Group 1 - The core point of the article is that Liard (SZ 300296) announced the convening of its 33rd meeting of the fifth board of directors on November 20, 2025, to discuss internal restructuring of equity in its cultural tourism night tour subsidiary [1] - For the first half of 2025, Liard's revenue composition is entirely from the LED industry, accounting for 100.0% [1] - As of the time of reporting, Liard's market capitalization stands at 16.9 billion yuan [1]

Core Viewpoint - Liard has merged its two business segments, cultural tourism and night economy, into a single segment called "Cultural Tourism Night Economy" to better align with its development strategy and maximize synergies between the two segments [1] Group 1: Business Restructuring - The company plans to transfer 100% equity of Liard Smart Technology Group Co., Ltd. to its wholly-owned subsidiary, Guangzhou Lifeng Cultural Technology Co., Ltd., through a non-compensatory transfer [1] - After the transfer, Lifeng Cultural will hold 100% equity of Liard Smart Technology, while the company will remain the actual controller of Liard Smart Technology [1] - This transaction is an internal equity structure adjustment, and the company's consolidated financial statement scope will not change [1] Group 2: Strategic Objectives - The restructuring aims to optimize the group's operational management model and improve the operational efficiency of its subsidiaries [1] - The board of directors has authorized the management team to organize and handle the relevant matters related to this equity restructuring [1]

Core Viewpoint - Liard has merged its two business segments, cultural tourism and night economy, into a single segment called "Cultural Tourism Night Tour" to better align with its development strategy and maximize synergies between the two segments [1] Group 1: Business Restructuring - The company plans to transfer 100% equity of Liard Smart Technology Group Co., Ltd. to its wholly-owned subsidiary, Guangzhou Lifeng Cultural Technology Co., Ltd., through a non-compensatory transfer [1] - After the transfer, Lifeng Cultural will hold 100% equity of Liard Smart Technology, while the company will remain the actual controller of Liard Smart Technology [1] - This transaction is an internal equity structure adjustment, and the company's consolidated financial statement scope will not change [1] Group 2: Strategic Objectives - The restructuring aims to optimize the group management model and improve the operational efficiency of subsidiaries [1] - The board of directors has authorized the management team to organize and handle the relevant matters of this equity restructuring [1]

证券代码：300296 证券简称：利亚德 公告编号：2025-055 利亚德光电股份有限公司 关于文旅夜游板块子公司股权内部重组的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、交易概述 1、基于市场变化和新的发展机遇，公司已于 2021 年将文旅新业态和夜游经 济两大业务板块合并为"文旅夜游"一个业务板块。为更好地匹配公司的发展战 略，最大化发挥两大业务板块的协同优势，优化集团化经营管理模式，提高子公 司的运营效率，利亚德光电股份有限公司（以下简称"利亚德"或"公司"）拟 将所持有的利亚德智慧科技集团有限公司（以下简称"利亚德智慧科技"）100% 股权通过无偿划转的方式转让给利亚德全资子公司广州励丰文化科技股份有限 公司（以下简称"励丰文化"）；转让完成后励丰文化将持有利亚德智慧科技 100%股权，公司仍为利亚德智慧科技的实际控制方（以下简称"本次股权划转"）。 2、公司已于 2025 年 11 月 20 日召开的第五届董事会第三十三次会议审议通 过相关议案，本次交易无需提交股东会审议。 3、本次交易为公司内部股权结构调整，公司合并报表范围不发生变 ...

证券代码：300296 证券简称：利亚德 公告编号：2025-054 利亚德光电股份有限公司 第五届董事会第三十三次会议决议公告 二、董事会会议审议情况 经与会董事讨论、以记名投票表决的方式表决，通过以下议案： （一） 审议通过《关于文旅夜游板块子公司股权内部重组的议案》。 公司拟将所持有的利亚德智慧科技集团有限公司（以下简称"利亚德智慧科 技"）100%股权通过无偿划转的方式转让给公司全资子公司广州励丰文化科技 股份有限公司（以下简称"励丰文化"）；转让完成后励丰文化将持有利亚德智 慧科技100%股权（以下简称"本次划转"），公司仍为利亚德智慧科技的实际 控制方。本次划转是基于公司发展战略、业务和管理上需求，为进一步实行集团 化经营管理模式，提高文旅夜游板块整体运营效率而进行的，为公司内部股权结 构的调整，不会对公司的生产经营、财务状况产生重大不利影响，因此董事会一 致同意本次子公司股权内部重组事项，并授权公司经营层负责组织并办理本次股 权重组的相关事宜。 表决结果：赞成6票，反对0票，弃权0票；本议案获得通过。 具体内容详见公司于本公告同日在中国证监会指定的创业板信息披露平台 披露的《关于文旅夜游板块子公 ...

