近日，莱宝高科在接受机构调研时表示，车载盖板玻璃和车载触摸屏2025年一方面面临产品价格持续下 降的压力，一方面还面临已占据主流市场地位的InCell结构触控显示一体化带来日益增加的替代竞争压 力，公司2025年车载触摸屏业务板块的整体销售收入能否最终实现同比增长存在一定的不确定性，且对 该业务板块的盈利能力造成一定的不利影响。 莱宝高科车载触摸屏业务板块的产品线主要包括车载触摸屏和车载盖板玻璃。随着汽车日益向电动化、 智能化、网联化等方向发展，汽车传统的仪器仪表盘、中控台、副驾驶位等逐步向一体化集成制作方向 发展，相应带来车载盖板玻璃从原来的以单屏（中控台）为主，目前逐步拓展向双联屏、三联屏方向发 展，在产品尺寸不断扩大的同时，车载盖板玻璃对3D、曲面、异形等不同形状的定制化设计和生产需 求逐步增加。 莱宝高科车载触摸屏业务板块2025年上半年产品生产销售情况较去年同期有一定幅度增长，公司积极采 取各项措施努力满足客户的交付需求。随着全球汽车日益向电动化、智能化、网联化方向深入发展，预 计2025年全球新能源汽车出货量有望继续保持同比增长，与其配套使用的全球车载触摸屏日益向大屏 化、多屏化方向深入发展，市场 ...

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 ...

在多项政策支持和经济转型背景下，众多上市公司积极拥抱新机遇，积极发挥上市公司的平台优势，充 分整合产业前沿、技术协同、产能补足、渠道运营等方面的优质资源，持续探索战略合作、并购重组、 合资联营等外延式发展路径，释放诸多利好信号。 9月19日晚间，天有为(603202.SH)披露公告显示，为进一步加快乘用车的客户开拓，满足整车企业客户 的供货需求，提升产品市场占有率，增强竞争力，公司拟与福建三锋投资集团有限公司在福建省福清市 设立合资公司福建天有为电子科技有限公司(以工商注册部门最终核准的名称为准)，旨在发挥子公司股 东双方优势，积极开拓新客户，提升公司新的发展空间，增强公司整体综合竞争力。根据双方初步达成 的合作意向，合资公司中天有为将持股70%，三锋集团持股30%。 三锋集团：背后股东光"晖"闪"耀" 公开资料显示，此次合作的主角之一三锋集团，是一家专注结构性长期价值投资及产业升级服务的公 司，长期关注工业新材料研发与应用、人工智能技术、供应链数字化与信息化以及现代汽车生活等专业 性投资领域，致力于传统产业赋能升级、新兴产业链以及汽车生态圈建设。 据了解，围绕着玻璃工业、工业新材料、工业新技术和现代汽车生活 ...

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 develop micro electric-chamber display technology, which is a type of electronic paper display that relies on ambient light for information display, offering advantages such as low power consumption and high contrast [4][5][6]. - The project is positioned in the mid-to-large size color electronic paper market, targeting applications in electronic labels, e-books, and various display terminals [5][10]. Group 2: Market Potential and Growth - The global electronic paper display market is projected to reach $72.3 billion by 2025, with an annual growth rate exceeding 50% [11]. - The demand for color electronic paper displays is expected to surge, with 2023 marking the beginning of significant industrial applications [10][11]. Group 3: Technical and Production Capabilities - The company has established a pilot production line for mid-size MED modules and has successfully created multiple product samples [13][14]. - The project includes the construction of a new R&D center focused on developing high-performance color electronic paper displays and integrated touch display technologies [14][15]. Group 4: Financial and Investment Aspects - 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 [19]. - The company has completed the capital contributions from shareholders, amounting to RMB 5.5 billion, and plans to secure a RMB 3.5 billion syndicated loan by September 2024 [19][21]. Group 5: Challenges and Risks - The project faces challenges related to the maturity of color electronic paper display technology and the high costs associated with production [16][21]. - The company anticipates that the MED project will impact profitability during the construction phase due to increased operational and development costs [21][23]. Group 6: Future Outlook - The company aims to achieve small-scale production of MED products by the second half of 2025, focusing on educational and outdoor applications [17][19]. - The MED project is expected to enhance the company's core competitiveness and expand its international market presence [6][10].

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]

Core Viewpoint - The company faces challenges in its automotive touch screen business due to ongoing price declines and increasing competition from integrated touch display technologies, leading to uncertainty in achieving year-on-year sales growth by 2025 [2] Group 1: Market Trends and Challenges - The automotive industry is increasingly moving towards electrification, intelligence, and connectivity, which is driving the integration of traditional dashboard components into unified designs, resulting in a growing demand for customized glass solutions [2] - The automotive touch screen business is expected to experience significant growth in 2024, particularly from the third quarter onwards, with a rapid increase in order demand leading to delivery pressures [3] - The company anticipates that the global shipment of new energy vehicles will continue to grow in 2025, which will drive demand for larger and multi-screen automotive touch screens [3] Group 2: Strategic Developments - The company is actively expanding its development efforts with overseas Tier 1 automotive manufacturers, achieving positive progress that is expected to lead to new product projects and increased demand for touch sensor panels [3] - Plans are in place to gradually expand production capacity for automotive touch screens and glass based on customer demand, with a focus on developing higher value-added products in the future [3] - Overall, the company expects its automotive touch screen business to maintain year-on-year sales growth in 2025 despite the competitive landscape [3]