证券代码：300296 证券简称：利亚德 公告编号：2025-033 利亚德光电股份有限公司 关于召开 2024 年年度股东大会提示性通知的公告 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。 经利亚德光电股份有限公司（以下简称"公司"）第五届董事会第二十九次 会议决议，公司定于2025年5月15日召开2024年年度股东大会，会议通知的具体 内容详见公司于2025年4月24日在中国证监会指定的创业板信息披露平台披露的 《关于召开2024年年度股东大会的通知》 （公告编号：2025-031）。为进一步保护 投资者的合法权益，方便公司股东行使股东大会表决权，完善本次股东大会的表 决机制，现将2024年年度股东大会的有关安排再次公告如下： 一、召开会议的基本情况 董事会第二十九次会议审议通过，召开程序符合有关法律、行政法规、部门规章、 规范性文件和《利亚德光电股份有限公司章程》的有关规定； 现场会议日期和时间：2025年5月15日（星期四）下午14:30 网络投票日期和时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025年5月15日上午9:15-9: ...

一、召开会议的基本情况 1、股东大会届次：2024年年度股东大会 2、股东大会召集人：利亚德光电股份有限公司董事会 3、会议召开的合法、合规性：召开2024年年度股东大会议案经公司第五届 董事会第二十九次会议审议通过，召开程序符合有关法律、行政法规、部门规章、 规范性文件和《利亚德光电股份有限公司章程》的有关规定； 证券代码：300296 证券简称：利亚德 公告编号：2025-033 利亚德光电股份有限公司 关于召开 2024 年年度股东大会提示性通知的公告 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。 经利亚德光电股份有限公司（以下简称"公司"）第五届董事会第二十九次 会议决议，公司定于2025年5月15日召开2024年年度股东大会，会议通知的具体 内容详见公司于2025年4月24日在中国证监会指定的创业板信息披露平台披露的 《关于召开2024年年度股东大会的通知》（公告编号：2025-031）。为进一步保护 投资者的合法权益，方便公司股东行使股东大会表决权，完善本次股东大会的表 决机制，现将2024年年度股东大会的有关安排再次公告如下： 4、会议召开日期 ...

Core Insights - The large screen splicing system industry has experienced rapid growth and has become an essential core infrastructure for information visualization, driven by increasing demand for information technology in critical areas such as monitoring and command centers [1][13] - The market size of the large screen splicing system in China is expected to reach 423 thousand units in sales volume and 8.82 billion yuan in sales revenue by 2024, representing year-on-year increases of 8.43% and 9.02% respectively [1][13] Industry Overview - The large screen splicing system consists of high-brightness, high-resolution display walls made up of individual projection display units, controlled by image processing software [3][7] - The main components include the projection wall, projector array, and control system, with the control system being the core [3][7] Product Types and Applications - The main types of products in the market include LCD, DLP, and PDP, each with distinct advantages and disadvantages [5][6] - LCD: Low power consumption, lightweight, long lifespan, but cannot achieve seamless splicing [5][6] - DLP: Very small seams, better full-screen image display, but has lower brightness and higher costs [5][6] - PDP: Uniform brightness and color, but lower reliability and higher power consumption [5][6] Industry Chain - The industry chain consists of upstream raw materials and components, midstream assembly companies, and downstream application fields such as public security, transportation, government, finance, and energy [7][9] Market Trends - The integration of artificial intelligence technology is expected to diversify application scenarios, enhancing the functionality of large screen splicing systems [21] - The industry is witnessing increasing concentration, with domestic and international companies intensifying R&D and market expansion efforts [22] - Collaborative development within the industry chain is anticipated to drive technological innovation and market growth [24] Competitive Landscape - The competitive landscape is characterized by both international brands with strong technological advantages and domestic companies focusing on cost-effectiveness and service quality [15][19] - Key players include GQY Vision, Weichuang Group, and Beijing CaiXun Technology, among others, each specializing in various aspects of the large screen splicing system [17][19]

以色列总理内塔尼亚胡表示，以色列军方对准备袭击叙利亚德鲁兹社区的极端分子进行了警告性打击。 ...

