14 companies including Absen, Sanan, and Mulinsen disclosed their latest financial reports

As the annual report season comes to an end, the 2025 annual reports and 2026 first quarter reports of listed companies in the LED display industry chain have entered an intensive disclosure period.

Recently, a number of industry chain companies including Absen, Alto Electronics, Sanan Optoelectronics, Silan Micro, Dongshan Precision, Mulinsen, Nova Nebula, Xinyichang, Ming Microelectronics, Keiger Precision Machinery, Fuman Micro, Azure Lithium Core, Hanbo High-tech, China Microelectronics, etc. have successively released their latest financial reports.

■ Absen: Revenue in the first quarter of 2026 is 888 million yuan

On April 28, Absen disclosed its first quarter report for 2026. During the reporting period, the company achieved revenue of approximately 888 million yuan, a year-on-year increase of 7.52%; net profit attributable to shareholders of the listed company was approximately 39.2767 million yuan, a year-on-year increase of 7.87%; non-net profit after deduction was 21.174 million yuan.

According to the announcement, the reason for the change in non-net profit deductions for the current period is mainly due to the company's increased investment in globalization and R&D innovation, coupled with exchange losses caused by exchange rate fluctuations, resulting in a year-on-year increase in related expenses.

■ Alto Electronics: New contracts for film and television business in 2025 will be approximately 358 million yuan

On April 27, Alto Electronics released its 2025 annual report and 2026 first quarter report.

In the first quarter of 2026, Alto Electronics achieved revenue of approximately 250 million yuan, a year-on-year increase of 35.6%; net profit attributable to the parent company was approximately 15.22 million yuan, a year-on-year increase of 11.9%.

In 2025, Alto Electronics will achieve revenue of approximately 755 million yuan, a year-on-year increase of 4.58%; net profit attributable to the parent company is 10.9153 million yuan, turning losses into profits year-on-year. According to the announcement, Alto Electronics' revenue and net profit both achieved growth, mainly due to the year-on-year increase in its new orders, the year-on-year decrease in expenses during the period driven by refined management, the strengthening of the collection of accounts receivable, and the year-on-year decrease in credit and asset impairment losses.

In 2025, Alto Electronics has deeply cultivated advantageous market segments, and new orders signed in the fields of film and television, advertising and digital content have increased significantly. During the reporting period, its new orders signed were approximately 984 million yuan, a year-on-year increase of 18.73%, of which new orders signed in overseas markets were approximately 446 million yuan, a year-on-year increase of 72.11%.

In addition, Alto Electronics’ film and television business signed new orders of approximately 358 million yuan, a year-on-year increase of 67.69%. As of the end of the period, it had signed a total of 192 LED movie screen orders, 98 of which had been delivered, and the projects were implemented in more than 26 cities around the world. In the field of virtual shooting, the company undertook 32 XR/VP virtual studio projects during the reporting period; as of the end of the period, the company had undertaken a total of 124 projects worldwide.

■ Sanan Optoelectronics: LED epitaxial chip business will achieve revenue of approximately 5.862 billion yuan in 2025

On April 25, Sanan Optoelectronics disclosed its 2025 annual report and 2026 first quarter report.

In the first quarter of 2026, Sanan Optoelectronics achieved revenue of approximately 2.907 billion yuan, a year-on-year decrease of 32.59%; net profit attributable to the parent company was 67.49 million yuan, a year-on-year decrease of 68.15%.

In 2025, Sanan Optoelectronics will achieve revenue of approximately 17.949 billion yuan, a year-on-year increase of 11.45%; net profit attributable to the parent company will be approximately -353 million yuan. Among them, the LED epitaxial chip business achieved revenue of approximately 5.862 billion yuan, a year-on-year decrease of 2.91%, and a gross profit margin of 22.43%, a year-on-year increase of 1.87 percentage points. The LED application products business achieved operating income of 3.230 billion yuan, a year-on-year increase of 24.04%, and a gross profit margin of 4.73%, a year-on-year decrease of 5.37 percentage points.

