An overview of the latest performance of 6 LED companies including Jufei, Dahua, and Jingfeng Mingyuan

Recently, Jufei Optoelectronics, Dahua Technology, Jingfeng Mingyuan, Fuman Micro, Xinyuan Micro, Qizhong Technology and other companies have successively disclosed their 2025 annual reports and 2026 first quarter reports.

Jufei Optoelectronics

Jufei Optoelectronics released its 2025 annual report and 2026 first quarter report.

In 2025, the company will achieve total operating income of 3.449 billion yuan, a year-on-year increase of 12.97%; net profit attributable to the parent company is 305 million yuan, a year-on-year decrease of 10.20%.

During the reporting period, the company continued to strengthen its international large customer service capabilities, and its share of cooperation with leading high-end customers at home and abroad continued to increase. Through two-way efforts to deeply explore the value of existing customers and expand incremental markets, the global market share steadily increased. At the same time, the company promotes technological upgrading and accelerates the extension of products to emerging application areas, driving stable growth in operating income.

During the reporting period, the company's LED products achieved sales revenue of 3.131 billion yuan, a year-on-year increase of 12.70%, accounting for 90.78% of operating revenue, and the overall product yield rate reached 99.14%. The Mini backlight RGB high-end TV solution developed by the company for key customers has achieved mass production and delivery of multiple models to Hisense and Korean customers, and can rely on Huizhou and Wuhu Industrial Parks to flexibly adjust production capacity according to market demand.

Focusing on display systems, the company promotes the application of Mini & Micro LED ultra-high-definition display systems based on independently developed chip-scale packaging technology, processes and algorithms. Relevant products were selected as typical cases of the audio-visual system of the Ministry of Industry and Information Technology, entered the Shenzhen Longgang District Science and Technology Application Library, and have been implemented in Shenzhen Bay Area Eye, Longgang District Artificial Intelligence Agency and other projects.

In terms of automotive business, the company's automotive display business has established cooperative relationships with international Tier 1 suppliers such as Valeo, Marelli, Freya, and Aumovio to promote the layout of automotive Mini LED and HUD products. During the reporting period, the company focused on promoting Mini COB and HUD projects, and expanded application scenarios such as in-car entertainment screens, and cooperation with relevant customers continued to deepen.

In terms of optical communications, during the reporting period, the company's 10G, 25G, 100G, and 200G SR optical engine projects maintained stable mass production, 50G PON entered the trial production stage, and 400G and 800G optical module related projects continued to be shipped.

In the first quarter of 2026, Jufei Optoelectronics achieved total operating income of 745 million yuan, a year-on-year decrease of 4.44%; net profit attributable to the parent company was 51.1019 million yuan, a year-on-year decrease of 27.68%.

Dahua Co., Ltd.

Dahua Co., Ltd. released its 2025 annual report and 2026 first quarter report.

In 2025, the company will achieve operating income of 32.744 billion yuan, a year-on-year increase of 1.75%; net profit attributable to the parent company is 3.858 billion yuan, a year-on-year increase of 32.77%; net profit after non-attributable to the parent company is 2.730 billion yuan, a year-on-year increase of 16.28%.

During the reporting period, the company focused on providing security video surveillance products and solutions. The products are widely used in urban security, traffic monitoring, commercial surveillance and other fields.

In terms of products, in 2025, the company launched a new LED controller DSCON8000, smart decoder N70 and LED decoder. Through the deep integration of AI model, DSE encoding and decoding technology, image processing technology and LED control technology, it promotes the system to leap from passive display to active perception, realizes independent judgment of intelligent patrols and dynamically displays areas of interest on the screen, and improves user experience.

In terms of overseas markets, the company has launched customized innovative solutions such as charging pile fire monitoring and high-end LED displays in markets such as South Korea. It has also promoted the penetration of new business categories in various overseas segments through the global expansion of innovative business subsidiaries such as Hua Rui, Hua Gan, and Hua Ruijie.

In the first quarter of this year, the company achieved operating income of 6.902 billion yuan, a year-on-year increase of 10.33%; net profit after deducting non-attributed profits to the parent company was 589 million yuan, a year-on-year increase of 16.93%; gross profit margin was 43.77%, a year-on-year increase of 3.64 percentage points.

Jingfeng Mingyuan

Jingfeng Mingyuan announced its 2025 annual report and 2026 first quarter report.

In 2025, the company will achieve operating income of 1.570 billion yuan, a year-on-year increase of 4.40%; the net profit attributable to shareholders of the listed company will be 35.603 million yuan, turning losses into profits.

During the reporting period, benefiting from continued R&D investment and product structure optimization, high-performance computing power chip revenue increased by 122.26% year-on-year, accounting for an increase of 3.24 percentage points; motor control driver chip revenue increased by 25.95% year-on-year, accounting for an increase of 4.36 percentage points. At the same time, the company promotes process and packaging technology iterations to achieve cost optimization, driving both revenue and gross profit to increase.

