Financial Performance - The company's operating revenue for Q1 2025 was ¥1,663,668,423.06, representing a decrease of 7.59% compared to ¥1,800,393,025.48 in the same period last year[5] - Net profit attributable to shareholders was ¥76,554,928.11, down 24.37% from ¥101,223,559.49 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥61,650,441.25, a decline of 25.53% compared to ¥82,782,750.00 in the previous year[5] - The basic earnings per share decreased by 29.25% to ¥0.0283 from ¥0.0400 in the same period last year[5] - The net profit for the current period is 80,057,541.75, a decrease of 20.7% compared to 100,886,728.98 in the previous period[24] - The total comprehensive income for the current period is 75,528,984.34, down from 95,141,352.09 in the previous period, reflecting a decline of 20.7%[25] - The operating profit for the current period is 89,483,060.14, compared to 113,873,338.01 in the previous period, indicating a decrease of 21.4%[24] - The company’s total revenue from sales of goods and services is 1,640,768,085.58, down from 1,762,281,545.53 in the previous period, a decrease of 6.9%[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,800,382,044.94, an increase of 0.64% from ¥13,712,893,523.87 at the end of the previous year[5] - Total liabilities decreased to CNY 5,446,073,889.78 from CNY 5,564,339,374.62, a reduction of 2.1%[22] - Shareholders' equity attributable to the company increased by 2.77% to ¥8,120,298,065.75 from ¥7,901,743,921.69 at the end of the previous year[5] - Shareholders' equity increased to CNY 8,354,308,155.16 from CNY 8,148,554,149.25, reflecting a growth of 2.5%[22] Cash Flow - The cash flow from operating activities was ¥138,680,632.40, down 13.52% from ¥160,363,107.84 in the same period last year[5] - Cash inflow from financing activities reached ¥177,386,290.74, a significant increase of 7253.62% driven by liquidity borrowings[13] - Cash outflow for financing activities decreased by 72.51% to ¥34,593,607.37, resulting from reduced repayments of liquidity borrowings[13] - Net cash flow from financing activities improved by 215.70% to ¥142,792,683.37, due to increased liquidity borrowings and decreased repayments[13] - The net increase in cash and cash equivalents was ¥181,233,138.18, representing a 2046.15% increase, attributed to higher liquidity borrowings[13] - Cash and cash equivalents at the end of the period are CNY 2,841,183,502.47, an increase from CNY 2,639,859,194.88 at the beginning of the period[20] Investments - The company experienced a 120.15% decline in investment income, reporting a loss of ¥1,138,412.47 compared to a gain of ¥5,650,016.57 in the previous year[11] - Cash inflow from investment activities totaled ¥707,655,985.36, reflecting a 221.93% increase year-over-year[13] - Cash outflow for investments rose by 258.26% to ¥729,762,220.56, attributed to higher payments for structured deposits[13] - Net cash flow from investment activities decreased by 223.66% to -¥96,505,556.70 due to increased structured deposit payments[13] - The company reported a net cash outflow from investing activities of -96,505,556.70, compared to -29,817,225.08 in the previous period[27] Receivables and Inventory - The company reported a significant increase in receivables, with notes receivable rising by 69.62% to ¥422,428,809.80 compared to ¥249,046,194.69 at the beginning of the year[10] - Accounts receivable decreased to CNY 3,036,118,547.47 from CNY 3,284,107,749.83, reflecting a reduction of 7.5%[20] - Inventory at the end of the period is CNY 2,630,844,188.01, down from CNY 2,754,053,518.36, indicating a decrease of 4.5%[20] Other Financial Metrics - Financial expenses decreased significantly by 718.55%, resulting in a cost of -¥7,851,717.79 compared to ¥1,269,369.67 in the previous year[11] - Tax refunds received increased by 32.67% to ¥28,949,798.83 compared to the previous period[13] - The company’s interest income for the current period is 14,060,809.61, an increase of 30.5% from 10,762,891.72 in the previous period[24] - The company plans to unlock a total of 1,706,250 shares from lock-up agreements by January 15, 2026[18] - The total number of ordinary shareholders at the end of the reporting period was 167,217[15]

