深天马A公告称，公司于2025年7月2日股东大会审议通过以集中竞价交易方式回购股份，用于减少注册 资本，拟回购资金1.5-2亿元，回购价不超12.43元/股，实施期限12个月。截至11月30日，累计回购 1633.91万股，约占总股本0.6648%，最高成交价10.07元/股，最低成交价8.65元/股，支付总金额1.54亿 元（不含交易费用）。公司后续将继续实施回购并依规披露。 ...

Core Viewpoint - Deep Tianma A's stock has shown mixed performance in recent trading, with a slight increase of 2.03% on November 28, 2023, and a total market capitalization of 22.267 billion yuan. The company has reported significant revenue growth and profit increases in recent financial results [1][2]. Financial Performance - For the period from January to September 2025, Deep Tianma A achieved a revenue of 26.663 billion yuan, reflecting a year-on-year growth of 11.03%. The net profit attributable to shareholders reached 313 million yuan, marking a substantial increase of 166.25% compared to the previous year [2]. - The company has cumulatively distributed 1.429 billion yuan in dividends since its listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of November 28, 2023, Deep Tianma A's stock price was 9.06 yuan per share, with a trading volume of 71.4812 million yuan and a turnover rate of 0.32%. The stock has seen a year-to-date increase of 0.33%, a 4.62% rise over the last five trading days, but a decline of 6.69% over the past 20 days and 11.87% over the last 60 days [1]. - The number of shareholders as of November 20, 2023, was 72,700, with an average of 33,791 shares held per shareholder, showing a slight increase in shareholder count but a decrease in average shares held [2]. Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 110 million shares, an increase of 5.5005 million shares from the previous period [3].

Group 1 - The core viewpoint is that China has become the largest panel production base globally due to continuous technological advancements and capacity releases by domestic display panel companies [2] - The company, as a leading enterprise in the new display industry, will continue to focus on enhancing its competitive strength in key segments of the industry chain [2] - The company aims to continuously expand its advantages in various fields [2]

Core Viewpoint - The company, Deep Tianma A, reported that its net profit from the AMOLED production line in Wuhan improved by over 30% year-on-year in the first three quarters of 2025, indicating continuous operational efficiency improvements [1] Company Summary - The company plans to enhance its production line management by optimizing product structure and implementing cost reduction strategies [1] - The company operates in a capital-intensive, technology-intensive, and complex process industry, which has long construction cycles [1] - The company will carefully plan its capacity layout by considering its strategic development direction, macroeconomic trends, and industry technology iteration trends to promote steady and high-quality long-term development [1] Industry Summary - The display industry is characterized by high capital and technology requirements, complex processes, and lengthy construction periods [1]

Core Viewpoint - The company is focusing on its display business while actively developing non-display application technologies based on panel processes and TFT driving technology, establishing a multi-project glass substrate technology platform (MPG) [1] Group 1: Business Focus - The company is concentrating on its display main business and expanding into non-display applications [1] - The MPG platform is being developed to facilitate technology collaboration in various fields such as panel-level metamaterials smart antennas, microfluidics, smart dimming, large-area fingerprint recognition, and flexible sensors [1] Group 2: Development Stage - Current related businesses are in the incubation and nurturing phase, with some technologies already in small-scale production [1] - The company will continue to explore market demands and optimize product solutions [1]

Core Viewpoint - The company emphasizes its commitment to maintaining a healthy industry ecosystem and sustainable development through various initiatives, including customized product advantages and advanced technology development [1] Company Initiatives - The company is recognized as a leader in the small and medium-sized display sector [1] - It plans to leverage high customization of products and scientific production planning to enhance its competitive edge [1] - The company aims to strengthen its forward-looking technology layout and product technology development [1]

证券日报网讯深天马A11月25日在互动平台回答投资者提问时表示，截至2025年11月20日，公司股东户 数为72732户。 ...

Group 1 - The core viewpoint is that 深天马Ａ (Deep Tianma) expects a significant improvement in net profit from its AMOLED production line in Wuhan, with a year-on-year increase of over 30% in the first three quarters of 2025, indicating ongoing operational efficiency improvements [2] - The company plans to enhance its production line management through product structure optimization and cost reduction strategies, aiming for continuous operational improvement [2] - The display industry is characterized by capital intensity, technological complexity, intricate processes, and long construction cycles, which necessitates careful planning in capacity layout based on strategic direction, macroeconomic trends, and industry technological advancements [2]

Group 1 - The company, Tianma Microelectronics (深天马Ａ), indicated that the depreciation amount is expected to gradually decrease starting in 2026, considering that certain new production lines have reached the standard for capitalization and mature LTPS production lines will gradually reach the end of their depreciation period [2] - The specific amount of depreciation reduction will be confirmed in the company's periodic reports, and no new line investments are anticipated in the meantime [2]

Group 1: Storage Market Dynamics - The recent surge in storage prices and the volatility of related company stocks have drawn renewed attention to the industry chain [2] - The demand for HBM storage driven by AI development is squeezing DRAM production capacity, leading to increased costs for smartphones and PCs [2][8] - TrendForce has revised down its global smartphone and laptop production forecasts for 2026, projecting declines of 2% and 2.4% respectively [2][11] Group 2: Display Panel Industry Growth - Over the past two decades, China's display panel industry has transformed from dependency on imports to becoming the world's largest manufacturing base [3][4] - The domestic display supply chain is more stable and complete compared to storage chips, giving Chinese manufacturers greater control [3] - The market size of China's display panel industry reached 396.2 billion yuan, accounting for 68.2% of the global market [5] Group 3: OLED Technology Advancements - Chinese manufacturers are heavily investing in OLED technology, with companies like Tianma and BOE establishing advanced production lines [5][7] - By the first half of 2025, Chinese manufacturers are expected to hold a 51.7% share of the global AMOLED smartphone panel market [7] - The demand for AMOLED panels is rising, while LCD panels maintain stable shipments in entry-level markets [7][11] Group 4: Cost Pressures and Strategic Responses - The increase in storage chip prices is expected to raise the BOM cost of smartphones by approximately 5-7% next year [8][9] - The share of storage in laptop BOM costs is projected to exceed 20% by 2026, leading to potential price increases of 5-15% for laptops [9][11] - Manufacturers are adjusting their product strategies, potentially reducing screen quality in lower-end models to manage costs [11][12] Group 5: Collaboration and Innovation - Companies are moving towards deep collaboration with panel manufacturers, shifting from traditional supplier relationships to joint technology development [16][20] - Xiaomi has established joint laboratories with panel manufacturers to enhance the entire supply chain [20][21] - The shift towards a collaborative model is seen as essential for competing with global leaders like Apple and for driving innovation in the display industry [21]