Sanan Optoelectronics Announces Latest Progress in Lumileds Acquisition

On December 27, Sanan Optoelectronics released the audit report on the pro forma consolidated financial statements for its proposed acquisition of Lumileds Holding B.V. (hereinafter referred to as “Lumileds”), covering the target’s financial position, operating results, and restructuring background.

In this transaction,Sanan Optoelectronics plans to acquire a 74.5% equity stake in Lumileds, with the remaining 25.5% held by Inari Amertron Berhad. The target’s core business focuses on the production and sales of high-end LED products.

Sanan Optoelectronicspreviouslystated thatthisacquisition willcomplement its existing LED chip and packaging businesses, enabling rapid entry into the international high-end supply chain. By leveraging Lumileds’ overseas production capacity and sales channels, the company aims to optimize its global layout and enhance competitiveness in automotive and specialty lighting.

However, from a financial performance perspective, Lumileds remained in a state of continuous loss during the reporting period. For the full year 2024, Lumileds achieved Revenue of RMB 4.25 billion, with an operating net loss reaching RMB 782 million.

Although Lumileds recorded a net profit from discontinued operations of approximately RMB 451 million in 2024 due to the disposal of its Luminaires and Accessories business (L&A business), narrowing the final net loss for the year to RMB 331 million, the profitability of its core LED business still faces challenges.

From January to June 2025, Lumileds achieved Revenue of approximately RMB 2.054 billion, but the net loss reached RMB 221 million. By business segment, automotive lighting is Lumileds' largest revenue-contributing segment, with revenue of RMB 1.162 billion; general lighting luminaires generated RMB 558 million; and flash products generated RMB 371 million.

Regarding assets and liabilities, Lumileds' asset scale shows a slight shrinking trend. As of June 30, 2025, the company's total assets were RMB 4.019 billion, a decrease from RMB 4.131 billion at the end of 2024.

In view of the company's continued operating losses, Lumileds management has taken a series of countermeasures, including implementing a restructuring plan involving approximately 10% of the workforce, cutting non-essential capital expenditures, and seeking multi-channel financing support.

Data shows that Lumileds originated as the LED and Automotive lighting division under Philips（照明业务：Signify 昕诺飞）. However, Lumileds has experienced a turbulent development path in recent years. In 2017, the majority equity of Lumileds was sold to a non-listed company; in 2022, affected by macroeconomic conditions and debt pressure, Lumileds filed for bankruptcy protection under the U.S. Bankruptcy Code, completed restructuring in October of the same year, and transferred control to the Aegletes Group. With the completion of the future acquisition, Lumileds will change hands again, becoming a subsidiary of Sanan Optoelectronics.

Source: LEDinside