Strong growth or losses? A deep dive into the Q1–Q3 results of over 30 LED lighting companies.

Recently, listed companies in the LED lighting industry have been intensively disclosing their Q3 2026 results, with revenue and net profit performance continuing to diverge across firms. Below are the key financial figures for 32 representative companies, providing an objective overview of the industry’s performance through the first three quarters.

Q3 2026 Performance Summary

(Compiled by China Light Network)

San'an Optoelectronics

San'an Optoelectronics released its Q3 2026 report. According to the financial statements, the company recorded revenue of RMB 10.039 billion in the first three quarters, down 27.34% year-on-year; net profit attributable to shareholders was a loss of RMB 120 million, a sharp decline of 235.94% compared to the same period last year. In Q3 alone, revenue reached RMB 3.572 billion, down 26.05% year-on-year, while net profit attributable to shareholders stood at a loss of RMB 22.54 million, up 74.36% from the previous year.

The significant drop in revenue was primarily due to the shift from selling precious metal scrap—gold and platinum—to exchanging it for physical goods. As a result, the company no longer recognizes other business income from precious metal recycling, leading to a year-over-year decrease in total revenue. Excluding this item, revenue from the beginning of the year to the end of the reporting period increased by 9.77% compared to the same period last year.

The company’s high-end LED products saw year-on-year revenue growth; optical technology revenue expanded rapidly, turning losses into profits; however, the profitability of filters and power electronics remains weak. Exchange rate fluctuations led to higher foreign exchange losses, while interest income from bank deposits declined, driving up financial expenses year-on-year. The change in handling precious metal scrap also eliminated investment income, while inventory write-downs increased asset impairment charges, further boosting the overall loss. Additionally, self-examination and back-payment of corporate income tax resulted in higher income tax expenses.

Jufei Optoelectronics

Jufei Optoelectronics reported revenue of RMB 2.622 billion in the first three quarters, up 1.44% year-on-year, but net profit attributable to shareholders fell 40.85% to RMB 125 million. In Q3 alone, revenue reached RMB 945 million, up 1.77% year-on-year, while net profit attributable to shareholders was RMB 39.41 million, down 54.60%.

This year, Jufei has continued to expand its Mini/Micro LED product lineup, launching backlight solutions for high-end TVs, tablets, laptops, displays, and automotive applications, successfully delivering multiple models to leading customers such as Hisense and Korean brands.

In the automotive display sector, Jufei maintains partnerships with Valeo, Marelli, Faurecia, Aumovio, and others, securing smart interactive display projects for SAIC IM, GAC Trumpchi, Chery Jetour, and Changan. Furthermore, Jufei’s smart ring products have been delivered to NovaRing, Samsung Galaxy Ring, and related projects.

Qianzhao Optoelectronics

Qianzhao Optoelectronics reported revenue of approximately RMB 1.383 billion in the first three quarters, down 49.70% year-on-year, while net profit attributable to shareholders rose 5.47% to RMB 92.76 million. In Q3 alone, revenue totaled RMB 493 million, down 51.02%, and net profit attributable to shareholders was RMB 23.136 million, down 87.64%.

Qianzhao attributed the decline in revenue, net profit, and cash flow from operating activities to changes in how gold-containing waste from LED chip production is handled—under the “Notice of the Ministry of Finance and the State Taxation Administration on Tax Policies Related to Gold” (No. 11, 2025), such waste is now entrusted for refining and reuse rather than sold externally.

Hongli Zhihui

In the first three quarters of 2026, Hongli Zhihui reported revenue of approximately RMB 3.544 billion, up 12.36% year-on-year, and net profit attributable to shareholders of about RMB 94.96 million, up 24.96%. In Q3 alone, revenue reached RMB 1.277 billion, up 13.05%, while net profit attributable to shareholders was RMB 53.42 million, down 11.58%.

This year, Hongli Zhihui has focused on industrial investment, overseas markets, and downstream application expansion, further strengthening its position within the LED supply chain. Notably, on June 9, the company announced plans to co-establish a strategic venture capital fund, prioritizing advanced LED packaging, Mini/Micro LEDs, automotive lighting, and electronics.

