Core Viewpoint - The company is actively advancing the construction of new production lines, with significant progress expected in the TM20 production line by the first half of 2025, leading to increased capacity and project delivery in automotive and IT module products [2] Group 1: Production Capacity and Development - The TM20 production line is accelerating capacity ramp-up and customer project introduction, with a rapid increase in the number of automotive and IT module product cases and delivery scale [2] - The TM19 production line, invested by an important joint venture of the company, has achieved rapid capacity ramp-up and met stage delivery capability targets ahead of schedule, covering the entire product line and successfully introducing leading customers in multiple application fields [2] - The company has made breakthroughs in the development of oxide products and has received significant industry awards [2] Group 2: Micro-LED Production - The Micro-LED production line has achieved small-batch delivery of standardized display unit modules and successfully lit up the first automotive standard product [2]

Core Viewpoint - The company reported a significant growth in its automotive display business, driven by strong demand in the electric vehicle market and technological advancements in display specifications [1] Group 1: Financial Performance - In the first half of the year, the company's automotive display revenue increased by approximately 27% year-on-year [1] - Sales in the automotive electronics sector, particularly for international leading automakers, surged over 70% year-on-year [1] - The LTPS automotive business experienced a remarkable growth in shipment volume, exceeding 76% year-on-year [1] Group 2: Market Trends - The demand for automotive display products is expected to continue growing, driven by an increase in the number of screens and upgrades in screen specifications [1] - The rapid growth of the domestic electric vehicle market and the ongoing penetration of LTPS technology are anticipated to enhance downstream demand [1] - The trend towards larger-sized automotive display screens is expected to contribute positively to market demand [1] Group 3: Strategic Focus - The company aims to capitalize on opportunities in automotive electronics and new energy sectors to drive growth [1] - There is a commitment to mass production and delivery of AMOLED automotive products to strengthen the company's competitive position in the industry [1] - The company is focused on enhancing its overall competitiveness and reinforcing its leading position in the automotive display market [1]

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]

Core Viewpoint - Despite adverse macroeconomic conditions, the global demand for small and medium-sized displays has shown signs of recovery, benefiting the company’s performance in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue from consumer display business accounted for over 80% of total revenue, enhancing overall profitability [1]. - The gross profit margin of the main business increased by 4.52 percentage points year-on-year, with net profit attributable to shareholders rising by 6.95 billion [1]. - The net cash flow from operating activities grew by 48.44% year-on-year, while the asset-liability ratio decreased by 2.46 percentage points compared to the end of the previous year [1]. - The cost-to-expense ratio decreased by approximately 5.4% year-on-year [1]. Group 2: Business Segments and Growth - The automotive display business saw a year-on-year revenue increase of approximately 27%, with sales to international leading automakers growing over 70% [2]. - The shipment volume of LTPS automotive displays increased by over 76% year-on-year [2]. - The flexible AMOLED mobile display products maintained stable pricing, with profitability improving by over 50% year-on-year [2]. - The TM17 production line's capacity has improved, contributing to the growth of flexible AMOLED mobile display business profitability [2]. - The company’s SLOD technology has achieved mass production capability, enhancing visual experience across multiple fields [2]. - The TM20 production line is accelerating capacity ramp-up and customer project introduction, while the TM19 line has achieved stage delivery capability [2].

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]