Core Viewpoint - The foldable smartphone market is transitioning from a growth phase to a mainstream adoption phase, with Huawei leading the industry with a significant market share and innovative product offerings [2][4][10]. Market Position and Share - Huawei holds nearly 70% of the foldable smartphone market share in China as of the first three quarters of 2025, solidifying its position as the industry leader [4][16]. - In the high-end market segment (priced above $600), Huawei captures approximately one-third of the market share, showcasing its dominance in premium offerings [4][10]. - The competitive landscape shows Huawei far ahead, with its closest competitor, Honor, holding only 11.2% market share, while Vivo has 5% [9][10]. Product Innovation and Development - Huawei has introduced a diverse range of foldable smartphones, including large foldable, small foldable, tri-fold, and wide-fold models, making it the most innovative player in the market [21][30]. - The Mate X series, starting with the original Mate X, has set industry standards with its unique hinge design and continuous technological advancements, culminating in the Mate X6 and the groundbreaking Mate XT [22][27]. - The recent launch of the Mate XTs further emphasizes Huawei's commitment to innovation, featuring the world's thinnest tri-fold design and advanced user experience capabilities [24][26]. Ecosystem and User Experience - Huawei's HarmonyOS ecosystem plays a crucial role in enhancing the user experience of foldable smartphones, providing seamless integration across devices and applications [43][44]. - The company has focused on addressing user needs by offering products that combine portability with functionality, appealing to both business professionals and younger consumers [32][41]. Market Trends and Future Outlook - Despite a recent slowdown in overall market growth, Huawei's strategic focus on foldable smartphones has allowed it to maintain a strong position and set industry trends [14][46]. - The increasing acceptance of foldable smartphones among consumers, with 70.1% expressing interest in purchasing one, indicates a robust potential market [32]. - As the foldable smartphone market matures, Huawei is expected to continue leading through technological innovation and ecosystem development, driving further growth in the industry [46].

Market Overview - The Chinese foldable smartphone market showed a significant recovery in Q3 2025, with shipments reaching 2.63 million units, a year-on-year increase of 17.8% [1] - Cumulative shipments for the first three quarters of 2025 reached 7.62 million units, reflecting a year-on-year growth of 14.3%, with Huawei holding nearly 70% market share [1] - The market had previously experienced a decline in growth rates starting from Q3 2024, but rebounded in Q1 2025 with a 49.3% year-on-year increase [1] Industry Trends - The foldable smartphone market is expected to approach 10 million units in shipments by 2025, driven by technological advancements that have resolved previous limitations such as weight and structural reliability [2] - The differentiation of foldable smartphones through innovative designs and customized display ratios is helping to overcome market homogenization, creating a dual-driven model of "technology iteration + form innovation" [2] - The industry is transitioning from stock competition to innovation-driven growth, with foldable smartphones becoming a key segment in the high-end smartphone market [2] Product Development Focus - Future competition will focus on enhancing overall product experience, including achieving a lightweight design while improving reliability and functionality [3] - The importance of software and hardware collaboration, as well as ecosystem development, is increasing, with a focus on AI capabilities to enhance user interaction and practical value [3] Company Activities - Companies like LianDe Equipment are actively investing in the foldable screen sector, collaborating with Huawei on screen manufacturing and assembly equipment [4] - Changxin Technology is leveraging its strong technology reserves in the UTG field to provide products to major clients like Honor and OPPO, focusing on joint R&D in cutting-edge technology [4] - BOE Technology has been promoting its flexible AMOLED solutions for three-fold products for several years, continuing to push new technologies into product applications [5]

Core Viewpoint - The company is closely monitoring the development of new technologies and applications in the industry, particularly in the area of new form factor screens [1] Group 1 - The company has multiple technical solutions reserved for new form factor screens [1] - The company has successfully developed various folding technologies through its self-built all-scenario platform [1] - The company is capable of rapidly mass-producing left-right and up-down folding products [1] Group 2 - The company supports customers in showcasing their three-fold mobile phone products [1] - The company is simultaneously developing other folding forms such as pull-out and rollable designs [1] - The company is continuously upgrading the flexibility and durability of its products [1]

