Group 1 - The core point of the news is that Shenzhen Tianma A shares increased by 5.12% to 10.47 CNY per share, with a trading volume of 329 million CNY and a turnover rate of 1.31%, resulting in a total market capitalization of 25.733 billion CNY [1] - Tianma Microelectronics Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on November 8, 1983, with its listing date on March 15, 1995. The company's main business involves display core businesses for mobile smart terminals like smartphones and tablets, as well as key businesses for automotive displays and value-added services in medical and industrial control sectors. The revenue composition is 99.05% from displays and display modules, and 0.95% from other sources [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under China Europe Fund has a significant position in Shenzhen Tianma A. The China Europe Value Selection Mixed A Fund (021181) held 4.5854 million shares in the third quarter, accounting for 2.53% of the fund's net value, making it the largest holding. The estimated floating profit today is approximately 2.3386 million CNY [2] - The China Europe Value Selection Mixed A Fund (021181) was established on May 21, 2024, with a latest scale of 422 million CNY. Year-to-date return is 4.21%, ranking 3669 out of 8838 in its category; the one-year return is 37.94%, ranking 3657 out of 8089; and the return since inception is 46.82% [2]

Core Viewpoint - The company has shown significant growth in its automotive business, with a 24% year-on-year increase in sales for the first three quarters of 2025, driven by traditional automotive displays, automotive electronics, and domestic new energy sectors [1][3]. Group 1: Automotive Business - The automotive business sales increased by approximately 24% year-on-year in the first three quarters of 2025, with traditional automotive displays stable and growth in automotive electronics and new energy sectors [1][3]. - The gross margin for the automotive business has remained stable year-on-year, with expectations for continued growth despite competitive pressures [6]. - The company plans to enhance product value through improved technical solutions, increased LTPS technology penetration, and product size upgrades [1][6]. Group 2: Flexible OLED Business - The flexible OLED business has seen a significant improvement, with net profit from the TM17 production line increasing by over 30% year-on-year, and the launch of the first flexible wearable product [5]. - The TM18 production line is ramping up production of high-end flagship products, achieving coverage of major domestic brand flagship models [5]. Group 3: Non-Display Business - The company is focusing on non-display applications based on panel technology and TFT driving technology, establishing an MPG platform for developing technologies in areas like smart antennas and microfluidics [4]. - Current non-display business initiatives are in the incubation phase, with some technologies already in small-scale production [4]. Group 4: Micro-LED Business - The company has been developing Micro-LED technology since 2017, focusing on automotive and splicing display applications, with plans for small-scale production of standardized display modules in 2025 [6]. - The company has launched industry-leading Micro-LED products, including a 108-inch and a 135-inch 4K seamless splicing display, showcasing advancements in size, contrast, color range, and brightness [6]. Group 5: Future Planning and Strategy - The company adheres to a "2+1+N" strategy, focusing on mobile and automotive displays as core businesses, with IT displays as a key growth area and non-display applications as value-added businesses [2][9]. - Future projects include the construction of the 8.6-generation panel production line (TM19), new display module production line (TM20), and full-process Micro-LED production line, aimed at enhancing long-term competitiveness [2][9].

Core Viewpoint - The company expects a significant growth in its automotive business, projecting a year-on-year sales increase of approximately 24% for the first three quarters of 2025, driven by traditional vehicle segments and rapid growth in automotive electronics and domestic new energy sectors [1] Group 1 - The traditional vehicle segment is showing steady growth, contributing positively to overall sales [1] - The automotive electronics and domestic new energy businesses are experiencing rapid growth, indicating a shift in market demand [1] - The company remains optimistic about the future of the automotive display market and plans to actively seize growth opportunities and industry transformation trends [1] Group 2 - The company aims to continue focusing on growth points in automotive electronics and new energy sectors to drive sustained and healthy development of its automotive business [1]

