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]

Financial Performance and Challenges - In 2024, the company's financial performance was impacted by goodwill impairment and other write-downs, with goodwill reducing from over 2.7 billion to 130 million after the 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, particularly in the domestic market [1] Strategic Adjustments - The company adopted a "direct channel integration" sales strategy, transitioning to a provincial-level management approach to enhance market penetration [2] - Major changes were made in overseas market operations, including a new CEO and a unified management approach across core departments [2] - Cost reduction and efficiency improvements were prioritized through digital transformation and organizational restructuring [2] Future Outlook and Goals - The company aims to achieve a performance rebound in 2025, marking the beginning of a new strategic cycle with a focus on AI and innovative visual effects [3] - Key objectives for 2025 include profit-centered assessments across all business units and subsidiaries [4] Product Development and Market Expansion - The company plans to accelerate the development and promotion of new products, particularly the Hi-Micro product line, which features significant technological advancements [5] - Micro LED products are expected to become a major revenue driver, with an anticipated revenue share of approximately 14% in 2024, projected to increase in 2025 [9] - The company is expanding its overseas market presence by enhancing product offerings and establishing local manufacturing capabilities [10][12] AI and Technology Integration - The company is leveraging core optical motion capture technology to expand into AI and robotics sectors, enhancing its product offerings [6] - An internal AI service platform has been developed to improve operational efficiency, alongside external AI-integrated products for consumer markets [7] Investor Insights - The Hi-Micro product line primarily focuses on 0.6mm and 0.7mm pixel pitches, achieving a yield rate of 99.99% [8] - The company has minimized the risk of future goodwill impairments, with the current goodwill balance at 130 million [13]

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].

Group 1: Financial Performance - The company achieved operating revenue of 366,261.65 million yuan in 2024, a decrease of 8.58% compared to 2023 [1] - The gross profit margin was 27.48%, down 1.53% year-on-year [2] - Revenue from the Chinese market fell by 48.84% to 73,173.51 million yuan compared to 2023 [2] - The net cash flow from operating activities was 152,720,937.58 yuan, indicating a stable cash flow situation [4] Group 2: Strategic Initiatives - The company focuses on technology leadership and high-quality LED display products to attract premium customers and expand its business scale [3] - Key competitive advantages include maintaining technological leadership, enhancing brand influence, and optimizing service and cost structures [3] - The company has been recognized as a "National Manufacturing Single Champion," reflecting its commitment to product development and market demand [2] Group 3: Market Outlook - The global LED display market is projected to reach approximately 53.5 billion yuan in 2024, continuing a steady growth trend [5] - The actual production and sales volume of displays are expected to maintain a double-digit growth rate, with an anticipated market growth rate of around 8% in the coming years [6] - The company has successfully increased its overseas revenue, achieving a compound annual growth rate (CAGR) of 43% over the past three years [6] Group 4: Impact of External Factors - Sales revenue from products exported to the U.S. accounted for about 15% of the company's total annual sales, with expectations of stability or slight decline [3] - The company plans to mitigate the impact of U.S. tariffs through price adjustments and enhanced production efficiency [4]

Group 1: Company Overview and Activities - The company is Shenzhen Lehman Optoelectronics Technology Co., Ltd., with stock code 300162 and abbreviation 雷曼光电 [1] - The investor relations activity took place on March 25, 2025, from 15:00 to 17:00 at the company's headquarters [2] - Participants included representatives from various investment firms such as 招商证券 and 丰坤资本 [2] Group 2: COB Technology Development - COB small-pitch product sales are expected to grow nearly 150% year-on-year in 2024, becoming the fastest-growing product in the commercial display market [3] - By 2028, global COB market share in small and micro-pitch segments is projected to reach nearly 45%, with terminal sales exceeding 30 billion yuan [3] - The company has over 20 years of experience in LED display R&D and manufacturing, focusing on advanced technologies to enhance product competitiveness [3] Group 3: Cost Reduction and Market Expansion - The company aims to reduce costs through innovations such as chip miniaturization and integration of driving ICs [4] - Production efficiency will be improved by upgrading equipment and adopting laser technology in various manufacturing processes [4] - The company is working to penetrate the consumer market with Micro LED products while addressing cost challenges [4] Group 4: MIP Technology and Future Prospects - The company has been researching Micro-level MIP technology since 2021 and has achieved small-scale trial production [5] - MIP technology is seen as a promising development following COB technology, with the company pursuing multiple technological routes [5] Group 5: Home Market Challenges - The home market demands high reliability for Micro LED products, which are currently priced above 100,000 yuan [6] - Cost optimization is essential for competing with OLED and QD-LCD alternatives, while leveraging LED's advantages in size and splicing [6] Group 6: Market Outlook for Small-Pitch LED Displays - The market for LED displays below P2.5 is expected to reach $7.389 billion by 2027, with a compound annual growth rate (CAGR) of 12% [7] - Displays below P1.0 are projected to reach $1.145 billion by 2027, with a CAGR of 34% [7]