Core Insights - Micro-LED technology is recognized as the "next generation micro-display technology" due to its high brightness, efficiency, and longevity, making it suitable for smart glasses, smartwatches, and automotive displays [1] - The commercialization of Micro-LED is accelerating as key technological breakthroughs, capacity enhancements, and cost reductions are being achieved [1] Industry Trends - The application boundaries of Micro-LED technology are rapidly expanding, with significant breakthroughs in various fields this year, indicating a move towards a "harvest moment" for the technology [1] - In the automotive display sector, Micro-LED technology is overcoming challenges such as color deviation at high temperatures, with adaptive headlights showcasing high resolution and improved safety for night driving [1] Product Developments - Smart glasses are the primary battlefield for Micro-LED applications, with notable products like the X3Pro glasses from Thunderbird Innovation featuring a peak brightness of 6000 nits and a 95% reduction in rainbow artifacts [2] - Garmin has also launched a smartwatch equipped with a Micro-LED display, contributing to the anticipated growth of the Micro-LED chip market, projected to reach $461 million by 2029 [2] Company Initiatives - Companies like BOE Technology Group and Tianma Microelectronics are making strategic advancements in Micro-LED technology, with BOE's manufacturing and testing base set to achieve mass production by March 2025 [3] - Thunderbird Innovation has successfully combined Micro-LED's high brightness and low power consumption with optical waveguide technology to produce full-color Micro-LED waveguide AR glasses [4] - Industry experts emphasize the need for companies to enhance R&D efforts and strengthen supply chain integration to maintain competitive advantages in the Micro-LED sector [4]

Core Viewpoint - The article discusses the third-quarter financial performance of six major companies in the display panel industry, highlighting their revenue growth, profit changes, and strategic developments. Company Summaries 京东方 (BOE Technology Group) - In Q3, BOE achieved revenue of 53.27 billion yuan, a year-on-year increase of 5.81%, and a net profit of 1.35 billion yuan, up 32.07% [2][3] - For the first three quarters, cumulative revenue reached 154.55 billion yuan, growing by 7.53%, with a net profit of 4.60 billion yuan, an increase of 39.03% [2][3] - The growth was attributed to expanded sales, increased government subsidies, and significant investment income from the disposal of long-term equity investments [2][4] TCL科技 (TCL Technology) - TCL reported Q3 revenue of 50.38 billion yuan, a 17.71% increase, and a net profit of 1.16 billion yuan, up 119.44% [5][6] - Cumulative revenue for the first three quarters was 135.94 billion yuan, a 10.50% increase, with a net profit of 3.05 billion yuan, growing by 99.75% [5][6] - The company noted improvements in the global panel market, with demand recovery and price stabilization, leading to increased production efficiency and profitability [7][8] 深天马 (Shenzhen Tianma) - In Q3, Shenzhen Tianma reported revenue of 9.19 billion yuan, a 13.19% increase, and a net profit of 107 million yuan [9][10] - Cumulative revenue for the first three quarters was 26.66 billion yuan, up 11.03%, with a net profit of 313 million yuan [9][10] - The company is investing in new equipment for its 6th generation OLED panel production line, which is expected to enhance production capacity and efficiency [11][12] 彩虹股份 (Rainbow Optoelectronics) - In Q3, Rainbow Optoelectronics achieved revenue of 2.98 billion yuan, a 1.51% increase, but reported a net loss of 72.29 million yuan [13][14] - For the first three quarters, revenue was 8.64 billion yuan, down 4.04%, with a net profit of 379 million yuan, a decrease of 62.49% [13][14] - The company is focusing on its glass substrate business and has divested 30% of its subsidiary, Rainbow Optoelectronics, to BOE to optimize its business structure [14] 友达光电 (AU Optronics) - AU Optronics reported Q3 revenue of 69.91 billion NTD (approximately 16.2 billion yuan), a 1% increase from Q2 but a 10.1% decrease from Q3 2024, with a net loss of 1.28 