Jinko Electronics’ 25-year financial report discloses: RGB Mini COB has been put into mass production

On March 25, Jinko Electronics released its 2025 performance report. The announcement shows that Jinko Electronics will achieve revenue of RMB 2.431 billion in 2025, a year-on-year decrease of 6%; net profit will be RMB 62 million, a year-on-year decrease of 41%.

Regarding the changes in operating income and net profit, Jinko Electronics said that it was mainly due to the decrease in the sales unit price of the entire lamp caused by fierce competition in the automobile industry, as well as the impact of the increase in related expenses related to the Group's investment in the construction of the Guangzhou Lingwei Vision Greater Bay Area headquarters and R&D base. Although the overall performance is under pressure, its announcement revealed a strong growth signal: automotive-grade device product orders achieved a substantial year-on-year growth of 233% during the reporting period. This shows that while Jinko Electronics’ traditional lamp business is being eroded by price wars, its high value-added core device business is rapidly emerging and becoming a new engine driving future growth.

According to the announcement, Jinko Electronics’ main business consists of three major segments: automotive intelligent vision, new display, and high-end lighting, accounting for 41%, 32%, and 27% respectively.

Specifically, the revenue of the automotive intelligent vision business was RMB 990 million, a year-on-year decrease of 3%, of which revenue from automotive-grade LED devices and modules accounted for 35% of the total revenue of the automotive intelligent vision business, and the amount increased by 206% year-on-year. On February 7, 2025, the Guangzhou Lingwei Vision Greater Bay Area headquarters and R&D base, which the group is focusing on, officially started construction. This project is a major benchmark project in Guangzhou in the first quarter of 2025. It focuses on the R&D and production of smart car vision systems. The core products include smart ADB matrix adaptive headlights, smart dynamic interactive taillights, drive controllers, etc., which will further consolidate the company's technological leadership and market competitiveness in this field.

New display devices and module products are mainly used in mid-to-high-end TVs, vehicle displays and other fields for brand customers. During the reporting period, Jinko Electronics' new display products achieved sales revenue of RMB 770 million, a year-on-year decrease of 4%. However, Jinko Electronics continued to increase its investment in the research and development of Mini LED and Micro LED technologies and products during the reporting period, especially the new display applications of related technology products in the field of artificial intelligence.

In terms of production capacity construction, Jinko Electronics has further expanded production and invested in building multiple Mini LED backlight production lines; at the same time, the new generation RGB Mini COB process has achieved mass production, which can fully meet the strict requirements for color consistency and brightness performance of high-end TVs.

In terms of industrial cooperation, the group's subsidiary Unitech has signed a joint technical solution research and industrialization joint technology cooperation project for RGB Mini LED multi-primary color module systems with leading companies in the TV field. The two parties will conduct joint research and development around the next generation of high color gamut display core technology, focusing on RGB Mini LED multi-primary color LED light source architecture, precise color value control algorithms and efficient drive systems to jointly create precise color control display module solutions with high brightness, high contrast and high color purity.

The high-end lighting business is facing a periodic correction and achieved sales revenue of RMB 660 million throughout the year. Currently, Jinko Electronics focuses on the development and sales of products with high added value such as high light quality, high light efficiency, and special spectrum. Among them, orders for outdoor high-power and high light efficiency products have increased significantly. The photoelectric conversion efficiency of plant lighting products has reached the world's leading level, becoming an important driving force for the continued growth of high-end lighting business.

In terms of regions, Jinko Electronics' sales revenue in mainland China in 2025 was RMB 1,946.6 million, a year-on-year decrease of 9%, mainly due to the intensified industry competition that led to a decrease in product prices and sales volume; overseas sales revenue was RMB 484.6 million, a year-on-year increase of 6.7%, mainly due to the continued increase in demand for plant lamp orders from overseas markets.

Faced with short-term fluctuations and long-term opportunities in the industry, Jinko Electronics has a clear strategic path: using short-term profit pains in exchange for long-term technical barriers and track spots, continuous high R&D investment has built a moat. As of the end of the reporting period, a total of 453 global authorized patents have been obtained, including 139 invention patents, and the "LED+" technology system is increasingly improving. Its entire industry chain layout of "devices-modules-systems" allows it to flexibly respond to market changes and make key breakthroughs in high-value links.

Currently, new energy vehicles are going overseas, creating a global demand for smart car lights; the penetration rate of Mini LED is increasing, and Micro LED is on the eve of its explosion in the AR/AI field; high-end lighting is evolving towards intelligence and scene-based lighting. Based on this, Jinko Electronics is actively developing automotive smart vision, Micro/Mini LED, and high-end lighting advanced technologies, such as 10,000-level high-pixel high-definition 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.