Ledman(SZ:300162) Sou Hu Cai Jing·2026-01-29 10:23Core Viewpoint - Lehman Optoelectronics expects a full-year operating revenue of 1,046 million to 1,076 million yuan for 2025, reflecting a significant impact from external factors such as U.S. tariff policy changes and intensified competition in the domestic market [1][2]. Group 1: Revenue Performance - The company's overall revenue decreased by approximately 15% year-on-year, primarily due to a 23% decline in revenue from U.S. operations influenced by U.S. tariff policies and geopolitical conflicts [2]. - Domestic market competition has pressured product prices, contributing to the revenue decline [2]. - In response to these challenges, the company has diversified its business by establishing a subsidiary in Japan, building product showrooms in Europe and the Middle East, and expanding partnerships in Southeast Asia, resulting in some markets experiencing over 30% year-on-year revenue growth [2]. Group 2: Inventory and Financial Performance - The company increased its inventory impairment provision due to intensified industry competition, which led to multiple price adjustments to stabilize market share and accelerate inventory turnover [3]. - Exchange rate fluctuations resulted in increased foreign exchange losses, raising financial expenses and impacting current profits [3]. - For the first three quarters of 2025, the company's main revenue was 867 million yuan, down 8.41% year-on-year, while net profit attributable to shareholders rose by 120.46% to 8.87 million yuan [4]. - The third quarter alone saw a main revenue of 302 million yuan, up 4.86% year-on-year, with net profit attributable to shareholders increasing by 107.87% to 4.01 million yuan [4].