Financial Performance - In the first three quarters of 2021, the company achieved operating revenue of 9.23 billion CNY, a year-on-year increase of 40.59% [3] - The net profit attributable to shareholders was 4,510.35 million CNY, with a significant year-on-year growth of 7,137.19% [3] - The company's gross profit margin for the third quarter was 24.04%, showing a continuous quarter-on-quarter improvement [3] Business Growth Drivers - Domestic Micro LED ultra-high-definition display business saw rapid growth, with total revenue of 3.88 billion CNY, an increase of 88% year-on-year [4] - Revenue from Micro LED ultra-high-definition display based on COB technology reached 2.97 billion CNY, up 95% year-on-year, with domestic Micro LED revenue growing by 102% [4] - Overseas business revenue for the first three quarters was 5.35 billion CNY, a year-on-year increase of 19%, with LED display business revenue growing by 46% [4] Product Development and Market Strategy - The company launched commercial smart conference integrated systems and home Micro LED private cinema, establishing a comprehensive layout across three product tracks [4] - The COB technology is positioned as a key manufacturing technology for small-pitch displays, with a production yield exceeding 98% for the COB package [5][6] - The company plans to expand its product offerings to cater to different consumer segments in the home display market [7] Market Position and Future Outlook - The company holds a competitive advantage in the Micro LED display market, particularly in small-pitch applications, due to its early entry and technological reserves [8] - The company aims to enhance its market share in specialized displays while expanding into commercial and consumer display sectors [8] - Recent government policies promoting ultra-high-definition video are expected to accelerate industry growth, providing opportunities for the company [6][7]

编号：2021-009 证券代码：300162 证券简称：雷曼光电 深圳雷曼光电科技股份有限公司 2021 年 10 月 27 日投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------|--------------------------------------------------------| | | | | | | | √特定对象调研 □分析师会议 | | 投资者关系活动 | | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他 | （电话会议） | | | 兴业证券 仇文妍 | | | 参与单位名称及 | 华泰资管 杨 | 帆 | | 人员姓名 | 汇丰晋信 李 | 凡 | | | 圆信永丰 马红丽 | | | | 2021 年 10 | 10:00-11:00 | | 时间 | 2021 年 10 | 15:15-16:15 | | | 2021 年 10 | 16:15-17:15 | | | | 地点 深圳市南山区松白公路百旺信工业园二区雷曼大厦 ...

Company Overview - Shenzhen Lehman Optoelectronics Technology Co., Ltd. is actively engaging with investors through various activities, including a phone conference held on December 22, 2021 [2]. - The company is focused on the LED display and lighting sectors, with a significant portion of its products being exported [3]. Market Demand and Trends - The downstream demand for domestic display business has recovered to pre-COVID levels, with overseas display and lighting businesses also showing significant recovery [3]. - The company has sufficient orders on hand, indicating strong downstream demand, although challenges remain in ensuring smooth international shipping logistics [3]. Financial Impact - The increase in shipping prices has minimal impact on the company's gross margin, as export shipping costs are borne by customers [3]. - The company has implemented various measures to assist customers with delivery issues due to tight shipping schedules [3]. Product Development - The company’s COB (Chip on Board) technology shows cost advantages as pixel pitch decreases, particularly for products with a pitch of P1.0 or smaller [3]. - The market trend is shifting towards smaller pixel pitch LED displays, with significant revenue growth observed for COB products with a pitch of P1.2 and below [3]. Future Plans - The company plans to expand its home display market with the launch of new large-screen products, including a 138-inch 4K flagship model [4]. - Marketing strategies are being developed to target the consumer market, including the establishment of a dedicated division for large-screen product promotion [4]. - The company aims to address installation challenges associated with large-screen TVs, positioning its products as a new growth point for future performance [4].

