Nationstar Optoelectronics and Azure Lithium Core release 2025 results

Recently, Nationstar Optoelectronics and Azure Lithium Core released their 2025 performance reports.

■ Nationstar Optoelectronics: Revenue in 2025 is 3.281 billion yuan

In 2025, Nationstar Optoelectronics achieved operating income of 3.281 billion yuan. Among them, LED packaging and component products are still the core of revenue, contributing 2.317 billion yuan; trade and application products achieved 541 million yuan; epitaxy, chip, and integrated circuit packaging and testing businesses generated revenue of approximately 119 million yuan and 124 million yuan respectively.

In 2025, Nationstar Optoelectronics will continue to consolidate and develop the three pillar businesses of high-definition display, photoelectric sensing, and display control modules, and cultivate and expand the two emerging businesses of automotive electronics and advanced semiconductor packaging and testing. During the reporting period, emerging businesses gradually became the company's new growth engine, with display and control modules, automotive LEDs, and smart sensing all achieving steady expansion and growth.

In terms of core business, Nationstar Optoelectronics has stabilized the basic RGB high-definition display, extended to the value chain to deliver display panels, and successfully lit up 4K display modules; it invested in the construction of micro-pitch full-color display panel projects, adding a monthly MIP production capacity of 1,200kk. In terms of emerging businesses, the display and control module business and intelligent sensing business have steadily expanded in scale, and the vehicle-mounted business has entered the supply chain of mainstream car companies.

In terms of capital operation, Nationstar Optoelectronics' refinancing project was accepted by the exchange and continued to promote mergers and acquisitions in areas such as automotive electronics, optoelectronic sensing, and controllers; the MIP expansion project reached production, the Mini backlight and COB module production lines were officially put into production, and the wearable and optocoupler expansion projects doubled their production capacity after reaching production.

In terms of technological innovation, product iteration and scene expansion, Nationstar Optoelectronics has launched the "MIP + module + lamination process" AS panel and a variety of new MIP series products in the field of micro-pitch display. It has independently developed a substrate-less MIP0202 device based on Micro chips and floor-standing air conditioner display RGB direct display technology. In terms of backlight, its Mini RGB large-size backlight products have entered the Hisense video supply chain.

In addition, in the field of automotive electronics, Nationstar's red light and white light interactive display modules have been equipped with many popular models of independent brand OEMs; and continue to invest in the application transformation of Micro LED car lights; at the same time, they have improved the side-type and Mini backlight product systems for instrument screens, central control screens and head-up displays, and have reserved in-cabin display and ambient lighting packaging technologies.

■ Azure Lithium Core: LED business revenue is approximately 1.584 billion yuan

On the evening of April 13, Azure Lithium Core released its 2025 annual report; the company will achieve operating income of 8.113 billion yuan in 2025, a year-on-year increase of 20.09%; net profit attributable to the parent company is 711 million yuan, a year-on-year increase of 45.66%; non-net profit after deduction is 723 million yuan, a year-on-year increase of 68.40%.

According to the announcement, Weilan Lithium Core is mainly engaged in three major businesses: lithium batteries, LED chips and metal logistics and distribution. Among them, the overall operating income of the LED business was approximately 1.584 billion yuan, accounting for 19.25% of operating income, a year-on-year increase of 3.56%. Huai'an Shunchang achieved a net profit of approximately 145 million yuan; its gross profit margin was 22.86%, a year-on-year increase of 3.48%.

During the reporting period, Azure Lithium Core launched vehicle-mounted display technology solutions; at the same time, it gained insights into the core needs of TV customers for ultra-thin, high color gamut and high cost performance, interacted and cooperated with customers, and launched innovative white light COB solutions, successfully overcoming industry problems such as chromatic aberration, cutting failure and poor visual effects. During the year, the R&D department collaborated with the marketing team to explore Micro LED CPO optical interconnection solutions and prepare demand descriptions and product definitions for related chip research and development projects.

Facing 2026, regarding the LED chip business, Weilan Lixin said that the company will continue to promote the strategy of transforming into the high-end LED application market, and the proportion of low-end formal chips will drop to less than 20%. It will continue to invest in flip-chip LED chips and CSP packaging product upgrades, maintain the share of high-end high-color gamut backlights, ultra-high light efficiency plant lighting and outdoor lighting applications, further increase the growth of LED automotive display and automotive lighting application markets, and promote Micro, Micro Research and development of CPO, vertical chip and other technologies. At the same time, it will also increase sales in overseas markets, carry out the construction of Malaysian factories in an orderly manner, and focus on increasing the proportion of LED vehicle-mounted displays and automotive lighting application display products to achieve profitable growth.