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 编号：2026-01 | | ■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 | 连欣然 | 国信证券 | | 名称及人 | 黄礼悦 | 永赢基金 | | 员姓名 | | | | 时间 2026 | 年 2 月 26 日 10:30-11:30 | | | 地点 | 电话会 | | | 上市公司 | | | | 接待人员 | 刘阳 | 董事会秘书 | | 姓名 | 梁清筠 | 证券事务代表 | | | 本次调研以电话会议的方式举行，会议中，董秘刘阳总回答了投资者 | | | | 的提问，主要内容如下： | | | | 一、投资者提问： | | | 投资者关 | 1、公司2025年业绩扭亏为盈的主要因素有哪些？ | | | 系活动主 | 答：公司2024年净利润亏损主要原因是商誉及可辨认无形资产的减值，公 | | ...

Core Viewpoint - The article discusses the completion of the acceptance report for the Micro-LED pilot line project by Tianma Microelectronics, highlighting its significance in advancing Micro-LED technology and production capabilities [1]. Group 1: Project Overview - Tianma Microelectronics announced an investment of 1.1 billion yuan to build a full-process Micro-LED pilot line, focusing on key technologies such as mass transfer, detection, repair, packaging, and splicing [2]. - The pilot line is designed to produce 36,000 panels annually and utilizes a fully laser-based manufacturing process with customized automated mass transfer and bonding equipment [2]. - The project is set to complete equipment installation and debugging by September 2024, with core equipment expected to enter trial operation by the end of March 2025 [2]. Group 2: Environmental and Operational Details - The environmental impact assessment (EIA) was completed in October 2023, with the project receiving approval from the Xiamen Ecological Environment Bureau [3]. - The pilot line will operate on a two-shift system, working 355 days a year, with an annual working hour total of 8,520 hours [3]. - The total investment for the project is approximately 1.088 billion yuan, with environmental investment accounting for 0.58% of the total [3]. Group 3: Product Launch and Market Expansion - In addition to the pilot line, Tianma plans to launch multiple Micro-LED products in 2025, including a 108-inch 4K Micro-LED screen, which features high brightness, contrast, and seamless splicing [4]. - The company showcased various Micro-LED automotive display products at the China International Import Expo in 2025, emphasizing their high brightness, resolution, and transparency [6]. - The completion of the pilot line is expected to further drive the application and industrialization of Micro-LED technology [6].

Core Insights - The article highlights the evolution of display technology, emphasizing the shift from traditional sizes to larger screens, particularly the emergence of Micro LED technology as a solution to existing limitations in the market [1][3]. Group 1: Current Market Challenges - Mainstream display technologies like LED LCD and QLED have reached a production size limit of 116 inches, while laser projection is affected by ambient light, and OLED has size and lifespan constraints [1][3]. - Micro LED technology stands out due to its superior picture quality and large size capabilities, with the potential to create home screens larger than 135 inches, thus opening new market opportunities for the LED display industry [1][3]. Group 2: Technological Advancements - Micro LED utilizes millions of independently controlled inorganic light-emitting chips, achieving high brightness, contrast, and color range, and can be seamlessly tiled for large displays [3][7]. - The recent launch of the LV135 Max (135 inches) and LV163 Max (163 inches) by Lehman Optoelectronics addresses key issues such as cost, energy consumption, and performance, making Micro LED technology more accessible for home use [3][7]. Group 3: Cost and Energy Efficiency - The price of the 135-inch Micro LED product has been reduced to 199,999 yuan, while the 163-inch model is priced at 239,999 yuan, thanks to proprietary technology and mass production [3][7]. - The introduction of the PSE energy-saving cold screen technology limits power consumption to below 100W/㎡ and keeps the screen temperature under 30℃, effectively addressing the technical challenges for home environments [3][7]. Group 4: Content and Market Strategy - The new products feature innovative virtual reality capabilities and multiple functionalities, including movie walls, entertainment walls, and interactive walls, which help to address content scarcity [5][9]. - Lehman has established over ten offline experience stores and is accepting pre-orders on major e-commerce platforms, with supply expected to start by the end of March [5][9]. - The introduction of Micro LED technology is anticipated to reshape the high-end home display market, with the potential to unlock a trillion-yuan market as technology improves and costs decrease [5][9].

