Core Insights - The report by Omdia indicates that the shipment of smartphones using flexible AMOLED displays reached 151 million units in Q1 2025, marking a 15% year-on-year increase, with a stable annual growth rate of around 20% over the past three years [1] - Flexible AMOLED displays have captured 51% of the smartphone display market, signaling a significant shift in display technology as they gradually replace traditional LCDs [1][3] Market Trends - The demand for lighter and more flexible screens among consumers has significantly boosted the shipment of flexible AMOLED displays, with more mid-to-high-end models adopting this technology due to technological maturity and cost reduction [1][3] - The market share of smartphones with AMOLED displays has risen to 63% in Q1 2025, up from 57% in the same period last year, while LCD-equipped smartphones have seen their market share decline to 37% [3][4] Technological Advantages - Flexible AMOLED displays offer superior display quality, including near-infinite contrast ratios and high peak brightness levels exceeding 1800 nits, making them ideal for high-definition content and mobile office use [2] - The foldable feature of flexible AMOLED displays is a key highlight, enabling larger screen sizes for multitasking and entertainment while maintaining portability [3] Competitive Landscape - The competition in the flexible AMOLED market is intensifying, with Chinese manufacturers like BOE, Tianma, and Visionox rapidly advancing in technology and production capacity, challenging the dominance of South Korean firms [5][6] - Omdia forecasts that by 2024, Chinese manufacturers will ship 36.4 million AMOLED panels, a significant increase of over 12 million units from 2023, indicating a growing presence in the global market [6] Future Outlook - Industry experts predict that the penetration of flexible AMOLED technology in smartphones will continue to rise, with expectations of over 750 million units shipped by the end of 2025 [4] - The competition will increasingly focus on technological innovation, production efficiency, and supply chain integration, benefiting consumers through enhanced product offerings [6][7]

Core Viewpoint - The global panel industry experienced a shift from optimistic expectations at the beginning of 2025 to price adjustments by mid-year, reflecting a dual market scenario influenced by policy stimuli and macroeconomic uncertainties [1][20]. Television Panels - The price trend of television panels in the first half of 2025 transitioned from demand-driven growth to rational adjustments due to supply-demand dynamics [2]. - In Q1, television panel prices rose significantly due to strong demand driven by policies like "trade-in" in China, particularly in lower-tier markets, and a continued trend towards larger screen sizes [3][4]. - By Q2, the market cooled as demand weakened, particularly in North America, and the effects of the "trade-in" policy diminished, leading to increased inventory levels among brand manufacturers [5][6]. - As demand declined, price pressures emerged, with mainstream sizes like 43-inch, 55-inch, and 65-inch panels seeing a price drop of $1 in June, marking a market turning point [6]. Monitor Panels - Monitor panel prices remained relatively stable in the first half of 2025, showing resilience despite traditional seasonal demand dips [7]. - The introduction of "trade-in" subsidies for monitors in China helped stimulate demand, allowing manufacturers to cautiously raise prices [8]. - However, as the peak of inventory buildup passed and television panel prices fell, monitor demand growth slowed, leading to a stabilization in prices [9]. - The gaming monitor segment, particularly OLED technology, emerged as a new growth area, with projected shipments reaching 3.3 million units in 2025, a 65% year-on-year increase [9]. Notebook Panels - Notebook panel prices remained stable throughout the first half of 2025, reflecting a balance of various market forces amid uncertainties [11]. - Despite cautious behavior due to fluctuating international trade relations, brands are optimistic about demand in the latter half of the year, leading to increased orders for notebook panels [12]. Company Performance - TCL Technology's semiconductor display business is expected to achieve a net profit exceeding 4.6 billion yuan, a year-on-year increase of over 70%, while other companies like Rainbow and Huayi reported declines [14][15]. - Companies are adjusting strategies in response to market volatility, with a trend towards consolidation and resource optimization [17][18]. - Some manufacturers are diversifying into non-consumer display markets, with companies like Deepin Technology increasing revenue from sectors like automotive and professional displays [19]. Market Outlook - The first half of 2025 saw a complex interplay of factors affecting the global panel market, with television panel price fluctuations and relative stability in monitor and notebook panels shaping the overall landscape [20]. - Companies are enhancing operational capabilities through market expansion, scale reduction, and diversification to navigate uncertainties [21]. - The macroeconomic environment remains a significant variable for the panel market, influencing demand through global economic recovery, consumer purchasing power, and geopolitical risks [22].

