8月21日，深圳市洲明科技股份有限公司通过电话会议的形式，接待了来自招商证券股份有限公司等30 家机构的调研。公司副总经理、董事会秘书陈一帆，财务总监王群斌，AI业务负责人刘俊参与接待， 并与投资者进行了深入的沟通交流。以下为本次投资者关系活动的详细内容： 1.投资者关系活动基本信 息|类别|详情| |---|---| |投资者关系活动类别|业绩说明会、电话会议| |参与单位名称|广州泽恩投资、海南宽 行私募基金管理有限公司、瑞联私募基金海南、招商证券股份有限公司等30家（具体名单详见附件）| | 时间|2025年8月21日| |地点|公司会议室| |上市公司接待人员姓名|副总经理、董事会秘书陈一帆；财务总 监王群斌；AI业务负责人刘俊|2025年半年度报告业绩情况2025年上半年，洲明科技凭借稳健经营策略 与业务韧性，实现营业收入、利润双增长，费用管控成效显著，整体经营质量稳步提升。关键财务数 据：实现营业收入36.58亿元，同比增长7.38%；归母净利润1.21亿元，同比增长20.61%；扣非归母净利 润1.42亿元，同比增长71.46%。期间费用率为22.57%，较去年同期下降1.01个百分点。业务板块 ...

深圳市洲明科技股份有限公司投资者关系活动记录表 证券代码：300232 证券简称：洲明科技 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他（电话会议） 参与单位名称 具体名单详见附件 时间 2025 年 8 月 21 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书 陈一帆 财务总监 王群斌 AI 业务负责人 刘 俊 投资者关系活动 主要内容介绍 本次投资者关系活动以电话会议的方式进行，接待人员与 投资者进行了沟通交流，主要内容如下： 一、公司 2025 年半年度报告业绩情况介绍 2025 年上半年，公司凭借稳健的经营策略与业务发展韧 性，实现营业收入、利润双增长，同时，费用管控成效显著， 整体经营质量稳步提升。 2025 年上半年，公司实现营业收入 36.58 亿元，同比增长 7.38%，实现归母净利润 1.21 亿元，同比增长 20.61%，实现扣 非归母净利润 1.42 亿元，同比增长 71.46%，主要得益于国内 外业务的深度开拓、Mini/Micro LED 市场份额的快速提升以及 透与渠道下沉同步加速;（ ...

此外，洲明科技在技术研发上持续加码，核心技术竞争力进一步巩固。公司COB技术实现巨量转移效率翻倍，芯片良率达 99.998%，通过自研控制系统降低调试成本。同时，公司在南昌市高新技术产业开发区投资6亿元建设"Micro&Mini LED显示和 LED照明生产基地项目"，重点建设COB封装、芯片级MIP封装等先进生产线，支撑产业端产能升级。 本报讯 （记者李昱丞）8月19日，深圳市洲明科技股份有限公司（以下简称"洲明科技"）发布2025年半年度报告，报告显 示，公司2025年上半年实现营业收入36.58亿元，同比增长7.38%；实现归母净利润1.21亿元，同比增长20.61%；扣非后归母净 利润达1.42亿元，同比增长71.46%。 2025年上半年，洲明科技国内外市场协同发展。国内市场方面，受益于影院、教育、舞台演绎、体育赛事、文旅等应用场 景需求的快速增长，叠加销售模式由准直销向代理商的转型，公司实现国内业务营业收入14.81亿元，同比增长19.96%。海外 市场方面，公司依托全球智慧城市建设加速与数字基建普及带来的公共空间LED显示屏规模化部署，以及全球巡回演出市场的 持续扩张，实现海外营业收入21.76 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 9.26 yuan [4][7]. Core Insights - The company reported a revenue of 3.658 billion yuan for the first half of 2025, representing a year-on-year growth of 7.38%, and a net profit attributable to shareholders of 121 million yuan, up 20.61% year-on-year [1][2]. - The company is actively embracing AI technology, focusing on a "LED+AI" strategy that aims to create a comprehensive ecosystem for both B2B and B2C applications [2]. - The company has launched various AI-integrated products, including AI companion assistants and AI integrated machines, which are already being sold on major online platforms [2]. - The company has a strong patent portfolio with 3,398 authorized patents and has established a global marketing network across over 160 countries [3]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 8.38 billion yuan, 9.176 billion yuan, and 10.075 billion yuan, respectively, with net profits expected to be 316 million yuan, 431 million yuan, and 532 million yuan [4][12]. - The company is expected to achieve a price-to-earnings ratio of 32 times in 2025 [4]. Market Performance - As of August 18, 2025, the company's stock price was 8.18 yuan, with a market capitalization of approximately 8.93 billion yuan [7]. - The stock has shown a relative return of 9.3% over the past month and 31.8% over the past year [8].

