Core Viewpoint - Deep Tianma A's stock has shown a positive trend with a year-to-date increase of 11.96% and a recent rise of 5.86% over the last five trading days, indicating strong market performance and investor interest [1]. Financial Performance - For the period from January to September 2025, Deep Tianma A reported 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 significant increase of 166.25% compared to the previous year [2]. Shareholder Information - As of October 20, 2025, the number of shareholders for Deep Tianma A stood at 73,400, a slight decrease of 0.14% from the previous period. The average number of circulating shares per shareholder increased by 0.14% to 33,464 shares [2]. Dividend Distribution - Since its listing, Deep Tianma A has cumulatively distributed dividends amounting to 1.429 billion yuan. However, there have been no dividend distributions in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder of Deep Tianma A, holding 110 million shares, which is an increase of 5.5005 million shares from the previous period [3].

Summary of Tianma Technology Conference Call Company Overview - **Company**: Tianma Technology - **Period**: January to September 2025 - **Revenue**: 4.503 billion CNY, a slight increase year-on-year - **Net Profit**: 70.7814 million CNY, a year-on-year increase of 2% [2][4] Key Financial Highlights - **Q3 Revenue**: 1.53 billion CNY, a year-on-year increase of 2.7% - **Q3 Net Profit**: 10.56 million CNY, a year-on-year decrease of 20% [2][4] - **Eel Farming Revenue**: Approximately 130 million CNY in Q3, a year-on-year decrease of 46% due to increased self-use [2][4] - **Food Business Revenue**: Approximately 110 million CNY in Q3, a year-on-year increase of 53% with grilled eel sales of 1,128 tons, up 67% [2][4] - **Special Aquaculture Feed Sales**: 38,200 tons in Q3, a year-on-year increase of 42%, with revenue of approximately 352 million CNY, up 32% [2][5] - **Specific Materials Sales**: 302,800 tons in Q3, a year-on-year increase of 3.15%, with revenue of 863 million CNY, a slight increase of 0.32% [2][5] Debt and Financial Management - **Debt Levels**: Significant, including short-term loans of 2.6 billion CNY, accounts payable of 1.4-1.5 billion CNY, and long-term loans of 400-500 million CNY [2][8] - **Debt Repayment Strategy**: Plans to repay debt through self-generated funds, industry funds, and stable bank cooperation [2][8][12] Market and Production Strategy - **Eel Seedling Supply**: Anticipated decrease in Japanese eel seedlings in 2026; increased stocking in 2025 to ensure stable future supply [3][10] - **Sales Strategy**: Implementing a "big fish for small fish" strategy to optimize inventory and ensure stable production and sales [10][14] - **Production Measures**: Focus on ecological pond farming to manage high-density breeding challenges [29][30] Segment Performance - **Special Aquaculture Feed**: Q3 revenue of 382 million CNY with a net profit of over 1.1 million CNY; however, overall sales have declined year-on-year [6][5] - **Specific Materials**: Q3 revenue contribution of 900 million CNY with a net profit of over 13 million CNY [6] - **Eel Farming**: Q3 revenue contribution of 130 million CNY but currently facing a loss of 2.7 million CNY [6] - **Food Segment**: Q3 revenue contribution of 100 million CNY with a net loss of 800,000 CNY [6] Future Outlook - **Market Expansion**: Plans to expand into the Korean market and enhance the global marketing network for live eel [3][4][11] - **Production Goals**: Targeting an output of 20,000 tons for the year and 30,000 tons for the next year [17] - **Export Goals**: Aiming for a minimum of 3,000 tons of live eel exports in 2026 [21][27] Competitive Advantages - **Technological Edge**: Strong R&D capabilities to meet Japanese market standards, including specialized product development [28] - **Brand Building**: Focus on establishing a strong brand presence and improving consumer awareness of eel products [22][24][26] Conclusion - **Strategic Positioning**: Tianma Technology is focusing on optimizing its production and sales strategies while managing significant debt levels. The company is well-positioned to leverage its technological advantages and expand into new markets, ensuring a stable supply of products and enhancing its competitive edge in the aquaculture industry [2][3][4][10][12][22][28]