Core Viewpoint - The article discusses the performance forecasts for the first half of 2025 from several companies in the display and electronics industry, highlighting both growth and challenges faced by these companies. Group 1: Visono - Visono expects revenue between 4 billion to 4.2 billion yuan, a year-on-year increase of 1.70% to 6.78% [1] - The net profit attributable to shareholders is forecasted to be a loss of 1 billion to 1.176 billion yuan, with a loss of 1.085 billion to 1.261 billion yuan after excluding non-recurring gains and losses [2] - The performance improvement is attributed to the recovery in the downstream consumer electronics sector and the increasing penetration of AMOLED in smartphones and wearables [2][3] Group 2: Tianma - Tianma anticipates a net profit of 190 million to 220 million yuan, marking a turnaround from a loss of 489.39 million yuan in the previous year, with a year-on-year growth of 138.82% to 144.95% [4][5] - The company expects a revenue growth of approximately 10% year-on-year, with non-consumer display business revenue exceeding 50% of total revenue, growing over 25% [5][6] - The profitability of the consumer display business has significantly improved due to operational efficiency and technological innovations [6] Group 3: Konka - Konka forecasts a net loss of 360 million to 500 million yuan, with a loss of 950 million to 1.1 billion yuan after excluding non-recurring items [7][8] - The company faces intensified competition in the consumer electronics sector and challenges in aligning product offerings with national subsidy policies [9] Group 4: Wog Optical - Wog Optical expects revenue between 1.15 billion to 1.32 billion yuan, a year-on-year increase of 10.36% to 26.68%, but anticipates a net loss of 65 million to 45 million yuan [10] - The company is advancing projects in new display technologies and has achieved mass production of glass-based circuit boards [10][11] Group 5: Singshan - Singshan forecasts a net profit of 160 million to 240 million yuan, a significant increase of 810.41% to 1265.61% year-on-year [12] - The growth is driven by the performance of the anode materials and polarizer businesses, supported by increased demand and product optimization [13] Group 6: Landai Technology - Landai Technology expects a net profit of 93 million to 115 million yuan, representing a year-on-year growth of 37.54% to 70.08% [14] - The company is benefiting from a recovery in the touch display industry and has improved product margins through strategic customer expansion [16] Group 7: Xiangteng New Materials - Xiangteng anticipates a net loss of 9.5 million to 13 million yuan, a decline from a profit in the previous year [17][18] - The losses are attributed to increased competition and rising costs associated with the trial production phase of its optical film devices [18]

Core Insights - The LCD TV panel prices have seen an expanded decline in July, prompting leading panel manufacturers to shift from price competition to value-driven strategies through mergers, acquisitions, and enhancing high-value businesses [4][5][6] Industry Performance - The performance of panel-listed companies has shown significant divergence in the first half of the year, with some companies reporting profits while others face losses due to falling TV panel prices [4] - Deep Tianma expects a net profit of 190-220 million yuan for the first half of the year, a turnaround from losses, driven by increased market share in high-end flagship projects and a projected revenue growth of approximately 10% [4] - TCL Technology anticipates overall revenue between 82.6 billion and 90.6 billion yuan, with a net profit of 1.8-2 billion yuan, marking a year-on-year increase of 81%-101% [4] - In contrast, Rainbow Technology forecasts a net profit decline of 47.59% to 55.23%, attributed to lower TV panel prices impacting gross margins [4] Market Trends - The LCD TV panel prices continued to decline in July, with significant drops in various sizes, primarily due to weak terminal demand and hardware loss pressures [5][6] - Sigmaintell reports that the price drop for 32-inch panels increased from $1 in June to $2 in July, while larger panels saw similar increases in price reductions [5] - The display industry is entering a saturation phase, with companies like BOE shifting focus from scale and market share to high-value production [5][6] Mergers and Acquisitions - Industry consolidation is deepening, with TCL Huaxing completing the acquisition of LGD's 8.5-generation LCD panel production line, and BOE planning to acquire a 30% stake in Rainbow Optoelectronics for 4.849 billion yuan [6] - This acquisition is expected to increase BOE's market share in the 50-inch LCD TV panel segment from 10% to over 35% [6] Future Outlook - Analysts predict that LCD TV panel prices will continue to slightly decline in Q3, but may stabilize by the end of the quarter due to manufacturers' production strategies [7] - The downward price adjustment poses challenges for manufacturers to meet annual profit targets but may alleviate cost pressures for downstream brands, supporting overall market demand [7]

