Core Viewpoint - The company has been focusing on Micro-LED technology since 2017, with significant advancements in various display applications, particularly in automotive and seamless display solutions [1] Group 1: Micro-LED Technology Development - The company has prioritized Micro-LED business in automotive display and splicing display applications while exploring large-size screens, consumer displays, wearable displays, and professional display applications [1] - The company has released industry-leading Micro-LED display products with high transparency, seamless splicing, adjustable transparency, ultra-low reflectivity, and ultra-high PPI, achieving core technical indicators that are at the forefront of the industry [1] Group 2: Production and Market Readiness - A joint venture Micro-LED production line was lit up in 2024, with plans to achieve small-batch shipments of standardized display unit modules and successfully light up the first automotive standard product by 2025 [1] - The company has made a significant leap from technology development to the capability of producing standard products in Micro-LED [1] Group 3: Innovations and Partnerships - At the recent innovation conference, the company and its partners launched the industry's first 108-inch 4K seamless splicing Micro-LED large screen, utilizing all-laser mass transfer technology [1] - The company holds a considerable number of patents in AR/VR and near-eye display technologies and has production experience while continuously monitoring the application of Micro-LED technology in near-eye displays [1]

Core Viewpoint - The company, Deep Tianma A, announced on November 20 that the target market for the 8.x generation AMOLED production line is primarily focused on medium-sized IT products such as tablets and laptops [1] Group 1: Market Focus - The industry is concentrating on medium-sized displays for IT products, including tablets and laptops [1] - The company is closely monitoring market developments in this area [1] Group 2: Technology Development - The company is actively promoting flexible OLED technology in the automotive and IT sectors for medium-sized displays [1] - Future new line layouts will be determined based on the company's strategic planning and market demand [1]

Core Viewpoint - The company, Deep Tianma A, is experiencing significant growth in its automotive electronics business, which is expected to become a new growth engine alongside its new energy vehicle business [1] Group 1: Business Performance - The automotive electronics business is primarily delivering integrated vehicle display assembly products to leading international automotive manufacturers, which require higher production complexity and technical standards [1] - In 2023, the company began mass deliveries of automotive electronics to top international clients, with sales in the first three quarters of 2025 showing a year-on-year growth of 56% and achieving profitability [1] Group 2: Future Outlook - The automotive electronics segment is anticipated to enter a rapid growth phase in line with the development pace of client projects, contributing to the overall scale and product value enhancement of the vehicle display business [1]

Core Insights - The Tianma Microelectronics Global Innovation Conference (TIC 2025) was held in Wuhan, focusing on the future of display technology and showcasing Tianma's technological strengths [1] - Tianma aims to transition from being a leader in small to medium-sized displays to becoming a global leader in the display ecosystem [3][14] Display Technology Innovations - Tianma unveiled 11 cutting-edge display technologies across OLED, automotive displays, IT displays, and Micro-LED, marking a new era of AI-integrated and boundary-less display technology [3] - The "Tianxuan" brand's panoramic immersive screen features a 49.6-inch, 8K, 1.25-meter integrated curved design, enhancing the driving experience by merging the screen with the windshield [4] - The IRIS HUD panoramic display projects driving information onto the windshield with a brightness of 12,000 nits and a power consumption reduction of 40%, making it accessible beyond high-end models [6] - The L-shaped curved central control screen and the flexible rollable screen demonstrate innovative designs that enhance user interaction and aesthetic integration with vehicle interiors [8][10] Connectivity and Future Directions - Tianma introduced a full-domain pure electric scanning intelligent flat antenna designed for high-speed data transmission, supporting the need for constant connectivity in vehicles [12] - The conference highlighted Tianma's commitment to defining product forms and leading scenario innovation in the display industry, marking a new phase for China's display sector [14]

