Mid-Year 2025 Report: Overseas Revenue Rises for LED Display Makers; Chipmakers Post Dual Growth

Posted by

Tingting Zhao

09/22/2025

On 09/22/2025

Staff Reporter: Wang Xiaolei

Recently, publicly listed LED display companies have released their 2025 first-half financial reports, showing markedly divergent performance across the value chain. LED chip makers stood out, with most companies in the segment recording growth in both revenue and profit; LED display manufacturers continued to post strong gains in overseas markets, with momentum likewise notable in frontier niches such as LED cinema screens and Mini/Micro LED. By contrast, LED packaging firms and driver-IC vendors came under earnings pressure; equipment makers exhibited a polarized pattern, with some delivering steady growth while others, affected by market conditions, fell short of expectations. In the display-control segment, overall profitability declined. Other companies increased their influence within the LED display field. As for the core drivers behind these fluctuations, mounting global economic headwinds and an increasingly complex and volatile trade environment—combined with intensifying price competition in LED display products and a temporary contraction in end-market demand—together constituted the main external factors behind the declines at certain companies.

LED Displays: Overseas growth stands out, with impressive performance in emerging markets

Unilumin Technology: Revenue and profit doubled; overseas performance steadily reached RMB 2.176 billion.

On the evening of August 18, Unilumin Technology (300232.SZ) released its 2025 interim report. During the reporting period, the company recorded operating revenue of RMB 3.658 billion, up 7.38% year over year; net profit attributable to shareholders was RMB 121 million, up 20.61% year over year. Unilumin stated that the growth was driven by coordinated efforts across domestic and overseas markets. On the domestic front, benefiting from demand in cinema, education, stage performance, and cultural-tourism scenarios—as well as a shift in the sales model toward distributors—domestic revenue reached RMB 1.481 billion, a strong 19.96% increase year over year; overseas operations advanced steadily, underpinned by global smart-city construction and the expansion of the worldwide touring market, with overseas revenue of RMB 2.176 billion, up 0.22% year over year, further consolidating its global market share.

Leyard: Overseas revenue rose 19% YoY; newly signed Micro LED orders exceeded RMB 600 million.

During the reporting period, Leyard recorded operating revenue of RMB 3.51 billion; net profit attributable to shareholders of the parent of RMB 172 million, up 34% year over year; net operating cash flow of RMB 420 million, up 103.91% YoY; and a net profit margin of 4.89%, an improvement of 1.36 percentage points from the same period last year.

During the reporting period, the Company’s newly signed Micro LED orders exceeded RMB 600 million, up more than 40% year over year. Leyard’s intelligent display business showed a divergence between domestic and overseas revenue: domestic revenue declined 18.78% YoY, while overseas revenue increased 19% YoY. However, in the second quarter, both domestic and overseas revenue grew quarter over quarter, with domestic display revenue up 26.03% QoQ due to accelerated project execution.

Absen: Overseas revenue reached RMB 1.377 billion; LED display exports remain among industry leaders.

During the reporting period, Absen achieved total operating revenue of RMB 1.819 billion, up 1.15% YoY, maintaining an overall steady, positive trend. Gross margin was 31.22%, an increase of 4.09 percentage points from the same period last year. Net profit attributable to shareholders of the listed company was RMB 116 million, up 30.84% YoY; net profit attributable to shareholders excluding non-recurring items was RMB 107 million, a sharp increase of 90.64% YoY.

During the reporting period, the domestic business continued to optimize its customer mix and product portfolio: project quality improved steadily, driving higher average selling prices and a significant improvement in gross margin. Domestic operating revenue was RMB 442 million, up 10.40% YoY against the market trend. The domestic LED display market has already reached a relatively high penetration level. Overseas operating revenue was RMB 1.377 billion, a slight decrease of 1.51% YoY; however, export shipments of LED display products (by area) increased 15.23% YoY to 132,900 m², keeping the company among the industry leaders.

AOTO Electronics: RMB 204 million in newly signed overseas orders; contracts for 120 LED cinema screens.

AOTO Electronics’ 2025 semi-annual report shows that in the first half of the year the company achieved operating revenue of RMB 313 million, down 6.19% YoY; net profit attributable to shareholders was RMB 8.3226 million, up 251.82% YoY; and net profit attributable to shareholders excluding non-recurring items was RMB 9.5188 million, up 4,702.07% YoY.

Business Highlights: Surge in Newly Signed Orders and Deepening Strategic Deployment
In the first half, newly signed orders in advertising, digital content, and film/TV segments increased sharply. During the reporting period, AOTO Electronics’ total newly signed contracts reached RMB 413 million, up 18.22% year over year. Of this, newly signed overseas orders were RMB 204 million, up 31.03% YoY; newly signed domestic orders were RMB 209 million, up 7.97% YoY. The steady growth in orders—particularly the strong increase overseas—provides clear support for performance growth in the second half.

By segment, newly signed orders in film/TV amounted to approximately RMB 123 million, a YoY increase of 55.71%. During the reporting period, AOTO Electronics undertook 13 XR/VP (virtual production) studio projects. By the end of the reporting period, the company had cumulatively undertaken 105 XR/VP virtual studio projects worldwide. In film exhibition, as of July 31, AOTO Electronics had signed orders for 120 LED cinema screens, of which 58 had been delivered, with projects rolled out in more than 25 cities globally. During the reporting period, Chuangxiang Shuwei recorded approximately RMB 22.5 million in newly signed orders, up 32.03% YoY, and achieved operating revenue of RMB 10.338 million, up 30.35% YoY.

