Group 1: Strategic Transformation - The company has initiated a strategic transformation due to intense competition and declining profit margins in the LED industry, leading to a focus on mergers and acquisitions [1] - In August 2014, the company acquired 100% of Rishang Optoelectronics to expand into new fields, specifically the LED advertising lighting sector [1] - The strategic development path includes three phases: traditional LED products, entry into LED advertising lighting through acquisition, and now advancing into the internet advertising media industry [1] Group 2: Future Plans and Market Position - The company aims to integrate and operate effectively in the internet advertising media sector while gradually extending into upstream vertical industries [2] - The traditional LED business is currently stable and expected to maintain steady growth, with a focus on niche segments within the LED industry [2] - The existing team from the acquired company will play a crucial role in the strategic transformation, leveraging their industry experience and operational management skills [2] Group 3: Competitive Landscape - The return of Google to the Chinese market presents both challenges and opportunities for the company, particularly for its subsidiary, Ding Sheng Yi Xuan, which specializes in internet advertising services for the home decoration industry [2] - Ding Sheng Yi Xuan has established itself as a well-known local internet advertising agency, with a strong client base and is actively exploring additional media resources [2]

证券代码：002654 证券简称：万润科技 深圳万润科技股份有限公司投资者关系活动记录表 编号：2014-23 | --- | --- | --- | |--------------|------------------------------|--------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | | □媒体采访 | □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | √其他（投资者接待日活动） | | | 参与单位名称 | 深圳玖歌投资管理有限公司 | 邓德举 | | 及人员姓名 | 个人投资者 吴仲秋 | | | 时间 | 2014 年 10 月 29 | 日 | | 地点 | 深圳市南山区科技南十二路 | 18 号长虹科技大厦 21 楼 05 单元会议室 | | 上市公司接待 | | 董事、副总裁兼董事会秘书郝军；财务总监卿北军先生；证券事务代 | | 人员姓名 | 表潘兰兰 | | | | | 、公司收购日上光电， ...

Company Overview - Shenzhen Wanrun Technology Co., Ltd. is a leading provider of mid-to-high-end LED light source devices and LED lighting products in China, focusing on R&D, design, production, and sales [1] - The company has expanded from LED packaging to downstream LED lighting applications due to the growing demand in the market [1] Investor Relations Activities - The company has received approval from the China Securities Regulatory Commission for a non-public stock issuance and is currently advancing related matters [2] - Future mergers and acquisitions will prioritize high-quality targets in the downstream LED industry with advanced technology and brand advantages [2] Market Positioning - The company primarily targets the commercial and municipal lighting markets, which have a strong understanding of energy-saving benefits from LED lighting [3] - The focus is on high-quality, mid-to-high-end products that align with customer needs for quality, price, and service [3] Financial Performance - The net profit for Q1 2015 decreased due to the relocation of production to Dongguan Songshan Lake, which caused temporary shutdowns and personnel loss, impacting capacity release [3] - Increased R&D investment aimed at improving market share and profitability [3] Strategic Collaborations - The acquisition of Rishang Optoelectronics is expected to enhance competitive advantages in the advertising lighting sector and extend the lighting application industry chain [2] - The collaboration will leverage complementary strengths in packaging devices to improve market competitiveness [2]

证券代码：002654 证券简称：万润科技 深圳万润科技股份有限公司投资者关系活动记录表 编号：2015-02 | --- | --- | --- | |-------------------------|------------------------------|--------------------------------------------------------------| | | √特定对象调研 □分析师会议 | | | | □媒体采访 | □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | □其他 | | | 参与单位名称 及人员姓名 | 宏源证券股份有限公司 | 王建伟、邹兰兰 | | 时间 | 2015 年 3 月 25 日 | | | 地点 | 深圳市南山区科技南十二路 | 18 号长虹科技大厦 21 楼 05 单元会议室 | | 上市公司接待 人员姓名 | | 董事、副总裁兼董事会秘书郝军；证券事务代表潘兰兰 | | | | | | | 1 、公司非公开发行股票进度 | ? | | | 回复：公司非公开发行 | A ...

