编号：2020-018 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 | --- | --- | --- | |----------|------------------------------|-------------| | | ■ 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） | | | | 陆苑 | 光大保德信 | | | 王学思 | 海通资管 | | | 陈雨 | 华菁资管 | | | 韩洲枫 | 长信基金 | | | 王壮飞 | 朱雀基金 | | | 周雅雯 | 金鹰基金 | | | 郑双超 | 浦银安盛 | | 参与单位 | 葛佳 | 国寿安保 | | 名称及人 | 马航 | 财通资管 | | 员姓名 | 刘翀 | 华宝基金 | | | 陈梦婕 | 东吴基金 | | | 王茹鸣 | 农银汇理 | | | 乔齐兵 | 博时基金 | | | 李宜蔚 | 长江养老 | | | 李琛 | 中天自营 | | ...

编号：2020-017 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 | --- | --- | --- | |----------|----------------------------|------------------------------| | | ■ 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 | 杜劲松 | LMR Partners | | 名称及人 | Daniel | 三商美邦 | | 员姓名 | 刘弘捷 | 上海仙湖投资 | | | | 上海同犇投资管理中心（有限合 | | | 林烈雄 | 伙） | | | 史可 | 上海国际集团资产 | | | 陈敏 | 上海坤阳资产 | | | 李晓光 | 上海道仁资产 | | | 吴雁 | 东北证券 | | | 姜涛 | 东北证券股份有限公司 | | | 程涛 | 东吴基金 | | | 杨红 | 东海基金管理有限责任公司 | ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥2,071,488,667.07, a decrease of 7.25% compared to the same period last year[6]. - Net profit attributable to shareholders for Q3 2022 was ¥164,473,351.60, down 30.38% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥151,002,967.21, a decline of 34.63% compared to the previous year[6]. - In Q3 2022, the company achieved revenue of CNY 5.773 billion, which is approximately flat compared to the same period last year, with a net profit of CNY 432 million, down 17.07% year-on-year[31]. - The net profit for the current period is approximately 435.50 million, a decrease of 16.74% compared to 523.28 million in the previous period[57]. - The total comprehensive income for the current period is approximately 532.14 million, compared to 505.72 million in the previous period, reflecting an increase of 5.06%[59]. - Basic earnings per share for the current period is 0.1699, down from 0.2048 in the previous period, indicating a decrease of 16.99%[59]. Assets and Liabilities - The total assets at the end of the reporting period were ¥15,310,663,320.67, a decrease of 3.39% from the end of the previous year[8]. - Total current assets decreased to ¥11,077,714,504.06 from ¥11,655,461,935.71[49]. - Total liabilities decreased to ¥6,988,956,811.24 from ¥8,047,942,663.83[52]. - The equity attributable to shareholders increased by 5.43% to ¥8,195,708,607.86 compared to the end of the previous year[8]. - The equity attributable to shareholders increased to ¥8,195,708,607.86 from ¥7,773,885,643.94[52]. Cash Flow - The cash flow from operating activities showed a net outflow of ¥150,956,664.73, representing a significant decline of 184.84% year-on-year[6]. - The net cash flow from operating activities decreased by 184.84% to -150,956,664.73 CNY compared to the same period last year[17]. - Cash flow from operating activities shows a net outflow of approximately 150.96 million, contrasting with a net inflow of 177.93 million in the previous period[60]. - Cash flow from investing activities resulted in a net outflow of approximately 188.38 million, compared to a net outflow of 362.10 million in the previous period, showing an improvement[63]. - The total cash and cash equivalents at the end of the period is approximately 1.43 billion, down from 1.98 billion at the end of the previous period, a decrease of 27.67%[63]. Revenue and Orders - New orders for smart display products increased by 23% quarter-on-quarter in Q3 2022, with domestic orders growing by 30%[27]. - The smart display segment accounted for over 85% of total revenue, with a year-on-year growth of 8.47%[33]. - The company reported a significant increase in overseas revenue for the smart display segment, with a year-on-year growth of 42.04%[40]. Expenses and Financial Metrics - The cash flow impact from exchange rate changes was 55,586,715.59 CNY, a 447.46% increase due to currency fluctuations against the RMB[17]. - The gross margin for the period was 30.90%, an increase of 0.69 percentage points compared to the same period last year[31]. - The gross margin for the smart display segment was 28.46%, with a slight decrease from the previous quarter[41]. - Research and development expenses increased to ¥283,328,298.42 from ¥242,896,414.34 year-over-year[53]. - Cash received from the disposal of fixed assets, intangible assets, and other long-term assets decreased by 82.63% to 1,396,850.98 CNY, indicating a significant drop in asset disposals[17]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 88,819, with the largest shareholder holding 22.61% of the shares[18]. - The top ten shareholders collectively held significant stakes, with the largest shareholder, Li Jun, owning 575,006,000 shares[18]. - The company’s repurchase account held 14,916,047 shares, representing 0.59% of total shares[24]. Government Support and Other Income - The company received government subsidies amounting to ¥12,215,713.64 during the reporting period, which is a notable increase compared to previous periods[9]. - The company reported a significant increase in other income, totaling approximately 54.28 million, compared to 33.99 million in the previous period, an increase of 59.73%[57]. - The company’s investment income showed a loss of approximately 5.27 million, contrasting with a gain of 9.62 million in the previous period[57]. - The company experienced a 38.01% increase in tax refunds received, amounting to ¥93,638,318.62, compared to the same period last year[14]. - The company’s tax expenses for the current period amounted to approximately 109.94 million, an increase from 99.12 million in the previous period, reflecting an increase of 10.83%[57].