Ledman Optoelectronic: Actively advancing innovation in overseas supply-chain models.

In the first half of 2025, Ledman Optoelectronic recorded operating revenue of RMB 564 million, down 14.23% year over year; net profit attributable to shareholders was RMB 4.8592 million, a 35.89% YoY decline.

Ledman Optoelectronic is actively advancing innovation in its overseas supply-chain model. Leveraging four overseas subsidiaries—in the United States, the Netherlands, Japan, and Dubai—as strategic hubs, the company is implementing a regional stocking strategy for standardized best-selling products, focusing on core markets in North America, Europe, Japan–South Korea, and the Middle East. This approach substantially shortens lead times for standard products and builds a localized supply-chain system with differentiated competitive advantages. During the reporting period, the Maiyue Technology die-casting plant in Vietnam successfully completed its preparatory build-out and officially entered the capacity ramp-up phase.

LianTronics: First-half revenue was approximately RMB 242 million; overseas revenue accounted for more than half.

LianTronics (SZ:300269) announced in its semi-annual results report on the evening of August 21 that operating revenue for the first half of 2025 was approximately RMB 242 million, down 18.91% year over year; the company recorded a net loss attributable to shareholders of approximately RMB 2.17 million. For reference, operating revenue in the same period of 2024 was about RMB 298 million. Facing a complex external environment, the company has continued to prioritize R&D and product innovation, consolidating its leading position in small-pitch LED displays and actively expanding into emerging areas such as Mini/Micro LED and glasses-free 3D. During the reporting period, revenue from the LED display business was RMB 238 million, lower than the same period last year, primarily due to weak macro demand, delivery delays on certain projects, and intensified industry price competition. Despite short-term revenue pressure, the company has continued to strengthen product competitiveness and brand influence in high-end display solutions and key niche markets, advancing major projects in command-and-control, converged media, and smart sports to lay a solid foundation for steady medium- to long-term development. Total LED display sales reached 25,086.74 square meters, and first-half export revenue for LED displays was RMB 154 million—more than half of the LED display business revenue.

Yestech: Establishing overseas warehouses to mitigate foreign-trade risks; first-half revenue reached RMB 191 million.

Yestech recently released its 2025 semi-annual report. In the first half of 2025, the company achieved operating revenue of RMB 191 million, up 2.88% year over year; net profit attributable to shareholders was RMB 23.0654 million, down 5.75% YoY; and net profit attributable to shareholders excluding non-recurring items was RMB 20.5 million, down 13% YoY.

Yestech stated that intensified market competition has led to lower product prices and squeezed profit margins, requiring the company to seek new growth opportunities through expanding overseas markets and exploring emerging application areas. The company is pursuing breakthroughs by focusing on niche segments (such as transparent displays and custom-shaped displays) and upgrading services, including a localized after-sales network.

In addition, since Yestech’s products are primarily export-oriented, they are subject to complex international economic conditions. Trade policies in various countries may shift with changes in international political dynamics and domestic economic developments, potentially exposing the company to certain overseas operational risks. The company has formulated feasible market-development and product-marketing plans and deployed staff overseas to implement these initiatives during the reporting period. By establishing overseas warehouses and other measures to enable localized sales, Yestech had set up four overseas warehouses by the end of the reporting period. The company has also implemented a CRM system to strengthen customer relationship management. Furthermore, Yestech will continue to invest in R&D and innovate in new products and technologies to mitigate the impact of the economic environment.

LED Chips: Broad-Based Growth in Revenue and Profit

Sanan Optoelectronics: Growth in revenue, but profit slightly down

Sanan Optoelectronics achieved operating revenue of RMB 8.987 billion, an increase of 17.03% year over year, while net profit attributable to shareholders of the listed company was RMB 176 million, down 4.24% YoY.

During the reporting period, the company’s core LED epitaxial chip business revenue declined 3.97% year over year. However, gross margin increased by 6.68 percentage points, driven by a higher share of high-end products, along with yield improvements and efficiency gains from cost-reduction initiatives.

Mini LED products continued to gain share with major international customers, including models MM006, YH004, and YR003. For Micro LED chips, the company deepened cooperation with leading domestic and international consumer electronics and technology companies, targeting applications such as wearables, AR glasses, automotive displays, high-end televisions, and commercial displays.

In automotive LEDs, shipments to both domestic and overseas automakers and Tier-1 suppliers grew steadily, boosting market share in premium automotive lighting. In horticultural lighting, the company expanded partnerships with leading enterprises, achieving shipment growth year over year. Infrared and ultraviolet product market shares also continued to increase. Meanwhile, small- and medium-power LED laser products have already entered mass shipment.

HC SemiTek: Revenue and profit both up; revenue rose 33.93% YoY
On the evening of August 24, HC SemiTek (300323) released its 2025 semi-annual report. The company recorded operating revenue of RMB 2.532 billion, up 33.93% year over year; net profit attributable to shareholders was RMB –115 million (a loss).

During the reporting period, the company actively optimized its product mix across production lines and advanced its capacity-expansion plans, building out mass-production lines for cutting-edge technologies such as Micro LED. It coordinated optimization of the LED industry chain from substrates and PSS through epitaxy and chips, continuously expanding scale advantages. By the end of the reporting period, capacity had increased by more than 20% year over year, and the number of high-profitability products had grown by nearly one hundred. In core application areas, industrialization progressed in step with technology breakthroughs.

