Two major LED chip companies release 2025 results

Recently, BOE Huacan and Jucan Optoelectronics released their 2025 annual performance report.

▋ BOE Huacan: Achieve revenue of 5.408 billion yuan in 2025

On March 22, BOE Huacan disclosed its 2025 annual report. In 2025, BOE Huacan achieved operating income of 5.408 billion yuan, a year-on-year increase of 31.07%; net profit attributable to the parent company improved by 28.32% year-on-year, and the overall operation showed a good trend.

During the reporting period, the gross profit margin of BOE Huacan's LED chip sales increased by approximately 13 percentage points year-on-year to 7.36%, and the gross profit margin of LED substrate wafers was 1.67%.

Significant progress has been made in deepening the market and increasing market share. The market share in Q4 exceeded 23%, further enhancing its influence in the industry. Among them, the domestic market share of vehicle-mounted products increased to 10%, and the sales of vehicle-mounted pre-installation reached nearly 100 million yuan, a year-on-year increase of 200%; the lighting market share increased to 27%, and key customers were introduced in batches to achieve lighting products, with annual sales exceeding 50 million yuan; overseas core customers were successfully introduced and increased in volume, with annual MPD sales of 660KK.

Through production expansion projects and capacity tapping, BOE Huacan's monthly LED chip production capacity exceeds 900,000 pieces, increasing production to help increase sales. In terms of product competitiveness, the green light of formal display has been improved by 5%, the backlight has been improved by 4.2%, and the brightness of automotive and COB products has been improved by 3%; the average cost of LED chips has dropped by more than 15%, and product profitability has been further improved; GaN has completed high-voltage 1.0-generation trial production, and 2.0-generation products have passed sample delivery; the AR chip brightness reaches 200W nit, completing the entire process from chip to complete machine, helping product structure optimization and operational improvement.

Looking back on 2025, BOE Huacan pointed out that in terms of industry trends, the demand for Mini direct display, backlight and automotive markets has continued to grow, but the overall price decline has exceeded expectations, causing the global LED chip market revenue to decline by 1% year-on-year. This, combined with rising precious metal costs, has resulted in intensified competition among LED manufacturers and operational pressures. Looking forward to 2026, BOE Huacan stated that it will collaborate with factories and R&D to strengthen customer service and delivery levels, achieve steady progress, and maintain its leading position in the industry; on the other hand, it will actively explore emerging growth areas, focusing on niche markets such as AR, ADB, plant lighting, and GaN power electronic devices, accelerate technology upgrades and customer introduction, and enhance profitability.

▋ Jucan Optoelectronics: Achieve revenue of 3.127 billion yuan in 2025

On March 21, Jucan Optoelectronics disclosed its 2025 annual report. In 2025, Jucan Optoelectronics achieved operating income of 3.127 billion yuan, a year-on-year increase of 13.33%; net profit attributable to shareholders of listed companies was 205 million yuan, a year-on-year increase of 4.82%; net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was 199 million yuan, a year-on-year increase of 7.10%.

In 2025, Jucan Optoelectronics' operating income, net profit attributable to shareholders of listed companies, and net profit after non-recurring gains and losses attributable to shareholders of listed companies all hit a record high for the same period in history.

In 2025, Jucan Optoelectronics is committed to the continued expansion of the main business of LED chips, focusing on high-end LED chips represented by Mini LED, vehicle lighting, plant lighting, backlight, direct display, etc.

In 2025, Jucan Optoelectronics will focus on the construction of the "annual output of 2.4 million pieces of red and yellow epitaxial wafers and chips projects", actively cultivate the second growth curve of the business, and coordinately promote the implementation of the "Mini/Micro LED chip R&D and manufacturing expansion project" to enhance the cooperation and synergy capabilities of red-yellow and blue-green light chips in applications, and is committed to providing customers with full-color product services. The red and yellow light project was put online in January 2025. The current monthly output has exceeded 50,000 pieces, and the full production in some process stages has exceeded 80,000 pieces.

Jucan Optoelectronics stated that in 2026, the company will focus on the mass production of red and yellow light projects, thoroughly consolidate the second growth curve of the business, complete the full-color layout, achieve multi-product coverage, continuously improve the technical level, optimize the product structure, promote cost reduction and increase efficiency, continue to strengthen brand management, encourage the talent team to have the courage to take on new missions, show new achievements, achieve new leaps, and promote the company's high-quality sustainable development.