6月20日，天马微电子宣布，公司为近期新上市的星纪元ET露营版、2026款零跑C16两款车型供 应车用显示屏。 具体来看，星纪元ET露营版配备了由天马微电子供应的10.25英寸全液晶仪表盘，而2026款零跑 C16则搭载了14.6英寸2.5K悬浮式中控屏与10.25英寸全液晶仪表盘的组合。 图片来源：EXEEO星途、零跑 值得一提的是，从今年年初以来，天马微电子已"认领"多款车载显示屏。 | 车型 | 产品 | | --- | --- | | 星纪元ET露营版 | 10.25英寸全液晶仪表 | | 2026款零跑C16 | 14.6英寸中控屏 + 10.25英寸全液晶仪表 | | 小鹏G7 | 15.6英寸悬浮中控屏 | | 广汽昊铂概念车("EARTH 大地" | OLED动态冷弯屏幕 | | 二代哈弗枭龙MAX | 12.3英寸全液晶仪表和14.6英寸中控屏 | | 2025款小鹏X9 | 集邦D splay10.25英寸仪表和17.3英寸中控 | | 2025款小鹏G6 | 15.6英寸中控屏 | 其中，2025款小鹏X9采用的10.25 英寸液晶仪表盘，分辨率为1920x720，画面显示清晰。在亮 度 ...

Group 1: OLED Mobile Display Business - The flexible AMOLED smartphone business is expected to maintain rapid growth in 2024, with the company ranking third globally in flexible AMOLED smartphone shipments [2][3] - In Q1 2025, the TM17 production line showed improved net profit year-on-year and quarter-on-quarter, indicating a continuous enhancement in profitability [3] - The company aims to further increase AMOLED product shipments, including high-spec products like foldable displays, while continuing to reduce costs [3] Group 2: Automotive Display Business - The company has been a leader in the automotive display sector for 30 years, achieving the highest global shipments of automotive TFT-LCD and instrument displays for five consecutive years since 2020 [4][5] - In 2024, the automotive business revenue grew by over 40%, with Q1 2025 showing continued strong growth [4] - The company plans to leverage existing LTPS and OLED production lines to enhance automotive display capabilities and introduce new production lines for advanced technologies [5] Group 3: Industry Trends and Market Outlook - The demand for automotive display products is expected to grow in 2025, driven by an increase in screen quantity and size, particularly in the domestic new energy vehicle market [6][7] - The company is focused on capturing opportunities in automotive electronics and new energy sectors to strengthen its competitive position [7] Group 4: Automotive Electronics Business - The automotive electronics business began mass deliveries to international leading car manufacturers in 2023, with accelerated growth expected in 2024 [8] - This segment is anticipated to become a new growth engine alongside the new energy vehicle business [8] Group 5: Profitability and Margin Trends - The gross margin for the automotive business showed a steady increase year-on-year in Q1 2025, despite facing competitive pressures and price challenges [9] - The company aims to enhance product complexity and integration to improve the value of automotive products and maintain stable gross margins [9] Group 6: IT Display Business Development - The IT display sector is a key growth area under the company's "2+1+N" strategy, with a focus on LTPS-LCD production lines [10] - The company plans to enhance its competitive edge in the IT market through diverse technology solutions and improved customer engagement [10] Group 7: Micro-LED Business Progress - The Micro-LED business is focusing on automotive and splicing display applications, with ongoing collaborations with leading industry players [12] - The Micro-LED production line is expected to achieve small batch capabilities by 2025 [12] Group 8: Depreciation Outlook - Depreciation in 2025 is expected to remain stable compared to 2024, with a gradual decline anticipated as new production lines reach maturity [13] Group 9: Market Value Management - The company has integrated market value management into its assessment system, focusing on enhancing shareholder value and investor confidence [14] - Initiatives include the release of valuation enhancement plans and share repurchase announcements [14] Group 10: 2025 Business Outlook - The company anticipates a strong start in 2025, with improved profitability and a focus on core business areas [15][16] - Plans include leveraging multiple technologies in mobile displays, enhancing automotive display capabilities, and expanding IT display offerings [15][16]