The Zhuhai Jinwan Micro LED wafer fabrication and packaging-and-testing base commenced operations in 2024 and reached mass production and delivery in March 2025, establishing 6-inch wafer and pixel-device production lines to provide customized products for customers. This marked the initial completion of the company’s Micro LED ecosystem layout.

Focus Lightings Reports Dual Growth in Revenue and Profit; Revenue Rose 19.51% Year over Year

On the evening of July 21, Focus Lightings released its semi-annual report ahead of peers: the company recorded operating revenue of RMB 1.594 billion, up 19.51% year over year, and net profit attributable to shareholders of RMB 117 million, up 3.43% YoY.

During the reporting period, Focus Lightings concentrated on high-end markets, with the share of Mini LED direct-view displays, automotive lighting, and backlighting continuing to rise. The product mix was further optimized, driving simultaneous growth in production and sales and improving net operating cash flow. In parallel, the company strengthened R&D and cost control to enhance product performance and reduce manufacturing costs, which significantly improved profitability and supported net profit growth.

Changelight: Revenue and profit both up; net profit reached RMB 69.2342 million, up 88.04% year over year

On August 22, Changelight (300102) disclosed its 2025 semi-annual report. In the first half of 2025, the company recorded total operating revenue of RMB 1.743 billion, an increase of 37.08% year over year; net profit attributable to shareholders was RMB 69.2342 million, up 88.04% YoY; and net profit excluding non-recurring items was RMB 29.4642 million, up 89.65% YoY.

During the reporting period, the company focused on its core LED business, expanded into multiple application fields, and advanced coordinated development across business units to drive steady, sustained growth in overall performance; in RGB displays, it strengthened collaboration with downstream customers and responded actively to market demand, with revenue from Mini RGB products up 57% year over year and traditional small-pitch RGB display products maintaining a market share above 30%; in backlighting, under the active guidance of the controlling shareholder, the company developed high-performance RGB Mini LED backlight chips, while its Mini-COB multi-oxide light-control technology and Mini RGB mixed-arrangement solution gained industry recognition, enabling successful expansion to domestic and overseas customers and a 402% YoY increase in revenue; in the automotive segment, shipments in HUD displays continued to scale up, driving a 104% YoY increase in revenue; in lighting, the company elevated product positioning by focusing on the R&D and promotion of high-efficacy product solutions, continuously improving gross margin; Micro MIP chips obtained mass-production certification from leading display manufacturers, and the company achieved significant technological progress in Micro COG chips for large-format and wearable displays, which are now undergoing qualification with international customers, while development capabilities for micro-display products such as AR are being actively built out.

Shenzhen MTC Co., Ltd.: LED business revenue up 8.67%

On August 23, 2025, Shenzhen MTC Co., Ltd. (002429.SZ) released its 2025 interim report. The company recorded total operating revenue of RMB 8.483 billion, a decrease of RMB 1.037 billion from the same period last year and down 10.89% year over year; net profit attributable to shareholders was RMB 661 million, a decrease of RMB 249 million and down 27.37% YoY; net operating cash inflow was RMB 973 million, an increase of RMB 1.545 billion from the same period last year.

Benefiting from technological innovation and supply-chain synergies, the LED segment’s contribution to Shenzhen MTC Co., Ltd.’s results has increased year by year; during the reporting period, the segment recorded operating revenue of RMB 2.808 billion, up 8.67% YoY, and net profit of RMB 403 million, with its share of total profit exceeding 60%. Shipments of Mini/Micro LED displays (by area) doubled year over year. Using a P1.25 pixel pitch as the reference, the company’s Mini/Micro LED display module capacity is 25,000 m² per month, with a market share of over 50%; within P1.5-and-above display products, market share has already exceeded 85%.

LED Driver IC: Profit Decline

Fine Made Microelectronics: Revenue up 26.42%, but a net loss of RMB 35.7675 million.

Fine Made (300671.SZ) released its 2025 semi-annual report. The company achieved operating revenue of RMB 383 million, up 26.42% year over year; net loss attributable to shareholders of the listed company was RMB 35.7675 million, narrowing by 2,520% year over year; net loss attributable to shareholders excluding non-recurring items was RMB 49.7473 million, narrowing by 13.10% year over year; basic loss per share was RMB 0.16.

Sunmoon: Revenue and profit both declined; net loss of RMB 35.3559 million.

Sunmoon (688699) disclosed its 2025 semi-annual report on August 20. In the first half of 2025, the company recorded total operating revenue of RMB 286 million, down 1.64% year over year; net profit attributable to shareholders was a loss of RMB 35.3559 million, versus a profit of RMB 6.8431 million in the same period last year; net profit attributable to shareholders excluding non-recurring items was a loss of RMB 42.9538 million, versus a loss of RMB 8.8337 million in the same period last year; net cash flow from operating activities was RMB 64.341 million, compared with RMB –56.3956 million in the same period last year; during the reporting period, basic earnings per share were RMB –0.33, and weighted-average return on equity was –2.90%.

Silan: LED operating revenue was RMB 346 million, down about 17% year over year.

Silan (600460) disclosed its 2025 semi-annual report on August 23. In the first half of 2025, the company achieved total operating revenue of RMB 6.336 billion, up 20.14% year over year; net profit attributable to shareholders was RMB 265 million, reversing a loss from the same period last year; and net profit attributable to shareholders excluding non-recurring items was RMB 269 million, up 113.12% year over year.

