深圳市洲明科技股份有限公司投资者关系活动记录表 证券代码：300232 证券简称：洲明科技 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（电话会议） 参与单位名称 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 投资者关系活动 主要内容介绍 本次投资者关系活动以电话会议的方式进行，接待人员与 投资者进行了沟通交流，主要内容如下： 一、公司 2025 年半年度报告业绩情况介绍 2025 年上半年，公司凭借稳健的经营策略与业务发展韧 性，实现营业收入、利润双增长，同时，费用管控成效显著， 整体经营质量稳步提升。 2025 年上半年，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/Micro LED 市场份额的快速提升以及 透与渠道下沉同步加速;（ ...

Core Viewpoint - Guoxing Optoelectronics plans to raise no more than 981 million yuan through a targeted issuance to enhance its capabilities in emerging fields such as Mini/Micro LED technology [1][2] Group 1: Fundraising and Investment Focus - The company aims to raise funds from no more than 35 specific investors, including its controlling shareholder, Foshan Electric Lighting [1] - The raised capital will be directed towards five core areas: ultra-high-definition display, optoelectronic sensing, smart home, intelligent automotive applications, and research laboratories [1] Group 2: Strategic Development Areas - In the ultra-high-definition display sector, the company will focus on building production lines for Mini/Micro LED and display module products to seize opportunities in next-generation display technology [1] - The optoelectronic sensing segment will advance the industrialization of smart health devices, expanding into the medical health market [1] - The smart home business will enhance production capacity for display and Mini backlight modules, while the intelligent automotive sector will focus on automotive smart applications [1] - The company will also invest in high-level research laboratories to strengthen its technological reserves in third-generation semiconductors and Mini/Micro LED display devices [1] Group 3: Industry Context and Market Potential - The LED industry is experiencing a new development opportunity period due to increased national policy support, with significant market potential in niche areas such as small-pitch LED, optoelectronic devices, and smart electronic terminals [1] - Guoxing Optoelectronics aims to optimize its product structure and allocate resources towards high-growth areas to enhance overall profitability [1] - The company emphasizes forward-looking technology layout to address market competition and technological changes in the rapidly evolving LED industry [1][2]

Core Insights - The display industry is entering a rebalancing phase, with a reshaped industry landscape, where LCD will remain the mainstream application technology for the next decade, while OLED production lines in mainland China are rapidly developing [1][3] - The display industry, as a crucial pillar of electronic information and digital economy, has significantly contributed to global economic recovery, with a display panel market worth hundreds of billions, driving a similar scale in materials and equipment markets, and a trillion-dollar display consumption market [3] - The competition in the display industry is shifting from "scale and market share" to "high profitability, high technology, and high added value" [3] Industry Trends - Semiconductor display technology is continuously innovating, with no new technology currently seen as a replacement; LCD will remain the main application technology in the medium to long term, with mainland Chinese companies leading the global LCD display industry [3] - The high-end segment of the OLED market is breaking through, with the company currently operating three OLED production lines and expecting rapid development in mainland China's OLED production lines over the next five years [3] - Emerging display technologies represented by Mini/Micro LED will add momentum to the industry's growth [3] Capital Operations - The company has engaged in capital operations to enhance its strength, focusing on three main areas: industry integration to promote display industry development, independent listings of innovative businesses to create specialized development platforms, and repurchasing minority stakes in production lines to enhance shareholder equity [4] - The intention behind capital operations is to effectively promote the healthy and orderly development of the display industry and to vertically integrate quality assets to enhance the company's overall strength [4] Strategic Initiatives - The company's "Screen IoT" strategy and "N-th Curve" theory emphasize leveraging the core advantage of "screen" and surrounding capabilities, integrating more functions into screens, and expanding the boundaries of display applications [5] - Current focus areas for the company's multi-dimensional expansion include innovations in glass-based businesses and perovskite photovoltaic devices [5]

Core Viewpoint - Huike Co., Ltd. is attempting to relaunch its IPO after a failed attempt in August 2023, amidst significant industry challenges and a shift towards new display technologies [2][12]. Industry Overview - The panel industry is characterized by severe cyclical fluctuations, with recent downturns leading to substantial price drops and widespread losses among manufacturers [5][6]. - Huike has established itself among the top three global TV panel suppliers, particularly excelling in the large-size segment [3][15]. Financial Performance - Huike's financial performance has been volatile, with a profit of 5.406 billion yuan in 2021 followed by an expected loss exceeding 1 billion yuan in 2022 [3][10]. - The company's gross margin for TV panel business plummeted from 52.51% in Q2 2021 to -12.57% in Q2 2022, highlighting the impact of price declines [10]. Business Model and Challenges - Huike's expansion strategy relies heavily on partnerships with local governments, which provide land and funding, but this model exposes the company to significant financial obligations [6][9]. - The company faces a cash outflow obligation of approximately 31.197 billion yuan due to agreements with local state-owned enterprises [9]. Technological Transition - Huike is investing heavily in new display technologies, with over 40 billion yuan allocated to Mini/Micro LED and electronic paper projects [16]. - The acquisition of assets from Royole Technology is seen as a strategic move to enter the OLED market, despite the challenges posed by existing technology gaps [16]. Market Position and Future Outlook - The LCD market is transitioning towards a recovery phase, with price increases noted in early 2025, which may benefit Huike [12]. - Huike aims to maintain its competitive edge in large-size LCD panels while also addressing the need for technological advancement to compete with industry giants [15][17].

