List of the latest performance of 22 LED-related companies including Sanan/BOE Huacan/Hisense

Recently, 22 LED-related companies released performance reports for 2024 and the first quarter of 2025, covering multiple fields.

Among them, the LED chip manufacturing field includes Sanan Optoelectronics and BOE Huacan Optoelectronics; the equipment manufacturers include China Microelectronics and Xinyuan Micro; the driver chip field includes Ming Microelectronics and Fuman Micro; the display and consumer electronics field includes Hisense Video, Sichuan Changhong, and Lianjian Optoelectronics , Woge Optoelectronics, Xinxiang Micro, Huayang Group, Longteng Optoelectronics, Langte Intelligent and other companies; while companies in lighting-related and supporting fields include Bull Group, Foshan Lighting, Inventronics, Songsheng Co., Ltd., Jiuliang Co., Ltd., Sanxiong Aurora, Guangpu Co., Ltd. and Haoyang Co., Ltd.

LED chip manufacturing field

Sanan Optoelectronics

In 2024, Sanan Optoelectronics achieved sales revenue of 16.106 billion yuan, a year-on-year increase of 14.61%; net profit attributable to the parent company was 253 million yuan, a year-on-year decrease of 31.02%.

During the reporting period, the company’s LED epitaxial chip business revenue increased by 6.56% year-on-year. Among them, traditional LED epitaxial chip products increased by 4.05%, and high-end LED epitaxial chip products increased by 13.91%. The company continues to promote the adjustment of the LED business product structure and further optimizes the cost structure through cost reduction measures such as improving yield rate and work efficiency. The gross profit margin for this period increased by 8.79 percentage points year-on-year.

In 2024, the company will achieve double breakthroughs in high-end LED technology and market expansion. Mini LED has been widely used in TVs, monitors, notebooks, car displays, VR and other fields. Thanks to mature technology, cost optimization and growing market demand, its share among major international customers has steadily increased. Micro LED is miniaturizing, There have been continuous breakthroughs in technologies such as uniformity and light efficiency. The products are used in wearable devices, AR glasses, car displays, high-end TVs, etc., and have been shipped stably and have been recognized by customers, promoting the commercialization process. Automotive LED technology is close to the international first-tier level, and many well-known car companies and Tier 1 customers have been added.

In the first quarter of 2025, Sanan Optoelectronics achieved operating income of 4.312 billion yuan, a year-on-year increase of 21.23%; net profit attributable to shareholders of listed companies was 212 million yuan, a year-on-year increase of 78.46%.

BOE Huacan Optoelectronics

BOE Huacan Optoelectronics released its first quarter report for 2025. The report shows that the company's operating income in the first quarter was 1.059 billion yuan, a year-on-year increase of 27.82%; the net profit attributable to shareholders of the listed company was -97.6383 million yuan, and the loss narrowed.

In the first quarter of this year, BOE Huacan Optoelectronics held a product delivery ceremony for the world’s first 6-inch Micro LED mass production line. The factory mainly produces Micro LED wafers and pixel devices for application In the fields of large-size commercial displays, AR/VR devices and wearable devices. After reaching full production capacity, the annual production capacity will reach 24,000 6-inch Micro LED wafers and 45,000 KK Micro LED pixel devices.

In terms of products, at the Shanghai Auto Lighting Show in March this year, BOE Huacan Optoelectronics demonstrated ADB matrix pixel headlights equipped with Micro LED light source components. A single light-emitting unit has more than 40,000 chips, achieving 10,000-level pixel dynamic control.

Equipment field

AMEC

In the first quarter of 2025, AMEC’s operating income was 2.173 billion yuan, a year-on-year increase of 35.40%; the net profit attributable to shareholders of listed companies was 313 million yuan, a year-on-year increase of 25.67%.