Core Insights - The Tianma Microelectronics Global Innovation Conference (TIC 2025) showcased the "Tianxuan" series, emphasizing a comprehensive innovation in the automotive display sector, signaling a shift in the visual experience of next-generation smart vehicles [1][3][20] Group 1: Product Innovations - The "Tianxuan" series includes advanced products like the 49.6-inch ultra-wide curved screen and the 14.5mm ultra-thin high-brightness HUD, highlighting Tianma's technological depth in automotive displays [1][5] - The "Panoramic Immersive Tianxuan Screen" integrates multiple display functions and features advanced ACRUS pixel-level dimming technology, achieving a contrast ratio of 100,000:1 and a reflection rate below 0.55% [5][11] - The "IRIS HUD" addresses the industry's brightness-power-consumption challenge, achieving 12,000 nits brightness while reducing power consumption by 40% [5][7] Group 2: System-Level Solutions - Tianma's approach to automotive displays transcends mere hardware, positioning screens as the "visual hub" of smart cockpits, integrating reliability, safety, and system integration [7][11] - The company emphasizes a "screen-system-scene" full-stack display solution, moving from simple information presentation to intelligent scene interaction [11][12] Group 3: Technological Advancements - Tianma has made significant strides in various display technologies, including OLED, Mini-LED, and Micro-LED, with breakthroughs in manufacturing and quality control [22] - The company has established industry standards for automotive display modules, reinforcing its role as a leader in the automotive display sector [22] Group 4: Market Position and Strategy - Tianma has maintained a leading market share in global automotive displays since 2020, with a 95% coverage rate across automotive brands [27] - The company is leveraging China's position as the largest market for new energy vehicles to drive innovation and respond to local customization needs [22][27] Group 5: Sustainability Initiatives - Tianma is committed to carbon neutrality and has outlined a comprehensive plan focusing on green energy, resource recycling, and low-carbon products [17][19] - The company has initiated a "Green Ecosystem Initiative" in collaboration with industry partners to promote sustainable development in the display industry [19]

Financial Performance - The company's core business segments showed strong growth in the first three quarters of 2025, with a significant improvement in profitability and revenue levels. The gross profit margin increased by 3.2 percentage points year-on-year, while the cost expense ratio decreased by approximately 4.6 percentage points. The net profit attributable to shareholders improved by 7.86 billion CNY, and the net profit after deducting non-recurring gains and losses improved by over 10 billion CNY [3][5]. Micro-LED Technology Development - The company has been developing Micro-LED technology since 2017, focusing on applications in automotive displays and splicing displays. The Micro-LED production line was lit in 2024, with small batch shipments of standardized display modules expected in 2025. The company also launched the industry's first 108-inch 4K seamless splicing Micro-LED display at the innovation conference [4][6]. Automotive Electronics Business - The automotive electronics business began mass deliveries to international leading car manufacturers in 2023, with sales increasing by 56% year-on-year in the first three quarters of 2025. This segment is expected to grow rapidly alongside the development of new energy vehicles, becoming a new growth engine for the company's automotive display business [5][6]. Strategic Development Plans - The company adheres to a "2+1+N" development strategy, focusing on mobile displays and automotive displays as core businesses, while positioning IT displays as a key growth area. Future projects include the construction of the 8.6 generation panel production line and new Micro-LED production lines, aimed at enhancing long-term competitiveness in the new display field [6][7]. Capital Expenditure and Depreciation - Capital expenditures are focused on core business development, including fixed asset investments and technological upgrades. The company anticipates a decline in capital expenditures as previous investments reach completion. Depreciation is expected to remain stable in 2025, with a gradual decrease anticipated thereafter [7][8]. Market Value Management - The company emphasizes market value management, incorporating it into its assessment system. Initiatives include the release of valuation enhancement plans and commitments from major shareholders not to reduce their stakes. The management will continue to enhance company value through improved operational efficiency and investor communication [9].

