Summary of the Conference Call for Lianchuang Electronics Company Overview - **Company**: Lianchuang Electronics - **Date**: August 26, 2025 Key Points Industry and Revenue Performance - **Overall Revenue**: Lianchuang Electronics experienced a 50% year-over-year reduction in total revenue, with optical business revenue increasing by 6% to 2.3 billion yuan [2][3][4] - **Optical Business Growth**: The growth in optical business is attributed to the increase in high-definition wide-angle and automotive optical segments, with automotive optical revenue reaching 1.6 billion yuan in the first half of the year, more than doubling year-over-year [2][4] - **Mobile Optical Decline**: Revenue from mobile optical products decreased by 50% [2][4] Automotive Optical Business - **Key Clients**: Major clients in the automotive optical sector include BYD, Zeekr, and NIO, with the average value per vehicle exceeding 2,000 yuan for NIO and Zeekr [2][5][6] - **Revenue Projections**: Expected revenue from automotive optical business is approximately 3.5 billion yuan for 2025, with potential to reach 5 billion yuan in 2026 [10][25] - **Production Capacity**: The Hefei base is projected to reach a production capacity of 50 million units by the end of the year, with an estimated annual output of over 10 million modules [3][18] High-Definition Wide-Angle Business - **Client Changes**: Initially served GoPro, DJI, and Yingshi, but Yingshi has shifted to other suppliers. GoPro remains the largest lens supplier, while DJI focuses on obstacle avoidance lenses [11][12] - **Market Size**: The overall market for high-definition wide-angle products is expected to be around 400 to 500 million yuan this year [11] Robotics Market Insights - **Domestic Market Potential**: The domestic robotics market is in its early R&D stages, with significant growth potential. Early investment and positioning are deemed crucial [21][22] - **International Market Dynamics**: The international robotics market is primarily led by Tesla and Boston Dynamics, with Tesla adopting a full-vision approach [22] Financial Outlook - **2025 Revenue Target**: The company aims for total revenue of approximately 11 billion yuan in 2025, with optical business expected to exceed 5 billion yuan [25] - **Profitability Expectations**: The company anticipates achieving profitability by the end of the year, with a positive outlook for net profit in 2026 [25][34] Market Position and Competition - **Market Share**: Lianchuang Electronics and Sunny Optical together hold about 50% of the global market share in ADAS lens supply, with Lianchuang expected to ship 60 to 70 million automotive lenses this year [33] - **Competitive Landscape**: The company is positioned competitively within the automotive lens market, with ongoing collaborations with traditional manufacturers [33] Strategic Initiatives - **Value Chain Integration**: The company emphasizes its complete integration across the glass, lens, and module supply chain, enhancing its competitive edge in the A-share market [24] - **Investment in R&D**: Significant investments in R&D are ongoing, particularly in the optical field, to support future growth and market positioning [34] Additional Insights - **Touch Display Business**: The touch display segment is being gradually shifted towards automotive applications, with plans to divest non-automotive screen business to reduce financial drag [19] - **North American Market Engagement**: The company maintains close collaboration with NVIDIA and has established a factory in Mexico to better serve North American clients [16][17] This summary encapsulates the key insights and projections from the conference call, highlighting Lianchuang Electronics' current performance, market dynamics, and strategic direction.

Core Viewpoint - The report highlights that Lianchuang Electronics is focusing its resources on the automotive optical sector, leading to a positive shift in its business structure despite a decline in overall revenue [1][2]. Financial Performance - In the first half of 2025, the company achieved total operating revenue of 4.22 billion yuan, a year-on-year decrease of 14% - The net profit attributable to shareholders was 24 million yuan, a year-on-year increase of 137% - The net profit after deducting non-recurring items was -32 million yuan, a year-on-year increase of 68% - In Q2 2025, revenue was 2.04 billion yuan, a year-on-year decrease of 17%, while net profit attributable to shareholders was 21 million yuan, a year-on-year increase of 425% [1][2]. Business Focus and Growth Areas - The company is concentrating on the automotive optical market, with significant growth in automotive lenses and modules, which have become the main contributors to its optical business - Collaborations with major domestic clients such as BYD, Huawei, NIO, and Geely are being expanded to create a comprehensive solution of "lens + module + automotive display + HUD" - The company is enhancing its global service and delivery capabilities with new production facilities in Mexico and Vietnam, aimed at serving North American and Southeast Asian markets respectively - The revenue growth rate for automotive optical products is expected to reach around 70% in 2025, becoming a key pillar of the company's business [2][3]. Other Business Segments - In the field of high-definition wide-angle lenses and modules, the company is expanding its advantages in professional areas such as action cameras, drones, and police monitoring, becoming a core supplier for leading domestic and international clients - The smartphone lens and module segment is expected to see a significant revenue decline in 2025 due to industry slowdown and intensified competition - The contract manufacturing segment experienced a revenue growth of 4.6% in the first half of the year, driven by new customer acquisition and product development - The display touch segment saw a revenue decline of 49%, with plans to gradually divest non-profitable non-automotive display parts and focus on automotive displays [2][3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 86 million yuan in 2025 and 287 million yuan in 2026, maintaining an "overweight" investment rating [3].