Core Viewpoint - Huike Co., Ltd. is attempting to relaunch its IPO after previous setbacks, leveraging new product launches and strategic partnerships to enhance its market position in the competitive LCD panel industry [2][4][9]. Group 1: Company Developments - Huike has launched the world's first a-Si car-mounted TRD+TDDI screen and reported a 310% year-on-year increase in its automotive display business shipments for 2024 [2]. - The company has signed a memorandum of understanding with Dixon Technologies to invest approximately 4 billion rupees in a joint factory in India [2]. - Following its IPO advisory completion on May 23, 2023, Huike is making another attempt to go public after failing in 2021 [2][4]. Group 2: Financial Performance - Huike's financial performance has been volatile, with a profit of 5.406 billion yuan in 2021, followed by an expected loss of over 1 billion yuan in 2022 [3][6]. - The company's revenue surged from 10.577 billion yuan in 2019 to 35.709 billion yuan in 2021, but it faced significant losses in 2022 due to declining panel prices [6][7]. - The gross margin for Huike's TV panel business plummeted from 52.51% in Q2 2021 to -12.57% in Q2 2022, highlighting the industry's cyclical challenges [7]. Group 3: Industry Context - The LCD panel industry is characterized by significant cyclical volatility, with prices for mainstream TV panels dropping dramatically since Q3 2021 due to macroeconomic factors [4][6]. - The industry is gradually recovering, with LCD TV panel prices rising in Q1 2025 and production line utilization rates reaching 80% [8]. - Huike's competitive advantage lies in its strong market share in large-size panels, holding 34% and 37% of the 85-inch and 100-inch markets, respectively, as of Q1 2025 [10]. Group 4: Strategic Initiatives - Huike is investing over 40 billion yuan in new display technologies, including Mini/Micro LED and electronic paper, to diversify its product offerings [11]. - The acquisition of assets from Royole Technology is seen as a critical step for Huike to enter the OLED market, despite the challenges posed by existing technology gaps [12]. - The company aims to balance its traditional LCD strengths while transitioning into new technology sectors to remain competitive [10][12].

Dividend Plan - The profit distribution plan for 2024 proposes a cash dividend of RMB 0.15 per 10 shares, totaling approximately RMB 10,619,152.59 (before tax) based on a total share capital of 707,943,506 shares, pending approval at the annual shareholders' meeting on May 20, 2025 [1] R&D Investment - R&D expenses for 2024 increased by 4.53% year-on-year, focusing on high-power, miniaturized, and multi-chip integrated products, particularly in high-end sectors such as LED high-power products and automotive lighting [2] Main Products - The company operates in two main segments: LED semiconductor packaging and automotive lighting. Key products include Mini/Micro LED, white light LED, automotive-grade LED, UV LED, and various automotive lighting solutions [3] Market Acceptance of New Products - New high-pressure series products (PCT three-in-one, four-in-one, five-in-one) have gained recognition in the market, particularly in mid-to-high-end sectors, achieving a significant market share [4] Profit Decline Reasons - The decline in net profit for 2024 was attributed to intensified market competition, falling product prices, and rising costs of precious metals, leading to a decrease in gross margin. The company aims to enhance operational efficiency and promote high-margin products to improve profitability [5][6] Future Development Strategy - The company plans to strengthen its "one body, two wings" strategy, focusing on semiconductor packaging as a foundation while leveraging automotive lighting and Mini/Micro LED as growth engines. It aims to enhance market share and industry influence through technological breakthroughs and global expansion [6]

