Core Viewpoint - The company, Liard (300296.SZ), has addressed investor concerns regarding recent patent submissions by Yushu Technology, emphasizing its strong patent portfolio in AI and spatial computing, which includes over 50 authorized patents as of June 30, 2025, establishing a solid technological barrier [1] Group 1 - Liard has received over 50 authorized patents in its AI and spatial computing sector [1] - The company assures that it will comply with legal regulations for timely and transparent information disclosure regarding any significant matters [1] - There are inquiries about the potential infringement issues related to Yushu Technology's patents and the plans for the virtual point's spin-off listing [1]

Core Viewpoint - The company has intensified its development and application of movie screens over the past two years, focusing on high cost-performance and stronger scene adaptability in its innovative products [1] Group 1: Product Development - The company is continuously deepening its display technology while vertically integrating its supply chain [1] - It is launching innovative products that offer high cost-performance and better scene adaptability [1] Group 2: Market Strategy - The company is building an open ecological cooperation platform to enhance its marketing network [1] - It aims to connect customer resources from the display sector and the cultural tourism night tour sector [1] Group 3: Commercialization Efforts - The company is accelerating the application and commercialization of innovative products in the consumer market [1]

Core Viewpoint - LiDAR Technology is actively involved in research related to spatial positioning technology for drone formation control and dynamic modeling [1] Group 1 - The company is participating in research on spatial positioning technology [1] - The focus areas include drone formation control and dynamic modeling [1]

Core Viewpoint - The company Liard experienced a stock price decline of 2.06% on September 9, with a current price of 7.12 CNY per share and a total market capitalization of 19.309 billion CNY [1] Financial Performance - For the first half of 2025, Liard reported a revenue of 3.51 billion CNY, a year-on-year decrease of 3.33%, while the net profit attributable to shareholders was 172 million CNY, reflecting a year-on-year increase of 34.03% [2] - Cumulative cash dividends since the company's A-share listing amount to 1.45 billion CNY, with 498 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of Liard's shareholders was 150,600, a decrease of 9.97% from the previous period, with an average of 15,105 circulating shares per shareholder, an increase of 11.05% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 29.1928 million shares, an increase of 6.5936 million shares from the previous period [3]

Market Performance - The primary economic sector increased by 1.6% compared to the previous trading day, with Kai Run Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers - Kai Run Co., Ltd. (300577) closed at 23.80, up 6.77% with a trading volume of 66,200 shares and a transaction value of 156 million [1] - Da Feng Industrial (603081) closed at 13.03, up 5.08% with a trading volume of 205,000 shares and a transaction value of 265 million [1] - Feng Shang Culture (300860) closed at 29.03, up 4.12% with a trading volume of 48,400 shares and a transaction value of 2.66 million [1] Market Capital Flow - The primary economic sector saw a net inflow of 56.27 million from main funds, while retail funds experienced a net outflow of 30.30 million [2] - The main funds' net inflow for Li Ya De (300296) was 63.49 million, while retail funds had a net outflow of 44.87 million [3] Individual Stock Performance - Li Ya De (300296) had a main fund net inflow of 63.49 million, representing 5.27% of its total trading volume [3] - Kai Run Co., Ltd. (300577) experienced a main fund net inflow of 19.48 million, accounting for 12.50% of its trading volume [3] - Da Feng Industrial (603081) had a main fund net inflow of 13.34 million, which is 5.04% of its trading volume [3]

Group 1 - The core transaction on September 4 involved a block trade of 2.7775 million shares of Liard, with a transaction value of 19.998 million yuan, at a price of 7.20 yuan per share, representing a premium of 2.56% over the closing price of the day [2][3] - In the last three months, Liard has recorded a total of three block trades, with a cumulative transaction value of 59.9818 million yuan [3] - On the same day, Liard's closing price was 7.02 yuan, reflecting a decline of 2.50%, with a turnover rate of 8.68% and a total trading volume of 1.414 billion yuan, indicating a net outflow of 37.4467 million yuan in main funds [3] Group 2 - The latest margin financing balance for Liard is 1.192 billion yuan, which has increased by 213 million yuan over the past five days, representing a growth rate of 21.74% [3]

