Absen's net profit surged by 115% last year! The chairman who previously opposed his own reappointment saw his annual salary increase by nearly one million to 5.35 million.

Aibisen (300389.SZ), which had drawn attention for “the chairman opposing his own re-election,” has released its annual report.

On the evening of March 30, Aibisen released its annual report. In 2025, the company achieved revenue of 4.158 billion yuan, up 13.53% year on year; net profit attributable to shareholders was 252 million yuan, up 115.47% year on year.

In 2025, Aibisen’s overseas market generated operating revenue of 3.178 billion yuan, up about 8.41% year on year, accounting for more than 76% of total revenue. Against the backdrop of weak overall demand for LED display products in the domestic market, the domestic market grew 34.02% year on year to 981 million yuan.

On March 31, Zhang Xiaorong, Director of the Deep Technology Research Institute, analyzed for the Times Weekly reporter: “Aibisen’s doubling-style net profit growth in 2025 has the characteristics of a phase-based recovery. It will be difficult to maintain this growth rate afterward. With its overseas advantages and product-structure upgrades, the company’s performance still has strong support, and it is expected to fall back from an ultra-high growth rate to a medium-to-high growth range.”

The Times Weekly reporter found that Aibisen’s executive management team receives relatively high compensation. In 2025, Chairman Ding Yanhui’s pre-tax annual salary ((; collectively referred to as ‘annual salary’) increased by nearly one million yuan to 5.3531 million yuan.

It is worth noting that at the first meeting of the sixth session of Aibisen’s board of directors held in November 2025, Ding Yanhui cast a “no” vote on the proposal to elect himself as the company’s chairman, on the grounds that he was “dissatisfied with the compensation.” After this sparked widespread market attention, his response was that the secretary made a clerical mistake, and that the company’s corporate governance structure has serious issues, including an unreasonable compensation allocation mechanism.

Regarding issues such as performance and executive compensation, the Times Weekly reporter sent an interview request letter to Aibisen on March 31. As of the time of publication, no reply had been received.

On March 31, Aibisen fell 6.93% to 18.27 yuan per share, with a market value of 6.743 billion yuan.

Image source: TuChong

Net profit grew by a multiple; overseas revenue share exceeded 70%

Aibisen is a leading global brand in LED display technology and applications, providing clients with a full range of LED large-screen display products and professional audio-visual solutions. Aibisen currently has product lines including advertising, stage, ProAV, iCon smart screens, and creative display solutions.

In 2025, Aibisen’s revenue increased 13.53% year on year to 4.158 billion yuan; net profit attributable to shareholders increased 115.47% year on year to 252 million yuan; and net profit excluding non-recurring items increased 202.90% year on year to 230 million yuan. Meanwhile, the company’s net profit in 2024 fell sharply by more than 62%.

In its annual report, Aibisen said that the main drivers of performance growth were the company’s continued optimization of its global footprint, sustained investment in technological innovation, and continuous improvement in management efficiency.

As with the previous three years, overseas business remained Aibisen’s main source of revenue. In 2025, the share of overseas business revenue was still as high as 76.41%. Among them, Aibisen’s business performance in North America was particularly strong. The gross margin for that portion of business was 47.05%, up 8.80 percentage points year on year. In 2025, the company achieved gross margins of 27.14% in Asia and 32.89% in Europe, respectively.

It is worth noting that, amid weak overall demand for LED display products in the domestic market, Aibisen achieved revenue of 981 million yuan, up 34.02% year on year, through key initiatives such as focusing on high-quality customers, optimizing its product mix, and adjusting its channel strategy.

Aibisen’s gross margin in domestic operations also rose significantly in the same direction. In 2025, the gross margin of the company’s domestic business increased by 10.25 percentage points year on year to 21.57%.

With the expansion of both domestic and overseas businesses, Aibisen also faces certain management risks.

In its annual report, Aibisen stated that its current management framework and processes may not be able to adapt to changes brought by business expansion, which may bring about certain management risks. In response, the company will closely monitor potential changes, further improve its internal organizational structure, optimize the allocation of human resources and the establishment of a process system, enhance internal control and risk management, and strengthen internal control and risk management processes.

According to data from JiBang Consulting, the LED display industry is expected to have a 9% compound annual growth rate for the global market size from 2025 to 2028.

