Leyard's performance in 2025: net profit increased by approximately 135%

On the evening of April 15, Leyard released the "2025 Annual Report".

In 2025, Leyard achieved operating income of 7.064 billion yuan; net profit attributable to the parent company of 307 million yuan, turning a loss into a profit compared with the same period last year; achieving a comprehensive gross profit margin of 31.41%, an increase of 3 percentage points year-on-year; net operating cash flow of 1.066 billion yuan, an increase of nearly 60% over the same period last year, and monetary funds of 3.2 billion yuan, both data hitting a five-year high.

Overall, although Leyard's revenue will decline slightly in 2025, its profitability and cash flow situation will improve. Under its strategic guidance, its operating quality and financial status will be healthier.

▋ New orders for MicroLED have exceeded 1.7 billion, a year-on-year increase of about 50%

Leyard has always regarded Micro LED as a strategic product, and achieved remarkable results in 2025 through the "dual-track parallel, clear priority" technology route layout, with MiP as the mainstay and COB as the supplement. During this reporting period, Leyard's new Micro LED orders exceeded 1.7 billion yuan, a year-on-year increase of approximately 50%.

In 2025, Leyard will achieve two key breakthroughs in the field of Micro LED technology, including the launch of substrate-less Micro LED and "DPR dual parallel redundant" technology. According to reports, new Micro LED products equipped with "DPR dual parallel redundancy" technology adopt a unique dual-channel parallel design. Each LED only bears 50% of the drive load. It has the advantages of significantly reducing current density and junction temperature stress, greatly improving the reliability of Micro LED displays, and is expected to accelerate the penetration of products into the consumer market.

In terms of production capacity, the first phase of Leyard's "high-end MiP" production capacity of 1,200kk/month has been put into use, and the equipment required for the second phase of production capacity of 1,200kk/month has entered the factory and entered the debugging stage. After formal production, the production capacity of the company's Wuxi Micro LED production base will be increased to 4,000KK/month.

In the future, Leyard positions the development of "Micro LED" as "technological innovation, industrial collaboration, and boundary expansion." It uses Micro LED's pixelization, arraying, modulation and other characteristics to expand into optical communications, vehicle array headlights, biomedical and other directions.

▋ Overseas display revenue is approximately 3.27 billion yuan, with significant expansion results

According to the announcement, Leyard's overseas market expansion results in 2025 are significant, especially in North America, the main overseas market. The talent localization strategy continues to expand, showing strong growth. In the smart display sector in 2025, overseas revenue will be approximately 3.27 billion yuan, exceeding domestic revenue for the first time.

In 2025, Leyard and the Saudi EHG Group reached a comprehensive strategic cooperation and jointly funded the establishment of a joint venture company "Riyad Middle East Company". At present, Saudi Arabia's LED smart manufacturing base has entered the renovation stage, production equipment has gradually arrived, and trial production is expected to begin in mid-2026. Europe, Asia, Africa and Latin America have also made adjustments, increased investment and in-depth cultivation, and the future growth of international business is expected.

Rendering of Saudi LED intelligent manufacturing base

▋ The "Huanying Island" LED movie space has lit up 41 projects across the country

In the professional scene products section, Leyard's LED movie screens performed brilliantly. China Leyard's "Huanying Island" LED cinema brand continues to grow steadily across the country, and its market coverage has successfully expanded from first-tier core cities to regional growth markets. As of December 2025, the "Huanying Island" LED movie space has been successfully lit in 41 benchmark projects across the country.

In 2025, China Leyard has clearly proposed a two-wheel drive strategy of "technology + content", actively cooperates with film producers and cross-border high-quality IP to expand the boundaries of the content ecosystem, and introduces high-quality content such as live sports events, e-sports, and cultural performances into theater venues. In 2025, it has reached cooperation with top sports IPs such as WTT, Premier League, and Chinese Super League, and launched more than 3,000 non-film activities in more than 300 theaters across the country, effectively improving the asset utilization rate of theaters during non-prime hours and injecting new growth vitality into the theater economy.

It is worth mentioning that Leyard's "4K 16m LED sound-transparent cinema screen" using MiP technology successfully passed DCI certification and was put on the market.

▋ Emerging strategic layout gradually unfolds, cultural tourism strategy upgrades

During the reporting period, Leyard's emerging strategic industrial layout gradually unfolded. Based on the Optitrack optical motion capture technology of the American NP Company, the company invested heavily in R&D and innovation, and has now formed a fusion technology of optical + markless, optical + inertial motion capture. It also jointly upgraded the large motion model - Lydia2.0 version with Peking University, forming a complete motion capture technology matrix; and the Chinese Academy of Sciences on LED Optical communication technology research and development has also achieved initial results.

At the application level, Leyard's motion capture technology has been widely used by several giants in the United States, and is also widely involved in many fields such as embodied robot training, large models, game production, virtual shooting, simulation, cultural tourism, sports, and medical care. In addition, Leyard also successfully released AR glasses and AI toys in 2025, opening the door to the integration of AI with the display field and cultural tourism.

At the same time, Leyard has significantly integrated its cultural tourism business and made organizational adjustments, establishing Lifeng Cultural Tourism Group, and upgraded its cultural tourism development strategy to "operational front-end + cultural tourism improvement and urban renewal + four major business directions".

Looking forward to the future, Leyard stated that it will take more steady and practical steps, continue to delve into the three major fields of display technology, cultural tourism and AI, drive development with innovation, and serve global customers with higher standards and stronger responsibility.