Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - The company achieved a year-on-year revenue growth of 7.4% and a net profit growth of 20.6% in the first half of the year, driven by the deep exploration of domestic and international markets, rapid increase in Mini/Micro LED market share, and continuous advancement in light display solutions and AI content [1][3]. - Domestic revenue rebounded with a growth of 19.96%, accounting for 40.5% of total revenue, primarily due to increased demand in various application scenarios such as cinema, education, and cultural tourism [2]. - The company has made significant strides in Mini/Micro LED sales, doubling the sales area and exceeding 500 million yuan in sales, while also achieving breakthroughs in sales and technology [2][3]. - The company's strategy of integrating "LED+AI" aims to create a new era of display and interaction, focusing on intelligent scene ecosystems driven by hardware, IP, and scene services [3]. Financial Summary - In the first half of the year, the company reported a revenue of 3.658 billion yuan and a net profit of 121 million yuan, with a gross margin of 28.32% [1]. - The second quarter saw a revenue of 2.081 billion yuan, with a year-on-year decline in net profit to 67 million yuan [1]. - The company maintains its revenue and profit forecasts for 2025-2027, expecting revenues of 8.556 billion yuan, 9.592 billion yuan, and 10.779 billion yuan, respectively, with net profits of 258 million yuan, 339 million yuan, and 400 million yuan [3][4].

Group 1 - The 2025 Osaka Expo is themed "Envisioning a Future Society Full of Life," showcasing the evolution of social interaction and technology over the past 15 years [2][3] - The Shanghai Expo of 2010 is remembered as the most spectacular and largest in terms of area, leaving a lasting impression on international visitors, particularly from Japan [2][3] - The transformation of Shanghai post-Expo is highlighted, demonstrating a shift from a "short-term event" to "long-term benefits," emphasizing the significance of large-scale events for urban renewal [2][3] Group 2 - Shenzhen-based company, Zhouming Technology, provided comprehensive visual solutions for the China Pavilion at the Osaka Expo, showcasing advanced interactive technologies [3][4] - The company previously supported over 30 national pavilions at the Shanghai Expo, indicating a strong track record in the exhibition technology sector [4] - The Guangdong Province Trade Promotion Council is organizing a Guangdong Week at the Osaka Expo, featuring traditional cultural performances and showcasing the region's heritage [4][5] Group 3 - Guangzhou Metro is participating in the Guangdong Week, presenting a smart transportation model that integrates local cultural elements and highlights sustainable urban transit solutions [5] - The exhibition aims to illustrate how urban transportation changes lifestyles, focusing on themes of health and happiness, and promoting green travel as a shared goal [5]

Group 1 - The 2025 Osaka-Kansai Expo officially opened on April 13, with the theme "Building a Community of Life Between Humans and Nature - A Future Society of Green Development" [1] - The China Pavilion, one of the most iconic venues of the expo, was inspired by "Chinese Book Letters" and showcases contemporary China's ecological wisdom [3] - Guangdong-based company Zhouming Technology provided a comprehensive visual solution for the China Pavilion, including all LED displays, projection systems, and interactive technologies, enhancing the cultural experience [5] Group 2 - The main LED screen cluster in the pavilion was constructed using high-end display products from Zhouming's Star River series UMini W and Starry series Uslim III, featuring self-developed EBL+ optical processing technology for superior color and viewing experience [5] - Zhouming formed a specialized team consisting of 80% Chinese engineers and technical experts, collaborating closely with Japanese design and construction teams to complete the installation of over a thousand square meters of LED screens and multimedia interactive terminals [9] - The project was successfully completed before the preliminary acceptance on March 2, ensuring the China Pavilion was ready to welcome global visitors in optimal condition [9]