In the first quarter of this year, AMEC cooperated with international semiconductor customers to promote mass production of high-end products in key etching processes and ultra-high aspect ratio etching processes for advanced memory devices. At the same time, six types of thin film equipment have entered the market, The performance has reached the international level, and a variety of metal thin film gas phase equipment and new generation plasma source equipment have been developed, expanding the application coverage of thin film equipment.

The company's R&D investment has increased significantly, and it has entered into a number of new projects. The R&D speed has been significantly accelerated, and the development cycle of new equipment has been shortened to two years or less. R&D investment in 2024 will be 687 million yuan, a year-on-year increase of approximately 90.53%, accounting for 31.60% of the company's operating income, which is higher than the average level of companies listed on the Science and Technology Innovation Board (10%~15%).

Xinyuan Micro

Xinyuan Micro focuses on the R&D, production and sales of semiconductor-specific equipment. Its products cover glue coating and development equipment in the photolithography process as well as monolithic wet-process equipment. It is suitable for processing single wafers of 6 inches and below, and is widely used in the manufacturing processes of compound semiconductors, MEMS and LED chips.

In 2024, Xinyuan Micro will achieve operating income of 1.754 billion yuan, a year-on-year increase of 2.13%; net profit attributable to the parent company is 203 million yuan, a year-on-year decrease of 19.08%.

During the reporting period, in terms of front-end coating and developing machines, the FTEX series equipment has enhanced its market competitiveness by increasing production capacity and intelligence; the front-end cleaning equipment has reached international advanced levels in terms of process coverage, stability, and cleanliness. Back-end packaging equipment technology has gradually matured, and new products such as Frame cleaning equipment and temporary bonding machines have promoted further development of technology. In addition, the company has made breakthroughs in the field of small-size equipment, especially in SiC dicing technology, improving cutting efficiency and productivity.

Driver chip field

Ming Microelectronics

Ming Microelectronics focuses on the R&D, design, packaging, testing and sales of integrated circuits. Its main products include display driver chips, linear power supply chips and power management chips, which are widely used in display screens, smart landscapes, lighting and home appliances. Currently, the company is continuously expanding the Mini LED direct display and backlight market.

Ming Microelectronics will achieve total operating income of 607 million yuan in 2024, a year-on-year decrease of 5.90%; net profit attributable to the parent company is 708.8 90,000 yuan, turning a loss into a profit year-on-year.

During the reporting period, Mingwei Electronics optimized operating efficiency by strengthening internal management and improving collaboration among various departments. At the same time, the company adjusted its product structure according to market demand, and the sales of smart landscape products increased significantly. It also strengthened inventory management, successfully digested long-term inventory, and ensured that inventory was at a reasonable level. The above measures have effectively improved the company's efficiency, with product gross profit margin increasing by 10.13 percentage points year-on-year. The company also continued to promote independent research and development, with R&D expenses increasing by RMB 13.1793 million.

In 2025, Mingwei Electronics will actively promote the market penetration of Mini backlight products, strengthen cooperation with major customers, and enhance brand awareness and reputation. At the same time, we will keep up with the development of Mini backlight terminal products, adjust product strategies and research and development directions, and ensure that we maintain our position in the Mini backlight market.

Fuman Micro

Fuman Micro focuses on the research and development, packaging, testing and sales of high-performance analog and digital-analog hybrid integrated circuits. Its products involve video display, wireless communications, power management and other fields. Its main products Including LED display control chips, power devices, MCUs, fast charging chips and customized ASIC chips.

In the first quarter report of 2025, Fuman Micro achieved operating income of 169 million yuan, a year-on-year increase of 16.13%; the net profit attributable to shareholders of the listed company was -25.0528 million yuan.

It is understood that due to the impact of the global economic downturn and weak demand, the industry recovery has not met expectations, resulting in Fuman Micro's performance losses in 2024. However, the company has successfully promoted a steady year-on-year increase in product sales and comprehensive gross profit margin through technology iteration, product optimization and cost control.