Financial Performance - The company's revenue for Q3 2022 was ¥262,510,329.77, a decrease of 26.17% year-on-year, and year-to-date revenue was ¥878,772,448.15, down 4.82% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2022 was ¥14,313,987.47, a decline of 42.06% year-on-year, with year-to-date net profit at ¥41,761,689.90, down 7.41%[4]. - Total operating revenue for Q3 2022 was CNY 878,772,448.15, a decrease of 4.8% compared to CNY 923,286,225.01 in Q3 2021[35]. - Net profit for Q3 2022 was CNY 39,279,037.15, a decline of 16.5% from CNY 47,023,923.56 in Q3 2021[36]. - The company reported a gross profit margin of approximately 4.9% for Q3 2022, compared to 4.9% in Q3 2021[35]. - The company's weighted average return on equity was 2.11%, down 1.87% year-on-year, indicating a decline in profitability[4]. Cash Flow and Assets - Operating cash flow for the first three quarters was ¥32,929,410.04, reflecting a significant increase of 166.28% year-on-year, indicating improved cash management[8]. - Net cash flow from operating activities increased by 166.28% to ¥32,929,410, attributed to higher sales collections and increased export tax refunds[24]. - Cash flow from operating activities generated a net cash flow of 32,929,410.04 yuan, an increase from 12,366,311.38 yuan in the same period last year[37]. - Total cash inflow from operating activities was 944,701,140.20 yuan, compared to 828,278,846.71 yuan in the previous year, reflecting a growth of approximately 14.1%[37]. - Cash outflow from operating activities totaled 911,771,730.16 yuan, up from 815,912,535.33 yuan, indicating a rise of about 11.7%[37]. - The ending balance of cash and cash equivalents was 161,748,660.23 yuan, compared to 75,020,875.89 yuan at the end of the previous period[38]. - The company’s cash and cash equivalents were CNY 266.76 million, down from CNY 277.01 million at the start of the year[32]. - The company reported a cash inflow of 81,997,962.65 yuan from tax refunds, up from 35,611,368.94 yuan in the previous year, reflecting a growth of approximately 130%[37]. Liabilities and Equity - The total liabilities decreased to CNY 752,620,666.00 in Q3 2022 from CNY 847,106,535.08 in Q3 2021, representing a reduction of 11.1%[34]. - The equity attributable to shareholders of the parent company increased to CNY 687,433,541.78 in Q3 2022 from CNY 635,967,552.66 in Q3 2021, reflecting an increase of 8.1%[34]. Product Development and Market Expansion - The company launched the "LEDMAN Smart Education Interactive System" in various sizes, enhancing digital education capabilities and aligning with government support for educational equipment upgrades[12]. - The "LEDMAN Smart Interactive Screen" has been developed for both smart meetings and education, expanding the company's market presence in commercial display[13]. - The company is expanding its product matrix in the home display market with sizes of 110 inches, 138 inches, and 163 inches, catering to high-resolution display requirements[14]. - The company is actively expanding its sales team and enhancing marketing strategies to improve domestic market performance, which has been affected by the pandemic[7]. - The company established 9 flagship stores and experience centers in major cities since May, enhancing consumer engagement and product awareness[18]. - The company plans to explore innovative service consumption models for its Micro LED home theater products through partnerships with various stakeholders[18]. Changes in Financial Assets - Trading financial assets decreased by 76.85% to ¥2,000,000 due to a reduction in unexpired bank wealth management products[20]. - The company reported a decrease in trading financial assets from CNY 8.64 million to CNY 2 million[32]. - The company’s other receivables decreased from CNY 23.38 million to CNY 16.98 million[32]. Shareholder Information - The number of ordinary shareholders reached 29,344, with the top three shareholders holding a combined 38.13% of shares[26]. - The company approved the cancellation of 606,390 stock options due to 21 departing incentive targets and 30 targets not meeting performance criteria[29]. - The company granted 2 million stock options at a price of CNY 10.00 per share to 48 eligible incentive targets[30]. - The total number of restricted shares at the end of the period was 85,193,250, with 112,281 shares released from restriction[28]. - The company completed the registration of the reserved stock options under the second phase of the equity incentive plan[31]. Research and Development - Research and development expenses for Q3 2022 amounted to CNY 45,912,992.42, an increase of 6.8% from CNY 42,958,649.87 in Q3 2021[35].