Net profit increased by up to 203%, and 5 companies including Absen and Hisense Video released their results

Recently, companies such as Absen, Qianzhao Optoelectronics, Hisense Vision, China Microelectronics, and Medica Optoelectronics released their 2025 performance reports.

▋ Absen: Net profit doubles year-on-year in 2025

In 2025, Absen achieved operating income of approximately 4.158 billion yuan, a year-on-year increase of 13.53%, and net profit attributable to shareholders of listed companies was 252 million yuan, a year-on-year increase of 115.47%; net profit after deducting non-recurring gains and losses was 230 million yuan, a year-on-year increase of 202.90%. Judging from the data, Absen's performance is improving across the board. While its revenue has grown steadily, it has doubled its profits, and its profit quality and operating efficiency have significantly improved. It has a good steady growth overseas and is bucking the domestic trend.

Specifically, Absen’s overseas market achieved operating income of approximately 3.178 billion yuan, a year-on-year increase of approximately 8.41%. 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 981 million yuan, a year-on-year increase of 34.02%, successfully achieving growth against the trend. Facing different market environments at home and abroad, Absen also strives to continuously optimize resource allocation and market structure under the new economic situation by flexibly adjusting its strategy to achieve sustainable high-quality growth.

In terms of production capacity, Absen's LED display product sales volume in 2025 will reach 413,581.11 square meters, a year-on-year increase of 16.26%; the year-on-year increase in production volume is as high as 37.56%, providing support for sales growth. In terms of R&D investment, Absen’s R&D expenses in 2025 will be 184 million yuan, and the cumulative R&D investment in the past five years has reached 754 million yuan.

In the past year, Absen has implemented its display solutions in multiple large-scale projects at home and abroad, including delivering the world's largest COB curved screen, lighting up the world's largest single virtual studio, providing over 2,000 square meters of large display screens for Vietnam's 80th National Day celebration, and providing nearly 1,000 square meters of core display systems for the 15th National Games in 2025. On the product side, Absen’s “big single product” strategy has received market feedback. Among them, the A25 product platform's contract signing amount exceeded 1 billion yuan in 2025; the sales volume of the new product NT V2 reached 100,000 units within 4 months after its launch.

▋ Hisense Video: New display and new business achieved main business income of 8.458 billion yuan

In 2025, Hisense Video achieved operating income of 57.679 billion yuan, and net profit attributable to the parent company was 2.454 billion yuan, a year-on-year increase of 9.24%; the net cash flow generated from operating activities was 4.583 billion yuan, a year-on-year increase of 27.43%.

In 2025, Hisense Vision will unswervingly promote the "high-end, large-screen, and intelligent" strategy, with steady growth in main business revenue and outstanding performance in the second curve new display business. During the reporting period, the new display business achieved main business revenue of 8.458 billion yuan, a year-on-year increase of 24.92%, becoming an important growth engine for the company.

In terms of product structure, the trend of large-screen and high-end products has achieved remarkable results. From 2022 to 2025, the average size of Hisense video TV products will increase from 50.44 inches to 53.63 inches, the sales proportion of products 65 inches and above will increase from 44% to 56%, the sales proportion of products 75 inches and above will increase from 21% to 39%, and the sales proportion of products 98 inches and above will increase from 1% to 7%. At the same time, Mini LED product shipments increased significantly, with sales proportion increasing from 2% to 24%, effectively driving the steady growth of domestic and overseas brand price indexes.

In terms of technological innovation, the ULED high-end display technology platform independently developed by Hisense Vision has achieved a leap-forward upgrade, and RGB-Mini LED technology has led the industry into the era of "same light and color control". While consolidating its core business advantages, Hisense Vision is actively deploying emerging fields such as laser display, commercial display, Micro LED, AI robots, and chips, and its second growth curve is accelerating.

Among them, the commercial display business has achieved explosive growth, with annual revenue increasing by 265% year-on-year. The business covers 87 countries. The global shipments of interactive tablets rank second and first overseas. The overseas growth rates of digital signage and LED display business have reached 53% and 48% respectively, forming differentiated competitive advantages in education, conferences, retail and other scenarios.

In the field of Micro LED, Hisense Vision has built vertical integration capabilities across the entire industry chain, launching the world's first PM-driven Micro LED product that has passed EMC Class B certification, and debuting a 163-inch four-primary color Micro LED product at the 2026 CES show.

In addition, Hisense Vision strategically controls Xinxin Micro and Qianzhao Optoelectronics to build a medium and large-sized full display chip matrix. In 2025, TV TCON chips will account for approximately 45% of the global market, monitor TCON market share will increase to approximately 12%, laptop TCON will achieve batch breakthroughs, and Mini LED backlight chip business revenue will increase by approximately 70% year-on-year.

▋ Qianzhao Optoelectronics: Backlight business increased by more than 70% year-on-year

In 2025, Qianzhao Optoelectronics achieved operating income of 3.401 billion yuan, a year-on-year increase of 39.78%; net profit attributable to the parent company was 115 million yuan, a year-on-year increase of 19.32%.

During the reporting period, Qianzhao Optoelectronics focused on its core business and continuously enriched its market expansion strategy; at the same time, it achieved major breakthroughs in new areas of performance. Among them, the backlight business has been actively driven by the controlling shareholder. The company's self-developed high-performance RGB-Mini LED backlight chip has been applied in terminal TV customers such as Hisense. It has also innovatively launched the "Linglong 4-core" solution equipped with the fourth azure self-luminous chip, superimposed on Mini COB multi-layer oxide light control and Mini RGB hybrid technology, driving backlight business revenue to increase by more than 70% year-on-year.