Market Overview - The primary economic sector experienced a slight decline of 0.04% compared to the previous trading day, with *ST Yazhen leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Miao Exhibition (300795) with a closing price of 14.60, up 3.55% on a trading volume of 97,800 shares and a turnover of 144 million [1] - Remote Technology (002291) closed at 7.06, up 3.37% with a trading volume of 540,900 shares and a turnover of 376 million [1] - Major decliners included: - *ST Yazhen (603389) closed at 45.89, down 4.99% with a trading volume of 32,300 shares and a turnover of 149 million [2] - Kai Kai Industry (600272) closed at 14.83, down 4.14% with a trading volume of 312,500 shares and a turnover of 46.3 million [2] Capital Flow - The primary economic sector saw a net outflow of 113 million from main funds, while speculative funds had a net inflow of 37.65 million, and retail investors saw a net inflow of 75.09 million [2] - Specific stock capital flows indicated: - Miao Exhibition had a main fund net inflow of 21.1 million, while retail investors experienced a net outflow of 22.96 million [3] - Remote Technology had a main fund net inflow of 13.22 million, with retail investors seeing a net outflow of 19.80 million [3]

Core Insights - The "2025 Metaverse and Intelligent Technology Industry Most Potential Investment Value Attention List" has recognized Liard and its subsidiary Virtual Motion as leading companies in the industry, awarding them the titles of "Annual Industry Leader" and "Annual Industry Innovation Company" respectively [1][3] Group 1: Evaluation and Recognition - The evaluation aimed to identify and honor companies in the metaverse and intelligent technology sectors that lead industry development, possess core technologies, and demonstrate significant innovation and future potential [3] - An expert review panel assessed approximately 550 participating companies based on multiple dimensions, including technological breakthroughs, market application prospects, capital attention, industry chain collaboration, and sustainable development potential [3] Group 2: Strategic Developments - Liard acquired Natural Point in 2017, establishing Virtual Motion as a cornerstone for entering the AI sector, which has led to a strategic layout in AI and spatial computing [3] - The company has achieved steady annual profit growth by leveraging its leading optical motion capture technology [3] Group 3: Industry Applications - Liard and Virtual Motion have established core advantages across various fields, including film, gaming, animation, cultural tourism, healthcare, education, sports, and performing arts, creating a bridge between the real and digital virtual worlds [3] - In the gaming industry, they have empowered the production of character movements for major titles such as "Black Myth: Wukong," "NBA 2K," and "Call of Duty" [5][7] - In the film industry, they have provided motion capture technology support for 69% of Hollywood productions, including domestic works like "The Three-Body Problem," "The Wandering Earth," and "Fengshen" [7][11] Group 4: VR and Robotics - The company has contributed to various global VR large space projects, enhancing cultural and technological integration [11] - In the field of embodied intelligence, Liard has collaborated with multiple robotics manufacturers and educational institutions to establish a comprehensive industry layout, supporting the transition from "single-point breakthroughs" to "scaled implementation" [13][15] - The company has achieved breakthroughs in research, exemplified by a human-robot table tennis match with 106 consecutive hits [17]

Group 1 - The core viewpoint of the article is that Liard (300296.SZ) is collaborating with Rokid to explore innovative experiences in cultural tourism scenarios using AR technology [2] - Rokid is recognized as a pioneer in the AI/AR glasses field, having developed mature AR products with applications in cultural tourism [2] - Liard has extensive experience in the cultural tourism and exhibition markets, having built a strong customer base over the years, which will help meet the growing demand for immersive interactive experiences [2]

Group 1 - The core viewpoint of the article highlights the challenges in sales channels for new products like AR glasses and AI toys, emphasizing the need for effective sales strategies to achieve market penetration [2] - The company, Leyard, is currently in the expansion phase for its To C product series, indicating a focus on growing its consumer market presence [2] - The AI Baiji toy is primarily sold through the JD platform, while the AR glasses are available via Leyard's service platform, showcasing the company's multi-channel sales approach [2]

Core Viewpoint - The consumer electronics and optical electronics industry is witnessing accelerated new product launches and strategic expansions into emerging markets, particularly in the automotive and robotics sectors, as companies aim to inject new growth momentum into the industry [1] Group 1: New Product Launches - Several companies are focusing on terminal innovations, with products like the Antigravity panoramic drone expected to enter trial sales by Q4 2025, indicating a strong commitment to new market segments [2] - Liard has launched AR glasses and AI interactive toys, with its first AR glasses featuring multiple functionalities such as translation and meeting minutes, targeting sectors like culture and office [3] Group 2: Industry Response and Technological Advancements - Companies are increasing R&D investments in lightweight materials and advanced manufacturing techniques to enhance product value, with a focus on the growing market for foldable screens [4] - The AI consumer electronics sector is projected to accelerate in the second half of next year, driven by market growth and companies' vertical integration capabilities [4] Group 3: Automotive and Robotics Sector Developments - Huajin Technology expects its automotive electronics revenue to exceed 1 billion yuan for the first time this year, with breakthroughs in smart cockpits and intelligent driving [5] - Companies like Tuobang are expanding into smart automotive products, including charging stations and laser radar motors, with significant growth in laser radar shipments anticipated [6] - Fuliwang is transitioning to the humanoid robot parts market, investing 1 billion yuan in a new manufacturing base expected to be operational by the end of 2027, indicating a strategic pivot towards future technologies [7]