期数： 2 0 2 5年11月刊 分类： 会员服务—触控技术月度市场发展趋势概况 主题： 2 0 2 5年三季度消费电子市场持续回暖，触控显示上市公司业绩整体向好 概要： 内容涵盖全球主要触控显示行业上市公司2 0 2 5年三季度营收以及营业利润数据变化情 况，并对其关键业务进行概括说明。 2 . Q3 ' 2 5触控显示行业上市公司营收及营业利润情况对比 3 . Q1 ' 2 3 -Q3 ' 2 5长信科技营收、营业利润趋势及主营业务构成 4 . Q1 ' 2 3 -Q3 ' 2 5联创电子营收、营业利润趋势及主营业务构成 5 . Q1 ' 2 3 -Q3 ' 2 5业成光电营收、营业利润趋势及主营业务构成 6 . Q1 ' 2 3 -Q3 ' 2 5宸鸿科技营收、营业利润趋势及主营业务构成 7 . Q1 ' 2 3 -Q3 ' 2 5莱宝高科营收、营业利润趋势及主营业务构成 8 . Q1 ' 2 3 -Q3 ' 2 5蓝黛科技营收、营业利润趋势及主营业务构成 9 . Q1 ' 2 3 -Q3 ' 2 5蓝思科技营收、营业利润趋势及主营构成 1 0 . Q1 ' 2 3 -Q3 ' 2 5信濠光电营收、营业 ...

Group 1 - The core viewpoint of the article is that the global panel manufacturers' revenue for the first three quarters of 2025 is approximately $86.8 billion, representing a year-on-year growth of 2.0% [4]. Group 2 - The total revenue changes and regional distribution of major global panel manufacturers for the first three quarters of 2025 are discussed [4]. - The revenue and ranking changes of major panel companies for the first three quarters of 2025 are summarized [4]. - The operating profit and ranking changes of major panel companies for the first three quarters of 2025 are analyzed [4]. - Specific revenue and operating profit changes for SDC in Q3 2025, along with key business explanations, are provided [4]. - Specific revenue and operating profit changes for LGD in Q3 2025, along with key business explanations, are detailed [4]. - Specific revenue and operating profit changes for BOE in Q3 2025, along with key business explanations, are outlined [4]. - Specific revenue and operating profit changes for TCL Huaxing in Q3 2025, along with key business explanations, are presented [4]. - Specific revenue and operating profit changes for Tianma in Q3 2025, along with key business explanations, are discussed [4]. - Specific revenue and operating profit changes for AUO in Q3 2025, along with key business explanations, are summarized [4]. - Specific revenue and operating profit changes for Innolux in Q3 2025, along with key business explanations, are provided [4]. - Specific revenue and operating profit changes for Sharp Display Division in Q3 2025, along with key business explanations, are detailed [5]. - Specific revenue and operating profit changes for JDI in Q3 2025, along with key business explanations, are outlined [5].

Group 1 - The core viewpoint of the article is that the global flexible OLED panel shipments are expected to exceed 700 million units for the first time in 2025 [2][4]. Group 2 - Analysis of global OLED smartphone panel shipment trends from Q1 2021 to Q3 2025 indicates a steady growth trajectory [4]. - The market share trends of Chinese manufacturers in the global OLED smartphone panel market from 2020 to Q3 2025 show increasing competitiveness [4]. - Q3 2025 global OLED smartphone panel shipment rankings reveal the leading manufacturers in the market [4]. - The market share analysis of global OLED smartphone panel manufacturers in Q3 2025 highlights the distribution of market power among key players [4]. - The trend analysis of rigid and flexible OLED smartphone panel ratios from Q1 2021 to Q3 2025 indicates a shift in consumer preferences [4]. - Price trends for rigid and flexible OLED smartphone panels from Q1 2023 to Q1 2026 suggest potential pricing strategies for manufacturers [4]. - Q3 2025 global flexible OLED smartphone panel shipment rankings provide insights into the competitive landscape [4]. - The market share analysis of global flexible OLED smartphone panel manufacturers in Q3 2025 reflects the dynamics of the industry [4]. - Q3 2025 global rigid OLED smartphone panel shipment rankings indicate the performance of various manufacturers [4]. - The market share analysis of global rigid OLED smartphone panel manufacturers in Q3 2025 shows the competitive positioning of key players [4]. - The shipment trend analysis for rigid and flexible OLED smartphone panels from 2021 to 2027 suggests future market developments [4].

