Core Viewpoint - The LED connector industry in China is experiencing significant growth, driven by the expansion of the LED lighting market and increasing demand for high-performance connectors in various applications [1][14]. Group 1: Industry Overview - LED connectors are essential components for electrical circuit connectivity and insulation protection, directly impacting the stability of LED lighting [4][14]. - The connectors must possess excellent electrical characteristics, mechanical properties, and durability, while also being compact, cost-effective, easy to install, and long-lasting [14]. - The market size for LED connectors in China is projected to reach approximately 13.494 billion yuan in 2024, with a year-on-year growth of 8.3%, primarily due to the continuous expansion of the LED lighting market [1][14]. Group 2: Industry Development History - The Chinese LED connector industry has evolved through several stages: from its inception (1940-1978), initial application (1979-1989), rapid growth (1990-2000), to the current phase of technological innovation and diversification (2001-present) [6]. - The industry has transitioned from relying on imported technologies to establishing a complete domestic supply chain, with a wide variety of products now available [6]. Group 3: Industry Chain - The upstream of the LED connector industry chain includes raw materials such as copper, aluminum, steel, and plastics, while the midstream involves the manufacturing of connectors, and the downstream encompasses applications in LED lighting, displays, and automotive lighting [8]. Group 4: Market Trends - The demand for LED connectors is expected to grow as applications expand beyond traditional lighting to include electric vehicles, outdoor displays, and high-end commercial lighting [24]. - The industry is focusing on technological upgrades and innovations, with an emphasis on high-performance and reliability, as well as the integration of smart features into connectors [23]. Group 5: Key Companies - Major domestic companies in the LED connector sector include Shenzhen Changying Precision Technology Co., Ltd., Shenzhen Derun Electronics Co., Ltd., and Leyard Optoelectronic Co., Ltd., among others [2][16]. - These companies are leveraging their strengths in cost, supply capability, and service responsiveness, although there remains a technological gap compared to international competitors [16].

Group 1 - The company Liard has maintained its position as the global leader in LED display products for seven consecutive years, holding an 85% market share in China, the largest producer and consumer of LED displays globally [3][8]. - Liard is focusing on the development of Micro LED technology, which allows for pixel spacing below 0.4mm, enhancing the display's contrast, brightness, and integration, making it suitable for consumer electronics and automotive applications [8][14]. - Despite a slowdown in market growth and increased competition, Liard believes that the LED display industry remains a sunrise industry with potential for further expansion [8][15]. Group 2 - Liard's revenue structure has changed significantly, particularly with a sharp decline in its cultural tourism and night economy business, which dropped to 8.06 billion yuan in 2020, a 40% decrease [27]. - The company has expanded its marketing and service network globally, with overseas revenue from intelligent display business projected to reach 2.788 billion yuan in 2024, providing a new growth point [27][28]. - Liard has been proactive in the AI field, acquiring a U.S. company specializing in motion capture in 2016, and is now leveraging this technology in various applications, including gaming and film [28][29]. Group 3 - Liard's R&D personnel increased by 35 in 2024, representing 20.36% of the workforce, indicating a commitment to innovation and internal development [30]. - The company emphasizes a strong corporate culture focused on shared prosperity and employee engagement, which is seen as crucial for attracting and retaining talent [30][35]. - Liard aims to become a centennial enterprise, seizing opportunities in the AI sector, which is viewed as critical for the next 30 years of development [36].

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近年来，夜间经济的繁荣发展逐渐成为城市活力的标志之一。利亚德、洲明科技、艾比森等行业龙头企 业依托优势，跨界加码文旅夜游。不过，由于地方政府财政收支紧张，应收账款高企成为上述企业面对 的现实难题。2025年，在国内文旅产业复苏背景下，城市更新、景区提升、夜间经济带来"光显+内 容"需求，但对企业而言仍需克服回款挑战。 LED显示企业跨界加码文旅夜游 调查发现，2025年LED显示企业供给过剩风险或将引发新一轮价格竞争压力。与此同时，传统厂商也通 过成本控制与跨间距市场渗透策略争夺存量市场，倒逼全行业利润空间收缩，在此背景下行业企业加码 文旅夜游，拓展新的增长空间。 根据洛图科技（RUNTO）发布的《中国大陆小间距LED显示屏市场分析季度报告》，2025年第一季 度，中国小间距LED显示屏市场延续"量额背离"走势，技术普惠化导致同质化竞争加剧，头部厂商主动 发起价格攻势，降价消化库存。 对于龙头上市公司来说，出货量的增长并未带来销售额的增加，2024年利亚德、洲明科技、艾比森等企 业LED显示板块销售额均出现下滑，2025年一季度业绩整体亦不乐观。2024年，利亚德智能显示板块营 业收入较上年同比下降6.03% ...

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 ...

智通财经6月3日电，利亚德(300296.SZ)在接受机构调研时表示，公司做集成项目有多年经验也有丰富 的资质，只是目前集成项目占公司营收比重还很低，从今年开始公司将在专注LED显示产品的同时，逐 步向成为显示产品应用场景的软件、内容、运营及服务的整体生态服务商转型。 利亚德：目前集成项目占公司营收比重还很低 ...

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].

对于欧美市场，利亚德于2015年11月收购美国平达（Planar），并自此以开启海外LED显示大规模推广。2024 年，面对欧美市场租赁屏需求的增长，以及交通枢纽、商业综合体等场景对数字化展示升级的趋势，利亚德 正式启动"双品牌"策略，在原有"Planar"品牌基础上，新增"Leyard"品牌，对高、中、低端市场进行全面覆 盖。在管理层面，更换平达CEO，扩大销售队伍，重塑业绩考核与激励机制，加大LED租赁屏、户外显示、 一体机等产品的销售，为业务的稳步增长奠定了基础。 利亚德以直销模式起家，2017年开始随着LED小间距产品的下沉，大规模启动渠道销售模式；目前，国内市 场采用直销和渠道两种销售模式，以满足垂直行业客户的需求和拓展中端及下沉市场的需求；海外市场对产 品标准化程度要求较高，基本采用渠道销售模式；除直销和渠道模式外，辅助采用租赁和电子商务模式。 全球化战略布局方面，目前，利亚德已建立了以"美国平达"为中心的欧美市场团队和以"香港利亚德"为中心 的亚非拉市场团队。 近日，利亚德在接受机构调研时表示，Micro LED这几年占我们显示板块营收的比重逐年有提升，2024年占比 约14%。2025年，一方 ...