Core Points - The company, 深天马A, announced a share buyback program, indicating a strategic move to enhance shareholder value [2] - As of October 31, 2025, the company has repurchased a total of 11,082,462 shares, which represents approximately 0.4509% of its total share capital [2] Summary by Category - **Company Actions** - 深天马A has implemented a share buyback program through a dedicated repurchase account using centralized bidding [2] - The total number of shares repurchased is 11,082,462 [2] - **Financial Impact** - The repurchased shares account for about 0.4509% of the company's current total share capital [2]

Summary of Key Points Core Viewpoint - The company, 深天马A, announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [1]. Company Actions - As of October 31, 2025, the company has repurchased approximately 11.08 million shares, which represents about 0.4509% of the total share capital [1]. - The buyback was conducted through a centralized bidding method, with a total expenditure of approximately 106 million yuan [1]. - The highest transaction price during the buyback was 10.07 yuan per share, while the lowest was 9.13 yuan per share [1].

Core Viewpoint - The company plans to repurchase shares through centralized bidding to reduce registered capital, with a budget of 150-200 million yuan and a maximum repurchase price of 12.43 yuan per share [1] Summary by Relevant Sections - **Repurchase Plan**: The company has approved a share repurchase plan with a budget of 150-200 million yuan, aiming to reduce registered capital [1] - **Repurchase Price and Timeline**: The maximum repurchase price is set at 12.43 yuan per share, and the implementation period is within 12 months from the date of shareholder meeting approval [1] - **Current Repurchase Status**: As of October 31, 2025, the company has repurchased a total of 11,082,462 shares, accounting for approximately 0.4509% of the total share capital, with a total payment of 106 million yuan (excluding transaction fees) [1] - **Price Range of Repurchased Shares**: The highest transaction price for the repurchased shares was 10.07 yuan per share, while the lowest was 9.13 yuan per share [1] - **Future Actions**: The company will continue to implement the repurchase plan and disclose updates in a timely manner [1]

Core Viewpoint - The company, 深天马Ａ, has announced a share buyback program, indicating a strategic move to enhance shareholder value and potentially signal confidence in its financial health [1] Summary by Categories Share Buyback Details - The company has repurchased a total of 11,082,462 shares, which accounts for approximately 0.4509% of its current total share capital [1] - The buyback was conducted through a dedicated securities account using a centralized bidding method [1] - The highest transaction price during the buyback was 10.07 yuan per share, while the lowest was 9.13 yuan per share [1] - The total amount paid for the buyback, excluding transaction fees, was 106,004,410 yuan [1]

证券代码：000050 证券简称：深天马A 公告编号：2025-075 天马微电子股份有限公司 关规定，回购期间，公司应当在每个月的前三个交易日内披露截至上 月末的回购进展情况。现将公司相关情况公告如下： 一、截至上月末回购公司股份的进展情况 截至2025年10月31日，公司通过回购专用证券账户，以集中竞 价方式实施回购公司股份，累计回购股份数量为11,082,462股，约占 公司目前总股本的0.4509%，最高成交价为10.07元/股，最低成交价为 9.13元/股，支付总金额为106,004,410元（不含交易费用）。本次回 购符合法律法规、规范性文件的有关规定及公司回购股份方案的要求。 关于回购公司股份的进展公告 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、误导性陈述或重大遗漏。 天马微电子股份有限公司（以下简称"公司"）分别于2025年4 月15日和2025年7月2日召开第十届董事会第二十八次会议和2025年 第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》， 同意公司以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，拟回购股份的种类为公司 ...

