Core Insights - Enbon, a Shenzhen-based company established in 2014, focuses on exporting LED display screens and aims to become a leading global manufacturer in the sector [2] - The company has adopted a "Middle East First" globalization strategy, recognizing the stability of the region's trade policies and the growing demand for LED technology in smart city and infrastructure projects [3][4] - Enbon's success in the Middle East is attributed to its dual strategy of technological innovation and localized service, which has built trust and facilitated market entry [6] Market Strategy - Enbon's choice of the Middle East as its initial international market is based on favorable trade conditions and high demand for high-end LED displays in large events and commercial showcases [4] - The company has developed products specifically for the Middle Eastern environment, such as outdoor high-brightness LED displays with brightness exceeding 6000 nits [6] - Enbon has established a regional headquarters in Riyadh, Saudi Arabia, and formed a local team to engage deeply in major regional projects, enhancing its local presence [6] Performance and Expansion - In 2024, Enbon's Middle East division achieved the highest sales performance globally, marking it as a key driver of the company's market strategy [8] - The establishment of a service center in Saudi Arabia aims to improve after-sales support and customer satisfaction, further solidifying Enbon's operational foundation in the region [8] - Enbon plans to capture over 15% market share in the Middle East within three years, while also targeting emerging markets in Southeast Asia and Latin America for future growth [10] Long-term Vision - Enbon's long-term strategy includes transitioning from price competition to value creation, with a focus on penetrating high-end markets in Europe and the U.S. [10] - The company aims to leverage its experience in the Middle East to adapt its market strategies for new regions, ensuring a tailored approach to different market dynamics [10] - Enbon's narrative illustrates the importance of integrating technological innovation with localized operations to gain a competitive edge in the global value chain [12]

| | ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系 | | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 (请文字说明其他活动内容) | | 参与单位名称 | 财通证券 杜欢霖 | | 及人员姓名 | 富国基金 李世伟 | | 时间 | 年 月 日 2025 7 2 | | 地点 | 公司会议室 | | 上市公司 | 财务总监、董事会秘书：张争 | | 接待人员姓名 | | | | 本次投资者关系活动以现场调研的方式进行，以会谈的 | | | 形式进行了充分的沟通和交流，主要内容如下： | | | 1、如何看待公司未来的发展趋势？ | | | （1）MLED 方面 | | | 据洛图科技预计，2028 年 Mini LED 直显全球市场规模 | | 投资者关系活动 | 将达 33 亿美元，2024-2028 年的年复合增长率约为 40%，国 | | 主要内容介绍 | 内 MLED 厂商目前也处于积极扩产中，MLED 产业未来将保 | | | 持快速增长。公司已提前布局 MLED 领域的相关技术，现已 | | ...

2024 年，公司海外业务增长较快，境外收入较 2023 年 增长了 32.03%，境外收入占比为 19.10%。其中，欧美地区 收入保持稳定增长，东南亚、拉美等地区收入增速较快。2025 年，公司将继续加大海外市场发展力度，增加国际市场的工 作人员，积极参加海外展会等推广活动，海外经销体系进一 步拓宽和下沉，进一步提升公司在全球范围内的影响力。 | | ☑特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 (请文字说明其他活动内容) | | | 参与单位名称 | 平安资管顾皓卿、张旭欣、龚彦恺、童飞、王晶 | | | 及人员姓名 | 广发证券王钰翔、王娅婕、孟祥杰 | | | 时间 | 年 月 日 2025 6 26 | | | 地点 | 公司会议室 | | | 上市公司 | 财务总监、董事会秘书：张争 | | | 接待人员姓名 | | | | | 本次投资者关系活动以现场调研的方式进行，以会谈的 | | | | 形式进行了充分的沟通和 ...

