Core Viewpoint - The company is experiencing a decline in revenue and profit due to weak domestic market demand, but it is focusing on high-end products to maintain profitability and market position [1][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.533 billion yuan, a year-on-year decrease of 1.93%, and a net profit attributable to shareholders of 294 million yuan, down 9.33% [1]. - In Q2 2025, the company reported revenue of 912 million yuan, a year-on-year increase of 3.41%, but net profit decreased by 4.95% to 192 million yuan [1]. Market Trends - The MLED market is growing, with investment in China expected to reach approximately 84.58 billion yuan in 2024, a year-on-year increase of 50.30% [2]. - The company is positioned well in the COB display control market, which is distinct from traditional SMD control, ensuring profitability [2]. Product Development - The company is focusing on high-end video processing systems, with sales increasing by 5.51% year-on-year, although sales volume decreased by 8.06% [3]. - The introduction of the "PWM+PAM hybrid drive chip" for the Infinity MLED solution enhances image quality and demonstrates the company's technological leadership [5]. Future Outlook - The company is expected to maintain a leading market share and strong positioning in key growth segments like COB and MLED, which will help it outperform competitors during industry downturns [6]. - Revenue projections for 2025-2027 are 3.48 billion yuan, 4.24 billion yuan, and 5.67 billion yuan, with corresponding net profits of 605 million yuan, 862 million yuan, and 1.215 billion yuan [7].

Core Insights - The company achieved a revenue of 3.658 billion yuan in the first half of 2025, representing a year-on-year growth of 7.38% [1] - The net profit attributable to shareholders reached 121 million yuan, with a year-on-year increase of 20.61% [1] - The non-recurring net profit attributable to shareholders was 142 million yuan, showing a significant year-on-year growth of 71.46% [1] Company Performance - The growth in revenue and profit is attributed to the deep exploration of domestic and international markets, rapid increase in Mini/MicroLED market share, and continuous advancement in light display solutions and AI content [1] - Domestic market revenue reached 1.481 billion yuan, marking a year-on-year increase of 19.96%, driven by demand in cinema, education, stage performance, sports events, and cultural tourism [1] - The overseas market revenue was 2.176 billion yuan, with a slight year-on-year growth of 0.22%, benefiting from accelerated global smart city construction and the widespread deployment of public space LED displays [1] Industry Trends - The LED display industry is experiencing rapid growth in demand across multiple scenarios due to technological iterations, policy support, and large-scale events [1] - The Mini/MicroLED sales exceeded 500 million yuan, indicating a strong performance in this emerging segment [1]

证券日报网讯 利亚德8月14日在互动平台回答投资者提问时表示，公司的战略目标主要聚焦于LED显示 技术的创新与应用拓展，致力于成为全球视听科技领航者。通过持续研发投入，提升产品性能与品质， 巩固市场领先地位。 （编辑 袁冠琳） ...

Core Viewpoint - Furi Electronics (600203) reported a revenue of 5.333 billion yuan for the first half of 2025, showing a year-on-year growth of 0.42%, and achieved a net profit of 22.0844 million yuan, recovering from a loss of 93.5057 million yuan in the same period last year [1] Group 1 - The company's LED display business expanded into overseas markets and optimized its customer structure, leading to an increase in gross profit margin and a turnaround from loss to profit [1]

Core Viewpoint - Jichuang Beifang is seeking to restart its IPO process on the Sci-Tech Innovation Board after previously withdrawing its application in March 2023, following a significant E-round financing in December 2021 that raised over 6.5 billion yuan and valued the company at over 30 billion yuan [2][4]. Group 1: Company Overview - Jichuang Beifang, established in September 2008 with a registered capital of 431 million yuan, is a leading domestic LED display company [2]. - The company has gained significant recognition in the display chip sector, having its products featured in major events such as the 70th anniversary of the founding of New China, the centenary celebration of the Communist Party, and the Beijing Winter Olympics [2]. Group 2: Recent Developments - At the ISLE 2025 exhibition, Jichuang Beifang showcased its latest LED display control chip, ICND6603, which is utilized in 0.78mm ultra-small pitch 8K large screens, enhancing display performance and reducing engineering complexity [3]. - The introduction of the innovative TCON (Timing Controller) architecture is expected to broaden the application possibilities for LED displays [4]. Group 3: Market Trends - The overall market has shown a subdued trend in the first half of the year; however, advancements in AI technology and the acceleration of automotive-grade product mass production are creating new demand growth points for Jichuang Beifang [4]. - The global IPO market is experiencing a recovery, with several LED-related companies updating their IPO progress, indicating increased support from the capital market for financing needs [4].

