Financial Performance - The company's core business segments showed strong growth in the first three quarters of 2025, with a significant improvement in profitability and revenue levels. The gross profit margin increased by 3.2 percentage points year-on-year, while the cost expense ratio decreased by approximately 4.6 percentage points. The net profit attributable to shareholders improved by 7.86 billion CNY, and the net profit after deducting non-recurring gains and losses improved by over 10 billion CNY [3][5]. Micro-LED Technology Development - The company has been developing Micro-LED technology since 2017, focusing on applications in automotive displays and splicing displays. The Micro-LED production line was lit in 2024, with small batch shipments of standardized display modules expected in 2025. The company also launched the industry's first 108-inch 4K seamless splicing Micro-LED display at the innovation conference [4][6]. Automotive Electronics Business - The automotive electronics business began mass deliveries to international leading car manufacturers in 2023, with sales increasing by 56% year-on-year in the first three quarters of 2025. This segment is expected to grow rapidly alongside the development of new energy vehicles, becoming a new growth engine for the company's automotive display business [5][6]. Strategic Development Plans - The company adheres to a "2+1+N" development strategy, focusing on mobile displays and automotive displays as core businesses, while positioning IT displays as a key growth area. Future projects include the construction of the 8.6 generation panel production line and new Micro-LED production lines, aimed at enhancing long-term competitiveness in the new display field [6][7]. Capital Expenditure and Depreciation - Capital expenditures are focused on core business development, including fixed asset investments and technological upgrades. The company anticipates a decline in capital expenditures as previous investments reach completion. Depreciation is expected to remain stable in 2025, with a gradual decrease anticipated thereafter [7][8]. Market Value Management - The company emphasizes market value management, incorporating it into its assessment system. Initiatives include the release of valuation enhancement plans and commitments from major shareholders not to reduce their stakes. The management will continue to enhance company value through improved operational efficiency and investor communication [9].

Core Insights - AI technology is profoundly reshaping the display industry landscape, with companies like Tianma Microelectronics adopting an "Display + AI" innovation path to drive upgrades across the entire value chain [1][2] Group 1: Innovation Strategy - Tianma Microelectronics emphasizes innovation as its core gene, integrating AI deeply into its product and display technology layout [1] - The company aims to transition display technology from "hardware precision" to "scene intelligence," redefining the existence and functional boundaries of displays across various sectors including smartphones, smart cockpits, IT displays, health, smart homes, and smart medical applications [1] Group 2: Technical Advancements - Tianma has established four display technology platforms (SFT, SFO, SFM, SFX) based on five innovation pillars: green, healthy, portable, beautiful, and intelligent, covering all scene needs from home to office and transportation [2] - The company has achieved significant breakthroughs in sensor technology, integrating fingerprint recognition, environmental light sensing, and lifespan monitoring into a single screen, enhancing user experience and reliability [3] Group 3: Product Launches - The "Tianxuan" series screens feature a 49.6-inch panoramic immersive display with a 1.25-meter ultra-wide curve, integrating multiple functionalities for a futuristic smart cockpit experience [3] - In the IT display sector, Tianma has made industry breakthroughs in adaptive refresh rate technology and introduced a 108-inch 4K giant screen with peak brightness of 1500 nits and a contrast ratio of 1,000,000:1, marking a new era for home theaters and commercial displays [4]

Group 1 - The core viewpoint of the article highlights the innovative technologies showcased by Tianma Microelectronics at the TIC 2025 Global Innovation Conference, emphasizing advancements in display technology across various applications [1][3][5][8]. Group 2 - In the IT display sector, Tianma introduced the LEAF 2.0 energy-saving screen and the world's first true 610Hz gaming screen, utilizing advanced oxide semiconductor technology and adaptive refresh rate technology to meet high-performance demands in AI and gaming [1]. - In the large-size display segment, Tianma unveiled a 108-inch Micro LED screen featuring full laser mass transfer and seamless splicing technology, achieving 4K resolution with peak brightness of 1500 nits and a contrast ratio of 1,000,000:1, catering to home theater and commercial display needs [3]. - In the mobile application field, Tianma presented several new Tian Gong screen series products, focusing on optimizing display experience with low power consumption and true color representation [5]. - In the automotive display sector, Tianma showcased various screens including panoramic immersive screens and curved center control screens, designed to meet diverse automotive display requirements with features like high brightness and electric retraction [8].

Core Viewpoint - The stock of Tianma Microelectronics Co., Ltd. (深天马A) has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 22.34 billion yuan. The company has shown a modest year-to-date stock price increase of 0.66% but has faced declines over various short-term periods [1]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 26.66 billion yuan, reflecting a year-on-year growth of 11.03%. The net profit attributable to shareholders was 313 million yuan, marking a significant increase of 166.25% compared to the previous year [2]. Shareholder Information - As of November 10, 2025, the number of shareholders for 深天马A reached 72,700, an increase of 1.08% from the previous period. The average number of circulating shares per shareholder decreased by 1.07% to 33,805 shares [2]. Dividend Distribution - Since its listing, 深天马A has cumulatively distributed dividends amounting to 1.43 billion yuan. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 110 million shares, which is an increase of 55 million shares from the previous period [3].