billion NTD (approximately 297 million yuan) [15][17] - The company noted that its overall revenue was affected by currency fluctuations and declining panel prices, but cumulative net profit for the first three quarters improved significantly compared to the previous year [17] 和辉光电 (HannStar Display) - In Q3, HannStar achieved revenue of 1.33 billion yuan, a 2.25% increase, but reported a net loss of 530 million yuan [18][20] - Cumulative revenue for the first three quarters was 4 billion yuan, up 8.25%, with a net loss of 1.37 billion yuan [18][20] - The company is focusing on improving production efficiency and has submitted an application for an H-share listing to enhance its international strategy and financing capabilities [20]

天马微电子股份有限公司 关于 2025 年前三季度计提减值损失的公告 证券代码：000050 证券简称：深天马 A 公告编号：2025-074 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。 一、本次计提减值损失概况 根据《企业会计准则》及公司会计政策等相关规定，公司对截止 2025 年 9 月 30 日的应收账款、其他应收款、长期应收款、存货、固定资产等资产判断是 否存在可能发生减值的迹象，进行减值测试。经测试，2025 年 1-9 月公司冲回 信用减值损失 1,705 万元，其中应收账款冲回 1,777 万元、其他应收款计提 72 万元；计提资产减值损失 29,890 万元，其中存货计提 29,671 万元，固定资产计 提 219 万元。 2025 年 1-9 月减值损失情况如下： 单位：万元 | | 年初 | 本年计提信 | | 其他变动 | | 2025 年 9 | | --- | --- | --- | --- | --- | --- | --- | | 项目 | | 用/资产减 | | | | | | | 余额 | | 转销 | 核销 | 其他 | ...

证券代码：000050 证券简称：深天马A 公告编号：2025-072 天马微电子股份有限公司 第十一届董事会第二次会议决议公告 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。 特此公告。 天马微电子股份有限公司董事会 二、董事会会议审议情况 （一）审议通过《2025年第三季度报告》 表决情况为：12票同意，0票反对，0票弃权 该议案已经公司董事会审计与风险管理委员会审议通过。 具体内容请见公司同日在《证券时报》和巨潮资讯网上披露的 《2025年第三季度报告》。 第 1 页 共 2 页 三、备查文件 一、董事会会议召开情况 天马微电子股份有限公司第十一届董事会第二次会议通知于 2025年10月20日（星期一）以书面或邮件方式发出，会议于2025年10 月30日（星期四）以现场和通讯表决的方式召开。公司董事会成员12 人，实际行使表决权的董事12人，分别为：成为先生、李培寅先生、 邓江湖先生、郭高航先生、王磊先生、谢洁平女士、邵青先生、马振 锋先生、梁新清先生、耿怡女士、张红先生、童一杏女士。本次会议 的召集、召开和表决程序符合有关法律、法规和《公司章程》的规定 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥9,187,625,843.37, representing a 13.19% increase year-over-year[4] - Net profit attributable to shareholders was ¥107,221,912.40, an increase of ¥90,448,205.43 compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was -¥51,193,624.48, an increase of ¥221,370,816.86 year-over-year[4] - Total operating revenue for the current period reached ¥26,662,703,732.98, an increase of 11.05% compared to ¥24,014,022,721.09 in the previous period[25] - The company's net loss for the current period was ¥1,229,653,041.79, an improvement from a loss of ¥1,542,773,870.18 in the previous period[23] - The net profit for the current period is CNY 279,141,467.66, a significant recovery from a net loss of CNY -475,887,770.90 in the previous period, representing a turnaround of approximately 158.6%[26] - The total comprehensive income attributable to the parent company was CNY 341,807,900.76, a recovery from a loss of CNY -487,483,463.64 in the previous period[26] - The operating profit for the current period was CNY 338,625,268.15, a recovery from an operating loss of CNY -434,027,353.39 in the previous period[26] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥6,462,297,852.37, up 43.58% compared to the previous year[4] - The company reported a significant increase in cash received from operating activities, totaling ¥11,994,191,891.45, a 90.53% increase year-over-year[12] - The net cash flow from operating activities increased due to improved profits year-on-year[13] - Cash received from investment recovery increased due to the cancellation of investments in joint ventures during the period[13] - The company reported a decrease in cash received from investment activities due to reduced amounts received from related investment activities[13] - The cash flow from financing activities resulted in a net outflow of CNY -5,446,320,152.03, worsening from a net outflow of CNY -2,734,275,295.79 in the previous period[28] - The company experienced a net cash outflow from investing activities of CNY -2,005,198,309.28, an improvement from a larger outflow of CNY -3,187,732,413.93 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥77,262,504,146.42, a decrease of 4.89% from the end of the previous year[4] - The company's total assets decreased to ¥77,262,504,146.42 from ¥81,235,165,602.39, a decline of 4.84%[24] - Current assets totaled ¥21,204,571,793.79, down from ¥22,595,566,053.82, representing a decrease of 6.15%[21] - Non-current liabilities decreased to ¥20,280,439,451.37 from ¥26,320,315,464.62, a reduction of 22.93%[23] - The total liabilities decreased to ¥47,488,573,786.21 from ¥52,062,060,054.09, reflecting a decline of 8.99%[23] - The company's total equity attributable to shareholders increased by 0.92% to ¥27,502,798,054.66[4] - The total equity attributable to shareholders increased to ¥27,502,798,054.66 from ¥27,251,327,182.02, a growth of 0.92%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period was 74,127[15] - The largest shareholder, Xiamen Jincai Industrial Development Co., Ltd., holds 15.85% of shares, totaling 389,610,040 shares[15] - The second-largest shareholder, AVIC Innovation Co., Ltd., holds 15.79% of shares, totaling 388,139,418 shares[15] Corporate Governance and Strategy - The company plans to hold an online performance briefing for the 2024 fiscal year and collect related questions[16] - The company announced a voluntary commitment from the controlling shareholder not to reduce their shareholding[17] - The company plans to repurchase shares as part of its strategy to enhance shareholder value[17] - The company is preparing for the 2024 annual shareholders' meeting, indicating ongoing corporate governance activities[17] - The company announced a half-year performance forecast, suggesting expectations for revenue and profit trends[18] - The company is set to hold an online performance briefing for the first half of 2025, engaging with investors[18] - The company is actively managing its share repurchase program, with updates on progress provided[18] - The company has made changes to its board of directors, indicating potential shifts in strategic direction[18] - The company is focused on maintaining compliance with regulations regarding shareholder equity changes[18] Expenses - Total operating costs amounted to ¥26,355,348,060.00, up from ¥24,826,686,652.61, reflecting a growth of 6.15%[25] - Research and development expenses increased to ¥2,421,419,318.76, compared to ¥2,311,903,437.79, indicating a rise of 4.77%[25] - The company reported a tax expense of CNY 60,991,156.08, compared to CNY 38,131,632.60 in the previous period, reflecting an increase of approximately 60%[26] Borrowings - The company experienced a 100% increase in short-term borrowings, totaling ¥897,297,694.46, due to new borrowings during the period[9] - The net cash flow from financing activities decreased primarily due to a reduction in interest-bearing liabilities[13] - Cash paid for financing activities increased due to new share repurchase payments during the period[13]

Core Viewpoint - Aolaide's subsidiary, Shanghai Shengxi Optoelectronics Technology Co., Ltd., has successfully won a bid for a 6th generation flexible AMOLED production line project from Xiamen Tianma Display Technology Co., Ltd., with a contract value of 93.79 million yuan [2][4]. Group 1: Company Developments - The successful bid will strengthen Aolaide's leading position in the 6th generation evaporation source market, enhancing its technological, customer, and market share advantages, which is expected to positively impact the company's performance in 2026 and 2027 [4]. - Xiamen Tianma Display is responsible for operating a 6th generation flexible AMOLED production line (TM18), with a total investment of approximately 48 billion yuan, targeting products for smartphones, smart wearables, and automotive displays [4]. Group 2: Industry Trends - Xiamen Tianma Display has been continuously procuring new equipment for its production line this year, including point/line evaporation sources and optical inspection equipment, indicating a focus on enhancing existing production capacity rather than establishing new lines [5]. - TCL Huaxing has initiated the construction of an 8.6 generation printed OLED production line, with a planned capacity of 22,500 sheets per month, to meet the growing market demand [5]. - TCL Technology's newly established printing equipment company, Guochuangke, has made progress with its G6 full-size display inkjet printing equipment, which is compatible with various substrate sizes and meets high-generation production needs [7].

