Senior management adjustments, agreement signings, IPO preparations... Latest updates from Midea, NationStar Optoelectronics, and MLS!

On the evening of October 26, NationStar Optoelectronics, a subsidiary of Foshan Lighting, disclosed the "Announcement of Board Resolutions."

The "Announcement of Board Resolutions" by NationStar Optoelectronics stated that the Board unanimously approved the election of Mr. Lei Zihe as Chairman of the Fifth Board of Directors, with a term concurrent with the current Board. In accordance with the relevant provisions of the Articles of Association, Mr. Lei Zihe is the legal representative of the company.

Previously, on the evening of September 12, Foshan Electrical and Lighting Co., Ltd. (Stock Abbreviation: Foshan Lighting; Stock Code: 000541) issued the "Announcement on the Resignation of Company Directors and General Manager," stating that due to job transfer, Lei Zihe applied to resign from his positions as company director, general manager, and related roles in the board's special committees. After resignation, Lei Zihe will take up a position at the company's holding subsidiary, NationStar Optoelectronics.

Public information shows that NationStar Optoelectronics was founded in 1969 and is professionally engaged in the R&D, production, and sales of LED and LED application products. It is one of the earliest A-share listed companies in China to produce LED and has LED as its main business. After 54 years of reform and development, NationStar Optoelectronics has become a leading enterprise in China's LED packaging industry, occupying an important position in the global LED packaging industry, with its display device market scale ranking among the top in China.

Image source: Official Website

Previously, NationStar Optoelectronics signed a comprehensive cooperation agreement with Huawei. Leveraging advantages such as core technologies and industrial resources, both parties plan to carry out in-depth innovative cooperation in areas including R&D and business collaboration to expand future business coverage. In addition, Nanning Liaowang provides relevant automotive lighting products such as headlights, taillights, and grille lights for the new facelift model M7 of AITO cars.

In addition, on the same day, NationStar Optoelectronics also released the "Third Quarter Report of 2023," stating that in the first three quarters of 2023, NationStar Optoelectronics achieved revenue of 2.652 billion yuan, a year-on-year increase of 0.05%; and net profit attributable to shareholders of the listed company of 81.0248 million yuan. Among them, in the third quarter, NationStar Optoelectronics achieved revenue of 893 million yuan and net profit attributable to shareholders of the listed company of 27.2181 million yuan.

Foshan Lighting released its Q3 2023 report. The company achieved revenue of RMB 6.797 billion in the first three quarters, a year-on-year increase of 4.17%; net profit attributable to shareholders was RMB 239 million, up 6.12% year-on-year. In Q3 alone, revenue reached RMB 2.231 billion, up 6.65% year-on-year; net profit attributable to shareholders was RMB 69.7566 million, up 13.63% year-on-year.

On October 20, MLS Lighting and Kujiale signed a strategic cooperation agreement in Hangzhou, leveraging Kujiale's core self-developed technologies in cloud design and AI intelligence, with the Koolight smart lighting solution as the foundation, to comprehensively digitize MLS Lighting's processes in marketing customer acquisition, design order closing, debugging installation, and delivery filing.

Liu Zhuo, General Manager of MLS General Lighting; Li Xianjun, Deputy General Manager of MLS General Lighting; Dong Jinze, General Manager of Kujiale's Whole-House Smart Business Unit; and Song Te, Senior Solution Expert of Kujiale's Whole-House Smart Business Unit, attended the signing ceremony.

As a comprehensive optoelectronic LED new technology industry company with 26 years of history, MLS Co., Ltd. has ranked first in the "Top 100 Chinese LED Lighting and Decorative Lighting Industry" for five consecutive years since 2018. It currently has five production bases distributed across five cities in Guangdong, Jiangxi, and Zhejiang provinces. Driven by the dual engines of "brand strategy" and "core intelligent manufacturing," MLS's sales network covers 140 countries and regions worldwide, providing sufficient production capacity for the global optoelectronic application market.

MLS General Lighting is a subsidiary of MLS Co., Ltd., responsible for domestic offline product sales, channel construction, and brand promotion for the core brand "MLS Lighting" under MLS Co., Ltd. Currently, MLS Lighting has established a leading sales network in the domestic market, with 27 provincial operation centers and over 80,000 hardware channel outlets.

Currently, cooperation between cloud design software platforms and traditional lighting manufacturers is becoming a new normal. Relying on the Kujiale cloud design software platform, MLS Lighting transforms user needs into intuitive visual renderings, outputs overall lighting solutions through lighting design and customized services, innovates terminal store service levels and consumer experience, while integrating omnichannel marketing to convert traffic into brand sales, ultimately helping to achieve continuous performance growth.

In addition, on the evening of October 26, MLS Co., Ltd. disclosed its "Q3 2023 Report". In the first three quarters, MLS achieved revenue of RMB 12.748 billion, a year-on-year increase of 4.48%; net profit attributable to shareholders of the listed company was RMB 351 million; among them, in the third quarter, MLS achieved revenue of RMB 4.433 billion, a year-on-year increase of 8.33%; net profit attributable to shareholders of the listed company was RMB 147 million.

On October 24, 2023, Midea Group Co., Ltd. (hereinafter referred to as "Midea Group"), headquartered in Foshan, Guangdong, submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board of the Hong Kong Stock Exchange.

In early August this year, Midea announced for the first time its plan for a secondary listing on the Hong Kong Stock Exchange, with the proposed issuance size expected not to exceed 10% of the company's total share capital after completion. Following approval by the shareholders' meeting, it still requires approval from relevant regulatory bodies such as the China Securities Regulatory Commission and the Hong Kong Stock Exchange.

Since the beginning of this year, Midea Group has made successive moves in the capital market. First, it restarted the IPO process for its lighting business subsidiary, Meizhi Optoelectronics; second, it initiated preliminary preparations for the listing of its smart logistics business subsidiary, Annto Intelligent Link, on the main board of the Shenzhen Stock Exchange.

Meizhi Optoelectronics is a subsidiary under Midea Group responsible for lighting and smart pre-installation products. Among them, lighting products mainly cover ceiling lights, kitchen and bathroom lights, bathroom heaters, table lamps, downlights and spotlights, etc.; smart pre-installation products mainly include smart panels, smart door locks, smart gateways, etc. According to the prospectus, during the reporting period, the revenue of Meizhi Optoelectronics was RMB 788 million, RMB 926 million, and RMB 911 million respectively, and the net profit attributable to the parent company for the same periods was RMB 69.3513 million, RMB 76.8979 million, and RMB 83.2706 million respectively.

Midea Group, as a global leading technology group, mainly provides smart home business to customers and industrial solutions to enterprise customers. Its business covers more than 200 countries and regions worldwide, with 31 R&D centers, 40 major production bases, and over 190,000 employees globally. Midea Group has been selected for the Fortune Global 500 list for eight consecutive years.

The annual report shows that last year the company's total operating revenue was RMB 345.7 billion, a year-on-year increase of 0.68%, achieving a net profit attributable to the parent company of RMB 29.6 billion, a year-on-year increase of 3.43%. In the first half of this year, the company achieved total operating revenue of RMB 197.8 billion, a year-on-year increase of 7.69%, achieving a net profit attributable to the parent company of over RMB 18.2 billion, a year-on-year increase of 13.98%. The total revenue in the second quarter reached RMB 101.2 billion, breaking the 100 billion mark for the first time and setting a new historical high for single-quarter revenue.

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