Foshan Lighting, Han's Laser, and Tongfu Micro announced their 2025 results

Recently, Foshan Lighting, Han's Laser, and Tongfu Micro announced their 2025 results. Among them, Tongfu Micro achieved double growth in revenue and net profit.

Foshan Lighting

According to the latest 2025 annual report, Foshan Lighting achieved operating income of 8.797 billion yuan throughout the year, a slight decrease of 2.78% from 2024.

Squeezed by multiple unfavorable factors such as the continued adjustment of the domestic real estate market, the increasingly complex international trade environment, and rising raw material prices, the company's profit margins are under pressure. The net profit attributable to shareholders of listed companies for the whole year was RMB 215 million, a year-on-year decrease of 51.85%.

From the perspective of specific business segments, Foshan Lighting’s main business covers three major areas: general lighting, automotive lighting and LED packaging products. During the reporting period, the company's commercial lighting business was deeply developed and improved through the "Special War Zone" model, and a number of single-unit projects exceeding one million were successfully launched, with operating income increasing by 8% year-on-year. The automotive lighting business relied on its holding subsidiary Liaowang Auto Lighting to develop into the mid-to-high-end market, and successfully obtained more than 10 new projects for mid-to-high-end models and new module projects, achieving operating income of 2.226 billion yuan, a year-on-year increase of 5.63%. In addition, the marine lighting business won the bid for a microalgae carbon sequestration project and made pioneering progress in the overseas shipbuilding and ship lighting market.

In terms of the LED industry chain and related businesses, Foshan Lighting has achieved full industrial chain coverage from upstream LED chip manufacturing, midstream LED packaging to downstream LED application products through its controlling stake in Nationstar Optoelectronics.

In 2025, the company's LED packaging and component products will achieve operating income of 2.262 billion yuan. The company has achieved fruitful results in the research and development and application of LED cutting-edge technology.

The company has overcome the core processes of waterproofing, moisture-proofing and anti-yellowing of GOB display panel packaging, breaking the shackles of traditional SMD technology. In terms of expanding application boundaries, the company has released AI optical cryptography technology to realize intelligent spectrum applications in all scenarios such as home and business; and around the needs of efficient planting in modern agriculture, it has carried out research on high-light-efficiency LED epitaxial control and chip structure design to promote the industrial application of LED technology in fields such as crop breeding.

For the public health field, the company has also developed highly safe and intelligent deep ultraviolet LED modules and disinfection equipment, which has promoted the upgrading and development of deep ultraviolet public disinfection related industries.

Han's Laser

Han's Laser has demonstrated steady business expansion momentum in 2025, especially in the field of R&D and production of intelligent manufacturing equipment and key components.

According to the 2025 annual report disclosed by the company, Han's Laser achieved annual operating income of 18.759 billion yuan, a year-on-year increase of 27.00%. Affected by multiple factors such as macroeconomics and early market investment, the company achieved net profit attributable to shareholders of listed companies of RMB 1.190 billion, a year-on-year decrease of 29.77%.

In terms of specific business layout, Han's Laser is deeply involved in the four major sectors of information industry equipment, new energy equipment, semiconductor equipment and general industrial laser processing equipment. Thanks to the continued strong demand for infrastructure such as servers and high-speed switches in the AI ​​computing industry chain, the company's PCB intelligent manufacturing equipment business has exploded, achieving operating income of 5.773 billion yuan, a significant year-on-year increase of 72.68%. At the same time, new energy equipment business revenue also achieved substantial growth, with lithium battery equipment business revenue reaching 2.256 billion yuan, a year-on-year increase of 49.65%.