Financial Performance - In 2024, the company's revenue from smart display products reached CNY 6.109 billion, accounting for over 85% of total revenue[5]. - The company recognized an impairment loss of CNY 730 million on goodwill and identifiable intangible assets, which was the main reason for the net profit loss[4]. - The operating cash flow for 2024 was CNY 668 million, indicating a positive cash flow situation[5]. - The company reported a revenue of 1.5 billion RMB for the fiscal year 2024, representing a 15% increase compared to the same period last year[28]. - The company's operating revenue for 2024 was ¥7,149,676,055.03, a decrease of 6.11% compared to ¥7,614,999,952.95 in 2023[33]. - The net profit attributable to shareholders for 2024 was -¥889,307,916.12, representing a decline of 411.26% from ¥285,710,819.57 in 2023[33]. - The net cash flow from operating activities decreased by 25.32% to ¥667,663,213.17 in 2024, down from ¥894,046,888.14 in 2023[33]. - The total assets at the end of 2024 were ¥13,712,893,523.87, reflecting an 8.81% decrease from ¥15,036,909,318.21 at the end of 2023[33]. - The net assets attributable to shareholders decreased by 4.37% to ¥7,901,743,921.69 in 2024, compared to ¥8,263,093,891.76 in 2023[33]. - The company reported a basic earnings per share of -¥0.35 for 2024, a decline of 418.18% from ¥0.11 in 2023[33]. - In 2024, NP's revenue decreased to approximately $7.15 billion, down from $7.61 billion in 2023, representing a decline of about 6.1% year-over-year[145]. - NP reported a net loss attributable to shareholders of approximately $889.31 million in 2024, compared to a profit of $285.71 million in 2023, indicating a significant downturn[145]. Market Trends and Growth - The LED display industry is anticipated to grow due to the commercialization of Micro LED technology and the maturation of MIP and COB packaging modes, despite short-term pressures[7]. - The global LED display terminal market size reached ¥66.3 billion in 2024, with a year-on-year growth of 6.4%[45]. - The Micro LED market is projected to reach a total value of 489.5 million USD by 2028, with a compound annual growth rate of 78% from 2023 to 2028[64]. - The demand for LED displays in Africa and Latin America is growing rapidly, driven by economic growth and urbanization[49]. - The European LED display market continues to grow, particularly in high-end rental and fixed installation scenarios[49]. - The company is expanding its market presence in Europe, targeting a 25% increase in sales in that region by 2025[28]. - The company plans to enter the North American market with a new product line, aiming for a revenue contribution of 5% by 2025[28]. - The company is facing challenges and opportunities as the LED display industry transitions from "scale expansion" to "value creation" in 2024[44]. Product Development and Innovation - The company plans to launch its first fully self-developed substrate-free Micro LED production line in Wuxi, which is expected to significantly boost demand for high-definition displays below 1mm[5]. - New product launches included the P1.2 and P0.9 LED display products, which are expected to capture a larger market share in the high-end segment[28]. - Research and development investment increased by 30% in 2024, focusing on Micro LED technology advancements[28]. - The company announced the "Liyade Black Diamond" series Micro LED technology and new products on June 30, 2022, with plans for mass production of substrate-free Micro LED by November 2024[80]. - The company is increasing investment in COB (Chip on Board) technology, anticipating significant growth in downstream applications in 2024[80]. - The company has developed high-performance driver ICs for Micro LED displays, improving energy efficiency and solidifying its position in the high-end display market[171]. - The company launched the MG-QD quantum dot direct display series, which has quickly gained market recognition with nearly 1,000 square meters of product deployed within months[162]. - The new quantum dot cold screen series utilizes nano-hole quantum dot technology, ensuring superior display quality with reduced color temperature variation under temperature changes[84]. Strategic Initiatives - The company aims to enhance its competitive edge by focusing on technological innovation and expanding into emerging application markets[13]. - The company has implemented a change in accounting policy regarding the recognition of estimated liabilities related to quality assurance, effective January 1, 2024[34]. - The company is committed to reducing costs and improving production efficiency through automation and supply chain management[11]. - The company has shifted to a "direct-channel integration" strategy in 2024, maintaining the proportion of direct sales channels compared to the previous year[100]. - The company has adopted a "direct channel integration" marketing strategy, transitioning to a "provincial governor system" to enhance market expansion and customer engagement[106]. - The company is actively exploring new applications for LED display technology in emerging markets, including immersive experiences in cultural tourism and AI-driven solutions[138]. - The company aims to integrate its supply chain vertically, enhancing product competitiveness and supply chain stability through partnerships and investments[135]. Challenges and Risks - The company is facing increased credit impairment losses due to liquidity issues among some customers, affecting accounts receivable collection[4]. - The company is facing challenges in cash flow management due to intensified industry competition and a significant drop in channel orders following the implementation of the "direct channel integration" strategy[156][157]. - The company does not foresee significant risks to its ongoing operations, supported by its leading position in the Micro LED technology and global market presence[8]. - The company is facing challenges in cash flow management due to intensified industry competition and a significant drop in channel orders following the implementation of the "direct channel integration" strategy[156][157]. Corporate Social Responsibility and Recognition - The company received multiple awards, including being listed in the "2024 Beijing Top 100 Enterprises" and "2024 National Technology Innovation Demonstration Enterprises"[198]. - The company aims to enhance the quality and safety of LED display products through industry standards and regulations established by supportive policies[71]. - The company has established a dedicated cultural tourism headquarters to enhance operational efficiency and market responsiveness[125].

