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].

Group 1: Termination of Restructuring - The termination of the restructuring was due to significant changes in the market environment since the transaction was initiated, which necessitated a reassessment to protect the interests of the company and its shareholders [2][3] - The company has taken specific measures to improve performance and has outlined future plans to enhance company value [2][3] Group 2: Business Performance and Strategy - The company reported stable operational performance, with ongoing improvements in business metrics, despite the restructuring termination [3][5] - The focus will remain on core business operations, with an emphasis on innovation and technology breakthroughs to enhance competitiveness [3][5] Group 3: Financial Health and Debt Management - The company is implementing various strategies to optimize product structure, reduce costs, and improve delivery capabilities to enhance profitability [4][5] - Measures to lower the debt ratio include broadening financing channels and improving asset utilization efficiency [4][5] Group 4: Market Opportunities and Product Development - The OLED market is expected to see rapid growth, particularly in mid-size and foldable applications, driven by increasing penetration rates in smart devices [2][5] - The company is actively pursuing technological innovations to enhance product performance and reduce production costs, thereby increasing market share in high-end products [4][5] Group 5: Future Plans and Capital Structure - Future capital planning will focus on deepening the display industry layout and optimizing the capital structure, with adherence to legal disclosure requirements for any significant developments [4][5] - The company is progressing with the construction of the 8.6 generation AMOLED production line, which is expected to enhance production capabilities [5][6]

Core Viewpoint - The global IT OLED panel market is entering a phase of diverse investment plans, with major players like Samsung Display, BOE, Visionox, and TCL Huaxing launching their 8.6-generation OLED production lines, indicating a competitive landscape ahead [2][5][6][7][9]. Group 1: Samsung Display - Samsung Display initiated its 8.6-generation line investment in 2023, utilizing traditional FMM evaporation technology and planning to incorporate Tandem OLED processes to enhance screen longevity. The equipment installation is complete, and products are expected to be introduced in the new MacBook Pro series by Apple in 2026, with mass production anticipated in Q2 2026 [5]. Group 2: BOE - Following Samsung, BOE announced its 8.6-generation OLED line investment by the end of 2023, also employing FMM evaporation technology and Tandem OLED configurations. Equipment installation is set to be completed gradually starting from Q2 2025, with production expected to commence in the first half of 2026 [6]. Group 3: Visionox - Visionox is entering the FMM-free camp with its self-developed ViP (Visionox Intelligent Pixelization) technology, which promises higher pixel density and aperture ratio compared to traditional FMM. The company plans to establish its 8.6-generation OLED line by Q2 2024, aiming for completion of the facility by Q4 2025 and volume production to start in Q1 2027 [7]. Group 4: TCL Huaxing - TCL Huaxing is adopting inkjet printing (IJP) technology, which simplifies the process compared to traditional FMM and theoretically reduces material waste by about 30%. Following the groundbreaking ceremony for its 8.6-generation OLED line, TCL Huaxing targets volume production by Q4 2027 [9]. Group 5: Market Dynamics - The investment plans for both FMM and non-FMM generation lines are proliferating, indicating a competitive environment in the IT OLED panel supply chain. The FMM camp benefits from established customer relationships and production experience, while the non-FMM camp, despite facing challenges like lower yield rates and material development, has the potential to catch up due to high market interest [9].

Group 1 - The global IT OLED panel investment landscape is entering a phase of diversification, with both FMM and non-FMM camps planning significant investments in large-generation production lines [1] - The FMM camp benefits from strong customer relationships and production experience, while the non-FMM camp, including technologies like ViP and IJP, faces challenges such as low yield rates and material development [1] - Samsung Display Corporation (SDC) is a market leader, having initiated the 8.6-generation OLED production line investment using traditional FMM deposition processes [2] Group 2 - SDC plans to introduce Tandem OLED processes to enhance screen longevity, with products expected to be integrated into the new MacBook Pro series by 2026 [2] - BOE has also announced its 8.6-generation OLED production line investment, adopting FMM deposition and Tandem OLED technology, with production expected to commence in the first half of 2026 [2] - Visionox is developing its 8.6-generation OLED production line using its proprietary ViP technology, aiming for mass production to start in Q1 2027 [3] Group 3 - TCL CSOT is utilizing inkjet printing (IJP) technology for its 8.6-generation OLED production line, which is expected to reduce material waste by approximately 30% [3] - TCL CSOT's production line is targeted to begin mass production in Q4 2027 following the recent groundbreaking ceremony [3]

Core Viewpoint - The company acknowledges that stock price fluctuations are influenced by various factors, including macroeconomic conditions, industry trends, and market sentiment [2] Group 1 - The company emphasizes the importance of market value performance and shareholder interests [2] - The company plans to continuously enhance its production and operational capabilities to improve value creation [2] - The company is committed to strengthening information disclosure and communication with various investors to convey its value to the capital market [2]

Core Insights - The company, Visionox, is maintaining good cooperation with terminal brand manufacturers and is currently managing orderly production across all production lines [2] - The ViP technology is actively being promoted for mass production [2]

Group 1 - The stock price of the company has been continuously hitting new lows despite the state-owned capital injection, indicating that various factors such as macroeconomic conditions, industry trends, and market sentiment are influencing stock performance [1] - The company emphasizes the importance of enhancing operational capabilities and value creation, as well as improving information disclosure to better communicate with investors and convey the company's value to the capital market [1] - The company has not provided specific details regarding the current debt ratio or the impact of the state-owned capital injection on recent performance [1]

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]

Core Insights - Visionox (002387.SZ) is making significant progress with its 8.6-generation OLED production line, having signed an exclusive equipment supply contract with AP Systems for ELA (Excimer Laser Annealing) equipment [1] - ELA equipment is crucial in the TFT process, converting amorphous silicon (a-Si) into polycrystalline silicon (p-Si), which can enhance the electronic transmission speed of LTPS and LTPO OLEDs by over 100 times, impacting energy consumption and image quality of high-resolution OLED panels [1] - The global OLED industry is currently in a critical expansion phase towards medium and large-size applications, with major panel manufacturers like Visionox, TCL Huaxing, and BOE investing in 8.6-generation OLED production lines to gain a competitive edge [1] Company Developments - AP Systems aims to strengthen partnerships with major Chinese OLED panel manufacturers through this contract, marking a strategic move to establish a foothold in the 8.x generation OLED investment landscape [1] - The collaboration is expected to enhance Visionox's capabilities in high-end display manufacturing, which is essential for the production of TFT-LCD and OLED driver backplanes [1]