External demand collapses + domestic demand fails! 50% of lighting companies see profits plummet; how do they survive?

截至2025年8月31日，中国照明产业链相关上市公司的2025年半年报业绩相继出炉。本文整理了100家A股上市公司，7家H股上市公司和73家新三板挂牌公司等共计180家公司的报告业绩。尽量精准地提炼出其照明产业链相关的业务情况并做了相关业绩排名，以供参考。虽为管中窥豹，亦可一叶知秋，但求不会一叶障目。

Lighting finished products segment

Lighting finished products segment

General Lighting Finished Products Business Overview

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The scale of China's lighting industry in the first half of 2025 was approximately 275 billion yuan, representing a year-on-year (YoY) decline of 7.7%. The rate of decline widened by 3.2 percentage points compared to the same period last year. Since 2021, the sector has experienced negative growth for four consecutive years.

Facing multiple pressures including sharply rising global uncertainty leading to weak external demand, the spillover and dispersion of production capacity/supply chains, intensified US-China tariff games, as well as overcapacity and price deflation caused by the 'East Rising, West Declining' trend in foreign trade, China's lighting exports in the first half of 2025 recorded a total export value of 25.9 billion USD. This represents a decrease of 6.3% compared to the same period last year's 27.6 billion USD. Converted at the exchange rate of the same period, this amounts to approximately 186 billion yuan, a year-on-year (YoY) decline of 5.1%. Domestic sales of lighting products continue to be constrained by factors such as the persistent downturn in the real estate market, investment limitations due to fiscal tightening, pressure on employment and income, insufficient consumer confidence, and widening market differentiation, resulting in a simultaneous decline in both volume and prices. The entire industry completed domestic sales of approximately 89 billion yuan, marking a year-on-year (YoY) decline of 12.8%.

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The general lighting sector in the first half of 2025 clearly reflects revenue pressure and struggle, with profits declining sharply.

Among a total of 87 listed companies:

Companies with declining revenue from lighting-related businesses account for 64%, compared to 56% in the same period last year, with an average decline of 20%;
Companies with declining gross profit margin from lighting-related businesses account for 66%, compared to 52% in the same period last year, with an average gross margin of only 26.0%, a decrease of 2.2 percentage points compared to last year;
Average capacity utilization for lighting-related businesses was only 54%, a decline of 5 percentage points from last year, far below the manufacturing overcapacity warning line of 75%;
In terms of overall revenue, 56% of companies saw revenue decline, 62% saw net profit decline, and 34% reported losses, representing increases of 2 percentage points, 11 percentage points, and 1 percentage point respectively compared to the same period last year;

Additionally, 62% of companies saw an increase in the proportion of export revenue, reflecting that going global has become an important pathway for enterprises to expand their growth.

上述上市公司照明相关业务（不含车灯）营收合计约290亿元，占整个产业规模的10.5%，中位数为0.9亿元。

Overall ranking of lighting business (top 40)

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通用照明板块2025年上半年照明业务营收排名前40名企业，合计营收约266.4亿元，占整个产业规模的9.7%，产业集中度比去年同期提升了0.8个百分点。

Automotive Lighting Business Ranking

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Unlike the general lighting segment, the automotive lighting business has seen widespread performance growth in recent years, driven by new light sources such as LED/OLED/laser, new energy technologies including pure electric/hybrid plug-in/extended-range vehicles, autonomous driving, smart connectivity, adaptive lighting, and through-taillights, among other new technologies/applications.

其智能化、互联化、数字化、个性化也是大势所趋，并且在国产替代的趋势下，以华域、星宇为代表的内资车灯厂商也在原有欧日"BIG5"的竞争格局中逐步抢得上风，星宇现已超越华域而位居国内车灯厂商营收首位。

与通用照明板块同病相怜的是，相关上市公司车灯业务毛利普降，11家中仅2家毛利提升，上半年车灯业务平均毛利率仅为16.7%，不仅远低于通用照明板块平均毛利率，且比去年同期下滑3.2个百分点，所以车灯领域其实也很卷。

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LED Packaging Segment

Packaging Business Overview

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LED封装板块，去年得到一丝喘息之机的该板块再度由升转降，各项业绩指标比之去年同期显著回落，并呈现持续两极分化态势。聚飞首次反超鸿利上升至封装次席，木林森、聚飞、鸿利、国星、兆驰、晶科等巨头封装规模优势明显，存量竞争态势下缺乏产能做基础的小微型封装企业逐步淡出。

在总共22家上市公司中：

LED Packaging-related revenue decline accounted for 59% of companies, compared to 29% in the same period last year, with an average decline of 23.5%;
LED Packaging-related gross profit decline affected companies accounting for 73%, compared to 38% in the same period last year; the average gross margin was only 12.5%, down 1 percentage point from the previous year;
LED封装照明相关业务平均产能利用率为70%，比去年大幅下滑12个百分点；
Regarding overall revenue, 55% of companies saw revenue decline, 68% saw net profit decline, and 36% incurred losses; the figures for the same period last year were 33%, 25% and 50%;

上述上市公司LED封装相关业务营收合计约120亿元，中位数为1.1亿元。

Packaging Business Overall Ranking (Top 20)

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The vast majority of enterprises in the LED Packaging sector have revenue growth rates lower than the same period last year, and profit margins are also under severe pressure.