In the first half of 2025, operating revenue from LED products was RMB 346 million, down about 17% year over year. During the same period, its subsidiary Xiamen Silan completed the integration of LED chip production line resources, raising capacity utilization to 90%. Cumulative chip shipments increased 46% year over year, and with higher volumes in horticultural lighting, security surveillance, and Mini display chips, the product mix was further optimized. Looking ahead to the second half, Xiamen Silan Advanced Compound Semiconductor Co., Ltd. plans to further strengthen cost control, improve input–output efficiency, and strive to reduce operating losses.

LED Packaging: Broad-based revenue growth without profit growth

MLS: Both revenue and profit declined; revenue down 3.21%

In the first half, MLS recorded operating revenue of RMB 7.919 billion, down 3.21% year over year; net profit attributable to shareholders was RMB 154 million; basic earnings per share were RMB 0.10; and gross margin remained at 28.16%.

In terms of business structure, MLS continues to focus on its two core segments: branded lighting and LED intelligent manufacturing. Through a global brand matrix centered on “LEDVANCE” and “SYLVANIA,” the company’s channel advantages in overseas markets have been steadily reinforced. In the domestic market, the company has responded to strategies such as rural revitalization and urban renewal by increasing investment in lower-tier markets, with the results of its omnichannel online–offline operating model gradually emerging. Technology R&D and product innovation remain key areas of investment for the company.

NationStar Optoelectronics: Revenue and profit both declined; revenue down 9.30%

In the first half of 2025, amid multiple challenges—including divergent global economic recovery momentum, rising trade protectionism, intensified industry competition, and higher raw-material prices—NationStar Optoelectronics achieved operating revenue of RMB 1.681 billion and net profit attributable to shareholders of RMB 24.5723 million. During the reporting period, the company expanded its RGB business into the Micro LED display panel field, opening a new growth path; advanced steadily in the market development of ultra-high-definition Micro display devices, with volumes gradually ramping up; continued to enrich its outdoor high-definition display product line to empower new display application scenarios; and sustained momentum in its pixel-addressable creative display business, accelerating its layout in emerging industry tracks.

The company introduced a refinancing plan, with the funds to be mainly invested in production lines for Mini/Micro LED and display modules, optoelectronic sensing and smart health, smart home displays and Mini backlight modules, and intelligent in-vehicle devices and applications. In terms of capacity expansion, it is promoting systematic, large-scale increases centered on technical transformation projects. The MIP display panel expansion project is progressing in an orderly manner; upon completion, capacity for indicator LEDs and optocouplers will double; and the Mini backlight and COB module production lines have been officially commissioned. On the product side, wide-color-gamut cinema LED products have been launched and delivered in batches; self-developed stage rental LED devices have been adopted on world-class stages; and an integrated packaging solution combining MIP + module + GOB has been rolled out to drive growth in the micro-pitch display segment.

Refond Optoelectronics: Revenue and profit both increased; profit up 32.45% year over year

Refond Optoelectronics (300241) disclosed its 2025 semi-annual report on August 27. In the first half of 2025, the company achieved total operating revenue of RMB 842 million, up 19.06% year over year; net profit attributable to shareholders was RMB 30.9028 million, up 32.45% year over year.

During the reporting period, Refond Optoelectronics’ LED products achieved sales revenue of RMB 732 million, an increase of 16.30% from the previous reporting period and accounting for 89.21% of main business revenue; the gross margin of LED products in the current reporting period was 23.85%, down 1.23 percentage points from the previous period. By segment, sales of Refond’s Mini backlight products rose 43% from the previous reporting period, with a significant improvement in gross margin, mainly benefiting from progressively optimized supply and sales, alongside continuous improvements in technology and cost. Mini LED has been widely adopted in televisions, notebook computers, esports, and in-vehicle displays, with the overall market showing strong growth momentum. During the reporting period, sales revenue from automotive LEDs and in-vehicle backlights increased 86% from the previous reporting period; while maintaining existing customers, the company actively expanded new customers and made certain progress.

Jufei Optoelectronics: Revenue up 18.90%, profit down 15.93%

Jufei Optoelectronics (300303) disclosed its 2025 semi-annual report on August 23. In the first half of 2025, the company achieved total operating revenue of RMB 1.657 billion, up 18.90% year over year; net profit attributable to shareholders was RMB 124 million, down 15.93% YoY; and net profit attributable to shareholders excluding non-recurring items was RMB 85.1967 million, down 6.34% YoY.

In the second quarter, the company recorded operating revenue of RMB 878 million, up 17.0% year over year; net profit attributable to shareholders was RMB 53.5 million, down 28.4% YoY; net profit attributable to shareholders excluding non-recurring items was RMB 33.47 million, down 24.5% YoY; EPS was RMB 0.038. Driven by market demand, the company’s product sales revenue increased, particularly in Mini LED backlighting and automotive LED products, where demand continued to rise. In terms of industry structure and trends, as smart hardware develops, the application scope of display terminals continues to expand, boosting demand for the company’s products. Especially in the TV market, benefiting from the “trade-in” policy and e-commerce promotional activities, TV shipments grew significantly, and the adoption of Mini LED technology has steadily increased, becoming a market mainstream.

Hongli Zhihui: Revenue up 6.45%, profit down 80.44%

Hongli Zhihui (300219.82) released its 2025 semi-annual report: the company achieved operating revenue of RMB 2.024 billion, up 6.45% year over year. Net profit attributable to shareholders of the listed company was RMB 15.5673 million, down 80.44% YoY.

