2025 Listed company performance forecasts in the LED lighting sector have been gradually released, presenting a "tale of two extremes" report card: a minority of enterprises saw net profit growth or successfully turned losses into profits, while the majority experienced declining net profits, incurred losses, or saw losses continue to expand. Let's take a closer look at the specific situation below. Wanrun Technology
Wanrun Technology's main business covers LED lighting and next-generation information technology services. Wanrun Technology expects net profit attributable to shareholders of the parent company in 2025 to be between 25 million and 37 million yuan, a year-on-year (YoY) decline of 41.01%~60.14%; non-recurring net profit is expected to be between 12 million and 17.5 million yuan, with a YoY change of -30.89%~0.79%. Company expects net profit attributable to shareholders of the listed company to be profitable in 2025, with a projected decline compared to the same period last year, mainly due to the impact of compensation income accrued in the same period last year related to performance commitment matters.
Changfang Group
Changfang Group is mainly engaged in the R&D, production and sales of electronic components, covering multiple fields such as LED displays, lighting products and their related accessories. Changfang Group expects a net loss attributable to shareholders of the listed company of RMB 115 million to 168 million for 2025, compared with a loss of RMB 41.7391 million in the same period last year; after deducting non-recurring gains and losses , the net profit is a loss of RMB 122 million to 175 million, compared with a loss of RMB 55.8797 million in the same period last year. 受全球经济增速放缓、贸易壁垒、关税政策、行业市场竞争激烈多重因素影响，报告期内国内外销售规模下降，毛利率下降，导致毛利减少，影响公司净利润；受市场环境变化、技术进步等影响，公司对按公允价值计量的投资性房地产根据市场公允价值测算其变动损失，对固定资产、存货计提减值准备及跌价准备，影响公司利润；公司实施股权激励存在较大股份支付费用，对公司业绩产生影响。综上，公司预计2025年度净利润为亏损。
Mao Shuo Power
Moshuo Power focuses on the R&D, production, sales, and technical services of switching power supplies, providing LED drivers and consumer electronic power supplies. Its LED power business is mainly based on high-power outdoor LED drivers, with products widely used in road lighting, industrial applications, horticultural lighting, sports venues, landscape illumination, and public spaces. 茂硕电源预计2025年归属于上市公司股东的净利润为亏损1.9亿元~2.4亿元，上年同期盈利6,748.36万元；扣除非经常性损益后的净利润为亏损2亿元~2.5亿元，上年同期盈利5,596.67万元。 Net profit attributable to shareholders of the listed company and net profit after deducting non-recurring gains and losses for this reporting period have declined significantly compared to the same period last year, primarily due to the combined impact of the following factors: Market competition has led to adjustments in pricing strategies for certain products; based on changes in the market environment, some newly cultivated business segments are undergoing strategic adjustments; affected by grid connection conditions and power consumption patterns, the generation output of individual photovoltaic power stations has seen a Year-on-year (YoY) decline. To continuously maintain customer relationships and market reputation, the company has proactively addressed after-sales issues for certain consumer power products and accrued corresponding estimated liabilities. Related claims are being actively advanced. Meanwhile, based on the prudence principle, the company has assessed certain inventory, receivables, and fixed assets and accrued corresponding impairment provisions. Specific financial data shall be subject to final assessment and audit results.
Leman Optoelectronics
Ledman Optoelectronics expects to achieve revenue of approximately 1,050 million–1,080 million yuan in 2025, with adjusted revenue of approximately 1,046 million–1,076 million yuan. The company's overall operational performance has improved compared to the same period last year. 报告期内公司收入规模有所变化，主要受外部环境变化及行业竞争格局演变影响。一方面，受美国关税政策、地缘政治冲突等外部环境变化，对美业务收入同比减少约23%；另一方面，国内行业竞争加剧，产品市场价格承压下行。 To address challenges and promote business diversification, the company established a new subsidiary in Japan during the reporting period, built product showrooms in Europe and the Middle East, developed partners in Southeast Asia, and expanded overseas markets through various online (Sales) channels. This increased resource investment in markets such as Europe, the Middle East, Northeast Asia, Southeast Asia, South America, and Africa. Revenue in some markets grew by over 30% Year-on-year (YoY), cultivating new growth points for long-term development.
