Lehman, BOE Huacan and other 10 companies announced results

Recently, 10 industry chain companies including Ledman Optoelectronics, BOE Huacan, Hongli Zhihui, Ruifeng Optoelectronics, Hisense Vision, Visionox, Colorlight, Intelligent Cube, Maiwei, and Nanjing Light have successively disclosed their latest performance reports.

■ Ledman Optoelectronics: LED display revenue in 2025 is 685 million yuan

On April 28, Ledman Optoelectronics disclosed its 2025 annual report and 2026 first quarter report.

In the first quarter of this year, Lehman Optoelectronics’ operating income was 230 million yuan; net profit attributable to the parent company was -13.8726 million yuan; non-net profit after deducting -16.1218 million yuan.

In 2025, Ledman Optoelectronics will achieve annual operating income of 1.064 billion yuan, including 377 million yuan in LED lighting business revenue and 685 million yuan in LED display business revenue; it will achieve a net profit attributable to shareholders of listed companies of -42.1159 million yuan, a year-on-year loss reduction of 54.16%.

In terms of international display business, it will achieve revenue of 480 million yuan in 2025, with gross profit margins stable at 32%. Emerging markets such as South Pacific, East Asia, Russia, and Northern Europe are growing rapidly, effectively hedging traditional market fluctuations and becoming the core support for stable operations; domestic display business achieved operating income of 200 million yuan.

In terms of products, international indoor fixed-installation products have been implemented in batches in overseas mainstream commercial display and other scenes, and combined with overseas regional inventory and brand channel strategies, achieved a year-on-year growth of approximately 33%; the international COB display business has increased by approximately 49% year-on-year; and international conference all-in-one products have increased by 39% year-on-year. In addition, the international creative display business relies on its subsidiary Kangshuozhan. Special-shaped customized solutions such as spherical screens, speaker screens, naked-eye 3D giant screens, and dome theaters are widely recognized. During the reporting period, Kangshuozhan's net profit increased by 174.4% year-on-year.

At the same time, Ledman Optoelectronics’ domestic display business achieved operating income of 200 million yuan in 2025. Among them, the cultural, tourism and leisure fields performed outstandingly, and related business income achieved a year-on-year increase of more than 50%.

During the reporting period, Ledman Optoelectronics also continued to expand the layout of the home display track, continued to optimize the third-generation Micro LED home giant curtain wall products, and launched the HD King·Cold Screen Master series of ultra-high-definition display products. The company stated that in the future, it will build three substrate-less Micro LED application routes: MIP devices, PM glass substrates, and AM glass substrates.

■ BOE Huacan: Q1 net profit increased by 151.9%

On April 28, BOE Huacan Optoelectronics announced its first quarter report for 2026. The company's operating income was 2.22 billion yuan, a year-on-year increase of 109.7%; net profit attributable to the parent company was 50.67 million yuan, an increase of 151.9%, achieving a turnaround; net profit after non-attribution to the parent company was 31.83 million yuan; net operating cash flow was 78.24 million yuan, a year-on-year increase of 129.9%.

Recently, BOE plans to subscribe for no more than 97.9392 million shares issued to it in cash, and the total subscription funds will not exceed 998 million yuan. Since BOE took control of BOE Huacan, it has focused on Micro LED wafer manufacturing and packaging testing base projects.

Recently, the technological transformation project of BOE Huacan’s Micro LED wafer manufacturing and packaging testing base was accepted for environmental impact assessment. BOE Huacan has accumulated a rich patent pool and core technologies, and actively expanded the application of Micro LED in non-display fields, continuously strengthened Micro LED mass production delivery and cost optimization capabilities, and promoted Micro LED progress in multiple scenarios.

■ Hongli Zhihui: Revenue in 2025 is 4.353 billion yuan

Hongli Zhihui released its 2025 annual report and 2026 first quarter report.

In the first quarter of this year, Hongli Zhihui’s revenue was 971 million yuan, a year-on-year increase of 6.74%; net profit attributable to the parent company was 10.0907 million yuan, a year-on-year increase of 63.46%; non-net profit after deduction was 5.5861 million yuan, a year-on-year increase of 153.53%.