In the first half of 2025, against the backdrop of intensifying global economic downward pressure and a complex, rapidly changing international trade environment, the LED industry faced severe challenges such as weak demand, rising costs, and compressed profitability. In response, the company remained firmly focused on its “one core, two wings” industrial development strategy, taking semiconductor packaging as the foundation and continuously strengthening its technology R&D and capacity advantages; at the same time, it placed emphasis on cultivating strategic business segments in automotive lighting and electronics as well as Mini/Micro LED new-display technologies, using technological innovation to drive product upgrades and accelerating the pace of market expansion.

Dongshan Precision: Revenue and profit both increased; profit up 35.21%

On August 26, Dongshan Precision released its 2025 semi-annual report. During the reporting period, the company achieved operating revenue of RMB 16.955 billion, up 1.96% year over year; net profit attributable to shareholders was RMB 758 million, up 35.21% YoY; net profit attributable to shareholders excluding non-recurring items was RMB 657 million, up 27.28% YoY; and basic earnings per share were RMB 0.45. Revenue from LED display devices was approximately RMB 286 million. Looking ahead, the company will promote significant loss reduction and sustainable development in the LED business through three strategies: structural optimization, product innovation, and cost control.

Control Systems: Profit Decline

Novastar: Net profit was RMB 294 million, down 9.33%

Novastar (301589) disclosed its 2025 semi-annual report on August 22. In the first half of 2025, the company achieved operating revenue of RMB 1.533 billion, down 1.93% year over year; net profit attributable to shareholders was RMB 294 million, down 9.33% YoY; and net profit attributable to shareholders excluding non-recurring items was RMB 286 million, down 8.60% YoY.

During the reporting period, affected by the external macro environment, the domestic market faced challenges, but the overseas market maintained strong growth momentum. In addition, the MLED industry grew rapidly; having laid out relevant technologies in the MLED field in advance and launched core inspection equipment and integrated circuits, the company saw rapid growth in its MLED-related revenue. Furthermore, in downstream application scenarios, the company actively explored high value-added areas such as virtual production and high-end rental, and stepped up technology R&D and market expansion, contributing higher gross margins to the company.

Colorlight: Profit down 36.93% year over year

Colorlight (301391) disclosed its 2025 semi-annual report on August 15. In the first half of 2025, the company achieved operating revenue of RMB 273 million, up 4.20% year over year; net profit attributable to shareholders was RMB 8.0834 million, down 36.93% YoY; and net profit attributable to shareholders excluding non-recurring items was a loss of RMB 12.5361 million, compared with a loss of RMB 15.613 million in the same period last year. In the second quarter, the company recorded operating revenue of RMB 167 million, up 40.5% YoY; net profit attributable to shareholders turned from a loss of RMB 6.07 million in the same period last year to a profit of RMB 4.93 million; and net profit attributable to shareholders excluding non-recurring items narrowed from a loss of RMB 21.09 million in the same period last year to a loss of RMB 9.44 million. EPS was RMB 0.0519.

In its 2025 semi-annual report, the company stated that there were no major changes in business operations during the reporting period and that core operations remained stable; the Management Discussion and Analysis noted that the Mini LED market grew rapidly in the first half of 2025, boosting the performance of upstream display chip companies, while the company continued to deepen its full-chain display control business and actively expanded its footprint by establishing subsidiaries in Korea and Hangzhou to meet evolving market demand; in core product supply, sales revenue from video processing equipment and display control systems both increased year over year, steadily raising overall market share, and the company’s newly launched AI-based display control products and high-dynamic-range (HDR) video processing devices quickly gained customer recognition and captured market share; overall, the company exhibited a healthy growth trajectory.

LED Equipment: Winners and Losers

AMEC (Advanced Micro-Fabrication Equipment Inc.): Revenue RMB 4.961 billion, up about 43.88%

AMEC released its 2025 semi-annual report. In the first half of the year, the company achieved operating revenue of RMB 4.961 billion, representing a year-over-year increase of 43.88%; net profit attributable to shareholders was RMB 706 million, up 36.62% YoY. This result extends AMEC’s strong growth trajectory, as the company has maintained an average annual revenue growth rate of over 35% for the past 14 years.

Its MOCVD equipment continues to lead in the GaN-based LED market and is gradually expanding into emerging fields such as silicon carbide, GaN power devices, and Micro LED; this year, the company shipped its first MOCVD system dedicated to red-yellow LEDs to a leading domestic customer for production validation.

Han’s Laser: Operating revenue was RMB 7.613 billion, up 19.79% year over year

On the evening of August 25, Han’s Laser (002008.SZ) released its 2025 semi-annual report. Data show that in the first half of the year the company achieved operating revenue of RMB 7.613 billion, up 19.79% YoY; net profit attributable to shareholders was RMB 488 million, down 60.15% YoY.

Xinyichang: Net profit was RMB 2.6157 million; R&D investment accounted for 11.17%

On August 17, Shenzhen Xinyichang Technology Co., Ltd. (“Xinyichang” or the “Company”) released its 2025 semi-annual report. The financials show that during the reporting period the Company achieved operating revenue of RMB 401.6851 million, down 28.30% from the same period last year; net profit attributable to owners of the listed company was RMB 2.6157 million, down 96.05% year over year; and net profit attributable to owners of the listed company excluding non-recurring items was RMB 2.4588 million, down 96.02% year over year.