Guoxing Optoelectronics

In the first three quarters of 2026, Guoxing Optoelectronics reported revenue of RMB 1.958 billion, down 21.69% year-on-year, and net profit attributable to shareholders of -RMB 89.51 million, down 387.7%. In Q3 alone, revenue stood at RMB 610 million, down 25.54%, while net profit attributable to shareholders was -RMB 406.8, down 721.6%.

Guoxing attributed its underwhelming performance to multiple factors, including reduced gross margins, lower foreign exchange gains and interest income—which drove up financial expenses—and increased inventory impairment provisions, alongside declining government subsidies.

On the cash flow front, Guoxing noted that sales collections, material payments, procurement of raw materials like precious metals, inventory stocking, and receipt of government subsidies all influenced operating cash flow during the reporting period.

Ruifeng Optoelectronics

In the first three quarters of 2026, Ruifeng Optoelectronics reported revenue of approximately RMB 1.647 billion, up 24.65% year-on-year, and net profit attributable to shareholders of about RMB 99.84 million, up 94.97%. In Q3 alone, revenue reached RMB 574 million, up 19.71%, while net profit attributable to shareholders was RMB 46.11 million, up 127.11%.

In September 2026, Ruifeng launched its 1.X optical technology solution, featuring an integrated “LED bracket + molded lens” package design. Compared to traditional approaches, this setup delivers 5% higher luminance at the same specifications, with uniform light spots and crisp edges. The product supports white, red, and custom light patterns, suitable for car logo lights, reading lamps, through-type tail lights, and pixelated interactive vehicle lights.

Dehao Runda

In the first three quarters of 2026, Dehao Runda reported revenue of approximately RMB 499 million, up 2.56% year-on-year, but net profit attributable to shareholders was a loss of RMB 129.12 million, down 114.32%. In Q3 alone, revenue reached RMB 200 million, up 11.87%, while net profit attributable to shareholders was a loss of RMB 83.24 million, down 108.07%.

Dehao Runda explained that the overall shift to a loss occurred after deducting minority interests, leaving the parent company’s shareholders to shoulder the corresponding operating losses. With the one-time gain from the previous period gone, the parent company’s net profit turned from profit to loss.

Jingfeng Mingyuan

In the first three quarters of 2026, Jingfeng Mingyuan reported revenue of approximately RMB 2.458 billion, up 120.02% year-on-year, and net profit attributable to shareholders of about RMB 2.51 billion, up 977.18%. In Q3 alone, revenue reached RMB 10.06 billion, up 160.77%, while net profit attributable to shareholders was RMB 1.65 billion, up 2077.12%.

This year, Jingfeng Mingyuan completed the acquisition of 100% equity in Sichuan Yichong, incorporating it into its consolidated financial statements starting in March. During consolidation, Yichong reported revenue of RMB 715 million, a gross margin of 33.84%, and a net profit of RMB 84 million. After accounting for asset revaluation resulting from the merger, Yichong’s actual gross margin stood at 28.90%, with a net profit of RMB 14 million.

Weilan Lixin

In the first three quarters, Weilan Lixin reported revenue of RMB 75.38 billion, up 29.64% year-on-year, and net profit attributable to shareholders of RMB 8.46 billion, up 64.82%. In Q3 alone, revenue reached RMB 26.80 billion, up 28.38%, while net profit attributable to shareholders was RMB 3.35 billion, up 85.98%.

Regarding the reasons behind these strong results, the company stated that the primary driver was improved operational performance during the reporting period. Specifically, the lithium battery segment saw a substantial year-on-year increase, serving as the main catalyst for profit growth, while the LED and metal logistics segments remained relatively stable.

Guangpu Shares

Guangpu Shares reported revenue of approximately RMB 5.88 billion in the first three quarters, down 4.94% year-on-year, with net profit attributable to shareholders of -RMB 1948.24 million, down 144%. In Q3 alone, revenue reached RMB 2.05 billion, down 6.05%, while net profit attributable to shareholders was RMB 513.42 million, down 78.73%.