赛事的热度引爆了人形机器人赛道，昨日，A股人形机器人概念股午后显著拉升。截至下午收盘，相关 概念股涨多跌少，其中，震裕科技（300953）、万达轴承、奥比中光、利亚德涨幅皆超10%；福莱新材 （605488）涨停；强瑞技术（301128）、鸣志电器（603728）、伟创电气、斯菱股份（301550）、日盈 电子（603286）、风语筑、汉威科技（300007）、翔楼新材（301160）、绿的谐波、天奇股份 （002009）、超捷股份（301005）等均涨超7%。 港股方面，昨日港股休市，此前一个交易日优必选和小米集团均收涨。前者4月17日收盘涨0.36%报 70.450港元/股，换手率0.76%，振幅2.35%，成交额2亿港元；后者当日收盘涨1.70%报41.95港元/股，换 手率0.89%，振幅4.24%，成交额79.1亿港元。 AI+机器人投资机会涌现 商报讯(记者叶晓珺)周末的人形机器人马拉松比赛，掀起了行业热潮，也引爆了二级市场。昨日早间， 人形机器人指数上涨0.84%，报9440.57，成交额212.36亿元，东方锆业（002167）、奥比中光领涨。港 股方面，虽说昨日休市，但概念股小米和优必选此前 ...

Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The first humanoid robot marathon took place on April 19, 2025, in Beijing, with 21 robot teams participating in a 21-kilometer race [1][2] - The event showcased the capabilities of humanoid robots, with notable performances from TianGong Ultra and SongYan Power N2, highlighting advancements in robotic movement and control [4][6] - The use of reinforcement learning technology was prevalent among the participating robots, indicating a promising direction for future development in humanoid robotics [5][36] Summary by Sections Event Overview - The first humanoid robot marathon was held on April 19, 2025, in Beijing, featuring 21 robot teams competing in a half marathon [1][14] Participating Teams - A total of 21 humanoid robot teams participated, including notable entries like TianGong Ultra, Kuavo, and SongYan Power N2 [2][16] Race Format and Rules - Robots participated in the marathon through remote operation, with engineers accompanying them. Each robot started at one-minute intervals, maintaining a distance of over one meter from each other [3][19] Race Results - TianGong Ultra won the marathon with a time of 2 hours 40 minutes 42 seconds, benefiting from advanced technology and design [4][22] - SongYan Power N2 secured second and third places, demonstrating excellent stability and humanoid gait without requiring dedicated support [4][26] Future Development Directions - The marathon set three world records, emphasizing the need for improved robustness and hardware stability for commercial viability [32][35] - The report suggests that enhancing the robots' endurance and joint cooling capabilities is crucial for their long-term operational success [37] Investment Recommendations - The report recommends focusing on the supply chains of TianGong Robotics and SongYan Power, highlighting specific companies for potential investment [6][38]

作为全球首个人形机器人半程马拉松的"黑马"，亚军松延动力的合作方也尝到了甜头。 人形机器人马拉松的风，吹到了二级市场。 4月21日开盘后，人形机器人指数（8841699.WI）开盘下跌后拉升。截至发稿，万得数据显示，机器人指数报9440.57，上涨0.84%，成交额212.36亿元。东 方锆业（002167.SZ）、奥比中光-UW（688322.SH）领涨。 第一财经记者梳理发现，全球首个人形机器人半程马拉松前三名背后包括优必选（9880.HK）、小米（1810.HK）、利亚德（300296.SZ）、风语筑 （603466.SH）等上市企业。 具体来看，夺冠的天工Ultra背后有两家港股上市公司小米和优必选的身影。今日港股休市，作为天工Ultra研发单位北京人形机器人创新中心的发起单位和 总经理单位， 优必选截至上个交易日收盘小幅上涨。万得数据显示，优必选4月17日收盘报70.450港元/股，上涨0.36%，换手率0.76%，振幅2.35%，成交额 2亿港元。 小米机器人在北京人形机器人创新中心的持股比例为28.57%。作为小米机器人的母公司，小米集团4月17日收盘涨1.7%。万得数据显示，小米集团-W （1 ...