Core Insights - The upcoming third quarter is expected to see a significant increase in demand for OLED panels due to the launch of flagship products by Apple and major domestic brands, with a projected shipment of approximately 250 million AMOLED smartphone panels globally, marking a year-on-year growth of 11.7% and a quarter-on-quarter growth of 20.3% [1] Market Overview - In the third quarter of 2025, the global AMOLED smartphone panel shipment from South Korea is expected to account for 51.6% of the total, showing a year-on-year decrease of 0.8 percentage points but a quarter-on-quarter increase of 4.2 percentage points, primarily driven by short-term demand from Apple’s new device preparations; domestic manufacturers will hold a 48.4% share [4] - Samsung Display (SDC) is projected to see a year-on-year shipment growth of 7.1%, with its market share decreasing from 45.2% to 43.4%, reflecting a 1.8 percentage point decline; despite its technological advantages in LTPO backplanes, SDC is losing orders in the mid-range market [5] - BOE's AMOLED smartphone panel shipments are expected to grow by 30.8% year-on-year, with its market share increasing by 2.3 percentage points to 15.7%, benefiting from penetration in the mid-range market and continued breakthroughs in the high-end market [5] - Visionox's AMOLED smartphone panel shipments are anticipated to grow by 16.7% year-on-year, with a market share increase of 0.5 percentage points to 12.7%, attributed to effective operational strategies and stable demand in the mid-range market [5] - Tianma's AMOLED smartphone panel shipments are projected to grow by 28.4% year-on-year, with a market share increase of 1.3 percentage points to 10.0%, driven by stable demand from key customers and improvements in production technology and yield [5] Flexible Panel Insights - In the third quarter of 2025, flexible AMOLED smartphone panels are expected to account for 80.1% of total AMOLED smartphone panel shipments, reflecting a year-on-year increase of 3.6 percentage points and a quarter-on-quarter increase of 3.1 percentage points; South Korea's share will be 43.8%, down 1.4 percentage points year-on-year, while domestic manufacturers will hold 56.2% [6] - SDC's flexible AMOLED smartphone panel shipments are projected to grow by 9.3% year-on-year and 40.4% quarter-on-quarter, with a market share of 33.5%, down 2.3 percentage points year-on-year, facing increasing competition from domestic manufacturers [6] - BOE's flexible AMOLED smartphone panel shipments are expected to grow by 30.8% year-on-year and 9.3% quarter-on-quarter, with a market share of 19.7%, reflecting a 2.1 percentage point increase year-on-year, driven by significant growth in high-end flexible screen orders [8] - Visionox's flexible AMOLED smartphone panel shipments are anticipated to grow by 16.2% year-on-year and 54.2% quarter-on-quarter, with a market share of 13.7%, significantly above the industry average in terms of production line utilization [8] - Tianma's flexible AMOLED smartphone panel shipments are projected to grow by 28.4% year-on-year and 8.3% quarter-on-quarter, with a market share of 12.5%, reflecting a 1.1 percentage point increase year-on-year [8]

Core Viewpoint - The global AMOLED smartphone panel shipment in Q3 2025 reached approximately 250 million units, showing a year-on-year growth of 11.7% and a quarter-on-quarter growth of 20.3%, indicating a continuous recovery in market conditions [1][2]. Market Demand and Trends - The arrival of the traditional sales peak in Q3, along with the launch of flagship products by Apple and major domestic brands, significantly boosted the demand for OLED panels [2]. - The market for AMOLED smartphone panels is experiencing a dual growth trend both year-on-year and quarter-on-quarter, reflecting a sustained recovery