Jucan Optoelectronics half-year report: core revenue hits record high, but total revenue nearly halved due to gold scrap adjustment

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Jucan Optoelectronics released its 2026 half-year report, with operating revenue of 895 million yuan, down 43.8 percent year on year. However, core business revenue reached 785 million yuan, a record high and up 19.28 percent year on year. The decline in total revenue was mainly dragged down by an 88.17 percent drop in other business income, due to a change in the disposal model for gold scrap. The company stressed that core profitability was not affected. By product, gallium nitride blue-green light revenue rose 8.08 percent year on year, while gallium arsenide red-yellow light revenue surged 1,764.96 percent. In the second quarter alone, core revenue hit a quarterly record of 425 million yuan, with net profit of 47.4476 million yuan, down 14.55 percent year on year, a much narrower decline than in the first quarter. Multiple projects are ramping up quickly: the first phase of the red-yellow light project has reached full capacity of 100,000 wafers per month, and the second phase has begun scaling up. Mini LED business revenue jumped 115.35 percent year on year, and silver mirror business revenue soared 101.69 percent. High-end products are seeing strong production and sales, with selling prices continuing to rise, up 8.60 percent quarter on quarter in the second quarter of 2026. However, net operating cash flow was negative 238 million yuan, a sharp 160.0 percent year-on-year decline. Accounts receivable stood at 616 million yuan, up 18.54 percent from the start of the period, and inventory was 686 million yuan, up 9.70 percent, indicating a clear deterioration in cash flow.

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Core business revenue hit record high, up 19.28% YoY, with strong growth in gallium arsenide red-yellow light (up 1764.96%) and Mini LED (up 115.35%).

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