Core Insights - Flexible display technology is revolutionizing the display industry by enabling devices to be curved, folded, and rolled, breaking the traditional rigid display limitations [1][17] - The global flexible display market is projected to grow from $23.2 billion in 2024 to over $173 billion by 2031, driven by advancements in 5G, AI, and VR technologies [1][17] - The flexible OLED segment is expected to see significant growth, with global shipments estimated at approximately 617 million units in 2024, reflecting a year-on-year increase of 21.5% [21] Industry Overview - Flexible displays are made from soft materials and are characterized by low energy consumption, lightweight, durability, and shape variability [2][7] - The main types of flexible displays include bendable, foldable, rollable, and stretchable displays, with bendable and foldable displays already seeing large-scale applications in consumer electronics [2][4] Technology Landscape - The leading technology for flexible displays is flexible OLED, known for its high contrast, wide viewing angles, and rapid response times [4][6] - Other technologies include flexible LCD, electronic paper, quantum dot LEDs, and Micro-LEDs, with flexible OLED being the most widely adopted [4][6] Market Dynamics - The Asia-Pacific region dominates the flexible display market, accounting for over 65% of the global market share, with China, South Korea, and Japan as key contributors [17] - The flexible AMOLED market share in smartphones is expected to rise from 28% in 2022 to 40% in 2024, driven by the demand for high-end smartphone models [19][21] Competitive Landscape - Samsung is the leading global supplier of flexible OLED displays, while BOE Technology Group is the largest producer in China, having broken the international monopoly in 2017 [23] - Chinese companies like BOE, Visionox, Tianma, and TCL Huaxing have made significant technological advancements, enhancing their competitiveness and gradually reducing Samsung's market dominance [23]

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长、总经理 变更的临时受托管理事务报告 债券受托管理人 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。 根据天马微电子股份有限公司于 2025 年 6 月 13 日披露的《天马微电子股 份有限公司关于公司董事长、总经理离任暨选举董事长的公告》《天马微电子 股份有限公司第十届董事会第三十一次会议决议公告》，发行人董事长、总经 ...

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长、总经理 变更的临时受托管理事务报告 债券受托管理人 1 1/5 1/5 2/5 债券代码：149537.SZ 债券简称：21天马01 根据天马微电子股份有限公司于 2025 年 6 月 13 日披露的《天马微电子股 份有限公司关于公司董事长、总经理离任暨选举董事长的公告》《天马微电子 股份有限公司第十届董事会第三十一次会议决议公告》，发行人董事长、总经 理发生变更，具体情况如下： （一）董事长离任情况 发行人董事会于近日收到彭旭辉先生的书面辞职报告。彭旭辉先生因工作 调整原因申请辞去公司第十届董事会董事、董事长职务以及董事会战略与可持 续发展委员会委员、董事会风险管理委员会委员职务，辞职后将不在公司及其 子公司担任任何职务。彭旭辉先生原定的任期到期日为 2025 年 7 月 7 日。根据 《公司章程》等有关规定，彭旭辉先生辞职不会导致公司董事会成员人数低于 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 ...

| 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 | 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长、总经理变更之 临时受托管理事务报告 债券受托管理人 (1) 中信证券股份有限公司 CITIC Securities Company Limited 二〇二五年六月 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。 (二) 总经理离任情况 发行人董事会于近日收到成为先生的书面辞职报告。成为先生因工作调整原 因申请辞去公司总经理职务,辞职后仍在公司担任公司第十届董事 ...

Core Viewpoint - The mobile display panel market continues to show structural differentiation, with a-Si panels benefiting from stable demand in the mid-to-low-end market, LTPS panels driven by automotive display applications, and flexible AMOLED panels experiencing a slight decline in demand due to adjustments in terminal brand procurement rhythms [2][3][4]. Group 1: a-Si Panels - The demand for a-Si panels remains strong, driven by the "6.18" mid-year promotional stocking needs, leading to full-capacity operation of main production lines [4]. - After a brief price increase due to supply-demand tightness in the South China market, prices have stabilized, and module prices for brand customers remain steady [4]. Group 2: LTPS Panels - LTPS panels are benefiting from rapid growth in the automotive display market, with major manufacturers like BOE and Tianma maintaining full production capacity, expected to continue until the end of 2025 [4]. - However, in the smartphone sector, the trend of mid-to-high-end models shifting towards AMOLED has resulted in weaker demand for LTPS panels, keeping prices at low and stable levels [4]. Group 3: AMOLED Panels - As domestic smartphone manufacturers accelerate their shift to flexible AMOLED, demand for rigid AMOLED is contracting. Samsung Display has implemented price cuts to stimulate demand, but market feedback has been lukewarm, limiting the effectiveness of these price reductions [4]. - Some flexible AMOLED production lines have slightly reduced from full capacity, with expectations of minor price adjustments in June to maintain operational levels. However, a stable price floor will be upheld, and with the traditional peak season approaching in Q3, production rates are expected to rebound, with potential slight price increases for certain scarce specifications [4][5]. Group 4: Price Forecast - CINNO Research predicts that a-Si panel prices will remain stable in June and July 2025, while LTPS panel prices are expected to stay stable in the short term. Rigid AMOLED panel prices are also anticipated to remain stable, with flexible AMOLED panel prices expected to stabilize after a slight decline in June [5].

