First loss since listing! Sanan Optoelectronics’ 2025 annual loss forecast

On the evening of January 12, Sanan Optoelectronics (SH600703) released a performance forecast stating that it expected a net loss of 200 million to 400 million yuan in 2025; after deducting non-recurring gains and losses, the net profit is expected to be -750 million to -850 million yuan. This pre-loss will be the company's first annual loss since its backdoor listing in 2008.

Compared with the third quarterly report, this annual performance forecast specifically mentions the factors affecting inventory: According to the "Accounting Standards for Business Enterprises", inventory calculations whose net realizable value is lower than the cost are Preparations for price increases and decreases increased year-on-year. However, the specific provision amount was not disclosed in the notice. As of the end of the third quarter of 2025, the company's inventory balance was 6.349 billion yuan. In addition to the impact of falling inventory prices, Sanan Optoelectronics further explained in the announcement the reasons for the expected loss of performance in 2025: During the reporting period, the company's proportion of high-end LED products further increased, and although the revenue scale and profitability of the integrated circuit business increased year-on-year, the filters and silicon carbide business in integrated circuits still weighed heavily on the company's profits. At the same time, the government subsidies received by the company decreased year-on-year; R&D expenses increased year-on-year; the difference between the tentative sales price of precious metal scrap and the price trend of the Shanghai Gold Exchange was adjusted to cause investment income Benefit decreases.
According to previous reports, in the first three quarters of 2025, Sanan Optoelectronics achieved operating income of 13.817 billion yuan, a year-on-year increase of 16.55%; net profit attributable to the parent company was 88.601 million yuan, a year-on-year decrease of 64.15%. In the third quarter, Sanan Optoelectronics’ operating income was 4.830 billion yuan, a year-on-year increase of 15.67%; the net profit attributable to the parent company was approximately -87.8895 million yuan. In terms of business development, Sanan Optoelectronics continues to promote internationalization and emerging application layout. In August 2025, the company announced that it planned to join hands with foreign investor Inari Amertron Berhad to acquire 100% equity of the Dutch LED company Lumileds Holding B.V., with an enterprise value of US$239 million. This move will help expand the high-end international market and enhance its competitiveness in the automotive and special lighting fields. From the perspective of government subsidies, Sanan Optoelectronics 20 Government subsidies received in the first three quarters of 2024 were 657 million yuan, but in the first three quarters of 2025, the figure was 460 million yuan, a year-on-year decrease of approximately 200 million yuan.