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥616,262,118.38, representing an increase of 8.55% compared to ¥567,738,000.21 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was ¥27,447,702.43, a growth of 34.56% from ¥20,398,275.42 year-on-year[23]. - The net profit after deducting non-recurring gains and losses was ¥21,144,595.86, up 32.15% from ¥16,000,896.79 in the previous year[23]. - The net cash flow from operating activities increased significantly by 230.76% to ¥39,114,717.08, compared to ¥11,825,844.37 in the same period last year[23]. - Basic earnings per share rose to ¥0.08, reflecting a 33.33% increase from ¥0.06 in the previous year[23]. - The company reported a total revenue of 616 million yuan, an increase of 8.55% compared to the previous year[63]. - The gross profit margin for the LED industry improved to 24.10%, up by 0.67 percentage points compared to the same period last year[65]. - The company reported a total comprehensive income of CNY 30,463,510.04 for the first half of 2022, compared to CNY 7,784,161.41 in the previous year[165]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,478,587,157.60, a decrease of 2.05% from ¥1,509,599,827.46 at the end of the previous year[23]. - The company's total liabilities decreased from CNY 847,106,535.08 to CNY 781,962,355.18 during the same period[158]. - The total equity increased from CNY 662,493,292.38 to CNY 696,624,802.42, indicating a growth of approximately 5.15%[158]. - Cash and cash equivalents at the end of the reporting period were CNY 283,109,461.55, up from CNY 277,010,916.57 at the beginning of the year[156]. - The company's short-term borrowings increased to CNY 144.30 million, accounting for 9.76% of total assets, up from 8.94% at the end of the previous year[69]. Market and Product Development - The company is a leader in the LED ultra-high-definition display industry, focusing on Micro LED products and has established a comprehensive product ecosystem including LEDMAN ultra-HD display screens and LED intelligent lighting solutions[32]. - The Micro LED market in China is projected to reach CNY 80 billion by 2024, indicating significant growth potential for the company's Micro LED products[34]. - The company has developed three major product series based on COB technology: LEDMAN ultra-HD display screens, LEDMAN smart interactive screens, and LEDMAN ultra-HD home screens[35][36][37]. - The company launched a new family giant screen product line, including 110-inch, 138-inch, and 163-inch models, catering to 4K/8K resolution requirements[55]. - The company plans to develop 30 primary authorized operation centers and 200 secondary certified partners under the "Thunder" plan for commercial display channels[57]. Research and Development - R&D investment increased by 28.70% to 30 million yuan, reflecting the company's commitment to innovation[63]. - The company has accumulated over 500 domestic and international patents, including more than 80 related to COB technology[45]. - The company has a strong focus on R&D, with a commitment to innovation and a leading position in the Micro LED ultra-high-definition display product market[45]. - The company is investing heavily in R&D, with a budget allocation of 1.5 billion yuan for new technologies and product development in 2023[181]. Risks and Challenges - The company faces risks including macroeconomic fluctuations, raw material price increases, and intensified market competition[5]. - The ongoing COVID-19 pandemic poses risks to raw material procurement and project implementation, potentially affecting overall operational efficiency[86]. - The competitive landscape in the LED industry is intensifying, necessitating continuous innovation and product development to maintain market position[88]. - The company is facing risks from macroeconomic factors, including international trade complexities and currency fluctuations, which may impact business development[85]. Corporate Governance and Social Responsibility - The company emphasizes the protection of shareholder and creditor rights by ensuring accurate and timely information disclosure[104]. - The company actively participates in social welfare activities, providing aid to underprivileged families in Huizhou, including donations of food and cash[107]. - The company has achieved product carbon label certification and carbon neutrality commitment demonstration unit certification, promoting pollution reduction and carbon emission decrease[108]. - The company has established a comprehensive human resources management system and performance evaluation framework to protect employee rights[105]. Future Outlook - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[181]. - The company plans to pursue strategic acquisitions to enhance its product portfolio and competitive edge in the industry[181]. - The company plans to continue expanding its market presence and invest in new product development[184].

