
upstream core components and the first innovative product we developed in the industrial field. Thanks
to the precision laser processing technologies, the laser engraver we released has obvious advantages in
improving production efficiency and ensuring product quality, so that it can meet high-precision manufacturing requirements for use in scenarios including creative fabrication, part processing, industrial labeling, etc. The new products and new technologies we exhibited this time are highly practical, and are expected to be implemented in more scenarios. We will continue our innovation of
application scenarios for laser, so as to expand the application boundaries of our products. 2. Profit analysis
（1）Non-recurring profit or loss: During the reporting period, our non-recurring profit or loss reduced by RMB 41.3050 million. On a comparable basis, our non-recurring profit or loss for the first
quarter of 2024 was higher, primarily due to the investment incomes from our investment in Gabrielle
and gains or losses on changes in fair values in the first quarter of 2024; （2）Businesses: During the reporting period, at the request of overseas customers, we postponed the shipment of partial orders of overseas cinema light sources, which reduced the operating revenue and
profit for the first quarter on a year-on-year basis; despite the increase in the proportion of the
automotive optics business, due to the characteristics of the automotive part industry, the gross profit
margin of the automotive optics business is lower than that of the cinema and dedicated display businesses. In summary, our business structure is at the stage of transformation, and the overall gross
profit margin may decrease to a certain extent;
（3）Expenses: During the reporting period, we enhanced R&D investments - the R&D expenses increased by nearly RMB 9.00 million compared with the same period of the prior year. II. Shareholder Information
(I) Table of total number of ordinary shareholders and preferred shareholders with resumed voting right as well as shareholding status of top 10 shareholders Unit: Share

Total number of ordinary shareholders as of the end of the reporting period16,222Total number of preferred shareholders whose voting right has been restituted as of the end of the reporting period (if any)N/A
Shares held by top 10 shareholders (excluding shares lent out under the refinancing arrangement)　　　

ShareholderNature of shareholderNumber of shares heldShareh olding ratio (%)Number of non-trad able shares heldNumber of non-tradable shares held, including the shares lent out under the refinancing arrangementShares pledged, marked, or frozen　
　　　　　　Status of sharesNum ber
Shenzhen Appotronics Holdings LimitedDomestic non-state owned corporation79,762,67917.3700None0
Shenzhen Yuanshi Laser Industrial Investment Consulting Partnership (LP)Domestic non-state owned corporation24,139,5005.2600None0
Nantong Strait Appotronics Investment Partnership (LP)Domestic non-state owned corporation18,381,2084.0000None0
Shenzhen Appotronics Daye Investment Partnership (LP)Domestic non-state owned corporation17,056,1673.7100None0
Shenzhen Appotronics Hongye Investment Partnership (LP)Domestic non-state owned corporation13,601,3442.9600None0
Shenzhen Appotronics Chengye Consulting Partnership (LP)Domestic non-state owned corporation10,394,8462.2600None0
Shenzhen Jinleijing Investment Limited Partnership (LP)Domestic non-state owned corporation9,892,7062.1500None0
LUO XiaobinDomestic natural person8,979,0041.9500None0
Hong Kong Securities Clearing Company LimitedForeign corporation7,475,6651.6300None0
Bank of China Co., Ltd. - Stable Income Bond Securities Investment Fund of E FundOthers6,866,5711.5000None0
Shares held by top 10 holders of tradable shares (excluding shares lent out under the refinancing arrangement)　　　　　　　
ShareholderNumber of tradable shares heldType and number of shares　　　　　
　　Type of sharesNumber　　　　
Shenzhen Appotronics Holdings Limited79,762,679RMB-denomi nated ordinary share79,762,679　　　　
Shenzhen Yuanshi Laser Industrial Investment Consulting Partnership (LP)24,139,500RMB-denomi nated ordinary share24,139,500　　　　
Nantong Strait Appotronics Investment Partnership (LP)18,381,208RMB-denomi nated ordinary share18,381,208　　　　
Shenzhen Appotronics Daye Investment Partnership (LP)17,056,167RMB-denomi nated ordinary share17,056,167　　　　
Shenzhen Appotronics Hongye Investment Partnership (LP)13,601,344RMB-denomi nated ordinary share13,601,344　　　　
Shenzhen Appotronics Chengye Consulting Partnership (LP)10,394,846RMB-denomi nated ordinary share10,394,846　　　　
Shenzhen Jinleijing Investment Limited Partnership (LP)9,892,706RMB-denomi nated ordinary share9,892,706　　　　
LUO Xiaobin8,979,004RMB-denomi nated ordinary share8,979,004　　　　
Hong Kong Securities Clearing Company Limited7,475,665RMB-denomi nated ordinary share7,475,665　　　　
Bank of China Co., Ltd. - Stable Income Bond Securities Investment Fund of E Fund6,866,571RMB-denomi nated ordinary share6,866,571　　　　

