Chinese driver manufacturer Moso recently reported a pessimistic revenue outlook, reported Securities Daily.

The company projected revenue losses for the first half of 2015, attributing underperformance in the LED driver business as the main cause. Revenue results from the company’s LED subsidiary have not been publicized yet.

Other factors included rising minimal wages in Shenzhen, China during the fiscal period leading to the uptick in manufacturing costs. Increased wages also contributed to low utilization rates at the company’s factory in Huizhou, resulting in increased asset depreciation rates. The company has also accumulated more debt from its growing number of long term investments during first half of 2015 compared to the same period in 2014. There has also been significant increase in interest expenditures.

The LED driver manufacturer is not alone, out of a survey of 1,047 listed Chinese manufacturers 355 have reported declining revenues, while 692 (or about 66%) have reported revenue growth.

In the survey, 87 listed companies reported revenues declined in first half of 2015, while 97 estimated revenues would drop. In addition, 77 listed companies expect to experience their first revenue decline this year, while 94 forecasted slight revenue dips.

However, 75 companies projected revenues to decline more than 100% compared to the year before.

In contrast, 136 manufacturers net profit have more than doubled during first half of 2015, and 169 listed companies expect revenue growth.

Another 171 companies reported continual revenue growth in first half of 2015, while 46 listed companies have turned around losses. About 306 listed manufacturers estimated incremental revenue growth for the year.