Overview of the performance of five LED companies including Absen, Hisense Video, and China Microelectronics Corporation

On March 30, Absen, Hisense Video, AMEC, Nanochip, and Igor released their 2025 annual reports. Among them, Absen and Micron achieved both revenue and net profit increases, Hisense Video increased profits without increasing revenue, and Igor increased revenue without increasing profits.

Absen

Absen will achieve operating income of 4.158 billion yuan in 2025, a year-on-year increase of 13.53%; net profit attributable to the parent company is 252 million yuan, a year-on-year increase of 115.47%. During the reporting period, the company continued to promote healthy growth in its performance through a series of strategies and tactics, and its overall performance was better than the industry average.

During the reporting period, thanks to the company's continuous efforts in overseas markets for many years, Absen continued to promote its international strategic layout and successfully improved its competitiveness in overseas markets by creating differentiated brand advantages. Overseas markets maintained a good growth momentum and achieved operating income of 3.178 billion yuan, a year-on-year increase of approximately 8.41%.

At present, Absen has built a global marketing network covering 165 countries and regions. It has 20 domestic and overseas companies (the Saudi company was established in February 2026), 20+ domestic offices, 6000+ channel partners and 700+ international sales elites with multi-lingual capabilities to achieve precise localization.

In the domestic market, against the background of weak overall demand for LED displays, Absen achieved operating income of 981 million yuan, a year-on-year increase of 34.02%, by focusing on high-quality customers, optimizing product structure, adjusting channel strategies and other key measures, achieving growth against the trend. Facing different market environments at home and abroad, the company flexibly adjusts its strategy and strives to continue to optimize resource allocation and market structure under the new economic situation to achieve sustainable high-quality growth.

In 2025, Absen completed the brand positioning upgrade and officially established the new positioning of "Global LED Display Technology and Application Leading Brand". The company released the "Outdoor LED Display Industry Development White Paper" and launched the A25 series; at the same time, it accelerated the layout of LED+AI scene solutions, deepened cross-border cooperation in digital media art, and continued to break through technology boundaries and scene applications.

In terms of products, 72 new products will be launched in 2025. The company released the latest achievements in Micro LED, COB micro-pitch display and AI intelligent interactive applications through multiple technical exchange meetings and global product launches. Among them, the KLCOB series widely serves the professional audio-visual field; the JP series is rented to win the favor of the high-end performing arts market; and the outdoor A25 series continues to maintain a hot sales momentum.

The performance of core products is outstanding: the A25 product platform’s annual orders exceeded 1 billion yuan; NT V2 sold 100,000 units within 4 months of its launch. In addition, in the context of the diversified development of panel technology, the company has always focused on the mainstream direction of COB and launched the high-end flagship COB product CLV3.

In terms of projects, during the reporting period, Absen delivered the world's largest COB curved screen; lit up the world's largest single virtual studio; a large screen of over 2,000 square meters to assist Vietnam's 80th National Day celebration; and provided nearly 1,000 square meters of core display systems for the "15th National Games".

In terms of technology research and development, Absen’s R&D investment in 2025 has reached 184 million yuan, and the cumulative R&D investment in the past five years has reached 754 million yuan. With continued in-depth development, the quantity and quality of the company's patent results have increased simultaneously, forming a patent layout covering the entire industry chain such as chip packaging, display control, structural design, and green energy conservation. At the same time, the company also makes full use of AI, big data, XR and other technological means to flexibly respond to the innovation needs of global customers.

Recently, the postdoctoral joint training project jointly promoted by Absen and the Chinese University of Hong Kong (Shenzhen) was officially launched. In the future, Absen will continue to increase investment in R&D, improve the talent training and incentive system, give full play to the advantages of the base platform, attract more outstanding postdoctoral talents at home and abroad to join, and promote the research, development and transformation of more cutting-edge display technology achievements.