In 2025, the operating income will be 4.353 billion yuan, a year-on-year increase of 3.02%; the net profit attributable to the parent company will be 97.52 million yuan, a year-on-year increase of 19.88%; the non-net profit after deducting will be 69.9117 million yuan, a year-on-year increase of 30.80%.

In 2025, Hongli Zhihui will focus on its two main businesses of LED semiconductor packaging and LED automotive lighting, with annual revenue of 3.121 billion yuan and 1.068 billion yuan respectively.

During the reporting period, in the field of semiconductor packaging, the company focused on strategic categories such as high-power devices, outdoor lighting, and automotive-grade brackets, and improved its competitiveness through customized research and development. Revenue from strategic categories achieved steady growth. In the automotive lighting sector, we have successfully introduced passenger car OEMs such as BYD Passenger Cars, Leapmotor, BAIC New Energy, and Chery Co., Ltd.; the expansion of major automotive LED customers has accelerated, and international high-end brand customer projects have achieved mass production and delivery, and some new projects are under negotiation. Under the wave of new energy vehicles, automotive LED products cover 0.01W to 36W and have passed dual certifications.

In the Mini LED business, the TV automation line has been set up, and multiple TV projects have passed POC sample verification; several vehicle-mounted projects such as Magneti Marelli have successfully mass-produced, and other module factory projects have completed small-batch trial production or order sample delivery. In terms of product competitiveness, Hongli Display has overcome the blue and yellow lines of viewing angle and power consumption problems in the Mini/Micro LED display field. Hongli Display has completed the layout of seven Mini LED direct display series, and semi-outdoor/outdoor COB products have been used in the transportation field.

■ Ruifeng Optoelectronics: LED product revenue in 2025 is 1.629 billion yuan

Ruifeng Optoelectronics released its 2025 annual report and 2026 first quarter report.

In the first quarter of 2026, the company achieved revenue of 476 million yuan, a year-on-year increase of 23.61%; net profit attributable to the parent company was 29.0718 million yuan, a year-on-year increase of 5.78%; non-net profit after deduction was 19.7039 million yuan, a year-on-year increase of 22.71%.

In 2025, Ruifeng Optoelectronics’ operating revenue will be 1.842 billion yuan, a year-on-year increase of 19.24%; net profit attributable to the parent company will be 65.9459 million yuan, a year-on-year increase of 108.79%; non-net profit after deducting 49.6273 million yuan, a year-on-year increase of 191.68%.

According to the announcement, the main reasons for the increase in net profit attributable to the parent company are: 1) The overall revenue has increased, and the company has further focused on the automotive and automotive track. The sales revenue of automotive LED and automotive backlight has achieved a substantial increase. At the same time, the advantages of Mini backlight products have further expanded, driving an increase in overall revenue and gross profit; 2) While revenue has grown, it has committed to improving internal operating efficiency and better controlled the growth of operating expenses; 3) Income tax expenses have decreased compared with the previous reporting period.

In terms of products, during the reporting period, Ruifeng Optoelectronics' business categories were mainly divided into LED products and electronic paper products; in 2025, LED products achieved sales revenue of 1.629 billion yuan, a year-on-year increase of 20.00%; electronic paper products achieved sales revenue of 166 million yuan, a year-on-year increase of 22.72%.

The company stated that in 2025, Ruifeng Optoelectronics will achieve strategic focus from the pan-lighting field to the automotive track. Launched new 100-level pixel ADB light source modules and DLP LED product solutions, interactive screen LEDs, ADS Cyan blue-green LED and other intelligent car lighting products; launched exterior headlight series products; in terms of vehicle display, launched Mini LED application series including ultra-thin OD0 white light and blue light AM solutions, as well as Mini LED automotive innovative display product solutions covering indoor and outdoor scenes.

■ Hisense Video: Q1 revenue was 13.721 billion yuan

On the evening of April 28, Hisense Video disclosed its first quarter report for 2026. During the reporting period, operating income was 13.721 billion yuan, a year-on-year increase of 2.58%, of which main business income was 13.450 billion yuan, a year-on-year increase of 9.40%; net profit attributable to the parent company was 591 million yuan, a year-on-year increase of 6.71%.

