Sanan Optoelectronics, MLS, Leda and other listed LED companies have released their 2025 performance results!

The overall environment of the lighting industry in 2025 is complex, market competition has intensified, and corporate operations are generally under pressure. Recently, Sanan Optoelectronics, MLS, Leda, Sanxiong Aurora, Chenfeng Technology and others disclosed their 2025 annual reports, with many companies experiencing a decline in performance or even turning from profit to loss.

Sanan Optoelectronics

On April 24, Sanan Optoelectronics disclosed its 2025 annual report. The report shows that the company achieved revenue of 17.949 billion yuan in that year, an increase of 11.45% compared to the same period last year; net profit attributable to the parent company was a loss of 353 million yuan, a year-on-year decrease of 239.70%, while the net profit for the same period in 2024 was 253 million yuan, with performance turning from profit to loss; non-recurring net profit attributable to the parent company changed from a loss of 511 million yuan at the same time last year to a loss of 828 million yuan, with the loss amount further expanding.

In the fourth quarter, the company's revenue was 4.132 billion yuan, a year-on-year (YoY) decrease of 2.8%; net profit attributable to the parent company showed a loss of 442 million yuan, a YoY decrease of 7881.5%.

The company's operating business did not undergo any major changes in 2025 and continues to focus on the research, development, production, and sales of compound semiconductor materials and devices.

Among them, the LED epitaxy chip business generated revenue of 5.862 billion yuan, a year-on-year (YoY) decrease of 2.91%, with a gross margin of 22.43%, an increase of 1.87 percentage points compared to the same period last year. The LED application products business generated revenue of 3.230 billion yuan, a year-on-year (YoY) increase of 24.04%, with a gross margin of 4.73%, a decrease of 5.37 percentage points compared to the same period last year.

The year-on-year (YoY) decline in LED chip revenue is mainly due to the company extending its industry chain by producing some chips directly into modules for external sales, resulting in a reclassification of business categories; the year-on-year (YoY) increase in LED chip gross margin is mainly driven by an increased proportion of high-end products; the year-on-year (YoY) decline in LED application product gross margin is mainly due to decreased profitability of LED automotive lights and modules.

The integrated circuit product business generated revenue of 2.916 billion yuan, a year-on-year (YoY) increase of 2.07%, with a gross margin of 5.64%, an increase of 6.18 percentage points compared to the same period last year, mainly due to the increased sales scale and improved profitability of RF foundry services, filters, and optical technology businesses.

具体来看，报告期内，公司高端LED产品销售规模保持了增长，并持续推进高端LED产品在人工智能、车载、商业航天等重点应用领域的技术积累和市场拓展，为公司高端产品的占比提升提供保障，进一步巩固公司在全球LED行业地位。

Mini LED芯片已成熟应用于电视、显示器、笔记本电脑、车载显示、VR等领域，公司已成为国内外头部客户在Mini RGB高色域电视背光的解决方案主力供应商，出货量持续增长。Micro LED芯片在中大型显示领域保持增长势头，MiP产品向国内外客户批量供货，市场份额持续扩大。

在AI数据中心高速光互连应用上，公司与清华大学、中国移动等主体在Micro LED光电器件与高速光通讯领域展开深度合作，共同推进相关技术的研发与应用验证，Micro LED产品已送样国内外头部企业进行模组组装验证。

在车用LED领域向国内外知名车企及Tier 1客户供货量持续增长，并持续拓展ADB、HUD、交互屏、自动驾驶等应用场景，具备向客户提供全套解决方案的能力。

在植物照明领域与国内外龙头企业密切合作，大电流产品的热稳态等性能指标达到国际领先水平；红外LED实现了在安防监控、人脸识别、传感检测、健康医疗等市场的快速增长，并持续拓展在可穿戴设备、工业机器人、工业视觉检测、车载防疲劳驾驶监测等新兴市场的应用；紫外LED在防伪检测、美甲、3D打印、电子封装、印刷、生物监测、植物生长、杀菌、医疗等应用领域持续成长，同时拓展了医美、半导体曝光机等新应用；大功率倒装及超垂直产品凭借在光效、可靠性及先进技术等关键指标上的领先优势，不断拓展国内外客户。

