Four LED companies including Dongshan Precision and Mosuo Power released financial reports

Recently, a number of LED companies have successively released their 2025 annual reports and performance forecasts for the first quarter of 2026. Among them, Dongshan Precision is expected to achieve growth in its first-quarter performance, while the 2025 performance of Mosuo Power, Yuanfang Information, and Changfang Group have all declined to varying degrees due to factors such as market environment and product structure.

Dongshan Precision

On April 7, Dongshan Precision released its performance forecast for the first quarter of 2026. It is expected to achieve total operating income of 40.12 billion yuan, a year-on-year increase of 9.12%, and net profit attributable to shareholders of listed companies of 1.329 billion yuan, a year-on-year increase of 22.43%.

In the first quarter of 2026, the company's traditional business will maintain steady growth, and shipments of printed circuit boards, precision components and optoelectronic modules in the consumer electronics, automotive and communications industries will remain stable. In addition, the strong demand for AI computing power has driven the accelerated investment in AI infrastructure. Source Photonics’ optical module products have continuously introduced new major customers, becoming the company’s new core profit growth point.

During the reporting period, the company actively empowered Source Photonics and GMD, especially in terms of production expansion of Source Photonics, giving full play to the synergy of the group's resources such as capital, talent, technology and customers, helping Source Photonics to significantly increase its revenue and profits.

At the same time, fluctuations in exchange rates and commodity prices in the first quarter affected the company's profit realization to a certain extent.

Changfang Group

On April 7, Changfang Group released its 2025 annual report. During the reporting period, the company achieved operating income of 397 million yuan, a year-on-year decrease of 21.48%, and the net profit attributable to shareholders of the listed company was -150 million yuan.

During the reporting period, despite the still complex and severe economic environment, the company stabilized its business fundamentals, promoted various management changes in an orderly manner, and continued to move towards healthy and sustainable development in corporate operations.

In terms of products, the company focuses on plant lighting, intelligent lighting, educational lighting and other fields. It launched 24 new products throughout the year and completed iterative upgrades of 34 old products, effectively enriching the product matrix and enhancing market competitiveness.

In terms of market expansion, on the basis of consolidating domestic channels, the company actively expanded overseas markets and achieved breakthroughs in cross-border e-commerce business, with sales revenue of 24.4844 million yuan, a year-on-year increase of 39.79%. At the same time, the company has increased investment in new media channels such as Douyin and Kuaishou, and its innovation in live broadcast e-commerce sales models has initially achieved results.

In addition, in order to optimize the asset structure, the company continues to promote the sale of Pingshan Industrial Park and Changfang Building, and publicly lists them for transfer on the Shenzhen United Equity Exchange. As of the expiration of the listing period, the company has not recruited any qualified intended transferees. The management will continue to promote the above-mentioned asset sales to improve asset operation efficiency and enhance the company's profitability. In addition, the company conducted a comprehensive inventory and sorting of internal idle equipment, and disposed of some old and idle equipment through public bidding, effectively revitalizing idle assets.

Mosuo Power Supply

On April 3, Mosuo Power Supply released its 2025 annual report. During the reporting period, the company achieved operating income of 1.225 billion yuan, a year-on-year decrease of 5.39%; the net profit attributable to shareholders of the listed company was -234 million yuan.

Regarding the decline in performance, the company previously stated in its performance forecast that due to the impact of market competition, the price strategy of some products has been adjusted. At the same time, due to changes in the market environment, some of the company's newly cultivated businesses are facing strategic adjustments; in addition, affected by grid connection conditions and power consumption, the power generation of individual photovoltaic power stations has declined year-on-year.

From the perspective of business structure, the company's high-power LED drive power supply is mainly used in outdoor lighting scenarios, covering six major fields: roads, industry, sports venues, plant lighting, landscape lighting and urban public lighting.

During the reporting period, the two core products of SPS switching power supply and LED driving power supply contributed more than 90% of the revenue. Among them, SPS switching power supply achieved revenue of 620 million yuan, accounting for 50.62%; LED driving power supply achieved revenue of 553 million yuan, accounting for 45.13%.

In terms of regions, the company's business structure is relatively even, with domestic market revenue accounting for 53.82% and overseas market accounting for 46.18%. In terms of investment, the amount of R&D investment during the reporting period was 111 million yuan, a year-on-year increase of 7.01%, accounting for 9.03% of revenue; however, the number of R&D personnel decreased by 2.94% year-on-year to 264.

Yuanfang Information

On March 31, Yuanfang Information released its 2025 annual report, achieving operating income of 405 million yuan, a decrease of 7.13% from the same period last year; total profit of 75.0763 million yuan, a decrease of 22.77% from the same period last year; net profit attributable to shareholders of listed companies was 71.4909 million yuan, a decrease of 22.59% from the same period last year.

During the reporting period, affected by multiple factors such as rapid changes in the market environment, slowdown in customer demand for old products, and lower than expected market volume for new products, the company's operating income and net profit both experienced year-on-year declines. From the perspective of overall operations, the company's gross profit margin remains stable, the overall operating situation is sound and healthy, and the core operating capabilities have not been affected.

In the field of display measurement, the company's photoelectric testing equipment has been widely recognized and trusted by mainstream panel manufacturers and terminal application companies; in the automotive testing sector, the company has adapted to the development of the new energy vehicle industry and launched diversified solutions such as visual field imaging testing and optical property measurement of functional materials.

In terms of lighting testing, the company provides high-precision, intelligent, full-chain testing solutions; facing the diversified needs of emerging application scenarios such as smart lighting and medical beauty, the company implements a flexible R&D strategy to quickly respond to customer customized needs and efficiently launch adaptive testing equipment.