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，公司积极推进新产线建设， 2025年上半年，TM20产线加速推进产能爬坡和客户项目导入，车载、IT模组产品开案数量和交付规模 快速提升。公司重要联营公司投建的产线项目TM19产线产能快速爬坡，产线提前达成阶段交付能力目 标，已实现全产品线覆盖和顺利开案，推动多应用领域头部客户成功导入，并在氧化物产品开发上取得 突破，获得行业重要奖项；Micro-LED产线已经实现标准化显示单元模块小批量交付并成功点亮首款车 载标准产品。 （文章来源：证券日报） ...

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，今年上半年，公司车载显示 业务营收同比增长约27%，其中，面向国际头部整车厂的汽车电子业务发展势头强劲，销售额同比增长 超70%，同时公司快速响应新能源市场快速增长、多元多变的需求，助力多品牌旗舰和热门车型上市， 市场份额持续提升。此外，得益于车载屏幕规格升级需求驱动，LTPS车载业务继续高速增长，上半年 出货量同比增长超76%，共同带动公司车载业务的高质量发展。展望市场趋势，车载显示产品需求预计 将持续呈现屏幕数量增长和屏幕规格升级的趋势，特别是国内新能源市场较快速度增长、LTPS技术渗 透持续提升、车载显示屏中大尺寸化趋势等因素有望继续带来良好的下游需求，公司将把握机遇，在汽 车电子、新能源等车载业务增长点上持续发力，推动公司AMOLED车载产品量产交付，打造车载业务 全面竞争力，强化行业领先地位。 ...

Core Viewpoint - The company reported that the penetration rate of flexible AMOLED technology in the mobile display sector continues to rise, maintaining structural growth in 2023 [1] Industry Summary - The overall price of flexible OLED mobile panels remains stable, with fluctuations occurring based on external demand and specifications [1] - The flexible AMOLED mobile display product prices have remained robust in the first half of the year, with business profitability improving by over 50% year-on-year [1] Company Strategy - The company plans to enhance the scale and profitability of its flexible AMOLED business through a rich customer base, continuous improvement in production capacity, and comprehensive cost reduction measures [1] - The company is also diversifying its expansion into mid-size and wearable device segments [1]

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，公司推出的面板级超材料智 能天线技术，能实现高性能信号传输与低成本量产的平衡。该技术具备低功耗运行、轻薄形态设计等显 著优势，其创新的智能通信解决方案有望适配车载、船载、便携式智能终端等多元应用场景，为通信技 术领域的智能化升级提供了全新技术路径，展现出很好的市场应用潜力。上半年，公司相关业务助力终 端多民用应用场景突破，并顺利实现产品迭代交付。 ...

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]

主要交流内容干货满满车载业务增势与展望：上半年车载显示业务营收同比增长约27%，面向国际头部 整车厂的汽车电子业务销售额同比增长超70%，LTPS车载业务上半年出货量同比增长超76%。未来车载 显示产品需求预计呈屏幕数量增长和规格升级趋势，公司将强化竞争力。柔性OLED手机显示产品价 格：今年柔性AMOLED技术在手机显示领域渗透率持续提升，行业柔性OLED手机面板价格整体稳定。 天马微电子上半年柔性AMOLED手机显示产品价格稳健，业务盈利能力同比改善超50%，未来将采取 多项措施提升规模和盈利水平。AMOLED手机业务发展与规划：2025年上半年，随着TM17产线能力提 升等，其柔性AMOLED手机业务盈利能力同比改善超50% 。联营公司投建的TM18产线上半年出货量攀 升。未来公司将推进TM17产线产能挖潜，拓展中尺寸、穿戴等领域，随着TM18产能释放，高规格产品 出货量将增长，并推进全面降本。SLOD技术进展：公司的SLOD技术具备量产能力，可降低功耗、延 长寿命、提升画质，能在多领域提升视觉体验，将根据客户需求出货。液晶天线进展：公司面板级超材 料智能天线技术实现高性能信号传输与低成本量产平衡，具备 ...

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]