9月9日，维信诺盘中下跌2.04%，截至09:50，报9.59元/股，成交5498.80万元，换手率0.41%，总市值 133.95亿元。 责任编辑：小浪快报 截至8月20日，维信诺股东户数6.79万，较上期增加9.20%；人均流通股20545股，较上期减少8.43%。 2025年1月-6月，维信诺实现营业收入41.21亿元，同比增长4.79%；归母净利润-10.62亿元，同比增长 9.74%。 分红方面，维信诺A股上市后累计派现5323.84万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，维信诺十大流通股东中，香港中央结算有限公司位居第九大流通 股东，持股823.11万股，相比上期增加17.35万股。 今年以来维信诺已经2次登上龙虎榜，最近一次登上龙虎榜为3月20日，当日龙虎榜净买入475.95万元； 买入总计8191.11万元 ，占总成交额比11.89%；卖出总计7715.16万元 ，占总成交额比11.20%。 资料显示，维信诺科技股份有限公司位于北京市海淀区上地东路1号院7号楼环洋大厦二层，成立日期 1998年1月7日，上市日期2010年4月13日，公司主营业务涉及AMOLE ...

Core Insights - The report from Counterpoint Research highlights the rapid penetration of domestic OLED panels in the global market, driven by the maturity of the supply chain and cost advantages in mainland China [1] - OLED technology is gradually replacing traditional LCD technology, becoming a significant development direction in the global display industry [1] Market Performance - In Q2 2025, global OLED panel shipments are expected to increase by 5% quarter-on-quarter but decrease by 2% year-on-year [1] - The demand for high-end IT products is driving double-digit growth in monitors and laptops, while smartphone and TV demand remains stable but weak compared to the previous year [1][3] Vendor Market Share - Samsung Display (SDC) maintains the leading position with a market share of 37%, up 1 percentage point from the previous quarter [2] - BOE holds a 15% market share, ranking second, while Visionox's market share increased from 12% to 14%, ranking third [2] - LG Display's market share decreased from 11% to 9%, placing it fourth, while CSOT's market share remained at 9%, increasing by 1 percentage point [2] Growth Drivers - The shift in demand focus is evident, with IT applications becoming a new growth engine for OLED panels, supported by increased supply capacity and broader OEM adoption [3] - The gaming industry is identified as a key driver for the growth in OLED display demand, due to its advantages over LCD displays, such as high contrast and fast response times [3]

Core Viewpoint - Huawei has officially launched the new Mate XTs foldable smartphone, priced at 17,999 yuan, which is 2,000 yuan lower than its predecessor, marking a significant development in the foldable smartphone market [2] Group 1: Product Features - The new Mate XTs features a new hinge system called "Tiangong Hinge," which reduces the thickness of the outer fold axis by 23% and the inner fold axis by 16% compared to single-sided foldable phones [2] - The device has a lightweight metal frame design and introduces eSIM functionality, eliminating the need for a physical SIM card slot. Its thickness is only 3.6mm when unfolded, making it 15% thinner than Samsung's Galaxy Z Fold 7 [3] - The screen is the largest foldable display in the industry, utilizing 30μm ultra-thin UTG glass, which enhances impact resistance by 30% through the use of non-Newtonian fluid materials [3] Group 2: Market Performance - Huawei has achieved a historical milestone by becoming the first Chinese brand to exceed 10 million cumulative shipments of foldable smartphones, with a market share of 75% in the foldable smartphone segment [4] - According to IDC data, the foldable smartphone market in China is expected to reach 4.98 million units in the first half of 2025, reflecting a year-on-year growth of 12.6% [4] Group 3: Supply Chain Insights - The hinge system's value is approximately 1,000 yuan, with suppliers including Kosen Technology, Jingyan Technology, and Yian Technology [2] - The metal frame's value is estimated to be between 800-1,000 yuan, with the supplier being AAC Technologies, which also provides speaker and motor components [3] - The display suppliers include BOE and Visionox, while the UTG flexible glass is sourced from Kaisheng Technology and Changxin Technology, indicating an increase in material costs due to upgrades [3]