The decrease in revenue was mainly due to fewer intelligent equipment orders, as downstream customers adjusted their international business layouts and investment appetite for equipment under the influence of global trade policies. During the reporting period, the company continued to increase R&D investment in intelligent manufacturing equipment for the semiconductor and new-display packaging fields, with total R&D expenditure of RMB 44.8836 million, accounting for 11.17% of operating revenue for the period—an increase of 3.37 percentage points from the same period last year. Xinyichang noted that the global economy remains in a cyclical fluctuation without signs of a broad recovery and still faces downside risks; a global slowdown may adversely affect the aforementioned industries and, in turn, the company’s performance. The rapid growth of the intelligent manufacturing equipment market and the expectation of import substitution in China are attracting both major foreign players and capable domestic equipment manufacturers, intensifying industry competition.

GKG: Net profit was RMB 67.142 million, up 144.18% year over year

GKG (301338) disclosed its 2025 semi-annual report on August 23. In the first half of 2025, the company achieved total operating revenue of RMB 454 million, up 26.22% YoY; net profit attributable to shareholders was RMB 67.142 million, up 144.18% YoY; and net profit attributable to shareholders excluding non-recurring items was RMB 63.1731 million, up 163.55% YoY.

NAURA: Revenue was RMB 16.142 billion, up 29.51% year over year

On August 28, NAURA (362.670) released its 2025 interim report: in the first half, the company recorded operating revenue of RMB 16.142 billion, up 29.51% YoY; net profit attributable to shareholders was RMB 3.208 billion, up 14.97% YoY; net profit attributable to shareholders excluding non-recurring items was RMB 3.181 billion, up 20.17% YoY; and basic earnings per share were RMB 4.45.

Other Companies: LED business share continues to increase

Shiyuan: Overseas business grew nearly 60%

On the evening of August 26, Shiyuan (002841) released its 2025 half-year report. During the reporting period, the company recorded revenue of RMB 10.565 billion and net profit attributable to shareholders of RMB 398 million. Facing a complex global economic environment, Shiyuan remained driven by technological innovation, deepened its presence in both domestic and overseas markets, and demonstrated strong counter-cyclical resilience in its overall operations.

In 1H 2025, Shiyuan’s education segment delivered standout results: domestic education revenue reached RMB 1.727 billion, up 13.79% year over year. Its education-AI rollout is accelerating with tangible impact—by end-June 2025, the Seewo Classroom Intelligent Feedback System had established 19 key application demonstration zones nationwide, covering 3,000+ schools and 7,000 classrooms and generating 360,000+ classroom feedback reports; active users of Seewo AI Lesson Prep exceeded 600,000, meaningfully easing teachers’ workload and improving efficiency. With continued policy implementation and ongoing innovation and upgrades to Seewo AI products, the education business is poised for a new round of growth. On internationalization, the company has set up multiple overseas subsidiaries and built local teams in 22 countries and regions across Southeast Asia, the Middle East, and Europe, providing strong support for product globalization and brand penetration. In 1H 2025, MAXHUB’s overseas own-brand business achieved breakthrough progress, with revenue rising nearly 60% YoY, underscoring the effectiveness of overseas channel development. In addition, products such as the XBoard V7 conference flat panel, BM45 omnidirectional microphone, and P30 camera obtained Microsoft Teams Rooms certification and fully integrated into the Microsoft ecosystem; some products also won international honors such as ISE “Best of Show,” further lifting brand influence. In 1H 2025, the company formally initiated a Hong Kong listing plan, accelerating its globalization strategy.

XINDECO: Revenue Down 35.10%; Net Loss of RMB 55.96 Million

On August 23, XINDECO (000701) released its 2025 interim report. In the first half of 2025, the company posted total revenue of RMB 16.324 billion, a year-over-year decrease of 35.10%. Net loss attributable to shareholders was RMB 55.96 million, compared with a loss of RMB 77.31 million in the same period last year. Excluding non-recurring items, the company reported a net loss of RMB 138 million, versus a loss of RMB 111 million a year earlier.

In the second quarter, XINDECO reported revenue of RMB 9.31 billion, a 24.0% year-over-year decline. Net profit attributable to shareholders narrowed to a loss of RMB 64.02 million from a loss of RMB 65.87 million in the prior-year quarter. Excluding non-recurring items, net profit attributable to shareholders widened to a loss of RMB 91.77 million from RMB 81.01 million a year earlier. EPS for the quarter was RMB -0.0947 per share.

BOE A: First-Half Net Profit Up 42.15% year over year

BOE A reported that first-half net profit rose 42.15% year over year. On August 28, BOE released its 2025 interim report showing revenue of RMB 101.278 billion, up 8.45% YoY; net profit attributable to shareholders of RMB 3.247 billion, up 42.15%; and net profit attributable to shareholders excluding non-recurring items of RMB 2.282 billion, up 41.45%. In 1H25, the display devices business generated approximately RMB 84.332 billion (83.27% of total), the IoT innovation business RMB 18.191 billion (17.96%), the MLED business RMB 4.347 billion (4.29%), and the sensors business RMB 0.224 billion (0.22%). By region, Mainland China accounted for 49.09% of sales, while other regions contributed 50.91%.

In the MLED business, BOE’s backlight device revenue rose 144% year over year and 80% quarter over quarter, with a focus on TVs, automotive displays, and esports, securing multiple brand design wins; in direct-view, the P0.6, 1,000-nit MPD ultra-slim double-sided poster display co-developed with BOE Huacan won the InfoComm USA 2025 “Best of Show Awards,” while BOE deepened cooperation with Shanghai Film Group on immersive experiences and smart display terminals and formed a joint venture to lead the film industry’s digital transformation, delivering landmark culture-tourism tech projects such as giant digital exhibition walls for history museums; overseas operations accelerated with channel build-out across multiple regions, expansion of the distribution network, and the establishment of a global service system; in automotive, sales of high-end in-vehicle and medium-to-large displays continued to grow rapidly, with notable breakthroughs in systems and overseas businesses; notably, BOE is advancing its “AI+” strategy, concentrating on AI+ manufacturing, AI+ products, and AI+ operations.

