[中报]光峰科技(688007):2023年半年度报告（英文版）
原标题:光峰科技:2023年半年度报告（英文版） Appotronics Corporation Limited 2023 Semiannual Report August 2023 本报告为深圳光峰科技股份有限公司自愿披露的《2023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 2023 Semiannual Report (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. 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 Semiannual Report is true, accurate and complete and this Semiannual Report is free from any misrepresentation, misleading statement or material omission, and agree to assume joint and several liability for this Semiannual 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 - V. Risk factors” for the relevant risks. The investors should be aware of the risk of investment. 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, Principal of the Company, WANG Yingxia, Person in Charge of the Accounting Body, and WANG Yingxia, Chief Accountant, hereby warrant that the financial report contained in this Semiannual Report is 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 other 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. Others □ Applicable√ N/A
II. Contact person and contact information
III. Description of changes to the media for information disclosure and place for keeping semiannual reports
IV. Stock and depository receipts of the Company (I) Stock of the Company
(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
Explanation about the main accounting data and financial highlights √ Applicable□ N/A 1. During the reporting period, the net profit attributable to shareholders of the listed company and the net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss increased by 62.98% and 55.55% year on year, respectively; the basic earnings per share, diluted earnings per share, and basic earnings per share after deduction of non-recurring profit or loss increased by 60.00%, 60.00%, and 40.00%, respectively year on year, primarily due to the following: (1) During the reporting period, the incomes from the business of cinema projection services and the business of light sources and light generators increased by 32.75% and 18.43% year on year, respectively, while the proportion of the income from the To C business decreased, which changed the income structure and increased the overall gross profit margin by 7.39 percentage points; (2) During the reporting period, the non-recurring profit or loss increased by RMB 16.7247 million year on year, an year-on-year increase by 69.80%, which caused a positive impact on the net profit attributable to shareholders of the listed company; 2. During the reporting period, the net cash flow from operating activities increased by RMB 193.2922 million year on year, which was mainly due to the optimized supply chain management, decreased payment for procurement, and net recovery of security deposits during the reporting period. 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
It is required to specify the reason for defining items as non-recurring profit or loss items according to Information Disclosure and Presentation Rules for Companies Making Public Offering of Securities No. 1 - Non-recurring Profit or Loss, and reasons for 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 The Company, as a global leading enterprise in the field of laser display technology, stays market and customer demand-oriented, and continues to engage in the research, development, production and sales of laser display core devices and complete equipment based on the proprietary semiconductor laser light source technologies and architecture. We apply the semiconductor laser light source technology to household display, cinema, large venue, business education, and other conventional scenarios, and successfully expands to new fields such as automotive display, aviation display, AR, robots, etc., to provide customers with a full range of solutions. 2. Main products and services Our products may be mainly classified into core laser display devices and complete laser display equipment. The core devices can be further classified into laser light source (cinema light source and large venue light source), laser TV and smart mini projection light generator, automotive optical core devices (automotive display, AR-HUD, laser headlights) and systems; 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 1 Development stage of the industry As an emerging industry, laser display is at a stage of rapid growth, and its growth drivers mainly come from: 1. technological progress has spawned emerging application fields, and semiconductor laser light source technology has been applied to the automotive optics and other fields, and the market has great potential for explosion; 2. the laser display industry in which the Company operates is one of the strategic emerging industries receiving the major support from the state for accelerated development. With the support of national and industry policies, more and more domestic enterprises and scientific research institutions enter the upstream and downstream fields of the laser display industry chain, strengthen the industrial chain, actively develop and iterate technology, thus further increasing the localization rate of core components of products. 2 Basic characteristics of the industry ? In 2007, the ALPD semiconductor laser light source technology invented by our R&D team created a wholly new semiconductor laser light source, which made a breakthrough in the application of core devices and imaging solutions of laser display, hence becoming the mainstream technical route for the laser display industry and widely used in vehicle, household, cinema, large venue, commercial, and ? In terms of technology, the ALPD semiconductor laser light source technology is compatible with various chip and technology routes, and is suitable for the DLP, LCOS, and LCD technologies. In terms of market, in addition to traditional applications such as cinema, large venue, and business education, emerging industries such as intelligent cockpit, intelligent networking, AR, and AI are booming, and gradually become a new application development focus of the laser display industry, and the overall scale of the industry continues to expand, which is expected to help to broaden the application scenarios ? of the ALPD semiconductor laser light source technology. 