[年报]光峰科技(688007):2022年年度报告（英文版）
原标题:光峰科技:2022年年度报告（英文版） Appotronics Corporation Limited Annual Report 2022 2023 April 本报告为深圳光峰科技股份有限公司自愿披露的《2022年年度报告（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 Annual Report 2022 (English version) voluntarily disclosed by Appotronics Corporation Limited. In the event of any discrepancy between the English and Chinese versions of this report, the Chinese version shall prevail. Maintain long-term strategic focus Dear Shareholders, We would like to thank you all for your continued support and trust over the last year. Though various changes afflicted the global economy, Appotronics and various shareholders have tackled this difficulty jointly. Albeit with many uncertainties, we soon made a foray into the automotive optics industry through our extensive experience. To be specific, we obtained the IATF 16949:2016 certification and provided automotive optical solutions to carmakers such as some international manufacturer, BYD Auto and Seres. In 2023, BMW’s i Vision Dee stuns the world with Appotronics devices, ushering in a new era of four-window fusion displays. At the same time, our own business also rose by 36.87% year-on-year. According to the 2022 China Projector Market Review released by IDC, our Formovie Projector gained a 8% share of the home projector market as one of the top three brands. Despite the recurring waves of COVID-19, more than 2,700 new laser light source projectors were installed in cinemas throughout China. What’s more, our market share of professional displays remained ahead and our market share of engineering laser projectors ranked first. Besides, our laser projector sales got the first place too. In 2022, I acted as Appotronics CEO again. Considering the difficulties, not any success mentioned above was made easily. First of all, I express my deepest gratitude to my team because they maintained our strategic focus and business resilience. Secondly, I would like to owe these results to our appropriate strategy. With Technology First in mind, we may create amazing possibilities in every scenario. Though the revenue increased in 2022, our profits were affected. In operations management, a lot of problems arose. For example, there is still much room for improvement of our manufacturing capacity. Besides, our supply chain is not good enough... At the same time, we must deal with external challenges including shrinking demand, supply shocks and expectation weakening. This year, we will continue to increase our investment in research and development because the investments in 2021 (9.47%) and 2022 (10.31%) have brought us a number of technological innovations. In 2022, we developed a pocket-sized optical module, the first commercial AR module with more than ? 10,000 PPI. Also, our latest ALPD 5.0 laser display technology made its debut, achieving the maximum color gamut visible to the human eye while demonstrating remarkable features such as no speckles, low cost, high efficiency and compact size. In the first quarter of this year, our R&D investment increased by 15.49% year-on-year. Indeed, innovation is our lifeline and leading competitive edge. Also, we will continue to improve our management and values. The inadequacy in our manufacturing capacity must be overcome. And a change in the supply chain is required. More procedures should be established and the well-established procedures should be improved. Besides, internal audit should be stricter than previously. Last but not least, we will continue to expand our investment in automotive optical systems. At the just-concluded Shanghai Auto Show, we presented a model car with the latest immersive laser display and lights and launched the world's first automotive-grade laser headlight supporting RGB display, as well as immersive in-car digital interactive solutions such as exterior window display, in-car transparent display, in-car entertainment screen, and smart surface display. Through automotive displays, HUDs and laser headlights, we along with our partners are exploring new smart car experience for all consumers. With fast-growing AI web platforms like ChatGPT and advancing smart cockpits, Appotronics will help bring immersive driving simulation to a new level. As a saying goes, no great success is achieved with little effort. So, we will uphold our strategy and achieve our goal though more difficulties may lie ahead. Thank all shareholders and friends! Time tells everything! LI Yi April 2023 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. The Company did not make profits at the time of getting listed, and has not made profits by now □ Yes √ No III. Alert of significant risks The Company has described in detail the risks that may exist in the production and operation of the Company. Refer to “Section III Discussion and Analysis of the Management- Risk factors” for the relevant risks. IV. All directors of the Company attended the meeting of the Board of Directors. V. Pan-China Certified Public Accountants (Special General Partnership) issued a standard unqualified auditor’s report to the Company. VI. LI Yi, Principal of the Company, WANG Yingxia, Person in Charge of the Accounting Body and WANG Yingxia, Chief Accountant, hereby represent that the financial statements contained in this Annual Report are true, accurate and complete. VII. Profit distribution proposal or proposal for capitalization of