Foshan Lighting
FSL Lighting expects net profit attributable to shareholders of 180 million to 223 million yuan in 2025, a year-on-year (YoY) decline of 50.02%-59.66%; non-recurring net profit is expected to be 65 million to 97.5 million yuan, a year-on-year (YoY) decline of 0.26%-33.51%. During the reporting period, weak demand in the lighting industry was driven by global macroeconomic conditions. On the other hand, sharp increases in prices of major commodities such as copper, aluminum, and tin led to rapid rises in some raw material costs; meanwhile, the transfer of construction-in-progress to fixed assets increased depreciation expenses, further compressing the company's profit margin. 另外，受市场竞争激烈、原材料价格波动等因素影响，公司控股子公司国星光电经营业绩不及预期，经初步测算，公司预计对因收购国星光电股权形成的商誉计提减值约3,000万元-5,000万元。Preliminary estimates indicate that the company's non-recurring profit and loss amount for 2025 is expected to be between 115 million CNY and 135 million CNY, representing a significant decrease compared to 348.4307 million CNY in the same period last year, primarily due to a reduction in net gains from asset disposal in 2025. Specifically, in 2024, the company realized a net gain from asset disposal of 298.6811 million yuan due to the disposal of the plot located at Nanqu District, Fenjiang North Road, Chancheng District, Foshan City; in 2025, the company realized a net gain from asset disposal of 98.4087 million yuan due to receiving land use rights and above-ground building expropriation compensation from its wholly-owned subsidiary Nanjing Fogao Lighting Equipment Manufacturing Co., Ltd., as well as the remaining compensation for the aforementioned plot in Foshan City, representing a decrease of 200.2723 million yuan compared to 2024.
Mingjiahui
Mingjiahui expects a loss of 90 million to 60 million yuan in 2025, a non-recurring net loss of 250 million to 210 million yuan, and revenue of 150 million to 170 million yuan. During the forecast period, due to the company's bankruptcy reorganization, its ability to undertake engineering projects was limited, hindering engineering business operations and causing a significant decline in engineering revenue compared to the previous period. On December 26, 2025, the company received the "Civil Ruling" issued by the High People's Court of Guangdong Province, which ruled to terminate the company's reorganization proceedings; the related impacts have been temporarily eliminated. At the same time, due to the confirmation of restructuring gains upon execution of the restructuring plan, the Company's non-recurring profit or loss during this forecast period has increased significantly compared to the previous period. In addition, during this forecast period, the Company's accrued credit impairment losses and asset impairment losses have increased noticeably compared to the previous period, exerting a certain adverse impact on current performance.
Gangpu Shares
Guangpu Shares' main business and products/services include optically integrated sensor device packaging and testing products, sensor module products, digital intelligent carbon management systems, semiconductor professional lighting luminaires and smart lighting, new material products, and medical beauty services. Products can be applied in fields such as robots, drones, intelligent driving, smart wearables, smart homes, and smart lighting. Guangpu Shares expects a net loss attributable to shareholders of the listed company for the year 2025 ranging from RMB 6 million to RMB 12 million. 2025年，公司一方面战略聚焦光集成传感器领域，通过技术持续创新进一步巩固提升领先优势，全年通过20余家直接客户和终端客户的审厂、验厂，有效拓展新的应用市场，光集成传感器业务销售收入有较大幅度增长；另一方面，公司加大全球化布局及出海的步伐，马来西亚生产基地二期扩建项目投入试运营，提升了海外产能保障能力，为未来承接更大规模业务奠定坚实基础。During this reporting period, the company's revenue is expected to increase slightly compared to the same period last year; however, due to factors such as exchange rate fluctuations, rising commodity prices, and capacity expansion, net profit has declined significantly compared to the same period last year.
Aike Shares
Aike Shares mainly focuses on LED smart lighting and control system business, with its expected net profit for the fiscal year 2025 ranging from -62.72 million CNY to -90.15 million CNY. In 2025, Aike Shares' municipal landscape lighting and smart streetlight businesses continued to contract. Although cultural tourism landscape lighting maintained a recovery trend, its small overall share was insufficient to fully offset the impact of the decline in core business. Meanwhile, the company's progress in expanding its new energy vehicle charging pile business fell short of expectations, with market volume growth slowing down. Against this backdrop, the company firmly transformed towards the new energy sector, achieving business integration and resource supplementation through the acquisition of Wuxi Shuguang. The contribution share of the new energy segment continued to expand. During the reporting period, the company's total operating revenue grew compared to 2024, and the net profit loss narrowed accordingly. To accelerate strategic transformation, the company initiated the acquisition of Dongguan Guixiang at year-end, focusing on becoming a new energy solution provider. Centered on the full industry / supply chain of "materials-thermal management-structural components-charging", the company prioritized layout in growth areas such as new energy vehicle supporting equipment, energy storage, and data center liquid cooling, while optimizing lighting business as auxiliary support. This builds a new development pattern of "new energy as main, lighting as auxiliary".