3 Main technical barriers (1) Core technologies and core devices ? The ALPD technology independently developed by the Company at its early stage created a wholly new semiconductor laser light source - the ultra-high-brightness semiconductor laser light source based on rare earth light-emitting materials. The innovative combination of the semiconductor solid laser ? with the rare earth phosphor material is the key component of our ALPD semiconductor laser light source technology. The blue laser of the gallium nitride (GaN) semiconductor material system is used to excite phosphor on the phosphor wheel, hence obtaining the green light and red light in a cost-effective manner. On one hand, since the phosphor material contains numerous doping ions that emit light on their own, different doping ions emit light at slightly different time, and the lights are emitted towards various directions of the whole space, there is no time or spatial interference, hence eliminating speckle from the origin of the technology. On the other hand, thanks to the phosphor wheel as a core device developed and manufactured by the Company, and the rare earth phosphor materials as an advantageous industry of China, we can effectively control the costs of the devices. ? As a result, our ALPD semiconductor laser light source technology solves the problem of speckle and problem of costs of conventional RGB trichromatic laser display, hence achieving industrialization rapidly and becoming the mainstream technology architecture for laser display at present. ? Our latest independently developed ALPD 5.0 super panchromatic laser technology, which is a breakthrough on the basis of our early technology architecture, creatively integrates six light sources (three colors of laser light sources + three colors of LED light sources) by employing a unique light combination technology. This solves the technical bottleneck of pure three-color laser light sources or pure three-color LED light sources, effectively overcomes the problems of speckle and colorful edges caused by pure laser display and the problems of limited brightness for pure three-color LED, hence achieving the advantages of higher brightness, no speckle, and more comfortable colors. (2) Laser products Laser display products involve several fields, including optics, electronics, materials, physics, mechanical designing, precision manufacturing, etc. Specifically, in the designing of mechanical structures, simulation and designing of heat and stress, designing of optical lens and other components, electronic software and hardware (especially for image processing), analysis of ultra-high-definition signals, precision manufacturing, etc., the Company has profound technologies and manufacturing processes barriers in all the foregoing fields. ? It should be noted that at present, the ALPD semiconductor laser light source technology is the only laser display and lighting technology meeting automotive standards thanks to its obvious technical advantages in the automotive optical field. 3.2 Analysis of the position of the Company in the industry and changes therein As the display technology of a new generation, thanks to the advantages of high brightness, small ? size, long service life, wide color gamut, environment friendliness, the ALPD semiconductor laser light source technology has a broad space for market application. Besides the conventional display field, it has expanded to the automotive optics, AR, aviation, and many other innovative fields. As a leader in the laser display technology, Appotronics has created a strong patent moat around the ? underlying technical architecture of the ALPD semiconductor laser light source technology, which is hard to be bypassed by projection brands in the industry entering the route of laser phosphor technologies. We are committed in the breakthroughs, innovations, expansion of application scenarios, and industrialization of semiconductor laser light source technology, and created technology reserves and patent portfolios covering the whole technology chain of laser display technology from key system architecture, core devices to key algorithm. Thanks to the core competitive advantages consisting of “patent moat + technical barriers”, the Company holds a key position at the upstream core device stage. II. Core technologies and progress in R&D of technologies 1. Core technologies and their advancement, and changes during the reporting period We are committed in the breakthroughs, innovations, expansion of application scenarios, and industrialization of semiconductor laser light source technology, and created technology reserves and patent portfolios covering the whole technology chain of laser display technology from key system architecture, core devices to key algorithm. Meanwhile, the Company has devoted many R&D resources in the miniaturization of laser display system, light source architecture, complete equipment structure, machine perception and the preparation and processing of thin film materials to maintaining the leading position in the industry. As a Leader Level Member of the Laser Illuminated Projector Association (LIPA), we have participated in the preparation of the international laser display standard. With the support of the data, algorithm and design solutions accumulated by us over the years, we can rapidly come up with 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. Meanwhile, we have continuously achieved breakthrough in automobile-grade laser light generators, AR optical modules, etc., and released products to the market. 