LED Industry Chain Diverges in H1 2026: Sanan Loss, MLS Profit, Aoto Revenue Up 32.83%

During the first half of 2026, listed companies in the LED industry chain showed markedly divergent performance. The industry as a whole is transitioning from 'volume growth with price declines' to structural recovery, with capacity clearing, technological iteration, and global expansion becoming key factors determining performance divergence. Although emerging businesses such as smart wearables, optocouplers, and automotive applications are growing rapidly, they have not yet achieved economies of scale.

The packaging and lighting segment showed significant divergence. Jiuliang Co. reported first-half revenue of RMB 148 million, down 6.18% year on year, with a net loss attributable to shareholders of RMB 26.94 million. Revenue from LED mobile lighting and home lighting fell 7.4% and 23.67%, respectively.

The display application segment demonstrated resilience. Aoto Electronics posted first-half revenue of RMB 416 million, up 32.83%, and net profit attributable to shareholders of RMB 13.67 million, up 64.22%. Revenue from LED video display systems grew more than 60%. New orders reached RMB 476 million, up 15.26%, with domestic orders of RMB 244 million and overseas orders of RMB 232 million.

Technological iteration has become an important variable. AI technology is changing the competitive dimensions of products. Absen is advancing its 'AI+LED' strategy, with its A25 series products achieving an overall energy efficiency improvement of more than 50%. Jucan Optoelectronics is deploying Mini/Micro LED and automotive-grade products, and glass-based Micro LED is moving from technical validation toward industrialization.