Display and consumer electronics field

Hisense Vision

Currently, Hisense Vision is accelerating innovation in the three core display technologies of ULED, Micro LED and laser display. In the first quarter of 2025, Hisense Video achieved operating income of 13.375 billion yuan, a year-on-year increase of 5.31%, and net profit attributable to the parent company of 554 million yuan, a year-on-year increase of 18.61%.

In the first quarter of this year, Hisense Vision Technology and AR company XREAL reached a strategic cooperation. The two parties will carry out technical collaboration, ecological co-construction and market expansion in the field of AR/AI glasses. The first "AR high-end viewing product" jointly developed is expected to be released in the second half of the year, and AI technology will become its key fulcrum.

It is reported that Hisense Vision has completed the construction of Micro LED ultra-small optical machines, optical modules and complete machines in the AR field. The optical machine design volume has been reduced to 0.17cc, with high brightness, light efficiency, pixel density and dynamic refresh, and low power consumption.

In addition, through its holding of Qianliu Optoelectronics, Hisense Vision has made significant breakthroughs in the fields of Mini LED backlight and Micro LED direct display. The company's self-developed high-performance RGB-Mini LED backlight chip solves key issues such as efficiency, lifespan, color shift and color purity, and is used in the world's first 116-inch RGB-Mini LED TV. In addition, Hisense Video will also release a 136-inch Micro LED TV at the CES 2025 exhibition, using its own Research chips.

Sichuan Changhong

In 2024, Sichuan Changhong achieved operating income of approximately 103.691 billion yuan, a year-on-year increase of approximately 6.40%; net profit attributable to the parent company was approximately 704 million yuan, a year-on-year increase of approximately 2.30%.

During the reporting period, Changhong’s home appliance business achieved annual revenue of approximately 45.092 billion yuan, a year-on-year increase of approximately 15.29%. Among them, the TV business has produced approximately 16.54 million units, a year-on-year increase of approximately 7.33%, and has sold approximately 16.3 million units, achieving revenue of approximately 16.037 billion yuan, a year-on-year increase of approximately 10.27%.

In terms of TV business, Changhong Home Appliances focuses on core technologies such as AI voice, large models and smart bodies, Mini LED TV picture quality, mural + ultra-thin product form, etc., and launched the world's first AI TV, which has the ability to communicate freely with real people, multiple rounds of dialogue and deep thinking capabilities.

In the first quarter of 2025, Changhong Home Appliances continued its performance growth momentum, with operating income reaching 26.837 billion yuan. , a year-on-year increase of 12.89%. The net profit attributable to shareholders of the listed company was 345 million yuan, a year-on-year increase of 96.68%.

Lianjian Optoelectronics

Lianjian Optoelectronics focuses on providing domestic and foreign customers with the research and development, production, engineering installation and after-sales service of LED high-end display equipment and display control systems, providing a full range of solutions. The core of the company's products is LED small-pitch display technology, covering six series of products: professional display, general display, commercial display, rental display, outdoor display and conference display.

In the first quarter of 2025, Lianjian Optoelectronics’ operating income was 105 million yuan, a year-on-year decrease of 26.48%; the net profit attributable to the parent company was -4.4727 million yuan.

It is understood that in 2024, Lianjian Optoelectronics successfully completed the installation and construction of multiple large-scale LED display projects, including the digital intelligence center project of Jiuquan Satellite Launch Center, the Changzhou Public Security Bureau project, the installation of Qianping Mechanical LED Giant Screen in Wuhan New Town Exhibition Center in Hubei, and also installed at Oslo Central Station in Norway. It has installed the largest single-area transportation hub large screen in Europe, and installed outdoor screens at the world’s largest indoor ski resort, Shanghai Yaoxue Ice and Snow World.

Looking forward to 2025, Lianjian Optoelectronics will further strengthen cooperation with major customers and large projects, enhance product competitiveness, sales channel advantages and brand influence, and continue to promote quality improvement and efficiency optimization measures.