LED Epitaxy Chip Sector

Epitaxy Chip Business Situation

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The structure of the LED epitaxy chip segment "BIG6" remains stable, but compared to the full-line red performance in the same period of 2024 , the contraction in downstream demand has already transmitted to the upstream sector, making it impossible for this segment this year to replicate the trend of "only this scenery being excellent."

Among the total 9 listed companies :

Companies with declining revenue from LED epitaxy chip-related businesses account for 67%; the same period last year was 0%, with an average decline rate of 10.7%;
Companies with declining gross profit from LED epitaxy chip-related businesses account for 33%; the same period last year was 11%, with an average gross margin of 17.0%, an increase of 1.4 percentage points compared to last year;
LED packaging and lighting-related businesses had an average production capacity utilization rate of 92%, a decline of 4 percentage points year-on-year, still at a high level;
Regarding overall revenue, 33% of companies saw revenue decline, 44% saw net profit decline, 33% incurred losses, compared to 0, 11% and 33% in the same period last year;

上述上市公司LED外延芯片业务总营收为79.8亿元，同比下降1.6%，占整个中国LED外延芯片产业规模的九成以上，依然为产能和资本的高度集约。

外延芯片业务排名

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All enterprises in the LED epitaxial chip sector had revenue growth rates lower than the same period last year.

Lighting Engineering Sector

Lighting Engineering Business Situation

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2025年上半年，照明工程板块依旧处于低位挣扎态势。大型亮化项目依旧凤毛麟角，城市更新、文旅夜游、商业地产等项目成为主流，但项目碎片化定制化趋势显著。

总共16家上市公司中：

照明工程相关业务营收下滑的企业占75%，去年同期为59%，平均下滑幅度为35.0%；
照明工程相关业务毛利下滑的企业占63%，去年同期为47%，平均毛利率为23.7%，比去年同期大幅下挫7.7个百分点；
整体营收方面，56%的企业营收下滑，31%的企业净利润下滑，44%的企业亏损，去年同期分别为35%、65%和47%；

The total revenue of the lighting engineering business of the above listed companies is 1.39 billion yuan, a year-on-year decrease of 9.2%.

Ranking of lighting engineering business

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Comparing the revenue growth rates of the first half of 2025 with the same period in 2024, the performance of listed companies in the lighting engineering sector fluctuates significantly, reflecting the current instability of the lighting engineering market.

Various supporting sectors

Overview of Supporting Businesses

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In the supporting business segments, revenue in the power supply/control sector shows mixed results with profits under extreme pressure; intelligent business is one of the few bright spots. The raw materials sector performed relatively stably, driven by upstream commodity prices. In the components sector, driver IC companies have been a major loss-making area since 2021. The accessories/equipment sector experienced overall decline due to weak downstream demand and deflationary transmission.

The entire [[Industry]] is undergoing a fierce reshuffle in the stage of stock competition. The centralization of the [[Industry / Supply chain]] has progressed more rapidly than that of application terminals, but profit margins face unprecedented challenges.

Power supply business ranking

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Listed companies in the power supply/control sector not only have revenue growth rates generally lower than the same period last year, but also experienced significant profit declines, reflecting the fierce competitive landscape of the power supply industry.

Overall, among listed companies related to the lighting [[Industry / Supply chain]], 54% of enterprises saw overall revenue growth, down 3 percentage points compared to last year; however, only 45% of enterprises saw growth in their lighting [[Industry / Supply chain]] related businesses, indicating that more than half of enterprises' lighting [[Industry / Supply chain]] related businesses became drag items for overall performance;

Only 40% of enterprises in the lighting industry supply chain saw gross profit growth from related businesses; 50% of enterprises saw net profit growth, down 2 percentage points compared to the same period last year; 34% of enterprises still reported losses, a decrease of 3 percentage points compared to the same period last year.

In short, the current general situation in the industry is that enterprises use sales volume growth to offset price deflation and cost inflation, achieving slightly lower or marginally increased revenue, but profits are significantly reduced.

In summary, the performance of the lighting industry supply chain is even worse than in the same period of 2024. As representatives of high-quality production capacity in the industry, the performance of numerous listed companies, especially those on the main board, is already like this; the situation for the vast number of small, micro, and medium-sized lighting enterprises can be imagined.

Under the macro environment of a weak-cycle economy and global restructuring, we are in a stage of stock competition where both technical and market-driven incremental growth face bottlenecks. The competitive landscape of the lighting industry has evolved into an increasingly ruthless zero-sum game, a situation that will persist for the long term.

Innovating new technologies and applications, improving internal and supply chain systems, increasing openness to go global, seeking restructuring and mutual support, focusing on niche sub-segments, reconstructing operational models and value concepts, market-driven optimization of production capacity, and effective extension of business formats based on lighting services will become the future foundation for survival and prosperity of lighting enterprises.

The above article originates from the Guangya Lighting Research Institute, authored by Wen Qidong