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant turnaround to profitability in H1 2025, with net profit attributable to shareholders projected between 190 million and 220 million yuan Key Financial Performance Indicators | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company (million yuan)** | **Profit: 190 - 220** | **Loss: 489.39** | | Year-over-Year Growth | 138.82% - 144.95% | - | | **Net Profit After Deducting Non-recurring Gains and Losses (million yuan)** | **Loss: 240 - 270** | **Loss: 1,038.22** | | Year-over-Year Growth | 73.99% - 76.88% | - | | **Basic Earnings Per Share (yuan/share)** | **Profit: 0.0773 - 0.0895** | **Loss: 0.1991** | [Communication with Accounting Firm](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) This performance forecast has not undergone pre-audit by the accounting firm - This performance forecast has not been pre-audited by the accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) The turnaround to profitability is driven by improvements in both non-consumer and consumer display businesses, alongside comprehensive cost reduction and efficiency enhancement initiatives - During the reporting period, the company expects to achieve approximately **10% year-over-year growth in operating revenue**[5](index=5&type=chunk) - For the second quarter alone, the company anticipates approximately **10% sequential growth in revenue**, with both net profit attributable to shareholders and net profit after non-recurring items showing continuous steady sequential improvement[6](index=6&type=chunk) [Non-Consumer Display Business Performance](index=2&type=section&id=3.1%20Non-Consumer%20Display%20Business) Non-consumer display businesses, including automotive and professional displays, served as core growth drivers, exceeding 50% of revenue with over 25% year-over-year growth - Non-consumer display businesses (automotive, professional displays, etc.) accounted for **over 50% of revenue**, grew by **over 25%**, and demonstrated continuously strengthening profitability[6](index=6&type=chunk) [Consumer Display Business Performance](index=2&type=section&id=3.2%20Consumer%20Display%20Business) Consumer display business profitability significantly improved year-over-year, driven by strong performance in flexible AMOLED and emerging display segments - Consumer display business profitability significantly improved year-over-year, with the Wuhan flexible AMOLED production line for mobile phone products maintaining **full utilization**, and profitability further improving both year-over-year and sequentially[6](index=6&type=chunk) - Revenue scale and profitability of display businesses such as IT and sports health both achieved year-over-year growth[6](index=6&type=chunk) [Operational Management Optimization](index=2&type=section&id=3.3%20Operational%20Management%20Optimization) The company implemented multi-dimensional measures, including stable production, lean management, and cost optimization, to comprehensively drive cost reduction and efficiency enhancement - The company comprehensively promoted cost reduction and efficiency enhancement through stable production, lean management, material and manufacturing cost optimization, debt reduction and interest rate cuts, and digitalization, effectively contributing to improved profitability[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=Item%20IV.%20Other%20Relevant%20Information) This performance forecast represents preliminary financial department calculations, with final data subject to the official 2025 semi-annual report disclosure - This performance forecast is a preliminary calculation result from the company's financial department; specific financial data will be based on the company's officially disclosed 2025 semi-annual report[7](index=7&type=chunk)

| 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 | 关于天马微电子股份有限公司 "21 天马 02"和"22 天马 05"公司债券 2025 年第一次债券持有人会议结果的公告 基于对天马微电子股份有限公司(以下简称公司)未来发展的信心,公司 拟通过集中竞价交易方式回购部分公司股份,回购的股份将用于减少公司注册 资本,优化公司资本结构,提升公司股东价值。 公司已于 2025 年 4 月 8 日披露《天马微电子股份有限公司关于董事长提议 回购公司部分股份的提示性公告》。 公司已于 2025年4月16日披露《天马微电子股份有限公司第十届董事会第 二十八次会议决议公告》,会议审议通过了《关于回购公司股份方案的议案》, 同意公司通过深圳证券交易所交易系统以集中竞价交易方式进行股份回购,本 次回购的股份将用于减少公司注册资本。 公司已于 2025年 4 月 16 日披露《天马微电子股份有限公司关于回购公司股 份方案的公告》，本次回 ...

