Group 1 - The booming night economy has become a symbol of urban vitality, with leading companies like Leyard, Unilumin, and Absen expanding into cultural tourism and night tours, despite facing challenges such as high accounts receivable due to local government financial constraints [1][2] - In 2025, the LED display industry is expected to face oversupply risks, leading to new price competition, while traditional manufacturers are controlling costs and penetrating the market to compete for existing market share, which is compressing profit margins across the industry [2][3] - The integration of culture, tourism, and nighttime activities through cultural tourism night tours enhances interactive experiences for visitors, showcasing traditional culture while providing diverse nighttime experiences [2] Group 2 - Leyard's chairman expressed optimism about the development of cultural tourism night tours, highlighting the significant market demand in urban renewal and scenic area upgrades, and the company's strategy to create an ecological cooperation circle to drive growth [3] - Government support is crucial for the development of the night economy, with measures in place to encourage nighttime cultural and tourism consumption, including upgrading lighting and night scenes in commercial areas [3] - Leyard's accounts receivable stood at approximately 3.28 billion yuan, with a significant portion attributed to cultural tourism projects, leading to a provision for bad debts of about 168 million yuan in 2025 [4] Group 3 - The accounts receivable situation is concerning for both LED display companies and scenic area operators, with significant amounts owed by local government entities impacting cash flow and financial health [5][6] - The increasing total of overdue accounts and lengthening payment terms in the cultural tourism night tour sector highlight the critical role of "party A" companies' payment capabilities and willingness [6] - Recommendations include enhancing judicial penalties for overdue payments and establishing a credit evaluation system to improve the payment environment and address the issue of delayed payments [6]

Industry Overview - The audio-visual electronics industry is a core area of the digital economy and consumer upgrade, experiencing dual drivers of technological iteration and market demand [1] - China is the largest producer and consumer of audio-visual electronics globally, with an industry scale projected to reach 2.53 trillion yuan (approximately 350 billion USD) in 2024, accounting for 42% of the global market share, with a year-on-year growth of 11.2%, surpassing the global average growth rate [1] Future Projections - The China Electronic Information Industry Development Research Institute predicts that the scale of the audio-visual electronics industry in China will exceed 4 trillion yuan by 2027, with a compound annual growth rate (CAGR) of 15.6% from 2024 to 2027 [2] Key Segments - Major contributing sectors include display panels (38% share), smart TVs (22% share), and VR/AR devices (15% share) [2] Company Highlights - Digital Video Technology provides 4K/8K ultra-high-definition video processing solutions [3] - Leyard holds the largest global market share in LED displays, with Micro LED direct display products entering mass production [4]

1.【赛富乐斯发布T3系列全彩MicroLED微显示屏】6月10日，赛富乐斯（Saphlux LLC）正式发布 T3系列0.13英寸单片全彩MicroLED微显示屏，该产品采用赛富乐斯自主研发的纳米孔量子点技术， 在单片蓝光晶圆上通过量子点色转换实现RGB三色像素的高度集成。目前，公司正与合作伙伴利亚德 共同开发基于T1-0.13英寸单色微显示屏的AR眼镜，并计划于2025年底推出搭载T3-0.13英寸全彩 显示屏的新一代AR眼镜。（格隆汇） 2.【众擎机器人公布人形机器人直膝行走专利】天眼查显示，深圳市众擎机器人科技有限公司申请 的"一种人形机器人直膝行走的控制方法、装置和存储介质"专利公布。摘要显示，本专利用于提升人 形机器人在不同场景直膝行走的表现，包括采集人体步态数据；将人体步态数据进行动作重定向处理 等。（腾讯网） 3.【全球首条新型复合集流体高端材料生产线扬州投产】6月10日，新型复合集流体高端材料生产线 投产暨产品下线仪式在扬州市江都区博恒新能源新材料产业园举行。该项目的投产也成为了全球首条 新能源专用超薄增强可金属化薄膜双向拉伸生产线。此次投产的生产线，为扬州博恒科技联合全球设 备制造商德国布 ...

