Investing 100 million yuan! Lianying ventures into commercial aerospace

On the evening of February 4, Leyard (300296) announced that the company, together with Shenzhen Qianhai Junchuan Investment Management Co., Ltd. and others, signed a partnership agreement to invest in Gongqingcheng Daoying Shengyuan Venture Capital Partnership (Limited Partnership). The target subscribed capital size is 300 million yuan. The company, , as a limited partner, intends to subscribe for 33.33% of the shares using its own funds not exceeding 100 million yuan.

This partnership will make targeted investments in non-listed companies in the commercial aerospace sector .

Lianying stated in the announcement that this investment aims to actively respond to the national strategy of building a space power and new infrastructure, leveraging the professional strength and resource advantages of investment institutions, by investing in companies with development potential in the commercial aerospace sector, helping the company explore emerging market opportunities and the rapid development timing of emerging industries, thereby enhancing the company's comprehensive competitiveness.

LianYue invests as a limited partner, bearing limited risk. The funding source for this investment is the company's own funds and will not have a material adverse effect on the company's production, operations, or financial condition.

Coqing Dao Ying Sheng Yuan Venture Capital Partnership (Limited Partnership) Equity Structure

At the same time, Leyard reminds that commercial aerospace belongs to a typical technology-intensive and capital-intensive Industry, featuring high investment, high risk, and high iteration. If industrial scale production efficiency falls short of expectations, it will be difficult to achieve economies of scale and economies of scope effectsin the short term; moreover, the investment process may be influenced by various factors such as the macroeconomy and industry policies, carrying risks of investment failure or losses that prevent achieving expected returns or goals.

To address the aforementioned risks, the company will closely monitor the operating and management status of the partnership enterprise and its investment projects to minimize investment risks as much as possible.

It is reported that at the start of 2026, the commercial aerospace sector has become increasingly hot, with enthusiasm spreading from launch sites all the way to capital markets. On January 19, at Hainan Commercial Aerospace Launch Site, the Long March 12 carrier rocket successfully placed the first group of 19 low-orbit satellites for satellite internet into their designated orbits. Shortly before this, the Lihong-1 spacecraft completed its first suborbital flight test; the Vega-C Sea Launch variant (Gushenxing No. 1) launched four satellites in a single mission, expanding the Tianqi Constellation... The dense launch schedule at the beginning of the year has further boosted the momentum of commercial aerospace. 2026 marks the opening year of the "15th Five-Year Plan," with the goal of "accelerating the construction of a space power" being included for the first time as a key national task. Driven by multiple forces including policy support, capital influx, technological iteration, and growing demand, China's commercial aerospace sector is accelerating forward.

On January 22, Leyard released its earnings forecast, expecting a net profit attributable to shareholders of 300 million to 380 million yuan in 2025, compared to a loss of 889 million yuan in the same period last year, achieving a year-on-year turnaround from loss to profit. During the reporting period, the company's net operating cash flow was approximately 1.1 billion yuan, an increase of about 70% compared to the same period last year.

The company stated that it is launching a new strategic cycle in 2025, with the development goal of " Embracing AI, Leading Visual Innovation, and Achieving a Second Growth Curve," to deeply explore new opportunities for its three business segments in the era of large-scale AI. At the same time, it will fully leverage the differentiated advantages of each business segment and the synergistic effects of group management, gradually building an industrial ecosystem closed loop of " AI + Display + Cultural Tourism" . Currently, the strategic transformation has achieved phased results, with both revenue and gross margin showing improvement.

Data shows that the core of Lianying AI and Spatial Computing is motion capture technology represented by OptiTrack and spatial positioning algorithms, with related products and technologies already applied in film and animation, virtual reality, industrial simulation, embodied intelligence, especially humanoid robotics, and other industries.

It is worth noting that Leyard has accelerated its overseas expansion. The company stated that despite uncertainties in the international environment such as tariffs, its overseas display business achieved counter-trend growth compared to the same period in 2024 by the end of 2025; it continues to promote Micro LED in domestic and international markets, especially in North America, with Micro LED orders achieving strong growth, providing solid support for performance improvement.

Source: Leyard announcement, Securities Times, CCTV News, etc.