投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □其他 参与单位名称及 人员姓名 东方证券股份有限公司：李晋杰 时间 15:00-17:00 地点 深圳市光明区光源四路 9 号 公司光明工厂二期办公楼三楼 305 会议室 上市公司接待人 员姓名 董事会秘书：王行村、证券事务代表：曾燕 投资者关系活动主要内容介绍 证券代码：002106 证券简称：莱宝高科 深圳莱宝高科技股份有限公司 投资者关系活动记录表 编号：2025-013 本次调研活动由深圳莱宝高科技股份有限公司（以下简称"公司"）证券 事务代表带领调研人员参观了公司展厅，然后由公司董事会秘书、证券事务代 表在会议室向参与调研人员主要介绍了公司 2025 年半年度报告相关情况、主 营业务情况、近期生产经营情况、所处行业发展现状及未来发展趋势、产品相 关技术发展现状及未来发展趋势、以及公司与地方政府合作投资的微腔电子纸 显示器件（MED）项目等相关情况，并进行相关沟通交流。 本次调研活动的主要沟通内容如下： 1、公司 2025 年上半年营业收入同比小幅增长、但归属于上市公司股东的 净利润同 ...

Core Viewpoint - Laibao High-Tech is focusing on strategic transformation and accelerating the development of its Microcavity Electronic Paper Display (MED) project, despite facing profit pressures due to R&D and new project investments [2][5]. Financial Performance - In the first half of 2025, Laibao High-Tech achieved operating revenue of 3.145 billion yuan, a year-on-year increase of 7.06% [2]. - The net profit attributable to shareholders was 182 million yuan, a year-on-year decrease of 13.78% [2]. MED Project Development - The total investment for the MED project, constructed by Laibao's subsidiary in Zhejiang, is 9 billion yuan, and it has entered the equipment installation and debugging phase [2]. - The first exposure machine was moved in June, with plans to achieve small-scale production and sales of some medium-sized products by the end of the year [2]. Product Positioning and Market Strategy - The MED products are designed to be eye-friendly and low-power full-color electronic paper, suitable for applications such as e-books, shelf labels, and electronic signage, without focusing on video playback [5]. - The company aims to take a leading position in the medium and large-sized market as color electronic paper technology matures [5]. Other Business Segments - The notebook touchscreen business has seen a recovery in order demand driven by AI PCs and a replacement wave [5]. - The automotive touch products are widely used in brands like Geely, Volkswagen, and Li Auto, with expectations for growth despite facing price declines and competition from In-Cell integration [5]. - Laibao High-Tech is also expanding into new businesses such as glass packaging substrates, having completed engineering sample development for technologies like FOPLP and TGV, and is seeking breakthroughs in industrialization [5].

Financial Performance - In the first half of 2025, the company achieved a sales revenue of 314,484.59 million RMB, an increase of 7.06% year-on-year, primarily due to increased sales of large-size capacitive touch screens and automotive cover glass products [3] - The net profit attributable to shareholders decreased by 13.78% year-on-year to 18,180.84 million RMB, mainly due to increased R&D expenses and reduced interest income [3] Product Demand and Market Trends - The demand for notebook computer touch screens has been good since August 2025, driven by the growth in education notebooks and the upcoming end of Windows 10 support [4] - Global demand for notebook computers is expected to grow, with an estimated shipment of 183 million units in 2025, a year-on-year increase of 4.9% [5][6] Automotive Touch Screen Business - The company's automotive touch screen products are primarily supplied to Tier 1 automotive manufacturers, with significant clients including Changan, Geely, and Volkswagen [7] - The automotive touch screen business is expected to continue growing, driven by the trend towards electric and intelligent vehicles [8] MED Project Progress - The MED project is currently in the equipment installation and debugging phase, with a total investment of 9 billion RMB planned [10][18] - The project aims to produce micro-cavity electronic paper displays, with a monthly production capacity of 320,000 units for 12.3-inch displays [14] Challenges and Risks - The company faces challenges such as increasing competition in the touch screen market and potential price declines [6][8] - The MED project may impact the company's profitability before it becomes operational, with expected increases in operational costs during the construction phase [20][21] Future Outlook - The company plans to enhance the performance of its MED products through continuous optimization of materials and processes [12] - The market for large-size color electronic paper displays is expected to grow, with the company aiming to capture opportunities in this segment [15]