During the reporting period, Hisense launched the UX 2026 new RGB-MiniLED product, equipped with the world's first Linglong 4-core true color backlight technology, breaking the industry's technical bottleneck and raising the visual experience of high-end TVs to the level of professional monitors. According to data from Aowei Cloud Network, in the first quarter of 2026, the average monthly sales volume of domestic RGB-Mini LED TVs reached more than three times the average monthly sales volume from March to December 2025, with Hisense leading the way with a sales share of 79.4%.

While consolidating the advantages of its main display business, Hisense has accelerated the implementation of its "multi-scenario large display" strategy, with new display and new businesses such as lasers, chips, and AI blooming. Vidda V11 open AI headphones and Vidda G11 smart glasses are being launched one after another. In the chip field, TV TCON chip market share continues to rank first in the world, display SoC chips cover mainstream specifications in the market, and AI image quality chips are used in Hisense RGB-Mini LED products in batches.

■ Visionox: revenue of 8.144 billion yuan in 2025

On April 28, Visionox released its first quarter report for 2026. Operating income was 1.87 billion yuan, a year-on-year increase of 3.1%; net profit attributable to the parent company was -626 million yuan; net profit after non-attributable to the parent company was -827 million yuan.

At the same time, Visionox also released its 2025 annual report. Its total operating income was 8.144 billion yuan, an increase of 2.72% year-on-year. Net profit attributable to the parent company was -2.389 billion yuan, an increase from the net profit attributable to the parent company in the same reporting period last year. Net cash inflow from operating activities was 2.309 billion yuan, an increase of 531.37% year-on-year.

Among them, the OLED display industry revenue is 7.967 billion yuan, accounting for 97.83%. It continues to seize the structural opportunities of increasing AMOLED penetration and cooperates with Kunshan to establish a global new display industry innovation center to accelerate the penetration of AMOLED in consumer electronics, vehicle display, virtual reality, medical detection and other scenarios, as well as IT medium-sized and other diverse application scenarios.

In terms of Micro LED, the joint-stock company Chenxian Optoelectronics released a 135-inch P0.7 TFT-based Micro-LED splicing screen and an 8K TFT-based Micro-LED display, and took the lead in formulating international standards for Micro-LED arrays; promoting the transformation of pan-semiconductor achievements and creating a new growth pole.

■ Colorite: Revenue in 2025 is 577 million yuan

Colorite released its 2025 annual report and 2026 first quarter report.

In the first quarter of 2026, the company achieved operating income of 130 million yuan, a year-on-year increase of 23.17%; net profit attributable to the parent company was 7.3359 million yuan, a year-on-year increase of 132.80%; non-net profit after deduction was 475,300 yuan, a year-on-year increase of 115.37%.

In 2025, Colorite will achieve operating income of 577 million yuan, a year-on-year decrease of 10.25%; net profit attributable to the parent company is 19.548 million yuan, a slight increase of 1.04% year-on-year; non-net profit after deducting -26.2153 million yuan.

During the reporting period, Colorlight's product revenue was divided into three categories: video processing equipment, LED display control systems (including receiving cards, transmitters) and cloud network players. Among them, video processing equipment revenue was 257 million yuan, a year-on-year decrease of 8.33%, accounting for 44.58% of operating income; receiving card revenue was 206 million yuan, a year-on-year decrease of 13.61%, accounting for 35.70% of operating income; cloud network player revenue was 48 million yuan; transmitter revenue was 26 million yuan.

In terms of results, in 2025, Colorlight has initially completed the construction of the Luoshu Intelligent Computing Power Scheduling and Management Platform, and has achieved the first adaptation in the field of education and scientific research. Related projects have entered the acceptance stage; in the next stage, the platform will be promoted to be equipped with various intelligent computing hardware, expand its application to more AI scenarios, and focus on the scheduling optimization of computing power. At the same time, the company has also developed and launched AI100 intelligent video filtering equipment, which relies on end-side AI computing power to quickly identify and intelligently review content such as videos, images, text, and faces without the need for an Internet connection.

■ Smart Cube: revenue of 607 million yuan in 2025

Zhilifang disclosed its 2025 annual report and 2026 first quarter report.

In the first quarter of this year, Zhilifang’s revenue was 193 million yuan, a year-on-year increase of 19.97%; net profit attributable to the parent company was 14.4071 million yuan, a year-on-year decrease of 42.15%; non-net profit after deduction was 10.0196 million yuan.

