BOE and Jucan Optoelectronics release 2025 results

Recently, BOE and Jucan Optoelectronics released their 2025 annual reports. The two companies have made significant progress in promoting Mini/Micro LED-related businesses, not only achieving growth in revenue, but also showing a clear strategic path in terms of technology layout, production capacity expansion and customer landing.

▋ BOE: MLED business revenue is approximately 9.316 billion yuan

Recently, BOE released its 2025 annual report. The total operating income was 204.590 billion yuan, a year-on-year increase of 3.13%; the net profit attributable to the parent company was 5.857 billion yuan, a year-on-year increase of 10.03%; non-net profit after deduction was 4.230 billion yuan, a year-on-year increase of 10.25%. In the "1+4+N+ ecological chain" business structure, MLED, as one of the four main fronts, achieved revenue of approximately 9.316 billion yuan, a year-on-year increase of 9.81%.

In terms of specific business, during the reporting period, BOE built a "1+4+N+ ecological chain" business development structure, of which "1" is the display device business, which achieved revenue of approximately 166.417 billion yuan, a year-on-year increase of approximately 0.86%. "4" refers to the four main fronts of IoT innovation, sensing, MLED and smart medical engineering. Revenue in 2025 will be 38.949 billion yuan, 587 million yuan, 9.316 billion yuan, and 1.902 billion yuan respectively, with year-on-year growth of 15.14%, 52.00%, 9.81%, and 3.40% respectively.

In addition, in terms of MLED business, the Ultra product of the direct display business has realized the launch of flagship store projects for key customers; it has jointly created MPD P0.6 double-sided poster screen products with BOE Huacan; it has in-depth cooperation with Shanghai Film Group in the fields of immersive experience and smart display terminals; the competitiveness of its backlight device business products has continued to strengthen, and it has the conditions for mass production of new MNT products for leading brand customers.

Looking forward to 2026, BOE will make efforts in the aspects of "1+4+N+ ecological chain" business development structure, digital intelligence capability improvement, sustainable development, and global development. Among them, in terms of business development structure, BOE will focus on expanding its scale and product categories in the MLED business field to comprehensively enhance its comprehensive business strength. For the direct display business, we are deeply involved in the three major product platforms of indoor, outdoor, and innovative applications, and focus on building highly competitive product lines of COB, COG, and SMD; for the backlight business, we strengthen the integrated service chain of "LED → Backlight strip/light panel → Backlight → Complete machine" to meet the needs of different customers and application scenarios with multiple product forms.

▋ Jucan Optoelectronics: achieved revenue of approximately 3.127 billion yuan

In 2025, Jucan Optoelectronics achieved operating income of 3.127 billion yuan, a year-on-year increase of 13.33%; net profit attributable to shareholders of listed companies was 205 million yuan, a year-on-year increase of 4.82%; net profit excluding non-recurring gains and losses was 199 million yuan, a year-on-year increase of 7.10%. During the same period, the total output of Jucan Optoelectronics' LED chips reached 24.0944 million pieces, a year-on-year increase of 5.54%, setting a new high.

In the past year, Jucan Optoelectronics has firmly implemented the strategy of "focusing resources and strengthening its main business" and made key breakthroughs in high value-added markets such as Mini LED, automotive lighting, and plant lighting.

With Jucan Optoelectronics' "annual output of 2.4 million pieces of red and yellow light epitaxial wafers and chips project" successfully put into production in January 2025, it has officially upgraded from a monochrome LED chip company to a full-color LED chip supplier. This project successfully complemented the company's shortcomings in the field of red and yellow light and formed a strong synergy with its original advantage in the blue and green light business. As of the end of 2025, the monthly output of this project has exceeded 50,000 pieces, and the full production in some process stages has exceeded 80,000 pieces. The incremental revenue effect has initially appeared. At this point, Jucan Optoelectronics has the ability to fully cover high-value application scenarios such as RGB display, automotive lighting, and landscape decoration.

Technological innovation is the engine of Jucan Optoelectronics’ high-end strategy. In 2025, Jucan Optoelectronics’ R&D investment will reach 132 million yuan, focusing on cutting-edge technologies such as COB spines, MiP, and Micro LED. At present, the company's products in the Mini LED field have been optimized through technology and have entered the supply chain of domestic head display packaging factories to achieve stable mass production; the automotive lighting series products have passed IATF16949 and other automotive regulatory certifications and have successfully entered the pre-installation market; products in emerging fields such as plant lighting have also achieved large-scale sales, and the overall RGB product line has grown significantly. The "Mini/Micro LED chip R&D and manufacturing expansion project" that is being promoted simultaneously is complementing the red and yellow light project to complete the high-end production capacity puzzle.

For 2026, Jucan Optoelectronics stated that it will make every effort to promote the mass production of red and yellow light projects, thoroughly consolidate the "second curve" of the company's growth, and complete the full implementation of the full-color strategy. The company will continue to optimize processes, improve yields, promote cost reduction and increase efficiency, continuously consolidate and expand its technology and scale advantages in high-end market segments such as Mini LED, automotive lighting, and plant lighting, and ultimately achieve coverage of multiple product lines and all application scenarios, driving the company to a new stage of high-quality and sustainable development.