Jinghe Integration and Lucky Film release 2025 annual report

Recently, Jinghe Integration and Lucky Film have successively released their 2025 annual reports. From the perspective of performance, the former achieved both revenue and profit growth driven by its foundry business, while the latter was affected by industry environment and policy factors, and its overall performance was under pressure.

Jinghe Integration

Jinghe Integration is mainly engaged in 12-inch wafer foundry business and has foundry technology capabilities for DDIC, CIS, PMIC, Logic, MCU and other process platforms. The company has achieved mass production of process platforms from 150nm to 40nm, 28nm OLED products are continuing to be verified, and the development of the 28nm logic process platform has been completed.

The company will achieve total operating income of 10.885 billion yuan in 2025, a year-on-year increase of 17.69%; net profit attributable to shareholders of listed companies is 696 million yuan, a year-on-year increase of 30.66%.

During the reporting period, the growth in operating income was mainly due to the increase in the company's product sales and the continued growth in revenue scale; the growth in net profit attributable to the parent company was mainly due to the increase in the company's product sales, the continued growth in revenue scale, and the company's transfer of photomask-related technologies during the reporting period.

In terms of display driver chips, at the end of the reporting period, the company's 28nm OLED products were continuing to be verified, and the 40nm high-voltage OLED display driver chips and 110nm MicroOLED chips had achieved mass production.

In terms of CIS business, the company's CIS product manufacturing process covers 90-55nm, and is widely used in smartphone main, auxiliary and front-camera lenses, as well as car cameras and other scenarios. By the end of the reporting period, the company's 55nm full-process stacked CIS chip had achieved mass production.

In terms of power management chips, this business will account for 12.16% of the company's main business revenue in 2025. The company has carried out research and development of AI server-related power management chips, of which 90nm BCD products are continuing to be verified.

In terms of logic chips, the company has carried out in-depth cooperation with strategic customers. Currently, 55nm logic products have been mass produced and the development of the 28nm logic process platform has been completed.

During the reporting period, the company invested RMB 1,453,400,200 in research and development expenses, an increase of 13.20% over the same period last year, accounting for 13.35% of the company's operating income. During the reporting period, the company gained 317 new invention patents, 99 utility model patents, and 7 software copyrights. By the end of the reporting period, the company had obtained a total of 1,374 patents.

Lucky Film

Lucky Film is mainly engaged in the research and development, production, sales and service of new film materials such as imaging, medical, and optoelectronics. Its main products include color photo paper, color film, medical dry film, industrial flaw detection film, lithium-ion battery separator, aluminum-plastic film, TAC film and other products. The company's operating income in 2025 will be 1.32 billion yuan, a year-on-year decrease of 11.13%; the net profit attributable to the parent company will be a loss of 98.73 million yuan.

During the reporting period, the year-on-year decrease in the company's operating income was mainly affected by national policies and industry factors. Sales of medical film and photovoltaic products decreased, and revenue decreased year-on-year. The company's net operating cash flow was 68.51 million yuan, a year-on-year decrease of 52.3%, mainly due to the decrease in sales revenue in the current period, the decrease in cash collected from the sale of goods and services, and the decrease in operating cash flow.

The company mentioned in its 2025 annual report that some major changes have occurred in its business operations. In terms of imaging business, in response to the shrinkage of the medical dry film market caused by cloud imaging policies, the company has adopted diversified measures to stabilize the basic sales volume, concentrate resources on developing key areas and new application scenarios, and enhance competitiveness. The medical business strengthened its market coordination capabilities by optimizing the industrial film business structure, and sales reached new highs.

The optoelectronics business actively responded to the downward pressure of the market, stabilized the market, adjusted the structure, promoted repayment, and made important progress in developing new product markets. In terms of new energy business, the company focuses on using industry resources to promote customer development of lithium battery separators, achieving leapfrog growth in sales, accelerating the transformation of new products and the promotion of distributed power station business.

The dual-carbon business has also achieved breakthrough progress in channel coverage, cooperation with major customers and improvement of internal efficiency. In terms of international business, the company further activates resource linkage and builds a solid foundation in the international market by consolidating channels and improving synergy. (Compiled by TrendForce Display)

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