Loss-Several-LED-listed-compa

Recently, Qinshang Co., Ltd., Furi Electronics and Maoshuo Power released their 2025 annual reports. All three companies suffered losses.

Qinshang Shares

Qinshang Shares disclosed its 2025 annual report. 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 divestment 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 the parent company 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, reducing the company's current profit; the company's disposal of the subsidiary Shanghai Aozhan's "Shanghai Fengxian Campus Project" project resulted in a disposal loss of 135 million yuan, which reduced the company's current profit. 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 was 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 total revenue, becoming the largest source of revenue; outdoor lighting revenue was 78 million yuan, 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 the losses have continued to expand. In 2023, the loss was 59.073 million yuan, in 2024 it was a loss of 249 million yuan, and in 2025 the loss expanded to 327 million yuan.

Furi Electronics

On the evening of April 14, Furi Electronics 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 the current 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 improve significantly 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.

According to the data, the main business of Furi Electronics is the smart terminal product business and the led photoelectric business. The smart terminal products business mainly provides ODM/JDM/OEM services for mobile phones and other smart terminal products. The led optoelectronic business covers the middle and lower reaches of the led industry chain, including led packaging, LED lighting, LED display, and scheme design, investment and operation of led engineering projects.

Among them, in the led business, Yuanlei Technology, a subsidiary of Yuanlei Technology, completed the development of medium and high-power products and vehicle-mounted products, and successfully cut into the pre-loading vehicle-mounted market; successfully imported the DOB module project and achieved mass production, and achieved significant growth in sales and shipments during the reporting period compared with the same period last year. Marriott Optoelectronics focused on overseas markets, driving transformation and upgrading with "technology + service" dual engines, and successfully penetrated the North American market with small pitch products; developed high refresh rate RP indoor/outdoor rental screens, adapted to high-end rental, XR virtual shooting and other scenarios, and achieved sales breakthroughs in overseas markets for rental products.

However, the production volume of LED display decreased by 11.03% compared with the previous year, and the sales volume decreased by 16.59% compared with the previous year, mainly because the company reduced some domestic businesses and focused on resources to expand overseas markets. The sales volume declined, but the profit level 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. The main reason is that the company adjusted the product structure, reduced the orders for low-value-added products, increased the proportion of high-value-added products, and achieved a volume reduction and price increase. The sales volume basically maintained the same level as the same period of last year, and the slight fluctuation belonged to the normal business category.

Mao Shuo power supply

Moso Power releases its annual report for 2025. During the reporting period, the company achieved operating income of 1.225 billion yuan, a decrease of 5.39% year-on-year; the net profit attributable to shareholders of listed companies was 2.34 billion yuan, a decrease of 447.20% year-on-year.

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. 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.

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In terms of new energy, the company built the first distributed photovoltaic power station with full capacity connected to the grid in Haining City, Zhejiang Province, and accumulated full-process management experience in photovoltaic power generation projects.