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].