Group 1 - Suzhou plans to leverage "AI+" technology to enhance the performance of its football team in the 2025 Jiangsu Provincial City Football League, indicating a growing trend of integrating AI in sports training and performance [2] - The expansion of the Suzhou football league and the rise of star players are expected to increase commercial value in the sports industry, with AI technology being deployed in various fitness applications [2] - Investment opportunities in the sports sector are anticipated for 2025, driven by strong policy support, consumer potential, and advancements in AI technology [2] Group 2 - Orders for humanoid robots are experiencing rapid growth, with small-scale production expected in the second half of 2025, potentially catalyzing market activity [3] - The humanoid robot industry is entering a significant growth phase, comparable to the electric vehicle industry in 2014, indicating a long-term industrial cycle [3] - The emergence of companies like DeepSeek is advancing the development of general-purpose robotic models, leading to a diverse and competitive humanoid robot market [3] Group 3 - Saphlux LLC has launched the T3 series 0.13-inch full-color MicroLED microdisplay, which utilizes self-developed quantum dot technology for high integration of RGB pixels [4] - The company is collaborating with partners to develop AR glasses based on this technology, with plans to launch a new generation of AR glasses by the end of 2025 [4] - AI+AR glasses are seen as the optimal platform for multi-modal interaction, benefiting from advancements in AI and expected to see significant growth in global shipments [4] Group 4 - The smart elderly care robot industry is poised for explosive growth, with a projected market size of approximately 79 billion yuan in 2024, and expected to reach 500 billion yuan by 2025 [5] - The highest market share in the smart elderly care robot sector is held by rehabilitation robots, while emotional companionship robots are experiencing the fastest growth at an annual rate of 120% [5] - Continuous advancements in AI, IoT, and flexible machinery are expected to enhance the capabilities of elderly care robots, transitioning from single-function to multi-modal interaction and embodied intelligence [5]

Group 1 - A-shares opened higher with the Shanghai Composite Index up 0.01%, Shenzhen Component Index up 0.03%, and ChiNext Index up 0.15% on May 29, 2023 [1] - Consumer electronics and textile manufacturing sectors showed significant gains [1] Group 2 - CITIC Securities predicts a 5% growth in electrolytic aluminum demand in 2024, indicating strong fundamentals that can counteract the decline in real estate consumption [2] - The market is cautious due to concerns over export competition and preemptive aluminum consumption in the photovoltaic sector, yet global electrolytic aluminum remains balanced despite weak consumption [2] - Aluminum prices are expected to withstand weak consumption cycles due to low inventory levels and weak supply elasticity, making the sector attractive for investment [2] Group 3 - CICC sees investment opportunities in leading automotive display and HUD manufacturers as automotive intelligence becomes more prevalent [3] - The penetration rate of HUD products is increasing, with Chinese manufacturers gradually gaining market share [3] - The launch of Xiaomi's YU7 panoramic display system is expected to accelerate the adoption of virtual panoramic displays in the automotive sector [3] Group 4 - Galaxy Securities highlights the importance of cost marginal changes and favorable funding conditions for high-quality pig farming enterprises [4] - It is anticipated that pig prices may show a year-on-year decline in 2025, with stable performance expected within the year [4] - The combination of declining costs and unexpected profit growth makes it essential to focus on high-quality pig farming companies with significant cost marginal changes and good funding conditions [4]