Financial Performance - Ledman Optoelectronic reported a revenue of 1.2 billion RMB for the year 2021, representing a year-on-year increase of 15%[18] - The company's operating revenue for 2021 was ¥1,303,357,407.04, representing a 59.17% increase compared to ¥818,833,110.50 in 2020[5] - The net profit attributable to shareholders for 2021 was ¥47,451,528.81, a significant turnaround from a loss of ¥315,540,892.51 in 2020, marking a 115.04% increase[5] - The net profit after deducting non-recurring gains and losses was ¥31,426,081.68, compared to a loss of ¥312,488,720.12 in 2020, reflecting a 110.06% improvement[5] - The net cash flow from operating activities reached ¥41,720,435.83, a remarkable increase of 511.03% from -¥10,150,115.77 in 2020[5] - The total assets at the end of 2021 amounted to ¥1,509,599,827.46, a 30.17% increase from ¥1,159,685,022.93 at the end of 2020[5] - The weighted average return on equity for 2021 was 7.69%, a significant recovery from -41.90% in 2020[5] - In 2021, the company achieved a historical high in operating performance with revenue of 1.303 billion yuan, a year-on-year increase of 59.17%[60] - The net profit attributable to shareholders reached 47.45 million yuan, up 115.04% year-on-year, while the net profit after deducting non-recurring gains and losses was 31.43 million yuan, an increase of 110.06%[60] Market Expansion and Product Development - Future guidance indicates a target revenue growth of 20% for 2022, driven by market expansion and new product launches[18] - The company aims to expand its market presence in Southeast Asia, leveraging its existing distribution networks[6] - The company is focusing on expanding its market presence in the high-value television segment, leveraging advancements in Micro LED technology[36] - The company plans to expand its product matrix in the home display market with the high-quality LEDPLAY products, establishing offline experience stores in major cities to enhance customer engagement and drive revenue growth[121] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[138] - A strategic acquisition of a local competitor is planned, which is anticipated to enhance the company's production capacity by 30%[139] Research and Development - The company’s R&D expenditure increased by 25% in 2021, reflecting its commitment to innovation and product development[18] - The company has invested 100 million RMB in R&D for new technologies, aiming to improve product efficiency by 20%[140] - R&D expenses increased by 8% year-on-year, with over 500 domestic and international patents accumulated, including more than 80 related to COB technology[79] - The company is developing a high-quality conference all-in-one machine, aiming for a color gamut of ≥110% NTSC and supporting 2k/4k/8k resolutions[94] - The company plans to introduce a super small pitch Micro LED display with a peak power consumption of ≤380W/m² and a weight of ≤35KG/m²[95] Operational Efficiency and Cost Management - Ledman Optoelectronic is enhancing its operational efficiency through technological innovations in its manufacturing processes[16] - The company's gross profit margin improved by 2.42 percentage points compared to the previous year, driven by operational efficiency and cost reduction measures[62] - Operating cash flow significantly improved, with net cash flow from operating activities increasing by 511.03% year-on-year[62] - The company reduced accounts receivable turnover days to 61.29 days, a decrease of 41.19 days year-on-year, enhancing cash collection efficiency[63] - Inventory turnover days decreased by 18.03 days year-on-year, reflecting improved inventory management[63] Risks and Challenges - Ledman Optoelectronic has identified risks including macroeconomic fluctuations and supply chain disruptions, which may impact future performance[6] - The ongoing COVID-19 pandemic poses risks to raw material procurement and project implementation, prompting the company to adjust its business strategies and promote new display products suitable for pandemic conditions[124] - The company faces risks from macroeconomic uncertainties, including exchange rate fluctuations and geopolitical tensions, and plans to enhance its sales network and utilize financial tools to manage these risks[123] - The company recognizes the intensifying market competition and technological innovation risks, committing to leverage its brand and technological advantages to enhance product offerings and service quality[127] Corporate Governance and Management - The company maintains a strong commitment to corporate governance, aligning with regulatory requirements and ensuring transparency[143] - The company operates independently from its controlling shareholders, with a complete and independent business system, including R&D, procurement, production, and sales[146] - The company has established an independent financial department, ensuring that all financial personnel are dedicated to the company and not involved in any competing businesses[151] - The company has a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team, all operating independently from controlling shareholders[149] - The company has implemented a performance evaluation mechanism for senior management, linking their annual performance bonuses to the company's operational goals[189] Employee Management and Development - The total number of employees at the end of the reporting period was 1,542, with 382 in the parent company and 1,160 in major subsidiaries[176] - The company has established a three-tier training management system to