capital reserve approved by the Board of Directors during the reporting period Audited by Pan-China Certified Public Accountants (Special General Partnership), the Company's net profit attributable to shareholders of listed companies in 2022 was RMB119,440,773.77, the net profit realized by the parent company was RMB192,539,137.52, and the profit available for distribution by shareholders of the parent company at the end of the year was RMB579,741,763.06. The Company proposed to distribute a cash dividend of 0.54 yuan (tax inclusive) to all shareholders for every 10 shares, and as of the disclosure date of this report, the total share capital of the Company was 457,107,538 shares, after deducting the number of shares in the special securities account for repurchase of 900,000 shares, the total proposed cash dividend was RMB24,635,207.05 (tax inclusive), accounting for 20.63% of the net profit attributable to shareholders of the listed Company in 2022. This year, no capital reserve will be converted into share capital, and no bonus shares will be issued. The proposal has been deliberated and approved by the 19th meeting of the second Board of Directors and the 18th meeting of the second Board of Supervisors, and needs to be submitted to the Company's General Meeting of Shareholders for deliberation. At the same time, according to the relevant provisions of the Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No.7-Share Repurchase, the repurchase amount of RMB19,371,239.41 (excluding stamp duty, transaction commissions and other transaction costs) implemented by the Company in 2022 is regarded as cash dividends, and the proportion of the repurchase amount to the net profit attributable to shareholders of the listed company in 2022 is 16.22%. VIII. Is there any material event concerning any special arrangement of corporate governance? □ Applicable √ N/A IX. 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 have sufficient 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. X. Is there any non-operating occupation of funds by the controlling shareholder or its affiliates? No XI. Is there any external guarantee provided in contravention of the stipulated decision-making procedure No XII. Are the majority of the directors unable to guarantee the truthfulness, accuracy and completeness of the Annual Report disclosed by the Company? No XIII. Others □ Applicable √ N/A
II. Contact person and contact information
III. Media for information disclosure and place for keeping the annual 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
VI. Main accounting data and financial highlights in the past three years (I) Main accounting data In RMB
For non-recurring profit and loss items defined by the Company as defined in the Interpretive Announcement on Information Disclosure of Companies Offering Securities to the Public No.1-Non-Recurring Profit and Loss, and the items of non-recurring profit and loss listed in the Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No.1-Non-Recurring Profit and Loss that are defined as recurring profit and loss, reasons should be given. □ Applicable √ N/A
XI. Explanation about performance indicators not under the Accounting Standards for Business Enterprises √ Applicable □ N/A The table below lists relevant indicators about the net profit excluding the effect of share-based payment expenses:
XII. Explanations of information suspension or exemption due to state secrets, commercial secrets, and other reasons □ Applicable √ N/A Section III Discussion and Analysis of the Management I. Analysis of business conditions during the reporting period In 2022, in the face of the repeated epidemic and the complex and severe international and domestic environment, the Company has always adhered to the strategic principle of "core technologies+ core devices+ application scenarios" and actively responded to the challenges met in the business environment. We need to foster new opportunities amidst crises, open up new horizons on a shifting landscape. The Company firmly grasps the market opportunities brought by the steady advancement of the "core devices" strategy, continues to increase R&D investment in core technologies and growth businesses, continuously enhances the Company's core competitive advantages, and pursues the Company's high-quality growth. During the reporting period, the Company made breakthroughs in the automotive optics and successfully created a new growth curve; the household core device business has grown rapidly, and the upstream and downstream circle of friends in the ecological chain has continued to expand; although greatly affected by the epidemic, the cinema business and professional display business as a whole have shown strong development resilience, the basic operation foundation is solid, and the overseas business has opened up a new situation. The Company's operating profit was under short-term pressure, but the overall operating situation maintained a steady development trend, achieving an operating income of RMB2.541 billion, a year-on-year increase of 1.72%. 