势银芯链·2025-08-13 07:03Core Viewpoint - The global ultra-thin flexible glass (UTG) industry is experiencing a critical phase of technological iteration and market expansion, with significant growth in the foldable smartphone market, which saw shipments reach 23.8 million units last year, reflecting a compound annual growth rate of over 24% [3][4]. Group 1: Industry Dynamics - The UTG solution has become the mainstream trend for foldable smartphone covers, with UTG covers accounting for 51% of the total domestic foldable smartphone volume in the first half of last year. It is projected that the domestic foldable smartphone UTG cover installation will grow to nearly 6.6 million units by 2025 [3][4]. - The rapid growth of the foldable screen market is driving demand for core glass and metal structural components, continuously enhancing the unit value of smartphones. The cover is a key technology for the "thinning" of foldable screens [3][4]. Group 2: Company Developments - KaiSheng Technology: The second phase of the UTG project is expected to reach operational status by October 2025, with four production lines already built and others in installation and debugging phases. The project has experienced some delays but is progressing based on market conditions [4][5]. - Changxin Technology: The subsidiary Dongxin Optoelectronics has successfully secured orders for Flip and Fold models, with plans to accelerate the construction of a new industrial park to meet domestic and international demand. They have developed a sliding roll UTG process and can now produce small batches [5][6]. - Lens Technology: Positioned to become a major supplier of UTG for Apple's foldable products, Lens has made significant progress in developing and validating new foldable screen products, with plans for capacity expansion to support mass production [6][7]. - Said Semiconductor: Currently holds nearly 90% of the domestic market share for UTG in terminal applications, with a production capacity of 700,000 pieces per month across two production lines [7][8]. - SuChuan Technology: Recently signed a project for a UTG flexible glass production line with a total investment of 3.8625 billion yuan, aiming for an annual production capacity of 5 million pieces [8][9]. - Dowooinsys: Innovating a "hybrid UTG" technology that enhances durability while maintaining thinness, with plans for mass production by 2026 [11][12]. Group 3: Market Trends - In the first half of 2025, seven brands launched new foldable smartphones, all utilizing UTG as the cover material, emphasizing "ultra-light" and "ultra-thin" as key selling points. This shift is pushing competition in the foldable smartphone market to a new level [17][18]. - Apple's first foldable iPhone is expected to be released by the end of 2026 or early 2027, featuring a horizontal fold design and utilizing UTG covers supplied by Lens Technology [17][18].