enhance employee development and integrate internal and external training resources[179] - The company has a competitive salary strategy, ensuring that compensation for general talent is competitive within the local market and for key talent within the industry[178] - Employee rights are protected through compliance with labor laws, provision of social insurance, and a focus on employee health and satisfaction[199] Product and Market Trends - User data indicates a growing demand for LED products, with a projected market growth rate of 10% annually over the next five years[18] - The Micro LED technology is expected to maintain a growth rate of over 30% in the next five years, driven by increasing demand for small-pitch displays[34] - The global LED lighting market is projected to reach $72.1 billion in 2022, representing an 11.7% year-over-year growth, and is expected to stabilize at $93.47 billion by 2026[38] - The LED industry is experiencing stable growth, with the company benefiting from technological advancements and favorable market conditions[39] Strategic Goals and Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 20% to 1.8 billion RMB[136] - New product launches are expected to contribute an additional 300 million RMB in revenue in 2022, focusing on innovative LED technologies[137] - The company aims to enhance user experience and penetrate the ultra-high-definition display market by establishing experience centers in first and second-tier cities, targeting a potential market size of over 800,000 large conference rooms and nearly 100,000 large classrooms in China[120]

Financial Performance - The company achieved operating revenue of CNY 290,537,879.80, representing a 28.65% increase compared to the same period last year[4] - Net profit attributable to shareholders reached CNY 8,012,832.45, a significant increase of 105.35% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 6,224,950.82, up 249.81% from the previous year[4] - International market revenue grew to CNY 22,348,330, a 60.29% increase year-on-year, driven by strong demand[8] - The company’s diluted earnings per share rose to CNY 0.0229, reflecting a 104.46% increase year-on-year[4] - Net profit for Q1 2022 was CNY 7.91 million, a significant increase of 159.0% compared to CNY 3.05 million in Q1 2021[27] - Basic and diluted earnings per share for Q1 2022 were both CNY 0.0229, compared to CNY 0.0112 in Q1 2021[28] Cash Flow and Assets - The net cash flow from operating activities improved by 77.45%, primarily due to increased sales and export tax refunds[14] - The net cash flow from operating activities was -7,828,708.11 CNY, an improvement from -34,711,883.28 CNY in the previous year[31] - Total cash inflow from operating activities was 311,356,478.34 CNY, compared to 215,027,181.91 CNY in the same period last year, representing an increase of approximately 44.8%[31] - Cash outflow from operating activities totaled 319,185,186.45 CNY, up from 249,739,065.19 CNY, indicating a rise of about 27.7%[31] - The ending balance of cash and cash equivalents was 122,682,117.75 CNY, compared to 114,957,450.13 CNY at the end of the previous year[32] - The company’s cash and cash equivalents decreased by 29,106,631.28 CNY during the quarter, an improvement from a decrease of 75,120,362.15 CNY in the same period last year[32] - Total assets decreased by 4.70% to CNY 1,438,710,310.97 compared to the end of the previous year[4] - Total current assets decreased to ¥980,017,989.46 from ¥1,047,290,947.51, a decline of about 6.4%[22] Liabilities and Shareholder Information - The company’s total liabilities increased by 316.50% in derivative financial liabilities, mainly due to changes in the fair value of forward foreign exchange contracts[11] - Total liabilities decreased to CNY 766.73 million in Q1 2022 from CNY 847.11 million in Q4 2021[24] - Non-current liabilities increased to CNY 67.65 million in Q1 2022 from CNY 63.91 million in Q4 2021[24] - Total number of common shareholders at the end of the reporting period is 30,353[17] - The largest shareholder, Li Mantie, holds 17.59% of shares, totaling 61,494,509 shares, with 46,120,882 shares pledged[17] - The total number of shares held by the top 10 shareholders with unrestricted shares is 40,275,000[17] Expenses and Investments - The company reported a 32.74% increase in sales expenses, totaling CNY 26,493,600, due to enhanced marketing efforts[13] - Research and development expenses for Q1 2022 were CNY 11.75 million, slightly up from CNY 11.11 million in Q1 2021[27] - The company’s long-term equity investments remained unchanged at ¥0.00[22] - The company has a total of 85,277,586 restricted shares at the end of the reporting period[19] Inventory and Operating Costs - Operating costs for Q1 2022 were CNY 286.13 million, up 28.0% from CNY 223.57 million in the same period last year[26] - Accounts receivable decreased to ¥250,233,401.20 from ¥280,224,308.24, representing a decline of about 10.7%[22] - Inventory decreased slightly to ¥401,117,745.51 from ¥408,980,585.87, a decrease of approximately 1.9%[22] - The company’s fixed assets decreased to ¥252,822,429.27 from ¥255,664,032.05, a decline of approximately 1.3%[22] Other Comprehensive Income - Other comprehensive income for Q1 2022 showed a net loss of CNY 305.73 million, contrasting with a gain of CNY 8.87 million in Q1 2021[27]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2021, representing a year-on-year increase of 15%[18]. - The gross profit margin for 2021 was 30%, which is a slight decrease from 32% in 2020[18]. - The company reported a