Core Insights - The LED display industry is undergoing a transformation from "one-way display" to "two-way interaction" driven by AI technology, which is seen as a key opportunity to redefine user experience and commercial potential [2][5][8] - Leading companies like Absen, Unilumin, and Leyard are elevating "LED+AI" to a strategic level, viewing it as a new engine for future growth and industry technological transformation [2][3][4] Company Strategies - Absen has positioned "LED+AI" as a core strategic direction since last year, focusing on user needs and aiming to enhance product performance and experience through AI [2][3] - Unilumin has also elevated "LED+AI" to a top strategic priority, transitioning from a display hardware manufacturer to an "AI intelligent light display ecosystem leader" [3][4] - Leyard is actively deploying its "AI+" strategy, achieving significant progress in smart service platforms and interactive products, which will drive the industry towards greater intelligence and interactivity [4] Technological Innovations - The strategic upgrade in the industry is reflected in three dimensions: quality enhancement through AI algorithms, energy efficiency via intelligent control, and smart interaction breaking the limitations of traditional displays [2][3] - Companies are developing AI solutions that adapt to different environments, enhancing user experience and creating value [2][3] Market Applications - Real-world applications of AI in LED displays include smart shopping guides, immersive experiences in cultural tourism, and interactive classrooms, which traditional displays cannot achieve [3][6] - Absen's AI solutions, such as the AI virtual digital human "Xiao Ai" and AI digital dressing solutions, have received positive feedback and are aimed at enhancing retail conversion rates [6][7] Ecosystem Development - The competition in the LED commercial display industry is shifting from product competition to ecosystem competition, with companies building comprehensive capabilities that integrate hardware, software, and content [7][8] - Unilumin's strategy includes focusing on vertical scenes, establishing a commercial closed loop for AI products, and expanding into international markets [7][8] Future Trends - The industry is expected to deepen in three directions: AI-driven performance enhancement, intelligent upgrades in interaction experience, and continuous diversification and expansion of application scenarios [8]

Core Viewpoint - The LED display industry is undergoing a transformation from "one-way display" to "two-way interaction," driven by the integration of AI technology, which is seen as a key opportunity to redefine user experience and commercial potential [2][5][8]. Group 1: Industry Trends - The integration of AI into LED displays is not merely a technological addition but a fundamental shift that enhances user experience and expands commercial opportunities [2][8]. - Major companies like Absen, Unilumin, and Leyard are elevating "LED+AI" to a strategic level, viewing it as a new engine for growth and technological transformation in the industry [2][3][4]. - The competition in the LED display sector is shifting from product-based competition to ecosystem-based competition, focusing on comprehensive capabilities that include hardware, software, and content [7][8]. Group 2: Company Strategies - Absen has positioned "LED+AI" as a core strategic direction, aiming to enhance product performance and user experience through AI, while also focusing on low-carbon energy consumption and intelligent interaction [2][3]. - Unilumin aims to transition from a hardware manufacturer to an "AI intelligent light display ecosystem leader," emphasizing the deep integration of LED technology with AI capabilities [3][4]. - Leyard is actively deploying AI to upgrade the display industry, achieving significant progress in smart service platforms and interactive products [4]. Group 3: Application Scenarios - Real-world applications of AI in LED displays include smart shopping guides, immersive experiences in tourism, and interactive classrooms, which traditional display devices cannot achieve [1][6]. - Absen has showcased innovative solutions such as AI virtual digital humans and AI digital dressing solutions, which enhance retail conversion rates and user engagement [6][7]. - The industry is exploring various application scenarios, including virtual film production and tourism, with a focus on customized AI solutions to meet specific market needs [6][7]. Group 4: Future Outlook - The industry is expected to deepen the integration of AI, enhancing display performance, interactive experiences, and diversifying application scenarios [8]. - Recent government initiatives promoting the implementation of "Artificial Intelligence+" are likely to accelerate the penetration of AI technology in the LED display sector, creating greater development opportunities [8].

Core Insights - The company, Liard (300296.SZ), has recently announced breakthroughs in its AR glasses technology, combining "waveguide display technology + AI large model" [1] - The product is currently in the final validation stage and is expected to launch in October, targeting B-end industry clients first [1] - Custom solutions will be provided in sectors such as cultural tourism, medical diagnosis and training, and corporate meetings [1] - The scale of the rollout will depend on market acceptance and promotion efforts [1]

Core Viewpoint - The company has achieved breakthroughs in "waveguide display technology + AI large model" for its AR glasses, which are now in the final validation stage and expected to launch in October, targeting B-end industry clients first [1] Group 1 - The AR glasses will provide customized solutions for various sectors, including cultural tourism, medical diagnosis and training, and corporate meetings [1] - The scale of the product launch will depend on market acceptance and promotion [1]