Absen’s overseas bestsellers drove profit growth of over 115%, with five years of R&D investment totaling 755 million yuan to build strong technical barriers

Yangtze Business News ● Yangtze Business Reporter Zhang Lu

Domestic and international markets are both making strong efforts, with global LED display leader Absen (300389.SZ) showing robust performance growth.

On March 31, Absen disclosed its 2025 annual report. The company achieved revenue of 4.16B yuan, a year-on-year increase of 13.53%; net profit attributable to shareholders of 252 million yuan, up 115.47% year-on-year. Absen stated that the explosive performance is due to multiple drivers such as seizing domestic and overseas market opportunities, optimizing product structure, and improving operational efficiency.

It is understood that Absen was founded in 2001 and listed on the Growth Enterprise Market in 2014. The company evolved from a small tech firm initially focused on LED display product R&D into a global industry benchmark covering R&D, manufacturing, sales, and service across the entire supply chain. Financial reports show that in 2025, Absen’s overseas revenue reached 3.18B yuan, an approximately 8.41% increase, accounting for 76.42% of total revenue, continuing a good growth trend.

Yangtze Business News notes that Absen has long maintained high-intensity R&D investment. From 2021 to 2025, its cumulative R&D expenditure reached 755 million yuan, continuously strengthening technological barriers.

Overseas revenue accounts for over 76%

Data shows that Absen was established in 2001 and listed on the Growth Enterprise Market in 2014. Its main business focuses on advertising displays, stage displays, commercial displays, data visualization displays, conference displays, and consumer-grade displays, with products sold to the Americas, Europe, Australia, Asia, Africa, and other regions. The company has successfully implemented over 50,000 application cases.

Reviewing recent performance trends, Absen has experienced a development curve of “rapid growth—phase adjustment—leapfrog breakthrough.” From 2022 to 2024, the company’s revenue was 2.8B yuan, 4.01B yuan, and 3.66B yuan respectively; net profit attributable to shareholders was 203 million yuan, 316 million yuan, and 170 million yuan respectively.

In 2025, Absen’s performance saw a major breakout. According to the latest disclosed 2025 financial report, it achieved revenue of 4.16B yuan, up 13.53%; net profit attributable to shareholders of 252 million yuan, up 115.47%; and net profit after deducting non-recurring gains and losses of 230 million yuan, a substantial increase of 202.9%.

In terms of profitability, the company’s comprehensive gross margin in 2025 was 31.13%, an increase of 3.65 percentage points from the previous year. Net cash flow from operating activities was 820 million yuan, up 436.84%. Absen stated in its annual report that the performance growth mainly benefits from optimized global market layout, continuous investment in technological R&D, and improved management efficiency.

Specifically, in market layout, Absen has achieved dual-track breakthroughs domestically and internationally, forming a pattern of “steady growth overseas and high growth domestically.”

In 2025, overseas business continued to contribute the main revenue, with overseas income reaching 3.18B yuan, an approximately 8.41% increase, accounting for 76.42% of total revenue. The company has built a global channel network covering over 165 countries and regions, with 19 subsidiaries worldwide, significantly enhancing its international market competitiveness.

Meanwhile, in the domestic market, amid overall weak demand for LED displays, Absen achieved countercyclical growth by focusing on high-quality customers, optimizing product structure, and adjusting channel strategies. In 2025, domestic revenue reached 981 million yuan, a 34.02% increase year-on-year.

Five years of R&D investment totaling 755 million yuan

Currently, Absen offers product lines including advertising displays, stage displays, commercial displays, data visualization devices, conference screens, and professional audiovisual integrated solutions.

Yangtze Business News notes that behind its diverse business, as a technology-driven enterprise, Absen always regards R&D innovation as its core competitiveness. It firmly implements a long-term R&D investment strategy, continuously investing to build deep technological barriers.

Financial reports show that from 2021 to 2025, R&D expenditures were 109 million yuan, 125 million yuan, 167 million yuan, 170 million yuan, and 184 million yuan respectively, totaling 755 million yuan over five years. The proportion of R&D investment relative to annual revenue was 4.38%, 4.46%, 4.17%, 4.63%, and 4.42%. With sustained efforts, Absen’s patent portfolio has grown in both quantity and quality, covering areas such as chip packaging, display control, structural design, and green energy-saving technologies, forming a solid foundation for technological innovation.

According to data from Jibang Consulting, the global LED display industry is expected to grow at a compound annual growth rate of 9% from 2025 to 2028. In response, Absen stated in its annual report that it will continue increasing R&D investment and market deployment, with plans to invest an additional 100 million yuan over the next three years in technological leadership projects, accelerating the commercialization of applied technological research results; expanding sales channels and speeding up internationalization.

The company’s asset scale is steadily expanding. Financial data shows that Absen’s total assets grew from 2.12B yuan at the end of 2020 to 3.67B yuan at the end of 2024, an increase of 73.17%. As of the end of 2025, total assets reached 4.56B yuan, a year-on-year increase of 24.18%, setting a new record.

The capital market has given full recognition to the company’s growth potential, with its stock price continuing to perform well. In 2025, Absen’s stock price increased by a total of 56.14%. As of April 1, 2026, Absen closed at 18.23 yuan per share, a 12.32% increase year-to-date, with a total market value of 6.73B yuan.

Editor: ZB

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