Core Viewpoint - Mulinson Co., Ltd. has announced a significant investment in acquiring a controlling stake in Pruy Optoelectronics, despite forecasting its first annual net loss since going public, indicating a strategic move to strengthen its position in the LED chip market amid industry challenges [1][2][4]. Financial Performance - Mulinson expects a net loss of 1.1 to 1.5 billion yuan in 2025, a stark contrast to a profit of 374 million yuan in the previous year [2][4]. - The company reported revenue figures of 16.517 billion yuan, 17.536 billion yuan, and 16.910 billion yuan for 2022 to 2024, with net profits of 194 million yuan, 430 million yuan, and 374 million yuan respectively, showing a declining trend in profitability [2][4]. Acquisition Details - Mulinson successfully acquired a 34.7849% stake in Pruy Optoelectronics for 900 million yuan, completing the payment and registration process [3][4]. - After this acquisition, Mulinson and its subsidiaries will hold a total of 67.894% of Pruy Optoelectronics, enhancing its upstream chip segment [3][4]. Strategic Rationale - The acquisition aims to achieve vertical integration from LED chip design to manufacturing, thereby creating a self-controlled global supply chain [3][4][5]. - Mulinson's strategy to expand upstream is seen as a necessary move to mitigate risks associated with supply chain fluctuations and to enhance competitive advantages in the LED market [4][5]. Industry Context - The LED industry is experiencing intense competition, with average product prices dropping by 30% to 40% over the past four years, leading to a significant reduction in profit margins [4][5]. - The current market conditions present an opportunity for Mulinson to acquire key assets at lower costs during a period of industry adjustment [5][6]. Challenges Ahead - While the acquisition is a strategic move, Pruy Optoelectronics' limited profitability may not immediately offset Mulinson's projected losses [6][7]. - The integration of operations and management between Mulinson and Pruy Optoelectronics will require time and effort to realize the anticipated synergies [7].

Core Viewpoint - Mulinson Co., Ltd. has announced a significant acquisition of 34.7849% equity in Pruy Optoelectronics for 900 million yuan, despite forecasting its first annual net loss post-IPO, estimated between 1.1 billion to 1.5 billion yuan for 2025, compared to a profit of 374 million yuan in the previous year [1][5][6] Financial Performance - Mulinson expects a net loss of 1.1 billion to 1.5 billion yuan for 2025, with a non-recurring net loss of 1.08 billion to 1.45 billion yuan, contrasting with profits of 374 million yuan and 311 million yuan in the previous year [5][6] - Revenue from 2022 to 2024 was 16.517 billion yuan, 17.536 billion yuan, and 16.910 billion yuan, showing fluctuations with year-on-year growth rates of -11.27%, 6.17%, and -3.57% respectively [5] - Net profits for the same period were 194 million yuan, 430 million yuan, and 374 million yuan, with year-on-year changes of -83.27%, 121.71%, and -13.06% respectively [5] Acquisition Details - The acquisition of Pruy Optoelectronics is part of Mulinson's strategy to enhance its control over the LED chip supply chain, aiming for vertical integration from chip design to lighting applications [6][7] - After the acquisition, Mulinson will hold a total of 67.894% equity in Pruy Optoelectronics, including previous stakes [6][7] Industry Context - The LED industry is experiencing intense competition, with average product prices dropping by 30% to 40% over the past four years, leading to a 50% decline in average gross margins [7][8] - Mulinson's strategy to integrate upstream operations is seen as essential for sustainable growth, as relying solely on downstream segments has become increasingly challenging [7][8] Strategic Implications - The acquisition is viewed as a strategic move to mitigate supply chain risks and enhance core competitiveness in the LED market [10][11] - However, the profitability of Pruy Optoelectronics is limited, and it may not provide immediate relief to Mulinson's financial losses [10][11] - The long-term success of this integration will depend on the recovery pace of the LED industry and the effectiveness of operational synergies [11]

Core Viewpoint - The recent surge in precious metal prices has led to significant price increases across nearly 40 companies in the LED display industry, with adjustments ranging from 3% to 25% [1][2][9]. Group 1: Price Increases - Starting from December 2025, over 30 LED display-related companies have announced price hikes due to rising costs of raw materials [3]. - Specific companies such as Yongming Electronics and Guangdong Jiantao have raised prices by 10%-20% and 5%-10% respectively [3]. - The price adjustments are a response to the unprecedented increases in the costs of precious metals, wafers, and other key materials [2][11]. Group 2: Material Cost Increases - In January 2026, gold prices increased by over 20%, silver by more than 60%, and copper by nearly 50% compared to early 2025 [2]. - Companies like Tian Dian Optoelectronics reported a 102% increase in precious metal costs, leading to significant losses and necessitating price adjustments [9]. - The overall cost of materials has escalated to a point where existing pricing structures are no longer sustainable for many firms [2][18]. Group 3: Industry Dynamics - The current price increase trend reflects a heightened sensitivity of the LED display industry to raw material costs, with a notable synchronization in price adjustments across companies [38]. - Larger firms may leverage their supply chain advantages to mitigate cost pressures, while smaller companies face challenges in maintaining competitive pricing [38]. - The ongoing price adjustments may lead to increased industry consolidation as companies adapt to the changing market landscape [38].

