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]

证券代码：002654 证券简称：万润科技 编号：2016-01 深圳万润科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|--------------------------------------|----------------------------------------------------------| | | | | | | √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 | | | | 东北证券股份有限公司 | 赖彦杰、邹兰兰、陶金 | | | 国信证券股份有限公司 詹俊鹏、李依蓉 | | | | 广州广证恒生证券研究所有限公司 | 肖明亮 | | | 西南证券股份有限公司 | 杨镇宇 | | | 招商证券股份有限公司 | 刘怡君 | | | 宝盈基金管理有限公司 | 赵睿、方仲姬 | | 参与单位名称 | 南方基金管理有限公司 汪径尘 | | | 及人员姓名 | | 深圳东 ...

Group 1: Company Overview - The company is Shenzhen Wanrun Technology Co., Ltd., with stock code 002654 and abbreviation Wanrun Technology [1] - The company is transitioning towards the internet advertising media industry while maintaining stable growth in its traditional LED business [3][4] Group 2: Strategic Focus - The company aims to build a full industry chain in internet advertising media, focusing on creative planning, technology platforms, data mining, and media resources [3] - The company plans to extend its operations into upstream vertical industries while integrating with internet advertising media [3] Group 3: Financial Performance - In 2015, the company's R&D investment was approximately 41.65 million yuan, accounting for 4.96% of its operating revenue [3] - The traditional LED business is expected to maintain stable growth, particularly in niche areas like rail transit lighting and energy management contracts [3] Group 4: Competitive Advantages - The company possesses strong R&D capabilities, being a national high-tech enterprise with over a hundred patents and several proprietary core technologies [3] - The company’s products are positioned in the mid-to-high end market, ensuring high reliability and stability, which has facilitated entry into the supply chains of well-known brands [4] Group 5: Market Positioning - The company focuses on high-quality products and targets large, strong clients, which has helped it secure partnerships with major brands like Konka and China CRRC [4] - The company has not yet entered the OLED market but is monitoring its development [4]

证券代码：002654 证券简称：万润科技 编号：2016-04 深圳万润科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|----------------------|-------------------------------------------------------------------------------------------------------------------| | | | | | | □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 | 证券时报 水菁 | 周少杰 | | 时间 | 2016 年 9 月 19 日 | 14：30 至 16： 00 | | | | | | 地点 | | 深圳市福田区福华路北深圳国际交易广场 1812-1816 号会议室 | | 上市公司与会 人员姓名 | 理黄仁江 | 公司副董事长、副 ...

证券代码：002654 证券简称：万润科技 编号：2016-05 深圳万润科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |---------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □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 | 每日经济新闻 | 王志福 | | 时间 ...

Company Overview - Wanrun Technology was established in 2002, primarily engaged in LED business, and successfully listed on the SME board in 2012 [3] - In 2013, the company established an investment department to facilitate transformation and upgrade through external expansion [3] - In mid-2015, the company decided to transition to the internet advertising media industry after researching several sectors [3] Strategic Transformation - The company aims to create a closed-loop internet advertising media industry chain, integrating creative planning, data mining, programmatic buying, channel placement, and media resources [4] - Wanrun Technology has already acquired Ding Sheng Yi Xuan and Yi Wan Wireless, and has invested in Bo Tu Advertising, with ongoing acquisition of digital marketing company Wan Xiang Xin Dong [3][4] Financial Performance - The core business of Wan Xiang Xin Dong, a mobile internet marketing company, accounts for 75% of total revenue, primarily from precise advertising placement and application distribution [4] - The company expects significant growth in revenue, with Yi Wan Wireless projected to exceed its performance commitment of 32.5 million yuan, achieving 42.71 million yuan by the end of the year [6][7] Market Expansion - The company is focusing on overseas markets, particularly Southeast Asia, to leverage a time window advantage of 3-4 years compared to domestic markets [5] - The selection of overseas targets will consider both domestic companies with overseas traffic resources and purely overseas entities [5] Management and Operational Strategy - The management team is adjusting to the increased focus on internet business, with recent board changes to enhance expertise in financial and operational management [5] - The company emphasizes the importance of execution capability in potential acquisition targets, avoiding over-reliance on individual leadership [6] Future Outlook - The internet business has already surpassed the LED business in profitability, becoming a key growth driver [6] - The company plans to continue refining its internet advertising media industry chain while also optimizing its LED business to ensure stable performance [6]