Core Viewpoint - The company reported that as of September 19, 2025, the number of shareholders, including margin accounts, is 73,882 [2] Summary by Category - **Shareholder Information** - The total number of shareholders is 73,882 as of the specified date [2]

Core Viewpoint - The company, Deep Tianma A, has been focusing on the display industry for over 40 years and has made significant investments to meet the diverse technological and product demands of the downstream market [2] Investment and Development - The company has invested over 100 billion yuan in various projects related to production line construction since its establishment [2] - The investment strategy is based on careful planning aligned with the company's strategic development and future market needs [2] Technology and Product Range - Deep Tianma A has established a comprehensive layout in mainstream display technologies, including passive, a-Si TFT-LCD, LTPS TFT-LCD, IGZO TFT-LCD, AMOLED, and Micro-LED for small and medium-sized displays [2] - This diverse technological portfolio enables the company to better satisfy the increasingly varied demands of the market [2]

Investment Rating - The report does not explicitly state an investment rating for the smart cockpit display industry Core Insights - The smart cockpit display industry in China is rapidly developing due to the continuous impact of automotive upgrades and advancements in electronic technology, with new technologies such as OLED, Mini LED, Micro LED, and AR-HUD accelerating their application [4] - The industry is characterized by trends towards larger and more integrated displays, diversification of display technologies, and the rise of a competitive local supply chain [16][19] - The market size of the smart cockpit display industry is projected to grow from 20.406 billion RMB in 2021 to 30.269 billion RMB in 2024, with a compound annual growth rate (CAGR) of 14.05% [34] Industry Definition - Smart cockpit display refers to the devices and technologies installed inside vehicles to present various information, playing a key role in human-vehicle interaction [5] Industry Classification - The smart cockpit display industry can be classified based on the location of the display screens, including central control screens, passenger screens, instrument screens, head-up displays (HUD), and rearview mirrors [6][8][9][10][11] Industry Characteristics - The industry features a trend towards larger and multi-screen configurations, with significant advancements in display technology and the emergence of a robust local supply chain [16] Development Phases - The industry has evolved from reliance on imports to local production capabilities, transitioning from single-function displays to advanced, integrated systems [20][22][23] Industry Chain Analysis - The industry chain consists of upstream components, midstream module manufacturing and system integration, and downstream markets for original equipment manufacturers (OEMs) and aftermarket retailers [24][25][33] Market Size and Growth - The smart cockpit display market is expected to grow significantly, driven by increasing automotive sales and the demand for advanced display technologies [34][35] Competitive Landscape - The global smart cockpit display industry is highly concentrated, with leading companies like BOE and Tianma holding significant market shares due to their technological advantages and scale [42][43]

Core Viewpoint - Tianma Microelectronics has launched a new high-end OLED technology brand called "Tiangong Screen," aiming to redefine high-end display standards and expand its market presence beyond mobile phones into automotive and IT sectors [2][7]. Group 1: Product Features - The "Tiangong Screen" emphasizes visual health with features such as flicker-free technology, 1nit brightness for eye protection, low blue light emission at 4.7%, and adaptive ambient light sensing [3]. - It boasts a peak brightness of 8000nits and a global brightness of 2500nits, ensuring clear visibility even in bright sunlight, with a refresh rate supporting up to 240Hz for smooth operation [5]. - The product has received the "S++ level" certification for visual health from the China Quality Certification Center, indicating its commitment to user well-being [5]. Group 2: Strategic Shift - The launch of "Tiangong Screen" marks a strategic upgrade for Tianma, transitioning from a low-profile screen manufacturer to a high-end brand creator, focusing on co-creating brand value with customers [7]. - The company plans to systematically expand the "Tiangong Screen" brand into automotive and IT display markets, creating a synergistic high-end brand matrix [7]. Group 3: Automotive Display Innovations - Tianma has established a strong foundation in the automotive display sector, focusing on enhancing driving safety and user interaction rather than just technical specifications [8]. - The company has developed various innovative technologies for automotive displays, including ultra-wide high-definition projection and dynamic flexible displays that adapt to user preferences [8][11]. - Tianma's automotive OLED products, such as the dual 13-inch curved OLED display, integrate seamlessly into vehicle interiors, showcasing the company's commitment to innovation in the automotive display market [9]. Group 4: Market Performance - In 2024, Tianma's global automotive display panel shipments are projected to grow by 25%, with revenue increasing over 40%, significantly outpacing industry averages [13]. - The company has maintained its position as the global leader in automotive TFT-LCD and instrument display shipments for five consecutive years, with its products featured in 95% of global automotive brands [13]. - Tianma's automotive displays have been adopted by high-end brands such as McLaren and Ferrari, underscoring its technological strength and brand influence in the premium automotive market [13].