The LED lighting driver chip business achieved revenue of 778 million yuan, a year-on-year decrease of 10.45%, mainly affected by intensified competition in the general LED market and declining sales and prices.

The company continues to expand the smart LED lighting market, maintains its advantages in the fields of thyristor dimming and high-performance lamp power supplies, and promotes the growth of 0-10V dimming high-power products and DALI dimming business in North America. The sixth-generation high-voltage BCD-700V process platform and EHSOP12 packaging are gradually mass-produced, and the gross profit margin has been increased by 2.43 percentage points through supply chain integration.

In addition, the company has completed the upgrade of the high-voltage BCD-700V process platform, and the new generation process has been put into mass production, which can cover LED drivers, AC/DC power supplies and some motor driver chips, further consolidating its technological advantages.

In the first quarter of 2026, the company achieved operating income of 609 million yuan, a year-on-year increase of 86.35%; net profit attributable to the parent company was 36.7593 million yuan, turning losses into profits.

The announcement pointed out that the performance growth was mainly due to the completion of the acquisition of 100% equity of Sichuan Yichong Technology Co., Ltd. and the inclusion of its March financial data into the scope of consolidation, which led to an increase in revenue and profit scale.

FumanWei

FumanWei released its 2025 annual report. During the reporting period, the company achieved operating income of 852 million yuan, a year-on-year increase of 25.05%; the net profit attributable to shareholders of the listed company was -183 million yuan.

During the reporting period, the company's integrated circuit business contributed 851 million yuan in revenue, accounting for 99.89% of the total revenue; LED lights, LED control and driver chips revenue was 287 million yuan, a year-on-year increase of 66.64%; MOSFET chip revenue was 120 million yuan, a year-on-year increase of 72.47%; other chip revenue was 134 million yuan, a year-on-year increase of 34.29%.

As of the end of 2025, the company has obtained a total of 239 patent authorizations (including 92 invention patents), 446 integrated circuit layout design registrations, and 58 software copyrights. During the reporting period, the company focused on promoting research and development projects such as three-channel low-voltage LED light string driver chips, 600V high-voltage motor half-bridge driver chips, and Buck-Boost charging chips, and continued to improve its product layout.

Xinyuan Micro

Xinyuan Micro released its 2025 annual report. During the reporting period, the company achieved operating income of 1.948 billion yuan, a year-on-year increase of 11.11%; the net profit attributable to shareholders of the listed company was 71.7051 million yuan, a year-on-year decrease of 64.64%.

The decline in performance was mainly due to: first, the company's expansion brought about an increase in personnel, and salary and other expenses increased significantly; second, the government subsidies included in other income decreased; third, the prices of some products were under pressure, resulting in an increase in inventory impairment provisions.

In terms of products, the company's compound and other small-size equipment is mainly used in 4-8-inch wafer processes. The products include wet-process equipment such as glue developers, cleaning machines, and glue removers, which can be widely used in radio frequency devices, power devices, optical communications, MEMS, and LED process production links.

The company currently has two production bases in Feiyun Road and Caiyun Road in Shenyang, which are mainly engaged in the research and development and industrialization of back-end advanced packaging, front-end coating and development, front-end physical cleaning and other products. It has a Feidu Road production base in Lingang, Shanghai, which is mainly engaged in the development and industrialization of strategic new front-end chemical cleaning machines.

Qizhong Technology

Qizhong Technology released its 2025 annual report and 2026 first quarter report.

In 2025, the company will achieve operating income of 2.190 billion yuan, a year-on-year increase of 11.78%; net profit attributable to the parent company will be 266 million yuan, a year-on-year decrease of 15.16%.

The growth in operating income mainly comes from the continuous increase in the display driver chip packaging and testing business. The revenue of this segment reached 2.008 billion yuan, accounting for 91.66% of the total revenue; the revenue of the diversified driver chip packaging and testing business was 152 million yuan, accounting for 6.93%. The two together contributed 98.59% of the operating income, and the concentration of core products further increased.

In the report, the domestic market achieved revenue of 1.530 billion yuan, accounting for 70.0%, and the overseas market achieved revenue of 629 million yuan, accounting for 28.7%. The proportion of overseas revenue has shrunk compared with previous years, and the dominant position in the domestic market continues to strengthen.

Qizhong Technology achieved operating income of 420 million yuan in the first quarter of 2026, a year-on-year decrease of 11.37%; the net profit attributable to shareholders of listed companies was -293 million yuan.

The company stated that the loss in the first quarter was mainly due to a fire accident in the bumping process section of its wholly-owned subsidiary Qizhong Technology (Suzhou) Co., Ltd., which resulted in increased asset losses.