Core Viewpoint - The company, Leyard, has indicated that the current revenue contribution from integrated projects is still low, despite having years of experience and rich qualifications in this area. Starting this year, the company plans to focus on LED display products while gradually transforming into a comprehensive ecological service provider for software, content, operations, and services related to display product application scenarios [1]. Group 1 - The company has extensive experience and qualifications in integrated projects [1] - The revenue contribution from integrated projects is currently low [1] - The company aims to transition into a comprehensive service provider for display product applications [1]

Business Overview - The company has three main business segments, with the LED smart display segment accounting for over 85% of revenue [2] - The cultural tourism night tour segment previously contributed nearly 30% to revenue but has decreased to less than 10% since 2018 due to policy adjustments [2] - The virtual reality segment, established after acquiring NP in 2017, has maintained a leading position in optical motion capture technology [2] Revenue Distribution - As of 2024, overseas display business accounts for 45.64% of the LED smart display segment, aligning with the company's goal of balanced domestic and international development [2] - The Asia, Africa, and Latin America markets have seen a revenue increase of nearly 40%, with their contribution to overseas smart display revenue rising to 34% in 2024 [3] Sales Strategy - The company employs a dual sales model: direct sales with a team of approximately 300-400 people and channel sales through partners [2] - A "direct-channel integration" strategy has been adopted to enhance market penetration and customer engagement [2] AI and Spatial Computing Segment - The AI and spatial computing segment focuses on optical motion capture technology, with applications in various fields including film, gaming, and industrial inspection [4][5] - The company has developed multiple advanced technologies, including Lydia motion model and LydCap markerless motion capture [6] Future Plans - The company aims to enhance its product offerings, including Hi-Micro and quantum dot technologies, and expand its rental and outdoor screen product lines [12] - Plans for increased system integration and a shift towards becoming a comprehensive service provider for display product applications are underway [12] - The company is also venturing into the consumer market with AI+AR glasses and AI toys, with mass production planning in progress [12]

Core Viewpoint - The integration of technology and culture is a significant trend, with the company leveraging AI to empower the cultural tourism industry and drive industrial upgrades through an "AI + Display + Cultural Tourism" ecosystem [1][2]. Group 1: Company Initiatives - The company has achieved notable success in the cultural tourism sector, securing 9 out of 20 immersive cultural tourism demonstration cases recognized by the Ministry of Culture and Tourism, including projects like "Again Pingyao" and "Night Tour of Jinjiang" [1]. - The company aims to create a comprehensive "AI + Display + Cultural Tourism" ecosystem, focusing on resource integration and collaborative innovation to enhance cultural industry output, tax revenue, and employment [2]. Group 2: Talent Development - The company emphasizes the importance of creativity and content, seeking to strengthen partnerships with research institutions and enhance talent cultivation in the content creation field [2]. - Collaborations with prestigious universities such as Tsinghua University and Peking University have been established to develop new talent training models, ensuring a supply of high-skilled professionals to meet the company's needs [2].

Group 1 - The core viewpoint is that Micro LED is becoming an increasingly significant revenue driver for the company, expected to account for approximately 14% of revenue in 2024 and continue to grow in 2025 through enhanced market promotion and production capacity expansion [2] - The company has adopted a dual sales model in the domestic market, utilizing both direct sales and channel sales to meet the needs of vertical industry clients and expand into mid-tier and lower-tier markets [2] - The company has established a global strategy with teams centered in the US and Hong Kong to cover the European, American, and Asia-Pacific markets [2] Group 2 - The company initiated a "dual brand" strategy in the European and American markets in 2024, adding the "Leyard" brand to complement the existing "Planar" brand, aiming to cover high, medium, and low-end markets [3] - In the Asia-Pacific and Latin American markets, the company has set up a dedicated team and is focusing on mid-tier and lower-tier market clients, with revenue from this region expected to account for 34% of overseas smart display income in 2024, reflecting a nearly 40% year-on-year growth [3] - The company has established a factory in Slovakia and is planning to expand production capacity and product variety based on market conditions, while also accelerating the construction of a factory in Saudi Arabia for external production and sales [3]

