The performance of a large number of listed LED companies has been released! Many companies turn around losses!

Recently, Absen, AMEC, Jingfeng Mingyuan, Mingwei Electronics and other companies have successively released 2025 performance reports. Among them, Absen and China Microelectronics achieved double growth in operating income and net profit, while Jingfeng Mingyuan, Biyiwei and Greer achieved net profit turnaround.

Absen From January to December 2025, Absen achieved operating income of 4.159 billion yuan, a year-on-year increase of 13.55%; net profit attributable to shareholders of listed companies was 254 million yuan, a year-on-year increase of 117.20%.
During the reporting period, the overseas market achieved operating income of 3,177.891 million yuan, a year-on-year increase of 8.43%, continuing to maintain a good growth trend. Against the background of weak overall demand for LED displays in the domestic market, through key measures such as focusing on high-quality customers, optimizing product structure, and adjusting channel strategies, it achieved operating income of 980.8395 million yuan, a year-on-year increase of 34.04%, achieving growth against the trend.
During the reporting period, the company achieved a gross profit margin of 31.14%, an increase of 3.66 percentage points year-on-year in 2024. On the R&D side, the company takes technological innovation as its core growth engine and continues to increase R&D investment to build a virtuous cycle of "R&D investment - technological breakthrough - market premium"; on the product and delivery side, it promotes the "large single product" strategy and achieves large-scale, standardized and efficient production through scientific product planning, intelligent manufacturing and supply chain collaborative optimization; on the market side, it continues to strengthen its brand influence influence, build a service moat, focus on the management of high-value projects and high-quality customers, and continue to increase the value of customers throughout their life cycle.

China Microelectronics Corporation China Microelectronics Corporation will achieve total operating income of 12.385 billion yuan in 2025, a year-on-year increase of 36.62%; net profit attributable to shareholders of listed companies is 2.111 billion yuan, a year-on-year increase of 30.69%.
During the reporting period, the sales of the company's main product, plasma etching equipment, were approximately 9.832 billion yuan, a year-on-year increase of approximately 35.12%. In addition, LPCVD and ALD equipment sales were approximately 506 million yuan, a year-on-year increase of approximately 224.23%.
During the reporting period, the company promoted the development of new products and added more than ten types of conductor and dielectric film equipment in the past two years. Many products have been launched and some have received repeat orders. The cumulative shipment of LPCVD equipment exceeds 300 reaction stations, and other key thin film deposition equipment research and development projects are progressing steadily; EPI equipment has entered the client mass production verification stage.
The company maintains its position in the gallium nitride-based MOCVD equipment market, deploys silicon carbide and gallium nitride power device application markets, and has made progress in the research and development of special MOCVD equipment for Micro LED and other display fields. Many new products have entered the client verification stage. New 8-inch silicon carbide outer The extension equipment and red and yellow LED application equipment have been shipped to domestic customers for verification, and the progress is going smoothly.
In addition, the company's production and R&D base of approximately 140,000 square meters in Nanchang and 180,000 square meters of production and R&D base in Lingang, Shanghai have been put into use, ensuring the company's rapid sales growth.

Jingfeng Mingyuan Jingfeng Mingyuan is a company specializing in power management driver chip design. Its products are widely used in LED lighting, smart home and high-performance computing and other fields.
Jingfeng Mingyuan will achieve operating income of 1.57 billion yuan in 2025, a year-on-year increase of 4.40%; the net profit attributable to shareholders of the listed company will be 35.6046 million yuan, turning a loss into a profit year-on-year.
During the reporting period, the company was market-oriented and customer-centered. Benefiting from the company's continuous R&D investment in recent years and the ongoing product structure optimization strategy, the company continued to strengthen product research and development, iteration, sales, and service capabilities. The revenue of motor control driver chips and high-performance computing power chips and their proportion in the company's overall revenue increased steadily, and the company's overall profitability increased.
During the reporting period, share-based payment expenses decreased year-on-year due to the impact of the expiration of some equity incentive plans, the failure to meet the performance assessment standards for some equity incentive plans, and the reversal of share-based payment expenses due to the resignation of some incentive targets.

Ming Microelectronics Ming Microelectronics focuses on the R&D, design, packaging, testing and sales of integrated circuits. Its main products include display driver chips, linear power supply chips and power management chips, which are widely used in display screens, smart landscapes, lighting and home appliances.
In 2025, Ming Microelectronics will achieve total operating income of 665 million yuan, a year-on-year increase of 9.48%; net profit attributable to the parent company will be a loss of approximately 46.45 million yuan.
In 2025, the company will continue to increase marketing efforts and steadily increase the market share of display driver chips; at the same time, it will actively expand the application scenarios of smart landscape driver chips, thereby driving the sales of smart landscape driver chips to continue to increase. The company's annual operating income increased.
The company always attaches great importance to R&D team building, actively introduces outstanding R&D talents, continues to promote product innovation and upgrading, and broadens product layout. The salary of R&D personnel and investment in R&D materials increased during the reporting period compared with the same period of the previous year. In addition, affected by market factors, the prices of some products were inverted, and the corresponding asset impairment losses increased, which comprehensively resulted in a loss during the reporting period.