Group 1: Company Overview and Strategic Direction - The company is actively promoting its non-public stock issuance, with significant progress reported in 2014 [1] - Future mergers and acquisitions will focus on the downstream sectors of the LED industry, targeting companies with advanced technology and strong brand advantages [1] - The acquisition of Rishang Optoelectronics is expected to enhance market competitiveness and expand the lighting business scale [1] Group 2: Synergy and Market Positioning - The synergy from acquiring Rishang Optoelectronics includes leveraging its competitive advantages in the advertising lighting sector, which allows for rapid entry into the mid-to-high-end market [3] - Both companies can explore shared customer resources due to complementary focuses on municipal and commercial lighting [3] - The collaboration is anticipated to enhance R&D capabilities and resource utilization efficiency [3] Group 3: Revenue Breakdown and Market Insights - In 2014, general lighting and backlight devices accounted for approximately 42% and 23% of the LED light source revenue, respectively [3] - The commercial lighting market penetration is currently higher than that of residential lighting, but residential lighting holds significant potential for future growth [3] - The company positions itself primarily in the commercial and municipal lighting markets, which are expected to yield higher profitability due to longer lighting durations and lower price sensitivity [3] Group 4: Sales and Operational Challenges - The company primarily employs a direct sales model or distributor model for its lighting products, with a focus on ODM rather than OEM for international markets [4] - The anticipated decline in Q1 2015 performance is attributed to the relocation of the production base, which has caused temporary disruptions [4] - The impact of the relocation on Q2 2015 is expected to be minimal, as the move has been completed [4]

Group 1: Company Overview and Strategic Direction - Wanrun Technology is a leading provider of mid-to-high-end LED lighting products, with notable clients including Konka and Op Lighting [2] - The company initiated a 100% acquisition of Rishang Optoelectronics in August 2014 to expand into new fields amid declining prices and profit margins in the LED industry [2] - The acquisition of Rishang Optoelectronics allows Wanrun Technology to enter the LED advertising lighting sector, which is closely linked to advertising companies [2] Group 2: Market Potential and Growth Projections - The global internet advertising market was valued at over $135 billion in 2014 and is projected to reach $240 billion by 2019 [3] - China's internet advertising market grew from 77 billion yuan in 2012 to over 150 billion yuan in 2014, with a compound annual growth rate (CAGR) exceeding 40% [3] - The mobile internet advertising market in China was approximately 30 billion yuan in 2014, maintaining over 100% growth annually, and is expected to reach 220 billion yuan by 2018, accounting for 52% of the internet advertising market [3] Group 3: Acquisition Strategy and Integration - Wanrun Technology's acquisition strategy involved thorough research and due diligence on numerous advertising media companies to ensure alignment with its strategic goals [5] - The company has acquired 100% stakes in Dingsheng Yixuan and Yiwan Wireless, and has a 30 million yuan stake in Botu Advertising, aiming for a comprehensive layout in the internet advertising industry [3][5] - The three acquired companies will complement each other across key areas of the internet advertising media industry chain, including creative planning, platform data, and media placement [6] Group 4: Financial Goals and Performance Expectations - Wanrun Technology aims to achieve a market value exceeding 50 billion yuan by 2017, with projected net profits of 700-750 million yuan [5] - The traditional LED business is expected to maintain growth, with a projected net profit increase of 20%-50% compared to 2014 [4] - The integration of the three advertising companies is anticipated to contribute significantly to the company's profitability [5]

Group 1: Company Strategy and Transition - The company is currently stable in its main business and expects to maintain steady growth, distinguishing itself from other companies undergoing strategic transitions [1] - The strategic direction involves entering the downstream internet advertising sector, with significant asset restructuring and acquisitions of two internet advertising companies, alongside a stake in another [1] - The company aims to build a complete internet advertising media industry chain, focusing on targets with core competitive advantages in creative planning, technology platforms (DSP/DMP), data mining, and media resources [1] Group 2: Business Operations and Partnerships - Yiwang Wireless specializes in mobile internet advertising services, providing efficient, precise, and comprehensive advertising solutions through various media channels [2] - The company has established partnerships with major internet firms such as Tencent, Sina, Alibaba, and Baidu, promoting popular apps like QQ Music and iQIYI [2] - The three targeted companies have a performance commitment based on a net profit benchmark for 2015, with an expected annual growth rate of no less than 30% by 2017, indicating a strong growth potential in the mobile internet advertising sector [2]