Core Insights - In 2024, the company achieved a total revenue of 7.774 billion yuan, securing the top position in the LED display industry [1] - The company has been recognized for its brand value, with a valuation of 2.208 billion USD, making it the only LED display company in the Asian Brand 500 for three consecutive years [1] - The company emphasizes a dual technology approach with COB and MIP, achieving a MIP yield rate of 99.995% and leading the industry in module direct pass rate [2] Group 1: Technology and Innovation - The company focuses on "AI + Light Display" as its core strategy, investing 4.84% of its revenue in R&D, with over 1,000 R&D personnel [2] - The company has developed innovative products such as the AI quality engine and AI emotional companion cabin, marking a new era of interactive LED screens [2] - The company holds a total of 3,231 authorized patents and has received a level three certificate for innovation and intellectual property management, the first of its kind in the LED display industry [2] Group 2: Global Expansion and Market Integration - In 2024, the company's overseas revenue reached 4.777 billion yuan, representing an 18.33% year-on-year growth [4] - The company provides localized solutions to over 160 countries and regions, ensuring a "three-hour rapid response" service circle [5] - The company is involved in major international projects, including the 2024 Paris Olympics and the 2025 Osaka Expo, providing comprehensive light display solutions [5] Group 3: Design and Recognition - The company has achieved global recognition in industrial design, winning multiple prestigious awards including the iF Design Gold Award and the Red Dot Supreme Award [3] - The company's commitment to original design has led to a full sweep of top global design awards, enhancing the perception of Chinese design [3] Group 4: Long-term Vision and Values - The company adheres to a value system of "mindfulness and altruism, innovation and progress," which has contributed to its sustained success in the Asian Brand 500 [6] - The company aims to continue driving its growth through technological innovation and localized strategies, aspiring to create long-term value in the LED display sector [6]

Core Viewpoint - The company, Liyade (300296), emphasizes its leading position in the LED smart display, cultural tourism night tours, and AI and spatial computing sectors, backed by 30 years of industry experience [1] Group 1: Business Segments - The main business segments of the company include LED smart display, cultural tourism night tours, and AI and spatial computing [1] - The company has developed a diversified product and application scenario portfolio, along with a global operational capability [1] Group 2: Technological Advancements - The company focuses on embodied intelligence as a strategic direction within its AI and spatial computing segment [1] - It leverages a globally leading optical motion capture technology system, integrating core algorithms such as OptiTrack high-precision optical positioning, LydCap markerless identification, and LYDIA action large model [1] Group 3: Market Support - The company provides a comprehensive technical solution that combines data, algorithms, hardware, and services to support the humanoid robot industry [1] - This support enables robot manufacturers to achieve technological innovation and market breakthroughs [1]

Core Viewpoint - The company Liard (300296.SZ) focuses on three main business segments: LED smart displays, cultural tourism night tours, and AI and spatial computing [1] Group 1 - The company has received targeted orders for its Mini AI holographic toys, although retail sales have not yet been launched [1]

Group 1 - The world's largest single LED virtual photography studio has been unveiled in Deqing, Zhejiang, featuring a 270-degree curved screen with a diameter of 50 meters and a height of 12 meters, covering a total area of 5000 m² and a screen area of approximately 1700 m², equivalent to four standard basketball courts, achieving a record of 600 million pixels [1] - Absen is committed to promoting the application of LED virtual photography studios and driving innovation in film production technology, having successfully overcome key challenges in image quality under camera conditions, including HDR display, color reproduction, high frame rates, and moiré pattern optimization [3][6] - The collaboration between Absen and Bochai has a long history, with both parties having accumulated rich practical experience in the field of virtual shooting, ensuring close cooperation throughout the project from design to installation and debugging [5] Group 2 - Absen's LED digital virtual studio solutions have been implemented in major countries such as the USA, China, the UK, France, Russia, and Canada, with dozens of benchmark projects completed and positive market feedback received [6] - The launch of the world's largest LED virtual photography studio not only represents a breakthrough in physical space but also signifies a new milestone in technological innovation and application for Absen's virtual shooting solutions [6] - Absen aims to continue serving the film industry through technological innovation, enhancing quality and efficiency, and expanding the boundaries of artistic creation and expression [6]

Core Viewpoint - Lehman Optoelectronics has initiated international patent applications for its Micro LED pixel engine technology, which has already received patents in Japan, Australia, and Canada, while also preparing for international litigation against patent infringements by competitors [1][2] Group 1: Technology and Innovation - The Micro LED pixel engine technology was first introduced by Lehman Optoelectronics in 2020, featuring disruptive innovations in pixel arrangement and AI algorithms, which effectively address the cost reduction and resolution enhancement challenges in Micro LED displays [1] - The technology has been recognized with the "2021 ISLE Annual Technology Achievement Award" and is widely applied in various COB display products from the company [1] - By utilizing the Micro LED pixel engine technology, the number of light-emitting chips required can be increased by one-third, theoretically enhancing resolution by up to four times, which implies that the cost of light-emitting chips for 4K Micro LED displays could be reduced to one-third of existing technologies [1] Group 2: Patent and Market Position - The company invests significant resources annually in the development of LED display technology and has accumulated hundreds of patents related to LED products, covering various aspects such as structure, packaging, substrate, pixel arrangement, control, and interaction [2] - With over twenty years of experience in LED integration packaging technology, display design, and intelligent control technology, the company has established a solid technological barrier through mastery of core processes like COB and pixel engine COB [2] - The company has developed a COB product ecosystem that caters to specialized, commercial, and household applications, addressing diverse customer needs and establishing a competitive advantage in the small-pitch display sector [2]