Core Viewpoint - Tianma has launched the world's first 500 PPI high-definition 2D/3D switchable light field instrument screen, showcasing advanced technology and potential applications in automotive displays [2]. Product Launch - Tianma introduced a 12.3-inch instrument screen that supports 500 PPI high-definition 2D display and glasses-free 3D functionality, with a viewing angle of up to 30 degrees [2]. - The screen features Tianma's self-developed high-speed real-time rendering light field 3D technology and a proprietary liquid crystal prism, which reduces production costs while maintaining performance [2]. - The product includes a depth adjustment feature that addresses traditional 3D display issues such as dizziness and ghosting [2]. Application Scenarios - The instrument screen is designed for various automotive needs, including navigation and Advanced Driver Assistance Systems (ADAS) alerts [2]. - Tianma also showcased an 8-inch Micro LED IRIS HUD at DIC 2025, which is claimed to be the industry's first with the highest PPI (167 PPI) and can achieve over 10,000 nits brightness, offering improved image quality compared to traditional LCDs [4]. Innovative Designs - Tianma presented the "world's first G-shaped triple-folding" smartphone design, which differs from Huawei's Z-shaped design by adopting an inward folding mechanism [4]. - This G-shaped folding phone features a dual inward fold structure with enhanced flatness and bending durability, and it incorporates Tianma's SLOD display technology, reducing power consumption by 30% compared to industry standards and extending lifespan significantly [4].

Core Insights - The global automotive display panel shipment is projected to reach approximately 120 million units in the first half of 2025, reflecting a year-on-year growth of 5.6%, with the front-mounted market contributing significantly at 88.5% [1] - The automotive industry is experiencing a slowdown in overall sales growth, which is limiting the substantial increase in demand for automotive display panels, yet the demand for diversified and high-end displays in smart cockpits continues to drive market stability [1][6] - The competitive landscape in the automotive display panel market remains intense, characterized by a concentration of leading players and clear tier distinctions, with BOE and Tianma leading the first tier [1][2] Company Summaries - **BOE**: As a leading player in the display industry, BOE's shipments reached approximately 21.6 million units in the first half of 2025, marking an 8.2% increase year-on-year, capturing 18.1% of the global market share. The company is actively expanding its product matrix across various display technologies [1][4] - **Tianma**: With a focus on automotive display business, Tianma's shipments totaled around 21 million units, reflecting a significant year-on-year growth of 24.7%. The company has established a strong foothold in the mid-sized display market and is expanding into new applications [2][4] - **AUO**: After acquiring BHTC, AUO is transitioning from a single panel supplier to a comprehensive cockpit display solution provider. In the first half of 2025, AUO's shipments reached 12.4 million units, with a year-on-year growth of 6.5% [3][4] - **LG Display**: LG Display shipped approximately 9.7 million units in the first half of 2025, leveraging its expertise in LTPS LCD and OLED technologies to maintain a presence in the high-end automotive display market [3][4] - **Japan Display (JDI)**: JDI faced significant challenges, with shipments declining to 8.9 million units in the first half of 2025, impacted by financial difficulties and intense market competition [3][4] Market Outlook - The automotive display panel market is expected to experience a "short-term demand pulse growth" alongside "long-term development uncertainties." The overall shipment for 2025 is projected to grow by 4.0%, reaching 240 million units [6] - In 2026, the automotive market is likely to face constraints from policies, consumer behavior, and supply chain issues, leading to a slowdown in growth and structural optimization [6] - Manufacturers are advised to be cautious of "passive capacity expansion" risks, as blind expansion to meet short-term demands could lead to inventory buildup and price wars [6]

1 债券代码：149537.SZ 债券简称：21天马01 中国银河证券股份有限公司关于 天马微电子股份有限公司董事会换届选 举、取消监事会及监事的 临时受托管理事务报告 债券受托管理人 1/5 1/5 2/5 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》及《天马微电子股份有限公司2019年面向合格投资者公开发行公司 债券债券受托管理协议》（以下简称"《债券受托管理协议》"）等相关文 件，以及天马微电子股份有限公司（以下简称"发行人"或"公司"）披露的 相关公告，由"天马微电子股份有限公司2021年面向合格投资者公开发行公司 债券（第一期）（以下简称"21天马01"）"的债券受托管理人中国银河证券 股份有限公司（以下简称"中国银河证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为中国银河证券所 作的承诺或声明。 2 2/5 中国银河证券作为"21天马01"的债券受托管理人，持续密切关注对"21 天马01"债券持有人权益有重大影响的事项。根据《公司债券发行与交易管理 办法》《公司债券受托管 ...