Core Insights - Xiaomi's first SUV YU7, featuring a display solution exclusively supplied by TCL Huaxing, was officially unveiled on May 22 [1] - The collaboration between Xiaomi and TCL Huaxing marks a significant achievement in the smart automotive sector, with the display solution including a 16.1-inch central control screen and three 11.98-inch panoramic screens [1] Group 1: Technological Advancements - The panoramic display technology represents an evolution of HUD technology, covering the lower area of the windshield from one A-pillar to the other, utilizing ultra-short throw projection for large-area, high-precision display [4] - Unlike traditional instrument panels, the panoramic display projects information onto a designated black area at the bottom of the windshield, reducing optical reflection errors and enhancing clarity and stability [6] - The integration of Mini LED backlight technology ensures clear image visibility even in bright conditions, providing accurate information reading for passengers and enhancing driving safety and user experience [6] Group 2: Strategic Collaboration - The partnership between TCL Huaxing and Xiaomi began in 2020 with the supply of screens for the Xiaomi 10 series, leading to a formal joint laboratory agreement in August 2021 to focus on cutting-edge semiconductor display technology research [7] - The mass production application of the panoramic display is a result of their collaborative research on advanced semiconductor display technologies [7] - As the first domestic supplier to achieve commercial mass production of panoramic displays, TCL Huaxing aims to deepen technical cooperation with strategic partners like Xiaomi to advance smart cockpit display systems in optical performance, reliability, and human-machine interaction [7]

Group 1 - The core viewpoint of the article highlights the importance of digital transformation and green supply chains in enhancing competitiveness and fulfilling social responsibilities in the logistics and manufacturing sectors [3][5][8] - Liard has launched AI-enhanced reality glasses that incorporate AI interaction, teleprompter, and multilingual translation, weighing only 45 grams, suitable for outdoor use [2][4] - The establishment of a complete green supply chain is essential for producing low-carbon products, and digitalization plays a crucial role in this transformation [2][4] Group 2 - YTO Express emphasizes that digital technology is a key tool for building a green supply chain, addressing challenges such as outdated supplier management systems and inefficiencies in inventory and acceptance processes [3][4] - Liard has implemented a Supplier Relationship Management (SRM) system to achieve full lifecycle management of suppliers, improving supply chain efficiency and reducing carbon footprints [4][5] - The article discusses the challenges faced by small and medium-sized suppliers in keeping pace with larger chain leaders in digital transformation and green initiatives [5][6] Group 3 - The lack of standardized assessment criteria and transparent evaluation mechanisms for suppliers hinders the verification of their sustainability efforts [7][8] - YTO Express has introduced a Supplier Management Policy that incorporates ESG considerations into procurement requirements, while Liard has upgraded its procurement standards to include sustainability criteria [7][8] - The article suggests that chain leaders have a responsibility to assist small suppliers in upgrading their capabilities while also having the right to optimize their supply ecosystem from a commercial perspective [8]

Core Viewpoint - The emergence of AI-enhanced reality glasses is supported by a green supply chain, highlighting the role of digitalization in transforming supply chains and enhancing corporate competitiveness [1][3]. Group 1: Product Development - The company Liard has launched one of the first domestically mass-produced AI-enhanced reality glasses, featuring AI interaction, teleprompter, and multilingual translation capabilities, weighing only 45 grams [2]. - The glasses represent a green and low-carbon product, emphasizing the importance of a complete green supply chain in achieving such innovations [3]. Group 2: Supply Chain Transformation - The transition from traditional suppliers to collaborative partners is essential for building a green supply chain, with digital technologies playing a crucial role in this transformation [4][5]. - Companies like YTO Express are leveraging digital systems to manage supplier information, improve procurement decisions, and enhance operational efficiency [5][6]. - Liard has implemented a Supplier Relationship Management (SRM) system to achieve lifecycle management of suppliers, thereby improving supply chain efficiency [5][6]. Group 3: Carbon Footprint Management - Liard has established a carbon footprint accounting system to manage carbon emissions across the entire product lifecycle, aiming for low or zero carbon targets [6]. - Digital technologies enable precise management of carbon emissions within the supply chain, although challenges remain in ensuring data accuracy and collaboration among supply chain partners [6][9]. Group 4: Challenges and Opportunities - Many small and medium-sized suppliers face difficulties in keeping pace with the digital transformation led by larger chain leaders, which can hinder overall supply chain progress [7][9]. - The government has initiated programs to support digital transformation among small and medium enterprises, encouraging collaboration with larger companies [7]. Group 5: Supplier Assessment and Transparency - Ensuring the effectiveness of a green supply chain requires transparent information disclosure regarding carbon data across procurement, production, and logistics [10]. - Companies like YTO Express and Liard are developing assessment mechanisms to evaluate supplier capabilities in sustainability and compliance with ESG standards [10][11].

