Briefing on the Operation of Large-Scale Enterprises in the Lighting Industry for the First Six Months of 2024

From June 2023 to June 2024, the lighting industry sentiment index showed a fluctuating trend, but overall demonstrated a gradual recovery. In June this year, most indices were better than the same period last year, reflecting the effective strategies of lighting enterprises in actively practicing technological innovation and responding to market changes. With the strengthening of endogenous economic repair momentum, influenced by factors such as the low base of the same period last year and the shift of the Spring Festival month, various indices of the lighting industry reached their peak in February 2024, then rapidly declined, with a slight improvement in April. In May and June, the export sentiment index continued to improve, remaining in the stable zone, while the China Light Industry Sentiment Index, revenue sentiment index, and profit sentiment index declined slightly, still hovering in the cooling zone.

In the first half of 2024, industrial production accelerated its recovery, benefiting from a series of policies successively introduced by the central government, such as large-scale equipment updates, consumer goods trade-ins, and adjustments and optimizations in real estate. Market demand was released, supported by factors such as the accelerated development of new quality productive forces. The production in the lighting industry showed a positive recovery trend, with the growth rate of industrial value added in June alone being 7 percentage points higher than the same period last year. Month by month, the growth rate in the first half fluctuated slightly, reaching a peak in April before declining slightly, and remained stable in May and June, rising compared to the beginning of the year. The cumulative growth rate of industrial value added in the first six months was 8 percentage points higher than the same period last year.

Looking at it year by year, reviewing the changes in the output of luminaires and lighting devices by enterprises above designated size in the first half of the year from 2019 to 2024, the output decreased only in 2020 due to the pandemic. Since 2021, it has risen year by year, growing by double digits annually. In 2024, the output increased by more than 90% compared to the same period in 2019, reflecting the effective improvement of production capacity in this field.

According to incomplete statistics, from January to June this year, the output of luminaires and lighting devices by large-scale lighting enterprises increased by 15% Year-on-year (YoY). Guangdong ranked first with 66% of the national output, rising approximately 23% Year-on-year (YoY). Jiangxi, Zhejiang, Jiangsu, and Shandong ranked second to fifth. Among them, Jiangxi and Shandong grew by 35% and 15% respectively compared to the same period last year; while Zhejiang and Jiangsu decreased by 13% and 21% Year-on-year (YoY) respectively.

Regarding Electric light source, from January to June this year, the output of large-scale lighting enterprises declined, dropping by more than 18% compared to the same period last year. Zhejiang's Electric light source output accounted for 30% of the national total, ranking first, with a Year-on-year (YoY) decrease of nearly 17%. Guangdong, Jiangxi, Hunan, Fujian, and other regions ranked second to fifth in output. Among them, the output in Guangdong, Jiangxi, and Fujian decreased by approximately 4%, 30%, and 70% Year-on-year (YoY) respectively; while Hunan increased by 60% Year-on-year (YoY).

Looking at the years, from 2019 to 2024, the Export delivery value of lighting appliance manufacturing by large-scale enterprises in the first half of the year showed a fluctuating trend. Affected by the pandemic, the Export delivery value in the first half of 2020 reached its lowest point in nearly 6 years, then showed an upward trend, but slightly declined in 2023. In 2024, it recovered somewhat, basically leveling with the Export delivery value of 2019.

During the period from 2019 to 2024, the Export delivery value for the manufacturing of electrical accessories for lamps and other lighting appliances by large-scale enterprises in the first 6 months declined year by year, reaching the lowest Export value in the first half of nearly 6 years in 2023. In 2024, it recovered somewhat, but still failed to return to the level of the same period in 2019.

According to incomplete statistics, the export delivery value of lighting fixture manufacturing by enterprises above designated size increased by nearly 5% year-on-year (YoY) from January to June this year. Guangdong ranked first with a 50% national share, rising over 4% YoY. Zhejiang, Jiangsu, Fujian, and Jiangxi ranked second to fifth; among them, Zhejiang, Jiangsu, and Jiangxi grew by approximately 3%, 9%, and 5% YoY respectively, while Fujian declined by over 2% YoY. The electric light source sector decreased by about 3% YoY, while luminaire manufacturing rose by about 7% YoY. From January to June, the export delivery value for electrical accessories for lamps and other lighting fixtures manufactured by enterprises above designated size showed a significant increase, growing by over 9% YoY. Among them, Guangdong's export delivery value accounted for over 54% of the national total, ranking first, with a 7% increase compared to the same period last year.

According to incomplete statistics, the number of enterprises above designated size in lighting fixture manufacturing increased by nearly 3% from January to June this year; total profits saw a slight increase of about 2% compared to the same period last year, which is 1.5 percentage points lower than the total profits of industrial enterprises above designated size nationwide; revenue rose slightly by 1%. The number of loss-making enterprises remained basically flat compared to the same period last year, while the loss amount of loss-making enterprises decreased by about 5% year-on-year. The total profits of enterprises above designated size in the manufacturing of special-purpose equipment for lighting fixture production increased by over 25% year-on-year, the number of loss-making enterprises decreased by 25% year-on-year, and the loss amount of loss-making enterprises increased by over 200% year-on-year. On a monthly basis, luminaire manufacturing enterprises above designated size saw their revenue peak in January-February, followed by a decline, with a slight rebound in May and June; in terms of total profits, May reached the highest level in the first half of the year, and except for March which had lower profits, the other months remained basically consistent.