Continuing losses! Two more well-known lighting companies released their 2025 annual reports

In 2025, the landscape lighting engineering industry has still not been able to get out of the downturn. Recently, ST Mingjiahui and Spacetime Technology have successively disclosed their annual reports. Both achieved revenue growth, but both net profits still suffered losses. Fortunately, the losses have narrowed. The lighting engineering field is still in the recovery stage, industry demand is shrinking, competition is intensifying, accounts receivable are difficult to collect, gross profit margins are declining and other problems have forced the two companies to find a way out and embark on different paths to break through.
ST Mingjiahui ST Mingjiahui disclosed its 2025 annual report. The company achieved operating income of 180 million yuan in 2025, a year-on-year increase of 53.83%; net profit attributable to the parent company was -67.5742 million yuan, a year-on-year loss reduction of 48.40%. The annual report shows that the company's main business during the reporting period was landscape lighting engineering business, including the design and construction of lighting projects and the research and development, production and sales of related lighting products. The main reasons for the above operating results are: 1. The restructuring and transition period has had a phased impact on business undertaking. The main business of traditional landscape lighting engineering is still in the recovery stage. Although revenue has increased year-on-year, the overall scale has not yet returned to historical normal levels. 2. Affected by historical issues, some accounts receivable are still overdue. In accordance with regulations, the company accrued a total of RMB 92.374 million in credit impairment losses and asset impairment losses during the reporting period. 3. To break through business bottlenecks and cultivate new growth Extremely, the company has accelerated the adjustment of business structure and promoted the transformation of revenue sources to product sales. The revenue structure has changed significantly compared with 2024. It is worth mentioning that ST Mingjiahui stated that 2025 is a key turning year for the company to get rid of operating difficulties and achieve reorganization and rebirth. In the first half of the year, due to the staged impact of the advancement of bankruptcy and reorganization procedures, the company's business undertaking and project settlement still faced certain restrictions, and the traditional lighting engineering main business continued to be under pressure; in the second half of the year, with the approval of the reorganization plan and the completion of debt resolution, the company's asset and liability structure was fundamentally optimized, the operating order was gradually restored, and the cash flow pressure was significantly alleviated, successfully achieving the leap from "survival crisis" to "transformation momentum". The asset-liability ratio dropped to 12.61%, which was a significant decrease from the asset-liability ratio of 87.79% on December 31, 2024. The problem of mismatch between assets and liabilities has been substantially resolved, and the company has completely gotten rid of the predicament of being unable to pay off its due debts. After the reorganization was completed, the company's controlling shareholder was changed to Xinyu Lingjiu Investment Management Center (Limited Partnership), the actual controller was changed to Wu Liqun, and the equity structure and governance structure were adjusted accordingly. text-indent: 0px; line-height: 1.75em;'>
In 2025, the sales revenue share of ST Mingjiahui products increased significantly from 16.88% in the previous year to 66.19%, becoming the largest source of income, while the share of engineering construction revenue dropped from 81.10% to 30.40%, relegating it to second place. The gross profit margin of product sales is only 0.01%, which significantly lowers the overall gross profit margin to approximately 10.29%, causing continued pressure on the main business. ST Mingjiahui has suffered losses for six consecutive years. According to the business plan formulated at the beginning of the year, the company will be promoted in 2025 to upgrade from a traditional lighting engineering service provider to a digital low-carbon technology group of "smart lighting + Internet of Things platform + scenario-based solutions", and build a full-chain ecosystem of "technology research and development + advanced manufacturing + operational services + capital operation". Now it has achieved the phased goals of successfully implementing the reorganization process, gradually improving the operating conditions, and gradually clarifying the direction of transformation. At the operational level, the company still focuses on landscape lighting engineering business and continues to promote the implementation of existing projects and payment collection. Promote the cleanup of historical projects through "one case, one dedicated class" and other methods, and recover funds through means such as debt restructuring, litigation and coordination. The collection of accounts for the whole year was approximately 128 million yuan, and the balance of accounts receivable dropped to approximately 271 million yuan. In terms of new business, the company focused on the "smart agriculture + plant lighting" track, completed the establishment of a smart agriculture business team and technology research and development, focused on lighting system solutions for vertical farms and plant factories, and promoted the production capacity construction and order fulfillment of plant lighting products at the Lu'an base. During the reporting period, it achieved operating income of 114 million yuan.
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Recently, Spacetime Technology released its 2025 performance report. It achieved operating income of 347 million yuan in 2025, a year-on-year increase of 1.85%, mainly due to the company's night economy business income. This was due to an increase compared with the same period last year; the net profit attributable to shareholders of the parent company was -244 million yuan, compared with a loss of 262 million yuan in the same period last year, and the loss narrowed compared with the previous year. Spacetime Technology stated that since its establishment, the company has been deeply involved in the field of lighting engineering system integration services, focusing on professional solutions for nighttime landscape lighting of outdoor public activity spaces and scenery. It has accumulated rich project experience in the field of landscape lighting and has business footprints in more than 300 cities across the country. In recent years, in the face of multiple challenges such as increasingly fierce market competition in the landscape lighting industry, continued narrowing of profit margins, and prolonged project payment recovery cycles, the company has followed the industry trends of cultural tourism integration and accelerated smart city construction and actively promoted business transformation and upgrading. Gradually build a business pattern for the coordinated development of "nighttime economy" and "smart cities". In 2025, the company's nighttime economy business revenue will reach 227 million yuan, accounting for 65.33% of total revenue, and smart city business revenue will be 120 million yuan, accounting for 34.67%. The two together constitute all main business revenue. Among them, the night economy sector focuses on landscape lighting project contracting and cultural tourism night tour project development, and the smart city sector focuses on the digital upgrade of urban infrastructure such as smart street lights and smart parking.
In the 2025 performance forecast, Spacetime Technology explained the performance loss for the year. Spacetime Technology stated that the prosperity of the company's industry has not changed significantly, and the scale of the night economy and smart city business is basically stable. However, the company's fixed costs and necessary operating costs are relatively high. Affected by factors such as changes in market demand, collection of accounts receivable, and organizational adjustments, various expenses have increased. In addition, due to factors such as asset accrual and credit impairment based on accounting policies, the current period's performance is still a loss. In addition, half a year after announcing the restructuring plan, Spacetime Technology released a restructuring draft for the acquisition of Shenzhen Jiahe Jinwei Electronic Technology Co., Ltd. (hereinafter referred to as "Jiahe Jinwei") on April 18. Spacetime Technology's cross-border entry into the semiconductor storage industry has further accelerated. Compared with the restructuring plan, the restructuring draft clarified the transaction price. The transaction price of 100% equity of Jiahe Jinwei was 1.078 billion yuan, of which 503 million yuan was paid in cash and 575 million yuan was paid in shares. At the same time, it plans to issue shares to the controlling shareholder and actual controller Gong Hai to raise supporting funds of no more than 525 million yuan. After the transaction is completed, Gonghaihai’s shareholding ratio will increase to 40.83%.