奥来德：蒸发源设备业务有望稳步脱离阶段性调整，推动整体业绩提升

Core Viewpoint - The company, OLED, held a performance briefing on December 4, 2025, to discuss its operational results and financial indicators for the third quarter of 2025, highlighting its leadership in the OLED materials and equipment sector in China [1] Group 1: Financial Performance - For the first three quarters, the company achieved a total revenue of 389 million yuan, with materials business revenue at 320 million yuan and equipment business revenue at approximately 68 million yuan [1] - In the third quarter alone, the company reported a revenue of 108 million yuan, with materials revenue at 63 million yuan and equipment revenue at 45 million yuan [1] - The overall performance declined due to a transitional phase in OLED panel production lines from the 6th generation to the 8.6th generation, leading to a temporary drop in equipment business demand [1] Group 2: Future Outlook - The company anticipates that as leading enterprises like BOE continue to advance their production line construction and equipment installation, the evaporative source equipment business is expected to gradually recover from the current adjustment phase, thereby enhancing overall performance [1] - The company announced plans to raise approximately 300 million yuan to invest in the PSPI materials production base project and to supplement working capital, with the fundraising process to involve no more than 35 investors [2] Group 3: Strategic Initiatives - The investment in the PSPI production base is a strategic move to align with industry trends and accelerate the localization of new display materials, enhancing the company's production capacity and efficiency [3] - The establishment of a high-standard PSPI production base will significantly improve the company's mass production capabilities and market supply capacity, reducing reliance on imports and mitigating supply chain risks [3] - The project aims to strengthen the company's core processes in single synthesis, resin synthesis, and mixing, thereby enhancing production capacity and order acceptance capabilities, which is crucial for improving profitability [3]