This year, Guangpu Shares invested strategically in Shanghai Sailuo Optoelectronics Technology Co., Ltd., signing a cooperation agreement to leverage both companies’ technological and supply-chain synergies. Together, they aim to develop end-to-end solutions for PIC (photonic integrated circuits) and light engine products, advancing capabilities in 2.5D and 3D packaging—from silicon photonics chip encapsulation to light engine delivery.

OP Lighting

OP Lighting reported revenue of approximately RMB 49.45 billion in the first three quarters, up 0.76% year-on-year, but net profit attributable to shareholders of about RMB 3.49 billion, down 39.56%. In Q3 alone, revenue reached RMB 17.08 billion, up 0.94%, while net profit attributable to shareholders was RMB 9431.93 million, down 54.59%.

This year, OP Lighting has continued to push forward with smart lighting and green, low-carbon transformation, upgrading its SDL intelligent spectrum technology to protect eyesight, while promoting smart electrical and appliance products to expand home and commercial applications globally.

Lida Xin

In the first three quarters of 2026, Lida Xin reported revenue of approximately RMB 47.50 billion, down 3.97% year-on-year, with net profit attributable to shareholders of about RMB 1.60 billion, up 25.98%. In Q3 alone, revenue reached RMB 16.82 billion, down 11.81%, while net profit attributable to shareholders was RMB 9057.53 million, up 55.77%.

Regarding the significant rise in net profit, Lida Xin attributed it mainly to reduced marketing and sales expenses, along with lower credit impairment losses. Since 2026, the company’s revenue scale and profit levels have remained stable.

Sunshine Lighting

Sunshine Lighting disclosed its Q3 2026 report. In the first three quarters, the company reported revenue of RMB 19.65 billion, down 1.05% year-on-year, with net profit attributable to shareholders of RMB 2952.24 million, down 77.07%.

The financial statement shows that in Q3 alone, revenue reached RMB 6.61 billion, up 0.20% year-on-year, while net profit attributable to shareholders was -RMB 1987.21 million, down 161.71%, with non-recurring net profit standing at RMB 415.96 million.

Explaining the sharp decline in profits over the first three quarters, the company cited rising material costs, exchange rate fluctuations, and changes in the fair value of trading financial assets as key contributors to the downturn.

Foshan Lighting

Foshan Lighting reported revenue of RMB 61.29 billion in the first three quarters, down 6.17% year-on-year, with net profit attributable to shareholders of RMB 5264.29 million, down 62.67%. In Q3 alone, revenue reached RMB 20.34 billion, down 5.25%, while net profit attributable to shareholders was RMB 1093.73 million, down 57.95%.

This year, Foshan Lighting has continued to deploy smart health lighting, aviation lighting, “AI+lighting,” ultra-high-definition displays, and intelligent optoelectronics, advancing related R&D and product iterations. It has launched smart health lighting products, AI agents, AI light passwords, MiP products, and smart sensing devices, further expanding its business applications.

Sanxiong Aurora

Sanxiong Aurora reported revenue of approximately RMB 12.25 billion in the first three quarters, down 8.09% year-on-year, with net profit attributable to shareholders of -RMB 5996.52 million, down 471.22%. In Q3 alone, revenue reached RMB 4.58 billion, down 10.63%, while net profit attributable to shareholders was -RMB 973.69 million, down 173.95%.

Previously, Sanxiong Aurora had indicated in its semi-annual report that its first-half net profit had sharply declined, turning into a loss, largely due to reduced revenue and intensified market competition, which together lowered its gross margin.

Xingyu Shares

Xingyu Shares reported revenue of approximately RMB 104.94 billion in the first three quarters, down 2.02% year-on-year, with net profit attributable to shareholders of about RMB 9.32 billion, down 18.34%. In Q3 alone, revenue reached RMB 36.10 billion, down 8.67%, while net profit attributable to shareholders was RMB 2.62 billion, down 39.62%.