In its annual report, Aibisen said it will continue to increase R&D investment and market deployment. Over the next 3 years, the company will continue to invest 100 million yuan in technology-leading special funds to accelerate the transformation of productized outcomes from applied technology research; it will also expand its sales channel network and speed up its internationalization process, among other efforts.

Did the governance issue get resolved after the chairman opposed his own re-election?

Aibisen’s executive management team compensation is also attracting market attention.

In November 2025, Aibisen’s chairman Ding Yanhui had cast a “no” vote at the board meeting on the proposal for his election as chairman, citing “dissatisfaction with compensation for the chairman’s position.” After it triggered heated market discussion, Ding Yanhui responded that it was “a clerical mistake by the secretary.” In an interview with the media, he said that this was only a superficial reason; the deeper cause is that there are problems with the company’s corporate governance structure, profit distribution mechanism, and compensation distribution mechanism.

According to Aibisen’s 2025 annual report, Ding Yanhui’s annual salary was 5.3531 million yuan; the general manager Ding Chongbin’s annual salary was 3.2968 million yuan; vice president Zhao Yang’s annual salary was 3.246 million yuan; the CFO Zhang Lingrong’s annual salary was 1.0698 million yuan; and the secretary of the board Sun Weiling’s annual salary was 0.9267 million yuan.

Among them, Ding Yanhui’s annual salary growth was significant. His annual salaries in 2023 and 2024 were 2.8845 million yuan and 4.3556 million yuan, respectively. Zhao Yang’s annual salary growth was also relatively large; his annual salaries in 2023 and 2024 were 1.3702 million yuan and 1.9837 million yuan, respectively, and his annual salary in 2025 has already exceeded 3 million yuan. Ding Chongbin’s annual salaries in 2023 and 2024 were 2.2002 million yuan and 3.3296 million yuan, respectively, while his annual salary in 2025 fell slightly year on year.

Regarding the reasons for the large increase in compensation for the company’s executives, Aibisen said in its 2025 annual report: “In 2025, the company, through a series of strategies, continued to promote the healthy growth of the company’s performance. Overall, the company’s performance is better than the industry average. More than 50% of the total compensation package for directors and senior executives consists of performance bonuses, with strict assessment indicators. Moreover, the higher the position, the larger the proportion of performance bonuses.”

Aibisen’s stock incentive plan disclosed in September 2025 shows that the annual performance assessment requirements for the restricted stock granted in each year are: 2025 net profit of not less than 300 million yuan; cumulative not less than 700 million yuan for 2025 to 2026; and cumulative not less than 1.2 billion yuan for 2025 to 2027.

The Times Weekly reporter noted that in recent years, Aibisen’s executive team annual salaries have been significantly higher than those of other listed companies in the same industry.

In Aibisen’s 2025 annual report, five major competitors are listed: Leyard, Unilumin, AOTO Electronic, Leyard Optoelectronics, and Lianjian Optoelectronics. Among them, Leyard and Unilumin’s revenue scale and market value in the first three quarters of 2025 are both higher than Aibisen’s.

From the 2024 compensation, in Leyard, only Chairman Li Jun and Vice President Yuan Bo had compensation exceeding 1 million yuan, at 1.051 million yuan and 1.1257 million yuan, respectively. In Unilumin, only Chairman Lin Mingfeng had compensation exceeding 1 million yuan; the board secretary Chen Yifan and CFO Wang Qunbin’s annual salaries in 2024 were 0.6520 million yuan and 0.5617 million yuan, respectively.

In addition, corporate governance issues at Aibisen have also previously attracted market attention. When Ding Yanhui previously accepted media interviews, he said that Aibisen’s shareholding structure is highly concentrated—funds and investors can hardly participate. Also, the two founder shareholders have consistently been unwilling to reduce their holdings, meaning the corporate governance structure cannot be optimized. Since repeated communication yielded no results, he cast a “no” vote in the chairman election process.

The Times Weekly reporter noted that in Aibisen’s 2025 annual report, the company did not disclose in detail the related corporate governance issues that Ding Yanhui mentioned in media interviews. The annual report states that during the reporting period, the company strictly complied with relevant laws, regulations, and business rules, and based on the company’s actual situation formulated and amended its internal management and control systems. It has continued to conduct corporate governance activities in depth and further standardized company operations.

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