Company Overview - Deep Tianma A's stock price increased by 2.19% on September 5, reaching 9.78 CNY per share, with a total market capitalization of 24.037 billion CNY [1] - The company has seen an 8.31% increase in stock price year-to-date, with a 4.02% decline over the last five trading days, a 4.26% increase over the last 20 days, and a 23.64% increase over the last 60 days [2] - The company specializes in display technologies for mobile smart terminals, automotive displays, and value-added services in medical and industrial control sectors, with 99.05% of its revenue coming from display screens and modules [2] Financial Performance - For the first half of 2025, Deep Tianma A reported revenue of 17.475 billion CNY, a year-on-year increase of 9.93%, and a net profit attributable to shareholders of 206 million CNY, reflecting a significant year-on-year growth of 142.07% [2] - The company has distributed a total of 1.429 billion CNY in dividends since its listing, with no dividends paid in the last three years [3] Shareholder Information - As of August 20, 2025, the number of shareholders for Deep Tianma A was 68,300, an increase of 1.12% from the previous period, with an average of 35,984 circulating shares per shareholder, a decrease of 1.11% [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 54.9572 million shares, a decrease of 5.8191 million shares from the previous period [3]

Core Insights - The global display panel revenue for the first half of 2025 is approximately $56.2 billion, showing a year-on-year decline of 4.2% but a quarter-on-quarter increase of 5.8% [1] - Chinese mainland panel manufacturers achieved a revenue of about $29.3 billion, capturing 52.1% of the global market share, marking a year-on-year increase of 3.3 percentage points [1] - Korean panel manufacturers' revenue share decreased to 30%, down 3.2 percentage points year-on-year, while Taiwanese manufacturers increased their share to 13.2%, up 0.6 percentage points [1] Regional Revenue Changes - In the first half of 2025, Chinese mainland panel manufacturers saw a year-on-year revenue growth of approximately 7%, while Taiwanese manufacturers grew by 4.4% [2] - Korean panel manufacturers experienced a significant decline of 9.5%, and Japanese manufacturers faced a 16.7% drop in revenue [2] - Compared to 2020, the global revenue share of Chinese mainland panel manufacturers increased by 18.6 percentage points, while Taiwanese, Korean, and Japanese manufacturers saw declines of 2.3, 10.3, and approximately 6 percentage points, respectively [2] Company Rankings - BOE maintained its position as the world's top panel manufacturer in the first half of 2025, with TCL's CSOT showing significant revenue growth, narrowing the gap with Samsung Display and LG Display [4] - AUO, Innolux, Tianma, and HKC are in the third tier, each exceeding $2 billion in revenue [4] Profitability Analysis - In the first half of 2025, seven publicly listed panel companies achieved profitability, an increase from the previous year, with AUO and Tianma joining the profitable ranks [7] - Samsung Display remains the leader in operating profit, but its advantage has significantly decreased; TCL and BOE are closely following, with operating profits around $600 million [7] - The largest operating losses were reported by Visionox, JDI, and EDO, each exceeding $100 million, while LG Display showed significant improvement in reducing its losses [7] Industry Trends - The display industry is transitioning from "scale expansion" to "value reconstruction," with Chinese mainland manufacturers leveraging capacity advantages and technological breakthroughs to enhance competitiveness [9] - Korean manufacturers face challenges in maintaining high-end positions and controlling costs [9] - The second half of 2025 is expected to see structural growth in the Chinese mainland display panel market, driven by the increasing demand for large-sized displays and high-value products like Mini LED and OLED [9]

Market Overview - The optical optoelectronics sector experienced a decline of 1.41% on September 3, with Absen leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Absen (300389) closed at 15.19, down 8.44% with a trading volume of 255,000 shares and a turnover of 397 million yuan [1] - Huaying Technology (000536) fell by 7.63% to 5.45, with a trading volume of 2.14 million shares and a turnover of 1.204 billion yuan [1] - Other notable declines include Linjie Sensor (300701) down 5.35%, Qianzhao Optoelectronics (300102) down 5.29%, and Fuguang Co., Ltd. (688010) down 4.60% [1] Capital Flow - The optical optoelectronics sector saw a net outflow of 764 million yuan from institutional investors, while retail investors contributed a net inflow of 513 million yuan [1] - The table of capital flow indicates that major stocks like Su Da Weige (300331) and O-film (002456) experienced significant net outflows from institutional and retail investors [2]

Core Viewpoint - The company, Tianma Microelectronics Co., Ltd., has approved a share repurchase plan to buy back its own shares, aiming to reduce registered capital and enhance shareholder value [1][2]. Summary by Sections Share Repurchase Plan - The company plans to repurchase shares through centralized bidding, with a total fund allocation between RMB 150 million and RMB 200 million, and a maximum repurchase price of RMB 12.43 per share [1]. - The implementation period for the repurchase is set for 12 months from the date of shareholder approval [1]. Progress of Share Repurchase - As of August 31, 2025, the company has repurchased a total of 6,913,262 shares, representing approximately 0.2813% of the total share capital [2]. - The highest transaction price during the repurchase was RMB 9.81 per share, while the lowest was RMB 9.19 per share, with a total expenditure of RMB 65,859,710 (excluding transaction fees) [2]. Compliance and Future Actions - The share repurchase activities comply with relevant regulations and guidelines, including the "Regulations on Share Repurchase by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies" [3]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill information disclosure obligations as required [3].

