Core Viewpoint - The report indicates a decline in television panel prices in July 2025, while prices for monitor and laptop panels remain stable [1]. Group 1: Television Panels - The average price for a 65-inch television panel is $173, down by $3 from the previous month, a decrease of 1.7%. The lowest price recorded is $167, and the highest is $177 [3]. - The average price for a 55-inch television panel is $124, down by $2 from the previous month, a decrease of 1.6%. The lowest price is $118, and the highest is $127 [3]. - The average price for a 43-inch television panel is $64, down by $1 from the previous month, a decrease of 1.5%. The lowest price is $62, and the highest is $65 [4]. - The average price for a 32-inch television panel is $35, down by $1 from the previous month, a decrease of 2.8%. The lowest price is $34, and the highest is $36 [4]. Group 2: Monitor Panels - Monitor panel prices remained stable in July 2025 [5]. - The average price for a 27-inch IPS panel is $63, with a lowest price of $57.6 and a highest price of $65.8 [6]. - The average price for a 23.8-inch IPS panel is $49.9, with a lowest price of $47.1 and a highest price of $51.4 [7]. Group 3: Laptop Panels - Prices for laptop panels across various sizes remained unchanged in July 2025 [8]. - The average price for a 17.3-inch TN panel is $38.3, with a lowest price of $37.7 and a highest price of $39.8 [8]. - The average price for a 15.6-inch Value IPS panel is $40.3, remaining the same as the previous month, with a lowest price of $38.6 and a highest price of $41.9 [9]. - The average price for a 14.0-inch TN panel is $26.9, with a lowest price of $26.4 and a highest price of $28.1 [9]. - The average price for an 11.6-inch TN panel is $25.1, with a lowest price of $24.2 and a highest price of $26.5 [9].

Core Viewpoint - Huike's first self-developed and manufactured OLED module successfully lit up, marking a strategic achievement in the OLED sector and overcoming core process barriers [1][3]. Group 1: Product Development - The OLED module utilizes innovative oxide semiconductor backplane technology combined with a hybrid panel architecture, completing the full process verification from design to trial production in five months [3]. - This successful launch fills Huike's gap in the OLED field and supports the establishment of a comprehensive product system covering LCD, Mini LED, and OLED across various sizes [3]. Group 2: Business Strategy - Huike's main business involves the research and manufacturing of semiconductor display panels and smart display terminals, with existing technologies including a-Si TFT-LCD, Oxide TFT, Oxide RGB OLED, Oxide LCD, and Mini LED [3]. - As of June this year, Huike's updated prospectus indicates that self-developed oxide OLED, RGB OLED, and ultra-low frequency OLED products have entered trial production [3]. Group 3: Strategic Acquisitions - In January 2025, Huike acquired part of the flexible display industrial park assets from Royole Technology for approximately 504 million RMB, seen as a key step for rapid entry into the OLED market [4]. - This acquisition allows Huike to leverage Royole's legacy G5.5 flexible OLED production line and oxide TFT technology, which is more suitable for large-size flexible products, thereby enhancing its OLED technological capabilities [4].

Core Viewpoint - The establishment of the second phase of the TCL Huaxing & Xiaomi Innovative Display Joint Laboratory marks a deepening of the strategic partnership between the two companies, aiming to explore future display technologies and strengthen their leading advantages in the industry [1][2]. Group 1: Partnership Development - TCL Huaxing and Xiaomi have built a deep and comprehensive strategic partnership since 2017, with significant milestones achieved over the years [2]. - In 2020, Xiaomi invested in custom TCL Huaxing AMOLED curved screens for its Xiaomi 10 series, showcasing the collaboration's early successes [2]. - The first phase of the Innovative Display Joint Laboratory was established in 2021 to conduct pre-research on semiconductor display technology and share technological achievements [2]. Group 2: Technological Achievements - The partnership has led to breakthroughs in various technologies, with products like the Xiaomi MIX Flip 2 and others being supplied by TCL Huaxing [3]. - The Innovative Display Joint Laboratory has created a mechanism for "joint R&D + capacity collaboration," significantly shortening the innovation technology implementation cycle and enhancing project efficiency [3]. - Key milestones include the launch of the first smartphone with an under-display camera in 2021, the development of the first domestic 2K LTPO screen in 2022, and the initiation of research on full-depth micro four-curved screens in 2023, with over 130 patents applied for [3].