In addition, the vehicle business continued to deploy multi-scenario applications and the delivery scale continued to expand, driving the vehicle business revenue to increase by more than 170% year-on-year; the solar cell business continued technological breakthroughs and product upgrades, production capacity and delivery capabilities were steadily improved, and shipments increased by more than 30% year-on-year.

In terms of core technology, Qianzhao Optoelectronics collaborated with its controlling shareholder to independently develop the world's leading high-performance RGB-Mini LED backlight chip. It was the first in the world to launch three-dimensional color control display technology. On this basis, it further conquered the flip-chip three-dimensional passivation technology of RGB three-color backlight chips. The aging life of the chip was increased by 200%, and the high-voltage chip achieved stable mass production. It helped Hisense Video take the lead in launching COB RGB three-color high-end backlight TVs, effectively consolidating its technical and market advantages in the field of high-end backlights.

The commercialization process of Micro LED has accelerated significantly. Micro MIP chips have been certified for mass production by industry leaders and have begun small batch shipments; Micro COG chips used in large-screen and smart wearable products have achieved technological breakthroughs and are advancing international customer certification; for incremental markets such as automotive and AR, the performance of Micro LED pixel car lights has been upgraded to close to the world's first-class standards, and AR micro-display chip technology continues to iterate and has process capabilities below 5 μm.

In terms of VCSEL data optical communications, samples of 10G/25G products have been completed, and formal orders are expected to be formed and delivered in 2026; 50G/100G products have entered the tape-out stage. In terms of Micro LED optical communications, we actively carry out industry-university-research cooperation with universities and enterprises to develop a variety of special-purpose chips, which have entered the stage of sample submission and verification.

▋ AMEC: Achieved operating income of 12.385 billion yuan

In 2025, AMEC achieved operating income of 12.385 billion yuan, a year-on-year increase of 36.62%; the net profit attributable to the owners of the parent company was approximately 2.111 billion yuan, a year-on-year increase of approximately 30.69%.

AMEC mainly provides etching equipment, thin film deposition equipment, MOCVD equipment and other equipment for manufacturers of integrated circuits, LED epitaxial wafers, power devices, MEMS and other semiconductor products.

Currently, AMEC has made good progress in the development of MOCVD equipment in the Micro-LED and high-end display fields. In 2025, it has completed the mass production verification of the industry's leading Micro-LED epitaxial company. AsP material-specific equipment for red LEDs and Mini-LEDs has also been sent to display head IDM companies for mass production verification. Other applications including red Micro-LEDs, optoelectronic material epitaxy, etc. are also being gradually advanced.

According to China Microelectronics Corporation, MOCVD equipment used in Micro-LED high-end displays has more stringent technical requirements for epitaxial wafers in terms of output wavelength uniformity and particle size, in order to reduce the manufacturing cost of Micro-LED applications and accelerate the promotion of high-quality display applications. The main direction of development of MOCVD equipment will be to improve the uniformity of output wavelength, reduce the particle size of epitaxial wafers, improve the automation performance of the equipment and the growth capacity of large-size epitaxial wafers.

▋ Mekaidi Optoelectronics: Achieving small batch production in the field of MEMS devices

In 2025, Mekaidi Optoelectronics will achieve operating income of approximately 664 million yuan, a year-on-year increase of 36.72%; the net profit attributable to shareholders of the listed company will be -157 million yuan, and the net profit after deducting non-recurring gains and losses will be -159 million yuan.

The growth in operating income during the reporting period mainly came from the contributions of semiconductor packaging and testing, semiconductor acousto-optics and a new mass-produced product. Specifically, the sales revenue of the semiconductor packaging and testing business increased by approximately 94.322 million yuan; the sales revenue of the semiconductor acousto-optical business increased by approximately 87.1053 million yuan; the semiconductor process bonding prism products that will be mass-produced and delivered starting in November 2025 have achieved sales revenue of approximately 10.9692 million yuan. In addition, Mekaidi Optoelectronics achieved small batch production in the field of MEMS devices, bringing in sales revenue of 4.2558 million yuan.

The main business of Mekaidi Optoelectronics covers the research and development, manufacturing and sales of semiconductor acousto-optics, semiconductor micro-nano circuits, semiconductor packaging and testing, precision optics and micro-nano optics. Its products and solutions are used in many downstream fields such as communications, consumer electronics, smart cars, low-altitude economy and artificial intelligence.

In the field of MicroLED display that has attracted much attention, Meikaidi Optoelectronics disclosed that it has made phased progress. It is based on the existing glue coating, exposure, and development photolithography processes, combined with precision coating, bonding, wet etching and ICP dry etching processes, and introduces inorganic lens processing technology to build a Micro LED key process technology platform. At present, the entire process process of the MicroLED project has been successfully developed, and mass production has been achieved and gradually increased.

For the 2026 development plan, Medicay will focus on the core track of optoelectronic semiconductors, promote the production ramp-up of new products such as semiconductor process bonding prisms and MicroLEDs, and deepen strategic cooperation between the upstream and downstream of the industrial chain; continue to expand overseas markets, rely on local teams to improve global service response capabilities; deepen the integration of automation, informatization and intelligence, promote the digital upgrade of production bases, and improve the operational efficiency and quality control levels of the entire chain.