Interpretation of Jingke's 2025 mid-year report: The automotive business ranks first, and MiniLED an

On September 26, 2025, Guangdong Jingke Electronics Co., Ltd.(stock code: 2551.HK) disclosed its 2025 interim report. During the reporting period, the company's overall operations showed a trend of steady increase in revenue and profit adjustment: operating income was 1.113 billion yuan, a year-on-year increase of 3.9%, demonstrating the stability of the business fundamentals; However, due to factors such as intensified competition in the industry, the parent's net profit was 11.232 million yuan, a year-on-year decrease of 77.44%, and the net cash flow from operating activities was 3.966 million yuan, a year-on-year decrease of 94.27%. In-depth dismantling of the performance structure can be seen that the automotive intelligent vision business ranks at the core with a revenue ratio of 37.6%, the new display business achieves high growth of 30.3% with Miniled technology, while the high-end lighting business seeks differentiated breakthroughs in the competition, the differentiation and adjustment of the three major sectors outline Jinko Electronics 'strategic trade-offs and growth logic in industry transformation.​

Performance dismantling: core business differentiation, vehicle specifications and components become new engines

Automotive intelligent vision: revenue pillars are under pressure, and vehicle specifications are broken

As the company's largest source of revenue, the automotive intelligent vision business achieved revenue of 419 million yuan in the first half of the year. Although it maintained the top spot in revenue, its performance growth faces short-term challenges mainly due to the intensified competition in the automotive industry in the first half of the year. Impact, phased sales unit prices fell, dragging down the overall profit performance of the sector. However, there are positive signals within the business of structural optimization: sales of vehicle-level devices and module products have increased significantly due to improved performance competitiveness and increased mass production projects, becoming a new engine for sector growth.​

From the perspective of long-term layout, Jinko Electronics 'designated research projects in the field of automotive intelligent vision are gradually entering the mass production stage, and the vehicle-level device and module business has shown a trend of sustained and rapid growth. This change not only hedges the short-term pressure on the entire lamp business, but is more in line with the direction of the automotive industry's transformation to intelligence and electrification. With the improvement of autonomous driving levels and the popularization of smart cockpits, the demand for vehicle-level display devices and lighting modules will continue. Release, Jinko Electronics 'advance layout is expected to occupy an advantage in subsequent market competition.​

New display: MiniLED power, dual drive by policy and technology

The new display business became the growth highlight of the first half of the year, achieving revenue of 354 million yuan, a significant increase of 30.3% year-on-year, and the growth rate far exceeded the company's overall revenue level. This growth is due to the superposition of double benefits: on the one hand, the commercialization of MiniLED display technology is accelerating, the company's MiniLED backlight products based on large size display panels are in strong demand, and orders in high-end TVs, displays and other fields continue to increase; On the other hand, the continuation of the national appliance subsidy policy has further stimulated demand for high-end display products in the consumer electronics market, opening up incremental space for the company's new display business.​

From the technical layout, Jingke Electronics has formed a complete solution from device to module in the new display field. The 15.6-inch Mini LED COB backlight module and other products launched before have been implemented in vehicle display, consumer electronics and other scenes. With the advancement of research and development of cutting-edge technologies such as microled and AR display, the new display business is expected to continue to undertake the iterative dividends of industry technology and become an important pillar for the long-term growth of the company.​

High-end lighting: breakthrough in competition, plant lighting extension increment

The high-end lighting business achieved revenue of 340 million yuan in the first half of the year. Against the background of intensified competition in the industry, challenges and opportunities coexist. On the one hand, white light general lighting SMD package products have been affected by market competition, and the prices have dropped, which has put certain pressure on the revenue and profits of the sector; on the other hand, the market demand for new LED applications has risen, and the company has focused on developing the high-efficiency plant lighting product market has achieved growth and further increased its proportion in high-end lighting products, injecting differentiated competitiveness into the business.​

Breakthroughs in the plant lighting business are of strategic significance: With the increasing global emphasis on food security and facility agriculture, the demand for plant lighting LED devices with high light efficiency and high reliability is growing rapidly. Jinko Electronics 'advance layout in this field has not only avoided the price war for general lighting, but also entered into high-value-added sub-tracks, opening up new growth space for the high-end lighting business.