Loss! Several LED listed companies release 2025 annual reports

Recently, Qinshang Co., Ltd., Furi Electronics and Maoshuo Power released their 2025 annual reports. All three companies suffered losses. 1.75em;'> Qinshang Shares (002638) disclosed its 2025 annual report. 2 In 2025, the company achieved operating income of 386 million yuan, a year-on-year increase of 2.01%; net profit attributable to the parent company was a loss of 327 million yuan, a loss of 249 million yuan in the same period last year. Qinshang has completed the divestiture of its education and training business. The company's independently developed and produced semiconductor lighting products mainly cover three major series: outdoor lighting, courtyard lighting and landscape lighting, as well as some indoor lighting and display products. Qinshang Shares stated that the company's operating income will increase slightly in 2025, mainly due to the weak recovery of the overall macroeconomic and stock competition in the lighting industry. The main reason for the year-on-year decrease in net profit attributable to shareholders is that: during the reporting period, the company's externally invested associates were in a state of continuous losses, and an investment loss of 108 million yuan was recognized in this period, which reduced the company's profit for the current period; the company disposed of its subsidiary Shanghai Aozhan's "Shanghai Fengxian Campus Project" project (including land use rights), resulting in a disposal loss of 135 million yuan, which reduced the company's profit. The company's profit for the current period. During the reporting period, the company was affected by the continued appreciation of the RMB, resulting in increased exchange losses; bank deposit interest rates continued to decline, resulting in a decline in bank deposit interest income, resulting in a total loss of RMB 18.3119 million in profit for the period. In addition, the company conducted a comprehensive inventory of all types of assets at the end of the reporting period. For assets with signs of impairment, based on the principle of prudence, a total of RMB 10.577 million in credit impairment losses and asset impairment losses were made, reducing the company's profit for the current period. Among them, credit impairment losses are mainly bad debt losses on accounts receivable, which will be -10.2897 million yuan in 2025.

In terms of specific business, during the reporting period, the company's outdoor garden supplies achieved revenue of 276 million yuan, accounting for 71.52% of the total revenue, becoming the largest source of revenue; outdoor lighting revenue was 0.78 billion, a year-on-year increase of 17.48%; landscape lighting revenue was 22 million yuan, a year-on-year decrease of 28.87%. In terms of regions, the domestic market achieved revenue of 86 million yuan, a year-on-year increase of 22.37%, accounting for 22.39%; the overseas market achieved revenue of 300 million yuan, accounting for 77.61%, still occupying a dominant position. It is worth mentioning that Qinshang Shares has suffered losses for three consecutive years, and its losses have continued to expand. In 2023, it suffered a loss of 59.073 million yuan, in 2024 it suffered a loss of 249 million yuan, and in 2025 its loss expanded to 327 million yuan.
Furi Electronics On the evening of April 14, Furi Electronics (600203) released its 2025 annual report. The company's operating income was 13.888 billion yuan, a year-on-year increase of 30.52%, mainly due to the growth in revenue of its subsidiary Zhongnuo Communications in this period; the net profit loss attributable to the parent company narrowed to 48.5057 million yuan. In a single quarter, the company's operating income in the fourth quarter was 4.55 billion yuan, a year-on-year increase of 62.5%; the net profit attributable to the parent company was a loss of 136 million yuan, and the loss decreased. It is worth mentioning that it was able to maintain a profit of 87.36 million yuan in the first three quarters of last year, but it "turned from profit to loss" in the fourth quarter, swallowing up the entire year's profit in a single quarter. This is the company's fifth consecutive year of losses. Regarding the net profit loss, Furi Electronics explained that the operating conditions of the company's intelligent terminal sector and LED sector will be significantly improved in 2025 compared with last year. The company focuses on high-quality major customers and continues to promote refined management. Intelligent terminal business orders have achieved substantial growth, an increase of 40.03% over the same period last year, and gross profit margins have increased by approximately 1.86 percentage points. The revenue scale of the LED optoelectronics segment has remained stable, with gross profit margins increasing by approximately 3.23 percentage points.
Data shows that Furi Electronics' main business is intelligent terminal product business and LED optoelectronics business. The smart terminal product business mainly provides ODM/JDM/OEM business for mobile phones and other smart terminal products; the LED optoelectronics business covers the middle and lower reaches of the LED industry chain, including LED packaging, LED lighting, LED display and LED engineering project design, investment and operation, etc. Among them, in terms of LED business, its subsidiary Yuanlei Technology completed the development of medium and high-power products and vehicle-mounted products, and successfully entered the front-mounted vehicle market; it successfully introduced the DOB module project and achieved mass production. During the reporting period, sales and shipments achieved significant growth compared with the same period last year. Marian Optoelectronics focuses on overseas markets and uses the dual engines of "technology + service" to drive transformation and upgrading. Small-pitch products have successfully entered the North American market. It has developed high refresh rate RP indoor/outdoor rental screens that are suitable for high-end rental, XR virtual shooting and other scenarios. Rental products have achieved sales breakthroughs in overseas markets. However, LED display production volume decreased by 11.03% compared with the previous year, and sales volume decreased by 16.59% compared with the previous year. This was mainly due to the company reducing some domestic business and focusing on resources to expand overseas markets. Sales volume declined, but profitability increased. The production volume of light-emitting diodes decreased by 12.52% compared with the previous year, and the sales volume decreased by 8.59% compared with the previous year. This was mainly due to the company adjusting its product structure, reducing orders for low value-added products, increasing the proportion of high value-added products, and achieving volume reduction and price increase. Sales volume basically maintained the same period last year. Small fluctuations are within the scope of normal operations. Maoshuo Power Supply Moso Power released its 2025 annual report. During the reporting period, the company achieved operating income of 1.225 billion yuan, a year-on-year decrease of 5.39%; the net profit attributable to shareholders of listed companies was -234 million yuan, a year-on-year decrease of 447.20%. Regarding the decline in performance, the company previously stated in its performance forecast that due to the impact of market competition, the price strategy of some products has been adjusted. At the same time, due to changes in the market environment, some of the company's newly cultivated businesses are facing strategic adjustments; in addition, affected by grid connection conditions and power consumption, the power generation of individual photovoltaic power stations has declined year-on-year. Maoshuo Power said that the company is an early benchmark company in the domestic power supply industry that went public. In the two core areas of LED drive power supply and consumer electronics power supply, it has accumulated a good reputation with stable and reliable product quality and excellent service, and has successfully established long-term and stable strategic cooperative relationships with many well-known international and domestic companies. Today, the company is seizing the "dual carbon" strategic opportunity, continuing to strengthen its technology research and development and market expansion capabilities, making every effort to broaden its business boundaries, increase its market share, and strive to achieve a rapid increase in market influence in the new energy sector. " "Lighting, plant lighting, stadium lighting, landscape lighting, urban public lighting" driving segment, the current LED drive power product line has complete specifications, covering the mainstream needs of the market. 0px; line-height: 1.75em;'>