Economic Growth and Stability - China's national economy continues to show stable growth, with multiple indicators signaling positive trends despite a complex international environment [1][7] - In April, the industrial production showed a steady recovery, with the industrial added value for large enterprises increasing by 6.1% year-on-year, marking one of the fastest monthly growth rates since last year [2][3] Industrial Production and New Quality Productivity - The industrial sector is transitioning towards high-end, intelligent, and green development, supported by effective policy measures [2][3] - High-tech industries are experiencing rapid growth, with the added value of equipment manufacturing and high-tech manufacturing increasing by 9.8% and 10.0% year-on-year, respectively [2] - Notable growth in specific sectors includes aerospace equipment manufacturing and integrated circuit manufacturing, with increases of 21.4% and 21.3% [2] Consumer Market Dynamics - The consumer market is showing stable growth, with total retail sales of consumer goods reaching 37,174 billion yuan in April, a year-on-year increase of 5.1% [4][5] - The sales of essential and upgraded goods are performing well, with significant growth in categories such as food and sports entertainment products [4] - The "old for new" policy is driving substantial sales increases in home appliances and communication equipment, with year-on-year growth rates of 38.8% and 19.9%, respectively [4] Investment and Trade Performance - Despite external pressures, China's foreign trade remains stable, with total goods import and export value increasing by 2.4% in the first four months of the year [7] - Fixed asset investment grew by 4% in the same period, with equipment investment rising by 18.2%, contributing significantly to overall investment growth [7] - The Consumer Price Index (CPI) showed a slight year-on-year decline of 0.1% in April, indicating a stable inflation environment [7][8] Economic Resilience and Future Outlook - China's economic foundation is solid, with a robust manufacturing sector and a large consumer market, providing strong resilience against various risks [8] - The government aims to enhance domestic demand and implement policies to support industrial development and innovation [3][5]

Economic Performance - In April, China's economy effectively responded to external shocks, maintaining stable growth and showing a positive trend, supported by a solid economic foundation and coordinated macro policies [1] - The total retail sales of consumer goods in April increased by 5.1% year-on-year, driven by the effects of the consumption upgrade policy [2] - Fixed asset investment grew by 4.0% from January to April, with significant contributions from equipment investment, which rose by 18.2% [2] Investment Trends - High-tech service industry investment grew by 11.3% from January to April, with professional technical services and information services increasing by 17.6% and 40.6%, respectively [3] - Manufacturing investment saw a year-on-year increase of 8.8% from January to April, outpacing overall investment growth [2][3] - Infrastructure investment also showed steady growth, with a 5.8% increase year-on-year from January to April [2] Supply Side Developments - The industrial production index for large-scale industries increased by 6.1% year-on-year in April, with over 80% of the 41 major industries experiencing growth [4] - High-tech manufacturing value added grew by 10% in April, significantly faster than the overall industrial growth rate [4] - The production of new energy vehicles surged by 38.9% in April, indicating a strong trend towards smart and green transformation in the industry [4] Foreign Trade Dynamics - China's total goods import and export value increased by 2.4% from January to April, with exports growing by 9.3% in April [7] - The diversification of foreign trade has shown positive results, with imports and exports to ASEAN countries increasing by 9.2% year-on-year [7] - Private enterprises' import and export activities grew by 6.8% from January to April, outperforming the overall foreign trade situation [7] Overall Economic Outlook - The Chinese economy demonstrates strong resilience and international competitiveness, with a solid foundation and effective policies supporting its growth [8][9] - The focus on expanding domestic demand and optimizing supply is expected to maintain a stable and progressive economic trajectory [8]