Net profit surged by 163%; 2025 H1 performance summary for LED lighting-related enterprises

在全球经济复苏乏力和贸易摩擦持续的影响下，2025年上半年中国LED照明行业整体业绩承压。近期，多家上市公司发布2025半年报业绩数据，超半数企业净利润下跌，只有少部分企业凭借产品结构优化和高端应用领域拓展实现逆势增长，扭亏为盈。

Industry experts predict that the market may continue to contract in the second half of the year, with an unfavourable outlook, but local recovery is expected in fields such as smart LED and automotive lighting.

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MLS

上半年营收79.19亿元，同比下降3.21%；净利润1.54亿元，同比下降41.15%；扣非归母净利润为1.44亿元，同比下降39.85%。

营收减少原因：行业周期波动影响、毛利率下降、期间费用增加及市场需求放缓叠加市场竞争加剧。

Sanan Optoelectronics

First half revenue was 1.681 billion yuan, a Year-on-year (YoY) decline of 9.3%; net profit was 24.5723 million yuan, a Year-on-year (YoY) decline of 56.31%. Among them, LED Packaging as the core business accounted for 69.81% of revenue, a Year-on-year (YoY) decline of 12.67%. ‌

Reasons for revenue reduction : Divergent momentum in global economic recovery, rising protectionism, intensified industry competition, and price increases in raw materials (such as precious metals) led to a decline in sales prices for some products, resulting in a year-on-year decrease in gross profit margin.

Ledarin

Revenue in the first half of the year was approximately 3.039 billion yuan, a Year-on-year (YoY) increase of 2.01%; however, net profit attributable to shareholders of the listed company was 69.15 million yuan (forecast range 67.12-82.03 million yuan), representing a Year-on-year (YoY) decrease of 53.64%.

Reasons for revenue changes : Tariff policy changes led to a decline in gross margin for some products; intensified industry competition; expansion of the Thailand base resulted in increased material procurement, production costs, and administrative expenses.

MTC

Revenue in the first half of the year was 8.483 billion yuan, a Year-on-year (YoY) decrease of 10.89%; net profit was 661 million yuan, a Year-on-year (YoY) decrease of 27.37%. Among them, LED business revenue was 2.808 billion yuan, a Year-on-year (YoY) increase of 8.67%, which is the highest performance for MTC's LED business in the same period in history.

Reasons for Revenue Decline: The overall company revenue decline was mainly affected by a slight loss in the optical communication device module business. Although the LED business grew steadily, operating conditions are expected to improve month by month only in the second half of the year due to heightened macroeconomic uncertainty.

Huati Lighting

上半年营收1.93亿元，同比下降0.44%；净利润亏损2511万元，同比下滑60.64%，扣非净利润亏损2748万元。

Reasons for Revenue Decline: As an enterprise primarily engaged in comprehensive urban lighting services, it has been significantly impacted by an overall unfavorable market environment, intensified competition, and a reduction in market projects; some projects remain unsettled, putting pressure on operating performance. Additionally, external factors such as fluctuations in raw material prices have also affected performance.

Songsheng Shares

Revenue in the first half of the year was 449 million yuan, a Year-on-year (YoY) growth of 3.69%; net profit loss was 753,200 yuan, a Year-on-year (YoY) decline of 104.28%. Among them, LED driver power supply as the company's core business, achieved sales revenue of 410 million yuan in the first half of the year, with a Year-on-year (YoY) growth of 5.32%, and export revenue increased slightly by 0.08%.

Reasons for revenue changes : Affected by extreme changes in international trade policies and an increase in uncertain factors, as well as overseas geopolitical conflicts, the growth in downstream demand for the LED lighting industry overseas did not meet expectations; however, the company's operations remained stable, achieving slight growth.

Pakson

First half revenue was 819 million yuan, a Year-on-year (YoY) decline of 16.49%; net profit loss 23.6642 million yuan, compared to a profit of 41.9533 million yuan in the same period last year, shifting from profit to loss, a Year-on-year (YoY) decline of 156.4%.

Reasons for revenue reduction : Affected by the macroeconomic environment, the domestic lighting market sales scale has continued to decline over the past three years, market competition is fierce, and price involution has intensified. Among them, the main business luminaire business revenue declined Year-on-year (YoY) by 15.27%, and gross margin decreased by 3.84 percentage points to 29.15%.