2025年，安瑞光电累计完成22个新项目定点，持续为奇瑞、东风日产、通用等品牌新车型实现批量供货，并在通用、日产、理想、长安汽车等客户中的供货份额进一步提升。安瑞光电突破性获得多家车企的DLP（智慧数字光学系统）车灯项目，前照灯和氛围灯出货占比持续提升。

MLS

木林森发布年报，2025年实现营业收入174.39亿元，同比增长3.13%；归属于上市公司股东的净利润为-14.77亿元，同比下降495.21%。

经过多年深耕与全球化布局，木林森已构建起涵盖 LED 芯片、LED 封装、应用、品牌、渠道的完整光电产业链条。总部聚焦 LED封装与全球战略管理，为产业核心枢纽；朗德万斯专注海外高端通用照明与智能照明业务，覆盖欧美主流市场；木林森照明深耕国内照明市场，实现渠道全域下沉；同时配套全球研发中心与生产基地，负责核心技术攻关、LED 器件、灯具等全品类制造，形成了“研发—LED 芯片—LED 封装—应用”一体化产业生态能力。

报告期内，公司持续深化LED全产业链战略布局，聚焦全链条协同发展，稳步推进上下游资源整合与产能优化升级，完善全球化产业布局及供应链体系建设，强化核心技术研发与垂直配套能力。公司积极通过产品优化、业务结构调整等举措提升经营质效。

公司经营业绩变动的主要受 2025 年市场环境的变化、成本上升及下游需求不及预期的影响，海外并购子公司经营业绩未达到预期，根据评估机构对子公司商誉减值测试的结果，遵循谨慎性原则，对其计提大额商誉减值准备。

从产品维度看，朗德万斯业务收入92.50亿元，同比下滑4.12%，占总营收的比重从2024年的57.05%降至53.04%；而木林森品牌收入76.31亿元，同比大幅增长12.75%，占比提升至43.76%，成为支撑营收增长的核心动力；其他业务收入5.58亿元，同比增长12.67%，占比3.20%。

区域层面，境内收入78.53亿元，同比增长13.89%，占总营收比重从40.78%提升至45.03%；境外收入95.86亿元，同比下滑4.28%，占比降至54.97%，境外业务的疲软态势明显。

此外，公司高度重视自动化与智能化的投入，建立了规模庞大的智慧化工厂，采用先进的自动化设备，实现了智能化、自动化的生产线。通过技术改造和设备迭代，公司大幅提升了生产效率和品质。

未来公司发展将立足主业基本盘，依托“木林森 + 朗德万斯” 双品牌开展的全球化照明业务运营，通过多元产业链形成周期互补，实现主业稳健经营与盈利质量提升。

LITEON

In 2025, LITEON achieved revenue of 6.868 billion yuan, a year-on-year (YoY) increase of 0.90%; net profit attributable to shareholders of the listed company was 209 million yuan, a year-on-year (YoY) decrease of 50.09%.

On a quarterly basis, the company's fourth-quarter revenue was 1.92 billion yuan, up 3.0% year-on-year; net profit attributable to the parent company was 81.25 million yuan, down 41.5% year-on-year.

According to available data, LITEON's main businesses are lighting and Internet of Things (IoT). The company's main products include lighting products and accessories, IoT products and accessories, and other products. Starting from smart lighting, the company entered the IoT field; its products and services cover homes, enterprises, and diverse scenarios, gradually building an intelligent world of interconnected things.

LITEON analysis indicates that during the reporting period, the decline in net profit attributable to the parent company was mainly due to a decrease in gross margin, an increase in asset impairment losses, and increased financial expenses caused by exchange rate fluctuations.

Looking back at 2025, the company's external business environment was complex and volatile, presenting unprecedented challenges. In response to this difficult operating environment, the company adopted the annual work guideline of "Let numbers speak in 2025," adhered to the strategy of "dual main businesses of brand OEM and domestic-international dual circulation," further optimized its global business layout, and solidly advanced digital transformation.

To cope with uncertainties in the international trade environment such as additional tariffs imposed by the United States, the company began accelerating the "Transit via Thailand" strategy in April 2025. The first phase of the Thailand production base has been successfully expanded and achieved stable operations in the third quarter. Although short-term capacity ramp-up brought certain cost and management pressures, this layout significantly enhanced the resilience of the company's global supply chain and effectively hedged against some trade risks. In the future, the company will continue to promote capacity release from the Thailand base.