Core Viewpoint - The company has been focusing on Micro-LED technology since 2017, targeting applications in automotive displays and seamless display solutions [1] Group 1: Micro-LED Technology Development - The joint venture's Micro-LED production line is set to be operational in 2024, with small batch shipments of standardized display unit modules expected in 2025 [1] - The company plans to launch the industry's first 108-inch 4K seamless splicing Micro-LED large screen using full laser mass transfer technology in November 2025 [1] - In December 2025, the company will introduce a 135-inch 4K+ seamless splicing product, achieving breakthroughs in several core technical indicators [1]

Group 1: Automotive Business Performance - In the first three quarters of 2025, the company's automotive business sales increased by approximately 24% year-on-year, driven by stable growth in traditional vehicles and rapid expansion in automotive electronics and domestic new energy sectors [1] - The gross margin of the automotive business showed a steady increase year-on-year in the first three quarters of 2025, with expectations of continued growth despite competitive pressures [4] Group 2: Flexible OLED Business Development - The flexible OLED production lines maintained good operational efficiency in the first three quarters of 2025, with net profit improving by over 30% year-on-year [3] - The company successfully launched its first flexible wearable product in 2025, opening new avenues for business growth [3] Group 3: Micro-LED Business Progress - The company has been developing Micro-LED technology since 2017, focusing on automotive and splicing display applications, with the first standard product launched in 2025 [6] - The company introduced industry-leading Micro-LED products, including a 108-inch 4K seamless splicing display and a 135-inch 4K+ version, showcasing significant advancements in technology [6] Group 4: Future Plans and Strategic Focus - The company adheres to a "2+1+N" strategy, focusing on mobile and automotive displays as core businesses while exploring growth in IT displays and non-display applications [9] - Future projects include the construction of the 8.6 generation panel line (TM19), new display module line (TM20), and full-process Micro-LED line, aimed at enhancing long-term competitiveness in the display sector [10]

Core Viewpoint - The Tianma-1000 unmanned aerial vehicle (UAV) developed by China Weapon Industry Group has successfully completed its maiden flight, marking it as the first domestic medium to low-cost air transport platform suitable for high-altitude and complex terrains, capable of carrying up to 1 ton of cargo [1][2]. Group 1: Technical Specifications - The Tianma-1000 has a maximum altitude of 8,000 meters, a range of 1,800 kilometers, and a maximum payload capacity of 1 ton [1]. - The UAV features an innovative real-time position fault-tolerant system that can autonomously identify and avoid obstacles such as mountains, ensuring safe flight routes even in adverse weather conditions [4]. - The aircraft has overcome challenges related to flight control in complex high-altitude airflows and has integrated optical guidance and landing assistance systems, reducing the takeoff distance to less than 200 meters [4]. Group 2: Operational Capabilities - In emergency situations like natural disasters, a single flight of the Tianma-1000 can deliver essential supplies such as food, medicine, and equipment to disaster-stricken areas, effectively creating an "aerial lifeline" [2]. - The UAV is particularly beneficial for military logistics, as many outposts are located in remote areas with difficult access, such as high plateaus and islands, where traditional transport methods face significant challenges [2]. - The Tianma-1000 can operate in harsh conditions, providing a reliable means of supply to border troops, especially in regions like the Qinghai-Tibet Plateau, where ground transportation is often hindered by severe weather and terrain [2]. Group 3: Deployment Flexibility - The UAV can be quickly deployed on low-quality runways, such as grasslands and unpaved roads, allowing for safe takeoff and landing in various environments [4]. - Its intelligent loading and unloading system can autonomously handle a ton of cargo in just 5 minutes, enhancing operational efficiency [4].

