Non-deductions increased by up to 206%, and 9 LED-related companies released performance reports

Recently, companies such as Absen, Chengdian Optoelectronics, Longteng Optoelectronics, Xinyichang, China Microelectronics, Delonghi Laser, Haimuxing, Ming Microelectronics, and New Phase Micro released their 2025 performance reports.

▋ Absen: Revenue hit a record high, profit increased by 206.64%

Recently, Absen released the "2025 Annual Performance Express", achieving total operating income of 4.159 billion yuan, an increase of 13.55% over the same period last year; the company's operating profit was 282 million yuan, an increase of 145.50% over the same period last year; the total profit was 280 million yuan, an increase of 151.18% over the same period last year; the net profit attributable to shareholders of listed companies was 254 million yuan, an increase of 117.20% over the same period last year.

In terms of overseas markets, Absen's business currently covers more than 165 countries, achieving operating income of 3.178 billion yuan, a year-on-year increase of 8.43%, and continues 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 981 million yuan, a year-on-year increase of 34.04%, successfully achieving growth against the trend.

At the same time, relying on the "large single product" strategy and lean production model, we continued to improve inventory turnover efficiency, shortening inventory turnover days by approximately 3 days.

During the reporting period, the company achieved a gross profit margin of 31.14%, a year-on-year increase of 3.66% in 2024. And achieved net operating cash flow of 823.9767 million yuan, an increase of 439.53% year-on-year in 2024.

▋ Chengdian Optoelectronics: operating income of 180 million yuan in 2025

Chengdian Optoelectronics disclosed its 2025 performance report. The company achieved operating income of 180 million yuan, a year-on-year decrease of 35.51%; net profit attributable to the parent company was 21.3905 million yuan, a year-on-year decrease of 57.47%; deducting non-net profit was 20.3383 million yuan, a year-on-year decrease of 56.63%

The reasons for the performance changes are as follows:

1. Operating income will decrease in 2025 compared with 2024. 35.51%, mainly due to the larger decrease in sales revenue of special display products in 2025 compared with 2024. Among them, the LED dome visual display system has been basically completed in 2024 as the delivery task of a certain field-installed model that the company participated in in the early stage. The delivery quantity in 2025 will be smaller, which will have a greater impact on the overall revenue amount. With the subsequent finalization and mass production of multiple new models, orders and revenue are expected to be restored.

2. Profits are affected by the delivery tasks of the aforementioned supporting line-up models of special display products. The company's operating income in 2025 will decline significantly compared with 2024, and profits will decrease accordingly; and most of the LED dome visual display systems delivered for acceptance in 2025 are new models and have not yet been finalized, causing the comprehensive gross profit margin of special display products to decline significantly compared with 2024; although 2025 is subject to cost control, the annual expenses will be higher There will be a decrease in 2024, but the significant drop in operating income will still increase the operating expense ratio, which will have a limited impact on full-year profits.

▋ Longteng Optoelectronics: operating income of 2.499 billion yuan in 2025

On February 27, Longteng Optoelectronics disclosed its 2025 performance report, achieving operating income of 2.499 billion yuan, a year-on-year decrease of 26.79%; net profit attributable to the parent company - 208 million yuan, -190 million yuan in the same period last year; non-net profit after deducting - 211 million yuan, - 247 million yuan in the same period last year.

The operating conditions, financial status and main factors affecting operating performance during the reporting period are as follows:

1. During the reporting period, the global trade environment and international political situation were complex and ever-changing, the industrial chain was restructured at an accelerated pace, industry production capacity was further released, and competition in the small and medium-sized display field became increasingly fierce, resulting in pressure on operating performance. Longteng Optoelectronics seizes market opportunities such as emerging applications and continues to strengthen cutting-edge technological innovations such as electronic paper and three-dimensional stereoscopic products; in terms of international production layout, it steadily promotes overseas production capacity construction and ramp-up.

2. With the development of the green and low-carbon economy and the digital economy, emerging display application scenarios such as downstream smart terminals, smart cockpits, and virtual reality will continue to expand. We will further promote strategic upgrades and refined management, strengthen technological innovation, and increase efforts to lay out emerging subdivided display fields such as green and low-carbon, healthy eye protection, electronic paper, smart cockpits, and AI displays.

▋ Xinyichang: revenue of 727 million yuan in 2025

On February 27, Xinyichang disclosed its 2025 performance report, achieving operating income of 727 million yuan, a year-on-year decrease of 22.17%; net profit attributable to the parent company -133 million yuan, a profit of 40.458 million yuan in the same period last year; deducting non-net profit -134 million yuan, a profit of 30.6827 million yuan in the same period last year.

The operating conditions, financial status and main factors affecting operating performance during the reporting period are as follows

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.