Financial Performance - The company's revenue for the reporting period was CNY 3,701,505,820.82, representing a 2.80% increase compared to CNY 3,600,778,007.30 in the same period last year[37]. - The net profit attributable to shareholders was CNY 3,701,505,820.82, with a basic earnings per share of CNY 0.1052, down 5.99% from CNY 0.1119 in the previous year[37]. - The total assets at the end of the reporting period were CNY 15,238,061,707.13, a decrease of 3.85% from CNY 15,848,259,875.44 at the end of the previous year[37]. - The net assets attributable to shareholders increased by 2.43% to CNY 7,962,495,316.15 from CNY 7,773,885,643.94 at the end of the previous year[37]. - The company reported a net cash flow from operating activities of CNY 240,249,170.38, a decrease of 7.96% compared to CNY 261,021,286.36 in the previous year[37]. - The company experienced a 6.02% decrease in net profit after deducting non-recurring gains and losses, amounting to CNY 267,512,998.12 compared to CNY 284,654,330.15 in the same period last year[37]. - The weighted average return on equity was 3.38%, down from 3.80% in the previous year[37]. - The company received government subsidies amounting to CNY 38,742,640.52 during the reporting period[40]. - The company reported a total of CNY 27,263,827.74 in non-recurring gains and losses after tax[42]. Market and Business Strategy - The company is focusing on expanding its market presence and enhancing its product offerings in the LED sector[4]. - The company plans to continue expanding its product offerings and market presence, focusing on new technologies and strategic partnerships[74]. - The company has established five major production bases, enhancing its high-end manufacturing capabilities[56]. - The company has a diverse sales model, including direct sales, leasing, and e-commerce, adapting to market demands[48]. - The company is actively participating in the metaverse industry, covering four layers of the industry chain, and is developing a digital asset management platform to enhance virtual interactions[121][127]. Technology and Innovation - The company faces risks related to the iteration of Micro LED mass transfer technology, which is currently its core technology[4]. - The Micro LED technology is becoming increasingly mature, with costs comparable to traditional small-pitch products, indicating a potential market shift[62]. - The company emphasizes innovation-driven development, maintaining a leading position in technology and product offerings since its establishment[53]. - The company launched the "Black Diamond" series of Micro LED products, significantly increasing orders for Micro products (P0.4-0.9mm) after a reduction in costs and prices[61]. - The Micro LED technology has achieved a yield improvement from 98.9% to 99.995% through laser mass transfer technology[87]. Acquisitions and Investments - The company has completed the acquisition of NP Company, which holds 100% equity, further consolidating its market position[22]. - The company made a significant equity investment of 23.46 million yuan in Lijing Microelectronics Technology, holding a 50% stake in the Mini LED and Micro LED development[146]. - The company reported a decrease in investment amount by 57.35% compared to the same period last year, with the current investment amount being 23.46 million yuan[145]. Operational Challenges - The ongoing COVID-19 pandemic poses risks to the company's operations, potentially affecting order signing, revenue recognition, and cash collection[4]. - The cultural tourism night tour segment saw a significant decline in revenue, down 49.72% year-on-year, but gross margin improved by 9.26 percentage points to 36.40%[71]. - The rental business was significantly impacted by the Winter Olympics, while daily rental operations were still affected by domestic pandemic conditions[80]. - The company plans to enhance market expansion efforts during stable periods of the pandemic to mitigate operational risks[175]. Shareholder and Governance - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[9]. - The company reported a 26.96% participation rate in the 2021 annual shareholders' meeting held on May 6, 2022[187]. - The company has not reported any changes in its board of directors, supervisors, or senior management during the reporting period[188]. - The company engaged in multiple telephone communications with institutional investors, including Guotai Junan and Shanghai Longquan Investment, in June 2022[182]. Financial Management and Compliance - The company has strictly adhered to relevant laws and regulations regarding the use of raised funds since 2012, ensuring no unauthorized usage[151]. - The company has not engaged in any entrusted financial management, derivative investments, or entrusted loans during the reporting period[163][164][165]. - The company has not reported any issues with the use and disclosure of raised funds, ensuring timely and accurate reporting[158].

