Group 1 - The core viewpoint is that Micro LED is becoming an increasingly significant revenue driver for the company, expected to account for approximately 14% of revenue in 2024 and continue to grow in 2025 through enhanced market promotion and production capacity expansion [2] - The company has adopted a dual sales model in the domestic market, utilizing both direct sales and channel sales to meet the needs of vertical industry clients and expand into mid-tier and lower-tier markets [2] - The company has established a global strategy with teams centered in the US and Hong Kong to cover the European, American, and Asia-Pacific markets [2] Group 2 - The company initiated a "dual brand" strategy in the European and American markets in 2024, adding the "Leyard" brand to complement the existing "Planar" brand, aiming to cover high, medium, and low-end markets [3] - In the Asia-Pacific and Latin American markets, the company has set up a dedicated team and is focusing on mid-tier and lower-tier market clients, with revenue from this region expected to account for 34% of overseas smart display income in 2024, reflecting a nearly 40% year-on-year growth [3] - The company has established a factory in Slovakia and is planning to expand production capacity and product variety based on market conditions, while also accelerating the construction of a factory in Saudi Arabia for external production and sales [3]

Core Viewpoint - The article highlights the significant achievements of Longhua District in Shenzhen regarding brand development and the promotion of high-quality consumer goods, emphasizing the importance of brand building in driving economic growth and consumer satisfaction [5][6][10]. Group 1: Brand Development Initiatives - Longhua District has successfully included 13 local enterprises in the list of 74 recognized brands in the Shenzhen (Bay Area) known brands, showcasing its strong brand presence [5][11]. - The district has established a leadership group for brand development, implementing various plans and measures to enhance brand quality and recognition since 2018 [7]. - The "Three Products" strategy aims to improve product variety, quality, and brand influence, with Longhua being recognized as a model city for this initiative [6][12]. Group 2: Technological Integration and Innovation - The district is leveraging digital technology to enhance brand value, focusing on integrating digitalization into the consumer goods industry to meet evolving consumer demands [8][10]. - Longhua has positioned itself as a leader in smart manufacturing, utilizing advancements in industrial internet, artificial intelligence, and 5G technology to drive innovation and brand development [9][10]. - The "Digitalization Action Plan" aims to significantly enhance the integration of digital technology in the consumer goods sector by 2025, fostering the creation of new and high-quality products [8]. Group 3: Quality Improvement and Market Expansion - Longhua District is actively promoting quality management practices and has implemented policies to support green, low-carbon, and digital development for enterprises [12]. - The district has organized events like "Quality Month" to recognize exemplary quality enterprises, encouraging continuous improvement in product quality [12]. - Local companies are participating in exhibitions to enhance brand visibility and expand market reach, contributing to the overall growth of the consumer goods sector [9][11].

Group 1: Financial Performance - In 2024, the revenue from LED display control systems accounted for 46.17% of total revenue [3] - The gross profit margin for 2024 was 55.25%, an increase of 3% year-on-year [17] - The net profit margin remained stable despite a 40% increase in financial expenses due to exchange rate fluctuations [18] Group 2: Market Position and Product Development - The company plans to enhance its product offerings by focusing on Micro LED technology and custom solutions [3] - The video processing equipment revenue grew by 25% in 2024, but the gross margin decreased by 3% due to increased competition and raw material costs [32] - The company aims to maintain its market position by investing in advanced technologies and improving customer service [31] Group 3: Customer and Supply Chain Management - The accounts receivable turnover days increased by 5 days to 48 days, primarily due to extended payment terms from commercial display clients [16] - The company has a diversified supplier strategy to mitigate supply chain risks, particularly for chips and PCBs [18] - In 2024, the proportion of overseas revenue increased to 19.1%, with a focus on global market expansion [18] Group 4: Research and Development - R&D expenses increased by 18% in 2024, with a focus on AI video generation and edge computing technologies [29] - The company has a strong commitment to R&D, with a budget of 540 million yuan, significantly higher than industry peers [29] - The proportion of R&D personnel slightly decreased to 41.17% due to an increase in sales staff [27] Group 5: Environmental and Regulatory Compliance - The company’s environmental investment increased by 30% in 2024, reflecting its commitment to sustainability [20] - Government subsidies accounted for 12% of net profit, primarily from R&D grants and tax incentives [24] - The company actively participates in industry standard-setting to ensure product compliance and compatibility [25]

