Chinese LED manufacturer Nationstar announced Tuesday the company revenue was up 24.65% Year-on-Year (YoY) to RMB 906 million (US $141.85 million), according to the company’s financial statement.

Operating profits climbed up 18.49% to RMB 82.06 million, net profits also increased 29.66% to RMB 83.57 million.

The company’s weighted average asset ratio peaked to 3.65%, while total company assets had increased 17.56% compared to earlier this year to RMB 4.32 billion as of June 30, 2015.

Nationstar major businesses revenue situation

Gross margin was down 3.01% YoY to 21.94% during the reporting period. Nationstar attributed plunging LED product prices to declined gross margins. The company’s expenditures from its three businesses inched up 2.57% to RMB 106.60 million.

The expanding LED market size, and manufacturers continual scale up of production capacity, led to rising revenues. The company estimates its net profit growth will range between 10% to 30% to RMB 110 million to RMB 131 million by third quarter of 2015.