Source: Laserfair.com  16^th Sep 2025

In the first half of 2025, China’s laser industry underwent a critical performance test characterized by "a tale of two extremes," driven by overlapping demand from sectors including artificial intelligence (AI), new energy, and data centers.

As of now, nearly 30 laser-related listed companies have released their 2025 semi-annual reports. These reports show that Huagong Technology and Han's Laser once again staged a "duel of the two giants" with revenues of 7.629 billion yuan and 7.613 billion yuan respectively—their revenue gap narrowing to a mere 16 million yuan.

Meanwhile, Shijia Photons saw its net profit surge 1,712% year-on-year, thanks to its AI computing optical chips, clinching both titles for the highest revenue and net profit growth rates in one fell swoop. For Bochu Electronics, with a gross profit margin of 78.83% and a net profit margin of 58%, it generated 640 million yuan in profit from 1.1 billion yuan in revenue—earning it the title of the "most profitable laser company."

An analysis of the mid-year report reveals that the Chinese laser industry has shown distinct development characteristics in the first half of the year - the demand for AI computing power has driven explosive growth in the optical module business, while the demand for PCB equipment has been strong. However, the new energy equipment sector still faces pressure.

HGTECH leads in revenue.

Optical modules become the biggest highlight.

In the first half of 2025, HGTECH achieved a revenue of 7.629 billion yuan, representing a year-on-year growth of 44.66%; its net profit was 911 million yuan, an increase of 44.87%. Its revenue scale ranked first in the industry.

The growth of HGTECH's performance is mainly attributed to the explosive growth of its optical interconnection business. The semi-annual report shows that the revenue of HGTECH's interconnection business reached 3.744 billion yuan, increasing by 124% year-on-year, accounting for 49% of the company's total revenue. For the first time, it has become the company's largest business segment.

During the reporting period, HGTECH made notable breakthroughs in the high-speed optical module market. It ramped up the delivery of 400G/800G optical modules, with both customer coverage and delivery share registering an increase. The company also took the lead in launching 1.6T LPO/LRO products and the 1.6T 3nm DSP solution, while pioneering the 3.2T CPO solution to seize the technological high ground.

Data shows that the company’s smart manufacturing equipment business generated revenue of 1.676 billion yuan. Although this represented a slight year-on-year decrease of 2.95%, the business saw significant upgrades across all application fields. Mass orders were secured for precision component welding equipment and laser marking equipment used in the 3C electronics sector, and the UTG ultra-thin glass laser cutting equipment won a ten-million-yuan-level order from a leading customer.

Han's Laser Ranks Second in Revenue, with Outstanding Performance in PCB Equipment

As a leading domestic laser enterprise, Han's Laser achieved revenue of 7.613 billion yuan in the first half of the year, a year-on-year increase of 19.79%, ranking second in the industry.

In H1, the company’s net profit attributable to shareholders of the parent company stood at 488 million yuan, a year-on-year decrease of 60.15%. However, this decline was mainly due to the high base effect from the disposal of subsidiary equity in the same period last year. Excluding this factor, Han's Laser’s non-recurring net profit actually grew by 18.44%, and the profitability of its core business continued to improve.

Broken down by business segment, Han's Laser’s Information Industry Equipment Business delivered the most outstanding performance, with revenue rising 35.95% year-on-year to 3.196 billion yuan. Among this, the PCB Equipment Business achieved operating revenue of 2.382 billion yuan, a substantial year-on-year surge of 52.26%.

The New Energy Equipment Business generated revenue of 961 million yuan, up 38.15% year-on-year. In contrast, the Semiconductor Equipment Business underperformed, recording operating revenue of 596 million yuan, a year-on-year decrease of 20.76%.

Han's Laser stated that AI servers and high-speed switches require high-speed multi-layer boards with more layers and higher density for support. To ensure the signal integrity of high-speed PCBs, higher requirements have been put forward for holes, circuits, and finished product quality—and the company has continuously optimized its related equipment solutions.

Shijia Photons  Emerges as a Growth "Dark Horse" with 1,712% Net Profit Surge

In the first half of 2025, Shijia Photons ’ net profit soared by 1,712% year-on-year, making it the most dynamically growing enterprise in the laser industry. The company achieved total operating revenue of 993 million yuan, a year-on-year increase of 121.12%, and net profit attributable to shareholders of the parent company reached 217 million yuan.

Shijia Photons ’ outstanding performance was mainly driven by the rapid growth of the data communication market, which is fueled by the development of artificial intelligence (AI). Orders for its optical chips and devices, indoor optical cables, and cable polymer materials increased to varying degrees compared with the same period last year.

Specifically, the revenue from the company’s optical chips and devices reached 700 million yuan, representing a year-on-year growth of 190.92%. Among this, the revenue from AWG chip series products stood at 311 million yuan (a year-on-year increase of 205.71%), while the revenue from fiber optic connectors hit 298 million yuan (a significant year-on-year surge of 423.03%).

