Profit Growth Soars by 204%! Huacan, Changelight, and Other Companies Release 2024 Financial Reports

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On 04/22/2025

By: Wang Xiaolei

Recently, Huacan, Changelight, Skyworth Digital, BOE Varitronix Limited, and Goertek released their 2024 financial reports.

Table of Contents

HC Semitek Corporation (BOE): 2024 Revenue Reaches RMB 4.13 Billion, Up 42.11% YoY

In 2024, BOE HC Semitek Corporation achieved a revenue of RMB 4.126 billion (approx. USD 570 million), representing a year-over-year increase of 42.11%. The net loss attributable to shareholders was RMB 611 million, narrowing the deficit by RMB 235 million compared to the previous year.

The company made significant breakthroughs across multiple sectors. Through strategic optimization of the LED industry chain—from substrate wafers and patterned sapphire substrates (PSS) to epitaxial wafers and chips—HC Semitek advanced production expansion efforts. It also achieved remarkable results in brightness enhancement, cost reduction, and labor efficiency improvements.

New business lines such as Micro LED, automotive LEDs, and Gallium Nitride (GaN) showed rapid growth. In the LED chip segment, sales volume reached 30.66 million units, a 43.26% increase year-over-year, while production volume hit 29.25 million units, up 48.96%. Substrate wafer sales reached 38.48 million units, increasing 26.69%, and production climbed to 39.53 million units, up 34.76%.

Notably, HC Semitek maintained a leading market share in Mini LED RGB products. Mini LED backlight products have seen growing adoption in high-end display projects, becoming a key driver of revenue growth.

Changelight Optoelectronics:Net Profit Reaches 96.08 Million Yuan, a 204% Year-on-Year Increase

On the evening of March 27, Changelight Optoelectronics released its 2024 annual report. During the reporting period, the company achieved a revenue of 2.433 billion yuan, a 1.91% year-on-year increase, and a net profit attributable to shareholders of 96.0845 million yuan, a 203.99% year-on-year increase.

During the reporting period, Changelight Optoelectronics focused on its LED main business, optimizing its product matrix and expanding customer channels, which effectively improved its market coverage. The company noted that the LED industry was experiencing a recovery, driven by both technological innovation and policy support, with market demand gradually picking up and the industry chain accelerating its shift towards high-end and application-specific upgrades. As the maturity of Mini/Micro LED technology improves and new display terminals penetrate the market, along with the rising demand from emerging fields such as new energy vehicles and intelligent cockpits, the industry is entering a new growth phase.

Benefiting from these factors, the company’s various business segments experienced rapid growth. In terms of business segments, the RGB display product upgrade strategy yielded significant results, with the Mini RGB business seeing a 267% revenue increase. The backlight business benefitted from national policy incentives, with market demand continuously growing, showing strong momentum with a 757% year-on-year revenue increase. MicroLED saw significant growth with a 178% year-on-year increase in revenue, while the high-efficiency lighting business, through structural upgrades and performance improvement, saw a 30% year-on-year increase in revenue. Changelight Optoelectronics continued to consolidate its position in GaAs solar cells, with sales volume rising substantially, maintaining its lead in the domestic market.

Looking forward to 2025, the company will continue to deepen its LED main business and expand its second growth curve by focusing on core business areas such as RGB display, lighting, backlight, MicroLED, automotive, and plant lighting, while continuously improving product quality and structure and extending application scenarios. Particularly in the backlight and MicroLED businesses, the company will strengthen strategic collaboration with controlling shareholders, expand domestic and international customers, and scale up sales. The company will focus on consolidating its leading position in China, enhancing its core product competitiveness, and expanding its domestic and international markets. Additionally, it will extend its vertical industry chain from epitaxy to chips, with application scenarios extending to commercial “space, air, and ground” full scenarios.

Skyworth Digital:Revenue for the Year Reaches 8.693 Billion Yuan, Net Profit Falls by Nearly 60%

On March 24, Skyworth Digital released its 2024 annual report. The company reported revenue of 8.693 billion yuan, a year-on-year decrease of 18.2%, and net profit attributable to shareholders of 251 million yuan, a decline of 58.34%. After excluding non-recurring gains and losses, net profit attributable to shareholders was 202 million yuan, a decrease of 63.85%. The basic earnings per share was 0.2197 yuan, down by 58.34% compared to the previous year.

Skyworth Digital noted that its business underwent significant changes in 2024, especially in the digital smart set-top box and smart terminal businesses. The smart terminal business experienced a 16.59% decline due to insufficient market demand and a decrease in product prices. On a positive note, the company’s smart set-top box business performed well, successfully winning several major projects in the procurement of the three major domestic telecom operators.