In the field of LED and pan-semiconductor business, Han’s Laser’s developments are particularly eye-catching. During the reporting period, the company's semiconductor equipment (including pan-semiconductor) business grew steadily, achieving operating income of 2.041 billion yuan, a year-on-year increase of 15.00%. In the display panel industry, the company's first equipment for the laser drilling project has completed customer acceptance and successfully obtained a repurchase order worth up to 100 million yuan per unit. In addition, the company's laser repair machines, laser stripping machines, flat panel display substrate cutting machines and other equipment have repeatedly won bids for BOE's AMOLED production line projects. The laser cutting machine has also successfully won bids for CSOT's oxide semiconductor new display device production line project, and has been highly recognized by leading customers in the industry.

Especially in the LED packaging equipment market segment, although Han's Packaging and Testing, a subsidiary of Han's Laser, has been affected by weakening terminal demand and fierce market competition, and customers' willingness to expand production has weakened, the company has actively adjusted its strategy and focused on stock replacement and technology upgrades.

Among them, the H582 series wire bonding machine has become the first choice for replacing old imported equipment due to its excellent stability. In response to the high-precision needs of the next generation of indoor displays, the company launched a new generation of high-performance platform H58X series equipment, and has received intended orders from leading companies in the industry.

At the same time, the company is also actively developing AOI and sorting integrated machine technology for the LED industry. This technology integrates the functions of a high-precision AOI detection system and a picking system into one machine. It aims to fully replace the manual automatic AOI identification of Bin wafers before shipment and remove bad grains, thereby reducing the manufacturing process and greatly improving the shipment yield, further expanding the company's layout in the field of LED segmented equipment.

Tongfu Micro

Tongfu Micro will seize the opportunity of the recovery of the global semiconductor industry and the explosion of artificial intelligence computing power in 2025, and achieve leapfrog growth in operating performance by virtue of its excellent packaging and testing technology and keen market insight.

According to the 2025 annual report data, Tongfu Micro achieved annual operating income of 27.921 billion yuan, a year-on-year increase of 16.92%, and the revenue scale hit a record high. In terms of profitability, the company's net profit attributable to shareholders of listed companies reached RMB 1.219 billion throughout the year, a significant year-on-year increase of 79.86%.

As the world's leading provider of integrated circuit packaging and testing services, Tongfu Micro's products, technologies and one-stop services cover multiple core fields such as artificial intelligence, high-performance computing, big data storage, display drivers, 5G network communications, and automotive electronics.

During the reporting period, the company’s integrated circuit packaging and testing business achieved revenue of 27.248 billion yuan, a year-on-year increase of 18.89%. The company has not only deepened strategic cooperation with leading customers in the fields of domestic analog chips and power management chips, achieving billions of revenue growth, but has also rapidly expanded in the field of automotive electronics, doubling the number of customer coverage.

It is worth mentioning that the company maintains a close joint venture and cooperative strategic partnership with the global semiconductor giant AMD. As AMD's main packaging and testing supplier, it undertakes more than 80% of the packaging and testing business of its related products. The rapid growth of its large customer business provides solid support for the company's overall scale.

In the field of pan-LED and display driver chip business, Tongfu Micro has also made breakthroughs and progress. In 2025, in the display driver packaging and testing market, the company relied on advanced manufacturing processes and excellent quality control to successfully break through the two leading customers in the display driver field, and the related output value achieved strong double-digit growth.

With the rapid development of ultra-high-definition displays, vehicle-mounted displays and smart terminals, the performance requirements of display driver chips have become increasingly stringent. Through continuous investment in research and development, Tongfu Micro has continuously optimized advanced technologies such as wafer-level packaging, and launched comprehensive and in-depth cooperation with domestic leading customers in the fields of audio chips, power management chips and display-related drivers.

On the technology research and development side, Tongfu Micro actively deploys top advanced packaging technologies such as Chiplet and 2D+, and has completed the development and mass production of key technologies for ultra-large size, multi-chip packaging and ultimate thermal management solutions. The company is also making every effort to overcome the manufacturing bottleneck of 5-nanometer bumping packaging technology, focusing on the development of new low-stress PI material processes suitable for 5-nanometer wafers, with a packaging yield of more than 99.5%.