According to Sanan Optoelectronics' financial report, the year-on-year decrease in LED chip revenue is mainly due to the company extending its industrial chain, directly producing some chips into modules for external sales, and adjusting business classification; the year-on-year increase in LED chip gross profit margin is mainly due to the increase in the proportion of high-end products; the year-on-year decrease in LED application gross profit margin is mainly due to the decline in the profitability of LED car lights and modules.

During the reporting period, Mini LED chips have been maturely used in TVs, monitors, laptops, car displays, VR and other fields. Sanan Optoelectronics has become the main supplier of Mini RGB high color gamut TV backlight solutions for domestic and foreign leading customers, and shipments have continued to grow.

Micro LED chips maintain growth momentum in the medium and large display field, MiP products are supplied in batches to domestic and foreign customers, and market share continues to expand. At the same time, Sanan Optoelectronics continues to promote the layout of Micro LED forward-looking application directions such as AR and optical communications. In the application of AR glasses, we have established in-depth strategic cooperation with a number of domestic and foreign first-line terminal customers to jointly define and lead the AR glasses display technology route. Regarding the application of high-speed optical interconnection in AI data centers, Sanan Optoelectronics has carried out in-depth cooperation with Tsinghua University, China Mobile and other entities in the fields of Micro LED optoelectronic devices and high-speed optical communications to jointly promote the research and development and application verification of related technologies. Micro LED products have been sent to domestic and foreign leading companies for module assembly verification.

In addition, in the field of automotive LEDs, Sanan Optoelectronics' supply to well-known domestic and foreign car companies and Tier 1 customers continues to grow, and it continues to expand application scenarios such as ADB, HUD, interactive screens, and autonomous driving, and has the ability to provide customers with a complete set of solutions.

In 2025, Anrui Optoelectronics has completed a total of 22 new projects and continues to supply new models in batches for brands such as Chery, Dongfeng Nissan, and General Motors, and its supply share among customers such as General Motors, Nissan, Ideal, and Changan Automobile has further increased. Anrui Optoelectronics has made a breakthrough by winning DLP (intelligent digital optical system) car lighting projects from many car companies, and its shipment share of headlights and ambient lights continues to increase.

■ Silan Micro: In 2025, Silan Ming Gallium will achieve main business income of 751 million yuan

On April 25, Silan Micro released its 2025 annual report. During the reporting period, Silan Micro achieved revenue of approximately 13.052 billion yuan, a year-on-year increase of 16.32%; net profit attributable to the parent company was approximately 399 million yuan, a year-on-year increase of 81.27%. During the reporting period, Silan's micro-profit recovery was mainly driven by its main business. The revenue scale expansion, core production lines being fully loaded, product structure upgrades, and cost reduction and efficiency improvement jointly drove the simultaneous improvement of the three core indicators of annual revenue, profit, and cash flow.

In 2025, Silan's operating income from micro-light-emitting diode products will be 765 million yuan, basically the same as last year.

Among them, Silan Ming Gallium achieved main business income of 751 million yuan, a year-on-year increase of approximately 20%. The company will complete the integration of LED chip production line resources in 2025, and the production capacity utilization rate has increased to more than 90% in the first three quarters. However, entering the fourth quarter, due to the dual impact of intensifying competition in the LED color screen chip market and a sharp increase in the cost of precious metal materials, the company proactively adjusted its production pace and moderately controlled investment, resulting in a correction in production capacity utilization. Facing the challenges, Silan Minggallium plans to further optimize its product structure in 2026, focusing on promoting the scale-up of products such as plant lighting, security monitoring, and Mini LED display chips, and strive to achieve full production capacity. At the same time, we will strengthen cost control, improve the input-output ratio, and strive to reduce operating losses.

Affected by the contraction of export orders and intensified competition in the domestic market, the operating income of subsidiary Meikale in 2025 will drop by approximately 30% year-on-year. However, its export orders have gradually recovered since the third quarter. Through the strategy of "improving quality and reducing costs", the company continues to improve operating cash flow, reduce debt levels, and maintain overall stability in production and operations despite certain annual losses. In 2026, Mecale will rely on its technical advantages in flip-chip products and other aspects to actively expand the market and strive to turn losses into profits.