Core Viewpoint - The company, Shenzhen Laibao High-Tech Co., Ltd., is progressing with its 9 billion RMB micro-cavity electronic paper (MED) project, which is expected to impact short-term profitability but aims for long-term growth and competitiveness [1][4]. Group 1: MED Project Progress - The MED project has completed key milestones, including project workshop completion and installation of the first exposure machine, with total funding of 55 billion RMB from shareholders and 35 billion RMB from a syndicate loan secured [1][2]. - The project has received necessary approvals for project filing, environmental impact assessment, and energy-saving review, with funding from shareholders completed as per the agreement [2][3]. - The project is expected to take two years for construction, with equipment procurement and installation scheduled to begin in 2024, aiming for production commencement in 2025 [2][3]. Group 2: Financial Impact and Projections - The company reported a 36.10% year-on-year decline in net profit for Q1 2025, attributed to changes in product sales structure and increased R&D expenses, which are expected to continue affecting profitability during the MED project's construction phase [1][5]. - The total investment for the MED project is planned at 9 billion RMB, with 8.3 billion RMB allocated for construction and 700 million RMB for working capital, primarily focused on equipment investment [3][4]. - The establishment of a joint venture, Zhejiang Laibao Display Technology Co., Ltd., is aimed at implementing the MED project, with financial liabilities recognized in the company's consolidated financial statements [4][5]. Group 3: Market and Competitive Landscape - The company aims to leverage its relationships with global laptop brands to increase sales of touch screens for laptops in 2025, despite facing intensified competition from integrated touch display products [6]. - The sales growth of laptop touch screens in 2025 may be influenced by various factors, including global economic conditions and consumer purchasing behavior, leading to uncertainty in achieving sales targets [6].

Group 1: MED Project Overview - The MED project aims to address survival and development challenges while seizing opportunities in the global mid-to-large size color electronic paper market [4][18] - The project will enhance the company's core competitiveness and expand its international market presence [4][18] - The total investment for the MED project is estimated at RMB 9 billion, with RMB 8.3 billion allocated for construction and RMB 700 million for working capital [17] Group 2: Project Details - The project includes leasing existing industrial facilities in Huzhou, Zhejiang, and constructing a production line with a monthly capacity of 180,000 square meters of glass substrates [11] - The production line will cover sizes from 7.8 inches to 55 inches, with a monthly output of 3.2 million units for 12.3-inch displays and 500,000 units for 31.2-inch displays [11] - A new R&D center for advanced display technologies will be established to support ongoing product development [11] Group 3: Product Positioning and Market Potential - The MED products are positioned in the mid-to-large size color electronic paper market, targeting applications such as electronic labels, e-books, and digital signage [6][9] - The global electronic paper display market is projected to reach USD 72.3 billion by 2025, with a compound annual growth rate (CAGR) exceeding 50% [8] - The demand for color electronic paper displays is expected to surge, with 2023 marking the beginning of significant industrial applications [7][8] Group 4: Technical Performance and Development - The MED products will utilize micro electric-chamber display technology, which offers advantages such as low power consumption and eye protection [5][6] - There is potential for further improvements in technical performance, including contrast, color saturation, and response speed [10] - The company plans to optimize production processes and collaborate with partners to enhance product competitiveness [10][29] Group 5: Market Challenges and Strategies - The MED project faces challenges related to technology maturity and high production costs, which may hinder widespread adoption [12] - The company is actively working to establish stable supply chains and competitive pricing to stimulate market demand [12] - Strategies include expanding into new application areas and leveraging existing customer relationships to drive sales growth [15][19] Group 6: Future Outlook - The company anticipates that the MED project will contribute to new business and profit growth points, supporting sustainable development [18][19] - The MED project is expected to begin small-scale production by the second half of 2025, with full-scale production planned thereafter [13][16] - The company aims to maintain a proactive approach to project implementation and cost management to mitigate potential financial impacts during the construction phase [19][30]

Group 1: Company Overview and Financial Performance - Shenzhen Laibao High-Tech Co., Ltd. achieved a total sales revenue of 5.896 billion RMB in 2024, representing a year-on-year growth of 5.54% [3] - Sales revenue from notebook computer touch screens accounted for over 85% of the company's total sales revenue, while the automotive touch screen segment contributed less than 10% [3] Group 2: Market Trends and Future Projections - The global demand for notebook computer touch screens is expected to grow in 2025, driven by the end of Windows 10 upgrades and increasing demand for AI PC products [4] - TrendForce predicts that global notebook shipments will reach 183 million units in 2025, a year-on-year increase of 4.9% [4] Group 3: Automotive Touch Screen Business - The company's automotive touch screen clients include major manufacturers such as Changan, Geely, and Volkswagen [7] - The automotive touch screen segment is expected to continue growing in 2025, supported by the increasing demand for integrated display solutions in electric and smart vehicles [10] Group 4: Challenges and Competition - The company faces intensified competition from embedded structure touch screens, which may replace traditional capacitive touch screens [11] - The sales growth of notebook touch screens in 2025 is uncertain due to potential impacts from global economic conditions and consumer purchasing behavior [6] Group 5: Micro Electric Chamber Display (MED) Project - The MED project aims to capitalize on the growing market for large-size color electronic paper displays, with a total investment of 9 billion RMB [30] - The project is expected to enhance the company's core competitiveness and expand its international market presence [16] Group 6: Technical Development and Market Positioning - The MED products are designed for applications in electronic labels, e-readers, and various display terminals, focusing on low power consumption and eye protection [19] - The company plans to optimize the MED product's technical performance, including contrast and color saturation, to enhance market competitiveness [25] Group 7: Future Market Outlook - The global electronic paper display market is projected to reach 72.3 billion USD by 2025, with a compound annual growth rate of over 50% [23] - The demand for color electronic paper displays is expected to grow significantly, particularly in educational and advertising sectors [24]

Group 1: Sales Growth Projections - The company anticipates a 4.9% year-on-year growth in global notebook shipments in 2025, reaching 183 million units, which is expected to drive demand for notebook touch screens [4] - The company aims to leverage its relationships with well-known global notebook brands to achieve year-on-year sales growth in notebook touch screens in 2025 [4][5] Group 2: Challenges in Touch Screen Business - The notebook touch screen business faces increasing competition from integrated touch display products, which may impact sales growth in 2025 [5][8] - Global economic conditions and consumer purchasing power may also affect the demand for notebook touch screens [5] Group 3: Automotive Touch Screen Business - The automotive touch screen segment is expected to continue its growth, driven by the shift towards electric, intelligent, and connected vehicles [6][7] - The company plans to expand its production capacity for automotive touch screens in response to increasing demand from Tier 1 automotive manufacturers [7] Group 4: MED Project Overview - The MED project aims to capitalize on the growing market for large-size color electronic paper displays, with a planned monthly production capacity of 180,000 square meters of glass substrates [12][19] - The project is expected to enhance the company's core competitiveness and open new business opportunities in the electronic paper market [11][16] Group 5: Market Potential and Future Outlook - The global electronic paper display market is projected to reach $72.3 billion by 2025, with a compound annual growth rate (CAGR) exceeding 50% [17] - The company has established relationships with major global brands, which positions it well to capture market share in the electronic paper segment [17][19] Group 6: Technical Development and Innovation - The company is focused on improving the technical performance of its MED products, including contrast ratio, color saturation, and response speed [18] - Continuous investment in R&D and collaboration with partners will support the development of new technologies and products [10][18] Group 7: Financial Implications of MED Project - The total investment for the MED project is estimated at RMB 9 billion, with RMB 8.3 billion allocated for construction and RMB 700 million for working capital [21] - The project is expected to impact the company's financial performance negatively before it becomes profitable, due to increased operational costs during the construction phase [23][24]

