Guangzhou Shiyuan Electronic Technology Company Limited
视源股份
002841
Shenzhen Stock Exchange
Company Profile
1、Advantage of technological innovation Since its inception, the company has adhered to a development philosophy centered on "technology leadership and innovation-driven growth," placing high priority on technological innovation and R&D investment. Leveraging its "Three Institutes and One Station" research ecosystem—comprising the Central Research Institute, Central Engineering Institute, Innovation Design Institute, and Postdoctoral Research Station—the company has established technological leadership in core domains including artificial intelligence, interactive displays, tactile sensing, connectivity, audio systems, and video solutions. This strategic focus drives continuous product upgrades while exploring emerging technological frontiers. The institute network currently comprises over 100 distinguished domestic and international experts. The Central Research Institute, serving as a pioneering institution for fundamental and applied research, focuses on multimodal large-scale models, visual computing, speech processing, haptic technology, and data intelligence. The Central Engineering Institute specializes in advanced engineering technologies encompassing materials science, optics, radio frequency systems, fluid dynamics, and mechanical engineering. The Innovation Design Institute employs design thinking methodologies to propel corporate innovation through research in industrial design, interaction design, and user experience optimization. The Postdoctoral Research Station, home to 27 active researchers, functions as both a high-caliber talent incubator and a cutting-edge innovation hub for the industry. During the reporting period, the company invested 1.602 billion yuan in R&D, accounting for 6.58% of its annual operating revenue. While actively promoting technological innovation, the company places high priority on protecting innovation outcomes and has established a comprehensive intellectual property protection and management system. During this period, the company filed over 1,300 patent applications, with invention patent applications accounting for more than 70% of the total. It obtained over 800 new authorized patents, including more than 330 invention patents, and secured over 150 new computer software copyrights. As of the end of 2025, the company holds approximately 11,000 authorized patents (including around 3,000 invention patents) and 1,000 computer software copyrights. Guangzhou Shirui has been recognized as a National Intellectual Property Demonstration Enterprise by the China National Intellectual Property Administration, while Guangzhou Shizhen and Guangzhou Shikun have been designated as Guangdong Provincial Intellectual Property Demonstration Enterprises. Thanks to sustained R&D investments and outstanding innovation capabilities, the company was listed in the "2025 Top 500 Private Enterprises in R&D Investment" and "2025 Top 500 Private Enterprises in Invention Patents" rankings released by the All-China Federation of Industry and Commerce, ranking 140th and 32nd respectively. 2、synergistic advantage of supply chain The company continuously optimizes information systems including SCRM/OMS/APS/SCM/SRM/MES/WMS/TMS to achieve efficient digital management across all business processes—from R&D design and opportunity management to order processing, procurement, production, and warehousing logistics. The deep integration of information technology with core operations has significantly shortened product development cycles from design to mass production, enhancing the company's rapid supply capabilities. The company has established production capacities across domestic markets, Vietnam, Mexico, India, and other regions to ensure supply chain stability and flexibility. Equipped with smart manufacturing bases featuring state-of-the-art laboratories, automated production lines, and digital management systems, it achieves seamless integration and end-to-end coordination throughout the entire process—from customer demand analysis to product development, pilot-scale optimization, and mass production shipments. This comprehensive approach has enabled the company to build a robust smart manufacturing capability characterized by "local prototyping followed by global mass production." Leveraging its leading market share in core products, the company enjoys significant economies of scale in raw material procurement, effectively reducing procurement costs. Additionally, through close collaboration with major upstream chip and LCD panel suppliers, it stays abreast of technological advancements, enabling timely new product design and pre-research initiatives to maintain its technological edge. 3、Brand and Customer Advantages The company's R&D capabilities, product quality, supply capacity, and after-sales service have gained customer recognition. Each core business has established high brand awareness and customer acceptance within its respective fields. The LCD TV main control boards designed and developed by the company have been widely adopted by mainstream television brands both domestically and internationally. In addition, the company owns several industry-leading proprietary brands. Among them, Seewo has topped the market share of China's interactive smart tablet industry for 14 consecutive years and has become a well-known brand leading the digital development of education; MAXHUB interactive smart tablets have been successfully applied in numerous renowned enterprises and have maintained the top position in China's conference market interactive smart tablet market share for 9 consecutive years. 4、Corporate Culture Advantages The company fosters an organizational culture centered on "freedom, equality, inclusivity, sharing, and progress," with its mission to "empower more individuals to achieve professional success and lead fulfilling lives through our collective presence." Viewing employees as partners, we implement a scientifically designed performance evaluation system that ensures equitable opportunities for work, learning, career growth, and advancement. Our internal innovation initiatives have proven highly effective, creating ample development platforms through talent mobility mechanisms and project incubation systems that ignite employees 'creative potential and entrepreneurial spirit. Complemented by thoughtful employee benefits and diverse recreational programs, we regularly roll out equity incentive plans. This human-centric corporate culture cultivates an open and progressive work environment, fostering altruistic trust relationships that fully motivate employees' creativity and engagement.