In recent years, the company has continued to advance its own brand building. In 2025, revenue from own-brand business reached 878 million yuan, accounting for 12.95% of total main business revenue. In 2025, overseas brands intensified market expansion through cross-border e-commerce channels; Chinese brands focused on building high-end original design Luminaire brand "Ledarin - One Light, One World" and the eye-care health-focused "Ledarin" brand; the company extended the "Eye-Care Technology" accumulated in the education lighting field to home scenarios, launching smart eye-care lamps and large street lights, which have been widely recognized by consumers.

From the perspective of business structure, lighting products and accessories remain the company's core revenue source, accounting for 63.86% of main business revenue; IoT products and accessories account for 25.22%, maintaining steady growth. Although overall revenue saw a slight increase, the company's profit margin was squeezed due to multiple factors including intensified market competition and raw material cost fluctuations, resulting in a year-on-year decline in gross margin.

The company has always adhered to innovation-driven development through R&D. In 2025, R&D investment reached 327 million yuan, maintaining high-intensity input. In terms of core technologies, the company has built an algorithm model system covering imaging, sound, and optics, including key security monitoring technologies such as facial image recognition, mobile human shape detection, and sound recognition, which have been successfully applied to smart monitoring and sensing products.

In terms of expense control, the company demonstrates strong operational resilience and refined management capabilities. Total management, sales, and R&D expenses decreased by 76.8934 million yuan year-on-year. Among them, the sales expense ratio was 7.43%, a decrease of 0.33 percentage points year-on-year; the management expense ratio was 9.44%, a decrease of 0.14 percentage points year-on-year. The R&D expense ratio was 4.77%, a decrease of 0.85 percentage points year-on-year.

Sanxiong Aurora

Sanxiong Aurora achieved revenue of 1.805 billion yuan in 2025, a year-on-year decline of 13.12%; net profit loss was 43.4959 million yuan, representing a year-on-year decline of 190.45% compared to the same period last year's profit of 48.0869 million yuan.

Regarding the decline in net profit, Sanxiong Aurora stated that it stems partly from the year-on-year reduction in revenue, and is also influenced by factors such as fierce market competition. The company's comprehensive gross margin decreased by approximately 3.53 percentage points year-on-year, falling from 32.71% in the same period last year to 29.18%.

The application areas of Sanxiong Aurora products cover commercial lighting, office lighting, industrial lighting, home lighting, outdoor lighting, etc.; they possess integrated comprehensive service capabilities for outdoor lighting projects from scheme design, product supply, construction, installation and commissioning to project handover. The company has strong brand and market advantages in professional lighting fields such as commercial lighting and engineering lighting.

Among them, commercial lighting is the company's core business, accounting for nearly 80% of total revenue. In 2025, the company's Commercial Division carried out comprehensive adjustments and optimizations. For example, the national market regional division of the Commercial Division was adjusted from 7 areas to 4 major areas; regional offices were adjusted to 38, with lower-output offices downgraded to liaison offices, and the Beijing, Shanghai, Guangzhou, and Shenzhen offices listed as headquarters' strategic direct-managed offices...

In terms of product strategy, closely following the healthy, smart, energy-saving, and ecological development direction of the lighting industry, we continuously optimize the product matrix and scenario adaptation, vigorously promote the scenario-based implementation of smart lighting systems, successfully implemented smart lighting projects such as China Mobile IoT and China Resources MixC Life during the reporting period; deepened the linkage between the high-end brand Boker and the HarmonyOS ecosystem.

During the reporting period, the company integrated real estate, commercial chain, industrial lighting, and large contractor businesses into key account business, achieving good market results. Specifically, the company strengthened business expansion in emerging niche fields such as new energy and intelligent manufacturing, with industrial lighting sales revenue achieving year-on-year growth; large contractor business typically acquires orders through centralized procurement projects and strategic cooperation forms. During the reporting period, the company established deep cooperative relationships with top customers such as China Merchants Shekou, Huazhu Hotels, and Suzhou Gold Mantis, with the number of strategic customers growing by 160% year-on-year, and large contractor business sales revenue achieving year-on-year growth of 160%; commercial chain and real estate businesses achieved slight year-on-year growth.