朗科智能
朗科智能朗科智能主营业务包括两大板块：电器控制器及成品板块和智能电源及控制器板块。其中电器控制器及成品主要包括各类家用电器、电动工具的智能控制器以及新消费家电成品；智能电源及控制器包括新能源电池包、BMS、植物照明等产品。Longke Intelligent expects the net profit attributable to shareholders of the listed company for the full year of 2025 to be between 1.1 million and 16.5 million yuan, a year-on-year decrease of 68.09%~78.73%; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses is expected to be between 7 million and 10.5 million yuan for the full year of 2025.报告期内，公司国际客户订单量有所增长，但由于部分产品应客户要求下调价格，整体收入规模及毛利率同比有所下降；公司外销收入以美元结算，受美元兑人民币汇率下行影响，外销收入与毛利率均有所承压，同时汇兑损失导致财务费用增加。In addition, the Vietnam investment project commenced production at the beginning of the reporting period and is currently in the capacity ramp-up phase. Combined with factors such as increased depreciation, this has led to a decline in the company's overall profitability. Furthermore, during the reporting period, the company's non-recurring profit or loss amounted to approximately 4.7 million CNY, primarily due to government grants and investment income.
Songsheng Shares
Songsheng Shares is a manufacturer of medium and high-power LED drivers in the LED lighting field. In recent years, the company has actively expanded into energy storage businesses; its subsidiary, Songsheng Innovation, focuses on core components for commercial and industrial energy storage as well as residential energy storage systems. Songsheng Shares expects a net loss attributable to shareholders of the listed company of 3.5 million to 7 million yuan for the year 2025; expected revenue is 900 million to 1.05 billion yuan, an increase of 1.86% to 18.84% compared to 884 million yuan in the same period last year. The main reason for the change in performance is a significant increase in sales revenue from energy storage core component business. However, as this business is in the investment phase, R&D and marketing expenses are high. Additionally, the LED driver business has been affected by international trade relations and tariffs, resulting in overall profits falling short of expectations. Furthermore, the company accrued inventory impairment provisions and credit impairment losses totaling approximately 10 million CNY, with financial expenses impacting about 18 million CNY. Non-recurring gains and losses are expected to impact net profit by approximately 11 million CNY in fiscal year 2025.
Super Cool
Prolific mainly engages in lithium-ion battery materials, new electronic product heat dissipation devices, and LED industry/supply chain related businesses. Freely Overclocked expects the net profit attributable to shareholders of the listed company for the full year of 2025 to be a loss of RMB 90 million to 130 million; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses is expected to be a loss of RMB 100 million to 140 million. 报告期内，公司锂离子电池材料业务受行业竞争加剧及去库存周期影响，盈利空间承压。公司深耕散热业务，积极拓展市场，散热产品营业收入与毛利率同比双增长；同时，随着下半年锂盐市场价格回暖及公司回款能力提升，相关资产减值损失及对子公司的超额亏损同比大幅减少，公司整体业绩较去年有所改善。
Starlight Shares
Xingguang Shares' business covers LED lighting, UV disinfection, automotive lighting, IoT, semiconductor device manufacturing, and medical aesthetics. Starlight Shares is expected to report a net profit loss of 3 million to 6 million yuan for the full year of 2025; a non-recurring net profit loss of 5 million to 9.5 million yuan; revenue of 360 million to 410 million yuan; and adjusted revenue of 340 million to 370 million yuan. 2025年，公司持续深耕主营业务，扩充专业团队，打通产业链上下游，积极开拓国内外市场，推动业务协同发展，并通过加大新产品开发、客户拓展及系统服务能力建设，促进新老业务快速增长，从而扩大收入规模，实现营业收入较上年大幅提升。At the same time, the company advanced cost reduction and efficiency improvement measures through business synergy and optimization of the cost structure, implementing multi-dimensional efforts. Along with revenue growth, the loss magnitude narrowed. During the reporting period, non-recurring gains and losses are estimated at approximately 3.65 million yuan, mainly including gains from debt restructuring, gains from unpayable amounts, provision for expected losses on repurchased assets from associate companies, and fair value changes in investment property. The items deducted from revenue during the forecast period mainly include rental income from leased properties, sales of materials, and other revenues that have not yet formed a stable business model.