Financial Performance and Challenges - In 2024, the company's financial performance was impacted by goodwill impairment and other write-downs, with goodwill reducing from over 2.7 billion to 130 million after the impairment [1] - Excluding these impairments, the company remained profitable from an operational perspective [1] - Increased market competition in 2024 led to significant adjustments in the company's strategy, particularly in the domestic market [1] Strategic Adjustments - The company adopted a "direct channel integration" sales strategy, transitioning to a provincial-level management approach to enhance market penetration [2] - Major changes were made in overseas market operations, including a new CEO and a unified management approach across core departments [2] - Cost reduction and efficiency improvements were prioritized through digital transformation and organizational restructuring [2] Future Outlook and Goals - The company aims to achieve a performance rebound in 2025, marking the beginning of a new strategic cycle with a focus on AI and innovative visual effects [3] - Key objectives for 2025 include profit-centered assessments across all business units and subsidiaries [4] Product Development and Market Expansion - The company plans to accelerate the development and promotion of new products, particularly the Hi-Micro product line, which features significant technological advancements [5] - Micro LED products are expected to become a major revenue driver, with an anticipated revenue share of approximately 14% in 2024, projected to increase in 2025 [9] - The company is expanding its overseas market presence by enhancing product offerings and establishing local manufacturing capabilities [10][12] AI and Technology Integration - The company is leveraging core optical motion capture technology to expand into AI and robotics sectors, enhancing its product offerings [6] - An internal AI service platform has been developed to improve operational efficiency, alongside external AI-integrated products for consumer markets [7] Investor Insights - The Hi-Micro product line primarily focuses on 0.6mm and 0.7mm pixel pitches, achieving a yield rate of 99.99% [8] - The company has minimized the risk of future goodwill impairments, with the current goodwill balance at 130 million [13]

Group 1: 2024 Performance Analysis - The company's performance in 2024 was impacted by goodwill impairment and other write-downs, with goodwill peaking at over 2.7 billion and reducing to 130 million after impairment [1] - Excluding these impairments, the company remained profitable from an operational perspective [1] - Increased market competition in 2024 led to significant adjustments in the company's strategy, including a severe decline in channel orders and low profit margins [1] Group 2: Strategic Adjustments - The company adopted a "direct channel integration" sales strategy, transitioning to a provincial-level management approach to enhance market penetration [2] - Major adjustments were made in overseas markets, including a change in CEO and a unified management approach across core departments [2] - Cost reduction and efficiency improvements were prioritized through digital transformation and organizational restructuring [2] Group 3: 2025 Focus Areas - All business units will be assessed based on profit-centric metrics [4] - The display segment will focus on domestic direct channel integration and overseas dual-brand strategies, with accelerated development of new products like Hi-Micro [4][5] - The company aims to enhance its system integration capabilities and transition towards becoming a comprehensive service provider in display applications [5] Group 4: AI and Space Computing - The company is expanding its core optical motion capture technology and integrating AI with robotics, enhancing its offerings in special industries [6][7] - An internal AI service platform has been established to improve operational efficiency, alongside external AI-integrated products [7] Group 5: Overseas Market and Production - The overseas business has grown from 30% in 2021 to 45.64% in 2024, with North American operations accounting for about 20% of revenue [8] - The company has established a factory in Slovakia to mitigate trade war impacts, with plans to accelerate construction of a factory in Saudi Arabia [9][10] Group 6: NP Company Performance - NP Company reported a revenue of 282 million with a net profit of 60-70 million in 2024, but faced a decline due to reduced demand in the U.S. and operational disruptions [11] - The goodwill impairment was a result of various factors, including a significant drop in revenue and operational challenges [12] Group 7: Cultural Tourism and Future Prospects - The cultural tourism segment generated 710 million in revenue in 2024, maintaining a steady 10% share of total revenue, but faced profitability challenges [12] - The company is poised to leverage new government policies to enhance cash flow and expand its service offerings in the cultural tourism sector [12]

证券代码：300296 证券简称：利亚德 利亚德光电股份有限公司投资者关系活动记录表 编号：2025-06 | | □特定对象调研 □分析师会议 | | --- | --- | | 投 资 者关 | □媒体采访 ■业绩说明会 | | 系 活 动类 | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他（电话会议） | | 参 与 单位 | 线上参与说明会的投资者 | | 名 称 及人 | | | 员姓名 | | | 时间 | 2025 年 4 月 25 日 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 投关易"利亚德 IR"微信小程序 | | | 董事长、总经理：李军先生 | | 上市公司 | 董事、副总经理、董事会秘书：刘阳女士 | | 接待人员 | 独立董事：肖建华女士 | | 姓名 | 独立董事：李哲先生 | | | 财务负责人：张晓雪女士 | | | 本次线上业绩说明会投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复，主要内容如下： | | 投 资 者关 | | ...

