Looking at the growth resilience of domestic LED companies from Jinko Electronics’ 2025 financial report

Against the background that the global macroeconomic environment is complex and ever-changing, and the semiconductor optoelectronics industry is at a critical stage of consumption upgrading, technology integration and industry integration, Jinko Electronics continues to delve into the three core tracks of automotive intelligent vision, new displays and high-end lighting. Relying on the advantages of technological innovation and vertical integration of the entire industry chain, Jinko Electronics has demonstrated strong strategic determination and growth resilience.

On the one hand, its automotive smart vision business has firmly positioned itself at the forefront of domestic substitution by virtue of its vertical integration capabilities from devices, modules to systems, and its position in the global market has increased year by year; on the other hand, Jinko Electronics' forward-looking layout in fields such as Micro LED and RGB-Mini COB backlight technology has also created a highly imaginative second growth curve.

With stability as the background, the "highlights" of the three major businesses

In 2025, Jinko Electronics will achieve revenue of 100 million yuan, and the product revenue of the three major businesses of automotive intelligent vision, new display, and high-end lighting will account for 41%, 32%, and 27% respectively. Although inevitably affected by the macroeconomic environment, Jinko Electronics has achieved remarkable results in optimizing its core business structure:

Strong growth in orders for automotive-grade devices: Benefiting from the growing demand for automotive-grade devices/modules, Mini LED backlights and plant lighting products, Jinko Electronics’ related business will further increase in the second half of 2025, especially automotive-grade devices and module products, with sales achieving substantial growth.

Profitability rebounds: With the diversification of business layout and the increase in the proportion of high value-added products, Jinko Electronics' profitability has gradually improved amidst fluctuations, demonstrating strong resilience against risks. According to the annual report, Jinko Electronics' board of directors has resolved to pay a final dividend of RMB 0.40 (tax included) for every 10 ordinary shares for the year ending December 31, 2025, totaling RMB 21.49 million in final dividends, pending approval at the company's annual general meeting of shareholders to be held on or before June 30, 2026.

Under the background of steady growth, Jinko Electronics' "troika" has also ushered in their respective "highlights."

The automotive intelligent vision business is still an important growth engine for the group. Its automotive-grade device and module business has achieved substantial growth in orders by virtue of its profound technical advantages. This shows that its vertical integration cost reduction, technology iterative upgrade and other strategies are effective, and customer recognition and market share have been further improved.

In the new display business, driven by downstream application demand, orders for Mini LED backlights further increased in the second half of the year. At the same time, the production capacity of the Mini LED project continues to be released, and the RGB Mini LED process yield rate is firmly at the forefront of the industry. It has steadily promoted joint research and development projects with well-known leading customers, and technical barriers have continued to deepen.

In the high-end lighting business, benefiting from the LED replacement demand brought about by the renovation of the existing market and the upgrading of consumer demand, Jinko Electronics' plant lighting products have become one of the stable supporting businesses of high-end lighting with their internationally leading photoelectric conversion efficiency.

Supported by technological innovation and vertical integration capabilities, leading the high value-added track

An in-depth observation shows that the reason why Jinko Electronics leads the high value-added track lies in its innovation-driven, high-end manufacturing development concept and its accumulation of technical expertise and vertical integration capabilities for many years. This can be intuitively confirmed in the "LED+" strategic layout and intellectual property layout: At present, Jinko Electronics has obtained a total of 453 global authorized patents and 139 invention patents. Its research and development capabilities continue to improve, and the core competitiveness of the "LED+" technology system continues to strengthen.

When it comes to specific subdivisions, Jinko Electronics' technological innovation and industrial chain synergy advantages are also obvious.

In the automotive smart vision market, Jinko Electronics focuses on core products such as ADB matrix headlights and intelligent interactive taillights, and provides automotive-grade LED devices and modules for smart car lights. Related products have the characteristics of high power, high brightness, corrosion resistance, and long life. In terms of automotive LED module technology, Jinko Electronics has developed LED electronic drive platform technology, headlight lens module technology, electronic control and software control technology, providing key photoelectric control technology for smart car lighting systems.

In terms of industry chain collaboration, Jinko Electronics has already built a full industry chain layout from car-grade LED devices, midstream modules to downstream smart car lighting systems. It not only improves cost control capabilities, but also can quickly respond to the customized needs of car companies and provide cost-effective one-stop solutions. At present, Jinko Electronics has established in-depth cooperation with more than 20 domestic mainstream automobile OEMs and brands, including Geely, Lynk & Co, JK, GAC, Changan, and Ideal.

In the new display market, Jinko Electronics’ accumulation in the Micro/Mini LED field has gradually entered a period of transformation.

On the one hand, Jinko Electronics has achieved technological breakthroughs and successful mass production in both RGB Mini COB and Mini POB directions, effectively driving its Mini LED backlight business to account for more than 20% of overall sales revenue. On the other hand, Jinko Electronics has increased its industrial layout of Micro LED, especially the new display applications of related technology products in the AI ​​field.

According to LEDinside, for Mini LED COB technology, Jinko Electronics continues to improve the consistency of LED chips, PCB design, silicone and other materials, thereby achieving improvements in cost, light efficiency, process maturity, product yield and first-time pass rate. Thanks to the continuous advancement of technology, the penetration rate of its automotive Mini LED backlight has begun to increase steadily.

Another RGB-Mini LED backlight technology, Jinko Electronics has teamed up with head terminal brands to focus on the research and development of RGB-Mini LED multi-primary color LED light source architecture, precise color value control algorithm and efficient drive system, and is collaborating to create a precise color control display module solution with high brightness, high contrast and high color purity.