Xingyu Shares explained that the Q3 profit decline was mainly caused by reduced revenue, significant year-on-year increases in some raw material prices raising costs, and rising R&D expenses.

Qinshang Shares

Qinshang Shares reported revenue of approximately RMB 2.29 billion in the first three quarters, down 26.42% year-on-year, with net profit attributable to shareholders of -RMB 9338.93 million, up 47.70%. In Q3 alone, revenue reached RMB 4618.03 million, down 2.88%, while net profit attributable to shareholders was -RMB 5307.14 million, up 64.72%.

Regarding business strategy, the company proposed an “Lighting + Energy + Digitalization” approach, expanding operations around vehicle-road-cloud integration, roadside microgrid energy storage, and contract energy management.

Changfang Group

ST Changfang (Changfang Group) reported revenue of approximately RMB 3.08 billion in the first three quarters, down 1.32% year-on-year, with net profit attributable to shareholders of -RMB 6988.93 million, up 19.42%. In Q3 alone, revenue reached RMB 8746.19 million, down 11.48%, while net profit attributable to shareholders was -RMB 2665.83 million, up 18.17%.

This October, Changfang Group’s out-of-court restructuring/reorganization plan was approved by creditors, with Guochen Optoelectronics consortium set to participate in the restructuring. The lead entity, Xinyi Crystal Source, is expected to become the company’s controlling shareholder. Future plans include repairing existing LED operations, expanding into photoelectric sensors, dexterous hands, and other businesses, with medium- to long-term ambitions to develop Micro LED interconnect/CPO and brain-inspired technologies.

Hengtai Lighting

In the first three quarters, Hengtai Lighting reported total revenue of RMB 3.91 billion, down 11.31% year-on-year, with net profit attributable to shareholders of RMB 1963.44 million, down 51.84%, mainly due to falling overall profits and rising income tax expenses. In Q3 alone, revenue reached RMB 1.38 billion, down 3.57%, while net profit attributable to shareholders was RMB 1556.03 million, down 33.92%.

Hengtai Lighting has long focused on developing and manufacturing LED indoor commercial lighting products, serving clients via ODM models. Its product range includes industrial and mining lamps, panel lights, and more. North America has been a key overseas market, where U.S. and Canadian customers impose strict requirements on product performance, reliability, and certifications. Product development and quality control directly impact the company’s ability to serve these demanding markets.

Liard

Liard reported revenue of RMB 42.16 billion in the first three quarters of 2026, down 20.47% year-on-year, with net profit attributable to shareholders of RMB 1.25 billion, down 55.22%. In Q3 alone, revenue reached RMB 13.50 billion, down 24.66%, while net profit attributable to shareholders was RMB 5568.27 million, down 47.96%.

During Q3, Liard advanced multiple projects in embodied intelligence, cultural tourism technology, cinema displays, and professional visual effects.

Zhouming Technology

Zhouming Technology reported revenue of RMB 55.60 billion in the first three quarters, down 1.13% year-on-year, with net profit attributable to shareholders of RMB 2199.27 million, down 82.57%. In Q3 alone, revenue reached RMB 20.09 billion, up 2.20%, while net profit attributable to shareholders was -RMB 1023.63 million, down 304.70%.

During the reporting period, Zhouming Technology saw several display projects come online. Domestically, Shenzhen Natural History Museum equipped all its themed exhibition halls with nearly 2,700 square meters of Zhouming LED displays and related solutions.

Overseas, during the Aichi-Nagoya Asian Games in September 2026, Zhouming provided LED display systems for the stands at Toyota Stadium in Japan. At the 2026 World Cup in the U.S., Canada, and Mexico, Zhouming Technology supplied “hardware + software” sports lighting solutions to venues and fan zones, delivering nearly 1,000 square meters of LED displays.

Absen

Absen reported cumulative revenue of RMB 30.15 billion in the first three quarters of this year, up 4.98% year-on-year, with net profit attributable to shareholders of RMB 2.51 billion, up 35.79%.

