证券日报网讯深天马A8月25日发布公告，在公司回答调研者提问时表示，综合考虑新产线TM20个别新 线体达到转固标准、成熟LTPS产线将逐步折旧到期，预计公司2025年折旧较2024年差异不大，处在高 峰水位，在没有其他新线投资的前提下，接下来折旧金额预计开始逐步下降。 ...

Core Viewpoint - The company expects a significant improvement of over 50% in the profitability of its flexible AMOLED mobile phone business in the first half of 2025, driven by enhanced production capacity, optimized product structure, and comprehensive cost reduction efforts [1] Group 1 - The TM17 production line's capacity is set to increase, contributing to the improved profitability and ongoing technological innovation [1] - The TM18 production line, developed by an important joint venture, is expected to see a rise in shipment volume in the first half of the year, enhancing the company's ability to deliver high-specification products [1] - The company aims to achieve full coverage of flagship products among leading domestic brands, with continuous growth in flagship product shipments [1] Group 2 - The company plans to further tap into the capacity of the TM17 production line to seize more sales opportunities [1] - There will be a steady release of TM18 production capacity, leading to rapid growth in shipments of high-specification products, including foldable and HTD models [1] - The company is committed to comprehensive cost reduction in its AMOLED business to ensure sustained improvement in profit performance [1]

Core Viewpoint - The article discusses the financial performance of several companies in the display technology sector for the first half of the year, highlighting revenue growth and profitability changes among them. TCL Electronics - TCL Electronics reported revenue of HKD 54.78 billion (approximately RMB 50.06 billion), a year-on-year increase of 20.4%, and a net profit of HKD 10.90 billion (approximately RMB 9.95 billion), up 67.8% [4][5] - The large-size display business showed strong performance with a global TV shipment of 13.46 million units, a 7.6% increase year-on-year, and Mini LED TV shipments of 1.37 million units, up 176.1% [5][6] - The internet business also saw revenue growth of 20.3%, with overseas market revenue increasing by 46.3% [7] Deep Tianma - Deep Tianma achieved revenue of RMB 17.48 billion, a 9.93% increase, and turned a profit with a net profit of RMB 206 million [8][9] - The company focuses on small and medium-sized display technologies, including AMOLED and Micro LED, and reported a 27% increase in automotive display revenue [10] OLED Technology - Aolaide, specializing in OLED materials and equipment, reported revenue of RMB 281 million, down 17.87%, and a net profit of RMB 27 million, down 70.59% [11][12] - The materials business grew by 21.99%, while the evaporation source equipment revenue fell significantly [12][14] Deep Textile - Deep Textile reported revenue of RMB 1.6 billion, a decline of 1.41%, and a net profit of approximately RMB 35 million, down 19.73% [15][16] - The company focuses on high-value products like OLED and LCD polarizers and aims to improve production efficiency [17] Skyworth Digital - Skyworth Digital reported revenue of RMB 4.095 billion, down 8.04%, and a net profit of RMB 54 million, down 70.53% [18][19] - The smart terminal business saw a revenue decline of 12.36%, while the professional display business grew by 5.05% [20] New Xiangwei - New Xiangwei achieved revenue of RMB 285 million, a 23.48% increase, and turned a profit with a net profit of RMB 5 million [21][22] - The growth was attributed to an expanded product range and increased market share [22] Asia Optical - Asia Optical reported revenue of RMB 432 million, a 30.01% increase, but a net profit of RMB 538,000, down 36.21% [25][26] - The company’s electronic paper display module revenue grew significantly by 103.01% [27] Shihua Technology - Shihua Technology reported revenue of RMB 537 million, a 73.79% increase, and a net profit of RMB 193 million, up 86.38% [28][29] - The company is focusing on functional electronic materials and high-performance optical materials, with a new project underway to enhance its product capabilities [30]

