# earnings warning

China’s Mulinsen Posts First Annual Loss Since Listing as It Buys Upstream LED Chipmaker

Mulinsen (木林森) warned of its first annual loss since going public in 2015, forecasting a 2025 net loss of 11–15 billion yuan. The company is simultaneously buying a controlling stake in Purui Optoelectronics to secure LED chip and packaging capabilities, a long-term strategic bet that won’t offset near-term financial pain.