Observing Q3 data alone, Absen reported revenue of RMB 10.42 billion, down slightly by 1.07% year-on-year, while net profit attributable to shareholders was RMB 1.07 billion, up sharply by 54.69%.

Amidst the complex global macroeconomic and industry competitive landscape, Absen leveraged its big‑item strategy and high‑quality regional market positioning to boost overall profitability. The rapid growth in profits was driven by the company’s proactive pursuit of a big‑item strategy, continuously optimizing product mix and enhancing comprehensive competitiveness. Simultaneously, deepening high‑quality regional market deployment helped upgrade customer structure, expand brand influence, and collectively raise the gross margin level during the reporting period. Additionally, year-on-year increases in non‑recurring gains provided effective support for net profit growth.

Mingjia Hui

Mingjia Hui reported revenue of approximately RMB 3923.23 million in the first three quarters, down 62.94% year-on-year, with net profit attributable to shareholders of -RMB 4028.44 million, up 64.49%. In Q3 alone, revenue reached RMB 1082.83 million, down 83.62%, while net profit attributable to shareholders was -RMB 684.26 million, up 79.00%.

This year, after completing judicial restructuring, Mingjia Hui continues to transition from heavy‑asset engineering operations toward a light‑asset product sales model. Currently, it retains smart lampposts, urban night‑scene illumination, and cultural tourism lighting, proposing an integrated “Lighting + Energy” development path.

Aike Shares

Aike Shares reported revenue of approximately RMB 9.56 billion in the first three quarters, up 16.39% year-on-year, with net profit attributable to shareholders of -RMB 6532.71 million, down 110.17%. In Q3 alone, revenue reached RMB 3.37 billion, up 15.99%, while net profit attributable to shareholders was -RMB 3745.87 million, down 96.64%.

During the reporting period, Aike Shares expanded its business scope, with Yongchuangxiangyi planning to invest RMB 360 million to build a new production base, aiming to produce 238 million square meters of functional specialty tapes annually; Wuxi Shuguang is also steadily broadening its product portfolio.

Auto Electronics

In the first three quarters of 2026, Auto Electronics reported revenue of approximately RMB 6.09 billion, up 15.01% year-on-year, with net profit attributable to shareholders of about RMB 2624.47 million, up 65.69%. In Q3 alone, revenue reached RMB 1.94 billion, down 10.70%, while net profit attributable to shareholders was RMB 1257.78 million, up 67.33%.

During the reporting period, Auto Electronics continued to pursue its “AI + Video” strategy, staying deeply rooted in the industry, focusing on advantageous niche markets, actively exploring immersive spaces and new retail opportunities, fully implementing refined management, accelerating the recovery and processing of long‑outstanding receivables, and ensuring faster growth for the company.

On the revenue front, domestic market revenue reached RMB 3.05 billion, up 8.97% year-on-year, while overseas market revenue stood at RMB 3.04 billion, up 21.79% year-on-year. On the net profit side, due to the continuous appreciation of the RMB, Auto Electronics incurred foreign exchange losses of approximately RMB 1,645.13 million, significantly impacting net profit.

Ocean King

In the first three quarters of 2026, Ocean King reported revenue of approximately RMB 10.77 billion, down 3.93% year-on-year, with net profit attributable to shareholders of about RMB 6263.81 million, up 14.32%. In Q3 alone, revenue reached RMB 3.17 billion, up 0.88%, while net profit attributable to shareholders was RMB 3423.01 million, up 196.44%.

Throughout the quarter, Ocean King’s credit impairment losses amounted to approximately RMB 1.07 billion, compared to last year’s loss of RMB 166.42 million; separately, the provision for bad debts recovered from accounts receivable totaled approximately RMB 1.15 billion.

Minbao Optoelectronics

In the first three quarters of 2026, Minbao Optoelectronics reported revenue of approximately RMB 14.51 billion, up 17.93% year-on-year, with net profit attributable to shareholders of about RMB 9104.96 million, down 39.36%. In Q3 alone, revenue reached RMB 5.59 billion, up 35.31%, while net profit attributable to shareholders was RMB 3561.40 million, down 17.26%.