中国质量新闻网讯（记者 朱文达）在备受瞩目的2026年国际消费电子展（CES）上，海信集团控股股份有限公司(以下简称"海信")凭借一系列突破性前沿技 术创新，一举斩获四项CES创新奖项。从再次实现代际引领的全新一代RGB-Mini LED显示技术到全球首款四基色Micro LED，再到全球首台4合1热泵洗烘一 体机，海信持续以全球首创技术定义行业标杆。作为2026年世界杯官方赞助商，海信更在展会期间推出多款世界杯定制新品，用尖端科技点燃每一份热爱。 去年的CES上，由海信开创并持续引领的RGB-Mini LED技术，斩获CES多项大奖，如今已成为高端显示市场的主流方向，吸引了行业头部企业纷纷加入赛 道。今年CES上海信发布的全新一代RGB-Mini LED电视UX系列再次实现代际引领，一年一次大升级，做到了真正的行业引领和带动，由此获得CES2026创 新荣誉奖。这一奖项由美国消费者技术协会(CTA)颁发，主要奖励给某一领域有重大贡献的产品和技术。 除了颠覆性的玲珑真彩背光，海信自研的全球首款光色同控信芯AI画质芯片H7也迎来全新进化，在原有108bits超高控色精度基础上再次跃升，一举达到行 业最高的134 ...

Core Viewpoint - The Micro LED industry is expected to see significant advancements and market expansion starting in 2026, driven by breakthroughs in large-scale production cost reduction and the feasibility of light interconnect applications [1] Group 1: Micro LED Technology Advantages - Micro LED is referred to as the "ultimate display technology" with pixel sizes ranging from 5 to 100 micrometers, offering extreme performance, long lifespan, and remarkable energy efficiency [2] Group 2: Challenges and Setbacks - The year 2024 is described as the "darkest moment" for the Micro LED industry, particularly for Apple, which has delayed its Micro LED plans due to challenges in mass production, high costs, and supply chain issues [3] Group 3: Future Outlook and Recovery - By 2025, significant progress is anticipated in overcoming the challenges of transferring millions of micro-sized LED chips, with companies like Q-Pixel achieving over 99.9995% transfer yield [4] - The launch of Garmin's Fenix 8 Pro, the world's first Micro LED smartwatch, indicates the commercial viability of Micro LED technology in smartwatches [4] - Micro LED is positioned as a low-power light source for optical interconnects, with companies like Credo and Microsoft's research team working on advancing related technologies [4]

Core Viewpoint - The company, Innolux Corporation, will showcase a series of innovative display technology solutions at the upcoming event in Las Vegas from January 6 to 8, under the theme "Display the Future, TOGETHER" [1]. Group 1: Micro LED Technology - Innolux will present the "Next Generation Micro LED Display Window," which features high transparency, brightness, and resolution, maintaining visibility in bright environments through self-emission and special optical structures [1]. - The "Ultra High Brightness Micro LED Head-Up Display (HUD)" will be introduced, boasting a direct brightness of 50,000 nits and a reflective virtual image brightness of 10,000 nits, addressing image reflection and blurriness in bright conditions [3]. Group 2: 3D Display and Retail Applications - The "65-inch Multi-User N3D & Kirameki Display" will be showcased, combining N3D multi-view naked-eye 3D technology with Kirameki algorithms, allowing multiple viewers to watch 3D content simultaneously, aimed at retail and digital advertising markets [4]. - A "Mirror Display" will also be featured, utilizing high-reflective coating and local dimming technology, serving both as a mirror and an information display for interactive applications [9]. Group 3: Personal and Portable Displays - For personal users, the company will unveil a "16-inch Single User Naked-Eye 3D Display," equipped with eye-tracking technology that controls 3D latency within 1 millisecond and allows seamless switching between 2D and 3D modes [9]. - Additionally, various display products for laptops and outdoor entertainment will be presented, including a "Multi-Frequency LCD Display" that automatically switches refresh rates between 24Hz, 60Hz, and 120Hz to balance image quality and power consumption [10].

