Six lighting companies have submitted their semi-annual reports: net profits surged by as much as 277%, while the largest loss reached RMB 28.31 million.

In August, several lighting and related companies released their 2026 semi-annual reports, presenting two very different outcomes: Furi Electronics, Opto Electronics, Shiyida, and Super Frequency Three all reported growth in both revenue and net profit, while Jiuliang Shares and Haorsai remained in the red.

Jiuliang Shares

On August 13, Jiuliang Shares announced its 2026 semi-annual report. The company’s operating revenue totaled RMB 148 million, down 6.2% year over year; net profit attributable to shareholders of the listed company was a loss of RMB 26.94 million, a decrease of 0.06% compared with the same period last year.

In the second quarter, operating revenue reached RMB 78.13 million, down 15.5% year over year; net profit attributable to parent company narrowed from a loss of RMB 14.82 million in the same period last year to a loss of RMB 9.86 million.

The company focuses on its core brand “DP Jiuliang” and has deepened its presence in the LED lighting sector. By product category, in the first half of this year, LED portable lighting generated RMB 74.7967 million in revenue; LED home lighting brought in RMB 12.8325 million; and mobile home appliances and other products contributed RMB 60.7666 million.

This time, Jiuliang Shares noted that a significant portion of its sales comes from overseas, conducted primarily in U.S. dollars. In recent years, substantial fluctuations in the USD exchange rate have had a considerable impact on the company’s foreign-exchange gains and losses. By strengthening its own-brand presence in key target markets, the company has established a sales network comprising more than fifty overseas distributors across West Asia, South Asia, Southeast Asia, and Africa.

Haorsai

Haorsai disclosed its 2026 semi-annual report. In the first half of 2026, the company recorded total operating revenue of RMB 121 million, down 23.52% year over year; net profit attributable to shareholders of the listed company stood at a loss of RMB 28.3103 million, a decline of 16.03% compared with the same period last year.

During the reporting period, guided by its overarching “Smart+” strategic framework, Haorsai developed a diversified, synergistic growth model encompassing smart lighting, smart cultural tourism, smart urban infrastructure, and smart energy solutions. The primary reason for the year-over-year change in operating performance was the company’s intensified internal management efforts, including a series of cost-reduction and efficiency-enhancing measures that significantly lowered operating expenses, thereby narrowing the scope of the loss.

The semi-annual report highlighted that accounts receivable account for a large share of the landscape lighting industry in which the company operates. To address this, the company has continuously strengthened its accounts-receivable management, maintained proactive communication with clients, refined its accountability system and incentive mechanisms, tightened oversight of project settlements and collections, improved cash flow, and minimized bad-debt losses. For certain long-outstanding debts, the company has employed various methods—including sending legal letters, filing public complaints, and initiating lawsuits—to maximize recovery of outstanding amounts.

Despite the continued sluggish market conditions—weak demand and intense competition—the company has actively responded to the industry’s downturn by persistently implementing cost-cutting and efficiency-enhancing initiatives, leveraging meticulous management to reduce unnecessary expenditures.

Opto Electronics

According to its semi-annual report, in the first half of 2026, Opto Electronics achieved operating revenue of RMB 416 million, up 32.83% year over year; net profit attributable to shareholders of the listed company reached RMB 13.6669 million, an increase of 64.22% compared with the same period last year. Domestic market revenue totaled RMB 223 million, up 35.47%, while overseas revenue stood at RMB 193 million, up 29.92%.

In the first half of 2026, Opto Electronics focused on its “AI + Video” business, steadily expanding into virtual production, LED movie screens, immersive spaces, and new retail markets.

Regarding orders, the company secured approximately RMB 476 million in new contracts during the first half, a year-on-year increase of 15.26%. Of this, overseas new orders amounted to RMB 232 million, up 14.02%, while domestic new orders reached RMB 244 million, up 16.46%.

In the film and television sector, the company generated about RMB 133 million in revenue, a year-on-year increase of 19.55%. As of the end of the reporting period, the company had accumulated orders for 208 LED movie screens, with 118 already delivered, covering nearly 50 cities worldwide.

