Continued losses! Two more well-known lighting companies released their 2025 annual reports

In 2025, the landscape lighting engineering industry still failed to emerge from the downturn. Recently, ST Mingjiahui and Shikong Technology successively disclosed their annual reports; both achieved revenue growth, but net profits remained in loss for both, though fortunately the losses narrowed. The lighting engineering sector is still in a recovery phase; challenges such as shrinking industry demand, intensified competition, difficulty in collecting accounts receivable, and declining gross profit margins have forced these two enterprises to seek new paths and embark on different breakthrough strategies.

ST Mingjiahui

ST Mingjiahui disclosed its 2025 annual report. The company achieved revenue of 180 million yuan in 2025, a year-on-year increase of 53.83%; net profit attributable to parent company was -67.5742 million yuan, representing a year-on-year reduction in losses of 48.40%.

The annual report shows that during the reporting period, the company's main business was landscape lighting engineering, including the design and construction of lighting projects, as well as the research, development, production, and sales of related lighting products.

The main reasons for the above operating results are:

1. The restructuring transition period had a phased impact on business acceptance; the traditional landscape lighting engineering core business is still in the recovery phase. Although revenue grew year-on-year, the overall scale has not yet recovered to normal historical levels.

2. Affected by historical legacy issues, some accounts receivable remain overdue. In accordance with regulations, the company accrued credit impairment losses and asset impairment losses totaling 92.374 million yuan in this reporting period.

3. To break through operational bottlenecks and cultivate new growth poles, the company accelerated business structure adjustment, promoting a shift in revenue sources toward product sales, resulting in significant changes in the revenue structure compared to 2024.

It is worth mentioning that ST Mingjiahui stated that 2025 is the critical turning point year for the company to overcome operational difficulties and achieve restructuring and rebirth. In the first half of the year, due to the phased impact of the bankruptcy reorganization process, the company's business acceptance and project settlement still faced certain limitations, and the traditional lighting engineering main business continued to face pressure; in the second half of the year, with the court approval of the reorganization plan, debt resolution completed, the company's asset-liability structure was fundamentally optimized , operating order gradually restored, cash flow pressure significantly alleviated, successfully achieving a leap from "survival crisis" to "transformation and accumulation".

The asset-liability ratio dropped to 12.61%, a significant decrease from the asset-liability ratio of 87.79% on December 31, 2024. The mismatch between assets and liabilities has been substantially resolved, and the company has completely escaped the dilemma of being unable to repay maturing debts.

After the completion of the reorganization, the company's controlling shareholder changed to Xinyu Lingjiu Investment Management Center (Limited Partnership), and the actual controller changed to Wu Liqun, with corresponding adjustments to the equity structure and governance structure.

In 2025, the proportion of product sales revenue for ST Mingjiahui increased significantly from 16.88% last year to 66.19%, becoming the largest source of income, while the proportion of construction engineering revenue decreased from 81.10% to 30.40%, falling to second place. The gross profit margin of product sales was only 0.01%, significantly pulling down the overall gross profit margin to about 10.29%, leading to continued pressure on the main business.

ST Mingjiahui's performance has been loss-making for six consecutive years.

According to the business plan formulated at the beginning of the year, in 2025 we will promote the company's transformation from a traditional lighting engineering service provider to a digital low-carbon technology group integrating "smart lighting + IoT platform + scenario-based solutions" , building a full-chain ecosystem of "R&D + advanced manufacturing + operational services + capital operations", and have now achieved the phased goals of successfully completing the restructuring process, gradually improving operating conditions, and clarifying the direction of transformation.

At the operational level, the company still focuses mainly on landscape lighting engineering projects, continuously advancing the execution and collection of existing projects. By means such as "one project, one special task force", historical projects are being cleared up, combined with debt restructuring, litigation, and coordination measures to recover funds. Total collections reached approximately 128 million yuan this year, while accounts receivable balances decreased to around 271 million yuan.

In terms of new businesses, the company is focusing its layout on the "smart agriculture + horticultural lighting" track, completing the establishment of the smart agriculture business team and technical R&D, focusing on lighting system solutions for vertical farms and plant factories, promoting production capacity construction and order fulfillment for horticultural lighting products at the Lu'an base, and achieving revenue of 114 million yuan during the reporting period.

Shikong Technology

Recently, Shikong Technology released its 2025 performance report. In 2025, it achieved revenue of 347 million yuan, a year-on-year increase of 1.85%, mainly due to an increase in night economy business income compared to the same period last year; net profit attributable to shareholders of the parent company was -244 million yuan, compared to a loss of 262 million yuan in the same period last year, indicating a narrowing of losses compared to the previous year.

