Core Insights - The upcoming third quarter is expected to see a significant increase in demand for OLED panels due to the launch of flagship products by Apple and major domestic brands, with a projected shipment of approximately 250 million AMOLED smartphone panels globally, marking a year-on-year growth of 11.7% and a quarter-on-quarter growth of 20.3% [1] Market Overview - In the third quarter of 2025, the global AMOLED smartphone panel shipment from South Korea is expected to account for 51.6% of the total, showing a year-on-year decrease of 0.8 percentage points but a quarter-on-quarter increase of 4.2 percentage points, primarily driven by short-term demand from Apple’s new device preparations; domestic manufacturers will hold a 48.4% share [4] - Samsung Display (SDC) is projected to see a year-on-year shipment growth of 7.1%, with its market share decreasing from 45.2% to 43.4%, reflecting a 1.8 percentage point decline; despite its technological advantages in LTPO backplanes, SDC is losing orders in the mid-range market [5] - BOE's AMOLED smartphone panel shipments are expected to grow by 30.8% year-on-year, with its market share increasing by 2.3 percentage points to 15.7%, benefiting from penetration in the mid-range market and continued breakthroughs in the high-end market [5] - Visionox's AMOLED smartphone panel shipments are anticipated to grow by 16.7% year-on-year, with a market share increase of 0.5 percentage points to 12.7%, attributed to effective operational strategies and stable demand in the mid-range market [5] - Tianma's AMOLED smartphone panel shipments are projected to grow by 28.4% year-on-year, with a market share increase of 1.3 percentage points to 10.0%, driven by stable demand from key customers and improvements in production technology and yield [5] Flexible Panel Insights - In the third quarter of 2025, flexible AMOLED smartphone panels are expected to account for 80.1% of total AMOLED smartphone panel shipments, reflecting a year-on-year increase of 3.6 percentage points and a quarter-on-quarter increase of 3.1 percentage points; South Korea's share will be 43.8%, down 1.4 percentage points year-on-year, while domestic manufacturers will hold 56.2% [6] - SDC's flexible AMOLED smartphone panel shipments are projected to grow by 9.3% year-on-year and 40.4% quarter-on-quarter, with a market share of 33.5%, down 2.3 percentage points year-on-year, facing increasing competition from domestic manufacturers [6] - BOE's flexible AMOLED smartphone panel shipments are expected to grow by 30.8% year-on-year and 9.3% quarter-on-quarter, with a market share of 19.7%, reflecting a 2.1 percentage point increase year-on-year, driven by significant growth in high-end flexible screen orders [8] - Visionox's flexible AMOLED smartphone panel shipments are anticipated to grow by 16.2% year-on-year and 54.2% quarter-on-quarter, with a market share of 13.7%, significantly above the industry average in terms of production line utilization [8] - Tianma's flexible AMOLED smartphone panel shipments are projected to grow by 28.4% year-on-year and 8.3% quarter-on-quarter, with a market share of 12.5%, reflecting a 1.1 percentage point increase year-on-year [8]

Core Viewpoint - The global AMOLED smartphone panel shipment in Q3 2025 reached approximately 250 million units, showing a year-on-year growth of 11.7% and a quarter-on-quarter growth of 20.3%, indicating a continuous recovery in market conditions [1][2]. Market Demand and Trends - The arrival of the traditional sales peak in Q3, along with the launch of flagship products by Apple and major domestic brands, significantly boosted the demand for OLED panels [2]. - The market for AMOLED smartphone panels is experiencing a dual growth trend both year-on-year and quarter-on-quarter, reflecting a sustained recovery in market conditions [2]. Regional Shipment Analysis - In Q3 2025, the shipment share of AMOLED smartphone panels in South Korea accounted for 51.6%, showing a year-on-year decline of 0.8 percentage points but a quarter-on-quarter increase of 4.2 percentage points, primarily driven by short-term demand from Apple’s new device preparations [3]. - Domestic manufacturers held a shipment share of 48.4% in the same period [3]. Company Performance - Samsung Display (SDC) saw a year-on-year shipment growth of 7.1%, but its market share decreased from 45.2% to 43.4%, indicating a 1.8 percentage point decline, attributed to intensified order losses in the mid-range market despite its technological advantages in LTPO backplanes [3]. - BOE's AMOLED smartphone panel shipments grew by 30.8% year-on-year, marking the largest increase among major manufacturers, with its market share rising by 2.3 percentage points to 15.7%, driven by penetration in the mid-range market and breakthroughs in the high-end market [3]. - Tianma's AMOLED smartphone panel shipments increased by 28.4% year-on-year, with its market share rising by 1.3 percentage points to 10.0%, supported by stable demand from key customers and continuous improvements in production technology and yield [5]. Flexible Panel Shipment Insights - In Q3 2025, flexible AMOLED smartphone panels accounted for 80.1% of total shipments, reflecting a year-on-year increase of 3.6 percentage points and a quarter-on-quarter increase of 3.1 percentage points [8]. - SDC's flexible AMOLED panel shipments grew by 9.3% year-on-year and 40.4% quarter-on-quarter, but its market share fell by 2.3 percentage points to 33.5%, facing competitive pressure from domestic manufacturers [9]. - BOE's flexible AMOLED panel shipments increased by 30.8% year-on-year and 9.3% quarter-on-quarter, with its market share rising by 2.1 percentage points to 19.7%, driven by significant growth in high-end flexible screen orders [9].