Xinyuan Micro Xinyuan Micro will achieve total operating revenue of 1.948 billion yuan in 2025, a year-on-year increase of 11.11%; net profit attributable to the owners of the parent company will be 71.6935 million yuan, a year-on-year decrease of 64.65%.
During the reporting period, the company's product revenue in the front-end wafer processing field maintained growth. Among them, the front-end glue coating and development field continued to carry out machine introduction and high-end process verification. The physical cleaning machine in the front-end cleaning field continued to maintain its leading position in the country. The high-capacity physical cleaning machine passed the storage customer verification and obtained repeated orders. The company's strategic new product, the front-end chemical cleaning machine, was successfully introduced and the revenue from signing orders achieved rapid growth.
During the reporting period, the company's product revenue in the back-end advanced packaging and small-size fields was basically flat year-on-year. As a domestic leader, the company has deeply tied up with important customers at home and abroad, focusing on emerging fields such as 2.5D and HBM, and continued to obtain orders from domestic leading customers. In the future, the company will continue to develop new technologies and processes around Chiplets, continue to expand its product matrix, and continuously launch new categories. At the same time, it will accelerate the introduction of overseas markets and continue to strengthen its position in the advanced packaging field.

Yuanfang Information Yuanfang Information's main business mainly involves intelligent photoelectric detection information systems and services, intelligent biometric information systems and services. The company's products and services in the field of photoelectric detection are positioned in the mid-to-high-end market, providing mature detection equipment and measurement solutions for lighting, display, automobile, medical equipment, electronic appliances and many other industries.
Yuanfang Information will achieve operating income of 407 million yuan in 2025, a year-on-year decrease of 6.65%; the net profit attributable to shareholders of listed companies will be 72.2298 million yuan, a year-on-year decrease of 21.79%.
Yuanfang Information stated that during the reporting period, the market development changed rapidly, customer demand for old products slowed down, the market for new products has not yet reached ideal volume, human resource costs increased, and the company's operating income and net profit both declined. At present, the company's gross profit margin remains basically stable and its overall operations are healthy.

Xinyichang Xinyichang is a domestic intelligent manufacturing equipment supplier, focusing on the research and development, production and sales of intelligent equipment in LED, semiconductor, capacitor and other industries. In 2025, the company will achieve total operating income of 727 million yuan, a year-on-year decrease of 22.17%; the net profit attributable to the owners of the parent company will be -133 million yuan.
During the reporting period, traditional LED technologies such as general lighting and consumer electronics have entered a mature stage, and the market growth momentum is insufficient. The company actively promotes the upgrading of the industrial structure and improves quality and efficiency, focusing on expanding core areas such as semiconductors and new display packaging technologies. Affected by the cyclical adjustment of the industry, operating performance continues to be under pressure during the conversion of new and old driving forces.
At the same time, due to the weakening of some customers' operating fundamentals and the increase in credit performance risks, bad debt provisions for accounts receivable and long-term accounts receivable increased year-on-year; and in accordance with the relevant provisions of the "Accounting Standards for Business Enterprises" and based on the principle of prudence, the company's provision for depreciation of inventories whose net realizable value is lower than cost increased year-on-year.

BiYiWei In 2025, BiYiWei achieved total operating income of 683 million yuan, a year-on-year decrease of 0.70%; it achieved a net profit attributable to the owners of the parent company of 12.0754 million yuan, turning losses into profits.
Biwei is a high-performance analog and digital-analog hybrid integrated circuit design company. The company has strong technical strength in the fields of power management, motor drive and lighting control. In terms of LED-related business, BiMicro has long provided high-performance LED backlight drivers and lighting driver chips, and is one of the important suppliers in this market segment.
During the reporting period, the company adjusted its product structure in a timely manner, relying on its advantages in product performance and customer resources to actively expand the market share of new products. At the same time, the company effectively reduced costs through refined design, process upgrades and supply chain optimization, and flexibly adjusted its product structure and market pricing strategy to promote the company's operating profit growth and successfully turn losses into profits.
In terms of R&D, the company continues to expand its product layout and maintain R&D investment. R&D expenses in 2025 will reach 154.078 million yuan, accounting for 22.54% of operating income. In addition, to enhance The cohesion and stability of the team realize the common growth and progress of the company and employees, and a total of RMB 10.3874 million in share-based payment expenses will be generated in 2025.

Glier Greer is mainly engaged in the research and development, production and sales of lighting products and magnetic devices, forming a layout of "core devices - system integration - scene operation". The company will achieve operating income of 518 million yuan in 2025, a year-on-year decrease of 4.81%; the net profit attributable to the parent company will be 8.86 million yuan, turning a loss into a profit year-on-year.
The main reasons for the change in performance include: the company has deepened cooperation with suppliers to control procurement costs and develop new customers with high gross margins to promote overall cost reduction and comprehensive gross profit margin improvement; active improvement of quality and efficiency, effective cost control, improved customer repayments, and the reversal of bad debt provisions made in the early stage has a positive impact on performance; the income generated by hedging the risk of raw material fluctuations and improving capital utilization efficiency through hedging also plays a positive role in performance growth.
In addition, the decline in net profit after deducting non-recurring gains and losses was affected by factors such as the provision for inventory depreciation and an increase in financial expenses, resulting in a large difference between the net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses.