[中报]光峰科技(688007):2022年半年度报告（英文版）
原标题:光峰科技:2022年半年度报告（英文版） Appotronics Corporation Limited 2022 Semiannual Report August 2022 本报告为深圳光峰科技股份有限公司自愿披露的《2022年半年度报告（英文版）》，对本报告的中英文版本理解上发生歧义时，以中文版本为准。 This is the 2022 Semiannual Report (English Version) that is voluntarily disclosed by Appotronics Corporation Limited, and in case of any conflict between the Chinese version and the English version, the Chinese version will control. Important Note I. The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the Company hereby warrant that the information contained in this Annual Report is true, accurate and complete and this Annual Report is free from any misrepresentation, misleading statement or material omission, and agree to assume joint and several liability for this Annual Report. II. Alert of significant risks The Company has described in detail the risks that may exist in the production and operation of the Company in this Report. Refer to “Section III Discussion and Analysis of the Management - Risk factors” for the relevant risks. We draw the attention of investors to such risks in making investments. III. All directors of the Company attended the meeting of the Board of Directors. IV. This Semiannual Report has not been audited. V. LI Yi, Person in charge of the Company, WANG Yingxia, Chief Accountant and Person in Charge of the Accounting Body (Accounting Officer) hereby represent that the financial statements contained in the 2022 Semiannual Report are true, accurate and complete. VI. Profit distribution proposal or proposal for capitalization of capital reserve approved by the Board of Directors during the reporting period None VII. Is there any material event concerning any special arrangement of corporate governance? □ Applicable √ N/A VIII. Risk statement regarding forward-looking statements √ Applicable□ N/A The forward-looking statements contained herein regarding the future plans, development strategies or other matters of the Company do not constitute any substantive covenant made by the Company to the investors. Investors and relevant personnel should sufficiently know about the risks in this aspect, and understand the differences among plans, predictions, and promises. The investors should be aware of the risk of investment. IX. Is there any non-operating occupation of funds by the controlling shareholder or its affiliates? No X. Is there any external guarantee provided in contravention of the stipulated decision-making procedure? No XI. Are the majority of the directors unable to guarantee the truthfulness, accuracy and completeness of the Semiannual Report disclosed by the Company? No XII. Other information □ Applicable √ N/A Table of Contents Section I ................................................................................................................ Definitions ................................................................................................................................................ 5 Section II ......................................................... Company Profile and Financial Highlights ................................................................................................................................................ 6 Section III ..................................................... Discussion and Analysis of the Management .............................................................................................................................................. 10 Section IV ......................................................................................... Corporate Governance .............................................................................................................................................. 29 Section V ............................................................. Environment and Social Responsibilities .............................................................................................................................................. 33 Section VI ................................................................................................ Significant Matters .............................................................................................................................................. 35 Section VII ................................................................ Changes in Shares and Shareholders .............................................................................................................................................. 65 Section VIII ................................................................................................. Preferred Shares .............................................................................................................................................. 70 Section IX ...................................................................................................................... Bonds .............................................................................................................................................. 71 Section X ..................................................................................................... Financial Report .............................................................................................................................................. 72
Section I Definitions For purpose of this report, unless the context otherwise requires, the following terms shall have the meanings indicated below:
Section II Company Profile and Financial Highlights I. Company profile
II. Contact person and contact information
III. Description of changes to the media for information disclosure and place for keeping the semiannual reports
IV. Stock and depository receipts of the Company (I) Stock of the Company √ Applicable□ N/A
