Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.658 billion yuan, a year-on-year increase of 7.38% [1] - The net profit attributable to shareholders reached 121 million yuan, up 20.61% year-on-year [1] - The net profit excluding non-recurring items surged by 71.46% to 142 million yuan, highlighting the core business competitiveness [1] Market Dynamics - Domestic revenue reached 1.481 billion yuan, growing by 19.96% due to demand from cinema, education, stage performances, and cultural tourism [1] - Overseas revenue was 2.176 billion yuan, a slight increase of 0.22%, supported by global smart city initiatives and touring market expansion [1] Technology Advancements - The company reported over 500 million yuan in sales from Mini/Micro LED products, with sales area doubling [2] - Significant breakthroughs in MIP technology include the development of Micro LED without substrate technology and mass production of P0.4MIP products [2] - The company launched the MIP holographic invisible screen, achieving naked-eye 3D effects adaptable to various scenarios [2] Project Implementation - The UniOS display platform has been deployed in key projects, including the China Pavilion for the 2025 Osaka Expo and providing technology support for the 2025 CCTV Spring Festival Gala [2][3] - The company is investing 600 million yuan in a new production base for Micro & Mini LED displays and LED lighting in Nanchang [3] AI Integration - The company is enhancing its AI strategy by integrating AI technology into hardware, creating a comprehensive AI ecosystem for both B2B and B2C [4] - A strategic partnership with TechTure was established for AI upgrades in rail transit, marking a significant step towards large-scale deployment of AI products [4] - The company has launched AI emotional hardware products, including the AI holographic emotional companion cabin and "Little Monk" smart figurines [4] Research and Development - The company is advancing its AI capabilities through self-developed models and collaborations with academic institutions [5] - The self-developed "Shan Yin" model focuses on emotional companionship and cultural heritage, currently undergoing regulatory review [5] - A joint research institute with Zhejiang University is being established to develop multimodal models for traditional culture applications [5]

Core Viewpoint - The company, Zhouming Technology, is a leading player in the LED display industry, focusing on technological innovation, overseas expansion, and strategic planning to drive growth and maintain market leadership. Group 1: Business Performance - The LED display business is the primary profit source for the company, accounting for 92.49% of total revenue in the 2024 annual report [1] - Overseas revenue reached 4.777 billion yuan, representing 61.45% of total revenue, with a year-on-year growth of 18.33% [1] Group 2: Technological Innovation - The company is advancing high-end Mini/Micro LED product lines to meet high-end application demands and has upgraded its LED+AI strategy to create an intelligent and scenario-based innovation ecosystem [2] - The company launched innovative products such as the AI holographic companion assistant and AI interactive fish tank screen, transitioning LED+AI from concept to commercialization [2] Group 3: Research and Development - In 2024, 19.94% of the company's total workforce was dedicated to R&D, with an annual R&D investment of 376 million yuan, accounting for 4.84% of revenue [2] - The company obtained 370 new patent authorizations in 2024, including 81 invention patents, bringing the total to 3,231 authorized patents [2] Group 4: Capacity Expansion and M&A Strategy - The company is investing 600 million yuan in a new production base for Micro & Mini LED displays and LED lighting in Nanchang, focusing on advanced production lines [3] - The company maintains a cautious yet open attitude towards potential mergers and acquisitions, emphasizing the integration of market, brand, and technology resources to complement its strategic goals [3]

Group 1: Business Performance - The LED display business accounted for 92.49% of total revenue in 2024, making it the primary profit source for the company [1] - The company achieved overseas revenue of 47.77 billion CNY, representing 61.45% of total revenue, with an 18.33% year-on-year growth [5] - The company’s LED lighting business, while smaller, contributes to specific market segments like urban landscape and commercial lighting [2] Group 2: Innovation and R&D - The company invested 376 million CNY in R&D in 2024, which is 4.84% of total revenue, highlighting its commitment to technological innovation [3] - In 2024, the company added 370 new patents, including 81 invention patents, bringing the total to 3,231 patents [3] - The company is focusing on high-end Mini/Micro LED product lines and integrating AI into its offerings to enhance product value [2] Group 3: Expansion Plans - The company announced a total investment of 600 million CNY for the construction of Micro and Mini LED display and lighting production bases [4] - The production facilities will include COB packaging and chip-level MiP packaging lines, aimed at expanding capacity in response to market demand [4] Group 4: Market Strategy - The company is adopting a cautious approach towards mergers and acquisitions, focusing on long-term strategic alignment and resource integration [6] - The company is enhancing its overseas marketing network and localizing its operations to improve competitiveness [5] Group 5: Digital Exhibition Developments - The company showcased its LED display products at the Osaka Expo, combining physical exhibits with LED technology for immersive cultural experiences [7][8] - The digital exhibition solutions are designed to meet diverse customer needs and enhance brand visibility [8]