Shijia Photons’ DR4, DR8 and other products for 400G/800G applications have been widely applied in mainstream optical module manufacturers at home and abroad. Its 1.6T DR series products have completed customer verification and entered the preparation stage for mass production.

In addition, the company plans to acquire a partial equity stake in Fuxima to gain production process capabilities for MT ferrules. This move will fully ensure the stability of the company’s continuous supply of MT ferrules and reduce the overall cost of its products.

Bochu Electronics Boasts Exceptional Profitability with 78.83% Gross Profit Margin

Although Bochu Electronics’ revenue scale was only 1.1 billion yuan (a year-on-year increase of 24.9%), which is not outstanding in the laser industry, the company demonstrated extremely strong profitability.

Semi-annual report data shows that Bochu Electronics’ net profit attributable to shareholders of the parent company reached 640 million yuan (a year-on-year increase of 30.3%), with a net profit margin of 58.01% and a gross profit margin of 78.83%. Its profit scale ranks among the top in the industry.

It is reported that Bochu Electronics mainly engages in the R&D, production and sales of laser cutting control systems. The company has continuously increased investment in technological R&D and market development, optimized product solutions, and maintained steady growth in overall order volume.

In fact, the continuous increase in domestic demand for high-power thick plate cutting and the ongoing expansion of overseas business scope have jointly driven the growth of the company’s core business.

During the reporting period, Bochu Electronics continued to advance the vertical expansion of its laser cutting business, with a focus on R&D in the fields of intelligent cutting heads and intelligent welding. It strived to achieve breakthroughs in areas such as high-precision control and multi-axis motion control, aiming to further consolidate its leading position in the industry.

Obvious Industry Differentiation: AI and New Energy Present "A Tale of Two Extremes"

From the semi-annual report data of these nearly 30 Chinese listed laser companies, the laser industry has shown a distinct differentiated trend. Demand for AI computing power has fueled the performance surge of enterprises engaged in optical modules, PCB equipment, and related fields, while most new energy equipment enterprises are grappling with challenges.

For instance, JPT’s net profit rose by 73.84%, with operating revenue reaching 881 million yuan. The company noted that this growth was mainly driven by the global uptick in demand for lasers, as well as the rapid sales expansion in the fields of precision processing for new energy power batteries and consumer-grade lasers.

Meanwhile, JCZ achieved operating revenue of 133 million yuan, with net profit increasing by 64.58% year-on-year. The company has made breakthroughs in high-end application areas, including new energy battery pole piece processing, 3D five-axis cutting, and laser etching for photovoltaic BC cells.

However, some new energy equipment enterprises are under pressure in terms of performance. For instance, Hymson achieved operating revenue of 1.664 billion yuan in the first half of the year, a year-on-year decrease of 30.50%; the net profit attributable to shareholders of the listed company was -708 million yuan, a year-on-year decline of 565.65%.

Industry analysts believe that this divergence reflects that the laser industry is in a period of transformation and upgrading. The growth in demand brought about by the construction of AI computing power and the expansion of data centers is partially offsetting the impact of the cyclical adjustment in the new energy industry.

Judging from the rankings of various indicators, the laser industry landscape shows a diversified trend. HGTECH and Han's Laser maintain their top two positions in terms of revenue scale with obvious advantages.

With a gross profit margin of nearly 80%, BCR Electronics has become the most profitable laser company, demonstrating the premium pricing power brought by technological barriers.

In addition, Shijia Photons swept both the revenue growth rate and net profit growth rate championships, emerging as the biggest "dark horse" in the first half of the year.

Now, let's take a look at the top 5 domestic laser listed companies' performance rankings for the first half of 2025:

Top 5 by Total Revenue

HGTECH: 7.629 billion yuan

Han's Laser: 7.613 billion yuan

Han's CNC: 2.382 billion yuan

Raycus Laser: 1.664 billion yuan

Hymson: 1.664 billion yuan

Top 5 by Revenue Growth Rate

Shijia Photons: 121.12%

Everbright: 68.1%

Han's CNC: 52.26%

JPT: 48.34%

HGTECH: 44.66%

Top 5 by Net Profit

HGTECH: 911 million yuan

Bochu Electronics: 640 million yuan

Han's Laser: 488 million yuan

DR Laser: 327 million yuan

Han's CNC: 263 million yuan

Top 5 by Net Profit Growth Rate

Shijia Photons: 1,712.00%

Inno Laser: 230.06%

YOEC: 91.82%

Han's CNC: 83.82%

JPT: 73.84%

Top 5 by R&D Investment

Han's Laser: 899 million yuan

Raycus Laser: 171 million yuan

Han's CNC: 159 million yuan

Bochu Electronics: 118 million yuan

JPT: 87.5 million yuan