(II) Depository receipts of the Company □ Applicable √ N/A V. Other related information □ Applicable√ N/A VI. Main accounting data and financial indicators of the Company (I) Main accounting data Unit: Yuan Currency: RMB
(II) Financial highlights
1. During the reporting period, the operating income increased by 14.90% on a year-on-year basis, primarily due to the growth of revenue from core devices, To C and large venue businesses. 2. During the reporting period, the net profit attributable to shareholders of the listed company, the net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss, the basic earnings per share, diluted earnings per share, and basic earnings per share after deduction of non-recurring profit or loss decreased over the same period of the previous year, primarily due to the following: (1) the decrease in the revenue from the cinema projection service business with high gross margin as a result of the repeated outbreak of the COVID-19 epidemic, which resulted in a sharp decline in profit; (2) the increase in the expense ratio for the current period, which was mainly caused by a proportional rise in the Company’s marketing promotion expenses, R&D investments and share-based payments. During the reporting period, the Company’s selling expenses increased by RMB 30.6162 million, increased by 34.14% on a year-on-year basis, mainly due to increasing the market investment expenses of RMB 20.9852 million to implement the Company’s policy of active market competition, increasing investment for the consumer market, and building own brands of the Company. The R&D expenses increased by RMB 19.8313 million, increased by 20.85% on a year-on-year basis, mainly due to the Company’s continuous investments in R&D. With respect to the administrative expenses, the share-based payments for the current period amounted to RMB 44.3015 million, increased by 98.55% on a year-on-year basis. (3) Non-recurring profit or loss for the first half of 2022 decreased sharply compared with the same period of the previous year, mainly due to a year-on-year decrease by RMB 55.7814 million in the government grants recognized in profit or loss for the current period, among which, RMB 50 million as a government grant was paid to the subsidiary Formovie for settlement in Chongqing. In addition, RMB 38.1759 million as the performance compensation to GDC Cayman had been recognized in the non-recurring profit or loss for the first half of 2021. 3. The net cash flows from operating activities decreased by 146.03% on a year-on-year basis, primarily due to the year-on-year decrease in the revenue from the cinema projection service and the government grants received and the increase in the human resources expenditures and marketing and promotion expenses. VII. Differences in accounting data under Chinese accounting standards and overseas accounting standards □ Applicable √ N/A VIII. Items and amounts of non-recurring profit or loss √ Applicable □ N/A Unit: Yuan Currency: RMB
Description of defining non-recurring profit or loss items illustrated in Information Disclosure and Presentation Rules for Companies Making Public Offering of Securities No. 1--Non-recurring Profit or Loss as recurring profit or loss items □ Applicable √ N/A IX. Explanation about performance indicators not under the Accounting Standards for Business Enterprises □ Applicable √ N/A Section III Discussion and Analysis of the Management I. Industry and main business during the reporting period 1. Main business As a globally leading technology enterprise for laser display, the Company mainly engages in the research and development, production and sales of laser display core devices and complete equipment, and application of laser display technology to different scenarios based on proprietary laser display technology and architecture. By now, our businesses have been implemented in the household display, cinema projection, business education, large venue, and other application scenarios, and are expanding to the vehicle-mounted display, aviation display, AR, and other new fields. 2. Main products and services Our products may be mainly classified into core laser display devices and complete laser display equipment. Wherein the core devices can be further classified into laser light source (cinema light source and large venue light source), laser smart mini projection light generator, vehicle-mounted laser display devices and systems, and laser TV light generators; and complete laser display equipment can be classified into laser smart mini projector, laser TV, laser cinema projector, large venue laser projector, laser education projector and others. The services the Company performs include laser cinema projection services, smart large-screen ecology system Feng OS and corresponding system solutions. 3. Industry in which the Company operates 3.1 Development stage, basic characteristics and main technical barriers of the industry As an emerging industry, laser display is at the stage of rapid development. The growth drivers mainly come from internal and external factors: As for the internal factor, laser is the brightest and purest artificial light source in the world, naturally suitable for display, and is thus regarded as a new generation of display technology due to its high brightness, wide color gamut, eye protection and environmental protection and energy conservation. With respect to the external factor, manufacturers in the industry have constantly upgraded their technologies and products to drive the innovation at the supply end and to accelerate the penetration of laser display products. Further, the progress in technologies generates new large-scale application scenarios such as vehicle-mounted display and aviation display, with huge potential for market