In order to meet the upcoming market demand, Jinko Electronics has also made adequate production capacity planning. It will further expand investment in 2025 and build a number of industry-leading Mini LED backlight production lines. Its production capacity is steadily climbing.

In addition, efficient and intelligent management also provides important support for the steady development of Jinko Electronics.

Since 2025, Jinko Electronics has continued to promote the in-depth application of artificial intelligence (AI) in the entire process of R&D, production and operations management, and comprehensively and continuously strengthened its intelligent manufacturing capabilities. Through advanced data-based systems, the company implements full-process refined management and control of key production elements such as "people, machines, materials, methods, and environment" to effectively improve production consistency and stability. At the same time, the company uses AI to conduct in-depth analysis of production data, continue to optimize the production process, and improve product traceability efficiency and yield rate. In addition, the group is actively building an AI agent cluster platform for the field of automotive intelligent vision. By integrating multiple exclusive agents for different business scenarios, it will open up full-link applications from product development, production and quality inspection to achieve intelligent decision-making and collaborative optimization in key links, providing continuous power support for the company's long-term high-quality development.

Accurate insights to create future growth poles under the "LED+" strategy

Looking to the future, Jinko Electronics is actively developing automotive smart vision, Micro/Mini LED, and advanced high-end lighting technologies, such as 10,000-level high-pixel high-definition (HD) smart projection headlight systems based on Micro LED, Micro LED technology and AR+AI glasses display modules for artificial intelligence AI display applications, and high-reliability, high-brightness, and high-power LED devices for outdoor, plant lighting, and special lighting applications.

Whether it is automotive intelligent vision or next-generation display technology with Micro/Mini LED as the core, it is a highly anticipated incremental market now and in the future. Companies like Jinko Electronics with leading technological innovation capabilities and strong industrial chain synergy advantages are equivalent to mastering the key tickets to the high value-added arena in the smart era. They are expected to gradually explode with growth potential as related industries develop and mature.

Taking smart car lights as an example, ADB headlights are regarded as the mainstream solution for cars under the trend of intelligence and interactivity. According to data from "TrendForce 2025 Global Automotive LED Market - Lighting and Display Product Trends", the global ADB headlight penetration rate is expected to be close to 10% in 2025, and has the opportunity to reach 21.6% in 2029. Among them, the introduction of Micro/Mini LED technology has also expanded the development space of ADB headlight technology. At present, Micro LED pixel headlights have been introduced in automobile brands such as Audi, Volkswagen, Porsche, NIO, and Opel. Recently, JBD in the micro-display field released the car-grade Micro LED projection platform "Griffin", which shows the prospects of Micro LED pixel light source technology.

In addition to ADB matrix headlights, advanced technologies such as Mini LED interactive taillights, smart ambient lights, and Mini LED vehicle displays are also being introduced into 2026 and future car models at an accelerated pace. In the medium to long term, the scale of the global automotive LED and lighting market is expected to expand.

At the same time, the competitive landscape of the global automotive vision market is also being reshaped. Domestic automotive LED companies have taken advantage of the growth of China's new energy vehicle industry and the trend of localization of car lights. Many leading companies, including Jinko Electronics, have improved their global market position year by year, which means that domestic companies are expected to occupy a larger market share in the era of smart cars and autonomous driving.

In the field of new displays, Micro/Mini LED technology is also undergoing qualitative changes. Among them, Micro LED has found a niche in the display and non-display fields and is widely recognized by the industry chain, investors and users. For example, the fields of AR glasses and AI data center CPO (co-packaged optics) optical interconnections have soared recently.

According to the "TrendForce 2025 Near-Eye Display Market Trends and Technology Analysis" data, with the deep integration of AI and wearable devices, Meta Ray-Ban Display Glasses' feedback in the terminal market has been significantly better than expected, and orders for a number of key components have been significantly increased since the end of last year. Subsequently, driven by major manufacturers such as Meta, Samsung, and Google, TrendForce estimates that global AR glasses shipments will jump to 950,000 units in 2026 and reach 32.11 million units in 2030. Among them, Micro LED AR glasses shipments will reach 21 million units, equivalent to a penetration rate of 65%.

In the field of AI data center optical interconnection technology, the Micro LED CPO solution has low unit transmission energy consumption and can significantly reduce the overall energy consumption to 5% of the copper cable solution. It is expected to become an alternative optical interconnection solution due to its energy-saving advantages. In view of this, the global supply chain, including Microsoft, NVIDIA, etc., is actively deploying optical communication and optical interconnection technologies. Among them, as Micro LED light source developers, domestic LED companies such as Jinko Electronics are expected to be ready for development through forward-looking technical reserves and industrial collaborative layout.

In addition, Mini LED backlight technology will also usher in a new round of growth in the TV field. According to the latest research from TrendForce, 2026 is regarded as the first year of popularization of RGB-Mini LED. Driven by both policies and the market, the industry is entering a period of rapid growth. It is expected that the penetration rate of Mini LED TVs will increase to 10% in 2026, and global shipments are expected to move towards the 20 million unit mark.

In summary, through accurate insights into the high-growth market, Jinko Electronics is expected to build a future growth pole under the "LED+" strategy based on existing achievements. This also reflects to a certain extent the growth resilience and potential of "powerful stocks" in the context of the transformation and upgrading of the LED industry. In the future, the growth curves of LED companies such as Jinko Electronics will attract much attention and expectations. (Text: LEDinside Janice)

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