1. Core device business ? Grasp the trend of automotive intelligence for embracing the new track of the automotive optics (1) Vast automotive display market space, accumulate strength to design the three product lines The intelligence of automobiles has become a development trend in the automotive field, and new requirements have been put forward for automotive displays by the intelligent cockpit, stimulating innovative applications of laser projection display in automotive displays, including roof screens, transparent window displays, rollable large screen projection, AR-HUD, smart surface displays, smart laser headlights, etc. The market space of the automotive optical track is broad, and with the accelerated popularization of automotive intelligence and technology, the market scale of the industry is growing rapidly. 2022 is the first year of the Company's automotive business development, and the Company is preparing to lay out three product lines: automotive display, laser headlights, and HUD. With the advantages of small ? volume, high brightness and non-trace display of ALPD laser display core technology, the Company's vehicle-mounted intelligent projection display solution can turn any surface in the car into a digital interactive interface, realizing a variety of typical application scenarios, such as in-plane sunroof display, side window projection, smart surface display, and vehicle-mounted large-screen projection, so that drivers and passengers can experience the functionality or entertainment brought by ubiquitous display. The multi-scene, single-machine multi-function projection display of the Company's intelligent cockpit can provide a new visual experience for automotive customers and maximize the intelligent display value of electric vehicles. In addition, the Company's vehicle-mounted business has carried out leading technology and product portfolio in sub-fields such as HUD and laser headlights, seizing the development opportunities of the automotive optics market. (2) It has successively obtained fixed orders from a number of automakers and continued to increase the carrying capacity of ALPD In April 2022, the Company obtained IATF 16949:2016 quality management system certification, indicating that the design and manufacture of vehicle-mounted laser optical engines and projectors fully met the quality management system requirements of the International Automotive Working Group, and obtained an access to enter the domestic and foreign automotive supply chain. With its profound technology accumulation in the field of optics, the Company has obtained the Development Nomination Letter issued by BYD, an internationally renowned brand car Company, Seres and many other well-known car companies, realizing the rapid growth of automotive optical business. At CES 2023, automotive brand BMW unveiled the world's first concept car I Vision Dee equipped with four-window fusion display technology. The concept car Dee is equipped with the world's premiere four-window fusion display technology, making "window transparent display" an important change for the next generation of smart cars. The core device of this technology is provided by the Company, using ? ultra-small, high-brightness ALPD DLP optical machine to make projection display on the surface of the side window a reality, with external display through the internal projection and internal display through the external projection, and drivers and passengers can interact with the display screen outside the car or inside the car. Figure 2: Live display diagram of BMW I Vision Dee concept car side window display (3) Forward arrangement of automotive optical technology patents, continuous expansion of business cooperation ecosystem The Company attaches great importance to the patent arrangement of automotive optical technology and provide solid patent protection for the development of this business. During the reporting period, the Company produced 81 new authorizations and patents related to automotive optical technology, a year-on-year increase of 326.32%; as of December 31, 2022, the cumulative number of patents authorized and applied for related to vehicle-mounted designs was 148, a year-on-year increase of 82.72%. At the 2022 (6th) High-tech Intelligent Vehicle Annual Conference, the Company's vehicle-mounted laser projection display technology won the 2022 Intelligent Vehicle Innovation Technology Award. Appotronics also won the vice president unit seat of Shenzhen Automotive Electronics Industry Association, aiming to promote the development of automotive electronic display and lighting electronics industry, and continuously bring new technologies and new solutions to the automotive industry. With the growing demand for automotive intelligence and technology, the intelligence of electric vehicles has ushered in a rapid development period, and the vehicle-mounted laser track has entered a stage of rapid development. With deep technology accumulation in optics, the Company will use technology to empower diversified vehicle-mounted application scenarios, actively cooperate with excellent domestic and foreign vehicle manufacturers and upstream and downstream partners in the supply chain, and strive to build a healthy automotive optical industry ecosystem. ? Rapid growth in the household core device business for gaining more powerful brand value influence During the reporting period, the Company accelerated the arrangement of the To C core device business, and the household core device business achieved an overall operating income of RMB413 million, a ? year-on-year increase of 68.93%. Relying on the core advantages of ALPD laser display technology, the Company continues to