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,761,513,346.10, representing an increase of 18.21% compared to ¥1,490,113,319.25 in the same period last year[7] - The net profit attributable to shareholders for Q1 2022 was ¥114,992,047.83, up 10.75% from ¥103,834,056.18 in Q1 2021[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥103,398,890.40, reflecting a 7.58% increase from ¥96,109,811.03 in the previous year[7] - Basic earnings per share for Q1 2022 were ¥0.0452, an increase of 10.78% from ¥0.0408 in Q1 2021[7] - The company achieved operating revenue of 1.761 billion yuan, an increase of 18.21% year-on-year, with a gross margin of 30.81%[25] - The net profit attributable to shareholders reached 115 million yuan, reflecting a year-on-year growth of 10.75%[25] Cash Flow - The net cash flow from operating activities was -¥182,486,078.09, a significant decrease of 1,106.48% compared to ¥18,131,140.86 in the same period last year[7] - The net cash flow from operating activities decreased by 1106.48% to ¥-182,486,078.09, primarily due to increased cash outflows for purchasing goods and services exceeding cash inflows[15] - Cash received from tax refunds rose by 142.61% to ¥39,649,834.14, driven by an increase in export tax rebates[15] - The net cash flow from investing activities improved by 79.94% to ¥-73,258,631.43, indicating a more balanced cash inflow and outflow compared to the previous year[15] - The net cash flow from financing activities decreased by 32.00% to ¥-189,181,920.17, due to increased repayments of short-term and long-term borrowings[15] Assets and Liabilities - The total assets at the end of Q1 2022 were ¥15,165,140,569.17, down 4.31% from ¥15,848,259,875.44 at the end of the previous year[7] - Current liabilities totaled ¥5,979,248,899.86, down 11.3% from ¥6,739,974,737.67 in the previous period[52] - The total equity attributable to shareholders reached ¥7,875,620,808.97, an increase from ¥7,773,885,643.94 in the previous period[52] - The company reported a decrease in accounts payable to ¥2,315,157,173.38 from ¥3,022,105,257.26, a reduction of 23.4%[52] Revenue Segments - The smart display segment drove revenue growth, accounting for 85.88% of total revenue, with a year-on-year increase of 33.23%[38] - International smart display revenue grew by 56% year-on-year, increasing its share to 36%[39] - Domestic smart display revenue was 961.77 million yuan, up 23.11% year-on-year, while international revenue was 550.96 million yuan, up 55.55%[40] Other Income and Expenses - The company reported a significant increase in tax and additional fees, totaling ¥8,969,359.83, which is an 85.18% increase compared to ¥4,843,541.89 in the same period last year[12] - Other income increased by 55.52% to ¥15,277,136.97 due to higher government subsidies received compared to the same period last year[15] - Research and development expenses were ¥77,830,690.15, reflecting an increase of 11.5% from ¥69,817,656.67 in the previous period[56] Social Contributions - The company donated a total of 1 million yuan in disaster relief funds to support pandemic control efforts in Xi'an[41] - The company assisted in the evacuation of nearly 300 compatriots from Ukraine to Slovakia during the crisis[42] Shareholder Information - The company's total restricted shares decreased from 554.2 million to 457.4 million shares due to the release of 96.75 million shares[24]

Financial Performance - The company's operating revenue for 2021 was ¥8,852,427,391.75, representing a 33.45% increase compared to ¥6,633,666,880.42 in 2020[42]. - The net profit attributable to shareholders in 2021 was ¥610,894,622.18, a significant turnaround from a loss of ¥976,435,225.82 in 2020, marking a 162.56% increase[42]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥555,226,801.27, compared to a loss of ¥1,062,692,513.59 in the previous year, reflecting a 152.25% improvement[42]. - The basic earnings per share for 2021 was ¥0.2402, up from a loss of ¥0.3840 in 2020, indicating a 162.55% increase[42]. - The total assets at the end of 2021 amounted to ¥15,848,259,875.44, a 16.21% increase from ¥13,637,449,477.74 at the end of 2020[42]. - The company reported a net cash flow from operating activities of ¥463,497,781.76, which is a decrease of 58.28% compared to ¥1,110,885,918.39 in 2020[42]. - The weighted average return on net assets for 2021 was 8.19%, recovering from -13.38% in 2020[42]. - The company's total accounts receivable amounted to 29.98 billion CNY in 2021, accounting for 33.86% of operating revenue[136]. - The operating cash flow net amount was 4.63 billion CNY in 2021, representing 64% of the net profit attributable to the parent company[134]. Market Trends and Innovations - The Micro LED technology is expected to drive significant growth in the display industry, with a projected market size of $2.9 billion by 2025, primarily in large display applications[58]. - The demand for small-pitch LED displays is rapidly increasing, with applications expanding from high-end markets to lower-tier cities, indicating a broader market penetration[63]. - The video conferencing market is experiencing a surge in demand due to the pandemic, leading to increased adoption of video conferencing all-in-one machines[64]. - The outdoor "naked-eye 3D" display screens have gained popularity, becoming new urban landmarks in various cities, showcasing innovative design and creative effects[65]. - The establishment of the Mini/Micro LED display industry branch by the China Electronic Video Industry Association aims to reduce costs and set standards for the industry[61]. - The company aims to leverage its leading optical motion capture technology to develop and sell virtual reality products, expanding into new market segments[77]. - The company is focusing on the development of Micro LED technology, which is expected to drive further industry concentration and has applications in AR/VR, wearable devices, and flexible displays[173][182]. Strategic Initiatives - The company plans to distribute a cash dividend of 0.50 yuan per share (before tax) for the 2021 fiscal year[14]. - The company plans to expand its product offerings in the Mini LED and Micro LED segments, which are expected to drive future growth[31]. - The company is focusing on enhancing its market presence through strategic partnerships and potential acquisitions in the technology sector[31]. - The company aims to improve its R&D capabilities to innovate new products and technologies in the LED display market[31]. - The company has initiated employee incentive programs to share growth benefits with staff, reflecting