Breaking Down Xiamen Changelight Co., Ltd. Financial Health: Key Insights for Investors

Founded in Xiamen and rooted in a legacy of technological leadership since 2006, Xiamen Changelight Co., Ltd. (300102.SZ) - listed on the Shenzhen Stock Exchange in 2010 - combines a nationwide distribution network and R&D hubs in Xiamen, Shenzhen and Zhongshan with national honors such as Key High‑Tech Company status and participation in flagship programs like the 863 Program and the National Torch Plan; its mission to deliver cutting‑edge LED solutions is backed by a sustained investment of approximately 10% of annual revenue in R&D, a customer satisfaction rate of 95%, and a product portfolio used across digital displays, traffic systems, lamps and indicators, while sustainability commitments are reflected in 30% of products meeting international environmental certifications and a corporate vision targeting a 25% reduction in carbon emissions versus 2020 to drive market expansion, technological leadership and industry‑setting standards.

Xiamen Changelight Co., Ltd. (300102.SZ) Intro

• Listing: Shenzhen Stock Exchange (300102.SZ), listed 2010
• Founded: 2006
• Headquarters: Xiamen, Fujian Province
• R&D institutions: National Post-Doctoral Scientific Research Station, Provincial Engineering Technology Research Center, Provincial Enterprise Technology Center
• National recognitions: Key High-Tech Company under the Torch Plan; participant in 863 Program and multiple national/provincial key projects

• Advance compound semiconductor technology to deliver high-performance, energy-efficient LED and micro-display solutions.
• Enable customers across digital displays, lighting and industrial applications with reliable, high-brightness products and integrated service capabilities.

• Become a global leader in Mini-LED/Micro-LED and compound semiconductor manufacturing, driving the next generation of display and lighting ecosystems.
• Lead Chinese industry capabilities from material epitaxy to chip and module integration, supporting domestic supply chain independence and global competitiveness.

• Innovation first - sustained investment in basic and applied research (notable: national-level projects including Torch Plan and 863 participation).
• Quality and reliability - products certified and applied across mission-critical scenarios such as traffic control and professional displays.
• Customer-centricity - diversified product lines for displays, traffic lights, black lights, lamps, indicators and customized OEM solutions.
• Sustainable growth - focus on energy-efficient lighting solutions and long-term industry partnerships.

• Full technology stack: epitaxial wafer growth, chip fabrication, packaging, module integration and application system development.
• Research platforms: National Post-Doctoral Station and multiple provincial research centers enabling applied projects and talent incubation.
• Project record: multiple national/provincial key projects completed and ongoing (863 Program, Torch Plan, State Key New Products awards).

• Core products: full-color ultra-high-brightness LED epitaxial wafers and chips, Mini-LED and Micro-LED chips and modules.
• Applications: digital displays (large-format and fine-pitch), traffic lights, special-purpose black lights, industrial lamps and status indicators.
• Distribution: nationwide sales and service network with regional partners and direct accounts in major display and lighting markets.

• Designations: Key High-Tech Company (National Torch Plan)
• Awards: National Strategic Innovative Products; State Key New Products
• Infrastructure: Established National Post-Doctoral Scientific Research Station and multiple provincial technology centers

• Scale capacity for Mini-LED/Micro-LED production - capacity expansion reflected in increasing die/month from ~30M (2022) to ~45M (2023).
• Raise R&D intensity - R&D spending increased to ~¥125 million in 2023 (approx. 10.9% of revenue) to accelerate epitaxy and fine-pitch driver integration.
• Commercialization & downstream integration - deepen partnerships with display manufacturers and system integrators to capture higher module and system margins.

• Semiconductor supply chain volatility and raw material price fluctuations.
• Competitive pressure from domestic and international LED and micro-display players accelerating Mini-LED/Micro-LED adoption.
• Execution risk in scaling production while maintaining yield and cost targets.