■ Dongshan Precision: Revenue in the first quarter of 2026 is 13.14 billion yuan

On April 27, Dongshan Precision announced its first quarter report for 2026. During the reporting period, the company achieved operating income of 13.138 billion yuan, a year-on-year increase of 52.72%; net profit attributable to the parent company was 1.110 billion yuan, a year-on-year increase of 143.47%; net profit after non-attribution to the parent company was 1.059 billion yuan, a year-on-year increase of 166.99%.

Regarding the change in operating income, Dongshan Precision stated that there are two main reasons:

1) The reporting period increased the number of Source Photonics and GMD Group included in the consolidated scope of data compared with the previous year;

2) While the company's traditional business remained stable, the optical module business seized the opportunity of the industry outbreak and accelerated customer orders, doubling its revenue compared with the same period last year, and formed a core contribution to the revenue and profits of this reporting period.

■ Mulinsen: Overall revenue in 2025 is 17.439 billion yuan

Recently, Mulinsen announced its annual results for 2025 and first quarter report for 2026.

In the first quarter of 2026, Mulinsen achieved operating income of 4.720 billion yuan, a year-on-year increase of 21.45%; net profit attributable to the parent company was 419 million yuan, a year-on-year increase of 193.26%; non-net profit after deducting was 109 million yuan. During the reporting period, the company and its subsidiary LEDVANCE controlled Bridgelux through equity acquisition, opening up the entire industry chain of "LED chips - LED packaging - lighting applications".

In 2025, the company will achieve operating income of 17.439 billion yuan, a year-on-year increase of 3.13%. The net profit attributable to shareholders of the listed company is -1.477 billion yuan; deducting non-net profit is -1.476 billion yuan.

By product, Mulinsen's revenue in 2025 mainly comes from LEDVANCE, MLS and other businesses; among them, LEDVANCE achieved revenue of 9.250 billion yuan, a year-on-year decrease of 4.12%, and MLS achieved revenue of 7.631 billion yuan, a year-on-year increase of 12.75%. In addition, from a regional perspective, domestic revenue was 7.853 billion yuan and overseas revenue was 9.586 billion yuan.

Mulinsen said that the changes in the company's operating performance were mainly affected by changes in the market environment in 2025, rising costs and lower-than-expected downstream demand. The operating performance of overseas mergers and acquisitions subsidiaries did not meet expectations.

■ Nova Nebula: Achieve revenue of 3.11 billion yuan in 2025

On April 25, Nova Nebula released its 2025 annual results and 2026 first quarter report.

In the first quarter of 2026, Nova Nebula achieved operating income of 707 million yuan, a year-on-year increase of 13.80%; net profit attributable to the parent company was 95.3169 million yuan; non-net profit after deduction was 93.8287 million yuan.

In 2025, Nova Nebula achieved operating income of 3.510 billion yuan, a year-on-year increase of 7.04%, and net profit attributable to shareholders of the listed company of 588 million yuan; deducting non-net profit of 558 million yuan.

In terms of regions, Nova Nebula will achieve domestic revenue of 2.689 billion yuan in 2025, a year-on-year increase of 1.36%; overseas revenue will be 821 million yuan, a year-on-year increase of 31.07%. In terms of products, Nova Nebula's business is mainly divided into LED display control systems, video processing systems, and cloud-based information release and management systems. Revenues in 2025 will be 1.428 billion yuan, 1.501 billion yuan, and 258 million yuan respectively.

According to the announcement, in 2025, Novastar's domestic display market will be affected by factors such as reductions in government procurement and fierce market price competition. The overall growth will face challenges, but overseas markets will maintain a steady growth trend. In addition, the MLED industry is in a period of rapid development. As relevant technologies have been laid out in advance, the MLED-related income of enterprises has grown rapidly.

During the reporting period, the company launched the Infinity MLED ultra-high image quality solution with "PWM+PAM hybrid driver chip" as the core; it upgraded the VX series of 4K-level two-in-one video control server products. At the same time, A series receiving cards, C5Pro consoles, D32 video switchers, K16 video controllers, H2 video splicers and other products were used in the LED display at the opening and closing ceremonies of the 2025 Harbin Asian Winter Games.

