Losses! Multiple listed LED companies release 2025 annual reports

Recently, Qingshang Shares, Furui Electronics, and Maoshuo Power Supply released their 2025 annual reports; all three companies reported losses.

Qingshang Shares

Qingshang Shares (002638) disclosed its 2025 annual report. In 2025, the company achieved revenue of 386 million yuan, a year-on-year increase of 2.01%; net profit attributable to parents was a loss of 327 million yuan, compared to a loss of 249 million yuan in the same period last year.

Qingshang Shares has completed the divestiture of its education and training business. The semiconductor lighting products independently developed and produced by the company mainly cover three series: outdoor lighting, courtyard lighting, and nightscape/landscape lighting, and also include some indoor lighting and display products.

Sunlight Shares stated that the company's revenue in 2025 increased only slightly, mainly due to the weak overall macroeconomic recovery and stock competition in the lighting industry.

The main reasons for the year-on-year (YoY) decrease in net profit attributable to shareholders are as follows: During the reporting period, the associate enterprises in which the company made external investments were in a state of continuous loss; investment losses recognized in this period amounted to 108 million yuan, reducing the company's current profit. The company disposed of its subsidiary Shanghai Aozhan's "Shanghai Fengxian Campus Project" (including land use rights), resulting in a disposal loss of 135 million yuan, reducing the company's current profit. During the reporting period, the company incurred increased exchange losses due to the continuous appreciation of the RMB; the downward trend in bank deposit interest rates led to a decline in interest income from bank deposits, collectively reducing the current period's profit by 18.3119 million yuan.

In addition, the company conducted a comprehensive inventory check of all types of assets at the end of the reporting period. Based on the principle of prudence, credit impairment losses and asset impairment losses totaling 10.577 million yuan were accrued for assets showing signs of impairment, reducing the company's current profit. Among these, credit impairment losses were mainly bad debt losses on accounts receivable, amounting to -10.2897 million yuan in 2025.

具体业务方面，报告期内，公司户外庭院用品实现收入2.76亿元，占总营收的71.52%，为第一大收入来源；户外照明收入0.78亿元，同比增长17.48%；景观亮化收入0.22亿元，同比下降28.87%。分区域看，国内市场实现收入0.86亿元，同比增长22.37%，占比提升至22.39%；海外市场实现收入3.00亿元，占比77.61%，仍占据主导地位。

值得一提的是，勤上股份已连续三年亏损，亏损持续扩大，2023年亏损5907.3万元，2024年亏损2.49亿元，2025年亏损扩大至3.27亿元。

Furi Electronics

On the evening of April 14, Furui Electronics (600203) released its 2025 annual report. The company's revenue was 13.888 billion yuan, a year-on-year increase of 30.52%, mainly due to revenue growth from its subsidiary Zhongnuo Communications in this period. Net profit attributable to the parent company narrowed its loss to 48.5057 million yuan.

Looking at single quarters, the company's fourth-quarter revenue was 4.55 billion yuan, up 62.5% year-on-year; net profit attributable to the parent company recorded a loss of 136 million yuan, with the loss amount decreasing. It is worth noting that while it maintained a profit of 87.36 million yuan in the first three quarters of last year, it turned from profit to loss in the fourth quarter, consuming the entire year's profit in a single quarter. This marks the fifth consecutive year of losses for the company.

Regarding the net profit loss, Furui Electronics explained that in 2025, the operating performance of its smart terminal and LED sectors improved significantly compared to the previous year. The company focused on high-quality key customers and continued to promote refined management. Orders for smart terminal businesses achieved significant growth, increasing by 40.03% year-on-year, with gross margin rising by approximately 1.86 percentage points; the revenue scale of the LED optoelectronics sector remained stable, with gross margin increasing by approximately 3.23 percentage points.

Data shows that Furui Electronics' main business covers smart terminal products and LED optoelectronics. The smart terminal product business mainly provides ODM/JDM/OEM services for mobile phones and other smart terminal products; the LED optoelectronics business covers the mid-to-downstream of the LED industry chain, including LED packaging, LED lighting, LED displays, as well as solution design, investment, and operation of LED engineering projects.

In terms of LED business, the affiliated enterprise Yuanlei Technology has completed development of medium-to-high power products and vehicle-mounted products, successfully entering the original equipment automotive market; it smoothly introduced DOB module projects and achieved mass production, with sales volume and shipment volume showing significant growth compared to the same period last year. Mai Rui Optoelectronics focuses on overseas markets, driving transformation and upgrading with a dual engine of "technology + service"; its fine-pitch products have successfully entered the North American market; it developed high-refresh-rate RP indoor/outdoor rental screens suitable for scenarios such as high-end rental and XR virtual shooting, achieving sales breakthroughs in overseas markets for rental products.

However, LED display production decreased by 11.03% compared to the previous year, and sales volume decreased by 16.59%, mainly due to the company reducing some domestic business to focus resources on expanding overseas markets, resulting in a decline in sales volume, but profitability improved.

Light-emitting diode (LED) production volume decreased by 12.52% year-on-year, and sales volume decreased by 8.59% year-on-year. This is mainly due to the company adjusting its product structure, reducing orders for low value-added products, increasing the proportion of high value-added products, achieving a decrease in volume but an increase in price, with sales revenue remaining basically at the same level as the same period last year. Small fluctuations are within the normal scope of business operations.

Moshuo Power Supply

Moshuo Power Supply released its 2025 Annual Report. During the reporting period, the company achieved Revenue of 1.225 billion yuan, down 5.39% year-on-year; Net profit attributable to shareholders of the listed company was -234 million yuan, down 447.20% year-on-year.

Regarding the decline in performance, the company previously stated in its earnings forecast that due to market competition, pricing strategies for some products have been adjusted. At the same time, based on changes in the market environment, some newly cultivated business segments of the company are facing strategic adjustments; furthermore, affected by grid connection conditions and electricity usage patterns, the power generation of individual photovoltaic power stations has declined year-on-year (YoY).

Maoshuo Power Supply stated that the company is an early listed benchmark enterprise in China's power supply industry. In the two core areas of LED driver / power supply and consumer electronics power supplies, it has built a good reputation with stable and reliable product quality and excellent service, successfully establishing long-term and solid strategic partnerships with many well-known international and domestic companies. Today, the company is seizing the opportunity of the 'Dual Carbon' strategy, continuously strengthening technical R&D and market expansion capabilities, fully broadening business boundaries and increasing market share, striving to achieve a rapid leap in market influence in the new energy sector.

In terms of LED driver / power supply, the product strategy focuses on "high-power outdoor lighting drivers", deeply cultivating the driving sub-sectors of "road lighting, industrial lighting, horticultural lighting, sports venue lighting, landscape lighting, and urban public lighting". Currently, the LED driver / power supply product line has a complete range of specifications, covering mainstream market demands.

During the reporting period, the two core products, SPS switching power supplies and LED drivers, contributed over 90% of total revenue. Specifically, SPS switching power supplies generated revenue of 620 million yuan, accounting for 50.62%, while LED drivers generated revenue of 553 million yuan, accounting for 45.13%.

By region, the company's business structure is relatively balanced, with domestic market revenue accounting for 53.82% and overseas market revenue at 46.18%. Regarding investment, R&D expenditure during the reporting period was 111 million yuan, a year-on-year increase of 7.01%, maintaining a share of 9.03% of revenue; however, the number of R&D personnel decreased by 2.94% year-on-year to 264.

In the new energy sector, the company constructed and fully connected to the grid its first distributed photovoltaic power station in Haining City, Zhejiang Province, accumulating full-process management experience for photovoltaic power generation projects.