Shiyida

Revenue in the first half of the year was 309 million yuan, a Year-on-year (YoY) decrease of 2.38%; Net profit was 15.4644 million yuan, a Year-on-year (YoY) decrease of 36.55%.

Reasons for the decrease in revenue: : Reduced orders from some customers led to a contraction in overall business volume; increases in administrative and R&D expenses, as well as a decrease in foreign exchange gains on financial expenses.

Unilumin Technology

Revenue in the first half of the year was 3.658 billion yuan, a Year-on-year (YoY) increase of 7.38%; Net profit was 121 million yuan, a Year-on-year (YoY) increase of 20.61%; Adjusted net profit attributable to the parent company reached 1.42 billion yuan, a Year-on-year (YoY) increase of 71.46%.

营收增长原因：受教育、文旅、体育赛事、智慧城市等场景需求增长，推动LED显示行业多场景需求快速增长，国内市场营收达14.81亿元，同比增长19.96%；Mini/Micro LED实现销售额超5亿元，销售面积翻倍；光显解决方案、AI 内容等业务的持续推进。

Dabon Lighting

上半年营收21.52亿元，同比微增0.4%；净利润1.43亿元，同比下降19.66%。

Reasons for Revenue Changes : Affected by intensified industry competition and fluctuating tariff policies, raw material procurement costs increased, more resources were invested to cope with price wars, leading to compressed profit margins and an overall decline in gross margin.

Jufei Optoelectronics

First half revenue was 1.66 billion yuan, a Year-on-year (YoY) increase of 18.9%; net profit was 124 million yuan, a Year-on-year (YoY) decrease of 15.9%.

Reasons for Revenue growth : Mini LED business continues to grow rapidly; national trade-in policies and the increasing penetration rate of Mini LED backlighting in large-screen ultra-high-definition new displays have driven demand; market demand has driven growth in product sales revenue.

Jiawei New Energy

First half revenue was 324 million yuan, a Year-on-year (YoY) increase of 49.01%; net profit loss of 14.8 million yuan (a YoY reduction in loss of 28.9042 million yuan, with the loss narrowing by 66.14%).

Reasons for revenue growth : Mainly due to increased income from PV power station BT business and EPC business.

Dehaorunda

Revenue in the first half of the year was 307 million yuan, a year-on-year (YoY) decrease of 8.19%; net profit loss 13.0345 million yuan (loss decreased by 67.60% YoY, narrowing losses).

Reasons for revenue changes : Optimized the product structure of export small appliances, reduced low-margin products, and focused on the production of mid-to-high-end coffee-related small appliances; this strategy led to a year-on-year decline in export business revenue; LED packaging business benefited from the sustained growth in new energy vehicle sales, driving related business development.

Xiamen C&D

Revenue in the first half of the year was 16.324 billion yuan, a year-on-year (YoY) decrease of 35.06%; net profit loss 55.96 million yuan (loss decreased by 3.07% YoY, narrowing losses).

营收减少原因：因债务人西安迈科破产重整事项，计提信用减值损失约6100万元，直接导致财务数据恶化。此外，LED行业需求恢复不如预期，光电业务面临国内外市场竞争加剧，尤其是东南亚和南美市场增长乏力，市政照明项目中标量减少，市场份额收缩。

Qianzhao Optoelectronics

上半年营收17.43亿元，同比增长37.08%；净利润6923.42万元，同比增长88.04%。净利率由2024年上半年的2.90%提升至3.97%，但毛利率从14.74%下滑至11.45%。

Reasons for revenue growth : Focusing on the core LED business, actively expanding into multiple application areas. Among them, Mini RGB product revenue grew by 57% year-on-year; automotive business continued to scale up in the HUD display field, with revenue growing by 104% year-on-year; lighting business focused on improving product positioning, concentrating on the research, development and promotion of high luminous efficacy solution offerings, continuously optimizing gross margins.

Guangpu Shares

Revenue in the first half of the year was 401 million yuan, a Year-on-year (YoY) decline of 4.73%; net profit was 20.07 million yuan, a Year-on-year (YoY) decline of 55.75%.