证券日报网讯9月2日晚间，深天马A发布公告称，截至2025年8月31日，公司通过回购专用证券账户， 以集中竞价方式实施回购公司股份，累计回购股份数量为6，913，262股，约占公司目前总股本的 0.2813%。 ...

证券日报网讯 9月2日晚间，深天马A发布公告称，经公司职工代表大会民主选举，选举马振锋先生为公 司第十一届董事会职工董事。 （文章来源：证券日报） ...

Core Viewpoint - The Hong Kong Jockey Club (HKJC) is enhancing the horse racing experience by introducing new facilities "Lianhui" and "Tianma Yi" for the 2025/2026 racing season, aiming to attract both local and international visitors, especially the younger generation [1][2]. Group 1: New Facilities - "Lianhui" will serve as a hub connecting the MTR station to the new grandstand, providing an immersive entry experience for visitors [3]. - "Tianma Yi" is a four-story digital racing center that combines sports, entertainment, and dining, redefining the horse racing experience in Hong Kong [5][6]. - Both facilities utilize advanced digital technology to enhance visitor engagement and interest in horse racing [2][5]. Group 2: Investment and Development - The HKJC has invested over HKD 10 billion in a multi-year development plan to revitalize the Sha Tin and Happy Valley racecourses, with an additional HKD 4 billion planned for further upgrades [2]. - The goal is to transform the racecourses into world-class sports and entertainment centers, appealing to both local residents and tourists [2]. Group 3: Visitor Engagement - The new facilities are designed to attract a younger audience, with interactive and digital experiences that promote a deeper understanding of horse racing [2][5]. - The HKJC reported over 1.7 million attendees last season, including more than 195,000 from mainland China, indicating a growing interest in horse racing among younger demographics [2]. Group 4: Upcoming Projects - The renovation of Pengfu Park is set to be completed by January 2026, with new facilities aimed at educating the public about horse culture [2]. - A new WeChat mini-program named "Hong Kong Racecourse" will be launched on September 11 to assist visitors in planning their trips and accessing information about the racecourse [7][8].

Group 1 - The company announced the progress of its share repurchase plan as of the end of August 2025 [1] - The repurchase plan was approved in meetings held on April 15 and July 2, 2025, with a total fund allocation of no less than 150 million yuan and no more than 200 million yuan, and a maximum repurchase price of 12.43 yuan per share [2] - As of August 31, 2025, the company had repurchased a total of 6,913,262 shares, accounting for approximately 0.2813% of the total share capital, with a total payment of 65,859,710 yuan [3] Group 2 - The company's share repurchase complies with relevant regulations, including the timing, quantity, and price of the repurchase, and it did not repurchase shares during significant events that could affect the stock price [4]

Group 1 - The company, Deep Tianma, announced a share repurchase plan, having repurchased approximately 6.91 million shares, accounting for about 0.2813% of its total share capital, with a total payment of approximately 65.86 million yuan [1] - The highest transaction price during the repurchase was 9.81 yuan per share, while the lowest was 9.19 yuan per share [1] - For the first half of 2025, the company's revenue composition was 99.05% from the electronic device manufacturing industry and 0.95% from other businesses [1] Group 2 - As of the report, the market capitalization of Deep Tianma is 24.1 billion yuan [1]

证券代码：000050 证券简称：深天马A 公告编号：2025-067 天马微电子股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 天马微电子股份有限公司（以下简称"公司"）分别于2025年4 月15日和2025年7月2日召开第十届董事会第二十八次会议和2025年 第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》， 同意公司以集中竞价交易方式回购部分公司股份，回购的股份将用于 减少公司注册资本，拟回购股份的种类为公司发行的人民币普通股（A 股），拟用于回购的资金总额为不低于人民币1.5亿元且不超过人民 币2亿元，回购股份价格不超过人民币12.43元/股，具体回购数量以 回购期限届满时实际回购的股份数量为准，回购股份的实施期限为自 公司股东大会审议通过本次回购方案之日起12个月内。 以上具体内容请见公司分别于2025年4月16日、2025年7月3日、 2025年7月11日在《证券时报》和巨潮资讯网上披露的《第十届董事 会第二十八次会议决议公告》（公告编号：2025-021）、《关于回 购公司股份方案的公告》（公 ...