BPS
Bingfeng Mingyuan is an enterprise focused on the design of power management driver chips, with products widely used in LED lighting, smart home, and high-performance computing fields. BPI Semiconductor expects to achieve operating revenue of 1.57 billion yuan in 2025, a year-on-year increase of approximately 4.41%; net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be approximately 18 million yuan, an increase of approximately 299.79% year-on-year. In 2025, the company's core business continued to improve, with revenue growing year-on-year and gross margin increasing YoY. The performance improvement was mainly driven by the sustained implementation of the product structure optimization strategy; revenue from motor control driver chips and high-performance computing power supply chips, as well as their proportion in total company revenue, both increased year-on-year, enhancing the company's overall profitability.
Chenfeng Technology
Chenfeng Technology mainly operates two businesses: LED lighting structural components and new energy. Chenfeng Technology expects to achieve a net profit attributable to the owners of the parent company of 17.5508 million yuan to 26.3262 million yuan in 2025, an increase of 9.5050 million yuan to 18.2804 million yuan compared to the same period last year (after retroactive adjustment), representing a year-on-year (YoY) increase of 118.14% to 227.21%. During the reporting period, the company focused on core businesses such as new energy power generation and incremental distribution networks. The growth of these core businesses in the new energy sector drove a dual increase in the company's revenue and profits. At the same time, the company completed the transfer of 67% equity in its subsidiary Jingdezhen Hongyi Electronic Technology Co., Ltd., resulting in corresponding gains from the equity transfer. In addition, based on the 'Cash Payment for Asset Purchase Agreement' and its supplementary agreements signed with Jin Qilin New Energy Co., Ltd., Guosheng Power Sales Co., Ltd., and Liaoning Huano New Energy Co., Ltd., the compensation obligor shall pay performance compensation to the Company for any portion of the target company's performance commitment targets not met during the performance commitment period. The Company recognizes this as income accordingly.
Ming Microelectronics
明微电子主要从事集成电路研发设计、封装测试和销售，产品主要包括显示驱动芯片、线性电源芯片、电源管理芯片等，产品广泛应用于显示屏、智能景观、照明、家电等领域。明微电子正持续布局Mini LED直显和背光市场。Mingwei Microelectronics expects to achieve revenue of 660 million to 670 million yuan in 2025, an increase of 52.5973 million to 62.5973 million yuan compared to the same period last year, representing a Year-on-year (YoY) growth of 8.66% to 10.31%; net profit attributable to owners of the parent company is expected to be between -54 million and -45 million yuan. During the reporting period, the company's revenue increased compared to the same period last year, mainly due to the company's continued efforts in strengthening market promotion, stabilizing and enhancing its market share of display driver chips, while actively expanding application scenarios for smart landscape driver chips, driving a continuous increase in sales of related products. 报告期内，公司归属于母公司所有者的净利润及扣除非经常性损益后的净利润同比下降，主要系公司重视研发团队建设，积极引进优秀研发人才，推动产品创新升级并拓宽产品布局，导致研发人员薪酬及研发材料投入较上年同期增加；同时，受市场因素影响，部分产品价格倒挂，对应资产减值损失增加。
Sanan Optoelectronics
Sanan Optoelectronics has long focused on LED packaging technology, with products widely used in lighting, TV backlighting, appliance indicators, and automotive lighting fields. The 2025 preliminary earnings forecast indicates that Refond Optoelectronics achieved steady growth in operating performance during the reporting period. Net profit attributable to shareholders of the listed company for 2025 is expected to range from 57 million to 82 million yuan, representing an increase of 80% to 160% compared to the same period last year's 31.5845 million yuan. After deducting non-recurring gains and losses, net profit is projected to reach between 47 million and 68 million yuan, a year-on-year surge of up to 176% to 300%. Refond Optoelectronics stated that the growth in performance is attributed to the deep adjustment and focus of its business structure, particularly the company's further efforts in the automotive sector, resulting in significant growth in annual sales revenue for automotive LEDs and vehicle backlighting. At the same time, the company's advantage in Mini backlight products has further expanded, driving an increase in overall revenue and gross profit. In addition, the company is committed to improving internal operational efficiency, effectively controlling the growth of operating expenses, while income tax expenses have decreased compared to the previous period.
Hongli Zhihui
Hongli Zhihui expects the net profit attributable to shareholders of the listed company for the full year of 2025 to be between 86 million and 128 million yuan, a year-on-year increase of 5.72%~57.35%; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses is expected to be between 68 million and 101 million yuan, a year-on-year increase of 27.22%~88.96%. 2025年，公司坚定推进战略布局，持续深化扩张“一体两翼”业务，整体经营呈现稳健增长态势。报告期内，公司加大市场开拓力度，实现营业收入整体增长，其中，紧抓新能源汽车产业升级机遇，通过技术迭代与产能释放稳步提升市场份额，带动汽车照明板块营业收入实现较大提升。In addition, under the dual impact of fierce market competition and rising prices of raw materials such as precious metals, the company's profit margin is under pressure. The company effectively mitigated these impacts through multi-dimensional cost reduction and efficiency improvement measures, including deepening lean production management, strengthening quality control, and optimizing the supply chain. At the same time, the company strengthened credit risk management for customers by utilizing domestic and international trade credit insurance tools to enhance accounts receivable risk control. Its ability to withstand risks has continued to improve, impairment provision losses have decreased, and overall profits have achieved significant growth.