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 technologies and core devices A.Core technologies ? In November 2022, we officially released the ALPD 5.0 super panchromatic laser technology, and moved further towards productization in 2023. Thanks to the innovation in the key technical architecture, this technology has the advantages of higher brightness, no speckle, and more comfortable colors. ? Relying on the unique light combination technology and profound patent barriers, the ALPD 5.0 super panchromatic laser technology integrates three colors of laser light sources with three colors of LED light sources to achieve the unprecedented integration of six light sources. This technology perfectly overcomes the technical bottleneck of pure three-color laser light sources or pure three-color LED light sources, effectively solves the problems of speckle and colorful edges, hence achieving the advantages of higher brightness, no speckle, and more comfortable colors to produce extreme visual experience for users. ? On the basis of the innovative light source architecture, the ALPD 5.0 super panchromatic laser technology also has an outstanding dynamic color gamut modulation, so that the system employs an algorithm to perform pre-analysis to identify the color gamut standard required for playing a video, and feeds back such standard to the light source for modulation; this accurately restores the color gamut that should be achieved for a corresponding image to present the truest colors and brightness. B.Core devices In the field of automotive core devices, we released the world’s first automobile-grade colorful th laser headlight at the 20 Shanghai International Automobile Industry Exhibition. Meanwhile, we also presented various immersive in-vehicle digital interaction solutions, such as window display, in-vehicle transparent display, in-vehicle entertainment large screen, smart surface, etc. ? In the field of automotive display and lighting, the ALPD technology used in our colorful laser headlights is the only laser technology that has passed the automobile-grade certification by now - it integrates the three functions of high beam, low beam, and projection display, and even implements colorful display for the first time to present ultra-high-definition and finer road display for more accurate ADB control, hence meeting the dual requirements of “lighting + display” for future smart headlights. There are obvious advantages for applying laser light sources to smart headlights. Firstly, the laser is brighter. With the same DLP or LCoS chip, the luminous flux of laser is 4 times of LED. Secondly, laser devices are smaller. For example, our laser headlight module can implement the light aperture of 10mm x 10mm in the headlight, hence meeting the light distribution requirements for both the high beam and low beam. ? Moreover, the ALPD colorful laser headlight is a programmable component; therefore, we can develop various applications specific for driving, entertainment, and human-vehicle interaction for vehicle manufacturers, so as to create new experience of intelligent vehicles for consumers. ? In the field of household core devices, based on the ALPD semiconductor laser light source technology, we are continuously developing light generator products for laser mini projectors to meet diversified requirements of customers. During the reporting period, we supplied light generators for ? Dangbei’s new laser projector D5X Pro. The light generator adopts the ALPD semiconductor laser light source technology to present high-brightness, clear, and speckle-free images, hence creating more eye-friendly use experience for consumers. Thanks to the high performance of laser light generators, this light generator allows appearance designed with a smaller and more compact size of the overall device. C.Algorithms During the reporting period, based on the study achievements of 3D visual algorithms, we developed the 3D and real-time projection and rendering system based on multiple points of sight, which can accurately sense the geographic information and semantic information of the projection bearing surface, render 3D content in real time, and achieve high-precision overlapping projection display. Being suitable for rapid mass production and measurement against specifications, and being equipped with functional modules for device parameter estimation, projection assistance (i.e. automatic focusing, automatic omnidirectional correction, automatic obstacle avoidance, automatic screen-in, non-inductive focusing, non-inductive omnidirectional correction etc.), high-quality 3D model reconstruction for the projection bearing surface, AI object gesture estimation, real-time overlapping projection rendering, monocular/binocular 3D rendering, AI content generation etc., this system can achieve high-quality 3D sensing and real-time rendering in projection augmented reality (projection AR) applications, making projection more interesting and novel. This algorithm system may be applied to large venue, consumer, and other fields to provide customers with solutions of greater functions, and provide consumers with more genuine and immersive experience. (2) Branded complete equipment A. Household products In the field of household smart mini projectors, Formovie released multiple new projectors, including X5 laser projector, Xiaoming Q3 and Q3 MAX smart projectors, etc. In March 2023, Formovie officially released the X5 laser projector, which was the first projection product directly ? adopting the CVIA brightness standard in the industry. Being equipped with the ALPD semiconductor laser light source technology, the X5 laser projector can achieve speckle-free and eye-friendly 4K resolution and the brightness up to 4,500 CVIA lumens, which is brighter than TVs and achieved projection for a 1,800-inch giant screen. In the field of household laser TVs, Formovie released the laser TV C3 in May 2023. Being ? equipped with the ALPD semiconductor laser light source technology that is same as high-end cinema laser halls, this product can display outstanding, clear, and speckle-free images while improving the brightness performance to 400nit. B. Dedicated display equipment In March 2023, we released the T Pro, G Pro, D, and other series of large venue projectors at the Summit of Dedicated Display Core Partners, and achieved product upgrade in terms of brightness, image
reporting period, the Company filed a total of 15 valid PCT international patent applications. 3. R&D investments
Reason 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
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