Riad has changed

Leyard has changed - if this sentence were placed a few years ago, it might have been interpreted as another expansion of an LED display leader in the scale competition. But after 2023, the meaning of the word "change" has quietly changed. Leyard no longer regards scale as the first priority, but instead puts "operation quality" at the center of the chessboard.

However, how far has this adjustment gone? It's hard for outsiders to tell.

It was not until the release of the 2025 annual report, the unveiling of the exhibits at the 2026 Infocomm Exhibition in Beijing, and the peeling back of the layers after the dialogue with Chairman Li Jun that experts said Display finally saw clearly - Leyard's change was not a noisy revolution, but a transformation of still water and deep flow.

Dismantling the financial report: The value shift behind the numbers

The most intuitive changes are written in the financial report.

In 2025, Leyard will achieve operating income of 7.064 billion yuan, a slight decrease of 1.20% year-on-year - the scale has indeed not expanded, and has even shrunk slightly. However, the net profit attributable to the parent company reached 307 million yuan, compared with a loss of 889 million yuan in the same period last year, a significant year-on-year increase of 134.54%.

Between this drop and the rise, there is a fundamental shift in strategic logic: a slight decrease in revenue but a sharp increase in profits means that the company will not sacrifice profits for the sake of scale. More importantly, after deducting non-net profit of 236 million yuan, it also achieved a turnaround from losses to profits - this shows that the improvement in profit quality is not based on one-time gains, but on substantial repairs of operating fundamentals.

Changes in cash flow are more convincing. Net cash flow from operating activities in 2025 will reach 1.066 billion yuan, a year-on-year increase of 59.59%, setting a new high in the past five years. Monetary funds increased to 3.214 billion yuan, also the highest level in the past five years. At the same time, accounts receivable dropped from 3.284 billion yuan to 2.805 billion yuan, a decrease of 14.59%.

These figures together outline a clear outline: Leyard is moving from "bigger" to "thicker". Numbers are no longer simply "big", but have become "stable" and "thick".

Domestic and overseas restructuring: from "going out" to "going in"

Another set of profound changes is hidden in the balance of power in domestic and overseas businesses.

In 2025, Leyard's smart display segment's overseas revenue will exceed domestic revenue for the first time, accounting for 54.32%. This is a historic turning point. Among them, North America's revenue reached 1.969 billion yuan, a year-on-year increase of 21.09%, accounting for 27.87% of total revenue, becoming the largest single regional market.

A dimension with more insightful value is the gross profit margin: the overall gross profit margin in the overseas market is 33.73%, while that in the domestic market is 26.21%. Overseas business is not only larger in scale, but also more profitable. This means that Leyard's overseas layout is no longer just "selling products", but "planting capabilities" - further achieving localized delivery, regional services and high-end market penetration.

This round of restructuring of domestic and overseas structures is essentially a shift from "geographic expansion" to "capability distribution." Leyard not only pursues the breadth of "going global" but also deeply cultivates the quality of "going global."

Looking at the product landscape: three business lines of different qualities have been formed

If you only look at the smart display business, Leyard is still the display leader - smart display revenue in 2025 will be 6.014 billion yuan, accounting for 85.14%. But what really makes people feel "changed" is the profound change in the balance of power and profit structure of the three major business sectors.

Smart display is still the ballast stone, but its role is changing from "the only engine" to "the stabilizer". Although revenue dropped slightly by 1.55% year-on-year, gross profit margin rebounded from 27.70% in the previous year to 30.30%, reaching the 30% mark again. This shows that the company's strategy of actively giving up low-margin orders and not participating in price wars is paying off.

What really brings space for imagination are the qualitative changes in the two major sectors of cultural tourism night travel and AI+ spatial computing.

The annual revenue of the cultural tourism night tour segment was 715 million yuan, a slight increase of 0.80% year-on-year, but the gross profit margin jumped sharply from 17.79% to 27.68%, an increase of nearly 10 percentage points. It is the business with the most significant improvement in gross profit margin among the three major sectors. This is not a simple "lighting project" upgrade, but a systematic shift from "selling hardware" to "selling experience" and from a project system to an operational mindset. Leyard's benchmark projects such as "He Ming Blessed Land" and "Long You Xiu Shui" are redefining the value boundary of cultural tourism night tours.