| 证券代码: | 000050 | 证券简称: 深天马 A | | --- | --- | --- | | 债券代码: | 149741 | 债券简称: 21 天马 02 | | 债券代码: | 149885 | 债券简称: 22 天马 05 | (11) 中信证券股份有限公司 CITIC Securities Company Limited 二〇二五年九月 中信证券股份有限公司 关于天马微电子股份有限公司董事会换届选举、 取消监事会及监事 之 临时受托管理事务报告 债券受托管理人 l 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《天马微电子股份有限公司 2021 年面向专业投资者公开发行公司债券 受托管理协议》(以下简称《受托管理协议》)等相关规定、公开信息披露文件、 天马微电子股份有限公司（以下简称"公司"或"发行人"）出具的相关公告文 件以及提供的相关资料等,由本次公司债券受托管理人中信证券股份有限公司 （以下简称"中信证券"）编制。 本报告仅对公司债券受托的有关事项进行说明,不构成针对公司债券的任何 投资建议。投资者应对相关事宜做出独立判断,而不应将本报告中任何 ...

Group 1 - Tianma Microelectronics Co., Ltd. announced the election of Cheng Wei as the chairman of the board, with a term consistent with the current board [1] - Cheng Wei, born in 1981, joined Tianma in 2007 and has progressed through various key roles in technology research and enterprise management, holding 7,700 shares in the company [1] - Tianma specializes in customized display solutions, focusing on mobile displays and automotive displays as core businesses, with IT displays as a key growth area [1] Group 2 - Wang Lei has been appointed as the general manager of Tianma, nominated by Chairman Cheng Wei, and holds 7,800 shares in the company [1] - Wang Lei, born in 1971, has extensive experience in the industry and has held multiple management positions within Tianma since joining in 1993 [1] Group 3 - Other electronic companies in China, such as China Electronics and Konka Group, have also experienced executive changes this year [2] - China Electronics, a state-owned enterprise, has appointed Li Ligong as the party secretary and chairman, with total assets of 433.6 billion yuan and 18.9 million employees [2] - Konka Group has integrated into China Resources Group's technology and emerging industries sector, with a significant number of board members and executives having backgrounds in China Resources [2]

Core Insights - China has transitioned from a manufacturing powerhouse to a leader in intelligent manufacturing, particularly in the display panel industry, achieving a market size of 396.2 billion yuan in 2022, accounting for 68.2% of the global market share [1][3] - Tianma Microelectronics has emerged as a significant player in the OLED market, ranking third globally in flexible OLED smartphone displays and first in LTPS smartphone display modules since 2018 [3][4] - The global AMOLED smartphone panel shipment is projected to reach approximately 420 million units in the first half of 2025, with Chinese manufacturers holding a 51.7% market share, reflecting a 1 percentage point increase year-on-year [4][9] Industry Trends - The adoption of OLED technology is accelerating across various sectors, including automotive displays, which are expected to grow from $480 million in 2023 to $2.18 billion by 2027 [9] - Tianma is focusing on enhancing the reliability and performance of OLED displays for automotive applications, indicating a shift towards more stringent standards compared to consumer electronics [9][10] Company Developments - Tianma is investing approximately 1.57 billion yuan in R&D for flexible AMOLED technologies, aiming to cover all major domestic smartphone brands with its products [10][15] - The company has developed a G-shaped foldable display with advanced SLOD technology, which reduces power consumption by 30% and extends lifespan significantly compared to single-layer displays [11][15] - Tianma's TM18 factory, the largest single-site flexible AMOLED factory in China, has seen a significant improvement in profitability, with over a 50% year-on-year increase in its flexible AMOLED mobile business [15][20] Product Innovations - Tianma has launched a new high-end OLED technology brand, "Tianma Tiangong Screen," focusing on eye protection and high refresh rates, with capabilities supporting up to 240Hz [16][19] - The "Tiangong Screen" features a peak brightness of 8000 nits and covers 95% of the BT.2020 color gamut, enhancing visual experience and detail precision [17][19] Financial Performance - In the first half of 2025, Tianma reported total revenue of 17.475 billion yuan, a year-on-year increase of 9.93%, and a net profit of 206 million yuan, marking a turnaround from previous losses [20]