证券代码：000050 证券简称：深天马A 公告编号：2025-038 天马微电子股份有限公司 关于控股股东变更名称并完成工商变更登记的公告 成立日期：1997年06月20日 法定代表人：李斌 住所：深圳市福田区华强北街道华航社区华富路1018号中航中心 3901 上述变更事项不涉及控股股东对公司的持股变动，不涉及公司控 股股东及实际控制人变更，对公司经营活动不构成影响。 特此公告。 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"）于近日收到控股 股东通知，其已完成公司名称变更的工商变更登记手续，并取得了由 深圳市市场监督管理局颁发的《营业执照》，变更后的《营业执照》 主要内容如下： 名称：深天科技控股（深圳）有限公司 统一社会信用代码：91440300279351229A 类型：有限责任公司（国有控股） 天马微电子股份有限公司董事会 二〇二五年六月十四日 ...

Core Viewpoint - The article discusses recent developments regarding Tianma Microelectronics, focusing on its supply of display solutions for Xiaopeng Motors and a new OLED equipment contract with AP Systems. Group 1: Supply to Xiaopeng Motors - Tianma Microelectronics supplies display solutions for Xiaopeng's G7 model, featuring a 15.6-inch central control screen with a resolution of 2.5K and LTPS display technology [2][4] - The 2025 G6 model also includes a 15.6-inch central control screen with similar specifications, enhancing user experience through anti-glare features [4] - For the 2025 Xiaopeng X9, Tianma provides a 10.25-inch instrument screen and a 17.3-inch central control screen, with the latter achieving a 3K resolution and high color fidelity [5] Group 2: OLED Equipment Contract - Tianma's subsidiary, Xiamen Tianma, signed an OLED equipment supply contract with AP Systems, with delivery scheduled between June 9, 2025, and May 20, 2026 [6][8] - The contract stipulates that 90% of the payment will be made via letter of credit upon equipment arrival, with the remaining 10% paid after final inspection [8] - The TM18 project, which focuses on the production of curved and foldable displays, has a total investment of 48 billion yuan and covers an area of approximately 1,500 acres [9][11]

Core Viewpoint - The article discusses recent developments regarding Tianma Microelectronics, focusing on its supply of display solutions for Xiaopeng Motors and a new OLED equipment contract with AP Systems. Group 1: Supply to Xiaopeng Motors - Tianma Microelectronics supplies display solutions for Xiaopeng Motors, including a 15.6-inch central control screen for the Xiaopeng G7, featuring a 2.5K resolution and LTPS display technology [2][4] - The 2025 Xiaopeng G6 also utilizes a 15.6-inch central control screen from Tianma, enhancing user experience with anti-glare features and improved color performance [4] - For the 2025 Xiaopeng X9, Tianma provides a 10.25-inch instrument screen and a 17.3-inch central control screen, with the latter achieving a 3K resolution and a maximum brightness of 700 nits [5] Group 2: OLED Equipment Contract - AP Systems has signed a contract with Xiamen Tianma Display Technology for OLED equipment supply, with delivery scheduled between June 9, 2025, and May 20, 2026 [6][8] - The contract stipulates that 90% of the payment will be made via letter of credit upon equipment arrival, with the remaining 10% paid after final inspection [6][8] - Xiamen Tianma, a subsidiary of Tianma Microelectronics, is responsible for the TM18 project, which involves a total investment of 48 billion yuan and focuses on curved and foldable displays for smartphones and wearable devices [7][9]