Core Insights - The flexible OLED technology is currently the most ideal flexible display technology, with various other technologies also being explored in the display field [1] Market Overview - The global AMOLED panel market reached a size of $42 billion in 2021, marking a year-on-year growth of 37.7%. However, in 2023, the market experienced a slight decline due to weak overall demand in consumer electronics, particularly in the high-end segment like large OLED TVs. A strong rebound is expected in 2024, with the market size projected to exceed $48 billion [2] Shipment Growth - Global shipments of OLED smartphone panels are expected to reach 850 million units in 2024, representing a year-on-year increase of 25.3%. Among these, flexible OLED shipments are projected to be 633 million units, reflecting a growth of 19.2% [5] Chinese Market Dynamics - In the flexible OLED shipment landscape, BOE leads with 71 million units, followed by Tianma and Huaxing Optoelectronics with 43.2 million and 41 million units respectively, indicating strong competition among Chinese manufacturers [6] Global Competitive Landscape - Samsung Display and BOE are the leading players in the global flexible OLED market, with Samsung's shipment volume reaching 86.6 million units and BOE's at approximately 71 million units in the second quarter of 2025 [9]

Core Insights - The panel industry is experiencing a recovery phase, with major companies reporting significant growth in revenue and profit for the first three quarters of the year [1][2][3] Group 1: TCL Technology - TCL Technology reported a revenue of 135.943 billion yuan, a year-on-year increase of 10.50%, and a net profit of 3.047 billion yuan, up 99.75% year-on-year for the first three quarters [1] - In Q3, TCL's net profit reached 1.163 billion yuan, a quarter-on-quarter increase of 33.57%, indicating a continuous recovery in profitability [1] - The company’s market share for large-size products increased by 5 percentage points to 25% in Q3, with significant growth in medium and small-size segments, including a 63% increase in notebook sales [2] Group 2: BOE Technology Group - BOE Technology Group reported a revenue of 154.548 billion yuan, a year-on-year increase of 7.53%, and a net profit of 4.601 billion yuan, up 39.03% year-on-year for the first three quarters [2] - The company is actively expanding its presence in the flexible AMOLED sector and is focusing on automotive and IT applications to seize market opportunities [2] Group 3: Tianma Microelectronics - Tianma Microelectronics achieved a revenue of 26.663 billion yuan, a year-on-year increase of 11.03%, and turned a profit with a net profit of 313 million yuan for the first three quarters [3] - The company is focusing on flexible AMOLED mobile display business and has established a competitive advantage in automotive and specialized display sectors [3] Group 4: R&D Investments - TCL Technology invested 7.394 billion yuan in R&D in Q3, a year-on-year increase of 12.55%, focusing on the industrialization of printing OLED and Micro-LED technologies [4] - BOE Technology Group's R&D expenses reached 9.560 billion yuan in Q3, a year-on-year increase of 8.34%, emphasizing the development of semiconductor display and IoT innovations [3][4] - The panel industry is witnessing significant technological advancements, with companies achieving breakthroughs in printing OLED, Micro-LED, and flexible AMOLED technologies, positioning them to lead global market trends [4]

Group 1 - The core viewpoint of the article indicates that the average operating rate of OLED panel production lines in mainland China is expected to increase to 80% in Q4 2025, representing a 2 percentage point increase compared to the previous quarter [2][3]. Group 2 - The article provides a list of the latest production capacities of OLED panel production lines in China [3]. - It includes statistics on the average operating rates of OLED production lines in mainland China for Q3 2025 [3]. - The article details the operating rates for rigid and flexible OLED panel production lines in Q3 2025 [3]. - It presents the market share statistics of various OLED manufacturers in Q3 2025 [3]. - Specific operating rate statistics for BOE, Visionox, Tianma, CSOT, EDO, and Huayi OLED panel production lines in Q3 2025 are included [3]. - The article concludes with a forecast for the operating rates of OLED panel manufacturers in mainland China for Q4 2025 [2][3].