net profit of 300 million RMB for 2021, an increase of 20% from the previous year[18]. - The company's operating revenue for 2021 was ¥1,303,357,407.04, representing a 59.17% increase compared to ¥818,833,110.50 in 2020[23]. - The net profit attributable to shareholders for 2021 was ¥47,451,528.81, a significant turnaround from a loss of ¥315,540,892.51 in 2020, marking a 115.04% increase[23]. - The net profit after deducting non-recurring gains and losses was ¥31,426,081.68 in 2021, compared to a loss of ¥312,488,720.12 in 2020, reflecting a 110.06% improvement[23]. - The net cash flow from operating activities reached ¥41,720,435.83, a remarkable increase of 511.03% from a negative cash flow of ¥10,150,115.77 in 2020[23]. - The total assets at the end of 2021 were ¥1,509,599,827.46, up 30.17% from ¥1,159,685,022.93 at the end of 2020[23]. - The company's weighted average return on equity improved to 7.69% in 2021, compared to -41.90% in 2020, indicating a significant recovery[23]. Market Expansion and Product Development - The company plans to invest 200 million RMB in R&D for new LED technologies in 2022, focusing on Micro LED and COB technologies[18]. - The company is expanding its market presence in Southeast Asia, with plans to establish a new manufacturing facility in Vietnam by mid-2022[18]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market share in the LED industry[18]. - The company has launched and mass-produced Micro LED ultra-high-definition display products based on advanced COB integration packaging technology, enhancing its product structure and business ecosystem[40]. - The company is positioned as a leader in the 8K ultra-high-definition LED display market and has established strategic partnerships in the aerospace sector[40]. - The company anticipates further market penetration of LED conference all-in-one machines, with projected sales of commercial tablets expected to reach 700.6 thousand units in 2022, a growth rate of 31.3%[34]. - The company plans to innovate with lightweight LED glass wall displays, enhancing transparency and usability[94]. - The company is developing a high-quality conference all-in-one machine, aiming to capture the high-end market with new patents[93]. R&D and Innovation - The company has accumulated over 500 domestic and international patents, including more than 80 related to COB technology, establishing a robust intellectual property system[54]. - R&D expenses increased by 8% year-on-year, with over 500 domestic and international patents accumulated, including more than 80 related to COB technology[77]. - The company plans to apply for more than 2 new patents related to Micro LED technology during the project implementation period[95]. - The company aims to enhance its research and development capabilities to drive innovation and accelerate new product iterations[114]. Risks and Challenges - The company faces risks related to raw material price fluctuations, with a projected increase of 10% in material costs for 2022[6]. - The ongoing COVID-19 pandemic poses risks to raw material procurement and overall operational efficiency, prompting the company to adjust its business strategies accordingly[125]. - Rising raw material prices and supply chain volatility are risks that the company plans to mitigate through supply chain optimization and cost control measures[126]. - The company recognizes the risk of intensified market competition and technological innovation, emphasizing the need for continuous product development and customer service improvements[127]. Governance and Management - The company has established a complete and independent business system, including R&D, procurement, production, and sales, with no reliance on the controlling shareholder for operations[145]. - The company reported that its governance structure complies with the requirements set by the China Securities Regulatory Commission, ensuring clear responsibilities among decision-making, supervisory, and management bodies[134]. - The company has a performance evaluation and incentive mechanism in place for directors, supervisors, and senior management, which is transparent and compliant with legal regulations[139]. - The company has established specialized committees within the board, including a strategy committee and an audit committee, to enhance decision-making processes[137]. - The company has maintained independence in its operations, with no competition from the controlling shareholder's other businesses[145]. Employee and Community Engagement - The company has established a "Man Tie Assistance Fund" to support employees facing unexpected hardships[196]. - The company actively participates in social welfare activities, including donations and community support initiatives[198]. - The company has a strong governance structure and operates in accordance with the Company Law and Securities Law, with no serious violations reported[191]. - The company has implemented measures to ensure the protection of supplier and customer rights through fair business practices[197]. Financial Management - The company has a structured decision-making process for remuneration, with the shareholders' meeting determining the remuneration for directors and supervisors[164]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.5891 million[166]. - The company reported a total distributable profit of -69,373,722.90 CNY for the year 2021, indicating a negative profit situation[181]. - The cash dividend amount for the year was 0.00 CNY, with a cash dividend ratio of 0.00% of the total profit distribution[181].

