Latest! MLS’s first-half revenue and profits surged—what’s driving this growth?

New data! Mulinsen Co., Ltd. posted substantial year-on-year growth in both revenue and net profit for the first half of the year.

Against the backdrop of overall industry headwinds, how did Mulinsen manage to deliver such a stellar performance?

On August 27, Mulinsen released its 2026 semi-annual report. In the first half of the year, the company reported revenue of approximately RMB 9.795 billion, up 23.68% year over year; net profit attributable to shareholders reached about RMB 662 million, surging 330.68% compared with the same period last year; and non‑GAAP net profit stood at roughly RMB 404 million, up 181.05% year over year. Such robust growth is particularly impressive amid widespread industry pressure.

By brand, the Mulinsen brand generated RMB 5.066 billion in revenue, a year-over-year increase of 53.18%, while the Ledvance brand recorded RMB 4.326 billion, slightly down from the previous year. Regionally, domestic sales totaled RMB 5.05 billion, up 47.70% year over year, whereas overseas sales reached RMB 4.744 billion, growing 5.43% compared with the prior year.

Mulinsen attributes its rapid performance growth to three key drivers. First, industry consolidation continues to accelerate, with smaller producers being phased out and market resources increasingly concentrated among leading players. Leveraging its fully integrated supply chain and large-scale manufacturing advantages, Mulinsen has steadily expanded its market share. Second, the company’s dual-brand global channel strategy keeps deepening, unlocking synergies between Mulinsen and Ledvance, with a sales network now spanning more than 150 countries and regions worldwide. Additionally, the company’s upstream expansion strategy is rapidly delivering value: in January 2026, Mulinsen completed its controlling stake in Prismlight, achieving self-sufficiency in the chip segment, with synergistic effects beginning to materialize in the second quarter and driving a gradual recovery in overall gross margins.

According to Lao Hong, the most striking aspect of Mulinsen’s results isn’t the revenue growth itself, but rather the explosive surge in profitability. A 330% jump in net profit indicates that the company’s earnings elasticity is being unleashed—primarily due to cost reductions and enhanced bargaining power stemming from vertical integration across the supply chain. With chips produced in-house, packaging under its own control, and brand operations managed directly, margin opportunities in intermediate stages naturally remain intact. While others are still grappling with rising upstream costs, Mulinsen can stabilize expenses by relying on its own chip supply—this is the real competitive moat behind its soaring profits.

Beyond this, Lao Hong also notes that Mulinsen’s brand revenue grew by over 53%, signaling the effectiveness of the company’s efforts in the domestic market. As industry concentration rises and smaller manufacturers are progressively weeded out, the competitive edge of leading firms becomes ever more pronounced. Mulinsen has taken a proactive stance, staying ahead of the curve in industry consolidation.

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About the author, Hong Bing:

Hong Bing currently serves as Editor-in-Chief of China Light Network and Agricultural Lighting Network—the official websites of the China Illuminating Electrical Appliances Association—as well as Executive Dean of Ming Classroom, Deputy Director of the Talent Training Committee of the China Illuminating Electrical Appliances Association, Secretary-General of the Agricultural Lighting Professional Committee of the association, Secretary-General of the Lighting Alumni Association of Fudan University, and a board member of the Ecological Environment Alumni Association of CEIBS. He graduated from the Department of Light Sources and Lighting Engineering at Fudan University in 1991 and earned an MBA from CEIBS in 2003. Over the years, he has worked in R&D, product planning, and marketing at institutions including the China Building Materials Academy, Panasonic, GE, and OSRAM. In 2008, he received Siemens’ Global Top Plus Award and Siemens China’s Excellence in Performance Award, and in 2009 founded China Light Network.

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