This quarter’s revenue growth was primarily driven by the acquisition of Xia Zhi Precision and increased customer orders. Meanwhile, management expenses rose 83.95% year-on-year, mainly due to shared costs associated with stock-based compensation; financial expenses shifted from net income last year to net expenditure, largely influenced by rising foreign exchange losses and declining interest income. On the construction front, as of the end of September, Minbao Optoelectronics had ongoing projects totaling approximately RMB 2.80 billion, up 72.17% from the beginning of the year, mainly due to increased spending on Huizhou Kai Min and Vietnamese Minbao construction.

Jiu Liang Shares

Jiu Liang Shares reported revenue of approximately RMB 2.03 billion in the first three quarters, down 10.04% year-on-year, with net profit attributable to shareholders of about RMB 4785.11 million, down 0.65%. In Q3 alone, revenue reached RMB 5463.54 million, down 19.09%, while net profit attributable to shareholders was RMB 2091.42 million, down 1.42%.

Throughout the quarter, the company’s operating cash flow totaled approximately RMB 917.36 million, down 62.27% year-on-year. Management expenses decreased mainly due to reductions in labor costs and office rent.

Inventronics

Inventronics reported revenue of approximately RMB 17.57 billion in the first three quarters, up 1.20% year-on-year, with net profit attributable to shareholders of about RMB 2573.02 million, up 132.67%. In Q3 alone, revenue reached RMB 6.09 billion, down 2.62%, while net profit attributable to shareholders was RMB 418.52 million, up 111.49%.

This July 17, Inventronics announced plans to jointly establish a RMB 30 million joint venture with Hangzhou Senhu Holding Co., Ltd., with Inventronics contributing RMB 1530 million, accounting for 51% of the registered capital, while Senhu Holding contributed RMB 1470 million, representing 49%. The joint venture will focus on power solutions for data center application scenarios.

Songsheng Shares

Songsheng Shares reported revenue of approximately RMB 8.66 billion in the first three quarters, up 24.71% year-on-year, with net profit attributable to shareholders of about RMB 4728.37 million, up 584.89%. In Q3 alone, revenue reached RMB 2.78 billion, up 13.80%, while net profit attributable to shareholders was RMB 946.37 million, up 23.59%.

Previously, Songsheng Shares mentioned in its semi-annual report that its performance growth was largely fueled by the expansion of sports lighting business. Its LED drive power supplies have already been deployed in projects such as Brazil’s Alfredo Jacini Stadium, Hangzhou Olympic Center tennis training courts, and Uzbekistan’s Olympic Center. Additionally, Songsheng launched its PA-HF series outdoor lighting D4i smart drive products, further broadening outdoor lighting application scenarios.

Maoshuo Power Supply

In the first three quarters of 2026, Maoshuo Power Supply reported revenue of approximately RMB 9.57 billion, up 1.3% year-on-year, with net profit attributable to shareholders of about RMB 2245.21 million, down 6924.94 million last year, narrowing the gap between years and growing 61.24%. In Q3 alone, revenue reached RMB 3.25 billion, up 10.8% year-on-year, while net profit attributable to shareholders was RMB 798.45 million, up 122.56%, turning profitable for the quarter.

Maoshuo Power Supply stated that operational improvements during the reporting period narrowed the scope of losses; inventory write-down provisions decreased, impacting related gains and losses.

Jawei New Energy

Jawei New Energy reported revenue of approximately RMB 4.94 billion in the first three quarters, up 16.14% year-on-year, with net profit attributable to shareholders of about RMB 619.46 million, up 84.93%. In Q3 alone, revenue reached RMB 1.09 billion, up 8.20%, while net profit attributable to shareholders was RMB 335.96 million, up 112.77%.

Throughout the quarter, Jawei New Energy’s operating cash flow totaled approximately RMB 8866.72 million, up 87.02% year-on-year. Jawei New Energy stated that the improvement in operating cash flow was mainly due to reduced operating expenses; financial expenses rose 63.63% year-on-year, largely influenced by rising foreign exchange losses.