explosion. th In 2021, being listed in priorities for the 14 Five-Year Plan, such as the “New Display and Strategic Electronic Materials” of the Ministry of Science and Technology, laser display has received policy support from the state. In terms of technologies, the laser display technology researched and developed by Appotronics is compatible with various chip and technology routes, and is suitable for the DLP, LCOS, and LCD technologies, making a breakthrough in the core devices and imaging solutions of laser display in the display field, hence becoming the mainstream technical route for the current international laser projector industry and widely used in household, cinema, large venue, commercial sector, and education fields. Regarding core technologies, laser display products involve several fields, including optics, electronics, materials, physics, mechanical designing, precision manufacturing. The improvement in product performance relies on core devices (light source and light generator), while the research and development and iteration of core devices have the characteristics of high technical barriers and strong patent barriers. 3.2 Analysis of the position of the Company in the industry and changes therein As a new-general display technology, thanks to the advantages of high brightness, small size, long service life, wide color gamut, energy conservation and environmental protection, the laser display technology has a broad space for market application. Besides the conventional display field, it can be expanded to the vehicle-mounted display, aviation display, AR, and other fields. The laser display technology is becoming more and more important in the display field. As a leading company in the laser display industry, Appotronics has created a strong patent moat around the underlying technical architecture of original laser phosphor display technologies, which is hard to be bypassed by companies in the industry entering the route of laser phosphor technologies. In addition, since its establishment, the Company spared no effort in R&D investment, which lead to a strong technology barrier. We have been committed in the breakthroughs, innovations, expansion of application scenarios, and industrialization promotion of laser display technology, and thus created technology reserves and patent portfolios covering the whole technology chain of laser display from key system architecture, core devices to key algorithm. Relying on the core competitive advantages consisting of “patent moat + technical barriers”, the Company has its voice at the upstream core device stage in the laser display industry, and has become the first choice for many customers. As for the household market, according to a report from IDC, Formovie ranked the third in the shipments of China’s customer projector market (i.e., household projector market) in the first half of 2022, with shipments of Formovie’s owned brands (excluding ODM) increasing by 289% year-on-year and occupying 7% of market shares. Regarding professional display, according to the Market Survey Report on the Laser Project Market of Chinese Mainland in 2022H1 of AVC Revo, Appotronics ranked the first in terms of both sales volume share (i.e., 17.9%) and sales value share (i.e., 16.6%) on the large venue projector market in the first half of 2022, while the Company ranked the first in the education market, with its sales volume representing 26.2%. With respect to the innovative business, the Company has fully exercised the advantages of its technologies and products and taken the advantageous position in the vehicle-mounted and other innovative display applications. During the reporting period, the Company acquired the certificate for IATF 16949:2016 Quality Management System, the admission certificate for entering the domestic and overseas vehicle supply chain. On this basis, the Company will keep exploring the pre-shipment market and post-shipment market for its vehicle-mounted display, and strengthen the multi-level and all-round cooperation with vehicle manufacturers and tier-1 suppliers. II. Core technologies and progress in R&D of technologies 1. Core technologies and their advancement, and changes during the reporting period We have been committed in the breakthroughs, innovations, expansion of application scenarios, and industrialization promotion of laser display technology, and thus created technology reserves and patent portfolios covering the whole technology chain of proprietary laser display from key system architecture, core devices to key algorithm. The Company has devoted many R&D resources in the preparation and processing for the miniaturization of laser display systems, light source architecture, complete equipment structure, machine perception, and thin film material. The big data, algorithm and design solutions accumulated by us over the years will enable us to rapidly develop products and solutions meeting the requirements of different application scenarios, such as cinema projection, home entertainment, outdoor exhibition, ultra large-sized display, and immersive display. We have achieved breakthrough in, and started the marketing of, ultra- small portable laser light generators, vehicle-specification laser light generators, and light generators of wide color gamut and high dynamic range. National scientific and technology awards □ Applicable √ N/A Qualification of national “little giant” enterprises in specialized, refine, differential, and innovative aspects, and “leading enterprise” in the manufacturing industry □ Applicable √ N/A 2. R&D achievements during the reporting period During the reporting period, the Company made the following achievements in technology and product innovation: 1. Core devices During the reporting period, the Company has constantly developed