Core Insights - The domestic smartphone market in China experienced a 3% year-on-year decline in sales in Q3 2025, with vivo emerging as the leading brand amidst intense competition [3]. Group 1: Sales Trends - From Q1 2023 to Q3 2025, the overall sales volume of smartphones in the Chinese market showed a downward trend, indicating a challenging environment for manufacturers [3]. - The analysis includes detailed year-on-year comparisons of smartphone sales, highlighting the competitive dynamics among various brands [3]. Group 2: Brand Performance - vivo has taken the lead in the Chinese smartphone market, surpassing other brands in terms of sales volume during Q3 2025 [3]. - The report provides insights into the sales trends of other major brands, including OPPO, Xiaomi, Huawei, HONOR, and Apple, showcasing their performance relative to vivo [3]. Group 3: Price Segment Trends - The report analyzes the price segment trends of smartphones in the Chinese market from Q1 2023 to Q3 2025, indicating shifts in consumer preferences and pricing strategies among brands [3]. - Specific trends in the pricing of vivo smartphones are highlighted, reflecting the brand's strategy in a competitive landscape [3].

Market Overview - In Q3 2025, the sales volume of China's consumer-grade AR/VR glasses reached 169,000 units, with a quarter-on-quarter growth of 17% and a year-on-year growth of 57% [2][5] - The growth is primarily driven by the continuous launch of new AR devices, optimization of upstream supply chain costs, and deep integration of AI technology [2][5] Sales Performance - The overall XR market in China reached 169,000 units in Q3 2025, with consumer-grade AR devices being the main growth driver, achieving sales of 130,000 units, a year-on-year increase of 109% [5] - Consumer-grade VR device sales were 40,000 units, with a quarter-on-quarter growth of 8%, supported by Meta's low-price strategy [5] Technological Innovations - Continuous breakthroughs in display and optical technologies are leading the transformation in the AR/VR industry [6] Brand Performance - The AR brand Thunderbird continues to lead the market, while Rokid's new products have emerged strongly, with VR market competition intensifying and leading brands narrowing the gap [7] Investment and Financing Trends - In Q3 2025, there were 33 financing deals in the AR/VR industry globally, totaling approximately 5.5 billion yuan, with 18 deals occurring in China [8] - Upstream hardware and terminal manufacturers are becoming the focus of capital investment, with companies like JBD and Yanshan Technology actively investing in Micro LED display technology [8] - The integration of AI with hardware and software ecosystems is a significant trend, indicating capital's keen insight into the future of AR/VR technology [8] Market Dynamics - Fast LCD screens have captured 91% of the low-end VR market, with BOE holding a 43% market share [8] - Micro OLED technology faces challenges but remains a strong contender in the high-end market, with a 73% share in AR devices [8] - The Pancake optical solution maintains a leading position with a 49% market share, despite a slight contraction [8] Key Product Launches - Thunderbird launched AIR 4 and AIR 4 PRO, introducing HDR display technology and AI 3D video capabilities, significantly enhancing visual experience [8] - Rokid's new product launch has propelled it to the second position in sales, marking a significant highlight for the quarter [8] - Meta's Quest 3S has seen increased sales due to its low-price strategy, further narrowing the gap with the leading brand in the VR market [8]