Investment Rating - The investment rating for the company is "Accumulate" [1][3]. Core Views - The company is focusing its resources on the automotive optical sector, with a positive shift in its business structure. The automotive optical business has shown rapid growth, significantly contributing to the overall revenue [2][3]. - In the first half of 2025, the company achieved total operating revenue of 4.22 billion yuan, a year-on-year decrease of 14%. However, the net profit attributable to shareholders increased by 137% to 24 million yuan [1][2]. - The company expects a revenue growth rate of approximately 70% for its automotive optical products in 2025, which is anticipated to become the main pillar of its business [2]. Financial Performance - In Q2 2025, the company reported revenue of 2.04 billion yuan, down 17% year-on-year, but the net profit attributable to shareholders surged by 425% to 21 million yuan [1][2]. - The main growth drivers for the company's performance in the first half of 2025 were the rapid growth of automotive optical lenses/modules and high-definition wide-angle lenses, while mobile optical products and touch display businesses experienced significant contraction [1][2]. - The company is gradually phasing out non-profitable non-automotive screen segments and focusing on automotive screens, which is expected to improve its financial performance [2]. Future Projections - The company forecasts net profits attributable to shareholders of 86 million yuan and 287 million yuan for 2025 and 2026, respectively [3]. - The financial projections indicate a recovery in profitability, with a return to positive net profit expected in 2025 after previous losses [3].

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：联创电子科技股份有限公司 单位：万元 | | | 占用方与上市公 | 上市公司核算 | 2025 年半 年度期初 | 2025 年半年 度占用累计 | 2025 年半 年度占用资 | 2025 年半 | 2025 年半 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | | | | | | 年度偿还累 | 年度期末占 | 因 | 占用性质 | | | | 司的关联关系 | 的会计科目 | 占用资金 | 发生金额（不 | 金的利息 | 计发生金额 | 用资金余额 | | | | | | | | 余额 | 含利息） | （如有） | | | | | | 控股股东、实际控制人及其 | — | | | | | | | | | | | 附属企业 | | | | | | | | | | | | 小计 | — | | | | | | | | | | | 前控股股东、实际控制人及 | — | | | ...

Core Insights - Lianchuang Electronics reported a revenue of 4.22 billion yuan for the first half of 2025, a year-on-year decrease of 14.49%, but achieved a net profit of 24.09 million yuan, marking a turnaround from losses [1] - The company's core optical business is performing well, particularly in the automotive sector, with vehicle lens revenue increasing by 105.45% and vehicle imaging module revenue rising by 15.37% year-on-year [1] - The company is focusing on high-end transformation in mobile optical business, optimizing high-value products and expanding partnerships with major ODM manufacturers and brand clients [1] Industry Trends - The intelligent perception optical business has seen rapid growth, with sales revenue increasing significantly year-on-year, particularly in professional fields such as action cameras, drones, and surveillance [2] - The optical application landscape is expanding from consumer electronics to emerging fields like automotive electronics, robotics, AR/VR devices, and high-end medical equipment, driven by advancements in mobile communication, AI, and integrated circuits [2] - The automotive optical market is expected to replicate the upgrade path of mobile camera technology, becoming a core growth area in the smart automotive era [2] Innovation and Digitalization - The company is committed to an innovation-driven development strategy, enhancing capabilities in intellectual property creation, utilization, protection, and management, with a total of 697 authorized invention patents as of June 2025 [3] - Lianchuang Electronics has been recognized as a national intellectual property advantage enterprise and has made significant progress in digital upgrades, integrating information technology with manufacturing processes to improve production efficiency and market competitiveness [3]