a commitment to team stability and motivation[87]. - The company has implemented various employee stock ownership plans, with a total of 20 million shares allocated in 2021, representing 0.79% of the company's stock[108]. - The company has implemented a new organizational structure in 2021 to enhance management efficiency and standardization across its subsidiaries[147]. Risks and Challenges - The company faces risks related to the supply shortage of Micro LED chips and the potential for technology iteration, which could impact production capacity[7]. - The ongoing COVID-19 pandemic poses a risk to the company's operations, potentially affecting order signing, revenue recognition, and cash collection[12]. - The company acknowledges the risks associated with forward-looking statements regarding future plans and strategies[6]. - The concentration of the LED display industry increased significantly, with the top 12 companies accounting for 88.8% of total sales, a year-on-year increase of 3.1 percentage points[169]. Technological Advancements - The company has achieved breakthroughs in LED display technology, including mass production of Micro LED displays with a pixel pitch of P0.4~P0.9[137]. - The company has established a Micro LED mass production base in Wuxi, making it the first globally to do so[92]. - The company has established a Micro LED mass production base in partnership with upstream chip manufacturers, expanding its business into the midstream packaging sector[70]. - The company developed a new generation of spherical LED displays with a production capacity for 5-meter and 7-meter diameters, achieving 100% localization of components[194]. - The company launched new products such as the ECO MINI conformal screen and GOB floor screen, enhancing its position in the LED conformal screen market[140]. Shareholder Returns - The company has cumulatively returned 11.86 billion yuan to shareholders over the past ten years, including 9.29 billion yuan in cash dividends and 2.57 billion yuan in share buybacks[143]. - The company has not reported any significant audit opinions or internal control deficiencies for the fiscal year[6]. - The company is committed to maintaining accurate and complete financial reporting, as stated by its management team[5].

Financial Performance - The company's operating revenue for Q3 2021 reached ¥2,233,482,886.97, representing a 40.74% increase year-over-year[4] - Net profit attributable to shareholders was ¥236,230,056.93, a significant increase of 160.08% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses was ¥231,011,260.30, reflecting a 189.05% increase year-over-year[4] - Basic earnings per share (EPS) was ¥0.0929, up 160.22% from the previous year[4] - Revenue for the reporting period reached CNY 5,834,260,894.27, an increase of 30.03% compared to CNY 4,486,954,519.54 in the same period last year[12] - The net profit attributable to shareholders reached RMB 521 million, an increase of 65.09% compared to the same period last year[24] - The gross margin for the reporting period was 30.21%, with a slight decrease of 2.02% year-on-year[29] - The company’s comprehensive net profit margin improved, with a net profit margin of 10.58% for the third quarter[28] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥15,040,122,182.64, an increase of 10.29% from the end of the previous year[4] - The company's equity attributable to shareholders increased to ¥7,678,741,913.79, a growth of 6.22% compared to the end of the previous year[6] - The total liabilities as of September 30, 2021, were CNY 7,335,009,858.04, compared to CNY 6,380,930,405.82 at the end of 2020[44] - Total assets increased to $13.70 billion from $13.64 billion, reflecting a growth of approximately 0.5%[65] - The total liabilities increased to $5.02 billion from $5.01 billion, indicating a slight rise of about 0.2%[65] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥177,929,608.06, showing a decrease of 60.33% compared to the same period last year[4] - The net cash flow from operating activities decreased to $177.93 million from $448.54 million, representing a decline of approximately 60.3% year-over-year[58] - Cash inflow from operating activities totaled ¥5,929,102,911.52, an increase of 9.2% compared to ¥5,427,147,333.41 in the previous period[55] - The company’s cash flow from investing activities showed a net outflow of CNY 362,101,813.95, a 30.71% improvement compared to the previous year[15] - Cash outflows from investing activities totaled $1.90 billion, down from $2.61 billion, indicating a reduction of about 27.2%[58] Inventory and Prepayments - Inventory increased by 34.71% to ¥3,473,468,445.50 due to higher stock levels of chips and other raw materials[8] - The company made significant prepayments to suppliers, with prepayments increasing by 417.70% to ¥232,442,638.29[8] - The inventory as of September 30, 2021, was CNY 3,473,468,445.50, up from CNY 2,578,458,106.92 at the end of 2020[41] Research and Development - Research and development expenses rose to ¥242,896,414.34, up 13.2% from ¥214,592,927.18 in the prior period[48] Market Performance - The smart display segment accounted for 77.76% of total revenue, with a year-on-year growth of 29.92%[30] - Domestic smart display revenue grew by 51.14% year-on-year, while international smart display orders increased by 42%[31] - New signed orders exceeded RMB 10 billion, with a year-on-year growth of 42% as of October 24, 2021[23] Stock and Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 101,083[16] - The company completed a stock incentive plan involving 22 million shares to motivate 225 employees, with 2 million shares granted in July 2021 and 20 million shares transferred in September 2021[37] - The company’s share repurchase for employee stock ownership plans resulted in a decrease in treasury stock by 37.29% to CNY 113,787,355.02[12] Other Financial Metrics - The company reported a significant increase in contract liabilities, which rose to CNY 1,113,330,574.37 from CNY 834,393,139.33 year-over-year[43] - The company reported a total comprehensive income of ¥505,716,062.90, compared to ¥314,117,859.56 in the previous period, indicating a significant increase[54] - The company experienced a decrease in tax expenses, which were ¥99,123,654.83, compared to ¥73,961,816.92 in the previous period, reflecting a 34.0% increase in net profit[51] - The company reported a decrease in credit impairment losses, which were -¥19,284,916.17, compared to -¥46,197,754.93 in the previous period, indicating improved asset quality[51] Production Capacity and Future Plans - The company plans to increase production capacity at its Hunan factory to 6,000KK by January 2022, with a gradual increase from 500KK in August 2021 to 5,000KK in December 2021[36] Audit Status - The company has not audited its third-quarter report[70]