In 2025, Zhilifang achieved revenue of 607 million yuan, a year-on-year increase of 9.36%; net profit attributable to the parent company was 75.3826 million yuan, a year-on-year increase of 26.71%; non-net profit after deduction was 54.8531 million yuan, a year-on-year increase of 59.23%.

From the perspective of business structure, the company's main business is divided into two major sectors: consumer electronics and semiconductors. In 2025, consumer electronics business revenue will be 491 million yuan, a year-on-year increase of 1.55%, accounting for 80.89% of total revenue; semiconductor business revenue will be 105 million yuan, a year-on-year increase of 48.96%, accounting for 17.30% of total revenue, becoming a new growth engine. In terms of regions, domestic revenue was 356 million yuan, a year-on-year increase of 20.69%; overseas revenue was 251 million yuan, a year-on-year decrease of 3.49%.

The annual report shows that in 2025, the company will accelerate the expansion of its semiconductor equipment business on the basis of consolidating its consumer electronics automation equipment business. Benefiting from the advancement of localization of semiconductor equipment and the growth in demand in fields such as new displays, optical communications, and advanced packaging, Smart Cube's semiconductor equipment business revenue and proportion continue to increase, becoming an important strategic growth direction in the future.

■ Maiwei Shares: Achieve revenue of 8.152 billion yuan in 2025

On April 27, Maiwei Shares released a first-quarter performance announcement. In the first quarter of 2026, the company's revenue was approximately 1.337 billion yuan, a year-on-year decrease of 40.02%; the net profit attributable to shareholders of the listed company was approximately 118 million yuan, a year-on-year decrease of 27.19%.

In 2025, the company achieved total operating income of 8.152 billion yuan, a year-on-year decrease of 17.07%; net profit attributable to the parent company was 722 million yuan, a year-on-year decrease of 22.06%; non-net profit after deduction was 697 million yuan, a year-on-year decrease of 16.76%; the net cash flow generated from operating activities was -698 million yuan, compared with 56.13 million yuan in the same period last year.

In terms of display panel equipment, Maiwei independently developed and took the lead in realizing OLED G6 Half laser cutting equipment and OLED bending laser cutting equipment; it independently developed a complete set of equipment such as wafer hidden cutting, slitting, thorn crystal giant rotation, and laser bonding for Mini LED; and independently developed a complete set of equipment for Micro LED such as wafer bonding, laser stripping, laser giant rotation, laser bonding, laser repair, laser cutting, D2D bonding, and hybrid bonding.

Its independently developed Micro LED key process equipment, mass transfer equipment and bonding equipment, have been supplied to Tianma New Display Research Institute to help the production line smoothly run through the entire process. During the reporting period, Maiwei signed an MLED complete line equipment supply agreement with Ledman Optoelectronics, covering key process equipment such as mass transfer, laser bonding and repair, marking that the company's MLED complete line solution has officially entered the commercial batch delivery stage.

■ Southern Lights: Net profit after non-profit increased by 687.72%

On April 29, Nanjiguang released a performance announcement. In the first quarter, it achieved operating income of 141 million yuan, a year-on-year decrease of 24.33%; net profit attributable to shareholders of listed companies was 6.2456 million yuan, a year-on-year decrease of 78.99%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 7.0614 million yuan, a year-on-year decrease of 75.64%;

The 2025 annual report shows that its total operating income in 2025 is 793 million yuan, a year-on-year increase of 73.34%; the net profit attributable to the parent company is 88.528 million yuan, a year-on-year increase of 329.19%; the non-net profit after deducting is 83.298 million yuan, a year-on-year increase of 687.72%; the net cash inflow from operating activities is 163 million yuan.

The announcement stated that performance drivers include continued policy promotion, company competitiveness improvement, product structure adjustment, etc.

It is understood that the focus of Nanjiguang's business has changed from being highly dependent on the mobile phone supply chain to multi-scenario applications such as gaming e-sports, smart wearables, tablets, laptops, industrial control, and vehicle-mounted displays, and has realized the transformation of the market structure from a relatively single domestic sales to a combination of domestic sales and export sales.