Core Viewpoint - Despite adverse macroeconomic conditions, the global demand for small and medium-sized displays has shown signs of recovery, benefiting the company’s performance in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue from consumer display business accounted for over 80% of total revenue, enhancing overall profitability [1]. - The gross profit margin of the main business increased by 4.52 percentage points year-on-year, with net profit attributable to shareholders rising by 6.95 billion [1]. - The net cash flow from operating activities grew by 48.44% year-on-year, while the asset-liability ratio decreased by 2.46 percentage points compared to the end of the previous year [1]. - The cost-to-expense ratio decreased by approximately 5.4% year-on-year [1]. Group 2: Business Segments and Growth - The automotive display business saw a year-on-year revenue increase of approximately 27%, with sales to international leading automakers growing over 70% [2]. - The shipment volume of LTPS automotive displays increased by over 76% year-on-year [2]. - The flexible AMOLED mobile display products maintained stable pricing, with profitability improving by over 50% year-on-year [2]. - The TM17 production line's capacity has improved, contributing to the growth of flexible AMOLED mobile display business profitability [2]. - The company’s SLOD technology has achieved mass production capability, enhancing visual experience across multiple fields [2]. - The TM20 production line is accelerating capacity ramp-up and customer project introduction, while the TM19 line has achieved stage delivery capability [2].

Group 1: Financial Performance - The company achieved a revenue of 17.475 billion CNY in the first half of 2025, representing a year-on-year growth of 9.93% [3] - Non-consumer display business revenue accounted for over 50% of total revenue, contributing to an increase in overall profitability [3] - The gross profit margin improved by 4.52 percentage points year-on-year, with net profit attributable to shareholders increasing by 6.95 billion CNY [3] - Cash flow from operating activities increased by 48.44% year-on-year, and the debt-to-asset ratio decreased by 2.46 percentage points compared to the end of the previous year [3] Group 2: Business Development - The automotive display business saw a revenue growth of approximately 27% year-on-year, with sales to international leading automotive manufacturers increasing by over 70% [5] - The LTPS automotive business experienced a shipment increase of over 76% year-on-year, driven by demand for upgraded screen specifications [5] - The flexible AMOLED mobile display business improved profitability by over 50% year-on-year, supported by a stable pricing environment [7][8] Group 3: Strategic Initiatives - The management is focused on enhancing market value through various initiatives, including the release of an "Evaluation Enhancement Plan" and announcements regarding share repurchase [4] - The company is actively pursuing cost reduction strategies, achieving a decrease in cost-to-revenue ratio by approximately 5.4 percentage points year-on-year [3] - The company is advancing its Tandem technology, which reduces power consumption by 30% and extends the lifespan of devices to four times that of traditional single-layer devices [10] Group 4: New Product Lines and Innovations - The TM20 production line is accelerating capacity ramp-up and customer project integration, with significant growth in automotive and IT module product deliveries [12] - The company has successfully delivered small batches of Micro-LED standard products and achieved significant milestones in oxide product development [12] - The introduction of panel-level metamaterial smart antenna technology is expected to enhance signal transmission performance while maintaining low production costs [11]

Financial Performance - The company reported a total revenue of 17.475 billion yuan for the first half of 2025, an increase of 9.93% year-on-year [1] - The net profit attributable to shareholders reached 206 million yuan, showing a significant increase of 142.07% compared to the previous year [1] - The gross margin improved to 16.21%, reflecting a year-on-year increase of 37.5%, while the net margin turned positive at 1.0%, up 132.19% [1] - The company’s operating cash flow per share increased by 48.44% to 1.61 yuan [1] Cash Flow and Debt Management - The net cash flow from operating activities increased by 48.44%, attributed to higher cash receipts from sales [2] - The net cash flow from financing activities decreased by 177.78% due to increased cash outflows for debt repayment [2] - The company’s cash and cash equivalents saw a net decrease of 60.19%, primarily due to debt repayment [2] Business Model and Market Position - The company’s performance is heavily reliant on research and development, indicating a need for thorough analysis of the underlying drivers [2] - The flexible MOLED smartphone business is experiencing rapid growth, with the company ranking third globally in flexible MOLED smartphone shipments [5] - The company plans to enhance production capacity and reduce costs in the MOLED segment to improve profitability [5] Fund Holdings - The largest fund holding the company’s shares is the Huaxia CSI 500 Index Enhanced A, with a total holding of 5.6905 million shares [4] - Several funds have newly entered the top ten holdings of the company, indicating growing interest from institutional investors [4] Analyst Expectations - Analysts project the company’s performance for 2025 to reach a net profit of 312 million yuan, with an average earnings per share of 0.13 yuan [3]