Financial Performance - The company's operating revenue for the reporting period was ¥3,600,778,007.30, representing a 24.16% increase compared to ¥2,900,053,977.92 in the same period last year[43]. - The net profit attributable to shareholders of the listed company was ¥284,654,330.15, up 26.69% from ¥224,684,813.07 in the previous year[43]. - The net profit after deducting non-recurring gains and losses was ¥261,021,286.36, reflecting a 37.27% increase from ¥190,146,760.01 year-on-year[43]. - The net cash flow from operating activities was ¥34,619,461.93, a significant improvement of 139.69% compared to a negative cash flow of -¥87,221,060.58 in the same period last year[43]. - Basic earnings per share increased to ¥0.1119, up 26.58% from ¥0.0884 in the previous year[43]. - Diluted earnings per share rose to ¥0.1083, marking a 26.96% increase from ¥0.0853 year-on-year[43]. - The total assets at the end of the reporting period were ¥14,104,848,169.36, a 3.43% increase from ¥13,637,449,477.74 at the end of the previous year[43]. - The net assets attributable to shareholders of the listed company were ¥7,368,952,963.29, up 1.94% from ¥7,229,013,173.62 at the end of the previous year[43]. - The company achieved operating revenue of 3.6 billion yuan, a year-on-year increase of 24.16%[112]. - The net profit attributable to shareholders reached 285 million yuan, up 26.69% year-on-year, with a net profit margin of 7.91%[112][113]. - Operating cash flow increased by 139.69% year-on-year, indicating improved cash management despite pandemic challenges[112]. Market and Business Strategy - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[12]. - The company is committed to maintaining its leading position in the global market over the next five years[14]. - The company emphasizes expansion and innovation to mitigate challenges posed by chip shortages and market competition[14]. - The company aims to expand its market presence with the "PLANAR" brand for Micro LED consumer televisions, leveraging nearly 38 years of brand history in the overseas display market[70]. - The company has established a multi-dimensional market promotion network to meet the diverse needs of commercial display customers, transitioning from customized to standardized products[70]. - The company is actively involved in the night tourism economy and cultural tourism new formats, providing landscape lighting solutions and VR experiences[64]. - The company has successfully executed its domestic market expansion plan, achieving order signing and production expansion targets set at the beginning of the year[75]. - New orders signed as of August 15, 2021, increased by 36% year-over-year, with domestic smart display orders up 70% and international orders up 33%[145]. Technology and Innovation - The company has a core technology for mass production of Micro LED, but risks exist if superior transfer technologies emerge in the market[8]. - The company holds a total of 100 invention patents and 447 domestic utility model patents related to display technology, including 12 invention patents specifically for Mini/Micro LED[69]. - The company has a strong competitive edge in technology innovation, having pioneered the first full-color LED display in China in 1998 and leading the development of Micro LED technology in 2020[68]. - The company has launched a new immersive meeting system using Micro LED technology, with samples showcased at the IFC exhibition in July 2021[134]. - The company has completed the tape-out of its custom ASIC chips, with samples entering the testing phase, and small batch trial production expected in Q4 2021[128]. - The RGB-ON-ONE CHIP NPQD LED samples have been produced, with steady improvements in green quantum dot LED color purity[130]. - The carbon fiber module has undergone small batch trial production of 13,000 pieces, with plans for automation in 2022 to meet mass production demands[133]. - The company plans to launch Mini LED backlight products in Q4 2021, focusing on high-definition gaming monitors and professional content editing displays[151]. - The company has introduced innovative creative display products to meet the growing market demand for diverse LED display solutions[152]. Supply Chain and Production - The company faces risks related to the supply of Micro LED chips, which may not meet market demand due to limited production capacity[7]. - The company has secured chip supply for the first half of 2022 by making advance payments to certain chip manufacturers[171]. - The company plans to expand its production capacity for smart displays, with a current utilization rate of 75.24% and an additional 60,000 square meters under construction[182]. - The company has successfully expanded its production capacity in Changsha, with a monthly capacity target of 6,000KK expected to be reached by October 2021[141]. - The company has launched a full range of Micro LED home televisions, with prices ranging from 880,000 to 3,880,000 yuan, marking a significant entry into the Micro LED consumer market[150]. Corporate Governance and Culture - The financial report is guaranteed to be true, accurate, and complete by the company's management[5]. - The company has not issued any non-standard audit opinions for the report period[7]. - The company emphasizes a corporate culture of "win-win, equality, cooperation, respect, and trust," which has contributed to team stability and talent attraction[71]. - The company has implemented employee stock ownership plans and incentives to share growth benefits with employees during its high-growth and stable development periods[71][72]. - The company has initiated a new employee incentive plan involving the repurchase of 22 million shares, with a total plan scale of ¥78.8 million[158]. - The company has conducted 20 investor meetings, engaging a total of 646 participants, maintaining investor interest at the same level as the previous year[159]. - The company is implementing a digital transformation strategy, including the deployment of PLM, CRM, and SRM systems, expected to be fully operational by the end of the year[160]. Industry Trends - In the first half of 2021, the LED industry experienced a significant demand increase, attributed to new technologies and recovery signs since late 2020[75]. - The LED industry saw a continuous increase in demand since November 2020, with a notable