Core Viewpoint - The "Tianma-1000" unmanned transport aircraft, developed by Xi'an Aisheng Technology Group, successfully completed its first flight test, showcasing its capabilities in complex terrain and emergency logistics [1][3]. Group 1: Aircraft Features - The "Tianma-1000" is the first domestic unmanned transport platform capable of adapting to high-altitude complex terrains, featuring ultra-short takeoff and landing capabilities, and dual-mode rapid switching for cargo transport and airdrop [1]. - It has a maximum altitude of 8000 meters and requires a takeoff distance of less than 200 meters, allowing it to operate safely on unpaved surfaces [1]. - The aircraft has a maximum range of 1800 kilometers and can carry a payload of 1 ton, equivalent to the weight of a standard sedan, meeting large-scale logistics needs [1]. Group 2: Technological Innovations - The "Tianma-1000" incorporates several core autonomous technologies, including intelligent route planning and obstacle avoidance systems, enabling it to navigate complex terrains and adverse weather conditions [2]. - It features a modular cargo bay design that allows for quick switching between functions such as cargo transport, airdrop, and communication relay, with an automated loading system that can handle ton-level materials in just 5 minutes [2]. Group 3: Market Potential and Applications - The introduction of the "Tianma-1000" addresses logistical challenges in remote areas, enabling rapid delivery of essential supplies to locations inaccessible by road or rail [3]. - It is expected to play a crucial role in disaster response and public health emergencies, providing a "green channel" for life-saving supplies [3]. - The drone transport industry in China has reached a scale of 505.95 billion yuan in 2023, with projections to grow to 1.5 trillion yuan by 2025, indicating significant market potential for the "Tianma-1000" in various applications [4].

新华社发 1月11日，由中国兵器工业集团西安爱生技术集团有限公司自主研发的"天马-1000"无人运输机顺利完成 首次飞行试验，各项飞行数据表现良好，首飞取得圆满成功。"天马-1000"集物流运输、应急救援、物 资投送等多功能于一体，好比空中"货拉拉"，是国内首款实现"高原复杂地形适配、超短距起降、货运/ 空投双模快速切换"的中空低成本运输平台。其升限达8000米，滑跑起降距离小于200米，最大航程1800 公里，最大载重1吨。这一机型还可通过模块化货舱快速切换，灵活转换为物资投送平台，适应多样化 任务需求。 ...

Core Viewpoint - The successful maiden flight of the "Tianma-1000" unmanned transport aircraft marks a significant advancement in China's logistics and emergency response capabilities, featuring multi-functional applications and adaptability to complex terrains [1] Group 1: Aircraft Specifications - The "Tianma-1000" has an operational ceiling of 8,000 meters, a maximum range of 1,800 kilometers, and a maximum payload capacity of 1 ton [1] - It is designed for rapid switching between cargo air-drop and logistics transport, making it suitable for remote area supply and emergency rescue operations [1] Group 2: Operational Advantages - The aircraft can deliver ton-level supplies directly to areas not covered by road or rail within half a day without the need for transfer [1] - An intelligent loading and unloading system allows for autonomous handling of ton-level cargo within 5 minutes, significantly saving time and labor costs [1] Group 3: Terrain Adaptability - The "Tianma-1000" requires minimal takeoff and landing space, capable of operating safely on grass and unpaved roads, with a takeoff distance of just 200 meters [1] - It fills a gap in the domestic market for unmanned aerial vehicles that can adapt to high-altitude and complex terrain, promoting the feasibility of large-scale drone applications in China's low-altitude economy [1]

"天马-1000"集物流运输、应急救援、物资投送等多功能于一体，好比空中"货拉拉"，是国内首款实 现"高原复杂地形适配、超短距起降、货运/空投双模快速切换"的中空低成本运输平台。其升限达8000 米，滑跑起降距离小于200米，最大航程1800公里，最大载重1吨。这一机型还可通过模块化货舱快速切 换，灵活转换为物资投送平台，适应多样化任务需求。 据介绍，"天马-1000"载重能力相当于一辆标准小轿车的重量，可一次性运送大量物资。在面对偏远地 区补给、应急救援、紧急物资调运等场景时，"天马-1000"能够实现单架次、规模化运送，满足数日所 需的食品、药品、设备等关键物资，可解决特殊地域物资运输困境。 新华社北京1月11日电（记者宋晨 付瑞霞） 记者1月11日从中国兵器工业集团有限公司获悉，由中国兵 器工业集团西安爱生技术集团有限公司自主研发的"天马-1000"无人运输机于当天顺利完成首次飞行试 验，各项飞行数据表现良好，首飞取得圆满成功。 ...