彩虹显示器件股份有限公司2025 年半年度报告 公司代码：600707 公司简称：彩虹股份 彩虹显示器件股份有限公司 2025 年半年度报告 1 / 120 彩虹显示器件股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李淼、主管会计工作负责人王晓春及会计机构负责人（会计主管人员）王晓春 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 ...

Core Points - Rainbow Co., Ltd. announced an investment of 1.05 billion yuan to increase capital in its subsidiary Hongyang Display (Xianyang) Technology Co., Ltd. [1] - After the capital increase, the registered capital of Hongyang Display will rise to 4.781 billion yuan, and Rainbow's ownership stake will increase from 52.94% to 62.40% [1] - The purpose of this capital increase is to accelerate the construction of the Xianyang G8.5+ substrate glass production line project, enhancing the competitiveness and profitability of Hongyang Display [1]

Group 1 - The core viewpoint of the news highlights a decline in the production of color televisions in China, with a projected output of 16.25 million units by June 2025, representing a year-on-year decrease of 11.1% [1] - In the first half of 2025, the cumulative production of color televisions in China reached 91.871 million units, showing a cumulative decline of 5.5% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, which specializes in industry research [3] Group 2 - The listed companies in the television industry include TCL Technology, Skyworth Digital, Hisense Visual, Sichuan Changhong, Shenzhen Konka, Zhaochi Co., Hisense Home Appliances, and Rainbow Co. [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [2]

Summary of Key Points Core Viewpoint - The trading activity of Rainbow Co., Ltd. shows a mixed performance in the recent three trading days, with notable financing buy-ins and net selling on a specific day [1]. Financing Activity - On August 15, Rainbow Co. recorded a financing buy-in amount of 0.12 billion, ranking 1236th in the market [1]. - The financing repayment amount on the same day was 0.18 billion, resulting in a net selling of 5.45 million [1]. - Over the last three trading days (August 13-15), the financing buy-in amounts were 0.16 billion, 0.31 billion, and 0.12 billion respectively [1]. Securities Lending - On August 15, the company had a securities lending activity with a sell-out of 0.03 thousand shares and a net buy-in of 2.51 thousand shares [1].

Core Viewpoint - Corning Inc. has initiated a series of legal actions, including a "337 investigation," against several leading Chinese companies in the new display industry, indicating a significant escalation in the competition between U.S. and Chinese firms in the display supply chain [1][2][6][14]. Group 1: Overview of the Investigation and Lawsuits - The "337 investigation" by Corning is a critical phase in the legal battle, with evidence submission deadlines set by the U.S. International Trade Commission (ITC) [1][10]. - Corning has filed a total of 13 lawsuits against Chinese companies, including Rainbow Technology, TCL Huaxing Optoelectronics, and Huike, across multiple jurisdictions such as the U.S., EU, and India [2][9]. - The investigation targets the entire display industry chain, from materials to end products, highlighting the comprehensive nature of the legal actions [9][21]. Group 2: Market Dynamics and Implications - China's display panel production accounts for approximately 50% of the global market, with over 70% of shipments originating from China [4][19]. - Corning, along with two Japanese companies, dominates about 90% of the glass substrate market, posing a significant challenge for Chinese firms like Rainbow Technology, which has recently achieved a 10% market share [4][15]. - The legal actions are seen as an attempt by Corning to maintain its market position and limit the production capacity of Chinese companies, which have begun to break the technological monopoly in the glass substrate market [14][16]. Group 3: Technological and Competitive Landscape - The glass substrate is a crucial material in the display supply chain, akin to silicon wafers in the semiconductor industry, making the ongoing legal battles pivotal for the future of the Chinese display industry [5][15]. - Both Corning and Rainbow Technology utilize the "overflow method" for glass substrate production, which is essential for achieving the required precision and quality [21]. - The competition is not only about market share but also revolves around intellectual property rights, with Corning leveraging its patents to create barriers for Chinese competitors [22][23]. Group 4: Future Outlook and Industry Response - The outcome of these legal battles could significantly impact the Chinese display industry's ability to secure its supply chain and maintain competitive pricing, as evidenced by the drop in glass substrate prices due to increased local production [16][17]. - Experts emphasize the need for China to develop its own intellectual property in the glass substrate sector to ensure long-term sustainability and independence in the display industry [25][29]. - The ongoing disputes reflect broader trends in global trade and technology competition, with potential implications for other sectors as well [30][31].