Hikvision reported net profit of RMB 5.657 billion, up 11.71% year over year

Recently, the company released its 2025 interim report showing operating revenue of RMB 41.818 billion, an increase of 1.48% from the prior-year period; net profit attributable to shareholders of RMB 5.657 billion, up 11.71%; and net cash flow from operating activities of RMB 5.343 billion, equal to 94% of net profit attributable to shareholders. As of midyear, total accounts receivable and notes receivable were RMB 37.257 billion, down RMB 3.376 billion from year-end and down RMB 0.432 billion from the end of the first quarter. The report notes that in the first half of 2025 the global economic recovery was uneven, with overseas trade frictions and geopolitical risks intertwined and external uncertainties remaining prominent; domestically, multiple policies to stabilize the economy were implemented and the economy showed some resilience but limited visibility, while enterprise and social digital transformation advanced amid volatility. In response to the complex and shifting environment, Hikvision remained steady and pragmatic, addressed uncertainties with a proactive yet prudent approach, kept profit at the core of operations with a focus on efficiency gains, continued organizational transformation and refined management, and worked toward high-quality, sustainable growth.

Dahua: Net Profit RMB 2.476 Billion, Up 36.80% YoY

On August 16, 2025, Dahua Technology (002236.SZ) released its 2025 interim results, reporting operating revenue of RMB 15.181 billion, an increase of RMB 315 million from the same period last year and a 2.12% year-over-year rise, marking the fifth consecutive year of growth; net profit attributable to shareholders was RMB 2.476 billion, up RMB 666 million year over year, a 36.80% increase; net cash inflow from operating activities was RMB 639 million, up RMB 1.146 billion from the prior-year period.

The second quarter was the standout. In Q2 2025, Dahua Technology recorded operating revenue of RMB 8.925 billion, up 2.76% year over year, and net profit attributable to shareholders of more than RMB 1.8 billion, representing roughly 46% growth. In its interim report, the company noted that the first half of 2025 was marked by ongoing geopolitical conflicts and a resurgence of trade protectionism that dampened the global recovery; meanwhile, China’s large market scale, abundant application scenarios, and comprehensive industrial depth underpinned robust development of the digital economy. With continued breakthroughs in large models and other key technologies, artificial intelligence is opening new avenues for productivity, accelerating the integration of science and technology with the real economy across industries and expanding the breadth and depth of the smart IoT sector. Amid these crosscurrents, the company’s operating results demonstrated resilience: although Dahua’s performance showed noticeable volatility due to the global market environment, overall profitability remained solid.

Highbroad reported first-half revenue of RMB 1.554 billion

On August 22, the company released its 2025 interim report showing revenue up 50.84% year over year to RMB 1.554 billion and a net loss attributable to shareholders of RMB 26.4494 million.

During the reporting period, Highbroad focused on developing and expanding the automotive backlight display module market, where its automotive backlight modules maintained solid growth. In response to rising performance requirements in the in-vehicle display market, Highbroad successfully designed and developed a range of automotive backlight products—including privacy (anti-peep), curved, ultra-thin, ultra-narrow-bezel, and irregular-shaped solutions—and has established collaborations with numerous Tier-1 suppliers and OEMs for its automotive Mini LED backlight products. The company is fully engaged in new project development, staying in close communication with major automakers and taking a deep role in solution architecture and design. In parallel, Highbroad is actively co-developing Mini LED backlight products with panel makers and end-device manufacturers for premium laptops, gaming monitors, VR, and other consumer electronics applications.

Longli Technology: Revenue of RMB 710 million; net profit attributable to shareholders of RMB 44.2914 million

On August 22, Longli Technology released its 2025 first-half results, reporting revenue of RMB 710 million and net profit attributable to shareholders of RMB 44.2914 million, down 11.57% year over year, primarily due to continued capacity expansion and increased professional staffing that raised short-term costs and operating pressure; the company continued to drive Mini LED technology into automotive and other applications, accelerating mass production of its in-vehicle business; benefiting from its early layout in LIPO technology and rising market demand, LIPO-based products are gradually ramping to volume, with project mass production advancing; in line with trends in new smart hardware, the company increased investment in precision structural components and is actively expanding into emerging smart devices and related precision component businesses.

Skyworth Digital: Net profit of RMB 53.5907 million in 1H 2025

On August 23, Skyworth Digital Co., Ltd. (SZSE: 000810) released its 2025 half-year report. In the first half of 2025, the company posted operating revenue of RMB 4.095 billion, down 8.04% year over year; net income attributable to shareholders was RMB 53.5907 million, a 70.53% decline YoY. Net income excluding non-recurring gains and losses was RMB 47.5409 million, down 69.51% YoY. Net cash flow from operating activities was negative RMB 198 million, compared with a positive RMB 330 million in the same period last year. During the reporting period, basic earnings per share were RMB 0.0469, and the weighted average return on equity was 0.84%.