Core Viewpoint - Sharp is strategically divesting its LCD panel production facilities to focus on high-growth, high-margin sectors such as automotive, VR, and AI, amidst a declining profitability trend in the LCD panel market due to increased competition and technological advancements in OLED and Mini/Micro LED technologies [2][3]. Group 1: Business Adjustments - Sharp plans to sell its second LCD panel factory in Kameyama to its parent company Foxconn, marking another step in its strategy to reduce its LCD panel business [1][8]. - The company has reported cumulative losses of 410 billion yen for the fiscal years 2022-2023, prompting a shift from heavy asset reliance in LCD production to a lighter asset model [3][8]. - Sharp aims to transform into a brand-centric enterprise, focusing on high-value sectors while divesting from low-margin LCD production [3][8]. Group 2: Timeline of Asset Sales - On May 14, 2024, Sharp announced the closure of its Sakai 10th generation factory, which primarily produced large LCD TV panels, with full production ceasing by the third quarter of 2024 [4][5]. - Sharp has reached agreements to sell parts of the Sakai factory site to KDDI for an AI data center, expected to be operational by 2026 [6]. - In March 2025, Sharp signed a deal with SoftBank for the sale of the Sakai factory and land for approximately 100 billion yen, aiming to develop a large data center in collaboration with OpenAI [7]. - The company also sold its first factory in Mie Prefecture to Aoi Electronics, which plans to introduce semiconductor packaging lines there by 2027 [7]. Group 3: Financial Performance - Sharp reported a net profit of 36.1 billion yen for the fiscal year ending March 31, 2025, marking its first profit in three years, compared to a loss of 149.98 billion yen in the previous year [9][8]. - The company’s net sales for the fiscal year ending March 31, 2025, were 2,160.15 million yen, reflecting a year-on-year decrease of 7% [9]. Group 4: Industry Trends - The LCD panel industry is undergoing consolidation, with a shift towards higher generation panel production and a focus on improving profitability through strategic mergers and acquisitions [10][11]. - Demand for larger panels is increasing, which is expected to help normalize inventory levels and drive future growth in panel shipments [12]. - The industry is moving towards a more balanced supply-demand dynamic, with manufacturers adjusting production rates in response to market fluctuations [12].

Core Viewpoint - The company reported a revenue increase in 2024 but a decline in net profit, while showing strong growth in Q1 2025, indicating a recovery in market demand and improved profitability in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 16.106 billion yuan, a year-on-year increase of 14.61%, while the net profit attributable to shareholders was 253 million yuan, a decrease of 31.02% [1]. - For Q1 2025, the company reported a revenue of 4.312 billion yuan, a year-on-year increase of 21.23%, and a net profit of 212 million yuan, a significant increase of 78.46% [1]. Market Demand and Business Segments - The traditional LED market showed signs of recovery in 2024, with high-end product segments maintaining strong demand, leading to improved revenue and profit in the LED business [2]. - The integrated circuit segment benefited from a recovery in downstream demand driven by artificial intelligence and consumer electronics, with the global semiconductor market continuing to recover [2]. - The demand for silicon carbide (SiC) products is growing, particularly in sectors like new energy vehicles, photovoltaic storage, and AI, indicating a potential second growth curve for the company [3]. Product Development and Capacity Expansion - The company has established a monthly production capacity of 16,000 pieces for 6-inch silicon carbide substrates and is expanding its 8-inch silicon carbide production [3]. - The company has completed a full range of silicon carbide diode products and is actively supplying to key customers, indicating strong market positioning in the industrial-grade market [3]. Investment Outlook - The company is projected to achieve revenues of 20.97 billion yuan, 25.646 billion yuan, and 31.416 billion yuan from 2025 to 2027, with net profits of 1.638 billion yuan, 2.501 billion yuan, and 3.169 billion yuan respectively [4]. - A target price of 14.78 yuan is set based on a 45 times PE ratio for 2025, maintaining a "Buy-A" investment rating [4].

Financial Performance - In 2024, the company achieved a revenue of CNY 7.774 billion, a year-on-year increase of 4.90% [2] - Overseas revenue reached CNY 4.777 billion, accounting for 61.45% of total revenue, with a year-on-year growth of 18.33% [2] - The gross profit margin for 2024 was 29.11%, up by 1.09 percentage points from the previous year [3] - The net profit attributable to shareholders was CNY 100 million, a decrease of 30.86% year-on-year [3] - Excluding investment losses and exchange rate fluctuations, the adjusted net profit was CNY 193 million, up from CNY 95 million the previous year [3] - In Q1 2025, revenue was CNY 1.576 billion, a year-on-year increase of 5.63%, with a net profit of CNY 74.155 million, up 737.04% [3] Market Outlook - The domestic market is expected to benefit from policy incentives and the maturation of Mini/Micro LED technology, driving demand in various sectors [4] - The company plans to expand its presence in high-value downstream applications, integrating AI technology into its products [4][5] - The international market is projected to grow steadily, with strategic inventory management to ensure supply chain stability [5] Product Development - The Mini/Micro LED product line saw a doubling in sales in 2024, with a projected market share increase to 25%-30% in 2025 [6] - The company is focusing on high-margin Mini/Micro products and enhancing product value through technological advancements [6] - New AI products are being developed for both consumer and business markets, incorporating traditional cultural elements for differentiation [8][9] Strategic Responses - The company has proactively managed global supply chains to mitigate the impact of U.S. tariffs, including local acquisitions [7] - A balanced global sales network helps to reduce risks associated with geopolitical changes [7] - The company emphasizes continuous R&D investment to maintain competitive advantages and drive sustainable growth [14][15] XR Virtual Production - The company has established over 100 XR virtual studios globally, leading the market in this segment [16] - Collaborations with major video platforms and educational institutions are driving growth in XR virtual production [16] Financial Management - The company has implemented a robust credit rating system for accounts receivable management to ensure timely collections [17][19] - Inventory management practices focus on accurate demand forecasting and product standardization to enhance operational efficiency [19]