Core Viewpoint - The company announced that its wholly-owned subsidiary, Shanghai Shengxi Optoelectronics Technology Co., Ltd., has received a bid notification for the 6th generation flexible AMOLED production line project from Xiamen Tianma Display Technology Co., Ltd., with a bid amount of 93.79 million yuan [1] Company Summary - The subsidiary involved in the project is Shanghai Shengxi Optoelectronics Technology Co., Ltd. [1] - The project pertains to the production of flexible AMOLED displays, which is a significant segment in the display technology industry [1] Financial Summary - The bid amount for the project is 93.79 million yuan, indicating a substantial contract value for the company [1]

Core Viewpoint - The company emphasizes the high barriers and customer stickiness in the automotive display sector, highlighting the critical importance of product reliability, stability, and long-term supply assurance in maintaining competitive advantage [1] Industry Insights - The automotive display industry is characterized by high barriers to entry and strong customer loyalty, necessitating high standards for product quality and supplier reliability [1] - The evolution of the automotive industry towards new trends requires enhanced capabilities in high-definition, large screens, multi-screen setups, personalization, interactivity, and integrated solutions [1] - The rapid rise of new energy vehicles (NEVs) intensifies the demand for faster development cycles and better component management, testing the market participants' customer coverage, flexibility in delivery, and overall quality management [1] Company Strategy - The company views the automotive display market as a strategic core business and plans to strengthen its position in three main segments: traditional automotive displays, automotive electronics, and new energy vehicle displays [1]

Core Viewpoint - The company is closely monitoring the development of new technologies and applications in the industry, particularly in the area of new form factor screens [1] Group 1 - The company has multiple technical solutions reserved for new form factor screens [1] - The company has successfully developed various folding technologies through its self-built all-scenario platform [1] - The company is capable of rapidly mass-producing left-right and up-down folding products [1] Group 2 - The company supports customers in showcasing their three-fold mobile phone products [1] - The company is simultaneously developing other folding forms such as pull-out and rollable designs [1] - The company is continuously upgrading the flexibility and durability of its products [1]

Core Viewpoint - The company, Deep Tianma A, is committed to focusing on its display business while actively exploring diversified new business avenues through its "2+1+N" strategy, aiming for continuous innovation and expansion in various application fields [1] Group 1: Business Strategy - The company emphasizes its ongoing commitment to the display industry and the implementation of its "2+1+N" strategy [1] - The company is actively exploring and developing non-display application technologies based on panel processes and TFT driving technology [1] Group 2: Technological Development - Successful client shipments have been achieved in various technological directions, including panel-level smart antennas, microfluidic biochips, smart dimming glass, and fingerprint recognition [1] - The company aims to leverage technological innovation to provide more innovative and competitive products and services across different industries [1] Group 3: Future Outlook - With the continuous advancement of technology, the application scenarios for screens as core human-computer interaction mediums are expected to expand [1] - The company plans to continue consolidating its existing advantageous businesses while actively exploring more diversified application areas [1]

Core Viewpoint - The company, Deep Tianma A, reported on October 27 that it is experiencing varying price and gross margin conditions across different segments in the small-sized display market, with consumer products being more sensitive to market price fluctuations compared to automotive and specialized display products, which have more stable gross margins [1] Summary by Categories Business Performance - The company indicated that the gross margin trend for its main businesses, including mobile phones, automotive, and IT, is expected to improve in the first half of 2025, with a year-on-year increase of 4.52 percentage points in the main gross margin [1]

Core Viewpoint - The company emphasizes innovation-driven strategies and proactive technology development to enhance its competitive capabilities in the display industry [1] Group 1: R&D Investment - The company plans to invest approximately 1.57 billion yuan in research and development in the first half of 2025 [1] - The R&D efforts will focus on flexible AMOLED, LCD technologies, and applications in smartphones, automotive, and IT display sectors [1] - Continuous improvement in R&D investment aims to enhance the company's display solution capabilities and diversify its product offerings [1]

Core Insights - The company announced that its core business is expected to develop healthily in the first half of 2025, contributing positively to profitability through continuous cost reduction and efficiency enhancement [1] Business Performance - Non-consumer display business, represented by automotive and special displays, accounts for over 50% of revenue, driving sustained improvement in profitability [1] - The profitability of consumer display businesses, including mobile phones, IT, and smart wearables, has also significantly improved year-on-year, particularly in the flexible AMOLED segment [1] - The company's main business gross margin increased by 4.52 percentage points year-on-year [1] Cost Management - The company has made significant efforts in quality improvement and efficiency enhancement, focusing on comprehensive cost reduction and embracing advanced technologies like AI to optimize internal management efficiency [1] - The cost expense ratio decreased by approximately 5.4 percentage points year-on-year, effectively supporting the improvement in profitability [1]

Core Viewpoint - The company announced that by the first half of 2025, the sales revenue from flexible AMOLED mobile products will significantly increase, enhancing the structure of its mobile display business [1] Group 1: Company Strategy - The company will continue to leverage its advantages in multiple technologies and production lines, including AMOLED, LTPSTFT-LCD, and a-SiTFT-LCD, to promote the healthy development of its mobile display business [1]