Hisense Video, Guoxing Optoelectronics, and BOE Varitronix disclose H1 results

Recently, three LED-related companies, Hisense Video, Guoxing Optoelectronics, and BOE Varitronix, have successively released their 2025 semi-annual performance reports, showing their respective performance and development trends in the market.

Hisense Video: Shipments of Mini LED products have soared, and performance has been outstanding. On August 25, Hisense Video (600060.SH) disclosed a semi-annual report showing that the company achieved operating income of 27.231 billion yuan in the first half of the year, a year-on-year increase of 6.95%; The net profit attributable to the parent was 1.056 billion yuan, a year-on-year increase of 26.63%; the net profit after deducting non-profit was 812 million yuan, a year-on-year increase of 26.57%. The net cash flow from operating activities was 1.802 billion yuan, a year-on-year increase of 48.59%.

The global sales scale of Hisense TV continues to expand, and the product structure continues to be optimized and upgraded. Among them, shipments of products 98 inches and above increased by 85.29% year-on-year, and shipments of Mini LED products increased by 108.24% year-on-year. In multi-regional markets around the world, the position of Hisense TV has also been consolidated. In the North American market, Mini LED products accounted for 5.9%, a year-on-year increase of 2.1 percentage points; products 65 inches and above accounted for 24.1%, a year-on-year increase of 3.3 percentage points. In the European market, Mini LED products accounted for 9.5%, a year-on-year increase of 1.6 percentage points. In the Japanese market, Mini LED products accounted for 7.9%, a year-on-year increase of 1.8 percentage points.

In addition, Hisense Video has a deep layout in the LED chip industry. During the reporting period, the company's self-developed high-performance RGB-Mini LED backlight chips were applied to RGB-Mini LED TVs;Mini COB multilayer oxide light control technology and Mini RGB mixed arrangement solution were recognized by the industry, successfully exploring customers at home and abroad, and backlight chips business revenue increased by approximately 400% year-on-year. Hisense Micro MIP chips have obtained mass production certification from leading companies in the display industry. Micro COG chips have made great breakthroughs in technology and are undergoing international customer certification. At the same time, the company is also actively reserving AR and other micro display product development capabilities.

Guoxing Optoelectronics: Performance is under pressure, still actively promoting industrial layout. On the evening of August 25, the semi-annual report released by Guoxing Optoelectronics (SZ002449) showed that the company's operating income in the first half of 2025 was approximately 1.681 billion yuan, a year-on-year decrease of 9.3%; The net profit attributable to shareholders of listed companies was approximately 24.57 million yuan, a year-on-year decrease of 56.31%; basic earnings per share was 0.0397 yuan, a year-on-year decrease of 56.33%.

The announcement pointed out that in the first half of 2025, the LED industry will face multiple pressures such as tariff games, slowing demand, and rising costs. Exports will be under pressure and corporate profit margins will be squeezed. Despite this, Guoxing Optoelectronics continues to optimize its industrial layout, strengthen capital coordination, and increase production capacity scale. The company has expanded its RGB business into the field of Micro LED display panels, enriching its outdoor high-definition display product line, and the Magic Color Creative Display business is also continuing to make efforts.

At the same time, Guoxing Optoelectronics launched a financing plan, and the funds raised will focus on investing in the construction of Mini/Micro LED and display modules, photoelectric sensing and smart health, smart home display and Mini backlight modules, smart vehicle devices and applications and other production lines. In terms of projects, the MIP display panel expansion project has been advanced in an orderly manner, instructing the production capacity to double after the completion of the LED and optocoupler expansion projects, and the Mini backlight and COB module production lines have been officially put into operation. Through equipment updates, process upgrades and production line optimization, the company has systematically improved production efficiency and quality.

BOE Varitronix: Outstanding performance in automotive display business On August 25, BOE Varitronix Co., Ltd.(00710) released the 2025 interim results report showing that the company's operating income in the first half of the year was HK$6.67 billion, a year-on-year increase of 8%; Earnings before tax, interest, depreciation and amortisation (EBITDA) was HK$340 million, a year-on-year increase of approximately 7%; profits attributable to shareholders were HK$180 million, a year-on-year increase of approximately 5%.

In the first half of the year, BOE Varitronix's automotive display business achieved revenue of HK$6.25 billion (approximately RMB 5.724 billion), a year-on-year increase of 9%. System business income and its proportion in total revenue have maintained growth for three consecutive years, and the value of designated projects has increased by more than 100% year-on-year. BOE Varitronix's total shipments, total shipment area, and shipments of large size 8 inches and above rank first in the world.

In terms of regions, BOE Varitronix's domestic market revenue increased by nearly 21% year-on-year in the first half of 2025; in overseas markets, the company has successively won major projects designated by overseas leading enterprises, deepened cooperation with overseas leading autonomous driving companies, and obtained overseas designated projects. The value increased by more than 50% year-on-year, while overseas shipments of high-end products such as LTPS and Oxide doubled month-on-month.