Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The company has shown strong performance during the 618 shopping festival, with its KTC brand ranking among the top five in the display category on JD.com, indicating significant market recognition [1][5]. - The strategic focus on innovative display products and AI integration positions the company as a typical case of "technology + consumption" convergence, resonating with new consumer experiences [1]. - The launch of AI glasses is expected to catalyze valuation growth, as the company aims to capture market share in this emerging segment [1][5]. Financial Data Summary - The total revenue for 2025 is projected to be 17.457 billion yuan, with a year-on-year growth of 12% [6]. - The net profit attributable to the parent company for 2025 is estimated at 1.059 billion yuan, reflecting a 27% increase compared to the previous year [6][11]. - The company’s return on equity (ROE) is expected to improve from 11.4% in 2024 to 14.8% by 2027 [10]. Product Performance - KTC's products, including the H27T22S-3 and M27T6S, achieved top sales in their respective categories during the 618 festival, with the former surpassing its closest competitor by 47% in sales volume [5]. - The company’s innovative products, such as the mobile smart screen and AI beauty mirror, have been recognized in various industry rankings, showcasing the effectiveness of its R&D investments [1][5]. Market Positioning - The company is strategically enhancing its overseas market presence, which is expected to be a significant growth driver due to higher profit margins [1]. - The report emphasizes the importance of the company's product structure optimization and the increasing share of overseas business in driving overall profitability [1].

Core Viewpoint - The integration of technology and culture is a significant trend, with the company leveraging AI to empower the cultural tourism industry and drive industrial upgrades through an "AI + Display + Cultural Tourism" ecosystem [1][2]. Group 1: Company Initiatives - The company has achieved notable success in the cultural tourism sector, securing 9 out of 20 immersive cultural tourism demonstration cases recognized by the Ministry of Culture and Tourism, including projects like "Again Pingyao" and "Night Tour of Jinjiang" [1]. - The company aims to create a comprehensive "AI + Display + Cultural Tourism" ecosystem, focusing on resource integration and collaborative innovation to enhance cultural industry output, tax revenue, and employment [2]. Group 2: Talent Development - The company emphasizes the importance of creativity and content, seeking to strengthen partnerships with research institutions and enhance talent cultivation in the content creation field [2]. - Collaborations with prestigious universities such as Tsinghua University and Peking University have been established to develop new talent training models, ensuring a supply of high-skilled professionals to meet the company's needs [2].

访谈 袁波：用科技讲文化故事 今年文博会，利亚德励丰文化带来了"沉浸式交互演绎时空隧道"，通过裸眼3D、体感互动、LED沉浸空间等数字 技术，结合五面屏空间设计，为观众呈现了虚实融合的观展体验。但见观众纷纷打卡"时空隧道"，"时空隧道"成 为了文博会上网红打卡地。 沉浸式交互演绎时空隧道摄影：邹卫 去年文博会，利亚德励丰文化带来了广东馆"大模型"展项"未来之眼"，通过人工智能大脑"粤智"的讲解和弧形 屏、地面屏数字内容沉浸式场景的表达，成为了文博会上"吸睛"的一大亮点。 此外，利亚德励丰文化还参与了文化与AR/VR/MR展区的打造。 5月22日，第二十一届中国（深圳）国际文化产业博览交易会（简称"文博会"）在深圳国际会展中心盛大开幕。本 届文博会以"创新引领潮流创意点亮生活"为主题，利亚德励丰文化受邀参与粤港澳大湾区文化产业创新展（位于 13号馆）广东馆的打造，展示了文化与科技融合的新场景。 连续两届文博会，利亚德励丰文化都展现了文化与科技融合的新场景。而文化与科技融合也成为了本届文博会的 重头戏，科技发展"新势力"频现。如何继续走好文化与科技深度融合之路？文化企业的发展又呈现出了什么样的 新趋势？南都记者专 ...