Full description
In 2025, the company achieved annual operating revenue of 24.354 billion yuan, representing an 8.72% year-on-year increase, with net profit attributable to shareholders reaching 1.013 billion yuan (up 4.38% year-on-year). The adjusted net profit attributable to shareholders stood at 752 million yuan, marking a 10.07% year-on-year decline. This decrease was primarily driven by reduced interest income recognized in recurring items due to capital structure adjustments, while non-recurring items such as debt investment gains saw a significant increase. In the smart control components sector, driven by rising raw material costs leading to higher product prices and increased collaboration with major clients, the LCD display main control board business generated revenue of 7.031 billion yuan, marking a 6.07% year-on-year increase. The home appliance controller business saw revenue reach 2.515 billion yuan, reflecting a 46.02% year-on-year growth, fueled by sustained growth in domestic and international orders. Both automotive electronics and power electronics businesses maintained robust growth momentum. In the smart terminal and application sector, educational brand operations generated revenue of 5.581 billion yuan, marking an 8.77% year-on-year increase. Seewo Interactive Smart Tablets maintained its industry leadership, with DiXian's "2025Q4 Global IFPD Market Research Report" showing the company's educational tablet shipments accounted for 49.8% of China's IFPD market share in 2025, sustaining its top position for 14 consecutive years. Integrated growth across Seewo's software/hardware portfolio—including recording systems, Magic Cube digital bases, teaching terminals, and learning devices—demonstrated significant synergistic effects. The company accelerated AI-powered education product development, launching its next-generation AI teaching assistant "Seewo Super Xiao Xi" in December 2025. This intelligent agent covers the entire educational lifecycle from instruction to evaluation, achieving a pivotal transition from single-function solutions to full-scenario integration. By end-2025, Seewo's classroom feedback system had established 19 key demonstration zones with rapidly expanding deployment, while its AI lesson preparation platform attracted over 1 million active users. The Magic Cube digital base now serves more than 10,000 schools nationwide, marking tangible progress in building an educational AI ecosystem. Additionally, Seewo enhanced personalized learning experiences through AI-powered teaching assistants for learning devices, alongside innovative family education solutions like parent-child screens and AI story machines, further solidifying its global presence in family education markets. The enterprise service brand business generated revenue of 2.651 billion yuan, marking an 8.59% year-on-year increase. However, domestic enterprise service brands reported 1.481 billion yuan in revenue, down 9.47% year-on-year, primarily due to weak overall market demand and short-term challenges in digital signage operations. The supply chain management strategy implemented in the first half of 2025 has shown gradual effectiveness, significantly improving channel inventory turnover efficiency and helping MAXHUB's domestic brand revenue shrink its year-on-year decline in the second half. The company's interactive smart conference panels continue to lead the industry. According to DisplayInfo's "2025Q4 Global IFPD Market Research Report," MAXHUB interactive smart panels hold a 27.3% market share in China's IFPD conference sector, maintaining its dominant position for nine consecutive years. Meanwhile, products such as conference audio/video terminals and commercial/industrial computing solutions are demonstrating strong growth momentum. Through the continuous expansion of Microsoft Teams Rooms-certified meeting solutions into overseas markets and strategic deployment of global marketing networks, the company has steadily enhanced its international market competitiveness and operational capabilities. Concurrently, MAXHUB launched its multilingual educational AI platform MAXHUB EasiClass for international markets, leveraging technological leadership to capture early market opportunities in school education AI applications. In 2025, MAXHUB's overseas operations generated 666 million yuan in revenue across enterprise services and education sectors, marking a 54.83% year-on-year growth. The ODM business, impacted by fluctuations in overseas education market demand and tariff adjustments, generated revenue of 3.094 billion yuan, marking a 21.03% year-on-year decline. To mitigate external uncertainties, the company will implement strategic measures including enhancing R&D capabilities and cost control, deepening partnerships with core brand clients, diversifying product portfolios, and accelerating overseas production capacity expansion. The robotics business has also demonstrated remarkable performance. The self-developed industrial-grade quadruped robot MAXHUB X7 was officially launched at the World Robot Conference and has been implemented in industrial scenarios such as power generation; intelligent flexible robotic arms made their debut at the Canton Fair and won the championship at the 2nd Zhuhai International Dexterity Challenge; commercial cleaning robots have been exported in bulk to European, Japanese, and South Korean markets. In R&D and design, the company has continued to increase investment in research and development, strengthening technological and product innovation. Breakthroughs have been achieved in key technological areas including multimodal large models, embodied intelligence, next-generation speech enhancement, video enhancement and understanding, tactile perception and feedback, and advanced materials. Within the year, the company obtained over 800 new patents, including more than 330 invention patents, and secured over 150 new computer software copyrights, further solidifying its intellectual property portfolio. In November 2025, the company-led project "Key Technologies and Industrialization of High-Natural-Reality Intelligent Interactive Display Terminals" was awarded the 2024 Guangdong Provincial Science and Technology Progress First Prize. In terms of operational management, the company has deepened the application of AI technology in core processes such as design and R&D, intelligent manufacturing, and after-sales service, thereby enhancing quality and efficiency across the entire workflow. Continuous optimization of processes, information systems, supply chains, and quality control systems has yielded significant results in cost control and expense reduction.