Group 1: Company Overview and Financial Performance - The company achieved a total sales revenue of 5.896 billion RMB in 2024, representing a year-on-year growth of 5.54% [4] - Sales revenue from notebook computer touch screens accounted for over 85% of the total sales revenue, while the automotive touch screen segment contributed less than 10% [4] Group 2: Market Trends and Future Projections - Global demand for notebook computer touch screens is expected to grow due to the end of Windows 10 updates and increasing demand for AI PC products, with a projected global shipment of 183 million notebooks in 2025, a 4.9% increase from 2024 [5] - The automotive touch screen market is anticipated to grow alongside the shift towards electric and smart vehicles, with increasing demand for larger and more integrated displays [9] Group 3: Challenges and Competition - The company faces intensified competition in the notebook touch screen market, particularly from embedded structure touch screens, which may impact sales growth in 2025 [6] - The automotive touch screen segment also faces pricing pressures and competition from established integrated touch display solutions [10] Group 4: MED Project Overview - The Micro Electric-Chamber Display (MED) project aims to develop low-power, high-resolution electronic paper displays, targeting the mid-to-large size color electronic paper market [15][17] - The MED project has a total planned investment of 9 billion RMB, with 8.3 billion RMB allocated for construction and 700 million RMB for working capital [24] Group 5: Market Potential and Strategic Initiatives - The global electronic paper display market is projected to reach 72.3 billion USD by 2025, with a compound annual growth rate (CAGR) of over 50% [18] - The company plans to leverage existing customer relationships and develop new products to capture market opportunities in the electronic paper segment [19] Group 6: Risk Management and Future Outlook - The company acknowledges potential risks associated with the MED project's implementation, including cost management and market competition [26][27] - Continuous investment in R&D and product development is essential to enhance the competitiveness of MED products and address market demands [29]

Group 1: Company Overview and Financial Performance - The company achieved a total sales revenue of 5.896 billion RMB in 2024, representing a year-on-year growth of 5.54% [4] - Sales revenue from notebook computer touch screens accounted for over 85% of the total sales revenue, while the automotive touch screen segment contributed less than 10% [4] Group 2: Market Trends and Future Projections - Global demand for notebook computer touch screens is expected to grow due to the end of Windows 10 updates and increasing demand for AI PC products, with a projected shipment of 183 million units in 2025, a 4.9% increase from 2024 [5] - The automotive touch screen market is anticipated to grow alongside the shift towards electric and smart vehicles, with increasing demand for larger and more integrated displays [9] Group 3: Challenges and Competition - The company faces intensified competition from embedded structure touch screens, which may impact the sales of its external structure capacitive touch screens [12] - Price pressures and competition from established In Cell structure products pose risks to the automotive touch screen segment's growth in 2025 [10] Group 4: MED Project Overview - The Micro Electric-Chamber Display (MED) project aims to develop low-power, high-resolution electronic paper displays, targeting the mid-to-large size color electronic paper market [15][17] - The project has a total investment plan of 9 billion RMB, with 8.3 billion RMB allocated for construction and 700 million RMB for working capital [24] Group 5: Market Potential and Strategic Initiatives - The global electronic paper display market is projected to reach 72.3 billion USD by 2025, with a compound annual growth rate (CAGR) of over 50% [18] - The company plans to leverage existing customer relationships and develop new products to capture market opportunities in education and outdoor displays [28][29]

Core Viewpoint - Laibo High-Tech (002106.SZ) reported a revenue of 5.896 billion yuan for 2024, marking a year-on-year increase of 5.54%, with a net profit attributable to shareholders of 369 million yuan, reflecting a slight growth of 0.02% [1] Group 1: Business Performance - The company is a leading supplier of touch screens for laptops and has shown resilience in operations despite market fluctuations, benefiting from the recovery in consumer electronics and automotive demand [2] - Sales revenue for large-size capacitive touch screens increased by 3.20% to 511.16 million yuan, while sales of automotive cover glass surged by 74.66% to 256.20 million yuan [2] Group 2: Industry Outlook - The global laptop market is expected to see single-digit growth by 2025, driven by the end of Windows 10 updates and increased replacement demand, which will positively impact the demand for laptop touch screens [3] - The automotive sector is moving towards electrification and smart technology, leading to a growing demand for large and multi-screen touch displays in vehicles [3] Group 3: R&D and Investment - Laibo High-Tech increased its R&D investment to 282 million yuan in 2024, a rise of 9.66% from 2023, representing 4.79% of its revenue [4] - The company is developing new technologies and products, including dual-sided coated sensors and color electronic paper displays, which are expected to create new business growth opportunities [4][6] Group 4: Future Plans - The company aims to strengthen its position in the laptop touch screen market and expand its automotive product line, while also focusing on the development of new products and technologies [7] - The MED project, expected to generate an average annual revenue of 9.167 billion yuan upon completion, is a key initiative for the company to enhance its competitive edge and foster sustainable growth [6][7]