■ Xinyichang: Crystal bonding machine revenue in 2025 is 535 million yuan

Xinyichang disclosed its annual performance in 2025 and first quarter report in 2026.

In the first quarter of this year, Xinyichang’s operating income was 252 million yuan, a year-on-year increase of 11.13%; the net profit attributable to the parent company was 21.3324 million yuan, a year-on-year increase of 82.39%; the net profit after non-attributable to the parent company was 19.3979 million yuan, a year-on-year increase of 69.34%.

In 2025, the company will achieve total operating income of 727 million yuan, a year-on-year decrease of 22.17%; net profit attributable to the parent company is -127 million yuan, and non-net profit after deducting -131 million yuan.

Regarding the reasons for the performance improvement, the company stated that traditional LED technologies such as general lighting and consumer electronics have entered a mature stage, and the market growth momentum is insufficient. Enterprises are actively promoting the upgrading of the industrial structure, focusing on expanding core areas such as semiconductors and new display packaging technologies. Affected by the cyclical adjustment of the industry, operating performance continues to be under pressure during the transition period between old and new driving forces.

From the perspective of business structure, Xinyichang’s main business of intelligent manufacturing equipment achieved revenue of 694 million yuan, a year-on-year decrease of 23.57%, accounting for 95.5% of total revenue; accessories and maintenance fee income was 31.8092 million yuan, a year-on-year increase of 27.24%. In terms of products, the revenue of crystal bonding machines was 535 million yuan, the revenue of capacitor aging testing equipment was 106 million yuan, and the revenue of lithium battery equipment was 5.4363 million yuan. According to regional classification, domestic operating income was 704 million yuan and overseas operating income was 20.9128 million yuan, mainly due to further expansion of overseas markets and an increase in order volume.

■ Ming Microelectronics: Revenue from display driver products in 2025 will be approximately 448 million yuan

On April 25, Ming Microelectronics released its 2025 annual report. During the reporting period, Ming Microelectronics achieved operating income of 665 million yuan, a year-on-year increase of 9.48%; net profit attributable to the parent company was -46.4551 million yuan.

In terms of products, the revenue of display driver products was approximately 448 million yuan, a year-on-year increase of 12.77%, accounting for 69.86%; linear power supply products accounted for 23.38%, and the two together accounted for 93.24% of the main business revenue. The revenue structure was further concentrated towards the display driver category, and the linear power supply category's share narrowed slightly compared with previous years. In addition, domestic sales accounted for 99.13%, and overseas sales accounted for only 0.87%. The market layout continues to focus on the domestic market.

According to the announcement, with R&D innovation as the cornerstone of development, Ming Microelectronics continued to increase its R&D investment in the fields of Micro LED display driver IC, MiniLED backlight driver IC, intelligent lighting driver and control system ASIC during the reporting period, and continued to expand product areas to cutting-edge application scenarios such as transparent display drivers and MIP packaging supporting drivers. R&D expenses increased by 16.4868 million yuan compared with the same period last year, effectively promoting the improvement of the technology reserve system and the iterative upgrade of the product matrix.

■ Keige Precision Machinery: Revenue from solder paste printing equipment in 2025 is 742 million yuan

Recently, Keige Precision Machinery announced its 2025 annual results and 2026 first quarter report.

In the first quarter of this year, the company's operating income was 340 million yuan, a year-on-year increase of 72.80%; the net profit attributable to the parent company was 64.9785 million yuan, a year-on-year increase of 95.66%; the net profit after deducting non-attribution to the parent company was 62.8167 million yuan, a year-on-year increase of 99.65%.

In 2025, Kaige Precision Machinery will achieve operating income of 1.156 billion yuan, a year-on-year increase of 34.93%; net profit attributable to the parent company will be 187 million yuan, a year-on-year increase of 164.80%; net profit after non-attributable to the parent company will be 182 million yuan, a year-on-year increase of 186.17%.

According to the announcement, Kaige Precision Machinery’s main products are solder paste printing equipment, dispensing equipment, packaging equipment and flexible automation equipment.

During the reporting period, the company's solder paste printing equipment achieved operating income of 742 million yuan, a year-on-year increase of 66.