supply-demand imbalance leading to a shortage of capacity among smaller companies[95]. - The industry concentration has intensified, with leading companies expanding production and stabilizing supply chains to alleviate pressures faced by smaller firms[96]. - New product developments in the LED industry include advancements in COB (Chip on Board) technology, which offers benefits such as full sealing and high stability[100]. - The market is currently dominated by IMD (In-Mold Decoration) packaging Micro LED products, while COB technology is expected to gain traction as its challenges are addressed[102]. Financial Position and Assets - The company's cash and cash equivalents at the end of the reporting period were ¥2,117,114,810.58, accounting for 15.01% of total assets[184]. - Accounts receivable increased to ¥2,490,921,457.34, representing 17.66% of total assets, up from 15.17% year-over-year[184]. - Inventory levels rose to ¥2,902,539,043.74, making up 20.58% of total assets, an increase from 16.79%[184]. - The company has a construction in progress amounting to ¥238,196,735.05, which is 1.69% of total assets[184]. - Contract liabilities increased to ¥989,163,520.27, representing 7.01% of total liabilities, up from 5.43%[187]. - The company reported a foreign exchange loss of 9,079.43 yuan on trading financial assets[192]. - The company also recorded a foreign exchange loss of 781,244.55 yuan on other equity instrument investments[192]. - The total amount of financial liabilities incurred a foreign exchange loss of 25,090.84 yuan[192].

Financial Performance - The company's operating revenue for Q1 2021 was ¥1,490,113,319.25, representing a 22.57% increase compared to ¥1,215,693,269.92 in the same period last year[9]. - Net profit attributable to shareholders was ¥103,834,056.18, a significant increase of 601.25% from ¥14,806,941.17 in the previous year[9]. - The net profit after deducting non-recurring gains and losses reached ¥96,109,811.03, up 1,568.67% from ¥5,759,681.90 year-on-year[9]. - Basic earnings per share increased to ¥0.0408, up 603.45% from ¥0.0058 in the previous year[9]. - The company achieved operating revenue of 1,490.11 million yuan, a year-on-year increase of 22.57%, with domestic revenue growing by 74.91% to 1,074.17 million yuan, while overseas revenue decreased by 30.85% to 415.95 million yuan[32]. - Net profit attributable to shareholders reached 103.83 million yuan, a significant increase of 601.65%, with domestic net profit soaring by 2,242.27% to 103.98 million yuan, while overseas net profit was -0.14 million yuan, down 101.36%[32]. - The company reported a total comprehensive income of ¥103,809,676.93, significantly higher than ¥33,004,776.11 in the previous period[129]. - Net profit for the current period reached ¥142,772,643.10, a significant increase from ¥26,792,223.59 in the previous period, representing a growth of approximately 431%[136]. - Operating profit for the current period was ¥151,197,745.72, compared to ¥29,799,075.43 in the previous period, indicating an increase of about 407%[136]. Cash Flow and Assets - The net cash flow from operating activities was ¥18,131,140.86, a turnaround from a negative cash flow of ¥166,216,471.58 in the same period last year, marking a 110.91% improvement[9]. - The company reported a net operating cash flow of 0.18 billion yuan, an increase of 110.84% compared to the same period last year[38]. - Cash received from investment activities increased by 75.53%, mainly due to higher returns from structured deposits[28]. - The total amount of cash paid for fixed assets increased by 49.20% compared to the previous year, reflecting higher capital expenditures[28]. - The company experienced a 68.28% decrease in cash paid for debt repayment, indicating reduced borrowing activities[31]. - The net cash flow from financing activities decreased by 67.94%, primarily due to lower repayments of short-term and long-term loans[31]. - As of March 31, 2021, the company reported cash and cash equivalents of ¥2,152,016,637.46, a decrease from ¥2,601,717,629.95 as of December 31, 2020[101]. - The total current assets as of March 31, 2021, were ¥9,851,160,868.75, down from ¥10,134,027,838.88 at the end of 2020[101]. - The company has unused raised funds amounting to ¥332,100,346.32, with ¥82,100,346.32 in demand deposits and ¥250,000,000.00 in wealth management products[91]. Investments and R&D - The company has made breakthroughs in Micro LED self-luminous products and Mini LED backlight technology, with mass production of 2.2mm thick backlight modules now available[34]. - The company is developing Micro LED-based 4K and 8K resolution consumer TVs, with several large-screen models already in the optimization phase[45]. - The company is actively advancing Micro LED technology research and development, including self-emissive Micro LED products and Mini LED backlight products[54]. - Research and development expenses rose to ¥69,817,656.67 from ¥65,801,422.60, highlighting the company's commitment to innovation[122]. Shareholder Information - The company reported a total of 58,318 common shareholders at the end of the reporting period[13]. - The largest shareholder, Li Jun, holds 27.69% of the shares, amounting to 704,006,000 shares, with 304,333,881 shares pledged[13]. - The company has repurchased a total of 5,503,213 shares, accounting for 0.22% of total share capital, with a total expenditure of 35,185,712.39 yuan[73]. Compliance and Governance - The company has maintained strict compliance with its commitments, with no violations reported as of the end of the reporting period[79]. - The company has committed to not using raised funds for stock trading or related activities, ensuring funds are used for operational purposes only[82]. - The company has confirmed that the use of raised funds is reasonable and compliant, with timely and accurate disclosures[91]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[93]. Market and Orders - New orders signed as of April 19, 2021, increased by nearly 50% year-on-year, with smart display orders growing over 60% and domestic channel signed orders increasing more than threefold[37]. - The company is expanding its market presence in the conference and cinema LED screen sectors, with ongoing product certification and market layout efforts[66]. Risks and Challenges - The company faces risks related to the breakthrough of Micro LED technology and potential competition from superior mass transfer technologies[69]. - The ongoing COVID-19 pandemic poses uncertainties that could adversely affect the company's overseas business performance[71].

