MLS(SZ:002745) Jing Ji Guan Cha Wang·2026-02-13 06:56Core Viewpoint - Mulinson (002745) is expected to report a net loss of 1.1 billion to 1.5 billion yuan in 2025, marking the first annual loss since its listing, primarily due to weak demand in the European market, rising channel transformation costs, and asset impairment [1][2]. Performance and Operational Situation - The projected net profit attributable to shareholders for 2025 is between -1.5 billion yuan and -1.1 billion yuan, influenced by factors such as weak demand in Europe, increased costs related to channel transformation, and asset impairment [2]. Project Advancement - On February 4, 2026, Mulinson announced the acquisition of a 34.7849% stake in Puri Optoelectronics for 900 million yuan, raising its total stake to 67.894%, thereby achieving control and consolidating it into its financial statements. This move aims to extend into the upstream LED chip segment and build a vertical supply chain [3]. - Mulinson is investing approximately 1.88 billion yuan in a production base in Durango, Mexico, with the first phase expected to commence production in February 2026, to optimize its supply chain in North America [3]. Strategic Advancement - On January 13, 2026, the company held an extraordinary shareholders' meeting, approving a comprehensive credit line application of 10 billion yuan from banks, providing guarantees of up to 9.53 billion yuan for subsidiaries, and allowing daily related transactions with Puri Optoelectronics not exceeding 1.38 billion yuan [4].