Research Brief | Qianzhao Optoelectronics Hosts Zhongtai Securities and 40 Other Institutions; 2025 Revenue Expected to Grow by 39.78%. Mini/Micro LED Business Anticipates Double-Digit Growth

Xiamen Qianzhao Optoelectronics Co., Ltd. (hereinafter referred to as “Qianzhao Optoelectronics”) recently held an earnings briefing session online, attracting 41 institutional participants including Zhongtai Securities, ZheShang Securities, Guofu Fund, Boshi Fund, and others. During the exchanges, the company disclosed its 2025 operating performance, development plans for each business segment, and expectations for future growth. In particular, in 2025, revenue increased year over year by 39.78%, and its Mini LED and Micro LED business are expected to deliver double-digit growth in 2026, drawing the institutions’ focused attention.

Basic Information on Investor Relations Activities

|Col1|Type of Investor Relations Activity|Earnings briefing session| |—|—| |Participating institutions and personnel|Zhongtai Securities, ZheShang Securities, Minsheng Securities, Cinda Securities, Guofu Fund, Boshi Fund, Ping An Fund, Harvest Fund, Southern Fund, Penghua Fund, Western Securities Investment Fund, Jianxin Wealth Management, Xinyin Wealth Management, Guangdong Zhengyuan Private Fund, Chuangjin Hexin Fund, Industrial Fund, CITIC Prudential Fund, Taiping Pension Insurance, New China Asset Management, Yingda Insurance Asset Management, Great Wall Wealth Insurance Asset Management, Taiping Asset Management, Guohua Xingyi Insurance, HSBC Jinxin Fund, Shangying Fund, Fu’anDá Fund, Xinhua Fund, Agricultural Bank of China-AB-Combined Fund, Dongxing Fund, Huashang Fund, Guotai Fund, Jiutai Fund, Guojin Fund, Guoxing Fund, Shanghai Caitong Asset Management, Xinjiang Qianhai United Fund, Hunan YuanCheng Private Fund, Yanlun (Shenzhen) Investment, Beijing Ziyi Private Fund, Beijing Commande Private Fund, Guangdong Xienuo Chenyang Private Fund, and other 41 institutions| |Time|March 27, 2026, 19:00–20:00; and March 29, 2026, 19:00–20:00| |Location|Entrance Finance APP and website（ |Format|Online interaction|

Analysis of 2025 Operating Performance and Industry Trends

At the event, Qianzhao Optoelectronics introduced that in 2025 the company focused on high-end products, optimized its customer mix, and achieved continuous positive growth in both revenue and profit for three consecutive years. Specifically, in 2025, operating revenue from sales was RMB 3.4B, up 39.78% year over year; net profit attributable to shareholders of listed companies was RMB 115 million, up 19.32% year over year.

At the industry level, the company pointed out that structural opportunities exist in three areas: first, the LED industry overall remains steady, but growth continues in automotive display, TV, and high-end commercial applications; second, in the commercial space sector, the increase in satellite launch plans and the reduction in costs are driving rapid industry growth, and the mainstream gallium arsenide technology route is expected to remain dominant for the next 3–5 years; third, in optical communication chip technology, the explosion of AI computing power is driving demand for high-speed data transmission, and demand for VCSEL chips above 100G is becoming increasingly prominent.

Core Business Segment Planning and Growth Expectations

Revenue Structure and Growth Momentum of Main Businesses

Among the company’s main businesses, LED product revenue accounts for approximately 90%; revenue from commercial aerospace battery products exceeds RMB 100 million (accounting for 5%–10%); and optical communication chips are still in the stage of engineering sample delivery. In the future, growth will mainly rely on four product lines: display backlights, solar batteries, automotive LED, and optical communication chips. Among them, the display backlight, automotive LED, and optical communication chip businesses will accelerate expansion leveraging the industrial synergy of Hisense Group, driven by demand from Vision Technology, the “three-electronics” companies, and Nazhen Technology; in the solar battery segment, the company will maintain high market share with leading domestic customers while actively opening up overseas markets.

Layout for Mini LED and Micro LED Businesses

For Mini LED, the company has already reserved sufficient production capacity and will focus on sub-segments including TV backlights, Mini direct-view, automotive chips, high-end lighting, and Micro, developing differentiated products based on core customer development. In the Micro LED segment, the company will follow developments in new applications such as small-screen displays and CPO optical modules. It will release high-speed demo samples to verify performance, providing support for the commercial rollout of short-distance optical interconnects in CPO. In 2026, with overseas customer expansion and technical maturity, the new business is expected to achieve double-digit growth.

Progress in Commercial Space and Gallium Arsenide Battery Technology

In the commercial space market, the company believes that downstream orders will remain at a high level, because many domestic commercial satellites and Space X have increased their launch plans, and technologies such as rocket recovery and reuse are maturing, which is driving down satellite costs. Along the space photovoltaic technology route, in the short term three-junction gallium arsenide will be the mainstream; in the medium term it may evolve toward gallium arsenide on flexible substrates. In terms of scale, in the past nearly two years, the year-over-year growth rate of shipments of the company’s gallium arsenide epitaxial wafers has exceeded 30%, and in 2026 it is expected to maintain high-level growth. On costs, substrates and epitaxial layers account for the vast majority of the cost of gallium arsenide batteries. In the future, through substrate thinning/reuse of germanium substrates, GaAs substrate substitution, and the rollout of self-developed equipment, there is substantial room for cost reduction.

Overall Performance Targets for 2026

The company expects that in 2026 its main operating revenue will maintain growth of double digits or more. In the LED segment, applications such as Mini RGB, backlights, and automotive products are expected to perform well; in the commercial aerospace solar battery segment, growth is promising given improvements in domestic lift capacity and overseas expansion; and optical communication chips are expected to achieve revenue from bulk orders. At the same time, optimization of product and customer mix will drive a steady improvement in net profit, continuously enhancing profitability.

Customer Structure and Overseas Expansion Strategy

Regarding the risk of reliance on Hisense customers that institutions are concerned about, the company stated that it is increasing efforts to expand overseas leading customers and to follow projects closely. In the next 2–3 years, the proportion of non-Hisense customers is expected to exceed 30%. For overseas expansion, due to China’s export control on gallium-containing items, the company will carry out compliant expansion into non-U.S. markets such as Europe, Australia, and Southeast Asia, and advance overseas customer certifications.

This activity did not involve material information that should be disclosed. Going forward, the company will continue to convey operating updates in a timely manner through investor relations activities and market communications.

Statement: There are risks in the market; investment should be approached cautiously. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoints. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

Click to view the full text of the announcement>>

A vast amount of information and precise analysis—available on the Sina Finance APP

Responsible editor: Xiao Lang Kuai Bao