北京市嘉源律师事务所 关于天马微电子股份有限公司"21 天马 02"和"22 天马 05"公司债券 2025年第一次债券持有人会议 之 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 EUM YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:天马微电子股份有限公司 北京市嘉源律师事务所 关于天马微电子股份有限公司"21天马 02"和 "22 天马 05"公司债券 2025年第一次债券持有人会议之 法律意见书 嘉源(2025)-04-524 敬启者: 根据天马微电子股份有限公司(简称"公司"或"发行人")委托,北京市嘉源 律师事务所(简称"本所")指派律师参加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(第二期)(债券简称:"21 天马 02")、天马微电子 股份有限公司 2022年面向专业投资者公开发行公司债券（第三期）(品种二)(债 券简称:"22天马 05")持有人会议(合称"本次债券持有人会议"),并依据《 ...

Core Viewpoint - Leapmotor has launched the new C11 model, featuring significant upgrades in appearance, interior, and power systems, with a price range of 149,800 to 165,800 yuan [1]. Group 1: Product Features - The new C11 offers both pure electric and range-extended versions, with a focus on advanced technology and user experience [1]. - The interior has replaced the previous three-screen layout with a 17.3-inch 2K resolution central control screen, powered by Qualcomm's SA8295P chip and running on Leapmotor OS 1.0 PLUS, which supports DeepSeek and Tongyi Qianwen large model [1]. - The new model includes a 60-inch AR-HUD feature in the top two models, with a brightness of 16,000 nits, ensuring visibility in bright conditions and offering three intelligent scene modes: speed mode, AR mode, and map mode [4]. Group 2: Standard and Optional Features - Standard features across all models include tire pressure display, 360° panoramic imaging, electric adjustment for front seats, memory for the driver's seat, panoramic sunroof with sunshade, six airbags, electric folding mirrors, electric trunk, 50W wireless charging for the front row, dual-zone air conditioning, and rear air vents [4]. - All versions except the 640 Smart Edition come with rear privacy glass, heated and ventilated front seats, and advanced driving assistance features [4]. - The top configurations for both pure electric and range-extended versions, known as the Smart Edition, additionally offer a 7.1.4 Dolby Atmos sound system with 21 speakers, Nappa leather seats, front seat massage functions, four-way lumbar support for the driver's seat, four-way leg support for the passenger seat, heated and ventilated second-row seats, and a heated steering wheel [4].

Core Viewpoint - The company plans to repurchase shares to reduce registered capital and enhance shareholder value, with a total fund allocation between RMB 150 million and RMB 200 million [1][3][9] Summary by Sections Repurchase Plan Details - The repurchased shares will be ordinary shares (A shares) [1] - The repurchase price will not exceed RMB 12.43 per share, which is based on the average trading price over the last 30 trading days prior to the board's decision [1][4] - The total amount allocated for the repurchase is between RMB 150 million and RMB 200 million [1][4] - Estimated repurchase quantity is approximately 16,090,104 shares (0.65% of total shares) at the upper limit and approximately 12,067,579 shares (0.49% of total shares) at the lower limit [1][4][6] Funding and Duration - The funding for the repurchase will come from the company's own funds or bank loans [2][5] - The implementation period for the repurchase is within 12 months from the approval date by the shareholders' meeting [2][5] Shareholder and Management Plans - As of the announcement date, there are no clear plans for share reduction by major shareholders or management in the next three to six months [2][12] - The board has committed to maintaining the company's debt repayment ability and operational capacity post-repurchase [9][12] Financial Impact Analysis - As of December 31, 2024, the company's total assets were approximately RMB 81.24 billion, with a net asset value of about RMB 27.25 billion [8] - The maximum repurchase amount of RMB 200 million represents about 0.25% of total assets and 0.73% of net assets [8][9] Compliance and Procedures - The repurchase plan has been approved in board meetings and a temporary shareholders' meeting held on April 15 and July 2, 2025 [14] - The company has opened a dedicated securities account for the repurchase [15]