H1 2026 LED Earnings Diverge: MLS Net Profit Up 330.68%, San’an Reports a Loss

The LED industry’s first-half 2026 earnings season delivered a clear signal: the sector is splitting into winners and laggards. At the September 15 investor day hosted by the Guangdong Securities Regulatory Bureau, executives from nine listed LED companies, including Foshan Electrical and Lighting (FELCO) chairman Yu Zhongmin and Hongli Zhihui, presented their half-year results and fielded questions from investors. The numbers tell a story of two very different halves for the industry.

Packaging heavyweights lead the rebound

MLS (Muling Sen), the world’s largest LED packaging company, reported H1 2026 revenue of RMB 9.795 billion, up 23.68% year over year, with net profit attributable to shareholders of RMB 662 million, a surge of 330.68%. Management attributed the jump to a recovering LED industry cycle, improved competitive dynamics, and the benefits of vertical integration across the supply chain.

Chipmakers face continued pressure

In contrast, San’an Optoelectronics posted H1 2026 revenue of RMB 6.468 billion but a net loss attributable to shareholders of RMB 97.9 million. The company said profitability at its filter and SiC businesses has not yet improved, while foreign-exchange losses and inventory write-downs added to the drag. San’an’s first-quarter net profit of RMB 67.5 million was fully offset by second-quarter losses.

Downstream lighting brands feel margin squeeze

Opple Lighting reported H1 2026 revenue of RMB 3.237 billion, up just 0.67%, while net profit fell 31.10% to RMB 254 million, reflecting intense competition in the consumer lighting market. FELCO posted revenue of RMB 4.095 billion with net profit of RMB 41.7 million, down from a year earlier. Hongli Zhihui earned revenue of RMB 2.267 billion with net profit of RMB 41.5 million.

The diverging results point to a structural shift: profit is concentrating in packaging players with scale and integration, while chipmakers exposed to discretionary capex cycles and downstream brands under pricing pressure face a slower recovery. For LED buyers, the near-term implication is supply stability at the packaging level and selective price negotiation leverage, depending on the product segment.

Sources and timeliness

Compiled from East Money (东方财富), Alighting (阿拉丁照明网), Sina Finance (新浪财经) and Tianyancha (天眼查) corporate filings; data window 2026-08-25 to 2026-09-17. Financial figures are as officially disclosed by the listed companies and are current as of the publication date.

Author: queendomlamp editorial

Further reading: San'an Raises Chip Prices · LED Pricing Shifts to Value