Group 1 - The company has approved a total guarantee amount not exceeding RMB 22.62 billion for the year 2025 for its subsidiaries and itself [3][19] - The company has provided guarantees that exceed 100% of its latest audited net assets, with specific amounts exceeding 50% and 30% for different categories [2][18] - The company has entered into a patent exclusive licensing agreement, resulting in a one-time payment of RMB 75 million from Jiangsu Baohan Leasing Co., Ltd. to its wholly-owned subsidiary Kunshan Institute [4][5] Group 2 - The company has a total guarantee balance of RMB 1910.51 million after the recent guarantees, which is 344.27% of its audited net assets for 2024 [15][31] - The company has no overdue guarantees and has not been involved in any litigation related to guarantees [15][31] - The company’s board believes that the guarantees provided by its wholly-owned subsidiary are beneficial for meeting operational funding needs and do not harm the interests of shareholders [30]

Group 1 - The company, Visionox, announced that it has no overdue guarantees and is not involved in any litigation related to guarantees [2] - The company has not incurred any losses due to being ruled against in guarantee-related lawsuits [2]

证券代码：002387 证券简称：维信诺 公告编号：2025-086 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，无虚 假记载、误导性陈述或者重大遗漏。 特别提示： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担 保总额（含对合并报表范围内子公司担保）已超过公司最近一期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，公司对合并报表外单 位担保金额超过最近一期经审计净资产的 30%，本次担保的被担保对象昆山工研 院新型平板显示技术中心有限公司资产负债率超过 70%，敬请广大投资者注意投 资风险。 一、担保情况概述 公司分别于 2025 年 3 月 20 日和 2025 年 4 月 10 日召开第七届董事会第十七 次会议和 2024 年度股东大会，审议通过了《关于 2025 年度为公司及子公司提供 担保额度预计的议案》，同意公司 2025 年度为控股子公司云谷（固安）科技有 限公司、全资孙公司昆山国显光电有限公司（以下简称"国显光电"）、全资公 司昆山工研院新型平板显示技术中心有限公司（以下简称"昆山工研院"）、全 资公司江苏汇显显示技术有限公司和公司 ...

证券代码：002387 证券简称：维信诺 公告编号：2025-087 维信诺科技股份有限公司 关于全资孙公司为上市公司提供担保的进展公告 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，无虚 假记载、误导性陈述或者重大遗漏。 特别提示： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担 保总额（含对合并报表范围内子公司担保）已超过公司最近一期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的50%，公司对合并报表外单 位担保金额超过最近一期经审计净资产的30%，敬请广大投资者注意投资风险。 一、担保情况概述 本次担保事项在公司第七届董事会第十七次会议和 2024 年度股东大会审议通过 的担保额度范围内，无需再次提交公司董事会或股东大会审议。 公司未被列为失信被执行人，其经营、财务及资信状况良好。本次担保前控 股子公司对公司的担保余额为 20.80 亿元，本次担保后控股子公司对公司的担保 余额为 31.78 亿元（其中占用 2025 年担保额度预计的余额为 31.78 亿元），本次 担保后公司 2025 年度可用担保额度剩余 20.22 亿元。 三、被担保人的基本情况 ...

Company Overview - VisiNova Technology Co., Ltd. is located in Haidian District, Beijing, and was established on January 7, 1998. The company was listed on April 13, 2010. Its main business involves the research, production, sales, and technical services of AMOLED new display products, with 96.92% of its revenue coming from OLED products and 3.08% from other products or services [1]. Stock Performance - As of September 5, VisiNova's stock price increased by 2.06% to 9.93 CNY per share, with a total market capitalization of 13.87 billion CNY. The stock has seen a year-to-date decline of 3.40%, a 4.34% drop over the last five trading days, a 5.08% increase over the last 20 days, and a 12.08% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent occurrence on March 20, where it recorded a net buy of 4.76 million CNY [1]. Financial Performance - For the first half of 2025, VisiNova reported a revenue of 4.12 billion CNY, representing a year-on-year growth of 4.79%. However, the net profit attributable to shareholders was -1.06 billion CNY, which is a year-on-year increase of 9.74% [2]. Shareholder Information - As of August 20, VisiNova had 67,900 shareholders, an increase of 9.20% from the previous period. The average number of tradable shares per shareholder decreased by 8.43% to 20,545 shares [2]. - The company has distributed a total of 53.24 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 8.23 million shares, an increase of 173,500 shares from the previous period [3].