in market conditions [2]. Regional Shipment Analysis - In Q3 2025, the shipment share of AMOLED smartphone panels in South Korea accounted for 51.6%, showing a year-on-year decline of 0.8 percentage points but a quarter-on-quarter increase of 4.2 percentage points, primarily driven by short-term demand from Apple’s new device preparations [3]. - Domestic manufacturers held a shipment share of 48.4% in the same period [3]. Company Performance - Samsung Display (SDC) saw a year-on-year shipment growth of 7.1%, but its market share decreased from 45.2% to 43.4%, indicating a 1.8 percentage point decline, attributed to intensified order losses in the mid-range market despite its technological advantages in LTPO backplanes [3]. - BOE's AMOLED smartphone panel shipments grew by 30.8% year-on-year, marking the largest increase among major manufacturers, with its market share rising by 2.3 percentage points to 15.7%, driven by penetration in the mid-range market and breakthroughs in the high-end market [3]. - Tianma's AMOLED smartphone panel shipments increased by 28.4% year-on-year, with its market share rising by 1.3 percentage points to 10.0%, supported by stable demand from key customers and continuous improvements in production technology and yield [5]. Flexible Panel Shipment Insights - In Q3 2025, flexible AMOLED smartphone panels accounted for 80.1% of total shipments, reflecting a year-on-year increase of 3.6 percentage points and a quarter-on-quarter increase of 3.1 percentage points [8]. - SDC's flexible AMOLED panel shipments grew by 9.3% year-on-year and 40.4% quarter-on-quarter, but its market share fell by 2.3 percentage points to 33.5%, facing competitive pressure from domestic manufacturers [9]. - BOE's flexible AMOLED panel shipments increased by 30.8% year-on-year and 9.3% quarter-on-quarter, with its market share rising by 2.1 percentage points to 19.7%, driven by significant growth in high-end flexible screen orders [9].

Core Viewpoint - The company announced that its wholly-owned subsidiary, Shanghai Shengxi Optoelectronics Technology Co., Ltd., has received a bid notification for the 6th generation flexible AMOLED production line project from Xiamen Tianma Display Technology Co., Ltd., with a bid amount of 93.79 million yuan [1] Company Summary - The subsidiary involved in the project is Shanghai Shengxi Optoelectronics Technology Co., Ltd. [1] - The project pertains to the production of flexible AMOLED displays, which is a significant segment in the display technology industry [1] Financial Summary - The bid amount for the project is 93.79 million yuan, indicating a substantial contract value for the company [1]

Core Viewpoint - The company emphasizes the high barriers and customer stickiness in the automotive display sector, highlighting the critical importance of product reliability, stability, and long-term supply assurance in maintaining competitive advantage [1] Industry Insights - The automotive display industry is characterized by high barriers to entry and strong customer loyalty, necessitating high standards for product quality and supplier reliability [1] - The evolution of the automotive industry towards new trends requires enhanced capabilities in high-definition, large screens, multi-screen setups, personalization, interactivity, and integrated solutions [1] - The rapid rise of new energy vehicles (NEVs) intensifies the demand for faster development cycles and better component management, testing the market participants' customer coverage, flexibility in delivery, and overall quality management [1] Company Strategy - The company views the automotive display market as a strategic core business and plans to strengthen its position in three main segments: traditional automotive displays, automotive electronics, and new energy vehicle displays [1]