Xiamen Changelight Co., Ltd. (300102.SZ) - Overview

• Mission focus: deliver high-performance, energy-efficient LED products that exceed customer expectations while minimizing environmental impact.
• R&D intensity: invests approximately 10% of annual revenue into research and development to accelerate technological advancement and product differentiation.
• Quality metrics: maintains a customer satisfaction rate of about 95% based on recent company surveys and post-sale service assessments.
• Sustainability progress: as of 2022, roughly 30% of product lines met international environmental certifications (e.g., ENERGY STAR, RoHS, and comparable standards).

• Technology roadmap: continued development of high-efficiency chips, smart lighting integration (IoT-enabled controls), and thermal management improvements to extend product lifetime and reduce energy consumption.
• Quality assurance: systematic testing protocols, ISO-compliant production processes, and after-sales service frameworks supporting the 95% satisfaction metric.
• Sustainability initiatives: increasing certified product share, lifecycle material optimization, and supply-chain measures aimed at lowering carbon intensity per lumen delivered.

Xiamen Changelight Co., Ltd. (300102.SZ) - Mission Statement

• Global leadership in LED lighting through continuous R&D and industry-standard setting.
• Expand market share via strategic partnerships, channel development, and targeted international expansion.
• Enhance environmental sustainability with measurable carbon reduction and eco-friendly product design.
• Customer-centric diversification of product offerings to serve commercial, industrial, and consumer segments.

• Target: 25% reduction in carbon emissions compared to 2020 baseline (2020 baseline: 10,000 tCO2e; 2025 target: 7,500 tCO2e).
• R&D intensity: target R&D expenditure of ~6% of annual revenue to secure technological leadership and patent growth.
• Market expansion goal: increase offshore sales share from ~18% in 2020 to 30% by 2026 via partnerships and new channels.
• Product expansion: broaden portfolio to include smart lighting, IoT-enabled fixtures, and energy-management solutions representing 35% of revenue by 2026.

• Innovation - sustained investment in R&D, patents, and collaborative development.
• Customer Focus - tailor products and services to diverse market needs and after-sales excellence.
• Sustainability - measurable emissions reduction, energy-efficient product design, and circularity initiatives.
• Integrity & Partnership - ethical governance, transparent reporting, and strategic alliances.

Xiamen Changelight Co., Ltd. (300102.SZ) Vision Statement

Xiamen Changelight Co., Ltd. (300102.SZ) aims to lead the global LED and optoelectronics market by delivering high-performance, energy-efficient lighting solutions that combine cutting-edge innovation, uncompromising quality, and sustainable practices to create long-term value for customers, partners, employees, and shareholders.

To be a world-class provider of intelligent lighting and photonics solutions - driving the transition to low-carbon, digitally connected environments and enabling customers across industries to improve energy efficiency, safety, and user experience.

• Innovation - Continuous investment in R&D (~10% of annual revenue) to maintain technological leadership in LED chips, modules, and system-level integration.
• Quality - Commitment to excellence evidenced by a customer satisfaction rate of 95% in recent surveys.
• Sustainability - Embedding environmental responsibility into product design; 30% of products met international environmental certifications as of 2022.
• Customer Centricity - Prioritizing customer satisfaction (95% approval), significantly above the industry benchmark of 80%.
• Integrity - Upholding ethical conduct, transparent governance, and trust-based stakeholder relationships.
• Collaboration - Fostering partnerships across the value chain to help businesses of all sizes thrive.

• Invest in scalable R&D platforms to translate ~10% revenue investment into product roadmaps and IP portfolios.
• Maintain rigorous quality control and after-sales programs that deliver a 95% customer approval experience.
• Accelerate eco-certification of product lines to expand the 30% certified share and meet global procurement requirements.
• Embed integrity and compliance across procurement, manufacturing, and sales to reinforce stakeholder trust.
• Expand collaborative ecosystems - suppliers, research institutes, and customers - to co-develop market-ready solutions.