Core Viewpoint - The global panel industry experienced a shift from optimistic expectations at the beginning of 2025 to price adjustments by mid-year, reflecting a dual market scenario influenced by policy stimuli and macroeconomic uncertainties [1][20]. Television Panels - The price trend of television panels in the first half of 2025 transitioned from demand-driven growth to rational adjustments due to supply-demand dynamics [2]. - In Q1, television panel prices rose significantly due to strong demand driven by policies like "trade-in" in China, particularly in lower-tier markets, and a continued trend towards larger screen sizes [3][4]. - By Q2, the market cooled as demand weakened, particularly in North America, and the effects of the "trade-in" policy diminished, leading to increased inventory levels among brand manufacturers [5][6]. - As demand declined, price pressures emerged, with mainstream sizes like 43-inch, 55-inch, and 65-inch panels seeing a price drop of $1 in June, marking a market turning point [6]. Monitor Panels - Monitor panel prices remained relatively stable in the first half of 2025, showing resilience despite traditional seasonal demand dips [7]. - The introduction of "trade-in" subsidies for monitors in China helped stimulate demand, allowing manufacturers to cautiously raise prices [8]. - However, as the peak of inventory buildup passed and television panel prices fell, monitor demand growth slowed, leading to a stabilization in prices [9]. - The gaming monitor segment, particularly OLED technology, emerged as a new growth area, with projected shipments reaching 3.3 million units in 2025, a 65% year-on-year increase [9]. Notebook Panels - Notebook panel prices remained stable throughout the first half of 2025, reflecting a balance of various market forces amid uncertainties [11]. - Despite cautious behavior due to fluctuating international trade relations, brands are optimistic about demand in the latter half of the year, leading to increased orders for notebook panels [12]. Company Performance - TCL Technology's semiconductor display business is expected to achieve a net profit exceeding 4.6 billion yuan, a year-on-year increase of over 70%, while other companies like Rainbow and Huayi reported declines [14][15]. - Companies are adjusting strategies in response to market volatility, with a trend towards consolidation and resource optimization [17][18]. - Some manufacturers are diversifying into non-consumer display markets, with companies like Deepin Technology increasing revenue from sectors like automotive and professional displays [19]. Market Outlook - The first half of 2025 saw a complex interplay of factors affecting the global panel market, with television panel price fluctuations and relative stability in monitor and notebook panels shaping the overall landscape [20]. - Companies are enhancing operational capabilities through market expansion, scale reduction, and diversification to navigate uncertainties [21]. - The macroeconomic environment remains a significant variable for the panel market, influencing demand through global economic recovery, consumer purchasing power, and geopolitical risks [22].

Core Viewpoint - Samsung Display is restructuring its IT business department by adding an IT sales team to prepare for a full-scale launch of its IT OLED business, despite previous poor sales of Apple's OLED iPad [1]. Group 1: Organizational Changes - On July 1, Samsung Display restructured its IT business department, adding an IT sales team alongside the existing IT technology and development teams [1]. - In December 2024, Samsung Display announced that Lee Jong-hyuk, head of the large-size division, would also take on the role of head of the IT division, while Lee Joo-hyung would lead the small-size division [3]. Group 2: Business Focus - The large-size division focuses on producing quantum dot (QD)-OLED panels for TVs and monitors, while the small-size division is responsible for OLED panels for Samsung's Galaxy series and Apple's iPhone [4]. - The appointment of the large-size division head to the IT division is expected to benefit the overall expansion of the IT OLED business, potentially creating synergies despite the differences in technology between QD-OLED and small-size IT OLED [4]. Group 3: Strategic Adjustments - The personnel changes on July 1 also included a swap between the heads of the headquarters planning team and the small-size division planning team, both of which are involved in investment decisions [4].

Core Viewpoint - Apple has resolved production issues related to the anti-scratch, anti-glare coating for screens, which is expected to debut on the iPhone 17 Pro and iPhone 17 Pro Max [1][2]. Group 1 - The new anti-scratch, anti-reflective display coating will be a first for iPhones, specifically for the high-end models iPhone 17 Pro and iPhone 17 Pro Max [2]. - Earlier reports indicated that Apple faced bottlenecks in mass production due to slow manufacturing processes, which could not meet the demand for millions of devices annually [2]. - Recent updates suggest that Apple has collaborated with suppliers to improve the manufacturing process, resolving the mass production issues, allowing for the anticipated launch of the iPhone 17 Pro and iPhone 17 Pro Max [2].

Core Viewpoint - The establishment of the Optoelectronic Display Technology Transfer and Transformation Center in Xiamen aims to enhance the efficiency of technology transfer in the optoelectronic display industry, focusing on new display technologies, functional materials, and third-generation semiconductors [1][2]. Group 1: Center Establishment and Objectives - The center is initiated by Xiamen Torch Group and is part of a national effort to create regional technology transfer centers, aiming to build a comprehensive service system for technology achievement transformation [1][2]. - The center will promote the integration of industry needs and technology innovation, facilitating the deep integration of technological and industrial innovation [1][2]. Group 2: Industry Context and Importance - Xiamen is the only pilot city for the optoelectronic display industry cluster in China, housing over 2,000 related enterprises, including major Taiwanese companies [2]. - Enhancing the transfer and transformation of university technology is crucial for Xiamen to develop a globally competitive new display industry [2]. Group 3: Service and Support Mechanisms - The center will establish a professional team that understands technology, industry, and capital, creating a comprehensive public technology platform and one-stop service platform [3][6]. - A dual-track service system will be implemented, combining teams and experts to ensure effective technology transfer from research to industry [6]. Group 4: Infrastructure and Funding - The center plans to leverage existing resources and establish 17 public technology platforms to support the entire chain of service from research to small-scale production [7]. - A technology achievement transformation fund will be created to provide stable long-term funding, with a total scale of 5 billion yuan for supporting seed and early-stage projects [8].