Core Viewpoint - The article discusses the ongoing legal battles initiated by Corning Inc. against several leading Chinese companies in the new display industry, highlighting the implications for the industry and the potential risks to China's market position due to patent and intellectual property disputes [2][4][20]. Group 1: Legal Actions and Investigations - As of mid-August this year, Corning has initiated a total of 13 lawsuits related to patents and intellectual property against Chinese companies such as Rainbow Technology, TCL Huaxing Optoelectronics, and HKC in various regions including the US, EU, India, and China [2][4]. - The critical date for evidence submission in the "337 investigation" by the US International Trade Commission (ITC) is set for August 8, 2025, marking a significant point in the legal proceedings [2][8]. - Corning has filed two applications for "337 investigations" against Chinese companies within a short span from late 2024 to early 2025, accusing them of infringing on its patents and trade secrets in the glass substrate sector [6][10]. Group 2: Industry Context and Market Dynamics - The display industry chain is divided into three segments: glass substrates (upstream), liquid crystal panels (midstream), and electronic displays (downstream), with downstream applications in TVs, smartphones, computers, and automotive displays [3]. - China currently accounts for approximately half of the global display panel output value and over 70% of the shipment volume, having invested over 1.5 trillion yuan to establish more than 60 production lines with an annual capacity of about 250 million square meters [4][14]. - Despite this growth, around 90% of the glass substrate market is dominated by Corning and two Japanese companies, with Rainbow Technology being the only Chinese firm to recently overcome the technical barriers of the 8.5-generation production line [4][12]. Group 3: Implications of the Legal Battles - The ongoing legal disputes are seen as a significant threat to the Chinese display industry's future, as the outcome could determine the ability of Chinese companies to maintain their market share and technological advancements [12][20]. - The legal actions initiated by Corning are perceived as efforts to restrict the production capacity of Chinese firms, which have recently begun to challenge the long-standing technological monopoly held by multinational corporations [13][21]. - The article emphasizes the importance of intellectual property rights in the glass substrate market, as both Corning and Rainbow Technology utilize similar manufacturing processes, making the protection of patents crucial for competitive advantage [16][18].

Core Viewpoint - The ongoing legal battles initiated by Corning Inc. against leading Chinese display companies represent a significant confrontation in the global display industry, particularly focusing on the glass substrate market, which is crucial for the entire display supply chain [2][4][10]. Group 1: Industry Overview - China's display panel output accounts for approximately half of the global market, with over 70% of shipments originating from the country [3]. - The Chinese display industry has invested over 1.5 trillion yuan, establishing more than 60 production lines with an annual capacity of about 250 million square meters, making it the largest display industry hub globally [3][16]. - Despite this growth, around 90% of the glass substrate market is dominated by Corning and two Japanese companies, with only Rainbow Optoelectronics recently breaking through the 8.5-generation production line technology [3][11]. Group 2: Legal Actions and Investigations - Corning has initiated multiple "337 investigations" against Chinese companies, including Rainbow Optoelectronics, TCL Huaxing, and others, alleging patent and trade secret infringements related to glass substrates [5][6][10]. - The "337 investigation" process is critical, involving evidence disclosure and hearings, which can significantly impact the outcomes of these legal disputes [2][8]. - As of mid-August 2025, Corning has filed a total of 13 lawsuits against Rainbow Optoelectronics across various regions, including the U.S., EU, and India, focusing on patent and intellectual property issues [2][7]. Group 3: Market Dynamics and Implications - The glass substrate is a foundational material in the display supply chain, and the ongoing patent disputes are pivotal for the future of the Chinese display industry [4][14]. - Corning's dominance in the glass substrate market, holding over 50% market share, poses a significant threat to Chinese companies that are beginning to gain market share [10][19]. - The legal actions taken by Corning are seen as attempts to limit the production capacity of Chinese firms, thereby maintaining its market position and preventing price reductions in glass substrates [11][12]. Group 4: Future Outlook - The outcome of these legal battles will have profound implications for the Chinese display industry's ability to secure its supply chain and maintain competitive pricing [11][12]. - Experts emphasize the need for China to develop its own intellectual property in the glass substrate sector to ensure the industry's long-term sustainability and independence [17][18].