Public information shows that the company’s main businesses include the research, development, production, sales, and operation of digital smart terminals and front-end systems, small and medium-sized LCD module research, production, and sales, as well as processing services for mobile phones and other digital devices and hardware products.

Regarding performance, the company’s revenue from 2021 to 2023 was 10.847 billion yuan, 12.009 billion yuan, and 10.627 billion yuan, with year-on-year growth of 27.49%, 10.71%, and -11.5%, respectively. The net profit attributable to shareholders for these years was 422 million yuan, 823 million yuan, and 602 million yuan, with year-on-year growth of 9.93%, 95.13%, and -26.85%, respectively. During the same period, the company’s asset-liability ratio was 59.29%, 44.37%, and 44.36%.

BOE Varitronix Limited:Total Revenue Reaches HKD 13.439 Billion, a 25% Increase Year-on-Year

During the reporting period, BOE Varitronix Limited achieved revenue of HKD 13.439 billion, an increase of 25% from the previous year’s revenue of HKD 10.760 billion. The group’s EBITDA was HKD 686 million, a decrease of 11% from the previous year. The net profit attributable to shareholders was HKD 391 million, an 18% decline from the previous year.

By region, the company’s revenue from China increased by about 35%, accounting for 62% of the total revenue, primarily driven by the automotive display business. Revenue from Europe decreased by about 4%, accounting for 18% of total revenue. The Americas saw a 47% increase in revenue, and Japan’s revenue grew by about 50%, contributing 9% of the total revenue. South Korea’s revenue grew by 24%, contributing 3%.

The company’s revenue growth was driven mainly by sales of thin-film transistor (TFT) products, touch screen display modules, and automotive system products. This growth was fueled by the significant demand for new energy vehicles and achievements in customer service, quality excellence, and capacity enhancement.

The company’s system business has become a new growth point, focusing on smart display systems, advanced display systems, intelligent cockpit systems, and related products.

Goertek: Net Profit Reaches 2.665 Billion Yuan, Up 144.93%

During the reporting period, Goertek Inc. achieved operating revenue of RMB 100.95 billion, representing a year-on-year increase of 2.41%. Net profit attributable to shareholders of the listed company reached RMB 26.65 billion, marking a significant year-on-year growth of 144.93%. The company’s operating costs amounted to RMB 89.76 billion, up 0.01% from the previous year. Total expenses for sales, administrative, R&D, and finance reached RMB 7.77 billion, a slight decrease of 0.33% year-on-year. R&D investment totaled RMB 4.57 billion, accounting for 4.53% of operating revenue and 13.77% of the company’s most recently audited shareholders’ equity. Net cash flow from operating activities was a positive RMB 6.20 billion, representing a year-on-year decline of 23.94%.

During the reporting period, the company continued to uphold its product strategy of “precision components + smart hardware systems,” focusing on serving leading global clients in the technology and consumer electronics sectors. Goertek actively advanced the development of precision components including acoustics, optics, microelectronics, and structural parts, as well as emerging smart hardware products such as virtual reality (VR), mixed reality (MR), augmented reality (AR), AI-powered smart glasses, true wireless stereo (TWS) earbuds, wearable devices, and smart home products. At the same time, the company strengthened its expansion into the automotive electronics sector, particularly in areas such as MEMS sensors and AR HUD modules.

In the field of intelligent manufacturing, Goertek actively developed its GPS Goertek Production System, incorporating advanced AI technologies to enhance the intelligence and informatization of its manufacturing processes. The company is building a future-oriented intelligent manufacturing model with unique Goertek characteristics, continuously reinforcing its core competitiveness as a manufacturing enterprise.

Throughout the reporting period, terminal demand in the consumer electronics industry experienced a recovery, driven by new technologies such as artificial intelligence. With this rebound in demand, Goertek’s precision component business, smart acoustic systems, and smart hardware segments—including VR, MR, and wearable devices—all showed strong performance. The integration of AI technologies into smart hardware has led to product upgrades in areas like acoustic sensors, resulting in increased product value and profitability. Sales of VR and MR products saw significant year-on-year growth, while TWS earbuds and wearables maintained healthy development, with improvements in both revenue scale and profitability.

Although certain smart hardware projects with lower gross margins experienced a natural decline in revenue due to their position in the later stages of their product life cycles, which somewhat limited overall revenue growth, they had a positive effect on the company’s overall gross profit structure. Additionally, the company made notable progress in lean operations and profitability improvement initiatives. As a result, despite only modest growth in overall revenue, the company achieved a substantial increase in profitability compared to the previous reporting period.