Financial Performance - In 2020, overseas revenue declined by 28.13% due to the global pandemic, leading to a significant drop in net profit and a large goodwill impairment in the U.S. subsidiary, totaling CNY 1.307 billion[6]. - Domestic revenue fell by 40.29%, with a gross margin decrease to 21.75%, resulting in substantial goodwill impairments across the company's lighting segment[6]. - The cultural tourism business experienced a revenue decline of 56.32% due to the pandemic and government deleveraging policies[6]. - Leyard achieved a revenue of CNY 3.5 billion in 2020, representing a year-on-year increase of 15% compared to CNY 3.04 billion in 2019[31]. - The company's net profit attributable to shareholders was CNY 450 million, up 20% from CNY 375 million in the previous year[31]. - The company's operating revenue for 2020 was ¥6,633,666,880.42, a decrease of 26.68% compared to ¥9,047,469,208.30 in 2019[45]. - The net profit attributable to shareholders for 2020 was -¥976,435,225.82, representing a decline of 238.71% from ¥703,954,054.77 in 2019[45]. - The net cash flow from operating activities increased by 21.64% to ¥1,110,885,918.39 in 2020, compared to ¥913,223,821.69 in 2019[45]. - The total assets at the end of 2020 were ¥13,637,449,477.74, down 11.32% from ¥15,378,001,095.42 at the end of 2019[45]. - The basic earnings per share for 2020 was -¥0.3840, a decrease of 238.73% from ¥0.2768 in 2019[45]. - The net profit attributable to shareholders in Q4 2020 was -¥1,291,950,895.00, indicating significant losses in that quarter[49]. - The company received government subsidies amounting to ¥75,383,262.67 in 2020, an increase from ¥57,928,713.35 in 2019[56]. - The total equity attributable to shareholders at the end of 2020 was ¥7,229,013,173.62, down 13.79% from ¥8,384,979,734.91 at the end of 2019[45]. Market and Product Development - The company's main business, which focuses on smart display products, accounted for 78% of total revenue in 2020, despite the overall revenue decline[8]. - The Micro LED technology was officially put into production in 2020, enhancing the company's core competitiveness and expanding the market space for the LED industry[10]. - The LED industry is entering a new growth cycle, with significant order increases and signs of supply shortages due to the commercialization of Micro LED technology[11]. - Leyard's LED display products accounted for 75% of total revenue, with a significant increase in demand for small-pitch LED displays, which saw a growth of 30% year-on-year[31]. - The company plans to expand its market presence in Europe and North America, targeting a 25% increase in international sales by 2022[31]. - Leyard is investing CNY 200 million in R&D for new Micro LED technology, aiming to launch products by the end of 2021[31]. - The company reported a user base growth of 40% in its smart display solutions, reaching over 10,000 users by the end of 2020[31]. - The company has completed the acquisition of Planar Systems, enhancing its product portfolio and market share in the U.S. display market[31]. - The company is focusing on strategic partnerships with technology firms to enhance its product offerings and market competitiveness[31]. - The company plans to launch Micro LED large-size home TVs targeting high-end residential and commercial markets, with future breakthroughs expected to enter the mass consumer market[73]. - The company has a total of 901 patents in LED display technology, including 42 patents specifically for Micro LED, reflecting its strong innovation capabilities[74]. - The company aims to enhance its brand presence in the consumer market by leveraging the "PLANAR" brand, which has nearly 38 years of history in the overseas display sector[75]. - The company has established a multi-dimensional market promotion network to meet the diverse needs of commercial display customers[75]. - The global Micro LED market is projected to reach $2.9 billion by 2025, with large display applications accounting for approximately 60% of this market[94]. - The domestic small-pitch LED market has seen a significant shift, with applications expanding from high-end markets to lower-tier cities, indicating a larger market potential[104]. - The demand for video conferencing integrated machines has surged due to the pandemic, leading to substantial growth in the commercial video conferencing market[105]. - The LED display industry is experiencing a recovery, with downstream demand showing signs of improvement since November 2020, leading to a supply-demand imbalance[99]. - The introduction of Micro LED technology is expected to drive a new high-growth cycle in the LED industry, expanding market opportunities significantly[102]. - Major companies are investing in Micro LED technology development, with significant collaborations and joint ventures established in 2020[94]. - The establishment of the Mini/Micro LED display industry branch by the China Electronic Video Industry Association aims to reduce costs and set standards for the industry[98]. Technology and Innovation - The Micro LED technology combines the advantages of LCD and OLED, offering superior performance in terms of power efficiency, color range, and stability[93]. - The LED display products are entering an optimal cost-performance phase, enhancing