Core Insights - AI technology is profoundly reshaping the display industry landscape, with companies like Tianma Microelectronics adopting an "Display + AI" innovation path to drive upgrades across the entire value chain [1][2] Group 1: Innovation Strategy - Tianma Microelectronics emphasizes innovation as its core gene, integrating AI deeply into its product and display technology layout [1] - The company aims to transition display technology from "hardware precision" to "scene intelligence," redefining the existence and functional boundaries of displays across various sectors including smartphones, smart cockpits, IT displays, health, smart homes, and smart medical applications [1] Group 2: Technical Advancements - Tianma has established four display technology platforms (SFT, SFO, SFM, SFX) based on five innovation pillars: green, healthy, portable, beautiful, and intelligent, covering all scene needs from home to office and transportation [2] - The company has achieved significant breakthroughs in sensor technology, integrating fingerprint recognition, environmental light sensing, and lifespan monitoring into a single screen, enhancing user experience and reliability [3] Group 3: Product Launches - The "Tianxuan" series screens feature a 49.6-inch panoramic immersive display with a 1.25-meter ultra-wide curve, integrating multiple functionalities for a futuristic smart cockpit experience [3] - In the IT display sector, Tianma has made industry breakthroughs in adaptive refresh rate technology and introduced a 108-inch 4K giant screen with peak brightness of 1500 nits and a contrast ratio of 1,000,000:1, marking a new era for home theaters and commercial displays [4]

Group 1 - The core viewpoint of the article highlights the innovative technologies showcased by Tianma Microelectronics at the TIC 2025 Global Innovation Conference, emphasizing advancements in display technology across various applications [1][3][5][8]. Group 2 - In the IT display sector, Tianma introduced the LEAF 2.0 energy-saving screen and the world's first true 610Hz gaming screen, utilizing advanced oxide semiconductor technology and adaptive refresh rate technology to meet high-performance demands in AI and gaming [1]. - In the large-size display segment, Tianma unveiled a 108-inch Micro LED screen featuring full laser mass transfer and seamless splicing technology, achieving 4K resolution with peak brightness of 1500 nits and a contrast ratio of 1,000,000:1, catering to home theater and commercial display needs [3]. - In the mobile application field, Tianma presented several new Tian Gong screen series products, focusing on optimizing display experience with low power consumption and true color representation [5]. - In the automotive display sector, Tianma showcased various screens including panoramic immersive screens and curved center control screens, designed to meet diverse automotive display requirements with features like high brightness and electric retraction [8].

Core Viewpoint - The stock of Tianma Microelectronics Co., Ltd. (深天马A) has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 22.34 billion yuan. The company has shown a modest year-to-date stock price increase of 0.66% but has faced declines over various short-term periods [1]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 26.66 billion yuan, reflecting a year-on-year growth of 11.03%. The net profit attributable to shareholders was 313 million yuan, marking a significant increase of 166.25% compared to the previous year [2]. Shareholder Information - As of November 10, 2025, the number of shareholders for 深天马A reached 72,700, an increase of 1.08% from the previous period. The average number of circulating shares per shareholder decreased by 1.07% to 33,805 shares [2]. Dividend Distribution - Since its listing, 深天马A has cumulatively distributed dividends amounting to 1.43 billion yuan. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 110 million shares, which is an increase of 55 million shares from the previous period [3].

Group 1 - The core viewpoint of the article highlights the performance of the motorcycle industry in China, particularly focusing on the production and sales data of Guangzhou Tianma Group's Tianma Motorcycle Co., Ltd. [1] - In September 2025, Tianma Motorcycle produced 30,000 units, marking a year-on-year increase of 42.67% [1] - The sales volume for the same period was 25,220 units, which represents a year-on-year decline of 7.3% [1] - The production and sales rate stood at 84.07%, with an inventory backlog of 4,780 units [1] Group 2 - The article references a comprehensive market assessment and development strategy report for the motorcycle industry in China, covering the period from 2026 to 2032 [1] - It mentions several listed companies in the motorcycle sector, including Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, and others [1] - The data is sourced from the China Automotive Industry (Motorcycle) Production and Sales Quick Report, organized by Zhiyan Consulting [1]