Visionox(SZ:002387) Cai Jing Wang·2025-11-19 05:06Group 1 - The global OLED smartphone panel shipment is projected to reach approximately 230 million units in Q3 2025, representing a year-on-year growth of 10.3%, continuing to be the core growth driver in the smartphone panel market [1] - Flexible OLED shipments are expected to be around 180 million units, with a year-on-year increase of approximately 14.6% [1] - In Q3, OLED panel manufacturers in mainland China maintained a growth trend, with total shipments of about 110 million units, a year-on-year increase of 14.1%, and flexible OLED shipments exceeding 100 million units, growing by 20.1% [1] Group 2 - The market is transitioning from "high-speed growth" to "high-quality growth" after a rapid penetration period from 2024 to 2025 [1] - The market share of mainland Chinese OLED panel manufacturers is expected to further increase due to ongoing capacity expansion and planning [1] - Visionox (002387), focusing on OLED business, achieved total OLED shipments of 25 million units in Q3, a year-on-year increase of 25.3%, ranking second domestically and third globally [1] Group 3 - In Q4, the smartphone panel market is expected to maintain seasonal growth driven by holiday stocking demands [2] - The competition in the market is anticipated to intensify with the continuous release of OLED capacity and investments in high-generation lines [2] - Local state-owned capital continues to support the development of the OLED industry, with Visionox planning to issue 419 million shares to raise up to 2.937 billion yuan [2]