It is worth mentioning that the company's energy storage business has also made phased progress. During the reporting period, new products were successively developed, certified, and launched on the market, and overseas marketing promotion and channel layout work was carried out one after another. Relying on the parent company's global market layout advantages, the energy storage product sales and service network has achieved breakthroughs in many key countries and has successfully delivered multiple projects overseas.

Hisense Video

In 2025, Hisense Video achieved operating income of 57.679 billion yuan, a year-on-year decrease of 1.45%; net profit attributable to the parent company was 2.454 billion yuan, a year-on-year increase of 9.24%.

During the reporting period, the company relied on the ULED platform to complete the transformation from single-point technological breakthroughs to systematic innovation. Through the launch of RGB-Mini LED technology and products, it established a significant technological generation barrier. Through three technology iterations, the company has established an industry-leading advantage with breakthroughs in the AI image quality chip H7 and the high-efficiency RGB three-primary color light-emitting chip.

The company's high-end large screen strategy has achieved remarkable results. From 2022 to 2025, the average size of TV products will increase from 50.44 inches to 53.63 inches, the sales proportion of 65+ inch products will increase from 44% to 56%, the sales proportion of 75+ inch products will increase from 21% to 39%, and the sales proportion of 98+ inch products will increase from 1% to 7%. The proportion of average size and large size products will continue to increase; at the same time, Mini LED product shipments increased significantly, with sales proportion increasing from 2% to 24%.

During the reporting period, the company completed the mainstream size market layout from flagship to mid-to-high-end RGB-Mini LED products. The product strength has been highly recognized by users in the end market and has been successfully promoted to 45 countries around the world. Global expansion continues to deepen.

In the Chinese market, the company released a 163-inch Micro LED unlimited giant screen and a 116-inch RGB-Mini LED TV UX. During the reporting period, the company's product structure continued to be optimized. Mini LED product sales increased by 23% year-on-year, sales of products with 98+ inches and above increased by more than 50% year-on-year, and the overall average price increased by about 5% year-on-year.

In overseas markets, in 2025, shipments of ultra-large screen products of 98 inches and above will increase by more than 40% year-on-year, and shipments of Mini LED products will increase by more than 26% year-on-year.

During the reporting period, the sales volume of Mini LED products in the U.S. market increased by approximately 15%; in Europe, it collaborated with sports IPs such as the Club World Cup, Real Madrid, and Inter Milan to launch marketing activities for RGB-Mini LED flagship products, and the sales volume of Mini LED products increased by more than 45%; in the Japanese market, it continued to strengthen the REGZA brand communication and was the first to release RGB-Mini LED TVs, and the sales volume of Mini LED products increased by more than 100%; in the ASEAN market, Mini LED product sales increased by more than 100% LED product sales increased by more than 100%; in the Middle East and African markets, Mini LED product sales increased by more than 30%; in Central and South American markets, Mini LED product sales increased by more than 100%.

AMEC

In 2025, AMEC achieved revenue of 12.385 billion yuan, a year-on-year increase of 36.62%; net profit attributable to the parent company was 2.111 billion yuan, a year-on-year increase of 30.69%.

As of the end of 2025, the company's etching equipment reactors have shipped more than 6,800 units globally, with applications covering various etching scenarios from 65 nanometers to 3 nanometers and more advanced processes. The market share of the chip production lines of major domestic customers continues to increase steadily. The company's thin film deposition equipment business revenue increased by approximately 224.23% year-on-year, becoming an important new engine driving the company's performance growth.

In terms of R&D, China Micro's R&D investment will reach 3.744 billion yuan in 2025, a year-on-year increase of 52.8%, accounting for more than 30% of operating income. Intensive R&D investment has significantly increased the speed of product iteration, and the development cycle of new equipment has been shortened from the traditional 3 to 5 years to less than 2 years.