证券代码：300296 证券简称：利亚德 利亚德光电股份有限公司投资者关系活动记录表 编号：2025-05 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投 资 者关 | □媒体采访 | ■业绩说明会 | | 系 活 动类 | □新闻发布会 | □路演活动 | | 别 | □现场参观 | | | | ■其他（电话会议） | | | | 朱思 | 国投证券 | | | 李昊泽 | 嘉实基金管理有限公司 | | | 刘玉江 | 鹏华基金管理有限公司 | | | 曾梦雅 | 宝盈基金管理有限公司 | | | 桑永亮 | 华夏久盈资产管理有限责任公司 | | | 亓辰 | 广东正圆私募基金管理有限公司 | | | 陈伟 | 博时基金管理有限公司 | | | 胡斌 | 华夏基金管理有限公司 | | 参 与 单位 | 董万江 | 同泰基金管理有限公司 | | 名 称 及人 | 曾质彬 | 广发基金管理有限公司 | | 员姓名 | 姚铁睿 | 广发基金管理有限公司 | | | 龚剑成 | 浦银安盛基金管理有限公司 | | | 胡纪元 | 长城财富保险资产管理股份有限公司 | | ...

Core Viewpoint - Liard's 2024 performance fell short of expectations, with a significant decline in revenue and net profit due to various factors including impairment losses and weak domestic demand [1][2]. Financial Performance - In 2024, Liard reported revenue of 7.15 billion yuan, a year-on-year decrease of 6%, and a net profit attributable to shareholders of -889 million yuan, marking a shift to loss [1]. - For Q4 2024, the company achieved revenue of 1.685 billion yuan, a 6% increase year-on-year, but net profit was -1.071 billion yuan, indicating a loss compared to the previous year [1]. - In Q1 2025, revenue was 1.664 billion yuan, down 8% year-on-year, with net profit of 77 million yuan, a decline of 24% [1]. Business Segments - In the smart display segment, revenue was 6.109 billion yuan, down 6% year-on-year, with a gross margin decrease of 1.61 percentage points to 27.70% due to weak domestic demand [2]. - The cultural tourism night tour segment generated revenue of 710 million yuan, a 5% decline, with gross margin down 6.38 percentage points to 17.79% due to intensified competition and weak market demand [2]. - The AI and spatial computing segment reported revenue of 307 million yuan, a 13% decrease, attributed to declining demand and delays in new product evaluations and production [2]. Development Trends - The impact of goodwill impairment is expected to be minimal moving forward, with Liard's goodwill balance at approximately 130 million yuan after a 632 million yuan impairment in 2024 [3]. - Liard's Micro LED products are progressing steadily, targeting mid-to-high-end clients with a pitch range of 0.4-1.8mm [3]. - The company is entering the embodied intelligence field, launching the OptiTrack optical motion capture system and establishing a joint laboratory for embodied intelligence solutions [3]. Earnings Forecast and Valuation - The estimated EPS for 2025 is maintained at 0.17 yuan, with a new estimate of 0.19 yuan for 2026, corresponding to P/E ratios of 35.8x and 32.2x respectively [4]. - The target price for Liard has been raised by 18% to 6.50 yuan, reflecting an upward adjustment in valuation due to advantages in Micro LED and embodied intelligence sectors, indicating an 8% upside potential compared to current levels [4].

Core Viewpoint - Liard (300296) faces mixed results in its 2024 annual report, highlighting both significant growth in MicroLED technology and challenges in its main business operations, including goodwill impairment and cash flow issues [2][8]. Group 1: Positive Developments - MicroLED revenue doubled in 2024, with the company overcoming technical barriers and achieving a monthly production capacity of 1,200kk, with plans for further expansion by Q3 2025 [4]. - The company has entered the embodied intelligence sector, launching a robot training solution and establishing a joint laboratory, showcasing its capabilities in various robotic applications [6]. - The Asia, Africa, and Latin America markets showed resilience, with a 40% year-on-year revenue increase, contributing to 34% of overseas smart display revenue [7]. Group 2: Challenges Faced - Domestic revenue declined due to weak downstream demand and adjustments in the sales strategy, although overseas revenue grew by approximately 10% [10]. - The company recorded a goodwill impairment of 632 million yuan, primarily due to challenges faced by its acquired company NaturalPoint, which suffered from a decline in demand and operational disruptions [11]. - Cash flow pressures were noted, with extended payment cycles affecting the company's financial efficiency [12]. Group 3: Strategic Transformation - Liard is transitioning towards a technology ecosystem model, focusing on AI integration across its display, cultural tourism, and spatial computing sectors [13]. - The company aims to enhance its B2B offerings by providing integrated LED display solutions and expanding into new fields such as smart cultural tourism and digital exhibitions [15]. - Plans to penetrate the consumer market include launching the world's first MicroLED movie screen and AR glasses, with a focus on supply chain integration and ecosystem collaboration [16].