8月21日，深圳市洲明科技股份有限公司通过电话会议的形式，接待了来自招商证券股份有限公司等30 家机构的调研。公司副总经理、董事会秘书陈一帆，财务总监王群斌，AI业务负责人刘俊参与接待， 并与投资者进行了深入的沟通交流。以下为本次投资者关系活动的详细内容： 1.投资者关系活动基本信 息|类别|详情| |---|---| |投资者关系活动类别|业绩说明会、电话会议| |参与单位名称|广州泽恩投资、海南宽 行私募基金管理有限公司、瑞联私募基金海南、招商证券股份有限公司等30家（具体名单详见附件）| | 时间|2025年8月21日| |地点|公司会议室| |上市公司接待人员姓名|副总经理、董事会秘书陈一帆；财务总 监王群斌；AI业务负责人刘俊|2025年半年度报告业绩情况2025年上半年，洲明科技凭借稳健经营策略 与业务韧性，实现营业收入、利润双增长，费用管控成效显著，整体经营质量稳步提升。关键财务数 据：实现营业收入36.58亿元，同比增长7.38%；归母净利润1.21亿元，同比增长20.61%；扣非归母净利 润1.42亿元，同比增长71.46%。期间费用率为22.57%，较去年同期下降1.01个百分点。业务板块 ...

事件：2025 年上半年实现营业收入15.33 亿元，同比下降1.93%；归母净利润2.94 亿元，同比下降 9.33%；归母扣非净利润2.86 亿元，同比下降8.60%。 2025Q2 单季实现营业收入9.12 亿元，同比增长3.41%；归母净利润1.92 亿元，同比下降4.95%；归母扣 非净利润1.88 亿元，同比下降4.22%。 国内市场需求疲弱的大环境没有明显的改变，公司聚焦高阶战略贯彻明确在公司一季报点评中，我们提 到过公司成长趋缓的主要原因在于国内商业直显市场的需求疲软，根据洛图科技的数据，2024 年，中 国小间距LED 显示屏市场的销售额为143.6 亿元，同比下降7.6%，公司作为 LED 直显显控上游核心供 应商，一定程度上受到行业约束。但从整个上半年的数据情况来看，公司保障利润率，聚焦高阶产品， 不做低价产品内卷的策略得到了良好的贯彻，公司二季度毛利率58.20%，扣非净利润率20.65%，基本 恢复到了过去两年较佳的季度盈利水准。 公司聚焦高端、进阶的应用场景，不断提升产品以及解决方案的品质水平，集成更多一体化功能，并且 根据客户应用习惯不断迭代改善操作体验，这条路径显然是在行业低谷 ...

格隆汇8月18日丨洲明科技(300232.SZ)公布半年度报告，2025年上半年度，公司实现营业收入36.58亿 元，同比增长7.38%，实现归母净利润1.21亿元，同比增长20.61%，实现扣非归母净利润1.42亿元，同 比增长71.46%，主要得益于国内外业务的深度开拓、Mini/MicroLED市场份额的快速提升以及光显解决 方案、AI内容等业务的持续推进。2025年上半年，技术迭代、政策支持与大型活动等多重因素共振， 推动LED显示行业多场景需求快速增长。在国内市场方面，影院、教育、舞台演绎、体育赛事、文旅等 应用场景需求增长，叠加销售模式由准直销向代理商的转变，实现国内营业收入14.81亿元，同比增长 19.96%。2025年上半年，公司海外市场持续深化布局，实现海外营业收入21.76亿元，同比增长0.22%， 主要受益于全球智慧城市建设加速与数字基建普及带来的公共空间LED显示屏规模化部署，加之全球巡 回演出市场加速扩张，新兴市场现场演出动能持续释放。在Mini/MicroLED领域，公司Mini/MicroLED 显示销售额超5亿元。 ...

证券日报网讯利亚德（300296）8月1日在互动平台回答投资者提问时表示，公司主营业务为LED智能显 示、文旅夜游和AI与空间计算三大板块，深耕行业30年，在技术，全产业链布局，产品与应用场景多 元化，全球化运营能力等方面形成了领先性优势；具身智能为公司AI与空间计算板块的战略业务方向 之一，依托全球领先的光学动作捕捉技术体系，整合OptiTrack高精度光学定位、LydCap无标记点识 别、LYDIA动作大模型等核心算法，构建了"数据-算法-硬件-服务"四位一体的技术解决方案，为人形机 器人产业提供动作数据与智能算法支持，持续赋能机器人厂商实现技术创新与市场突破。 ...