Core Insights - The mobile panel market is experiencing high operating rates due to promotional events like "Double Eleven" in China and "Black Friday" abroad, alongside the recent launch of new products by various smartphone brands [2][3] Group 1: Market Trends - Different technology routes in the mobile panel market are showing significant divergence, with a-Si panels maintaining stability, LTPS panels supported by demand from automotive and laptops, and flexible AMOLED facing price declines due to capacity expansion and increased competition [3] - a-Si panels are expected to see a slight price increase in November, while module prices are anticipated to remain stable due to competitive pressures and declining costs of core components [3] - LTPS panels are benefiting from growth in automotive displays and new iterations in laptops and tablets, leading to high operating rates despite weak demand in the smartphone sector [3] - Rigid AMOLED panels are experiencing demand shrinkage due to competition from flexible alternatives, with prices stabilizing at low levels as manufacturers adopt aggressive pricing strategies to secure future orders [3] Group 2: Price Forecasts - CINNO Research predicts that a-Si module prices will remain stable in November and December 2025, LTPS panel prices will also hold steady, while rigid AMOLED prices are expected to stabilize in the short term [4] - Flexible AMOLED panel prices are projected to continue on a downward trend [4]

Group 1 - The core viewpoint of the article highlights that the domestic consumer-grade XR sales in China have increased by 57% year-on-year in Q3'25, driven by new AR products and a decrease in upstream industry chain costs [2][3]. Group 2 - The sales trend of the Chinese consumer-grade AR/VR market from Q1'24 to Q3'25 shows significant growth, particularly in Q3'25 [3]. - The market structure of the Chinese consumer-grade AR/VR sector has evolved, reflecting changes in consumer preferences and technological advancements [3]. - The price segment trends indicate a shift towards more affordable options, making AR/VR devices more accessible to consumers [3]. - Brand trends reveal the competitive landscape, with certain brands gaining market share due to innovative products and effective marketing strategies [3]. - The screen display trends in the AR/VR market show advancements in technology, enhancing user experience and visual quality [3]. - Optical technology trends indicate improvements in performance and functionality, contributing to the overall growth of the market [3]. - The top rankings for the consumer-grade AR market in Q3'25 highlight leading products and brands that are shaping the market [3]. - The top rankings for the consumer-grade VR market in Q3'25 also showcase key players and their market positions [3]. - Information on the XR upstream industry and new product releases in October provides insights into ongoing developments and innovations [3]. - The investment and financing situation in October reflects the growing interest and capital flow into the XR market [3].

Core Viewpoint - The automotive Head-Up Display (HUD) market in China is experiencing rapid growth, particularly in the mid-range and high-end segments, with significant increases in both standard and augmented reality (AR) HUD adoption [2][3][4]. Group 1: Market Penetration and Growth - In the first half of 2025, the standard HUD installation rate in Chinese passenger vehicles reached 15.5%, with a year-on-year growth of 22%, while AR-HUD installations grew by 45%, achieving a penetration rate of 4.3% [2]. - The overall HUD penetration rate in the Chinese passenger car market is projected to reach approximately 17% by 2025, with AR-HUD expected to reach a 6% penetration rate [3]. Group 2: HUD Types and Trends - The mainstream type of HUD in the Chinese market remains W-HUD, which accounted for 72% of installations, while AR-HUD's penetration increased to 28%, reflecting a year-on-year increase of 4 percentage points [4]. - The penetration of P-HUD is relatively low at around 0.5%, and C-HUD has nearly exited the market with a penetration rate of less than 0.1% [4]. Group 3: Domestic vs. Foreign Models - In the first half of 2025, 48% of the passenger vehicles in the Chinese market were equipped with HUDs, with domestic models making up 69% of this figure. The domestic models accounted for 63% of the total HUD installations, marking a 2 percentage point increase year-on-year [5]. - German and Japanese brands accounted for 21% and 14% of HUD installations, respectively, with year-on-year changes of -4 percentage points and +3 percentage points [5]. Group 4: New Energy Vehicles - The HUD installation rate in new energy passenger vehicles reached 57% in the first half of 2025, with a total of 118,000 units installed, reflecting a year-on-year increase of 2 percentage points [6]. - New energy vehicles accounted for 94% of the AR-HUD installations in the passenger vehicle segment, driven by domestic brands and new automotive forces [6]. Group 5: Pricing and Market Segmentation - In the first half of 2025, models priced at 300,000 yuan or more accounted for 42% of the total HUD installations, with other price segments (150,000-200,000 yuan and 200,000-250,000 yuan) representing 22% and 20%, respectively [7]. - For AR-HUD, models priced at 300,000 yuan or more made up 39% of installations, with year-on-year increases of 7 percentage points in this segment [7]. Group 6: Industry Dynamics - The majority of domestic HUD manufacturers are concentrated in coastal regions, particularly in Guangdong, Shanghai, Zhejiang, Beijing, and Jiangsu, where the industry chain is becoming increasingly mature [7]. - The HUD industry is in a rapid growth phase, driven by policy support, technological innovation, and market demand, gradually breaking the foreign monopoly [7].