Group 1 - The company emphasizes the importance of expanding applications for Micro LED technology, particularly in cutting-edge areas like optical communication [2] - A specialized Micro LED factory in Zhuhai Jinwan has begun collaborative technology development with industry partners, focusing on the advancement of Micro LED applications [2] - The first batch of samples has been delivered to overseas customers, and the company is currently working with these customers on product optimization [2]

Core Viewpoint - The company, 聚灿光电, primarily produces full-color LED epitaxial wafers and chips, with applications in lighting, backlighting, and displays, including wearable devices [1] Group 1: Product Overview - The main products of the company are full-color LED epitaxial wafers and chips [1] - The application fields for these products include lighting, backlighting, and displays [1] Group 2: Wearable Devices - The backlighting and display segments can be utilized in wearable devices such as smartwatches, smart bands, smart glasses, VR headsets, smart helmets, and smart shoes [1] Group 3: Technology Development - The company has made technological advancements in MicroLED, which is part of the display technology for AI glasses [1]

Core Insights - The smart glasses market, including XR and AI glasses, is experiencing strong growth driven by major tech companies like Baidu, Alibaba, and Xiaomi accelerating their investments and product launches [1][3][4] Market Growth - IDC predicts that by 2025, global smart glasses shipments will reach 12.8 million units, a 26% year-on-year increase, with China's market expected to surpass 2.75 million units, growing by 107% [4][5] - Tmall reports that as of October 30, the transaction volume for AI glasses has surged by 2500% year-on-year, while JD.com indicates a 346% increase in sales during the "Double 11" shopping festival [3] Product Development - Baidu has re-entered the smart glasses market after 11 years with the launch of its Xiaodu AI Glasses Pro, featuring multiple AI functionalities [3] - Apple has quietly released an upgraded version of its Vision Pro, while Alibaba plans to launch its first self-developed flagship dual-display AI glasses, Quark AI Glasses S1 [3] Industry Trends - The integration of AI and AR is seen as a key trend, with AR glasses being viewed as the optimal platform for AI technology to become part of daily life [4][10] - The average price of AI glasses is expected to stabilize around 1500 yuan, appealing to both tech enthusiasts and general consumers [7] Technological Advancements - Micro LED technology is being prioritized by display companies due to its advantages such as high pixel density and low power consumption, making it suitable for near-eye displays [11][12] - Companies like TCL and Liyade are actively developing Micro LED solutions for AR glasses, focusing on both B2B and B2C markets [12][13] Challenges and Future Outlook - Despite advancements, the Micro LED sector faces challenges related to cost, technology, and production efficiency [13] - The smart glasses market is expected to evolve through three stages, starting with lightweight AI glasses without displays, progressing to AI+AR single display, and ultimately achieving AI+AR dual full-color displays [9][10]

Core Insights - The smart glasses market, including XR and AI glasses, is experiencing strong growth driven by major tech companies like Baidu, Alibaba, and Xiaomi accelerating their investments and product launches [1][2] - IDC predicts that by 2025, the global shipment of smart glasses will reach 12.8 million units, with China leading the market [3][4] Market Growth - Baidu has re-entered the smart glasses market with the launch of its Xiaodu AI Glass Pro, featuring multiple AI functionalities [2] - Tmall reports a 2500% year-on-year increase in sales for AI glasses, while JD.com indicates a 346% increase during the "Double 11" shopping festival [2] - CINNO Research notes that the AR/VR industry secured approximately 5.5 billion yuan in funding in Q3 2025, driven by new product launches and cost optimizations [2] Technological Advancements - The integration of AI and AR is seen as a key driver for the adoption of smart glasses, with IDC forecasting significant growth in the Chinese market [3][4] - The cost structure of smart glasses is heavily influenced by hardware components, which account for 80-85% of total costs, with optical and display modules being the most significant cost drivers [4] Industry Trends - Companies are focusing on Micro LED technology for its advantages in high pixel density and low power consumption, which is essential for near-eye displays [6][7] - Liard is actively pursuing both B2B and B2C markets for AR glasses, leveraging its expertise in Micro LED technology [7] Challenges - Despite advancements, the Micro LED technology still faces challenges related to cost, efficiency, and full-color capabilities [8] - The industry is shifting focus from technical specifications to user experience, emphasizing the importance of integrating AI capabilities into smart glasses [9]