Reasons for revenue reduction : LED lighting and optoelectronic sensor business were affected by overseas customers adopting flexible tariff strategies; the smart medical and elderly care platform did not meet expected revenue due to market demand fluctuations.

BPI Semiconductor

First half revenue was 731 million yuan, a Year-on-year (YoY) decline of 0.44%; net profit was 15.76 million yuan, compared to a loss of 30.5 million yuan in the same period last year, turning from loss to profit Year-on-year (YoY), growth of 151.67%.

营收变化原因：通用LED市场竞争激烈，导致LED照明驱动芯片业务收入下降15.02%；通过工艺迭代、供应链整合，产品结构优化，毛利率提升4.46%至39.60%。

Mingjiahui

First half revenue was 40 million yuan, a year-on-year (YoY) decline of 50.43%; net profit loss of 80.88 million yuan, a year-on-year (YoY) decline of 467.46%.

Reasons for the decrease in revenue : The contraction in business market demand and the downward trend in overall industry prosperity are the core reasons. Large-scale construction projects from the previous period have already recognized a significant proportion of revenue, while the scale of revenue recognized in this period is limited; other ongoing construction projects are smaller in scale and have not significantly contributed to performance improvement. At the same time, a surge in financial expenses further exacerbated the losses.

Chaofengsan

First half revenue was 474 million yuan, a year-on-year (YoY) increase of 18.47%; net profit was 11.31 million yuan, with a loss of 17.95 million yuan in the same period last year, turning from loss to profit year-on-year, a significant increase of 163.01%. Among them, LED lighting luminaires achieved revenue of 23.913 million yuan, and lighting engineering projects achieved revenue of approximately 18.5938 million yuan.

营收增长原因：散热业务营业收入同比提升151.18%。同时，合理利用期货套保工具降低了原材料价格波动风险，进一步保障了利润空间。

Haoersai

上半年营业收入1.58亿元，同比下降46.6%，归母净利润亏损3371.49万元，同比下降538.56%；扣非归母净利润为-3022.47万元，同比下降227.59%。

Reasons for Revenue Fluctuation : Affected by adjustments in investment rhythms in infrastructure and real estate sectors, demand in the lighting engineering industry experienced phased fluctuations, with fewer large-scale project orders; intensified industry competition and upward cost pressures further compressed profit margins; extended payment cycles for some customers prompted the company to increase credit and asset impairment provisions, further eroding profits.

LED照明相关企业2025年上半年营收增长或减少的主要原因可简单归纳为三类：一.行业竞争加剧、原材料涨价与产品价格战；二.宏观政策与贸易不确定性，包括关税变化和地缘政治冲突；三.产品结构调整与成本控制。

In the second half of 2025, the LED lighting industry will continue to face pressure, confronted by a triple variable impact of costs, demand, and policies.

Cost side: The price increase effect in the packaging stage will gradually transmit to the terminal; it is expected that the terminal prices of lighting products in the fourth quarter may rise, but the increase will be controllable. If raw material prices stabilize, this will help alleviate the profit pressure on enterprises.

The demand side shows a polarized trend: On one hand, urbanization and infrastructure construction in emerging countries bring incremental demand, and mandatory replacement plans by governments in various countries will release some stock replacement demand; on the other hand, global demand has not recovered as expected, international situation changes, macro economic uncertainty, and high LED penetration leading to growth slowdown may ultimately lead to market contraction.

Policy dividends will continue to be released: At the domestic level , under the push of carbon neutrality goals, the "Standards for Advanced Energy Efficiency Levels of Key Energy-Using Products and Equipment" will mandate the elimination of inefficient luminaires, and the Ministry of Finance will provide tax reductions for enterprises that meet carbon certification standards; the domestic market, driven by infrastructure investment and smart city projects, may see local recovery, but intensified competition and capacity clearance will further reshape the landscape. At the international level , EU Eco-design Directive, US Department of Energy new regulations, etc., further raise entry barriers, benefiting Chinese enterprises with high-end manufacturing capabilities going global.

The industry consolidation is expected to accelerate in the second half of 2025, with backward production capacity exiting at an accelerated pace; enterprises with a full industry chain layout are expected to increase their market share.