Core Viewpoint - Kaleid is a leading enterprise in the LED display control industry, with products widely used in various video image display scenarios such as large celebrations, competitive events, conferences, and broadcasting studios [1] Industry Summary - The display industry is continuously evolving towards precision, with small-pitch LED and ultra-high-definition video accelerating penetration, driving long-term growth for the company [1] - The company has established strong customer loyalty by binding with high-quality downstream clients, creating high barriers to entry [1] Company Strategy - The company is actively expanding its overseas marketing network, opening up vast market opportunities [1] - The product matrix is being expanded to lead the trend of AI + display control technology transformation [1] - The new AI display control products have quickly gained customer favor in the commercial display sector due to their excellent image processing performance and user-friendly operation [1] Competitive Advantage - The company occupies a core position in video image display, possessing technological leadership and strong ties with high-quality downstream clients, which positions it to fully benefit from the growth dividends of precision and high-definition in the display industry [1]

Core Viewpoint - The company is a leading player in the LED display control industry, focusing on video processing algorithms and hardware solutions, with products widely used in various video display scenarios [1][2]. Group 1: Industry Trends - The display industry is evolving towards precision, with small-pitch LED and ultra-high-definition video driving long-term growth for the company [1]. - The demand for the company's products is positively correlated with the pixel count of downstream LED displays, which is increasing due to lower costs and the proliferation of small-pitch LED screens [1]. - The video industry is transitioning from 4K to 8K, leading to higher requirements for video processing technology in terms of clarity, refresh rate, and low latency, which is expected to enhance the pricing of the company's video processing equipment [1]. Group 2: Customer Relationships - The company has established deep partnerships with leading LED display manufacturers, creating high customer stickiness and significant barriers to entry for competitors due to the high cost of replacing the company's products [2]. - The integration of transmitter functions into video processing equipment necessitates compatibility with the company's control systems, further solidifying its market position [2]. Group 3: Market Expansion - The company is actively expanding its overseas marketing network, with sales offices in the Netherlands and the United States, enhancing brand recognition through participation in high-level exhibitions [2]. - The company's products are well-received in the European and American markets due to their competitive price-performance ratio compared to established local brands [2]. Group 4: Product Development - The company plans to launch AI-driven display control solutions in the first half of 2025, covering ultra-high resolution, conference systems, and MLED calibration, along with new flagship products [3]. - The AI display control products are gaining rapid acceptance in the commercial display sector due to their superior image processing capabilities and user-friendly operation [3]. Group 5: Financial Projections - The company is expected to benefit from the growth of the display industry, with projected revenues of 745 million, 876 million, and 1.059 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 32 million, 59 million, and 124 million yuan for the same years [3].

Investment Rating - The report maintains a "Buy" rating for the company Calet (301391) with a target price set at 55.18 [1][7]. Core Views - The company is positioned as a leading enterprise in the LED display control industry, focusing on video processing algorithms and hardware solutions for video image fields [4][14]. - The company is experiencing a recovery in performance growth while actively transforming towards AI technologies [1][9]. - The LED display industry is evolving towards precision and high-definition, with small-pitch LED and ultra-high-definition video driving long-term growth for the company [5][34]. Summary by Sections Company Overview - Calet was established in January 2012 and provides comprehensive solutions in video image fields, with products including LED display control systems, video processing equipment, and cloud-connected players [4][14]. - The company has a clear shareholding structure with a high concentration of ownership, and its management team possesses strong technical backgrounds [20][23]. Industry Trends - The LED display industry is witnessing a shift towards precision and high-definition, with the cost of small-pitch LED displays decreasing, thus expanding downstream application scenarios [34][38]. - The global LED display market is expected to grow, with a projected CAGR of 7% from 2023 to 2028 [34]. Competitive Positioning - The company's products are considered the "brain" of LED displays, directly influencing the stability and display quality of LED screens [56][58]. - The company has established deep partnerships with leading LED display manufacturers, creating high barriers to entry for competitors [5][6]. Financial Performance and Forecast - The company’s revenue is projected to recover, with expected revenues of 7.45 billion, 8.76 billion, and 10.59 billion yuan for 2025, 2026, and 2027 respectively [7][8]. - The gross profit margin has shown an upward trend, increasing from 40.25% in 2020 to 44.01% in 2024 [28][31]. Product Development - The company is expanding its product matrix to lead the AI + display control technology transformation, launching new AI-driven display solutions [6][31]. - The introduction of high-margin products such as video processing equipment and cloud-connected players is expected to enhance revenue growth [29][30].