its proprietary laser display technology and applied it in the series of laser cinema light sources and laser TV light generators, and kept reducing costs on the basis of maintaining performance. Meanwhile, we focused on the racetrack of laser mini projectors to improve brightness, color and other performances, and maintained our leading advantages in terms of brightness. During the reporting period, the Company provided Dangbei, Anker and other customers with laser mini projector light generators, laser TV light generators and other core devices. In the field of innovative smart vehicle-mounted applications, the Company completed the assessment of the prototype in multiple application scenarios in a vehicle, started the R&D efforts for mass production of vehicle-specification projection light generator module, and achieved IATF 16949 certification during the reporting period. At the same time, the Company made use of leading technology advantages in optical films to form a good combination with vehicle-mounted display. In the field of innovative AR applications, the Company displayed R&D results related to high-definition, high-transmittance, miniaturized and multi-application AR modules externally, and shared them with both the academia and the industry at the 2022 International Conference on Display Technology (ICDT 2022). The Company will continue to promote the commercialization of AR modules and plans to demonstrate related R&D results stage by stage. In terms of other innovative applications, the Company entered into the strategic cooperation with Midea Group, and on this basis, will provide laser projection core devices for the first generation of household service robot, so as to realize mobile projection. This indicates the organic combination of laser display and AIOT. 2. Complete equipment In the household field, in May 2022, Formovie officially released a new flagship product, namely V10 4K ultra-high-definition project with the following features: over 2,500 lumens of brightness, taking the lead in the same level; 3,840*2,160 resolutions, 8.3 million pixels, and enhanced AI picture quality, showing an ultra-high-definition vision; the first 2.1-channel speaker design in the industry, improving subwoofer effects and achieving stereo sound effects; wood grain mixing with Kender, being free of cold feeling generated by technology, facilitating integration into home environment; automatic correction, sensorless focusing, intelligent screen obstacle avoidance, and automatic curtain alignment, etc., making it more convenient for users to use. During the reporting period, Formovie launched Formovie Theater, a full-color laser TV product with 4K resolution and BT.2020 color gamut abroad. It is also the first laser TV configured with Android TV 11.0 and Google farfield voice. The sound quality of this product was developed and commissioned by us and a well-known brand B&W, taking the lead in the industry in terms of synchronous sound and picture. In the commercial field, the Company newly developed the white series of wireless and portable projection laser projectors for commercial use with a slim body and a light weight, which can produce 3,600 lumens of brightness, WXGA and WUXGA resolution and meet many commercial meetings and other application scenarios. During the reporting period, as the first Chinese enterprise independently researching and developing 3DLP high-lumen large venue projectors, the Company launched the new G series of high-brightness large venue projectors adopting a high-efficiency liquid cooling system and 3DLP imaging technology to achieve 25,000 lumens of high brightness. This series effectively supplements the brightness and price ranges for the previous T series of high-brightness large venue projectors, realizing broader applications of high-brightness large venue projectors. 3. Algorithm During the reporting period, the Company kept iterating the omnidirectional correction function of projectors based on the structured light technology and ToF sensors, which has been successfully used in terminal products. The omnidirectional correction function based on the structured light technology can help optimize the correction accuracy of projectors, and enlarge the the maximum supportable angle of functions and new applications. Capitalizing on this function, the projectors of the Company can realize the real-time automatic correction to further improve user experience. 4. Smart large-screen ecology system Feng OS In the first half of 2022, Feng OS system completed a total of five iterations and realized the application self-upgrade, not only greatly reducing users’ OTA costs but also fully upgrading voice assistance and supporting voice-triggered projection as an exclusive function. During the reporting period, the Feng OS system took the lead in releasing the function of screen matching for taking pictures by a mobile phone, so that keystone correction may be performed by the camera in the mobile phone instead of human eyes, hence providing more intelligent and more convenient functions for uses. The Feng OS system adds customized recommendation algorithms to more pages, making it easier for users to discover their personalized preferences faster and more accurately and improving the overall payment rate by 20%. List of intellectual property rights acquired during the reporting period
reporting period, the Company filed a total of 142 valid PCT international patent applications. 3. R&D investments Unit: Yuan
Reasons for the material change in the total R&D investments compared with last year □ Applicable √ N/A Reasons for the great change in the proportion of R&D investments capitalized and explanation about the rationality thereof □ Applicable √ N/A 4. R&D projects √ Applicable□ N/A Unit: RMB 0’000
 |