Stock Code：688007 Stock Short Name: Appotronics
Appotronics Corporation Limited
Annual Report 2022
2023 April
本报告为深圳光峰科技股份有限公司自愿披露的《2022 年年度报告（英文版）》，对本报告的中英文版本理解上发生歧义时，以中文版本为准。
This is Annual Report 2022 (English version) voluntarily disclosed by Appotronics
Corporation Limited. In the event of any discrepancy between the English and Chinese
versions of this report, the Chinese version shall prevail.
Maintain long-term strategic focus
Dear Shareholders,
We would like to thank you all for your continued support and trust over the last year. Though
various changes afflicted the global economy, Appotronics and various shareholders have tackled this
difficulty jointly.
Albeit with many uncertainties, we soon made a foray into the automotive optics industry through
our extensive experience. To be specific, we obtained the IATF 16949:2016 certification and provided
automotive optical solutions to carmakers such as some international manufacturer, BYD Auto and
Seres. In 2023, BMW’s i Vision Dee stuns the world with Appotronics devices, ushering in a new era of
four-window fusion displays. At the same time, our own business also rose by 36.87% year-on-year.
According to the 2022 China Projector Market Review released by IDC, our Formovie Projector gained
a 8% share of the home projector market as one of the top three brands. Despite the recurring waves of
COVID-19, more than 2,700 new laser light source projectors were installed in cinemas throughout
China. What’s more, our market share of professional displays remained ahead and our market share of
engineering laser projectors ranked first. Besides, our laser projector sales got the first place too.
In 2022, I acted as Appotronics CEO again. Considering the difficulties, not any success mentioned
above was made easily. First of all, I express my deepest gratitude to my team because they maintained
our strategic focus and business resilience. Secondly, I would like to owe these results to our appropriate
strategy. With Technology First in mind, we may create amazing possibilities in every scenario.
Though the revenue increased in 2022, our profits were affected. In operations management, a lot
of problems arose. For example, there is still much room for improvement of our manufacturing capacity.
Besides, our supply chain is not good enough... At the same time, we must deal with external challenges
including shrinking demand, supply shocks and expectation weakening.
This year, we will continue to increase our investment in research and development because the
investments in 2021 (9.47%) and 2022 (10.31%) have brought us a number of technological innovations.
In 2022, we developed a pocket-sized optical module, the first commercial AR module with more than
10,000 PPI. Also, our latest ALPD®5.0 laser display technology made its debut, achieving the maximum
color gamut visible to the human eye while demonstrating remarkable features such as no speckles, low
cost, high efficiency and compact size.
In the first quarter of this year, our R&D investment increased by 15.49% year-on-year. Indeed,
innovation is our lifeline and leading competitive edge.
Also, we will continue to improve our management and values. The inadequacy in our
manufacturing capacity must be overcome. And a change in the supply chain is required. More
procedures should be established and the well-established procedures should be improved. Besides,
internal audit should be stricter than previously.
Last but not least, we will continue to expand our investment in automotive optical systems. At the
just-concluded Shanghai Auto Show, we presented a model car with the latest immersive laser display
and lights and launched the world's first automotive-grade laser headlight supporting RGB display, as
well as immersive in-car digital interactive solutions such as exterior window display, in-car transparent
display, in-car entertainment screen, and smart surface display. Through automotive displays, HUDs and
laser headlights, we along with our partners are exploring new smart car experience for all consumers.
With fast-growing AI web platforms like ChatGPT and advancing smart cockpits, Appotronics will help
bring immersive driving simulation to a new level.
As a saying goes, no great success is achieved with little effort. So, we will uphold our strategy and
achieve our goal though more difficulties may lie ahead.
Thank all shareholders and friends!
Time tells everything!
LI Yi
April 2023
Important Note
I. The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the
Company hereby warrant that the information contained in this Annual Report is true, accurate
and co
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