Group 1: Company Overview and Technology - The company has a subsidiary, Natural Point (NP), which provides advanced motion capture systems, including the OptiTrack product, widely used in various fields such as VR gaming and biomechanics [1] - The company offers services in data development, robot training, spatial perception algorithms, and hardware solutions for robotics [2] Group 2: Sales and Market Strategy - The company employs a direct sales model and a channel sales model, with the latter being more prominent in overseas markets [3] - The company has established a global strategy, with increasing overseas revenue, particularly in the Americas and Asia-Pacific regions [4][5] Group 3: Market Expansion and Performance - The company has seen a significant increase in overseas revenue, with the Asia-Pacific region projected to account for 34% of overseas smart display revenue in 2024, reflecting a nearly 40% year-on-year growth [5] - The company has made strategic acquisitions and partnerships, such as the joint venture with Huaxia Film Group to enhance its presence in the cinema market [7] Group 4: Product Development and Future Outlook - Micro LED technology is expected to grow, with its revenue share projected to reach approximately 14% in 2024, with plans to further enhance production capacity and market outreach [8]

证券代码：300296 证券简称：利亚德 公告编号：2025-037 利亚德光电股份有限公司 关于选举产生第五届董事会职工代表董事的公告 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。 特此公告。 利亚德光电股份有限公司董事会 2025 年 5 月 26 日 附件：孙铮简历 孙铮先生，1983 年出生，中国国籍，无境外永久居留权，硕士研究生学历。 2005 年 5 月至 2009 年 3 月，任北京松下电子部品有限公司技术担当职位；2010 年 5 月至 2018 年 7 月，任公司研发工程师、产品经理、产品副总监等职位；2019 年 2 月至 2022 年 2 月，任三星（中国）投资有限公司售前技术经理职位；2022 年 3 月至今，任公司产品总监职位；2023 年 11 月至 2025 年 5 月 15 日任本公司 监事。 截止本公告日，孙铮先生直接持有公司股份 150,000 股，与公司实际控制人 及其他董事和高级管理人员及持有公司 5%以上有表决权股份的股东不存在关联 关系，未受过中国证监会及其他有关部门的处罚和证券交易所惩戒，不存在因涉 嫌犯罪被司法 ...

Group 1 - The core viewpoint of the article highlights the importance of digital transformation and green supply chains in enhancing competitiveness and fulfilling social responsibilities in the logistics and manufacturing sectors [3][5][8] - Liard has launched AI-enhanced reality glasses that incorporate AI interaction, teleprompter, and multilingual translation, weighing only 45 grams, suitable for outdoor use [2][4] - The establishment of a complete green supply chain is essential for producing low-carbon products, and digitalization plays a crucial role in this transformation [2][4] Group 2 - YTO Express emphasizes that digital technology is a key tool for building a green supply chain, addressing challenges such as outdated supplier management systems and inefficiencies in inventory and acceptance processes [3][4] - Liard has implemented a Supplier Relationship Management (SRM) system to achieve full lifecycle management of suppliers, improving supply chain efficiency and reducing carbon footprints [4][5] - The article discusses the challenges faced by small and medium-sized suppliers in keeping pace with larger chain leaders in digital transformation and green initiatives [5][6] Group 3 - The lack of standardized assessment criteria and transparent evaluation mechanisms for suppliers hinders the verification of their sustainability efforts [7][8] - YTO Express has introduced a Supplier Management Policy that incorporates ESG considerations into procurement requirements, while Liard has upgraded its procurement standards to include sustainability criteria [7][8] - The article suggests that chain leaders have a responsibility to assist small suppliers in upgrading their capabilities while also having the right to optimize their supply ecosystem from a commercial perspective [8]