证券代码：002745 证券简称：木林森 公告编号：2026-004 木林森股份有限公司 一、竞买股权事项概述 木林森股份有限公司（以下简称"公司"） 于 2025 年 11 月 28 日召开第六 届董事会第四次会议审议通过了《关于参与竞买普瑞光电(厦门)股份有限公司 34.7849%股权的议案》。同意公司在不超过人民币 90,000 万元(含 90,000 万元) 的权限范围内根据竞标情况进行竞买。公司及其下属子公司 LEDVANCE GmbH（以 下简称"LEDVANCE"），于 2026 年 1 月 19 日参与了无锡国联实业投资集团有限 公司（以下简称"无锡国联实业"）和无锡国联产业升级投资中心（有限合伙） （以下简称"无锡国联产业"）在无锡产权交易所挂牌出售的普瑞光电（厦门） 股份有限公司（以下简称"普瑞光电"）34.7849%股权（对应 10435.4849 万股）。 该股权的挂牌价格为 90,000 万元。具体内容详见公司于 2026 年 1 月 28 日在巨 潮资讯网（http://www.cninfo.com.cn）上披露的《关于参与股权竞买的进展公 告》（公告编号：2026-002）。 二 ...

Performance Highlights - State Grid Yingda (600517.SH) expects a net profit of 2.3 billion to 2.75 billion CNY, a year-on-year increase of 46.10% to 74.69%[3] - Zhongjin Gold (600489.SH) anticipates a net profit of 4.8 billion to 5.4 billion CNY, reflecting a growth of 41.76% to 59.48%[4] - Shenzhen South Circuit (002916.SZ) projects a net profit of 3.154 billion to 3.342 billion CNY, with an increase of 68% to 78%[5] - Electric Investment and Financing (000958.SZ) forecasts a net profit of 3 billion to 3.5 billion CNY, a significant rise of 187.37% to 235.26%[6] - Oriental Securities (600958.SH) expects a net profit of 5.62 billion CNY, up 67.8% year-on-year[9] Industry Trends - AI and high-end manufacturing are driving growth, with companies like Shenzhen South Circuit and Huadian Electric benefiting from AI computing upgrades[47] - Resource prices are showing differentiation, with gold, tungsten, and lithium companies like Zhongjin Gold and Xiamen Tungsten experiencing performance recovery due to strategic resource demand[48] - The financial sector is witnessing a dual trend of stability and transformation, as seen in Oriental Securities and Guotai Junan's performance amid market activity[49] - The recovery in consumer and service industries is highlighted by Wanda Film's return to profitability, indicating a rebound in content and experiential consumption[50] - The pharmaceutical sector is experiencing significant differentiation, with companies like Chengdu Xian Dao achieving high growth through innovation, while others like Bichang Pharmaceutical face competitive pressures[51]

证券之星消息，1月28日光学光电子板块较上一交易日下跌0.96%，木林森领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。光学光电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603685 | 晨丰科技 | 22.12 | 8.27% | 9.30万 | | 2.01亿 | | 920438 | 戈碧迦 | 46.60 | 5.96% | 14.83万 | | 7.15亿 | | 300102 | 乾照光电 | 43.40 | 5.14% | 194.94万 | | 82.67 乙 | | 002808 | *ST恒久 | 5.80 | 3.57% | 6.60万 | | 3706.88万 | | 301183 | 东田微 | 156.14 | 2.85% | 8.40万 | | 12.99亿 | | 300582 | 英飞特 | 18.31 | 2.69% | 20.95万 | | 3.83亿 | ...

（文章来源：证券日报） 证券日报网讯 1月27日，木林森发布公告称，公司预计2025年度归属于上市公司股东的净利润 为-150000万元至-110000万元，上年同期为37378.71万元；扣除非经常性损益后的净利润为-145000万元 至-108000万元，上年同期为31094.58万元。 ...

受欧洲市场需求疲软、订单下滑的外部影响;同时，为应对未来全球照明市场的激烈竞争，公司加快渠 道转型进程，该举措导致运营成本有所上升，由于市场导入需要一定时期，目前业绩贡献仍存在不确定 性;公司基于谨慎性原则，对商誉等相关资产计提了减值准备。此外，受行业供需格局变化及产品价格 波动等因素影响，毛利有所下降，公司持续推进产品调整与升级，已针对相关库存及资产进行减值测 试。 智通财经APP讯，木林森(002745.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损11 亿元至15亿元;扣除非经常性损益后的净亏损10.8亿元至14.5亿元。 ...

新京报贝壳财经讯1月27日，木林森（002745）公告，预计2025年度净利润为负值，预计归属于上市公 司股东的净利润为-15亿元至-11亿元，扣除非经常性损益后的净利润为-14.5亿元至-10.8亿元。受欧洲市 场需求疲软、订单下滑的外部影响；同时，为应对未来全球照明市场的激烈竞争，公司加快渠道转型进 程，该举措导致运营成本有所上升，由于市场导入需要一定时期，目前业绩贡献仍存在不确定性;公司 基于谨慎性原则，对商誉等相关资产计提了减值准备。此外，受行业供需格局变化及产品价格波动等因 素影响，毛利有所下降，公司持续推进产品调整与升级，已针对相关库存及资产进行减值测试。 ...

格隆汇1月27日丨木林森(002745.SZ)公布，预计2025年归属于上市公司股东的净利润-150,000万元 ～-110,000万元，扣除非经常性损益后的净利润-145,000万元～-108,000万元。受欧洲市场需求疲软、订 单下滑的外部影响；同时，为应对未来全球照明市场的激烈竞争，公司加快渠道转型进程，该举措导致 运营成本有所上升，由于市场导入需要一定时期，目前业绩贡献仍存在不确定性;公司基于谨慎性原 则，对商誉等相关资产计提了减值准备。此外，受行业供需格局变化及产品价格波动等因素影响，毛利 有所下降，公司持续推进产品调整与升级，已针对相关库存及资产进行减值测试。 ...