Core Insights - The Tianma Microelectronics Global Innovation Conference (TIC 2025) was held in Wuhan, focusing on the future of display technology and showcasing Tianma's technological strengths [1] - Tianma aims to transition from being a leader in small to medium-sized displays to becoming a global leader in the display ecosystem [3][14] Display Technology Innovations - Tianma unveiled 11 cutting-edge display technologies across OLED, automotive displays, IT displays, and Micro-LED, marking a new era of AI-integrated and boundary-less display technology [3] - The "Tianxuan" brand's panoramic immersive screen features a 49.6-inch, 8K, 1.25-meter integrated curved design, enhancing the driving experience by merging the screen with the windshield [4] - The IRIS HUD panoramic display projects driving information onto the windshield with a brightness of 12,000 nits and a power consumption reduction of 40%, making it accessible beyond high-end models [6] - The L-shaped curved central control screen and the flexible rollable screen demonstrate innovative designs that enhance user interaction and aesthetic integration with vehicle interiors [8][10] Connectivity and Future Directions - Tianma introduced a full-domain pure electric scanning intelligent flat antenna designed for high-speed data transmission, supporting the need for constant connectivity in vehicles [12] - The conference highlighted Tianma's commitment to defining product forms and leading scenario innovation in the display industry, marking a new phase for China's display sector [14]

Core Insights - The Tianma Microelectronics Global Innovation Conference (TIC 2025) showcased the "Tianxuan" series, emphasizing a comprehensive innovation in the automotive display sector, signaling a shift in the visual experience of next-generation smart vehicles [1][3][20] Group 1: Product Innovations - The "Tianxuan" series includes advanced products like the 49.6-inch ultra-wide curved screen and the 14.5mm ultra-thin high-brightness HUD, highlighting Tianma's technological depth in automotive displays [1][5] - The "Panoramic Immersive Tianxuan Screen" integrates multiple display functions and features advanced ACRUS pixel-level dimming technology, achieving a contrast ratio of 100,000:1 and a reflection rate below 0.55% [5][11] - The "IRIS HUD" addresses the industry's brightness-power-consumption challenge, achieving 12,000 nits brightness while reducing power consumption by 40% [5][7] Group 2: System-Level Solutions - Tianma's approach to automotive displays transcends mere hardware, positioning screens as the "visual hub" of smart cockpits, integrating reliability, safety, and system integration [7][11] - The company emphasizes a "screen-system-scene" full-stack display solution, moving from simple information presentation to intelligent scene interaction [11][12] Group 3: Technological Advancements - Tianma has made significant strides in various display technologies, including OLED, Mini-LED, and Micro-LED, with breakthroughs in manufacturing and quality control [22] - The company has established industry standards for automotive display modules, reinforcing its role as a leader in the automotive display sector [22] Group 4: Market Position and Strategy - Tianma has maintained a leading market share in global automotive displays since 2020, with a 95% coverage rate across automotive brands [27] - The company is leveraging China's position as the largest market for new energy vehicles to drive innovation and respond to local customization needs [22][27] Group 5: Sustainability Initiatives - Tianma is committed to carbon neutrality and has outlined a comprehensive plan focusing on green energy, resource recycling, and low-carbon products [17][19] - The company has initiated a "Green Ecosystem Initiative" in collaboration with industry partners to promote sustainable development in the display industry [19]

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]

Core Insights - The article highlights the rapid growth and competitive advantages of Guangdong's smart wearable industry, particularly centered around the Huaqiangbei market, which has become a global hub for smart wearable products [1][2][4]. Industry Overview - In the first three quarters of this year, the number of registered smart wearable products in China reached 181,000, a 91.4% increase from September 2020, with Guangdong accounting for 158,400 of these products [1]. - The smart wearable industry in Guangdong is characterized by a complete supply chain from research and design to manufacturing and marketing, enabling rapid product development and market responsiveness [2][4]. Competitive Advantages - The smart wearable products in Huaqiangbei exhibit three core competitive advantages: market sensitivity, rapid response capabilities, and high cost-performance ratio [2]. - Guangdong's smart wearable industry benefits from a multi-layered, three-dimensional structure, with leading companies showcasing strong product definition and technological innovation [3][4]. Policy Support - The growth of the smart wearable industry is supported by a series of government policies aimed at fostering research, innovation, and talent acquisition [4][5]. - As of October 2025, there are over 18,000 wearable device-related companies in China, with Guangdong housing more than 13,000, representing 70.54% of the national total [4]. Future Trends - The global consumer-grade smart wearable market is projected to reach $36.273 billion by 2025 and $97.371 billion by 2032, with a compound annual growth rate of 15.15% [5]. - Future developments in smart wearables are expected to focus on higher precision sensors for specialized applications in education and healthcare, as well as integrating large models for personalized services [5]. Transformation of the Industry - Guangdong's smart wearable industry has transitioned from a focus on low-end markets to becoming a leader in innovation, particularly in the smart glasses sector, where it produces over 50% of the country's smart glasses [6][7]. - The industry has shifted from being a follower in technology to becoming a leader, with companies developing new technologies and standards for smart glasses and other wearable devices [7].

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 ...

Core Viewpoint - Tianma Microelectronics launched the Tianxuan screen, a 49.6-inch ultra-curved display designed to enhance driving safety and redefine future smart cockpit experiences [1] Group 1: Product Features - The Tianxuan screen features a pixel-level dimming technology, achieving a contrast ratio of 1,000,000:1, ensuring visibility even under direct sunlight [1] - It integrates dynamic rearview mirror capabilities and effectively suppresses reflections, contributing to improved driving safety [1] - The screen boasts an impressive brightness of 12,000 nits while maintaining a low power consumption of only 6W, overcoming previous limitations in AR-HUD brightness and power consumption [1]