格隆汇8月1日丨利亚德(300296.SZ)在互动平台表示，公司主营业务为LED智能显示、文旅夜游和AI与 空间计算三大板块。Mini AI 全息玩具已有定向订单，暂未开通零售。 ...

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]

Group 1 - The company Liard has maintained its position as the global leader in LED display products for seven consecutive years, holding an 85% market share in China, the largest producer and consumer of LED displays globally [3][8]. - Liard is focusing on the development of Micro LED technology, which allows for pixel spacing below 0.4mm, enhancing the display's contrast, brightness, and integration, making it suitable for consumer electronics and automotive applications [8][14]. - Despite a slowdown in market growth and increased competition, Liard believes that the LED display industry remains a sunrise industry with potential for further expansion [8][15]. Group 2 - Liard's revenue structure has changed significantly, particularly with a sharp decline in its cultural tourism and night economy business, which dropped to 8.06 billion yuan in 2020, a 40% decrease [27]. - The company has expanded its marketing and service network globally, with overseas revenue from intelligent display business projected to reach 2.788 billion yuan in 2024, providing a new growth point [27][28]. - Liard has been proactive in the AI field, acquiring a U.S. company specializing in motion capture in 2016, and is now leveraging this technology in various applications, including gaming and film [28][29]. Group 3 - Liard's R&D personnel increased by 35 in 2024, representing 20.36% of the workforce, indicating a commitment to innovation and internal development [30]. - The company emphasizes a strong corporate culture focused on shared prosperity and employee engagement, which is seen as crucial for attracting and retaining talent [30][35]. - Liard aims to become a centennial enterprise, seizing opportunities in the AI sector, which is viewed as critical for the next 30 years of development [36].

Group 1 - The booming night economy has become a symbol of urban vitality, with leading companies like Leyard, Unilumin, and Absen expanding into cultural tourism and night tours, despite facing challenges such as high accounts receivable due to local government financial constraints [1][2] - In 2025, the LED display industry is expected to face oversupply risks, leading to new price competition, while traditional manufacturers are controlling costs and penetrating the market to compete for existing market share, which is compressing profit margins across the industry [2][3] - The integration of culture, tourism, and nighttime activities through cultural tourism night tours enhances interactive experiences for visitors, showcasing traditional culture while providing diverse nighttime experiences [2] Group 2 - Leyard's chairman expressed optimism about the development of cultural tourism night tours, highlighting the significant market demand in urban renewal and scenic area upgrades, and the company's strategy to create an ecological cooperation circle to drive growth [3] - Government support is crucial for the development of the night economy, with measures in place to encourage nighttime cultural and tourism consumption, including upgrading lighting and night scenes in commercial areas [3] - Leyard's accounts receivable stood at approximately 3.28 billion yuan, with a significant portion attributed to cultural tourism projects, leading to a provision for bad debts of about 168 million yuan in 2025 [4] Group 3 - The accounts receivable situation is concerning for both LED display companies and scenic area operators, with significant amounts owed by local government entities impacting cash flow and financial health [5][6] - The increasing total of overdue accounts and lengthening payment terms in the cultural tourism night tour sector highlight the critical role of "party A" companies' payment capabilities and willingness [6] - Recommendations include enhancing judicial penalties for overdue payments and establishing a credit evaluation system to improve the payment environment and address the issue of delayed payments [6]

Core Viewpoint - The establishment of the "Chinese Excellent Traditional Culture Model" project aims to integrate advanced technology with cultural heritage, promoting the revival and digital transformation of traditional Chinese culture through AI and digital assets [1][4]. Group 1: Company Overview - Shenzhen Absen Technology Co., Ltd. was founded in 2004 and has grown to become a leader in the global LED display, stage art, virtual filming, and XR immersive experience sectors [2]. - The company has a significant market share in the virtual filming and XR fields, providing support for major films such as "The Mandalorian," "Barbie," and "The King of the Sky" [2]. Group 2: Industry Impact - The collaboration between Absen Technology and Zhejiang University is expected to leverage academic resources and practical experience to create a digital cultural asset framework, transforming traditional cultural treasures into computable and regenerable digital assets [3][4]. - The project aims to generate AI image works that embody traditional cultural values while incorporating modern expressions, thus revitalizing cultural heritage [4]. Group 3: Event Significance - The launch event signifies a strategic partnership aimed at fostering innovation in the cultural sector, highlighting the importance of technology in the development of the arts in Zhejiang [3][4]. - The initiative addresses the contemporary challenge of bringing historical artifacts and cultural assets to life through modern technology, emphasizing the responsibility of the industry to preserve and promote cultural heritage [3].