First loss since IPO! Sanan Optoelectronics forecasts a loss for the 2025 fiscal year

On the evening of January 12, Sanan Optoelectronics (SH600703) released a performance forecast stating that it expects a net loss of 200 million to 400 million yuan for the year 2025; excluding non-recurring gains and losses, the expected net profit is -750 million to -850 million yuan.

This pre-loss will be the company's first annual loss since its reverse takeover and IPO in 2008.

与三季报相比，此次年度业绩预告中特别提及存货影响因素：根据《企业会计准则》规定，对可变现净值低于成本的存货计提跌价准备同比增加。不过，预告中并未披露具体计提金额。截至2025年三季度末，公司存货余额为63.49亿元。

Excluding the impact of inventory write-downs, Sanan Optoelectronics further explained in its announcement the reasons for the projected loss in 2025 performance: During the reporting period, the proportion of the company's high-end LED products increased further , and although both the revenue scale and profitability of the integrated circuit business improved year-on-year (YoY), the filter and silicon carbide (SiC) businesses within the integrated circuits still significantly dragged down the company's profits. At the same time, government subsidies received by the company decreased year-on-year; R&D expenses recognized as costs increased year-on-year; and investment income decreased due to adjustments caused by the difference between the tentative sales price of precious metal waste and the price trend on the Shanghai Gold Exchange.

According to previous reports, in the first three quarters of 2025, Sanan Optoelectronics achieved revenue of 13.817 billion yuan, a year-on-year increase of 16.55%; net profit attributable to parents was 88.601 million yuan, a year-on-year decrease of 64.15%. In the third quarter, Sanan Optoelectronics' revenue was 4.830 billion yuan, a year-on-year increase of 15.67%; net profit attributable to parents was approximately -87.8895 million yuan.

在业务拓展方面，三安光电持续推进国际化和新兴应用布局。2025年8月，公司公告拟联合境外投资人Inari Amertron Berhad收购荷兰LED企业Lumileds Holding B.V.100%股权，企业价值定为2.39亿美元，此举有助于拓展高端国际市场，增强在汽车及特种照明领域的竞争力。

从政府补助方面来看，三安光电2024年前三季度获得的政府补助为6.57亿元，但2025年前三季度该数据为4.6亿元，同比下降大约2亿元。