Another acquisition! Why are so many lighting companies crossing over to lock in this hot sector? Original

On the evening of November 18, Aike Shares announced that the company is planning to issue shares and pay cash to acquire a controlling stake in Dongguan Guixiang Insulation Material Co., Ltd. (hereinafter referred to as "Dongguan Guixiang"), and intends to raise matching funds. The company's stock will be suspended from trading starting November 19, 2025.

The company expects to disclose the transaction plan within no more than 10 trading days. If the disclosure is not made on time, the company's securities will resume trading on December 3, 2025, and the planning of related matters will be terminated.

Aike Shares plans to acquire Dongguan Guixiang

The two main parties in this acquisition form a powerful combination of a "lighting veteran" and a "new energy top student."

According to official website data, Dongguan Guixiang was established in 2008 with a registered capital of 30.2098 million yuan. The company is dedicated to one-stop solutions for thermal management of new energy power batteries and energy storage batteries, including: heating, insulation, heat dissipation, cell connection systems, battery temperature and voltage signal data acquisition (CCS, FPC), and other full-scenario operational closed loops. It is widely used in various domestic and international new energy vehicles, special vehicles, locomotive power batteries, energy storage systems, the three-electric systems, ships, and data centers.

It is worth mentioning that Dongguan Guixiang has reached strategic cooperation with most leading battery manufacturers, vehicle manufacturers, and energy storage manufacturers both domestically and internationally.

Aike Shares was established in 2009 as a high-tech enterprise integrating R&D, production, sales, and service of outdoor smart lighting and cloud control systems. With ten years of focus on LED point light sources and intelligent control, Aike Shares listed on the ChiNext board in September 2020. After years of development, the company has accumulated rich project experience in intelligent control systems, smart landscape lighting, and smart road lighting.

This is not the first cross-industry move by Aike Shares. Since launching its strategic upgrade for the new energy vehicle industry in 2021, this lighting company has quietly布局 the new energy supply chain through dual-track drive of "capital + technology". From battery safety materials to automotive structural components, and now to the field of battery thermal management, Aike Shares' transformation path has become increasingly clear.

(some of the company's products)

据悉，在2022年完成对新能源电池安全材料头部企业佛山永创翔亿电子有限公司的战略收购后，又于2025年4月成功实现对无锡曙光的并表整合，进一步强化了公司在新能源汽车配套领域的全产业链优势——无锡曙光作为专业从事汽车白车身结构件、新能源汽车电机定转子及整椅骨架研发制造的核心供应商，其技术积累与永创翔亿的电池安全材料、公司自主开发的智能充电技术形成强协同效应，共同构建起覆盖"车身轻量化-电机核心部件-电池安全系统-智能充电网络"的完整技术生态链。

The acquisition of Dongguan Guixiang is precisely to fill this critical link in battery thermal management, completing the layout of the entire new energy industry chain. This strategic shift is both a response to the slowdown in traditional business growth and an active positioning for the future market.

爱克股份表示，在巩固智能照明主业全球领先地位的同时，将全力打造具有国际竞争力的新能源汽车配套产业集团，致力于成为引领行业技术变革的智慧能源综合解决方案提供商。

业绩方面，该公司2024年实现营收9.03亿元，同比减少15.37%；归属于上市公司股东的净利润为-1.07亿元，同比下滑413.09%，出现上市后首次年度亏损。今年前三季度，公司实现营收8.22亿元，同比增长29.56%；归属于上市公司股东的净亏损为3108.34万元。

(Screenshot from Aike Shares' 2025 Semi-Annual Report)

Aike Shares stated that the transaction is still in the planning stage, and the company is currently in contact with the shareholders of the target company.

The preliminarily determined counterparty to the transaction is Yan Ruohong, the largest shareholder of the target company , who directly holds 31.34% of the equity of the target company. The company has signed an "Letter of Intent for Equity Acquisition" with Yan Ruohong, the major shareholder of Dongguan Guoxiang, agreeing to acquire the controlling interest in the target company through the issuance of shares and cash payment.

New energy sector becomes a hot area for lighting companies' diversification

The lighting industry is currently undergoing unprecedented structural adjustments, while on the other hand, the new energy sector is entering a golden period of growth. In the field of automotive battery thermal management alone, the global market size reached 8.89 billion yuan in 2024 and is expected to soar to 38.97 billion yuan by 2031, with a compound annual growth rate of up to 23.7%. Faced with the stark contrast between the "lighting winter" and the "new energy warm sun," diversification has become an inevitable choice for leading enterprises seeking a second growth curve.

Aike's cross-industry move is not an isolated case. More and more lighting companies are stepping out of the comfort zone of "Lighting" and entering high-value-added tracks, forming a wave of diversified transformation. Among these, the new energy track is undoubtedly a hot field.

如同样是“照明老兵”的晨丰科技也看中了新能源赛道，其不仅豪掷9000万元进军算力，同时通过收购多家公司股权，布局增量配电网运营、风力发电和光伏发电，成功构建"LED照明结构件+新能源产业"双主业模式，预计新能源业务2026年营收将超照明主业。

头部照明企业——阳光照明2024年初成立浙江阳光绿色氢能科技有限公司，吹响进军新能源赛道的“号角”。对此，阳光照明表示，将继续巩固和扩大在LED照明领域的业务，确保公司的稳定增长，并积极探索氢能源领域的投资与研发机会，以实现长远发展和风险分散。

Industry insiders indicate that if the acquisition of Dongguan Guixiang is successful, Aike will transform into a concept stock related to power batteries, potentially gaining higher market valuation. However, whether the cross-industry path from lighting to new energy can succeed still needs to be tested by time and the market.

In recent years, the new energy track has been like a crowded highway, with cross-industry players from various sectors flocking in. Photovoltaics, wind power, energy storage, and hydrogen energy are all capital-intensive industries; the more sectors one enters, the higher the requirements for capital operation, project management, and technical judgment become. Moreover, with rapid technological iteration and an unsettled market landscape, latecomers seeking a share of the pie need not only capital investment but also continuous deep cultivation in technology, talent, and markets. For LED lighting companies, finding a suitable development path in the new energy field will be key to standing out in the new energy track.