Core Viewpoint - In 2025, Chinese panel companies have transitioned from mere scale expansion to a phase where technology defines their business models, particularly in the OLED sector, while maintaining a controlled production strategy in the mature LCD market [1][19]. LCD Market Dynamics - The LCD market has shifted from a "full production, full sales" model to an "on-demand production" strategy, where manufacturers adjust production based on actual orders to stabilize prices [6][7]. - Major panel manufacturers have agreed to control production to maintain profitability, leading to a reduction in the operating rate of LCD production lines to below 80% in October 2025 [2][3]. - The market concentration has increased, giving leading companies stronger bargaining power, which has allowed them to implement production control strategies effectively [7][8]. Financial Performance - The financial results reflect the success of the new production strategy, with companies like BOE and TCL reporting significant profit increases in their third-quarter results, with net profits growing by 39.03% and 53.5% respectively [8][9]. OLED Market Strategies - In the OLED sector, leading companies are pursuing different technological paths, with BOE investing 630 billion RMB in a mainstream "evaporation" process, while TCL is adopting a lower-cost "printing" method with an investment of only 295 billion RMB [11][12]. - Visionox is exploring a unique approach using its proprietary ViP technology, which aims to replace traditional masking techniques with semiconductor-like processes [14][15]. - The competition in the OLED market is intensifying as companies aim to capture the growing demand for OLED panels in IT devices, with projections indicating a compound annual growth rate of 33% for OLED in laptops by 2030 [17]. Future Outlook - The race for the 8.6-generation OLED production lines is critical as the smartphone market matures, with companies like BOE and TCL setting ambitious timelines for mass production by 2026 and 2027 respectively [17][18]. - Despite not investing in new OLED lines, Tianma Microelectronics is focusing on enhancing its existing LCD capabilities, particularly in the automotive display sector, which is expected to grow significantly [19].

Core Insights - The display panel industry, often perceived as a mature and stagnant sector, is undergoing significant structural changes driven by supply-side adjustments and technological differentiation [2][3][4] Group 1: LCD Market Dynamics - LCD panel manufacturers are adopting a "just-in-time production" strategy to maintain profitability, moving away from the traditional "full production" model [5][6] - In December, TV panel prices are expected to stabilize due to proactive inventory management by manufacturers in anticipation of demand for the first quarter of 2026 [5][6] - The production capacity utilization rate for LCD lines fell below 80% in October as manufacturers intentionally reduced output to cope with demand fluctuations [3][6] Group 2: OLED Market Strategies - Major players in the OLED sector, including BOE, TCL Technology, and Visionox, are investing over 140 billion RMB in their respective 8.6-generation OLED production lines, each choosing different technological paths [3][4][9] - BOE is focusing on the mainstream "evaporation" process and complex tandem structures to enhance performance, while TCL is pursuing a cost-effective "printing" method [9][11] - Visionox is developing its proprietary "VIP" technology, which utilizes semiconductor photolithography to eliminate the need for traditional masking techniques [11][12] Group 3: Financial Performance and Market Position - The shift to controlled production has led to improved financial results for major manufacturers, with BOE reporting a net profit of 4.601 billion RMB for the first three quarters, a 39.03% increase year-on-year [7] - TCL Technology's panel business achieved a net profit of 6.1 billion RMB, reflecting a 53.5% year-on-year growth [7] - Despite not investing in new OLED lines, Tianma Microelectronics is focusing on enhancing its existing LCD production capabilities, particularly in the automotive display sector [8][16] Group 4: Future Outlook and Competitive Landscape - The transition from LCD to OLED in the IT panel market is expected to accelerate, with a projected compound annual growth rate of 33% for OLED in laptops by 2030 [14] - As the competition intensifies, companies must navigate the high-end market against established players like Samsung Display while leveraging their unique technological advantages [15][16] - The display industry is moving from a phase of scale expansion to one where technology defines business models, marking a critical evolution in the sector [17]

Group 1 - The U.S. Congress is voting on the National Defense Authorization Act for fiscal year 2026, totaling $901 billion, with the House passing it by a vote of 312 to 112, awaiting Senate review [1] - A notable provision in the act aims to prohibit the Pentagon from purchasing displays from Chinese or Russian companies, requiring a strategy to end reliance on these countries' display technology by 2030 [1][2] - This provision was initiated by Congressman Austin Scott, who highlighted that critical military equipment relies on OLED displays produced by Chinese companies, posing a risk to U.S. national security [1] Group 2 - The U.S. government has previously attempted to restrict Chinese display companies, with a military committee approving a measure to review whether companies like BOE and Tianma should be listed as "military-related" [2] - Experts warn that a forced ban on military procurement from China could hinder the U.S. military's ability to secure display supplies in emergencies, adding pressure on U.S. suppliers to relocate production or find new contractors [2] - According to CounterPoint Research, global OLED panel shipments increased by 14% quarter-on-quarter and 5% year-on-year in Q3 2025, with Chinese manufacturers like BOE and Visionox showing significant growth [4]