Group 1: Strategic Direction - The company has determined a strategic direction towards the internet advertising industry, evidenced by the acquisition of two internet advertising companies and a stake in another [1] - The goal is to build a comprehensive internet advertising media industry chain, focusing on companies with core competitive advantages in creative planning, technology platforms, data mining, and media resources [1] Group 2: Stability of Traditional Business - The traditional LED business remains stable and is expected to maintain steady growth, which is a key foundation for the strategic transformation [3] - Unlike some companies experiencing declines, the stable performance of the LED business provides a solid base for the transition to digital marketing [3] Group 3: Competitive Advantages - The company’s competitive advantages in the digital marketing sector include a clear strategic goal of creating a full industry chain in internet advertising, ensuring effective collaboration among chain enterprises [3] - A professional acquisition team led by the chairman ensures swift execution and effective management of the internet advertising sector [3] Group 4: Acquisitions and Investments - The three targeted acquisitions include: - **Dingsheng Yixuan**: A leading internet advertising company in the home decoration sector, focusing on search engine advertising services [4] - **Yiwang Wireless**: Specializes in mobile internet advertising services, collaborating with major internet companies for effective product promotion [4] - **Botu Advertising**: Provides comprehensive digital marketing services, leveraging deep understanding and resource integration [4] Group 5: Synergy Among Acquisitions - The acquired companies will achieve complementary roles in the advertising media industry chain, enhancing collaboration in technology, talent, resources, and operations [4] - For instance, Yiwang Wireless can utilize Dingsheng Yixuan's partnerships for search engine advertising needs, while Dingsheng Yixuan can leverage Yiwang Wireless's mobile marketing strengths [4]

Group 1: Market Insights - The demand for LED lighting is rapidly increasing, particularly in commercial and municipal sectors, due to the global phase-out of incandescent bulbs and improved price-performance ratios of LED products [1] - The LED lighting market is currently characterized by numerous small players, leading to intense competition; larger companies with capital advantages may consolidate through mergers and acquisitions, benefiting the market's future health and sustainability [1] Group 2: Company Focus and Strategy - The company primarily targets the commercial and municipal lighting markets, as its mid-to-high-end product positioning aligns with clients who prioritize energy efficiency and product quality over price sensitivity [1] - Government policies supporting energy conservation and environmental protection are driving significant demand for LED products in commercial and municipal sectors, which are less price-sensitive [1] Group 3: Fundraising and Financial Plans - The company plans to allocate approximately CNY 3.9 billion from its non-public offering, with CNY 3 billion designated for working capital and the construction of a headquarters building, which will require CNY 90 million of working capital [2] - The remaining funds will be used to enhance LED packaging and lighting business, as well as to increase R&D investment to improve market competitiveness [2] Group 4: Revenue Recognition - According to current accounting standards, revenue from the BT model can be recognized in full upon project acceptance, while revenue from the EMC model is recognized in installments based on energy savings [3]

Company Overview - Wanrun Technology was established in 2002 and listed on the Shenzhen Stock Exchange in February 2012, focusing on R&D, design, production, and sales of mid-to-high-end LED lighting products [2] - The company is recognized as a national high-tech enterprise and has received multiple awards, including "Top 10 Most Internationally Competitive LED Enterprises" in 2015 [2] Financial Performance - In 2015, the company achieved a revenue of 840 million CNY, representing a year-on-year growth of 60.34% [3] - The net profit attributable to shareholders was 56.48 million CNY, with a growth of 39.79% compared to the previous year [3] - R&D investment in 2015 exceeded 41.65 million CNY, accounting for 4.96% of total revenue, with a growth of 112.33% from 2014 [10] Market Position and Strategy - The LED market is transitioning from growth to maturity, leading to a slowdown in demand growth, necessitating transformation for LED enterprises [4] - Wanrun Technology has established an investment department to explore opportunities in the internet advertising media sector, which is projected to grow significantly [4] - The global internet advertising market was valued at over 135 billion USD in 2014 and is expected to reach 240 billion USD by 2019 [4] Strategic Acquisitions - The company plans to acquire two internet advertising firms, Ding Sheng Yi Xuan and Yi Wan Wireless, to strengthen its position in the internet advertising sector [6] - Ding Sheng Yi Xuan has a compound annual growth rate (CAGR) of 240.28% in net profit over the past three years, with a commitment to maintain a 30% growth in the coming years [6] - Yi Wan Wireless reported a net profit of 41.98 million CNY in 2015, with a commitment to maintain a 30% growth in the following years [6] Future Outlook - Wanrun Technology aims to build a comprehensive internet advertising media industry chain, focusing on creative planning, data analysis, and media resources [11] - The company is committed to continuous acquisitions to enhance its capabilities in the internet advertising sector, with a focus on strategic alignment and business synergy [11] - The management team is confident in the strategic transformation, emphasizing the importance of a strong investment team and effective integration of acquired companies [5][12]