证券代码：002654 证券简称：万润科技 编号：2014-21 | --- | --- | --- | |-------------------------|------------------------------------|---------------------------------------------------------------------------------------------------------------| | | □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 | 《广东 LED 》杂志社 | 周娟 | | 时间 | 2014 年 9 月 22 日 | | | 地点 | 通过电子邮件方式进行 | | | 上市公司接待 | | | | 人员姓名 | 董事、副总裁兼董事会秘书郝军 | | | | 1 、 2014 11.79% | 年上半年万润科技净利润突破 2,500 万，同比增长 。其 ...

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：2014-14 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|------------------------------|--------------------------------------------------|-------|----------------|-------|-------|-------|-------|-------|----------|-------| | | √ | 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 | □ | 新闻发布会 □路演活动 | | | | | | | | | | | 活动类别 | □ 现场参观 | | | | | | | | | | | | | □其他 | | | | | | | | | | ...

Company Overview - Shenzhen Wanrun Technology Co., Ltd. is a leading provider of mid-to-high-end LED light source devices and LED lighting products, with revenue contributions of approximately 70% from LED light source devices and 30% from LED lighting products [1] - The company focuses on commercial and municipal lighting, with a strategic emphasis on high-end market positioning [2] Investor Relations Activities - The investor relations activity was held on July 13, 2015, at the Changhong Technology Building in Shenzhen, attended by representatives from various securities firms and investment management companies [1] Market Positioning and Strategy - The company has introduced new shareholders to expand its domestic energy management contract (EMC) business and LED lighting market [2] - The commercial and municipal lighting sectors are prioritized due to lower price sensitivity and higher demand for energy-efficient products, aligning with government policies on energy conservation [2] - Wanrun Technology and Rishang Optoelectronics complement each other, allowing for shared customer resources and enhanced market presence [2] Production and Expansion - The company has established a new production base in Dongguan, covering approximately 100,000 square meters, to meet growing operational demands [3] - Future acquisitions will focus on downstream sectors within the LED industry, targeting companies with advanced technology and strong market channels [3] Financial Goals - The company aims for a market capitalization of 30 billion RMB, contingent on favorable macroeconomic conditions and industry growth [3][4] - The growth strategy includes both organic growth and external acquisitions to enhance overall competitiveness and profitability [4]

证券代码：002654 证券简称：万润科技 编号：2015-04 | --- | --- | --- | --- | |--------------|--------------------------------|------------------------------------------------|------------------------------------------------------------| | | | | | | | □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 | ) | | | | 安信证券股份有限公司 | | 安永平 | | | 建信基金管理公司 | | 王帆 | | 参与单位名称 | 上海从容投资管理有限公司 | | 陈蒙 | | 及人员姓名 | 华安财保资产管理有限责任公司 | | 贺永发 | | | 深圳市恒运盛投资顾问有限公司 | | 徐尔欣 | | | 深圳市东方财智资产管理 ...

Group 1: Company Overview and Market Context - Wanrun Technology is a leading provider of mid-to-high-end LED lighting products, serving notable clients such as Konka and Op Lighting [5] - The LED industry is facing pressure due to intense competition, leading to declining product prices and profit margins [5] - The global internet advertising market was valued at over $135 billion in 2014, projected to reach $240 billion by 2019 [5] - 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% [5] Group 2: Strategic Transformation and Acquisitions - Wanrun Technology initiated a strategic transformation by acquiring 100% of the shares of Rishang Optoelectronics in August 2014, aiming to expand into the LED advertising lighting sector [5] - The company plans to enter the internet advertising media sector, leveraging the growth potential of the industry [5] - Wanrun Technology has also acquired stakes in Ding Sheng Yixuan and Yi Wan Wireless, with plans for full acquisition contingent on meeting specific conditions by 2016 [6] Group 3: Business Model and Competitive Advantages - Ding Sheng Yixuan focuses on internet advertising services for the home decoration industry, holding exclusive agency rights with Baidu, enhancing its pricing power and profit margins [6][8] - Yi Wan Wireless specializes in mobile internet advertising, collaborating with major platforms like Tencent and Alibaba to provide comprehensive advertising services [7] - Wanrun Technology's traditional LED business remains stable, with projected net profits between 50 million and 60 million yuan for the year [7] Group 4: Future Directions and Industry Integration - The company aims to build a comprehensive internet advertising media industry chain, focusing on core competitive advantages such as creative planning, technology platforms, and data mining [8] - Wanrun Technology is committed to exploring cross-border mergers and acquisitions to gather global resources and talent, aspiring to become a well-known internet enterprise both domestically and internationally [6]

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]