Financial Performance - The company's revenue for Q3 2021 reached ¥355,548,224.80, representing a 34.76% increase compared to the same period last year[4] - Net profit attributable to shareholders was ¥24,705,221.25, a significant increase of 589.77% year-on-year[4] - The basic earnings per share (EPS) was ¥0.0707, reflecting a 590.97% increase compared to the same period last year[4] - The company's operating revenue for Q3 2021 was ¥923,286,225.01, representing a 40.59% increase compared to ¥656,700,355.88 in the same period last year[14] - The net profit for Q3 2021 was CNY 47,023,923.56, a significant increase compared to CNY 492,753.72 in Q3 2020, representing a growth of approximately 9,487%[30] - Operating profit reached CNY 48,159,053.01, compared to CNY 484,793.61 in the same period last year, indicating a substantial increase[30] - The total revenue from sales of goods and services was CNY 765,179,711.98, up from CNY 635,643,541.37 in the previous year[33] - The company reported a total comprehensive income of CNY 34,825,078.63, compared to a loss of CNY 2,448,714.19 in Q3 2020[31] - Basic and diluted earnings per share were both CNY 0.1290, a significant increase from CNY 0.0018 in the previous year[31] Revenue Growth - Domestic Micro LED ultra-high-definition display business revenue grew by 88% year-on-year, with Micro LED revenue increasing by 95%[8] - Overseas business revenue reached ¥5.35 billion, a 19% increase year-on-year, with LED display revenue growing by 46%[9] Cash Flow and Expenses - Cash flow from operating activities for the year-to-date period was ¥12,366,311.38, showing a 116.09% increase[4] - The net cash flow from operating activities improved significantly to ¥12,366,311.38, a 116.09% increase from a negative cash flow of ¥76,838,238.36 in the previous period[15] - The company's cash and cash equivalents decreased to CNY 193,332,237.18 as of September 30, 2021, down from CNY 253,029,247.75 at the end of 2020, a decline of approximately 23.6%[25] - The company incurred financial expenses of CNY 7,115,108.42, compared to CNY 9,012,180.00 in the previous year, showing a decrease[30] - The investment activities generated a net cash flow of -¥58,376,648.09, a decrease of 216.09% compared to a positive cash flow of ¥50,285,127.53 last year, mainly due to reduced inflows from bank financial products[15] - The investment activities resulted in a net cash outflow of CNY 58,376,648.09, contrasting with a net inflow of CNY 50,285,127.53 in Q3 2020[34] Assets and Liabilities - The total assets of the company increased to ¥1,429,426,818.28, a growth of 23.26% compared to the end of the previous year[4] - The total assets of the company reached CNY 1,429,426,818.28 as of September 30, 2021, compared to CNY 1,159,685,022.93 at the end of 2020, reflecting an increase of about 23.3%[27] - The total liabilities increased to CNY 767,365,011.56 as of September 30, 2021, from CNY 532,646,394.84 at the end of 2020, marking a rise of approximately 44.1%[27] - The company's inventory increased by 45.93% to ¥411,492,138.80, attributed to expanded sales and normal stock preparation[12] - The company's inventory as of September 30, 2021, was CNY 411,492,138.80, an increase from CNY 281,987,855.13 at the end of 2020, representing a growth of approximately 46%[25] Shareholder Information - The top shareholder, Li Mantie, holds 17.59% of the shares, with 46,120,882 shares pledged[16] - The total number of ordinary shareholders at the end of the reporting period was 23,681, with no preferred shareholders[16] Strategic Initiatives - The company launched a Micro LED private cinema, marking a milestone in its consumer product offerings[10] - The company implemented a stock option incentive plan for senior management and key personnel to enhance individual performance and attract talent[11] - The company plans to focus on expanding its market presence and developing new products and technologies in the upcoming quarters[18] - The company plans to grant 12,503,000 stock options under its second equity incentive plan, which represents about 3.58% of the total share capital[22] - The performance assessment indicators for the stock options are set to achieve revenue growth of no less than 46.55%, 132.04%, and 254.16% for the years 2021 to 2023 compared to 2020[22] Research and Development - The company's research and development expenses for the third quarter of 2021 were CNY 42,958,649.87, compared to CNY 37,664,898.68 in the same period of 2020, indicating an increase of about 13.1%[29] Other Financial Metrics - The company experienced an 82.16% decrease in other income, which fell to ¥342,899.43 from ¥1,921,903.70 in the previous year, mainly due to the absence of government subsidies[14] - The company reported a 113.98% increase in credit impairment losses, amounting to -¥4,931,936.82, attributed to higher provisions for bad debts[14] - The company's asset disposal income increased by 152.23% to ¥215,173.88, compared to a loss of -¥411,998.38 in the previous period[14] - The company experienced a foreign exchange loss of CNY 1,891,638.40 during the quarter[35]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥567,738,000.21, representing a 44.51% increase compared to ¥392,858,000.01 in the same period last year[23]. - The net profit attributable to shareholders of the listed company reached ¥20,398,275.42, a significant increase of 259.92% from ¥5,667,482.87 