Regarding home lighting (including hardware channels), during the reporting period, the company merged the Home Division and Hardware Project Department to establish the Consumer Division. The Consumer Division mainly focused on organizational transformation and stable business development. The national market regions were adjusted from 6 areas to 4 major areas, with area managers coordinating multi-organizational joint operations across channel management, investment promotion, empowerment, proactive marketing, whole-house decoration, and innovative businesses... During the reporting period, the Consumer Division newly developed 67 dealers, built over 300 new home sales terminals, and developed more than 4,000 hardware sales terminals, further optimizing the sales channel system. In 2025, affected by lighting market demand and industry trends, the company's home lighting sales revenue (including hardware channels) decreased by 18.82% year-on-year.

Furthermore, the company's domestic e-commerce business remained in a downward adjustment phase in 2025, with the e-commerce business scale accounting for a small proportion of the company's revenue scale. Due to multiple factors including fierce industry price competition and the implementation of stricter risk assessments, the company's outdoor landscape business sales revenue decreased by 21% year-on-year in 2025.

During the reporting period, the company comprehensively promoted internal organizational optimization and adjustment based on the new organizational structure planning scheme. After a series of adjustments, the number of first-level organizations decreased by 6, second-level organizations decreased by 24, and other levels of organizations also underwent corresponding optimization and adjustment. According to

In addition, Sanxiong Aurora adhered to the '1+N' channel strategy externally to develop and optimize channel construction, focusing on sales terminal coverage in blank areas and blank sub-sectors; through empowerment training, it continuously strengthened the professional level and service guarantee capability of the marketing system.

Chenfeng Technology

Chenfeng Technology's annual revenue for 2025 was 1.129 billion yuan, a year-on-year decrease of 10.78%; net profit attributable to parents was 22.0422 million yuan, a year-on-year increase of 173.96%; non-recurring net profit attributable to parents showed a loss of 11.41 million yuan.

Among them, in the fourth quarter, the company's revenue was 255 million yuan, a year-on-year decrease of 24.3%; net profit attributable to parents changed from a loss of 2.89 million yuan at the same time last year to a loss of 2.43 million yuan, with the loss amount decreasing; non-recurring net profit attributable to parents changed from a loss of 5.16 million yuan at the same time last year to a loss of 18.57 million yuan.

During the reporting period, there were no significant changes in the company's operating business. The company's main businesses include the R&D, production, and sales of lighting structural component products, as well as the development and operation of incremental distribution networks, wind power, photovoltaic, and energy storage power stations. The company has long been deeply engaged in the fields of green energy saving and new energy power services, forming a mature and stable business pattern of dual main businesses running in parallel and developing synergistically: 'lighting structural component manufacturing + new energy power comprehensive services'.

Regarding the lighting business segment, the decrease in main business revenue and costs was mainly due to the disposal of the subsidiary Hongyi Electronics, which led to a reduction in the sales volume of printed circuit boards, and a decrease in the sales volume of LED bulb heat sinks, lamp cap/holder products, and metal parts for luminaires in the lighting segment. To optimize the business structure and focus on core main businesses, the company disposed of this non-core subsidiary. Affected by weak downstream demand and the disposal of the subsidiary, the lighting business segment achieved operating revenue of 893 million yuan, a year-on-year (YoY) decline of 18.77%.

The company's two core products, LED bulb heat sinks and lamp cap/holder products, accounted for 60.60% of the main business revenue, with no significant change in structural concentration; domestic sales accounted for 79.59% and foreign sales for 20.41%, with regional distribution remaining stable.

Facing the dual pressures of industry downturn and rising costs, the company continued to optimize the product structure of its lighting business, strictly controlled various cost expenses, steadily promoted internal operations management to improve quality and efficiency, and focused on high-quality customers and high value-added product businesses. Relying on years of accumulated high-quality customer resources and mature production and manufacturing capabilities, it ensured steady business operations.

Regarding the new energy business segment, during the reporting period, the company deepened its engagement in regional new energy power generation and incremental distribution network businesses, continuously improved its business layout, steadily promoted project reserves, implementation, and operation management, and orderly advanced the quality improvement and efficiency enhancement of existing projects. In 2025, the new energy business segment achieved operating revenue of 236 million yuan, a year-on-year (YoY) increase of 42.21%, becoming a core performance growth segment for the company.

During the reporting period, the company completed the acquisition of 94.2752% equity in Liaoning Beiwang Xinneng, aiming to further optimize the governance structure and enhance the core competitiveness of its new energy business.