Affiliates or concert parties among the shareholders stated above1. As of March 31, 2025, the following entities in top 10 shareholders of the Company constituted person acting in concert: Shenzhen Appotronics Holdings Co., Ltd., Shenzhen Yuanshi Laser Industrial Investment Consulting Partnership (LP), Shenzhen Appotronics Daye Investment Partnership (LP), Shenzhen Appotronics Hongye Investment Partnership (LP), Shenzhen Appotronics Chengye Consulting Partnership (LP), and Shenzhen Jinleijing Investment Limited Partnership (LP). 2. Except for the above, we are not aware of whether there are affiliates or concert parties as defined in the Administrative Measures for the Acquisition of the Listed Companies among other shareholders.
Description of margin trading, short selling, and refinancing involving top 10 shareholders and top 10 holders of non-restricted shares (if any)N/A
Lending of shares in refinancing businesses by shareholders holding over 5% shares, top 10 shareholders,
and top 10 holders of tradable shares
□ Applicable √ N/A
Change from the prior period due to lending/payback in refinancing businesses by top 10 shareholders
and top 10 holders of tradable shares
□ Applicable √ N/A

III. Other Events
Other important information about the business operation of the Company during the reporting period
requesting the attention of investors
□ Applicable √ N/A
IV. Quarterly Financial Statements
(I) Type of audit opinions
□ Applicable √ N/A
(II) Financial statements
Consolidated Balance Sheet
March 31, 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited

ItemMarch 31, 2025December 31, 2024
Current Assets:　　
Cash and bank balances1,169,391,687.611,654,769,306.21
Balances with clearing agencies　　
Placements with banks and other financial institutions　　
Held-for-trading financial assets665,719,864.14179,936,739.21
Derivative financial assets　　
Notes receivable3,336,885.444,749,524.13
Accounts receivable211,836,897.65310,195,322.17
Receivables financing19,189,555.0312,552,177.09
Prepayments28,642,754.3231,091,853.76
Premiums receivable　　
Amounts receivable under reinsurance contracts　　
Reinsurance contract reserves receivable　　
Other receivables39,810,718.9645,104,401.76
Where: Interests receivable　　
Dividends receivable14,212,836.0014,233,032.00
Financial assets purchased under resale agreements　　
Inventories480,357,456.50595,519,245.19
Where: Data resources　　
Contract assets2,508,524.311,741,984.19
Held-for-sale assets　　
Non-current assets due within one year55,152,472.6854,729,347.74
Other current assets68,817,383.7865,416,667.70
Total current assets2,744,764,200.422,955,806,569.15
Non-current Assets:　　
Loans and advances　　
Debt investments　　
Other debt investments　　
Long-term receivables38,061,954.6037,190,876.33
Long-term equity investment5,822,086.826,242,039.74
Investment in other equity instruments7,075,419.387,075,419.38
Other non-current financial assets83,880,808.0184,000,000.04
Investment properties　　
Fixed assets639,136,843.25272,101,764.36
Construction in progress95,643,581.17406,450,625.01
Productive biological assets　　
Oil and gas assets　　
Right-of-use assets91,274,546.36108,676,133.66
Intangible assets268,845,441.09272,019,178.23
Where: Data resources　　
Development expenditure　　
Where: Data resources　　
Goodwill　　
Long-term unamortized expenses1,246,038.431,638,295.71
Deferred tax assets97,581,772.1890,057,468.25
Other non-current assets17,872,664.8714,404,981.14
Total non-current assets1,346,441,156.161,299,856,781.85
Total assets4,091,205,356.584,255,663,351.00
Current Liabilities:　　
Short-term borrowings126,830,365.5586,796,568.44
Loans from the central bank　　
Taking from banks and other financial institutions　　
Held-for-trading financial liabilities　　
Derivative financial liabilities　　
Notes payable160,075,016.99184,786,728.04
Accounts payable254,966,909.43351,760,010.32
Advance from customers89,239,185.5991,209,867.92
Contract liabilities41,981,297.6143,722,313.68
Financial assets sold under repurchase agreements　　
Customer deposits and deposits from banks and other financial institutions　　
Funds from securities trading agency　　
Funds from underwriting securities agency　　
Employee benefits payable28,753,068.1059,921,145.44
Taxes payable27,997,363.5825,262,217.19
Other payables69,393,730.0873,987,139.27
Where: Interests payable　　
Dividends payable　　
Fees and commissions payable　　
Amounts payable under reinsurance contracts　　
Held-for-sale liabilities　　
Non-current liabilities due within one year204,344,687.54216,244,559.49
Other current liabilities66,083,387.1363,559,833.08
Total current liabilities1,069,665,011.601,197,250,382.87
Non-current Liabilities:　　
Insurance contract reserves　　
Long-term borrowings278,867,657.19282,083,548.67
Bonds payable　　
Where: Preferred shares　　
Perpetual bonds　　
Lease liabilities59,399,597.3371,996,166.91
Long-term payables　　
Long-term employee benefits payable　　
Provisions36,924,947.2930,299,456.94
Deferred income2,000,562.662,245,051.44
Deferred tax liabilities1,921,091.471,908,071.13
Other non-current liabilities　　
Total non-current liabilities379,113,855.94388,532,295.09
Total liabilities1,448,778,867.541,585,782,677.96
Owners’ Equity (Shareholders’ Equity):　　
Paid-in capital (or share capital)459,291,145.00459,291,145.00
Other equity instruments　　
Where: Preferred shares　　
Perpetual bonds　　
Capital reserve1,555,546,613.511,554,154,511.33
Less: Treasury shares29,891,962.3229,891,962.32
Other comprehensive income8,450,591.438,631,417.00
Special reserve　　
Surplus reserve103,160,084.90103,160,084.90
General risk reserve　　
Undistributed profit623,343,122.25644,702,699.21
Total owners’ (or shareholders’) equity attributable to owners of the parent company2,719,899,594.772,740,047,895.12
Minority interests-77,473,105.73-70,167,222.08
Total owners’ (or shareholders’) equity2,642,426,489.042,669,880,673.04
Total liabilities and owners’ (or shareholders’) equity4,091,205,356.584,255,663,351.00

Principal of the Company: LI Yi Person in Charge of the Accounting Work: WANG Yingxia Person in Charge of the Accounting Body: WANG Yingxia

Consolidated Income Statement
January to March 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited

ItemFirst quarter of 2025First quarter of 2024
I. Total operating revenue461,382,026.25445,039,193.21
Where: Operating revenue461,382,026.25445,039,193.21
Interest income　　
Premiums earned　　
Fee and commission income　　
II. Total operating costs485,731,424.15436,256,932.50
Where: Operating costs345,083,519.38305,903,493.15
Interest expenses　　
Fee and commission expenses　　
Surrenders　　
Claims and policyholder benefits (net of amounts recoverable from reinsurers)　　
Net withdrawal of insurance contract reserves　　
Insurance policyholder dividends　　
Expenses for reinsurance accepted　　
Taxes and surcharges2,757,883.511,543,505.22
Selling expenses38,636,068.4338,848,722.23
Administrative expenses35,880,897.7739,231,871.63
R&D expenses63,015,830.2654,022,432.44
Financial expenses357,224.80-3,293,092.17
Where: Interest expense4,040,777.004,712,870.30
Interest income5,806,131.658,393,771.91
Add: Other incomes6,839,682.1210,334,146.75
Investment income (loss is indicated by “-”)-508,740.5515,035,443.71
Where: Income from investments in associates and joint ventures-419,952.92-254,854.31
Gains from derecognition of financial assets measured at amortized cost　　
Foreign exchange gains (loss is indicated by “-”)　　
Gains from net exposure hedges (loss is indicated by “-”)　　
Gains from changes in fair values (loss is indicated by “-”)783,124.9426,277,500.00
Losses of credit impairment (loss is indicated by “-”)3,317,736.65-1,694,116.42
Impairment losses of assets (loss is indicated by “-”)-12,280,962.90-4,251,644.39
Gains from disposal of assets (loss is indicated by “-”)884,133.99112,025.61
III. Operating profit (loss is indicated by “-”)-25,314,423.6554,595,615.97
Add: Non-operating revenue180,945.6415,252.07
Less: Non-operating expenses180,852.02367,856.76
IV. Total profits (total losses are indicated by “-”)-25,314,330.0354,243,011.28
Less: Income tax expenses-950,840.5012,901,079.19
V. Net profits (net losses are indicated by “-”)-24,363,489.5341,341,932.09
(I) Categorized by the continuity of operation　　
1. Net profits from continuing operations (net losses are indicated by "-")-24,363,489.5341,341,932.09
2. Net profits from discontinued operations (net losses are indicated by “-”)　　
(II) Categorized by the ownership　　
1. Net profits attributable to shareholders of the parent company (net losses are indicated by “-”)-21,359,576.9644,543,331.11
2. Profits or losses attributable to minority shareholders (net losses are indicated by “-”)-3,003,912.57-3,201,399.02
VI. Other comprehensive income, net of tax-113,660.21423,343.93
(I) Other comprehensive income that can be attributable to owners of the parent company, net of tax-180,825.57318,931.77
1. Other comprehensive income that cannot be reclassified subsequently to profit or loss　　
(1) Changes from remeasurement of defined benefit plans　　
(2) Other comprehensive income that cannot be reclassified to profit or loss under the equity method　　
(3) Changes in fair value of investments in other equity instruments　　
(4) Changes in fair value of enterprises’ own credit risks　　
2. Other comprehensive income that will be reclassified to profit or loss-180,825.57318,931.77
(1) Other comprehensive income that will be reclassified to profit or loss under the equity method　　
(2) Changes in fair value of other debt investments　　
(3) Amount of financial assets reclassified to other comprehensive income　　
(4) Provision for credit impairment of other debt investments　　
(5) Reserve for cash flow hedges　　
(6) Exchange differences on translation of financial statements denominated in foreign currencies-180,825.57318,931.77
(7) Others　　
(II) Other comprehensive income that can be attributable to minority shareholders, net of tax67,165.36104,412.16
VII. Total comprehensive income-24,477,149.7441,765,276.02
(I) Total comprehensive income that can be attributable to owners of the parent company-21,540,402.5344,862,262.88
(II) Total comprehensive income that can be attributable to minority shareholders-2,936,747.21-3,096,986.86
VIII. Earnings per share:　　
(I) Basic earnings per share (RMB/share)-0.050.10
(II) Diluted earnings per share (RMB/share)-0.050.10
In the event of business combinations involving entities under common control, the net profits realized （未完）
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