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was ¥16,000,896.79, compared to a loss of ¥1,096,440.82 in the same period last year, marking a 1,559.35% improvement[23]. - The net cash flow from operating activities was ¥11,825,844.37, a turnaround from a negative cash flow of ¥104,303,278.63 in the previous year, indicating an increase of 111.34%[23]. - Basic earnings per share increased to ¥0.06, up 200.00% from ¥0.02 in the same period last year[23]. - Total assets at the end of the reporting period were ¥1,328,424,039.17, reflecting a 14.55% increase from ¥1,159,685,022.93 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were ¥608,538,277.69, a slight increase of 1.32% from ¥600,629,074.50 at the end of the previous year[23]. - The weighted average return on net assets was 3.37%, up from 0.62% in the previous year, indicating improved profitability[23]. Revenue Breakdown - Domestic business revenue reached CNY 249 million, up 158% year-on-year, with domestic LED display business revenue at CNY 236 million, up 177% year-on-year[33]. - The Micro LED ultra-high-definition display business generated total revenue of CNY 196 million, a year-on-year increase of 147%, with domestic revenue up 177% compared to the previous year[34]. - The international display business achieved revenue of CNY 165 million, a year-on-year increase of 29%[38]. - The company’s LED lighting subsidiary, TuoXiang Technology, reported revenue of CNY 158 million, with significant growth in order intake despite shipping challenges due to the pandemic[40]. Market and Product Development - The global LED display market is expected to grow by 12% in 2021, driven by the recovery from the pandemic and increasing demand for large, ultra-high-definition displays[41]. - The compound annual growth rate for small-pitch LED displays is projected to be 27% from 2020 to 2024, with products below P1.1 expected to grow at a rate of 50%[41]. - The next-generation Micro LED ultra-high-definition display products based on COB advanced packaging technology are positioned as the best technical path for ultra-high-density small-pitch displays over 100 inches, with strong market demand and continuous scale benefits expected to be released[42]. - The company has developed a wide range of LED display products, including P0.6mm-P1.9mm displays that offer seamless splicing and high reliability, targeting various sectors such as security, emergency services, and transportation[44]. Operational Efficiency and Manufacturing - The production yield rate for COB products reached 98.49%, indicating improved manufacturing efficiency[36]. - The company has established a large LED packaging and display manufacturing base in Huizhou, Guangdong, and has set up an overseas factory in Vietnam for exporting LED smart lighting products, indicating a robust production capacity[48]. - The company has built a 10,000 square meter anti-static cleanroom in its Huizhou industrial park, equipped with advanced automated production lines, enhancing its manufacturing capabilities[53]. Financial Management and Investments - The company has recognized lease liabilities of ¥50,106,956.50, representing 3.77% of total liabilities, due to the implementation of new leasing standards[65]. - The company has invested in various bank financial products, with a total investment amount of 1,300 million CNY yielding an annualized return of 3.20%[76]. - The company has maintained a strategy of investing in low-risk, principal-protected bank financial products[76]. - The company has effectively managed its financial products, with no overdue amounts reported across its investments[75]. Risks and Challenges - The company faces risks including international trade policy fluctuations, raw material price increases, and intensified market competition[6]. - The company is facing risks from rising raw material prices, which could adversely affect production costs, and plans to optimize supply chain resources and adjust product pricing to mitigate these risks[85]. - The ongoing COVID-19 pandemic poses a risk to the company's performance, prompting it to adapt its business strategies and enhance domestic market coverage[90]. Corporate Governance and Shareholder Matters - The company did not distribute cash dividends or issue bonus shares for the half-year period[96]. - The annual shareholders' meeting had a participation rate of 43.65% on May 18, 2021[94]. - The company appointed a new director and vice president on May 18, 2021, following the resignation of a previous executive[95]. - The company has been actively engaging with institutional investors through various communication methods, including phone calls and on-site visits[91]. Legal and Compliance - The company has not been subject to any administrative penalties for environmental issues during the reporting period[107]. - There were no significant lawsuits or arbitration matters during the reporting period, and all cases involving the company have been resolved without major impact on operations[118]. - The company has not engaged in any major related party transactions during the reporting period[120]. Future Outlook - The company plans to continue expanding its market presence and invest in new product development to drive future growth[169]. - The company aims to enhance its product competitiveness and market share by leveraging its technological advantages in Micro LED display products[86].