Group 1 - Lianchuang Electronics (002036.SZ) reported its semi-annual results for 2025, with 16 institutional investors holding a total of 152 million shares, representing 14.37% of the company's total equity as of August 25, 2025 [1] - The top ten institutional investors collectively hold 14.32% of the shares, with a 0.53 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, with a total increase of 0.40% compared to the previous period [2] - Seven new public funds disclosed their holdings this period, including Tianhong CSI 500 Index Enhanced A and Wanji CSI 1000 Index Enhanced A [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.28% compared to the previous period [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002036 证券简称：联创电子 公告编号：2025一062 债券代码：128101 债券简称：联创转债 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不 ...

Group 1 - The core point of the news is that Jiangxi Xinsong Investment Co., Ltd. has pledged a total of 3.4 million shares of Lianchuang Electronics, accounting for 0.32% of the total share capital, with a cumulative pledge of 73 million shares, representing 79.71% of its total holdings [1][3] - Lianchuang Electronics reported a main revenue of 4.22 billion yuan for the first half of 2025, a year-on-year decrease of 14.49%, while the net profit attributable to shareholders increased by 137.07% to 24.09 million yuan [3] - The company has a debt ratio of 84.93% and a gross profit margin of 13.98% [3] Group 2 - Lianchuang Electronics specializes in the research, production, and sales of optical lenses, imaging, and touch display integrated modules, as well as key optical and optoelectronic products for various fields such as smartphones, tablets, smart driving, and smart homes [4]

智通财经APP讯，联创电子(002036.SZ)发布2025年半年度报告，该公司营业收入为42.2亿元，同比减少 14.49%。归属于上市公司股东的净利润为2409.39万元。归属于上市公司股东的扣除非经常性损益的净 亏损为3200.18万元，同比收窄67.99%。基本每股收益为0.0227元。 ...

Mergers and Acquisitions - Jing Sheng Co., Ltd. is planning to acquire a controlling stake in Beijing Weizhun Intelligent Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds. The company's stock will be suspended from trading starting August 26, 2025, for up to 10 trading days due to uncertainties surrounding the transaction [1] - Tiankang Biological announced a framework agreement to acquire 51% of Qiangdu Livestock through cash payment, which is expected to give Tiankang control over Qiangdu. This transaction is not expected to constitute a major asset restructuring [2] - Lianchuang Electronics plans to repurchase 33.33% of Hefei Zhixing Optoelectronics for a total consideration of 107 million yuan, which will result in Lianchuang holding 100% of the equity after the transaction [3] Financial Performance - Jianghuai Automobile reported a net loss attributable to shareholders of 773 million yuan for the first half of 2025, with revenue of 19.36 billion yuan, a year-on-year decline of 9.10% [4] - Shutaishen reported a net loss of 24.64 million yuan for the first half of 2025, with revenue of 126 million yuan, down 31.14% year-on-year [5] - Baogang Co., Ltd. achieved a net profit attributable to shareholders of 151 million yuan for the first half of 2025, a year-on-year increase of 39.99%, despite a revenue decline of 11.02% to 31.33 billion yuan [6] - Sungrow Power Supply reported a net profit attributable to shareholders of 7.735 billion yuan for the first half of 2025, a year-on-year increase of 55.97%, with revenue of 43.533 billion yuan, up 40.34% [7] Shareholding Changes - Doctor Glass announced that a specific shareholder, Jiangnan Dao, plans to reduce its stake by up to 0.43% of the company's total shares, equating to a maximum of 970,000 shares, due to personal funding needs [8] - Hengsheng Electronics disclosed that its director, Jiang Jiansheng, intends to reduce his holdings by up to 8 million shares, representing 0.42% of the total shares, due to personal funding needs [9][10] Investment Activities - Asia Pacific Technology plans to invest 210 million yuan in a project to upgrade its automotive lightweight aluminum production line, which will enable an annual production capacity of 30,000 tons of aluminum alloy casting and processing [11] - Huazhijie intends to invest 10 million yuan as a limited partner in a venture capital fund focused on embodied intelligence and related industries, with a total fundraising target of 300 million yuan [12]