Revenue Growth Sources - Future revenue growth is primarily driven by three areas: expansion of the LED market, deepening industry solution services, and innovative products integrating LED with AI [1][2] - The LED market is expanding due to the trend towards miniaturization, with Mini/Micro LED products opening new application scenarios [1] - Industry solutions are being applied in sports, entertainment, and commercial sectors, enhancing business value [1] Sales Model and Brand Exclusivity - The company employs a sales model that combines distribution and direct sales, with a three-tier structure: distributors, agents, and dealers [3] - Distributors have brand exclusivity and collaborate with the company through inventory stocking, while agents and dealers operate under different contractual arrangements [3] Goodwill and Impairment - Goodwill primarily arises from strategic acquisitions post-IPO, with a recorded goodwill of 113 million yuan as of the end of 2024 [4] - The overall impairment risk is low, with assessments based on company performance and future cash flows [4] International Market Strategy - In 2024, overseas revenue reached 4.777 billion yuan, accounting for 61.45% of total revenue, with an 18.33% year-on-year growth [5][6] - Strategies include localization of teams and channels, local partnerships for market influence, and product design tailored to local needs [6] Impact of U.S. Tariffs - The impact of U.S. tariffs on the company is limited due to a balanced global sales network and local production capabilities through acquisitions [7] - The company benefits from brand premium and technological innovation, enhancing product value and bargaining power [7] Future M&A Plans - The company maintains a cautious approach towards mergers and acquisitions, focusing on integrating market, brand, and technology resources [8][9] - Key areas of interest include upstream and downstream integration in the optoelectronic industry, potential innovative firms in niche markets, and collaboration with industry funds for strategic investments [9]

Group 1: Business Performance - The LED display business accounted for 92.49% of total revenue in 2024, making it the primary profit source for the company [1] - The company achieved overseas revenue of 47.77 billion CNY, representing 61.45% of total revenue, with an 18.33% year-on-year growth [5] - The company’s LED lighting business, while smaller, contributes to specific market segments like urban landscape and commercial lighting [2] Group 2: Innovation and R&D - The company invested 376 million CNY in R&D in 2024, which is 4.84% of total revenue, highlighting its commitment to technological innovation [3] - In 2024, the company added 370 new patents, including 81 invention patents, bringing the total to 3,231 patents [3] - The company is focusing on high-end Mini/Micro LED product lines and integrating AI into its offerings to enhance product value [2] Group 3: Expansion Plans - The company announced a total investment of 600 million CNY for the construction of Micro and Mini LED display and lighting production bases [4] - The production facilities will include COB packaging and chip-level MiP packaging lines, aimed at expanding capacity in response to market demand [4] Group 4: Market Strategy - The company is adopting a cautious approach towards mergers and acquisitions, focusing on long-term strategic alignment and resource integration [6] - The company is enhancing its overseas marketing network and localizing its operations to improve competitiveness [5] Group 5: Digital Exhibition Developments - The company showcased its LED display products at the Osaka Expo, combining physical exhibits with LED technology for immersive cultural experiences [7][8] - The digital exhibition solutions are designed to meet diverse customer needs and enhance brand visibility [8]

Core Viewpoint - The company has demonstrated strong resilience and growth in a challenging market environment, achieving steady revenue growth and significant international business expansion in 2024 [25][26]. Company Overview - The company specializes in LED display and lighting products, providing high-quality solutions for various applications, including professional displays, commercial displays, and smart lighting [3][5]. - The company has established a multi-brand strategy, with brands like "Unilumin," "ROE," and "LAMPRO" catering to different market segments, enhancing its competitive edge [5][6]. Financial Performance - In 2024, the company achieved operating revenue of 7.774 billion yuan, a year-on-year increase of 4.90%, driven by overseas business growth and advancements in Mini/Micro LED markets [26]. - The overseas revenue reached 4.777 billion yuan, accounting for 61.45% of total revenue, reflecting an 18.33% increase year-on-year [26]. - The gross profit margin improved to 29.11%, up 1.09 percentage points from the previous year, attributed to a higher proportion of overseas business and value-added solutions [26]. Business Strategy - The company is focused on AI-driven comprehensive solutions, enhancing product value and expanding market opportunities through the integration of AI technology in both B2B and B2C products [28][30]. - The company has implemented a digital transformation strategy to optimize cost management and improve operational efficiency, resulting in a decrease in the expense ratio to 22.16% [28][32]. Innovation and Technology - The company has introduced the "UniAIoT" platform, integrating AI and IoT technologies to enhance user interaction and operational efficiency across various applications [17][18]. - The launch of the "Brahmaputra AI Picture Engine" significantly improves display quality, positioning the company as a leader in the LED display industry [12][13]. Market Expansion - The company has made significant strides in international market expansion, establishing a robust marketing network across over 160 countries and enhancing brand recognition [6][31]. - The company is actively responding to the "Belt and Road" initiative, leveraging opportunities in emerging markets to further its international business growth [32].