利亚德董事长李军回顾了利亚德成立三十年的发展历程，阐述了企业理念、发展成果，展望了利亚德未 来三年发展战略，即"拥抱AI，领创视效，实现第二增长曲线"。李军表示，即使在AI大时代，人类对世 界的感知70%至80%仍要通过视觉实现，利亚德三大主营业务拥有巨大市场和发展空间。 李军表示，2025年，利亚德将致力于打造"AI+显示+文旅"产业生态闭环，积极拓展生态合作圈，通过 资源整合与协同创新，与合作伙伴共创未来新图景。 本报讯 （记者李乔宇） 4月16日，利亚德光电股份有限公司（以下简称"利亚德"）2025年生态合作伙伴大会在北京举办。 在此次大会上，利亚德产品总监孙铮发布多项颠覆性创新成果，包括新一代黑钻（Hi-Micro）技术，以 及新一代MGMicro量子点冷屏系列、AR眼镜等多款新品。 虚拟动点解决方案总监崔超发布了公司首款交互式AI潮玩产品——MiniAI全息玩具。该产品依托利亚 德在数字人技术、数字内容创作、先进显示技术及多模态交互等领域的核心优势，是行业内唯一不惧反 射炫光产品。此次发布标志着利亚德在AI消费级应用领域取得重要突破。 同时，利亚德在此次大会上宣布正式成立利亚德集团文旅总部，这一举措 ...

Group 1 - The core viewpoint of the news is that Liard is actively expanding its presence in the cultural tourism sector through innovative strategies and partnerships, aiming to create a second growth curve for the industry [1] - Liard has established a cultural tourism headquarters to promote regional cultural tourism projects, indicating a strategic focus on this area [1] - The company is implementing a unique business model referred to as "2+4+1," which includes two strategic engines, four business directions, and one operational front, to drive the development of its cultural tourism initiatives [1] Group 2 - Liard's cultural tourism division has achieved 30%-40% of its annual goals, showcasing progress in project implementation [1] - The company is set to launch an immersive night tour project at the Yueyang Tower scenic area in May, which will include lake viewing, distant sightseeing, and onboard performances [1] - Liard's Vice President and CMO, Liu Yaodong, highlighted advancements in AI and spatial computing, including the launch of new optical algorithms and motion models in 2024 [2]

证券代码：300296 证券简称：利亚德 公告编号：2025-019 利亚德光电股份有限公司 第五届董事会第二十八次会议决议公告 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 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、董事会会议召开情况 利亚德光电股份有限公司（以下简称"公司"）第五届董事会第二十八次会 议于 2025 年 3 月 24 日在公司会议室以现场会议与通讯会议相结合的方式召开。 公司于 2025 年 3 月 21 日以邮件方式等发出了召开董事会会议的通知。会议应到 董事 5 名，实到董事 5 名，由公司董事长李军主持。本次会议符合《中华人民共 和国公司法》等有关法律、行政法规、规章、规范性文件及《利亚德光电股份有 限公司章程》（以下简称"《公司章程》"）、《利亚德光电股份有限公司董事会议事 规则》的规定，会议形成的决议合法、有效。 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 2021 年员工持股计划部分预留份额第三次分配的议 案》。 为满足公司可持续发展、吸 ...

关于 2021 年员工持股计划部分预留份额第三次分配的公告 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。 利亚德光电股份有限公司（以下简称"公司"）于2025年3月24日召开了第 五届董事会第二十八次会议，审议通过了《关于2021年员工持股计划部分预留份 额第三次分配的议案》。根据《利亚德光电股份有限公司2021年员工持股计划（草 案修订稿）》（以下简称"《员工持股计划（草案修订稿）》"）、《利亚德光 电股份有限公司2021年员工持股计划管理办法（修订稿）》（以下简称"《员工 持股计划管理办法（修订稿）》"）的规定，公司拟对2021年员工持股计划（以 下简称 "员工持股计划"或"本员工持股计划"）部分预留份额进行第三次分 配。现将有关事项说明如下： 证券代码：300296 证券简称：利亚德 公告编号：2025-020 利亚德光电股份有限公司 一、员工持股计划实施概要 （一）员工持股计划批准情况 公司分别于2021年5月31日、2021年6月16日召开第四届董事会第二十三次会 议、第四届监事会第二十一次会议及2021年第一次临时股东大会审议通过了《关 于公司< ...

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：2025-04 | | ■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 | 郭其伟 华福证券 | | 名 称 及人 | 詹小瑁 华福证券 | | 员姓名 | 金凤 上海亥鼎云天私募基金 | | 时间 | 2025 年 3 月 14 日 16:00-18:00 | | 地点 | 会议室 | | 上市公司 | 刘阳 董事会秘书兼副总经理 | | 接待人员 | | | 姓名 | | | | 一、参观公司展厅，讲解公司主要产品类型及其应用场景，近距离感受 | | | 视效科技对人类生产生活带来的改变； | | | 二、 介绍公司的基本情况，包括发展历程、战略规划、业务布局、项目 | | | 案例、产品及技术优势等； | | | 三、 回答投资者问题 | | 投 资 者关 | 1、LED 显示行业目前竞争格局如何？ | | 系 活 动主 ...