单位：元 证券代码：301391 证券简称：卡莱特 公告编号：2025-050 卡莱特云科技股份有限公司 关于2025年7-8月计提及冲回资产减值准备的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》《企业会计准则》等相关规定，公司本着谨慎性原则，对合并财务报表 范围内的各项需要计提减值的资产进行了评估和分析，对预计存在可能发生减值 损失的相关资产计提减值准备。现将相关情况公告如下： 一、本次计提减值准备情况概述 （一）本次计提资产减值准备的原因 本次计提资产减值准备，主要是根据《企业会计准则》及公司会计政策的相 关规定，为更加真实、准确地反映公司截至2025年8月31日的资产状况和财务状 况，公司基于谨慎性原则，对各项资产进行了充分的分析、测试和评估，对可能 发生资产减值损失的资产计提减值准备。 （二）本次计提资产减值准备的资产范围和总金额 公司计提2025年7-8月各项资产减值准备共-514.52万元，其中，计提资产减 值损失156.92万元，冲回信用减值损失671.44万元， ...

Core Viewpoint - The company, Kaleit, announced the approval of two significant resolutions during its first extraordinary general meeting of shareholders for 2025, including the application for multiple business licenses and the reappointment of an accounting firm [2] Group 1 - The company held its first extraordinary general meeting of shareholders for 2025 on September 2 [2] - The resolutions approved include the application for "one license for multiple addresses" and amendments to business registration [2] - The company also resolved to renew the appointment of its accounting firm [2]

中国 深圳 福田区益田路6001号太平金融大厦11、12楼 邮政编码：518038 11、12/F, TaiPing Finance Tower, Yitian Road 6001, Futian District, ShenZhen P.R.China 518038 电话（Tel）：（0755）88265288 传真（Fax）：（0755）88265537 网址（Website）：http://www.sundiallawfirm.com 广东信达律师事务所 信达会字（2025）第254号 关于卡莱特云科技股份有限公司 致：卡莱特云科技股份有限公司 2025年第一次临时股东会之 法律意见书 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股 东会规则》（以下简称"《股东会规则》"）等法律法规以及现行有效的《卡莱特 云科技股份有限公司章程》（以下简称"《公司章程》"）的规定，广东信达律师 事务所（以下简称"信达"）接受卡莱特云科技股份有限公司（以下简称"公司"） 的委托，指派丛启路、童匆聪律师（以下简称"信达律师"）出席公司2025年第一 次临时股东会（以下简称"本次股东会"），在进行必要验 ...

证券代码：301391 证券简称：卡莱特 公告编号：2025-049 卡莱特云科技股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、召开时间： 现场会议时间：2025 年 9 月 2 日（星期二）下午 14:30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 9 月 2 日上午 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联 网系统投票的时间为 2025 年 9 月 2 日 9:15-15:00 期间的任意时间。 2、召开地点：深圳市南山区西丽街道西丽社区留新四街万科云城三期C区 八栋A座 39 楼高级会议室 3、召开方式：本次股东会采用现场投票与网络投票表决相结合的方式召开 本次股东会采用现场投票与网络投票相结合的表决方式对以下议案进行了 表决： 4、召集人：公司董事会 5、主持人：董事何志民 6、本次会议的召集 ...

| 项 目 | 工作内容 | | --- | --- | | （1）发表专项意见次数 | 次 2 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0 次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8．关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 是 | | （2）关注事项的主要内容 | 1、2025 年 月，卡莱特营业收入为 1-6 万元，同 | | | 万元，同比增长 27,255.44 4.20%；归属于 | | | 上市公司股东的净利润为 808.34 | | | 比下降 36.93%；归属于上市公司股东的扣 | | | 除非经常性损益的净利润为-1,253.61万元， | | | 同比上升 19.71%； | | | 2、公司 IPO 募集资金使用进度较为缓慢。 | | （3）关注事项的进展或者整改情况 | 1、持续关注卡莱特后续收入、业绩变化情 况；2、针对募集资金使用较为缓慢的事项， | | | 保荐人提示公司针对 ...

Group 1 - The stock price of Kaleite closed at 54.99 yuan on August 21, down by 1.16 yuan from the previous trading day [1] - The opening price on that day was 55.99 yuan, with a high of 59.45 yuan and a low of 54.45 yuan, resulting in an intraday volatility of 8.9% [1] - The trading volume was 34,700 hands, with a total transaction amount of 196 million yuan [1] Group 2 - Kaleite operates in the computer equipment industry, focusing on the research, development, production, and sales of display control systems and video processing equipment [1] - The company's products are widely used in broadcasting, security monitoring, and conference systems [1] Group 3 - On August 21, the net inflow of main funds was 7.4775 million yuan, with a cumulative net inflow of 47.7265 million yuan over the past five trading days [1] - There was a rapid adjustment in the stock price during the day, with a price of 57.6 yuan reported at 10:18 AM, which was a drop of over 2% compared to the previous five minutes [1]

Group 1 - The company has not distributed cash dividends, issued bonus shares, or increased capital from reserves during the reporting period [3] - All directors attended the board meeting to review the report [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [5] Group 2 - The company does not require retrospective adjustments or restatements of previous accounting data [4] - There are no preferred shareholders or related holdings reported during the period [5] - The company has not issued any bonds that are still in existence as of the report approval date [5]