market acceptance and product quality stability[103]. - The LED industry has seen increased concentration, particularly in downstream applications, with many weaker companies eliminated during the pandemic, benefiting leading firms[109]. - Leyard has grown from a small company to a publicly listed enterprise with nearly 10 billion RMB in annual revenue, employing 5,000 people globally[110]. - Leyard has undergone three major technological innovations since its establishment, significantly impacting the global display industry[116]. - The first innovation in 1998 introduced the first full-color LED display in China, marking the start of the full-color LED display era[117]. - The second innovation in 2010 led to the development of the world's first 2.5mm small-pitch HD LED display panel, establishing a new era for small-pitch LED displays[117]. - The third innovation in 2016 initiated the industrialization of Micro LED technology, with a production base established in 2020[118][119]. - Leyard's R&D focuses on Micro LED technology, including optimization of transfer techniques and surface consistency[120][123]. - The Micro LED Research Institute was established in October 2020 to tackle technical challenges in Micro LED display technology[121]. - Leyard is developing full-color Micro LED technology using quantum dots and optimizing color conversion methods to enhance efficiency and reduce costs[125]. - The company has focused on energy-saving and integration trends in LED display driver ICs, reducing the operating voltage from 5V to below 3.8V[129]. - The Mini LED backlight display technology is being developed to meet high-end display specifications, with a focus on notebook and automotive display applications[131]. - The company has established a production capacity of 1.8 million units per month at its Beijing production base, focusing on micro and small pitch products[153]. - The company has launched four Micro LED commercial display products, including 40-inch, 54-inch, 67-inch, and 81-inch models[169]. - The company aims to develop Micro LED displays with a pixel pitch below P0.4mm, targeting a size of 135 inches for 8K resolution[170]. - The company is focusing on AM-driven Micro LED displays to improve brightness uniformity and reduce power consumption[172]. - The company is developing Micro LED spherical screens for applications in VR experience centers and flight simulators, targeting a pixel pitch of P1.25mm or lower[175]. - The company is entering the consumer television market with Micro LED technology, which offers superior contrast, brightness, and color quality[177]. - The company has Mini LED backlight products ready for mass production, with a focus on gaming monitors and professional content editing displays[178]. - The company has established a joint venture with Taiwan Crystal Optoelectronics for Micro LED mass production, becoming the first in the world to do so[159]. Product Offerings and Market Strategy - The company reported that its LED integrated meeting machine sales revenue exceeded 100 million in 2020, driven by increased demand for online office and remote meetings due to the pandemic[192]. - The company has developed two major product systems for its LED conference system, including the iAT series (110 inches, 136 inches, 165 inches, 220 inches) and the TXP series (108 inches, 135 inches, 162 inches, 216 inches)[195]. - The LED conference system features ultra-thin design with a total thickness of 20mm and ultra-narrow bezels, enhancing aesthetic appeal and installation convenience[197]. - The company has launched the GXY series targeting mainstream control systems, emphasizing flexibility, lightweight design, and ease of installation and maintenance[190]. - The company is focusing on the development of a self-controlled display system to achieve domestic substitution in core chips, basic hardware, operating systems, middleware, and data servers[199]. - The company has introduced Micro LED commercial display standard products, including 40-inch 2K (P0.4), 54-inch 2K (P0.6), 67-inch 2K (P0.7), and 81-inch 2K (P0.9) to meet high-end professional display needs[183]. - The company participated in the formulation of the "General Technical Specifications for Indoor LED Commercial Integrated Machines," reflecting its commitment to industry standards and quality[198]. - The company has adopted a professional channel operation model for its products, focusing on both domestic and international markets[191]. - The company’s MiniBox, HKS, and QF series products are designed for mid-range demand, featuring a modular design with a thickness as low as 9.6mm[187]. - The company’s high-end demand products utilize patented front and rear installation maintenance designs, enhancing user convenience and operational efficiency[186]. Future Outlook and Risks - The company does not face significant risks to its ongoing operations, supported by its leading position in the LED industry and the overall industry development trends[12]. - Future risks include the potential failure to achieve breakthroughs in Micro LED technology and the emergence of superior mass transfer technologies in the market[13][17]. - Leyard's board has set a performance guidance for 2021, projecting a revenue growth of 20% and a net profit increase of 15%[31].