Xinyichang focuses on long-term technology accumulation and product innovation, proactively increases investment in R&D, builds a comprehensive technological moat, and increases R&D expenses year-on-year. In the future, we will further promote strategic transformation and refined management, continue to build differentiated competitive advantages, accelerate the expansion of overseas markets, deepen the layout of high value-added businesses, and strive to achieve sustainable high-quality development.

▋ AMEC: 2025 revenue of 12.385 billion

On February 27, AMEC disclosed its 2025 annual performance report.

In 2025, the company will achieve operating income of 12.385 billion yuan, a year-on-year increase of 36.62%, of which etching equipment sales will be approximately 9.832 billion yuan, a year-on-year increase of approximately 35.12%; The sales of LPCVD and ALD equipment are approximately 506 million yuan, a year-on-year increase of approximately 224.23%; the net profit attributable to the parent company is expected to be 2.111 billion yuan, a year-on-year increase of 30.69%; the non-net profit after deducting is approximately 1.550 billion yuan, a year-on-year increase of approximately 11.64%.

The announcement stated that the main factors affecting operating performance are:

1) The company's main product, plasma etching equipment, is one of the core equipment of the semiconductor front-end, with a vast market space and high technical barriers.

2) New product development has achieved results. In the past two years, more than ten types of conductor and dielectric film equipment have been newly developed. Currently, many new equipment products have entered the market.

3) Continue to maintain the leading position in the international gallium nitride-based MOCVD equipment market, actively deploy the market for silicon carbide and gallium nitride-based power device applications, and have made good progress in the development of dedicated MOCVD equipment for Micro-LED and other display fields. Several new MOCVD products have entered the client verification stage. New eight-inch silicon carbide epitaxial equipment and equipment for new red and yellow LED applications have been shipped to leading domestic customers for verification, and are currently progressing smoothly.

4) The production and R&D base of approximately 140,000 square meters in Nanchang and the production and R&D base of approximately 180,000 square meters in Lingang, Shanghai have been put into use.

■ De'Longhi Laser: Achieve operating income of 787 million yuan in 2025

De'Longhi Laser released a 2025 annual performance report announcement, achieving operating income of 787 million yuan for the year, a year-on-year increase of 10.04%; net profit attributable to the parent company was 25.1928 million yuan, achieving a turnaround; deducting non-net profit was 6.6606 million yuan.

The announcement shows that the main factors affecting operating performance are:

1) During the reporting period, a number of new products and new processes developed by the company in the fields of semiconductors and new energy were introduced to leading customers. Among them, in the field of memory chips, the wafer laser hidden cutting equipment developed by the company has obtained breakthrough orders from leading customers. The equipment has been mass-produced and verified and has passed customer acceptance.

2) Internal management continues to be optimized, with significant results in cost reduction and efficiency increase

■ Haimixing: operating income of 4.188 billion yuan in 2025

Haimixing disclosed the 2025 annual performance report. During the reporting period, the company achieved operating income of 4.188 billion yuan; net profit attributable to the parent company -876 million yuan; and non-net profit after deducting -952 million yuan.

Regarding the reasons for the change in performance, Haimixing said that during the reporting period, the company conducted a comprehensive assessment of inventory with signs of impairment, and made provision for inventory decline in accordance with the Accounting Standards for Business Enterprises and relevant regulations. At the same time, the company continues to increase investment in strategic research and development and actively promotes global market layout. Related investments will push up operating costs in the short term and have a certain impact on current profits, but it has laid a solid foundation for the company's long-term sustainable development.

▋ Ming Microelectronics: Revenue in 2025 will increase by 9.48% year-on-year

On February 27, Ming Micro Electronics released its 2025 annual performance report. During the reporting period, the company achieved total operating income of 665 million yuan, a year-on-year increase of 9.48%; net profit attributable to the parent company was -46.4493 million yuan; deducting non-net profit was -65.0233 million yuan.

Regarding the reasons for the growth in operating income, Ming Microelectronics stated that 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.

In addition, according to the announcement, 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, due to the influence of 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.

▋ Xinxiangwei: Achieve total operating income of 613 million in 2025

Recently, Xinxiang Wei released its 2025 performance report. In 2025, total operating income will be 613 million yuan, a year-on-year increase of 20.86%; net profit attributable to the parent company is 8.9272 million yuan, a year-on-year increase of 5.86%; non-net profit after deducting is 4.020 million yuan, a year-on-year increase of 7.7023 million yuan.

Regarding the reasons for the change in performance, New Phase Micro said that although the display chip market will still maintain a relatively fierce competition in 2025, New Phase Micro adheres to a stable business strategy and achieves annual performance growth by continuing to optimize product structure, accelerate product iteration, and improve product performance.

Looking to the future, the company will continue to focus on downstream market demand, steadily promote the layout and expansion of the high-end chip field, strengthen the comprehensive competitiveness of the product matrix, accelerate technological breakthroughs and market volume of new products, further expand market share, continue to improve profitability, and lay a solid foundation for the company's long-term stable development.