TIANMA: Net profit of RMB 206 million in 1H 2025

On August 23, TIANMA Microelectronics Co., Ltd. (SZSE: 000050) released its 2025 half-year report. In the first half of 2025, the company recorded operating revenue of RMB 17.475 billion, up 9.93% year over year. Net income attributable to shareholders was RMB 206 million, marking a turnaround to profitability from a loss in the prior-year period. Excluding non-recurring gains and losses, the company posted a net loss of RMB 251 million, compared with a loss of RMB 1.038 billion a year earlier. Net cash flow from operating activities was RMB 3.968 billion, an increase of 48.44% YoY. During the reporting period, basic earnings per share were RMB 0.0838, and the weighted average return on equity was 0.75%.

During the reporting period, the company recorded total non-recurring gains and losses of RMB 457 million, including RMB 359 million in government subsidies recognized in current profit or loss, and RMB 89.2931 million from other items that meet the definition of non-recurring gains and losses.

Hisense Visual: Net profit of RMB 1.056 billion in 1H 2025, up 26.63%

In the first half of 2025, Hisense Visual advanced its large-screen, high-end, and smart-product strategy. Leveraging end-to-end digital upgrades across R&D, manufacturing, and marketing, together with globally integrated R&D–production–sales operations, the company continued to improve operating efficiency and steadily enhanced performance. During the reporting period, revenue reached RMB 27.231 billion, up 6.95% year over year; net profit attributable to shareholders was RMB 1.056 billion, up 26.63% YoY.

During the reporting period, Hisense Visual accelerated deployment across its three core display technologies: ULED, laser display, and Micro LED.
Building on its ULED platform, the company overcame key challenges in industrializing RGB Mini LED—specifically, chips and algorithms for synchronized brightness-and-color control—as well as high-efficacy, highly reliable LED emitters. This enabled LCDs to move from traditional single-color backlights to RGB tri-color backlights, and from brightness-only control to coordinated light-and-color control. The related technologies and products were unveiled in January and April 2025.

Leveraging a vertically integrated technology stack, the company is extending Micro LED into home scenarios. Its TVs adopt a dual-chip architecture (ASIC + AI), achieving pixel-level local dimming across 24.88 million pixels. The company also addressed the challenge of household-grade EMC certification, launching the industry’s first passive-matrix (PM)-driven Micro LED product certified to EMC Class B.

Hisense Visual further accelerated overseas integration of R&D, manufacturing, and sales alongside brand upgrades. By front-loading R&D in North America, Latin America, Europe, Southeast Asia, the Middle East, and Japan, it optimized manufacturing and supply chains and improved local operating efficiency. In parallel, the company partnered with global sporting events such as the FIFA Club World Cup and the NBA to run integrated marketing campaigns, focusing on strategic markets and premium channels to strengthen brand competitiveness.

Konka: Operating momentum improves; 1H 2025 net profit up 64.75% YoY

On August 28, Konka Group Co., Ltd. (“Shenzhen Konka A”) released its 2025 half-year report. First-half net profit increased 64.75% year over year. By segment, revenue from the TV business rose 6.09% YoY, while revenue from the semiconductor and memory-chip business grew 17.38% YoY.

During the reporting period, Konka Group stayed focused on its core businesses, continued to optimize resource allocation, and deepened its lean management model. By steadily advancing marketing reforms, improving manufacturing efficiency, promoting the “No. 1 Product” initiative, and activating under-utilized assets, the Group’s specialization capabilities strengthened, all major businesses achieved revenue growth, and overall operations showed steady improvement.

In 1H 2025, Konka Group’s overseas sales revenue increased 25.11% year over year, with a continued improvement in the performance of its export operations.

As a key growth engine, the semiconductor business—guided by technological innovation—advanced build-out of the industrial value chain around “optoelectronics + memory.” In the frontier Mini/Micro LED fields, Konka is constructing a full MLED industry chain anchored by two core technologies: chips and mass transfer.

Its subsidiary, Chongqing Konka Optoelectronics Technology Co., Ltd., has established an end-to-end MLED value chain spanning epitaxial chips, mass transfer, packaging, modules, and display systems. Its in-house direct laser transfer process has achieved a yield of 99.996% and a transfer speed of over 47 million chips per hour.

InfoVision: Net loss of RMB 121 million in 1H 2025

On the evening of August 26, InfoVision Optoelectronics (IVO) released its 2025 half-year report. In the first half of 2025, the company recorded operating revenue of RMB 1.289 billion, down 27.91% year over year; net loss attributable to shareholders was RMB 121 million, narrowing by 0.74% YoY. The company noted that the slow pace of global economic recovery has kept prices for small- and mid-size display products at low levels and increased volatility in end-market demand. Even so, loss contraction was achieved through cost-reduction and efficiency measures. In addition, IVO’s Vietnam production base has entered the trial-production phase, with mass-production ramp-up planned for the second half of the year.

InfoVision Optoelectronics (IVO) stated that, amid rising uncertainties such as the slow global economic recovery, prices for small- and mid-size display products remain low and end-market demand has become more volatile. Through cost-reduction and efficiency measures while maintaining R&D investment, the company’s loss narrowed versus the same period last year.

On a single-quarter basis, in Q2 2025 IVO recorded operating revenue of RMB 689 million, down 20.11% year over year; net loss attributable to shareholders was RMB 64 million, a 1.02% YoY decline (i.e., a slightly wider loss); and net loss excluding non-recurring items was RMB 61 million, up 8.81% YoY (a wider loss). By region during the reporting period, domestic revenue was RMB 747 million (61.64%), while overseas revenue was RMB 465 million (38.36%).

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