Shaanxi Lighte Optoelectronics Material (688150) Q4 2025 earnings summary

Executive summary

• FY25 revenue was RMB 552.19m, up 17.05% YoY; net income attributable to shareholders was RMB 219.16m, up 30.98%, supported by OLED terminal-material growth and cost efficiencies.

• Q4 revenue was RMB 129.15m, net income RMB 58.07m, adjusted net income RMB 49.89m, and operating cash flow RMB 93.91m.

• Adjusted for non-recurring items, attributable net income was RMB 206.42m, up 39.50% YoY; the audit opinion was unqualified.

Financial highlights

• Main-business revenue reached RMB 522.04m, up 18.15%; main-business cost fell 4.02% to RMB 124.92m.

• Operating profit was RMB 250.61m, up from RMB 185.91m; profit before tax was RMB 249.97m versus RMB 188.75m.

• Operating cash flow rose 15.99% to RMB 264.06m; investing cash flow was negative RMB 199.24m and financing cash flow negative RMB 208.27m.

• Total assets were RMB 2.247bn and net assets attributable to shareholders RMB 1.915bn at year-end, up 6.10% and 7.35%, respectively.

Outlook and guidance

• 2026 priorities: sustain OLED materials leadership, ramp Q-cloth capacity, advance perovskite materials, accelerate customer validation and mass-production introductions, and continue process and cost improvements.

• Q-cloth project investment is planned at RMB 1bn in 2–3 phases, including ~RMB 400m in phase one; construction is expected to finish within 2–3 years, subject to capacity and market demand.

• Proposed convertible-bond proceeds of up to RMB 766m would fund intermediate and OLED sublimation-preparation capacity, digital workshop upgrades, perovskite R&D and working capital; exchange review was accepted in April 2026, with approval still pending.

• OLED intermediate projects in customer validation are expected to move into mass production in 2026; blue-light and CGL materials remain in customer testing.