在数字经济与智慧城市建设的双重推动下，LED显示行业迎来新一轮技术革新浪潮。作为全球知名的 LED显示产品与解决方案提供商，强力巨彩旗下高端好屏Q Pro，凭借自主创新技术与全方位品质管控 体系，为户外显示领域带来突破性解决方案，引发业界高度关注。 面对复杂多变的户外显示环境，强力巨彩Q Pro凭借多项核心技术革新，突破产品设计瓶颈。以户外全 彩小间距Q 2 Pro为例，更高像素的户外小间距设计，满足了户外大屏超近距离观看的需求，让视界更 加高清。同时，其刷新率升级至7680Hz，无论是拍摄高清照片还是录制视频，都不会出现闪屏、卡顿 现象，极大提升了人眼观看的舒适度。在产品稳定性方面，该系列采用自主联合研发的优质小间距灯 管，经过21天户外环境模拟实验，即便在高温、高湿等极端条件下，依然能够保持卓越的显示品质。 除了显示技术的突破，强力巨彩Q Pro在电路设计与防护工艺上也有创新，科学的电路设计有效控制电 压，灌胶与三防漆工艺配合排水孔设计，显著增强产品的防水、防尘、防腐蚀能力。同时，135条制程 停线标准与原厂3年超长质保政策，从生产到售后全程保障产品质量，消除客户的后顾之忧。 在产品研发过程中，强力巨彩始 ...

Business Model and Market Strategy - The company provides high-quality LED display equipment and control solutions, utilizing a combination of order-based and planned production models [1][2] - Sales strategies include direct sales to end customers and a distribution model through contractors and channel partners [2] Competitive Advantages - The company maintains a differentiated core competitiveness, focusing on product quality, technological research and development, marketing services, brand value, and talent development [3] Growth and Profitability - In 2025, the company has established a "251" operational guideline aimed at enhancing strategic focus and operational efficiency, with specific goals for improvement and development [4][9] - The company reported a revenue of ¥665,483,656.24, with a net profit of ¥6,340,256.15, and managed to reduce total expenses by 31.77% year-on-year [8] Technological Innovations - Significant advancements in LED display technology include improvements in contrast ratio by 30% through innovative coating techniques and the development of high-grade fire-resistant products [5][6] - The company emphasizes collaboration with research institutions to drive innovation in LED technology [6] Strategic Adjustments - Following the divestment of non-LED businesses in 2023, the company aims to concentrate resources on enhancing its core LED capabilities, despite short-term revenue impacts [7] - The company plans to leverage digitalization for efficiency improvements and cost reductions, ensuring high-quality development [12] Future Development Plans - The company is committed to focusing on the core LED display business, optimizing product offerings, and enhancing brand positioning [11][12] - Future strategies include expanding product applications and strengthening partnerships within the industry ecosystem [10]

（艾比森为巴黎奥运会开幕式、奥运会赛事场馆、奥运火炬传递及庆祝活动核心区域提供了50多块高品 质LED大屏，图源：公司官微） 又一年财报季，艾比森（300389.SZ）以稳健经营答卷彰显其作为全球领先至真LED显示应用与服务提 供商发展之韧性：面对复杂多变的全球市场，凭借多区域的平衡布局，海外市场连续三年保持两位数增 长；国内市场受宏观经济和产业变革影响需求放缓，其迅速从聚焦规模扩张调整为选择价值客户做深 耕，以谋行稳致远。 伴随年报发出的，还有《艾比森2024年社会责任报告》（以下简称《报告》），让投资者能在经营数据 之外，从更高维度的ESG（环境、社会责任和公司治理）范畴，观察和评判其发展质量。 在当今全球高度关注可持续发展与绿色低碳转型的大背景下，企业社会责任已成为衡量企业竞争力的关 键要素。 解码这份《报告》，系统性展现了其在绿色低碳转型、技术创新与全球责任履行中的深度实践，同时还 给出了头部企业践行绿色低碳、用责任诠释高质量发展未来的新展望。 某种意义上，作为一家深耕行业24年并始终坚持长期主义的"领头羊"企业，艾比森的《报告》还在一定 程度上代表了LED显示屏行业科技向善、诚信经营、创新驱动、绿色 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 1.253 billion, representing a year-on-year growth of 12.5% [4] - Overseas business revenue reached CNY 974 million, with a year-on-year increase of 22.1%, accounting for 78% of total revenue [4][6] - The overall gross margin improved to 24.1%, up by 1 percentage point, while the overseas gross margin reached 26.5%, an increase of 1.2 percentage points [4] Business Strategy - The company plans to expand its international business by establishing overseas subsidiaries and offices, targeting markets in Asia-Pacific, Middle East, Europe, South America, and Southeast Asia [2][9] - Domestically, the focus will be on strengthening core channels and project coverage, while exploring opportunities in commercial and consumer display sectors [3][16] Product Development - The company is integrating AI technology into its products, enhancing user experience with smart features [5] - It has developed a diverse range of COB products, establishing a competitive edge in the small-pitch display market [5][6] Market Trends - The COB display technology is entering a phase of rapid commercialization, with a projected compound annual growth rate (CAGR) of over 20% from 2025 to 2029 [15] - By 2028, COB displays are expected to account for 45% of the small and micro-pitch market, with a global market size exceeding CNY 30 billion [15][16] ESG Initiatives - The company has incorporated ESG principles into its product design and production, achieving over 50% energy savings with its PSE energy-saving products [7] - It received the "ESG100 Green Development Award - Annual Corporate Governance Award" for its outstanding performance in the ESG field [7] Shareholder Engagement - The company repurchased 12,208,100 shares, representing 2.91% of its total share capital, demonstrating management's confidence in future growth [8] - A third equity incentive plan was implemented, benefiting 275 core employees with 16 million restricted stock grants [8]

