Shaanxi Lighte Optoelectronics Material (688150) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue rose 18.84% YoY to RMB291.78m; net income attributable to shareholders increased 36.74% to RMB126.47m, supported by OLED terminal-material sales and cost-efficiency gains.

• Adjusted for non-recurring items, net income was RMB119.84m, up 45.29% YoY; the financial statements are unaudited.

Financial highlights

• Total profit reached RMB144.19m, up 36.73% YoY; operating income was RMB144.91m versus RMB105.65m in H1 2024.

• Revenue increased to RMB291.78m from RMB245.52m; operating costs fell 11.12% to RMB73.76m from RMB82.99m.

• Operating cash flow was RMB104.01m, down 2.93% YoY; investing cash flow was negative RMB167.92m and financing cash flow negative RMB99.86m.

Outlook and guidance

• Red Prime and Green Host shipments are expected to increase in H2; Green Prime is in mass-production testing and is expected to begin batch supply within 2025.

• Red Host is advancing toward scaled mass supply; blue materials are progressing through customer validation, while several materials passed mass-production tests with silicon-based OLED customers.

• The OLED terminal-material R&D and industrialization project is proceeding in phases; target completion was extended to August 2026, with capacity deployment paced to market demand.