Core Viewpoint - The company has signed a share transfer agreement with BOE Technology Group, selling 30% of its subsidiary, Rainbow Optoelectronics, for 4.849 billion yuan, while maintaining a 69.79% stake and remaining the controlling shareholder [1][2]. Group 1: Share Transfer Details - The share transfer was executed at a valuation of 16.812 billion yuan for the total equity of Rainbow Optoelectronics, with a cash dividend of 650 million yuan deducted to set the transfer price [2]. - Other shareholders of Rainbow Optoelectronics waived their right of first refusal regarding the share transfer [2]. Group 2: Business Strategy and Industry Context - The LCD panel manufacturing industry in China has reached a dynamic balance in supply and demand, with domestic manufacturers holding a dominant position [1]. - The company aims to optimize its business structure and enhance risk resilience by leveraging the funds from the share transfer for main business development and new technology research [1][3]. - The company is accelerating the construction of G8.5+ liquid crystal substrate glass production lines, with production efficiency and sales revenue showing continuous growth year-on-year [2].

Core Viewpoint - The display glass substrate is a critical component of display panels, accounting for approximately 15% of the cost of TFT-LCD panels, and is facing a shift towards higher pricing due to rising energy costs and market dynamics [2][5][23]. Group 1: Display Glass Substrate Overview - The glass substrate is a core raw material for display panels, with about 80% of display glass substrates used for LCD panels [1][23]. - A TFT-LCD panel requires two glass substrates, while an OLED panel primarily uses one as a carrier glass [1][23]. Group 2: Market Development - Major glass substrate manufacturers like Corning, AGC, and NEG are shifting focus from market share expansion to improving profitability due to rising energy costs, which account for over 50% of production costs [2][38]. - The global market for FPD glass substrates is expected to reach approximately 50 billion yuan (about 7.05 billion USD) by 2025, with a projected revenue growth of 15% from 2024 [2][39]. Group 3: Demand and Supply Dynamics - In 2024, the demand for FPD glass substrates is projected to be 645 million square meters, with a year-on-year growth of 4.34% and a supply surplus rate of 7% [3][39]. - By 2025, demand is expected to increase to 679 million square meters, with a further reduction in the supply surplus rate to 5% [3][39]. Group 4: Competitive Landscape - The market concentration is high, with the top three companies (Corning, AGC, and NEG) holding about 80% of the market share [4][46]. - Domestic manufacturers have accelerated the pace of localization, with companies like Rainbow Technology making significant breakthroughs in high-generation glass substrates [4][48]. Group 5: Investment Recommendations - With China holding 70% of global LCD production capacity, the demand for glass substrates is increasingly concentrated in China, prompting many related companies to establish factories there [5][6]. - Rainbow Technology has shown promising results in mass production of high-generation glass substrates, and as initial investment costs decrease over time, its profit margins are expected to improve [5][6].

Investment Rating - The report recommends a "First-time Buy" rating for the industry [5] Core Viewpoints - The domestic glass substrate industry is experiencing a significant shift towards localization, with major breakthroughs in high-generation glass substrate technology by domestic companies [8] - The global market for FPD glass substrates is expected to reach approximately 50 billion RMB by 2025, driven by price increases and rising demand [3][44] - The competitive landscape is dominated by three major foreign companies, which hold about 80% of the market share, but domestic manufacturers are rapidly increasing their market presence [4][51] Summary by Sections 1. Display Glass Substrate Overview - Display glass substrates are a core component of display panels, accounting for approximately 15.2% of the cost of TFT-LCD panels [2][27] - The demand for glass substrates is primarily driven by the LCD panel industry, with about 80% of glass substrates used for LCD panels [2][27] 2. Development of Display Glass Substrates - Major glass substrate manufacturers, including Corning, AGC, and NEG, have raised prices by over 10% in response to rising energy costs [3][43] - The global market for FPD glass substrates is projected to grow by 15%, from 6.12 billion USD in 2024 to 7.05 billion USD in 2025, equivalent to about 50 billion RMB [3][44] 3. Competitive Landscape - The top three companies (Corning, AGC, and NEG) control approximately 80% of the FPD glass substrate market, with Corning leading at over 50% market share [4][51] - Domestic manufacturers have made significant progress in high-generation glass substrate technology, with companies like Rainbow Technology achieving notable production milestones [8][19] 4. Investment Recommendations - Given the clear trend towards domestic production of high-generation glass substrates, companies like Rainbow Technology are recommended for investment due to their technological and market potential [8][9]