Shi Kong Tech stated that since its establishment, the company has deepened its focus on lighting engineering system integration services, concentrating on professional solutions for outdoor public activity spaces and nighttime landscape lighting of objects. It has accumulated rich project experience in the field of landscape lighting, with business footprints spanning over 300 cities nationwide. In recent years, facing multiple challenges such as increasingly fierce market competition in the landscape lighting industry, continuously narrowing profit margins, and extended collection cycles for project payments, the company has followed the industry trend of accelerating cultural tourism integration and smart city construction, actively promoting business transformation and upgrading, gradually building a business pattern where "nighttime economy" and "smart city" development are synergistic.

In 2025, the company's revenue from the nighttime economy reached 227 million yuan, accounting for 65.33% of total revenue, while revenue from smart city services was 120 million yuan, accounting for 34.67%, together constituting all main business income. The nighttime economy segment is centered on landscape lighting engineering contracting and cultural tourism night tour project development, while the smart city segment focuses on digital upgrades of urban infrastructure such as smart streetlights and smart parking.

In the 2025 earnings forecast, Shi Kong Tech explained the loss for the year. The company stated that the prosperity of its industry did not change significantly, and the scale of its nighttime economy and smart city businesses remained basically stable. However, the company's fixed costs and necessary operating costs are high; this period was affected by changes in market demand, accounts receivable collection efforts, and organizational adjustments, leading to increased expenses. Additionally, factors such as asset and credit impairment provisions according to accounting policies further impacted the results, resulting in a loss for the period.

Furthermore, six months after announcing the restructuring plan, on April 18, Shi Kong Tech released a draft plan for acquiring Shenzhen Jiahe Jinwei Electronic Technology Co., Ltd. (hereinafter referred to as "Jiahe Jinwei"), further accelerating the company's step into the semiconductor storage industry.

Compared to the restructuring plan, the restructuring draft clarifies the transaction price: Jiahe Jinwei's 100% equity is valued at 1.078 billion yuan, of which 503 million yuan will be paid in cash and 575 million yuan in shares. At the same time, it is planned to raise up to 525 million yuan in additional funds through share issuance to the controlling shareholder and actual controller Gong Dianhai. After the transaction is completed, Gong Dianhai's shareholding ratio will increase to 40.83%.

Times Space Technology stated that businesses such as nightscape lighting and cultural tourism night tours have been affected by macroeconomic fluctuations and shrinking industry demand in recent years, leading to increasingly fierce competition and compressed profit margins. The company has been continuously losing money since 2021. Upon completion of this transaction, the company will prudently contract its traditional business lines, ensure business quality and profitability, while concentrating resources to accelerate the layout of semiconductor storage sector businesses.

It is reported that Jiahe Jinwei's main business involves the R&D, design, production, and sales of DRAM and Flash memory application products. Its main products include memory modules, solid-state drives (SSDs), and memory chips, possessing strong profitability and growth potential. Currently, the actual controllers of the company are Chen Hui and Zhang Li, a married couple. Zhang Li directly holds 22.14% equity in Jiahe Jinwei and, together with Chen Hui, controls 50.2% of the voting rights. After the transaction, Chen Hui and Zhang Li will jointly hold 14.82% of the shares of Times Space Technology, becoming the company's second-largest shareholder.

Jiahe Jinwei is a national-level specialized and new "Little Giant" enterprise, a Guangdong Province manufacturing single-item champion, and one of the top 500 manufacturing enterprises in Guangdong Province for 2025. It owns three major brands: Guangwei, Asgard, and Shengke, and has a certain level of brand recognition in the storage product market.

In 2024 and 2025, Jiahe Jinwei's revenue was 1.059 billion yuan and 1.539 billion yuan respectively, representing a year-on-year growth of 45.32% in 2025; net profit attributable to the parent company was 30.4968 million yuan and 70.8136 million yuan respectively, representing a year-on-year growth of 132.2% in 2025.

It is worth mentioning that this restructuring includes performance commitments and compensation measures. The performance commitment parties, Zhang Li, Chen Hui, Dongcheng Management, and Puwo Chuanda, commit that Jiahe Jinwei will achieve net profits of no less than 70 million yuan, 77 million yuan, and 87 million yuan in 2026, 2027, and 2028 respectively, totaling no less than 234 million yuan over the three years.