Core Insights - The Chinese display industry has significantly risen, with domestic manufacturers capturing a substantial share of the global television shipment market and leading in advanced technologies like OLED and Micro-LED [1][8] - The price of large-screen televisions has dramatically decreased, with a 50% drop in the price of 75-inch TVs over the past two years, driven by technological advancements and cost reductions [5][6] Industry Development - The rise of the Chinese display industry is supported by precise government policies and collaborative efforts across the industry chain, with key materials and new display devices being prioritized at the national level [2][4] - Major companies like BOE Technology Group and TCL Huaxing have made significant investments in domestic production lines, overcoming technological barriers and market skepticism [3][4] Technological Advancements - The introduction of Mini-LED technology has improved display quality and facilitated the proliferation of large-screen products, making high-quality, cost-effective large TVs possible [7] - Companies are utilizing advanced cutting techniques on 10.5-generation lines to reduce costs and improve production efficiency for larger panels [7] Market Trends - The demand for large-screen TVs is driven by consumer preferences for immersive experiences and enterprise needs for large interactive displays in various sectors [7][8] - The display industry is evolving towards multiple technology pathways, with a focus on OLED and Micro-LED technologies to maintain competitiveness in the global market [8][9] Future Outlook - The Chinese display industry is poised to continue its growth trajectory, with ongoing investments in innovation and technology to capture higher value in the global supply chain [9]

Core Insights - The global display panel revenue for the first half of 2025 is approximately $56.2 billion, showing a year-on-year decline of 4.2% but a quarter-on-quarter increase of 5.8% [1] - Chinese mainland panel manufacturers achieved a revenue of about $29.3 billion, capturing 52.1% of the global market share, marking a year-on-year increase of 3.3 percentage points [1] - Korean panel manufacturers' revenue share decreased to 30%, down 3.2 percentage points year-on-year, while Taiwanese manufacturers increased their share to 13.2%, up 0.6 percentage points [1] Regional Revenue Changes - In the first half of 2025, Chinese mainland panel manufacturers saw a year-on-year revenue growth of approximately 7%, while Taiwanese manufacturers grew by 4.4% [2] - Korean panel manufacturers experienced a significant decline of 9.5%, and Japanese manufacturers faced a 16.7% drop in revenue [2] - Compared to 2020, the global revenue share of Chinese mainland panel manufacturers increased by 18.6 percentage points, while Taiwanese, Korean, and Japanese manufacturers saw declines of 2.3, 10.3, and approximately 6 percentage points, respectively [2] Company Rankings - BOE maintained its position as the world's top panel manufacturer in the first half of 2025, with TCL's CSOT showing significant revenue growth, narrowing the gap with Samsung Display and LG Display [4] - AUO, Innolux, Tianma, and HKC are in the third tier, each exceeding $2 billion in revenue [4] Profitability Analysis - In the first half of 2025, seven publicly listed panel companies achieved profitability, an increase from the previous year, with AUO and Tianma joining the profitable ranks [7] - Samsung Display remains the leader in operating profit, but its advantage has significantly decreased; TCL and BOE are closely following, with operating profits around $600 million [7] - The largest operating losses were reported by Visionox, JDI, and EDO, each exceeding $100 million, while LG Display showed significant improvement in reducing its losses [7] Industry Trends - The display industry is transitioning from "scale expansion" to "value reconstruction," with Chinese mainland manufacturers leveraging capacity advantages and technological breakthroughs to enhance competitiveness [9] - Korean manufacturers face challenges in maintaining high-end positions and controlling costs [9] - The second half of 2025 is expected to see structural growth in the Chinese mainland display panel market, driven by the increasing demand for large-sized displays and high-value products like Mini LED and OLED [9]