Core Viewpoint - The company is actively expanding its manufacturing capabilities in Vietnam and China, focusing on smart manufacturing bases for backlight display modules and precision components, aiming for significant production capacity by 2025 [1][2]. Group 1: Vietnam Manufacturing Expansion - The company announced the construction of two smart manufacturing bases in Vietnam: a backlight display module base in Bac Giang and a precision component base in Ho Chi Minh City [1]. - The Bac Giang factory is planned to achieve an annual production capacity of 1,400K for backlight sources and 500K for LCM (Liquid Crystal Module) by 2025, with full automation and certification [1]. - The Ho Chi Minh factory is set to start operations by the end of 2025, focusing on precision stamping, injection molding, and in-mold injection processes [1]. Group 2: Investment in China - In 2023, the company invested 5 billion yuan in the Chuzhou Bojing Display Technology project, targeting Mini LED backplanes, LCM, backlight modules, and PCB/FPC [2]. - Upon reaching full production, the project is expected to yield 9 million Mini-LED light boards, 10.2 million LCMs, and 10.2 million backlight modules, generating an output value of 500 million yuan [2]. - In 2024, Bojing Technology is projected to achieve a cumulative output value of 710 million yuan, reflecting a year-on-year growth of 2714.6% [2].

Core Viewpoint - The display industry is experiencing a new wave of IPO activity in the first half of 2025, driven by technological innovation, growing market demand, and policy support, with many companies seeking to capitalize through IPOs to expand production, enhance R&D, and increase market share [1][12]. Group 1: Companies Pursuing IPOs - In the first half of 2025, 10 display-related companies are advancing their IPO plans, covering various segments such as display panel technology, display drivers, image sensors, LCD components, smart display terminals, and LED displays [2][3]. - Notable companies include: - Chaoying Electronics, seeking to raise 6.6 billion yuan for expansion and R&D [3]. - Huike Co., aiming to raise 82 billion yuan for new technology projects [3]. - Visionary Technology, planning to raise 20.15 billion yuan for Micro OLED production line expansion [4][8]. Group 2: Fundraising Purposes - The primary focus of fundraising is on "new display technology R&D and industrialization" and "overseas market and internationalization" [5][10]. - Huike has invested 310.93 billion yuan in six display projects in the first half of 2025, including Mini LED and electronic paper modules [6][7]. - Visionary Technology and Yunying Valley are concentrating on Micro OLED technology, which is gaining traction in AR glasses [7][8]. Group 3: International Market Expansion - Companies are accelerating their international market expansion, with the Hong Kong Stock Exchange becoming a popular venue for IPOs [9][10]. - For instance, Hehui Optoelectronics plans to enhance its international strategy and production capacity for high-end AMOLED panels [10]. - Dazhu CNC aims to establish a new production facility in Singapore to align with the PCB industry's shift to Southeast Asia [10][11]. Group 4: Advantages of Hong Kong Listing - The Hong Kong Stock Exchange offers more flexible listing conditions compared to the A-share market, focusing on growth potential and technological innovation [11]. - The exchange allows diverse share structures, enabling founders to maintain control post-IPO, which is attractive for rapidly growing companies [11]. - Listing in Hong Kong enhances brand visibility and facilitates access to a broader international investor base, crucial for capital-intensive industries like LED and display panels [11][12].

Core Viewpoint - The company, Tiande Yu, has demonstrated significant revenue and profit growth in recent periods, driven by increased demand for its display driver chips and related products [1][2]. Group 1: Financial Performance - In the first half of 2025, the company reported total revenue of 1.208 billion yuan, a year-on-year increase of 43.35% [1]. - The net profit attributable to the parent company was 152 million yuan, reflecting a year-on-year growth of 50.89% [1]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 145 million yuan, with a year-on-year increase of 72.87% [1]. - For the full year of 2024, the company achieved revenue of 2.102 billion yuan, a year-on-year increase of 73.88% [2]. - The net profit attributable to the parent company for 2024 was 275 million yuan, showing a year-on-year growth of 143.61% [2]. - In the first quarter of 2025, the company reported revenue of approximately 554 million yuan, a year-on-year increase of 60.52% [2]. Group 2: Business Drivers - The growth in revenue and profit is attributed to the increased volume of high-refresh-rate mobile phone display driver chips, significant shipments from brand clients in tablet display driver chips, and an enhanced market share in wearable display driver chips [1]. - The company maintains a leading position in the global market for electronic price tag driver chips, contributing to its revenue growth [1]. - The main business of the company focuses on the research, design, and sales of integrated chips for mobile smart terminals, with key products including TDDI, DDIC, and AMOLED DDIC [1].