Core Viewpoint - The demand for LCD TV panels is expected to weaken in November due to limited impact from domestic subsidy policies and a calming of the US-China tariff situation, leading to a downward trend in panel prices [1][2][3]. Demand Analysis - Overall demand for panels is declining in Q4, with manufacturers stabilizing mainstream size prices through coordinated production control. As of November, brand stocking has nearly concluded, shifting procurement from urgent to cautious [2][3]. - The domestic "trade-in" policy is also nearing its end, and while there may be some pre-stocking for the 2026 World Cup, the easing of US-China trade tensions has reduced the urgency for stocking [3]. - The comprehensive tariff on Chinese TV exports to the US has decreased to approximately 31.4%, further diminishing the need for urgent stocking [3]. Supply Analysis - As stocking winds down, order volumes are decreasing, prompting leading panel manufacturers to adjust production capacity, maintaining an average utilization rate of around 75% [4]. - The G8.5 and G10.5 production lines are primarily responsible for production control, with significant reductions in utilization rates, which has helped stabilize prices for sizes ranging from 32" to 75" [4]. - However, the G8.6 production line has seen weaker production control, leading to continued price declines for larger panels (85" and above) [4]. Price Forecast - In November, the overall demand for LCD TV panels is expected to weaken, with most panel sizes entering a general price decline. Specifically, prices for 32" and 43" panels are projected to remain stable at $32 and $64, respectively, while prices for sizes from 50" to 85" are expected to drop by $2 each [5]. - The largest panels (98"/100") are anticipated to see a more significant price drop of $10, bringing their price down to $440 [5].

Core Insights - The article highlights the significant advancements in Mini/Micro LED and printed OLED technologies, which are driving the growth of large and medium-sized display technologies in the global electronic information industry [2] - The event focused on the theme "New Market Blue Ocean, Multi-Scene Display," emphasizing the importance of industry collaboration and innovation [5] Group 1: Event Overview - The event was guided by the Jiangsu Provincial Department of Industry and Information Technology and organized by various industry alliances and companies, including Nanjing Lopu Co., Ltd [5][8] - Attendees included representatives from over 20 organizations, showcasing a collaborative effort in the display technology sector [7][8] Group 2: Company Profile - Nanjing Lopu Co., Ltd, established in 1988, is a leading enterprise in large LED display production and is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise [15] - The company specializes in three main areas: smart display, smart integration, and microwave technology applications, and is known for its innovative "LED dome" technology used in various venues [15] Group 3: Technical Discussions - The event featured presentations on LED display technology, including its development, application scenarios, and future trends [20] - A white paper on the "14th Five-Year Plan" for the semiconductor cluster and new display industry chain was released, summarizing the current state and future direction of the industry [25] Group 4: Industry Collaboration - Representatives discussed the achievements during the "14th Five-Year Plan" and the strategic layout for the "15th Five-Year Plan," focusing on LED displays, semiconductor materials, and medical displays [35] - There was a consensus on the need for enhanced collaboration across the industry chain and stronger policy guidance to foster a more robust industrial ecosystem [35] Group 5: Recognition - Nanjing Lopu Co., Ltd was awarded the title of "Benchmark Unit for Jiangsu New Display Industry Visits," reinforcing its status as a key player in the industry [37]