Additionally, the company’s controlling subsidiary, Chuangxiang Shuwei, completed a Pre-A+ funding round, further advancing its AI + XR virtual live-streaming and short‑drama virtual‑production businesses. In the immersive‑space segment, the company secured new orders worth approximately RMB 85 million in the first half; in the new‑retail space, it added orders totaling around RMB 40 million. Furthermore, Opto Electronics expanded its services to include 2,013 bank branches and 136 telecom operator outlets during the first half of the year.

Furi Electronics

In the first half of 2026, Furi Electronics optimized its product portfolio and broadened its customer base, focusing on smart terminals and LED optoelectronics. During the reporting period, the company posted operating revenue of RMB 7.923 billion, up 48.57% year over year; net profit attributable to shareholders of the listed company reached RMB 83 million, a remarkable increase of 277.41% compared with the same period last year.

In the LED segment, the company’s optoelectronic business continued to grow overall. Specifically, its LED packaging operations saw ongoing improvements in product structure, with mass production launched for DOB modules, high‑efficiency products, and automotive‑grade items. Automotive display products have entered mass‑production delivery stages, while automotive lighting products are now undergoing small‑batch trial production, serving major brands and Tier 1 suppliers.

In the backlight segment, the company steadily expanded its supply chain to include leading brand customers, ensuring steady delivery of existing orders while moving newly developed brand clients into the review and trial‑production phases.

In the LED display segment, the company continued to strengthen its presence in both domestic and international markets. Domestically, it deepened cooperation with top-tier clients, while overseas, leveraging its overseas subsidiaries, it targeted key customers, gradually introducing its small‑pitch LED displays into European and American markets.

Moreover, centered on its smartphone products, the company advanced its “1+N” smart terminal industrial layout, simultaneously expanding into smart wearables, IoT devices, and sports‑imaging products. Notably, its first mid‑to‑high‑end tablet project has already entered mass production and shipment.

Shiyida

In the first half of 2026, Shiyida reported operating revenue of RMB 362 million, up 17.12% year over year; net profit attributable to shareholders of the listed company reached RMB 32.0314 million, a year-on-year increase of 107.13%.

The growth in performance was largely driven by increased orders for semiconductor packaging equipment components and complete machine processing and assembly, as well as the gradual maturation of its automotive electronics business, which fueled order expansion. The sharp rise in net profit was mainly due to a year-on-year increase in gains recognized from changes in the fair value of equity investments held during the reporting period.

Meanwhile, the company’s smart terminal product line faced challenges stemming from shifts in customer preferences and product mix, resulting in declines in both revenue and gross margin. Coupled with downward pressure on exchange rates, financial expenses rose, putting additional strain on non‑recurring net profit.

Super Frequency Three

In the first half of 2026, Super Frequency Three reported total operating revenue of RMB 634 million, up 33.72% year over year; net profit attributable to shareholders of the listed company reached RMB 17.3246 million, a year-on-year increase of 53.20%; and net profit after deducting non‑recurring items stood at RMB 13.1251 million, up 212.08%.

By business segment, the company’s lithium‑ion battery materials division generated RMB 472 million in revenue, a year-on-year increase of 114.87%. With the lithium‑ion battery materials market showing signs of recovery, the company’s lithium carbonate production capacity has been gradually ramped up, turning related business profits into positive figures and further enhancing profitability.

However, businesses linked to the LED supply chain experienced a year-on-year decline. Leveraging its heat‑sink business, the company extended downstream into LED lighting fixtures, contract energy management, and lighting engineering projects. Its main LED lighting products include stadium lights, floodlights, street lamps, tunnel lights, and industrial/mining lights. Meanwhile, through subsidiaries such as Jiongda Energy and Zhongtou Optoelectronics, the company undertakes urban, road, and indoor lighting energy‑saving projects, implements lighting engineering works, and engages in contract energy‑management activities.

Sources: Company announcements, LEDinside, compiled from various reports