MLS
MLS expects the net profit attributable to shareholders of the listed company for 2025 to be between -1.5 billion and -1.1 billion yuan, and the net profit after deducting non-recurring gains and losses to be between -1.45 billion and -1.08 billion yuan. During the reporting period, external factors such as weak demand in the European market and declining orders affected us; meanwhile, to cope with fierce competition in the global lighting market, the company accelerated its channel transformation process. This measure led to an increase in operating costs. Since market adoption requires a certain period, the current contribution to performance remains uncertain. The company, based on the prudence principle, has recognized impairment provisions for goodwill and related assets. In addition, due to factors such as changes in industry supply-demand dynamics and fluctuations in product prices, gross profit has declined. The company continues to advance product adjustments and upgrades and has conducted impairment tests on relevant inventory and assets.
Ocean King
Ocean King expects net profit attributable to shareholders of the listed company to be between 96 million and 125 million yuan in 2025, achieving a year-on-year turnaround from loss to profit. Net profit after deducting non-recurring gains and losses is expected to be between 49 million and 73 million yuan, also achieving a year-on-year turnaround from loss to profit. During the reporting period, the company's profitability achieved significant growth compared to the same period last year, mainly due to: first, the company efficiently executed its strategy around annual goals, focused on core businesses, and actively responded to a complex market, promoting steady operation of its main business. Secondly, the controlling subsidiary Shenzhen Mingzhihui Smart Technology Co., Ltd. has strengthened its market expansion efforts. New growth points such as urban renewal have begun to show results. It continues to strengthen the management and collection of accounts receivable, resulting in a significant improvement in credit impairment losses and asset impairment losses compared to the same period last year.
Juliang Shares
Juliang Shares expects a loss of RMB 66 million to 86 million in 2025, with a non-recurring net loss of RMB 60 million to 78 million. The reasons for the company's performance showing a loss and an increased loss compared to the same period last year are: the decline in sales scale during the reporting period, the reduction in gross profit, which affected the company's net profit amount; and the requirement to return government subsidies due to the change of registered address to meet the company's regional strategic upgrade requirements, which impacted the current period's profit and loss. The company's asset, a plot of land (plot ID AB1006071) located on the east side of Xinguangcong Road in Baiyun District (hereinafter referred to as "Baisha Industrial Park"), was transferred to fixed assets in the mid-2024 period. It is currently temporarily idle but requires depreciation accrual. During the reporting period, to further optimize the asset structure and enhance asset operational efficiency, the company increased its capital contribution to its subsidiary Guangzhou Joliang Small Home Appliances Co., Ltd. using Baisha Industrial Park. The resulting increase in annual fixed asset depreciation and tax liabilities also comprehensively affected the company's net profit amount; Furthermore, during the reporting period, the company's strategic layout needs such as talent introduction and industrial upgrading led to an increase in relevant management expenses, thereby affecting the company's net profit amount. Considering all these factors, the company's net profit for 2025 is expected to continue showing a loss. The company is actively adjusting its business strategy, striving to explore new sources of profit growth, comprehensively enhancing its core competitiveness, and creating better performance returns for investors.
Horsay
Hoursee expects net profit attributable to shareholders of the listed company for 2025 to be -140 million CNY to -100 million CNY, and net profit after deducting non-recurring gains and losses to be -95 million CNY to -70 million CNY. During the reporting period, the company's performance improved year-on-year (YoY), primarily due to the following factors: Affected by a contraction in industry demand and changes in the market environment, the company's engineering order volume decreased. Additionally, certain assets were subject to impairment provisions based on accounting policies, and one-time expenses for the return of illegal gains and fines resulting from litigation judgments negatively impacted current-period profits. On the other hand, the company continued to strengthen accounts receivable management and risk control, improved capital recovery efficiency, and saw a year-on-year decline in credit impairment losses, partially offsetting the aforementioned adverse effects. In summary, the company remained in a loss-making state this period, with net profit losses narrowing by 21.95% to 44.25%. Material compiled from: announcements, LEDinside