supply customized laser micro-projectors or laser TV optical machines and other core devices for partners such as Dangbei, Anker, and XGIMI. Among them, the laser projectors X3 and X3 Pro released by the Company and Dangbei are deeply loved by consumers and have become the hot-selling projection products in the market. ? Breakthroughs have been made in innovative fields such as AR and robotics In May 2022, the Company announced the world's first pocket-sized AR commercial optical module developed by itself with a PPI of more than 10,000, which made a breakthrough in the underlying technical architecture and made significant progress at the high pixel density level. Relying on the advantages of self-developed laser light machine such as high brightness, small size, excellent heat dissipation and high energy efficiency, the Company reached a strategic cooperation with Midea Group to provide projection solutions for the first generation of home service robots released by it. This strategic cooperation fully reflects the Company's ability of laser implantation to enter the mobile device filed, which will help the Company cultivate and broaden the innovative application scenarios of core devices. 2. Non-core device business ? C-end products are in a stage of well-grounded development, and own-brand business maintained a growing trend In 2022, Formovie continued to focus on its own brand and released a number of new smart projector products, and its own brand business increased by 36.87% year-on-year, accounting for 66.11% of Formovie's total revenue. In the 2022 shipment ranking of the domestic consumer projector market (that is, the home projector market), the shipments of Formovie's own brand (excluding ODM) increased by 100.4% year-on-year, and the market share reached 8%, ranking the top three (data source: IDC). During the reporting period, the overall sales volume of the sub-brand Xiaoming series projectors increased by 119.98% year-on-year, and the sales volume increased by 167.97% year-on-year. ? The professional display business ranks first in the market, accelerating the arrangement of overseas markets In the engineering business, the Company's market share remains ahead, in the 2022 laser projection engineering market, the Company's engineering projector sales share reached 14.5%, up 2.7 percentage points year-on-year, ranking first in the market; the share of sales was 13.5%, up 3.4 percentage points year-on-year, ranking second in the market (data source: AVC Revo). The Company adhered to the innovation drive, and launched the new laser 3DLP high-brightness engineering projector G series during the reporting period to further enrich the high-brightness engineering projector product category. The Company continues to deepen customer cooperation, focusing on creating Xinjiang's first global "walking immersion" super sensory performance All Celebrate and Dance Including Xinjiang, Meeting the museum?Beijing 798 Hall and other influential cases with industry influence to enhance the brand influence in the engineering business market. Figure 3: Case display of benchmarking projects in the engineering machinery in 2022 its transformation to higher vocational education, and successively won the bid for Northeastern University, Sichuan Normal University, Beijing Information Science and Technology University and other university projection program projects. In the field of business and education, the Company's shipments in the laser projection business education market ranked first in the industry in 2022 (data source: AVC Revo). Its overseas special display business field has covered some countries such as North America, East Asia, and Central Asia. ? The cinema business has been significantly impacted by the epidemic, accumulating momentum to meet the market recovery Affected by multiple factors such as the long-term shutdown of cinemas and insufficient film sources, the Company's cinema projection service business has been affected to a certain extent. However, with years of deep cultivation and leading advantages, the Company achieved nearly 2,700 sets of new laser cinema light sources installed nationwide during the reporting period. As of the end of the reporting period, the number of ? ALPD laser light source projection solutions of its subsidiary CINEAPPO installed in China has exceeded 27,700 sets. The Company also actively responds to the national "dual carbon" policy, pays attention to the energy-saving and environmental protection performance of products and reduces carbon emissions. In terms of overseas cinema market, with the rapid recovery of overseas cinema market and the boost of movie viewing demand, the Company's overseas cinema light source sales performed well. With restrictions eased down, sufficient film sources and favorable policies in the film industry, the Company will actively seize the opportunity to promote the development of the cinema business, and drive the high-quality development of domestic and foreign markets with product advantages and channel upgrades. II. Main business, business model, industry situation and research and development situation of the Company during the reporting period (I) Major business, main products or services 1. The main business engaged in by the Company The Company, as a global leading enterprise in the laser display, adheres to the market and customer （未完）  |