At the world's first humanoid robot marathon in Yizhuang, Beijing, the little urchin robot less than 1.2 meters tall won the runner-up with its smooth somersaults. The gait data behind it supports Founder Liard (SZ300296), the leader in the LED display industry. This company, which once created iconic visual effects such as the Beijing Olympic Games Scroll and the Winter Olympics Ice Cube, is facing the severe challenge of going from the world's largest market share to an annual loss of 850 million yuan on its 30th anniversary.

1. The financial shadow under the halo of technology

As the world's largest supplier of LED displays, Liard has been the industry leader for seven consecutive years, and its Micro LED technology is regarded as the" ultimate display technology". However, the glamorous technical strength cannot hide the performance dilemma: the company's net loss in 2024 will reach 889 million yuan, a year-on-year drop of 411.26%, of which goodwill impairment of 632 million yuan will be the main reason. What is more serious is that domestic market performance in the first half of 2025 plunged 40% year-on-year, reflecting the reality of weak growth in traditional businesses.
This dilemma is clearly demonstrated in the financial report data: operating income in 2024 will fall by 6.11% year-on-year, and all business segments will decline across the board; in the first quarter of 2025, revenue will fall by another 7.59%, and net profit will decrease by 24.37% year-on-year. Industry analysis pointed out that this is closely related to the overall shrinkage of the LED display industry. In 2024, China's LED display sales experienced a negative growth of 2.56%, and the price war caused the gross profit margin to plummet from 28% to 12%.

2. Structural contradictions in strategic transformation

1. Gains and losses in overseas expansion

Faced with the saturation of the domestic market, Liard has accelerated its overseas layout since 2016, establishing production bases in Europe and expanding the Asian, African and Latin American markets. In 2024, overseas revenue will reach 2.788 billion yuan, accounting for a significant increase in total revenue. Although this sea-going strategy has alleviated some of the pressure, it has also brought new problems: although Slovakia factories have avoided the impact of Sino-US trade frictions, they face challenges such as high localized operating costs and fluctuating regional market demand.

2. The realistic gap in AI strategy

Liard entered the field of motion capture through the acquisition of NATURAL POINT as early as 2016, and participated in the technical support of motion capture for projects such as "Black Myth: Wukong" and "Fengshen". Although its AI business will achieve revenue of 300 - 400 million yuan and make profits of over 100 million yuan in 2024, it only accounts for about 4% of total revenue. Industry observers pointed out that this small and beautiful layout is difficult to support the second growth curve, especially at a time when competition for general models is fierce, and the market space for professional models is narrowing.

3. The historical burden of the cultural tourism business

, which once contributed important revenue to Riyadh, has now become a financial" black hole". In 2020, the revenue of this business dropped by 40% year-on-year. In 2024, due to the collection of historical projects, the cumulative amount involved in litigation by the company and its subsidiaries reached 955 million yuan, of which 873 million yuan was accounts receivable recovery cases. This dilemma of increasing revenue without increasing revenue exposes the fatal flaws of the asset-heavy operating model.

3. In-depth analysis from the industry perspective

1. Micro LED, a life-and-death race in technological iteration

, is regarded by Lyard as the key to breaking the game, but its commercialization process far exceeds expectations. In 2024, the global Micro LED market will only be 66.3 billion yuan, and the mass production technology for products below P0.4 is not yet mature. At the same time, competitors are accelerating to catch up: Zhouming Technology has a market share of 28% of the high-end cinema screen market, and Alto Electronics has a replacement rate of over 70% in the control room field through COB technology. This dual pressure of technical blocking and market penetration tests Liard's strategic determination.

2. Despite

the bleak performance in 2024, Liard's ESG performance is remarkable: it has issued ESG reports for five consecutive years, received A-level ratings from Wind, Huazheng and other institutions, and was selected into the China Securities A500 Index. The contrast between this green aura and financial difficulties has triggered controversy in the capital market about its value reconstruction. Some investors pointed out that Liard needs to find a balance between technology investment and short-term profits to avoid falling into the misunderstanding of innovation for innovation's sake.

3. The pain of restructuring the industry ecology The

LED display industry is undergoing a transformation from" scale expansion" to" value transition". Liard's dilemma is not an isolated example: in 2024, leading companies in the industry will generally face problems such as declining gross profit margins and high inventories. But the difference is that Liard's asset-heavy + globalization model amplifies the risks. The labor cost of European factories is 35% higher than that of domestic factories, while the cost advantage brought by RCEP tariff incentives is offset by geopolitical risks.

4. The road to breaking the game: from display giants to technology ecology"

1. The key to technological breakthrough is

Liard's launch of a new generation of Hi-Micro technology in 2025, which will realize chip miniaturization through massive laser transfer, targeting the high-end display market. At the same time, its motion capture technology is extending from film and television to the field of robot training, providing data support for embodied intelligence. If this synergy effect of display + AI can be implemented in in-vehicle displays, metaverse and other scenarios, it may open up new growth poles.

2. The deep challenges of organizational change

The strategy of meditation and internal training proposed by Li Jun in his annual report"" is emerging at the organizational level: the proportion of R & D personnel will increase to 20.36% in 2024, and a cultural and tourism headquarters will be established to integrate resources. However, this change faces practical resistance. Although the all-member shareholding plan has created 30 billionaires, it has also led to a decline in decision-making efficiency. In 2024, management expenses will still reach 508 million yuan.

3. Survival rules in industry reshuffle

In the context of the continuous increase in concentration in the LED display industry, Liard's way out lies in building an ecological closed loop of" hardware + content + services". The AI digital human interaction system developed by its virtual moving point company has been applied to scenarios such as cultural tourism and live broadcast, and cooperation with ecological partners such as China Mobile may accelerate the implementation of the display-as-a-service model.

Conclusion: Searching for certainty in controversy The

30th anniversary of Liard is not only a tribute to the number one global market share in the past, but also a question about the second growth curve in the future. As the industry shifts from incremental competition to stock games, this company, which once led industry transformation, is facing triple tests of technological iteration, capital game and organizational transformation. Its losses in 2024 and decline in performance in 2025 are not only a microcosm of the industry cycle, but also the price of strategic adjustments.
As Li Jun wrote in his annual report poem:" Repose for internal strength and wait for the rainbow". Liard's way to break the situation may be hidden in the seemingly slow accumulation of technology, organizational changes and ecological reconstruction. When the dust settles in the industry shuffle, the real winners will be those companies that can maintain their technical acumen and grasp the pulse of the market. This is the hurdle that Liard must overcome.