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：2025-08 | | ■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 | 程子盈 中信证券 | | 名 称 及人 | 李凌霄 易方达基金 | | 员姓名 | | | 时间 | 2025 年 4 月 29 日 10:00-12:00 | | 地点 | 会议室 | | 上市公司 | 刘阳 董事会秘书兼副总经理 | | 接待人员 | 梁青筠 证券事务代表 | | 姓名 | | | | 本次调研以现场参观和会议交流的方式举行，会议中，董秘刘总做 | | | 了业绩分析和未来发展的展望，并回答了投资者的提问，主要内容如下： | | | 年业绩分析 一、2024 | | | 2024 年公司从报表数据上来看确实不太理想，主要原因是 NP 公司 | | | 的商誉减值及其他一些减值。公司从 年开始通过外延并购增加了 15、16 | | 投 ...

Group 1: 2024 Performance Analysis - The company's performance in 2024 was impacted by goodwill impairment and other write-downs, with goodwill peaking at over 2.7 billion and reducing to 130 million after impairment [1] - Excluding these impairments, the company remained profitable from an operational perspective [1] - Increased market competition in 2024 led to significant adjustments in the company's strategy, including a severe decline in channel orders and low profit margins [1] Group 2: Strategic Adjustments - The company adopted a "direct channel integration" sales strategy, transitioning to a provincial-level management approach to enhance market penetration [2] - Major adjustments were made in overseas markets, including a change in CEO and a unified management approach across core departments [2] - Cost reduction and efficiency improvements were prioritized through digital transformation and organizational restructuring [2] Group 3: 2025 Focus Areas - All business units will be assessed based on profit-centric metrics [4] - The display segment will focus on domestic direct channel integration and overseas dual-brand strategies, with accelerated development of new products like Hi-Micro [4][5] - The company aims to enhance its system integration capabilities and transition towards becoming a comprehensive service provider in display applications [5] Group 4: AI and Space Computing - The company is expanding its core optical motion capture technology and integrating AI with robotics, enhancing its offerings in special industries [6][7] - An internal AI service platform has been established to improve operational efficiency, alongside external AI-integrated products [7] Group 5: Overseas Market and Production - The overseas business has grown from 30% in 2021 to 45.64% in 2024, with North American operations accounting for about 20% of revenue [8] - The company has established a factory in Slovakia to mitigate trade war impacts, with plans to accelerate construction of a factory in Saudi Arabia [9][10] Group 6: NP Company Performance - NP Company reported a revenue of 282 million with a net profit of 60-70 million in 2024, but faced a decline due to reduced demand in the U.S. and operational disruptions [11] - The goodwill impairment was a result of various factors, including a significant drop in revenue and operational challenges [12] Group 7: Cultural Tourism and Future Prospects - The cultural tourism segment generated 710 million in revenue in 2024, maintaining a steady 10% share of total revenue, but faced profitability challenges [12] - The company is poised to leverage new government policies to enhance cash flow and expand its service offerings in the cultural tourism sector [12]

Core Viewpoint - The company, Shenzhen Zhouming Technology Co., Ltd., reported a significant increase in revenue and net profit for Q1 2025, indicating strong performance driven by cost control and advancements in the Mini/Micro LED sector [2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.576 billion yuan, a year-on-year increase of 5.63% [2]. - The net profit attributable to shareholders reached 54.58 million yuan, up 180.94% year-on-year [2]. - The net profit after deducting non-recurring items was 74.16 million yuan, reflecting a substantial increase of 737.04% year-on-year [2]. - The sales expense ratio decreased to 14.69%, down 0.84 percentage points compared to the previous year [2]. Business Operations - The company has made significant progress in the Mini/Micro LED field, with sales doubling in 2024 and related products accounting for 13% to 15% of the display business [3]. - The company aims to increase its internal share of Mini/Micro LED products to 25% to 30% in 2025, further solidifying its market position [3]. - The integration of AI technology into traditional LED business is a new highlight, enhancing performance and user experience [4][5]. Strategic Focus - The company plans to adopt an "LED + AI" core strategy in 2025, focusing on localization, intelligence, and safety [5]. - There will be continued investment in R&D to enhance product competitiveness and innovation capabilities [5].