Vogel Optoelectronics

Vogel Optoelectronics will achieve operating income of approximately 2.221 billion yuan in 2024, a year-on-year increase of 22.45%; the net profit attributable to the parent company is -122 million yuan. The revenue growth was mainly due to the growth of the optoelectronic glass finishing business and the high-end optical film die-cutting business. The company's traditional business is still profitable.

During the reporting period, Woge Optoelectronics’ optoelectronic glass finishing business achieved sales revenue of 618 million yuan, a year-on-year increase of 8.22%; the optoelectronic display device business achieved sales revenue of 1.247 billion yuan, a year-on-year increase of 46.39%.

Wogel Optoelectronics will continue to expand multiple business sectors in 2024, including Including photoelectric glass finishing, backlight and display modules, display touch modules, high-end optical film die cutting, glass-based TGV multi-layer circuit boards and glass optical devices, etc.

In terms of backlight and display modules, the company's glass-based Mini LED backlight products have entered mass production; in the glass-based TGV multi-layer circuit board and glass optical device sectors, Tongge Micro has completed a new phase of annual production capacity of 100,000 square meters and has entered the small batch supply stage. Some Micro LED direct display products have also been officially supplied in small batches.

Woge Optoelectronics also released its first quarter report for 2025, with revenue of approximately 548 million yuan, a year-on-year increase of 4.23%; net profit attributable to the parent company was -24.0969 million yuan.

Xinxiang Wei

Xinxiang Wei’s operating income in 2024 was 507 million yuan, an increase of 5.61% over the same period last year; the net profit attributable to the parent company was 8.4329 million yuan.

The company's operating income growth was mainly due to the expansion of product categories and the increase in sales. However, the net profit attributable to the owners of the parent company has declined. The main reason is that although the semiconductor display industry has recovered, competition in the industry remains fierce. Some of the company's products in the consumer electronics field are facing price pressure, resulting in a decline in gross profit margin, thus affecting net profit.

During the reporting period, New Phase Micro's products were continuously upgraded to support mainstream TFT-LCD and AMOLED display technologies, covering multiple resolutions such as QQVGA to 4K/8K. The products are suitable for large, medium and small size panels and are widely used in many fields such as smart wear, AR glasses, mobile phones, industrial control displays, tablets, laptops, TVs and vehicle displays.

In the first quarter of 2025, Xinxiang Micro achieved revenue of 150 million yuan, a year-on-year increase of 49.95%; the net profit attributable to shareholders of the listed company was 2.1851 million yuan, turning a loss into a profit year-on-year.

Huayang Group

Huayang Group’s main business is automotive electronics and precision Die casting, other businesses include LED lighting, precision electronic components, etc. In the first quarter of 2025, Huayang Group's operating income was 2.489 billion yuan, a year-on-year increase of 25.03%; net profit attributable to the parent company was 155 million yuan, a year-on-year increase of 9.27%.

It is reported that Huayang Group continues to increase investment in research and development to promote the collaboration of HUD with ADAS, DMS, CMS and other functions to enhance user experience. W-HUD products are constantly being upgraded, developing towards higher definition, large resolution, large field of view, and better experience. We have achieved mass production of 5.1-inch TFT HUD, and optimized the presentation of road information by simulating the external environment.

AR-HUD covers imaging technologies such as TFT, DLP, and LCOS, and lays out cutting-edge technologies such as optical waveguide and naked-eye 3D. The company is the first to promote panoramic HUD in the country, has launched VPD products and won designated projects.

Longteng Optoelectronics

Longteng Optoelectronics continues to invest heavily in research and development on dynamic privacy and anti-peep, touch integration, oxide, Mini LED, Eye protection display, TED low power consumption, green health display, HUD head-up display, ESG display and other technologies are innovatively upgraded.

In 2024, Longteng Optoelectronics will achieve revenue of approximately 3.413 billion yuan, a year-on-year decrease of 9.77%; the net profit attributable to shareholders of listed companies will be approximately -190 million yuan.