Core Viewpoint - The company, Deep Tianma A, has a strong presence in the display industry with advanced production capabilities and a diverse product line, focusing on various display markets including mobile, automotive, IT, and industrial products [2] Group 1: Company Overview - Deep Tianma A operates one wholly-owned subsidiary and three joint ventures in Xiamen, covering multiple production lines including G5.5 and G6 LTPS-LCD lines, a G6 flexible AMOLED line, a G8.6 a-Si/Oxide line specialized in small and medium-sized displays, and a full-process Micro-LED line [2] - The company has over 40 years of experience in the display industry and maintains close cooperation with major brand manufacturers in the sector [2] Group 2: Market and Partnerships - The company has established friendly relationships with thousands of global suppliers, accumulating high-quality supplier resources [2] - The target markets for the company's products include mobile devices, automotive displays, IT products, and industrial applications, indicating a broad market reach [2]

证券日报网讯 12月11日，深天马A在互动平台回答投资者提问时表示，柔性AMOLED技术在手机显示 领域渗透率仍将持续提升，并保持结构性增长，其中大陆OLED面板厂商未来有望进一步提升市场份 额，但阶段性也会面临市场竞争日趋激烈等影响，给行业厂商短期经营带来压力。公司将继续推进 OLED手机产品高端化布局，不断加强在旗舰项目的能力和覆盖，同时积极推进OLED技术在车载、 IT、穿戴等领域的多元化拓展，依托丰富的客户布局、产线能力的持续提升、多维度的极致降本等综合 措施，来持续提升柔性AMOLED业务的规模和盈利水平。 （文章来源：证券日报） ...

Core Viewpoint - The company, Deep Tianma A, has been dedicated to the display field for over 40 years, focusing on the development of its core display business while also actively exploring non-display application technologies based on panel processes and TFT driving technology [1] Group 1 - The company has a long-standing commitment to the display industry, emphasizing its expertise and experience [1] - The company is not only concentrating on its main display business but is also diversifying into non-display applications [1]

Core Viewpoint - The company emphasizes its commitment to innovation and technology leadership in the new display industry, aiming to achieve product leadership through advanced technology development [1] Group 1: R&D Focus - The company's R&D investments are primarily directed towards flexible AMOLED, LCD technologies, and applications in smartphones, automotive, and IT display sectors [1] - The company maintains a forward-looking approach by investing in cutting-edge technologies such as Micro-LED and non-display technologies [1] Group 2: Competitive Advantage - Continuous improvement in R&D capabilities is expected to enhance the company's display solution offerings and diversify its product portfolio [1] - The focus on technological advancements is aimed at strengthening the company's competitive position in the market [1]

证券日报网讯12月11日，深天马A在互动平台回答投资者提问时表示，截至2025年11月28日，公司股东 户数为73397户(含信用账户)。 ...

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(第二期) 2025 年付息公告 本公司及全体董事保证本公告内容真实、准确、完整,没有虚假记载、误导 性陈述或者重大遗漏。 重要提示: 债券简称:21 天马 02 债券代码:149741 债权登记日:2025年12月8日 | 证券代码:000050 | 证券简称:深天马 A | 公告编号: 2025-079 | | --- | --- | --- | | 债券代码:149741 | 债券简称:21 天马 02 | | 付息日:2025年12月9日 计息期间:2024年12月9日至 2025年12月8日 天马微电子股份有限公司(以下简称"公司"、"发行人")2021 年面向专业 投资者公开发行公司债券（第二期）将于 2025 年 12 月 9 日支付自 2024 年 12 月 9 日至 2025年 12 月 8 日期间的利息。为保证付息工作的顺利进行,现将有关事项 公告如下: 一、本期债券的基本情况 1. 发行人:天马微电子股份有限公司 2. 债券名称: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(第二期) 3. 债券简称: ...

Core Viewpoint - The merger of Shanghai Tianma and Tianma Organic Light Emitting Display is aimed at optimizing the management structure and improving operational efficiency, aligning with the company's future development needs [1][4]. Group 1: Company Overview - Shanghai Tianma was established in 2006 with a registered capital of 1.03 billion RMB, focusing on the manufacturing and sales of displays, electronic materials, and optoelectronic devices [4]. - For the period of January to September 2024, Shanghai Tianma reported revenue of 5.92 billion RMB and a net profit of 270 million RMB [4]. - Tianma Organic Light Emitting was founded in 2013 with a registered capital of 1 billion RMB, specializing in the R&D, design, production, and sales of organic light-emitting displays [4]. - In the same period, Tianma Organic Light Emitting achieved revenue of 21.01 million RMB and a net profit of 2.69 million RMB [4]. Group 2: Merger Details - On December 2, the company announced the completion of the business deregistration procedures for Tianma Organic Light Emitting [1]. - The board of directors approved the merger plan on December 30, 2024, allowing Shanghai Tianma to absorb Tianma Organic Light Emitting, which will be legally dissolved [1]. - Following the merger, all assets, liabilities, rights, and obligations of Tianma Organic Light Emitting will be inherited by Shanghai Tianma [1].