The value of the AI and spatial computing sectors is even more astonishing. Revenue was 317 million yuan, a slight increase of 3.24% year-on-year, but the gross profit margin was as high as 58.84%, far ahead among the three major sectors. Through its data capabilities, its subsidiary Virtual Dynamic Point has empowered data training centers and Ontology enterprise data training laboratories in many places, including the country's largest national humanoid robot data training field, Futian Laboratory in the Greater Bay Area, Leju, Galaxy General, and UBTECH. Leyard is no longer satisfied with making a "visible screen", but is building a "space that can be perceived, interacted, and calculated."

With three businesses, Leyard's product matrix is no longer a plane, but a three-dimensional structure. Smart displays provide stable fundamentals and cash flow, cultural tourism night tours contribute profit flexibility and scene depth, and AI and spatial computing open up future valuation ceilings.

Beijing Infocomm 2026: On-site centralized review of the results of changes

If financial reports are transcripts written on paper, then Beijing Infocomm 2026 will be an on-site review of Leyard's transformation. With the theme of "AI Vision, Exploring the Future", Leyard used a systematic presentation to answer the question that the industry is most concerned about: When a display giant is no longer obsessed with scale, where will it spend its efforts?

The answer is hidden in every detail of the booth.

In the field of high-end displays, Leyard has chosen a more difficult but more valuable path.

Leyard has further iterated on the TWH series. Through substrateless chip technology and DPR dual-channel redundancy design, it solves two major industry pain points: one is the reliability problem of long-term operation, and the other is the experience problem caused by poor heat dissipation - at room temperature of 25℃, after continuous lighting of 500nit brightness for 2 hours, the screen surface temperature is ≤38℃, which means that high-end conference rooms, control centers and other scenes no longer need to choose between "good-looking" and "easy to use".

The business logic of this choice is very clear: abandon the low-margin price war and instead use technical barriers to defend high-value customers. This is in line with the trend of gross profit margin rising to more than 30% in the financial report.

At the scene application level, Leyard has completed the transformation from "selling screens" to "providing spatial intelligence".

The most eye-catching thing on the booth is not the parameters of a certain screen, but the scene in which the screen is embedded - AI intelligent digital people can listen, speak, move, think, and even link with business systems; AR glasses are not aimed at pan-entertainment, but the rigid needs of "real-time voice-to-text" in exhibition halls, cultural tourism, and senior health care; Sphere sound-transparent dome screens and Magic Mirror Magic Rock series make displays become part of the building, rather than an add-on hanging on the wall.

The essence of this change may be that Leyard no longer asks "how small the spacing can our screens be", but instead asks "what kind of solution does the customer's scenario require?" The enrichment of the product matrix is not to pile up SKUs, but to cover every high-value scenario from conference rooms to city landmarks, from virtual production to digital twins.

In the more imaginative fields of AI and embodied intelligence, Leyard has found its own unique positioning.

The teleoperated data acquisition and heterogeneous data collection platform on display at the booth realizes high-precision remote control and motion data collection of the robotic arm through the Realman robot body and the OpenarmX body. It can accurately capture the operator's subtle movements and map them to the robotic arm end, providing high-quality "demonstration data" for robot behavior learning.

Chairman Li Jun told experts at the exhibition that Display was very straightforward: "With the development of embodied intelligence today, the brain and language are very developed, but the movements are not very sensitive and smooth. Therefore, Leyard needs to solve the movement problem." This sentence accurately summarizes Leyard's position in this field: it does not make robots, but the "data infrastructure" behind robot training. This is the confidence for the AI and spatial computing segment with a gross profit margin of nearly 60%. It is also the core fulcrum for Leyard to jump out of the display track and tell new stories.

Experts say Research summary: Leyard has completed an evolution that is still and deep

If you look at the financial report and the Beijing Infocomm exhibition together, a clear line of logic emerges:

Leyard is no longer obsessed with the label of "scale and volume", but cares about whether customers are willing to pay for higher value; it no longer pursues the scale of each order, but screens which orders can bring long-term healthy cash flow; it no longer defines success by hardware shipments, but reconstructs the moat based on the depth of scenario solutions.

This is a transformation from the outside to the inside. In the past, Leyard relied on scale, technology, and speed to win; today's Leyard relies on quality, structure, and ecology to gain a foothold.

In the annual report, Leyard wrote this paragraph: "Comprehensively reduce costs, improve efficiency, and reduce orders with low gross profit margins and high risk of repayment. Although revenue will drop slightly in 2025, the overall financial indicators have improved significantly." This simple text, coupled with the needless products on the Infocomm booth, jointly express the essence of this evolution -

Leyard has quietly embarked on another track, where the scale of competition is no longer size, but depth; no longer speed, but endurance.