Group 1 - The core viewpoint of the article highlights the performance of the motorcycle industry in China, particularly focusing on the production and sales data of Guangzhou Tianma Group's Tianma Motorcycle Co., Ltd. [1] - In September 2025, Tianma Motorcycle produced 30,000 units, marking a year-on-year increase of 42.67% [1] - The sales volume for the same period was 25,220 units, which represents a year-on-year decline of 7.3% [1] - The production and sales rate stood at 84.07%, with an inventory backlog of 4,780 units [1] Group 2 - The article references a comprehensive market assessment and development strategy report for the motorcycle industry in China, covering the period from 2026 to 2032 [1] - It mentions several listed companies in the motorcycle sector, including Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, and others [1] - The data is sourced from the China Automotive Industry (Motorcycle) Production and Sales Quick Report, organized by Zhiyan Consulting [1]

本报记者 丁蓉 广东省的智能穿戴产业为何能领跑？《证券日报》记者深入广东省智能穿戴产业调研，探寻特色产业集 群迅速发展的"磁力密码"。 产业集聚： 形成立体化格局 华强北市场被誉为"中国电子第一街"，是广东乃至全国消费电子产业的核心枢纽。记者在华强北市场的 档口里看到，墨西哥的采购商丹尼尔和他的同伴在细心挑选智能穿戴产品。他试戴的一副AI眼镜，支 持实时翻译、导航、拍照等丰富功能。 "市场里的外籍采购商面孔越来越多，我的客户中就有来自东南亚、拉美、中东等地的采购商。近年 来，我国免签'朋友圈'持续扩容，采购商入境更加便利，来华强北市场'淘货'成为常态。现在，我们有 近四成的产品外销，并且与一些海外客户逐步建立长期合作。"在华强北市场经营智能穿戴产品及配件 的经销商章杰告诉《证券日报》记者。 如今，华强北市场已形成从研发设计到制造营销的完整链路。在走访调研过程中，多位业内人士告诉 《证券日报》记者，这里的智能穿戴产品具有三大核心竞争力。一是商户对市场的敏锐嗅觉。例如，今 年年初，智能眼镜在华强北市场还属零星品类，仅几个月后，这类产品就如雨后春笋般占据市场。二 是"闪电式"响应能力。对于有定制化需求的客户，从芯片 ...

11月18日，省委常委、市委书记、市长盛阅春会见天马微电子股份有限公司党委书记、 董事长成为。 市领导曾晟、沈悦、李湛，东湖高新区管委会主任余松参加会见。 编辑：王冲 盛阅春对成为一行来汉表示欢迎，对2025年天马全球创新大会在汉召开表示祝贺。他 说，武汉东湖高新区在光电子信息产业领域独树一帜，历经三十多年发展，形成覆盖"光芯 屏端网"的全产业链布局，离不开天马微电子等广大创新型企业的大力支持。当前，全市上 下正深入学习贯彻党的二十届四中全会精神和习近平总书记考察湖北重要讲话精神，认真落 实省委、省政府部署要求，抢抓新一轮科技革命和产业变革机遇，全力打造国家科技创新中 心，推动科技创新和产业创新深度融合，加快发展新兴产业和未来产业，构建体现武汉优势 的现代化产业体系。希望天马微电子以此次大会召开为契机，进一步深化双方务实合作，持 续加大在汉投资力度，带动产业链上下游在汉聚集，助力武汉打造世界级光电子信息产业集 群，推动"中国光谷"加速迈向"世界光谷"。我们将营造一流营商环境和良好创新生态，全力 支持广大企业在汉做大做强。 成为对武汉市长期以来的大力支持表示感谢，并介绍了企业战略发展和在汉布局情况。 他说，武汉 ...

人民财讯11月18日电，11月18日，在天马微电子全球创新大会2025期间，天马微电子发布全景沉浸天轩 屏，这是一款49.6英寸、R3000超弯弧度的一体化曲面屏，从左A柱贯穿至右A柱，打造无界沉浸视野。 天马微电子介绍，天轩屏集成像素级调光技术，实现百万比一对比度，烈日下清晰可见，并有效抑制倒 影、集成动态后视镜，全面提升行车安全，重新定义未来智能座舱主驾屏。此外，天轩屏能够实现 12000nits超高出屏亮度和仅6W的低功耗，突破了AR-HUD的亮度和功耗瓶颈。 ...

Core Viewpoint - Tianma Microelectronics has launched the world's first intelligent screen, the All-Domain Light-Sensing Tian Gong Screen, which integrates large-area under-screen fingerprint recognition, ambient color temperature sensing, and OLED lifespan monitoring, marking a significant advancement in display technology [1] Group 1 - The All-Domain Light-Sensing Tian Gong Screen is designed to actively sense the environment and intelligently adjust, moving from passive display to active perception [1] - This innovation aims to enhance user experience by making unlocking more convenient and viewing more comfortable, addressing concerns related to screen burn-in [1] - The product is positioned to lead the evolution of display technology towards more interactive and responsive interfaces [1]

证券日报网讯 深天马A11月17日在互动平台回答投资者提问时表示，公司分红方案遵守规则的要求，综 合公司经营情况、未来发展规划等因素后作出。未来，公司将在具备分红条件的前提下结合公司的经营 发展规划，积极分红回报投资者。 ...