According to reports, AMEC is currently promoting the research and development of more than 20 new equipment in six categories, covering new generation CCP high-energy plasma etching equipment, ICP low-energy plasma etching equipment, wafer edge etching equipment, LPCVD and ALD thin film equipment, silicon and silicon germanium epitaxy EPI equipment, new generation plasma source PECVD equipment, CuBS PVD ultra-multiple reaction cavity integrated equipment, electron beam detection equipment, large flat panel equipment and a variety of new MOCVD equipment, etc.

In the field of pan-semiconductors, China Microelectronics Corporation continues to deepen its efforts, and its industry-leading position in gallium nitride-based MOCVD equipment continues to be stable. It has successively developed four new MOCVD equipment for silicon carbide and gallium nitride power devices, blue-green light and red-yellow light required for Micro LED, and successively introduced them to the market, further enriching the product system of MOCVD equipment.

Naxin Micro

Naxin Micro will achieve operating income of 3.368 billion yuan in 2025, a year-on-year increase of 71.80%; the net profit attributable to shareholders of listed companies is -229 million yuan.

During the reporting period, with the steady growth of demand in the downstream automotive electronics field, the company continued to increase sales of related products in this field; the pan-energy field as a whole showed a recovery trend, with most customers in the photovoltaic, energy storage, and industrial automation fields returning to normal demand, and customer demand for server power supplies grew rapidly driven by AI; Magne's consolidation enriched the company's product matrix, and its business contribution had a positive impact on revenue growth in the current period.

The main reasons for the improvement in net profit attributable to shareholders of listed companies and net profit after non-recurring gains and losses attributable to shareholders of listed companies in the current period are: 1) On the revenue side, demand in the downstream market has picked up, new products have increased in volume and Magen has been consolidated, driving the company's shipments and revenue to achieve substantial growth; 2) On the expense side, the company continues to deepen lean management and improve organizational efficiency, and the proportion of the company's overall expenses in operating income has decreased, promoting the improvement of profitability.

In terms of R&D, R&D expenses in 2025 will be RMB 794.6027 million, a year-on-year increase of 47.15%. This is mainly due to the company's focus on talent and technology accumulation, continuous resource investment in R&D investment, talent building and other aspects. The company's scale has expanded, and the total R&D investment has increased overall, which is mainly due to the increase in R&D personnel and their average salary.

Igor

Igor's products focus on new energy, data center power supplies, power grid distribution, industrial control, lighting and other fields. In 2025, Igor achieved total operating income of 5.264 billion yuan, a year-on-year increase of 13.40%; net profit attributable to the parent company was 200 million yuan, a year-on-year decrease of 31.45%.

The company is a global supplier of power equipment and solutions. It has long been focused on the research of transformer equipment, magnetic components, power controllers and other products and related solutions. Its products focus on new energy, data center power supply, power grid distribution, industrial control, lighting and other fields.

During the reporting period, the revenue from transformer equipment products increased by 423.3018 million yuan year-on-year, an increase of 12.49%. This was mainly because the company followed the industry development trend and focused on optical storage, data center and power distribution products. With advanced technology and high-quality services, the revenue from new energy products Revenue increased by 267.8518 million yuan year-on-year, an increase of 10.16%, data center product revenue increased by 87.8295 million yuan, an increase of 58.83% year-on-year, and power distribution product revenue increased by 38.9412 million yuan year-on-year, an increase of 10.47%. Revenue from other products increased by 253.8662 million yuan year-on-year, a year-on-year increase of 92.87%, mainly due to the rapid growth of products such as incubation business communication power supply and vehicle power supply, which brought new revenue growth points to the company.

During the reporting period, operating costs increased by 629.6009 million yuan compared with the same period last year, a year-on-year increase of 17.02%. The gross profit margin during the reporting period was 17.78%, a year-on-year decrease of 2.55 percentage points. The main reason for the decrease in gross profit margin was the decrease in sales prices of some new energy products. (Compiled by LEDinside)

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