Group 1 - Ride-hailing platforms including Didi and T3 have collectively announced a reduction in commission rates to protect driver rights, with Didi lowering its maximum commission from 29% to 27% by year-end [7] - Apple is facing a lawsuit from Apple against a former employee who allegedly stole trade secrets before joining OPPO, highlighting the intense competition in the wearable technology sector [5] - Honor has launched the Magic V Flip2, expanding its presence in the foldable smartphone market, where it holds a 7.6% market share, second only to Huawei [6] Group 2 - Alibaba has restructured its business segments on its official website, reflecting a strategic realignment of its resources amid changing market conditions, with a clearer distinction between core and non-core businesses [2] - Zhiyuan Robotics claims its cash flow can sustain operations for three years without revenue, indicating a significant investment in early-stage projects to build an industrial ecosystem [3] - TCL Electronics reported a 67.8% increase in net profit for the first half of 2025, driven by a strong performance in its television business, which saw a 20.4% revenue growth [14][15] Group 3 - Jinshan Office reported a 10.12% year-on-year increase in revenue for the first half of 2025, with AI monthly active users reaching 29.51 million, up from 19.68 million in 2024 [12] - Deep Tianma achieved profitability in the first half of 2025, with a revenue increase of 9.93% and a net profit of 206 million yuan, supported by a strong position in the small and medium-sized display panel market [17] - The gaming industry is witnessing a surge in interest with the release of the new game "Black Myth: Zhong Kui," which has quickly gained popularity on social media [8]

Core Insights - The company, Deep Tianma A, reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 17.475 billion yuan, up 9.93% year-on-year, and a net profit of 206 million yuan, up 142.07% year-on-year [1][3] - The company's gross margin improved significantly, with a year-on-year increase of 37.5%, and a net margin increase of 132.19% [1][3] - The company is focusing on its flexible MOLED smartphone business, which is experiencing rapid growth and is expected to continue improving profitability [5] Financial Performance - Total revenue for the first half of 2025 was 17.475 billion yuan, compared to 15.897 billion yuan in the same period of 2024, reflecting a 9.93% increase [1] - Net profit for the first half of 2025 was 206 million yuan, a significant turnaround from a loss of 489 million yuan in the previous year, marking a 142.07% increase [1] - The gross margin for the period was 16.21%, up 37.5% year-on-year, while the net margin reached 1.0%, up 132.19% [1] - Operating cash flow per share increased by 48.44% to 1.61 yuan [1][3] Cost and Debt Management - Total expenses (selling, administrative, and financial) amounted to 9.81 billion yuan, accounting for 5.61% of revenue, down 5.45% year-on-year [1] - The company reported a decrease in interest-bearing liabilities by 16.34%, totaling 30.598 billion yuan [1][3] - Cash and cash equivalents decreased by 35.85% to 4.71 billion yuan, primarily due to increased debt repayments [3] Market Position and Future Outlook - The company is ranked third globally in flexible MOLED smartphone shipments, with plans to enhance production capacity and optimize product structure [5] - The TM17 production line is expected to continue improving profitability, while the TM18 line is projected to increase output significantly [5] - Analysts predict the company's performance for 2025 to reach a net profit of 312 million yuan, with an average earnings per share of 0.13 yuan [3]

Core Insights - The company, Deep Tianma, reported a revenue of 17.475 billion yuan for the first half of 2025, representing a year-on-year increase of 9.93% [1] - The net profit attributable to the parent company reached 206 million yuan, an increase of 69.5 million yuan compared to the previous year [1] Revenue Structure and Business Performance - The revenue structure of the company has further optimized during the reporting period [1] - The company maintains a strong competitive advantage in the automotive display sector [1] - The professional display and LTPS smartphone display businesses continue to lead globally [1] - The AMOLED smartphone display business has seen growth in both scale and quality [1] - The IT display sector is steadily advancing with a comprehensive product layout and expansion into new business segments [1]

证券代码：000050 证券简称：深天马A 公告编号：2025-055 天马微电子股份有限公司 一、召开会议基本情况 1、股东大会届次：天马微电子股份有限公司 2025 年第四次临时 股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：公司第十届董事会第三十三次会 议审议通过了《关于召开 2025 年第四次临时股东大会的议案》。本 次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 4、会议召开的日期、时间 （1）现场会议召开日期、时间：2025 年 9 月 16 日（星期二） 14:50 （2）网络投票日期、时间：2025 年 9 月 16 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 9 月 16 日 9:15－9:25、9:30－11:30、13:00－15:00； 关于召开 2025 年第四次临时股东大会的通知 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、误导性陈述或者重大遗漏。 通过深圳证券交易所互联网投票系统进行投票的具体时间为： 2025 年 9 月 16 日 9:15－15: ...