Core Insights - The competition in the foldable smartphone market is intensifying, with Apple's anticipated entry in September 2026 alongside the iPhone 18 series, aiming to redefine market dynamics through differentiated technology [1][5] - Despite potential production challenges that could delay the launch to 2027, major institutions like UBS predict a 2026 release, with a target price around $2000, leveraging Apple's robust supply chain management [1][3] - Apple plans to implement a dual-launch strategy starting in 2026, introducing foldable models alongside Pro and Air versions to cover various market segments [1] Technology Path - Apple is adopting a cautious yet innovative approach, with multiple patents indicating diverse folding mechanisms, including a "Z" shape and a horizontal "book-style" fold, likely opting for the latter for its first foldable device [2] - The expected screen size for the foldable iPhone is between 7.8 to 8 inches, with future iterations planned for more advanced folding technologies [2] Supply Chain Readiness - Production preparations are underway, with Foxconn expected to start manufacturing foldable iPhones by late Q3 to early Q4 of 2025, while key components like screens are already being sourced [3] - Samsung Display plans to produce 7 to 8 million foldable panels in 2026 to meet Apple's demand for 15 to 20 million units, although initial shipments may only reach 5 to 7 million due to high pricing [3] Market Dynamics - Existing players like Yian Technology have established mature supply chains, providing critical components for competitors like Huawei, which could serve as a benchmark for Apple's market entry [4] - The global foldable smartphone market is projected to grow significantly, with a 30.8% increase in China expected in 2024, indicating a competitive landscape for Apple as it enters the market [4] - Apple's pricing strategy around $2000 may limit initial market penetration, but as production scales and technology evolves, the foldable iPhone could become a new growth driver post-2027 [4][5]

Core Insights - Apple is facing significant engineering challenges with its planned 18-inch foldable iPad, potentially delaying its release from 2028 to 2029 or later [1][3] - The estimated price of the foldable iPad is around $3000, which is three times the price of the current 13-inch iPad Pro, likely limiting market acceptance [1] - The prototype weighs approximately 3.5 pounds (about 1.59 kg), comparable to a MacBook Pro, which contradicts the iPad's portability concept [2] - Apple is collaborating with Samsung Display to develop a seamless 18-inch OLED panel, aiming to minimize screen creases, a challenge that is complex and costly [3] - The new tablet prototype, codenamed J312, does not feature an external display and resembles a Mac laptop when closed, with a size similar to a 13-inch notebook when opened [3] - Despite the setbacks, the foldable iPad project remains a crucial part of Apple's broader innovation strategy, which includes developing cutting-edge products like smart glasses and desktop robotic devices [3]

Investment Rating - The report does not explicitly state an investment rating for the smartphone screen production industry Core Insights - The smartphone screen production industry is characterized by high technical barriers and a highly concentrated supply chain, with key materials and equipment dominated by a few international giants [4][12][14] - The market for flexible AMOLED displays is rapidly growing, with a significant increase in shipments and market share [15][40] - The industry is expected to see continued growth driven by advancements in display technologies, including foldable screens and micro-LEDs [42] Summary by Sections Industry Definition - The smartphone screen production process involves the transformation of raw materials like glass substrates, liquid crystal, OLED materials, and conductive layers into high-resolution display modules, requiring expertise in materials science, optics, and electronic engineering [5] Industry Classification - The industry can be classified by display technology (LCD, OLED, Micro-LED) and product form (flat screens, curved screens, foldable screens) [6][9][11] Industry Characteristics - High technical barriers exist due to the complexity of production processes and the need for precision equipment [13] - The supply chain is highly concentrated, with a few companies controlling the majority of the market share in key materials and equipment [14] Development History - The industry has evolved from early LCD technology to the current dominance of OLED and flexible displays, with significant technological breakthroughs expected in the future [16][20] Industry Scale - The market size of the smartphone screen production industry is projected to grow from 742.90 billion RMB in 2025 to 874.45 billion RMB by 2029, with a compound annual growth rate of 4.16% [38] Market Trends - The demand for AMOLED displays is increasing, with sales expected to reach 2,992 billion RMB by 2030, driven by their advantages in quality and energy efficiency [40] - The foldable screen market is also expanding, with a 53.1% year-on-year increase in shipments in Q1 2025 [42] Competitive Landscape - The industry is characterized by high concentration, with major players like Samsung, LG, and BOE leading the market [48][50] - Domestic manufacturers are rapidly increasing their market share, with BOE becoming a key supplier for major brands like Apple [50]

Core Viewpoint - The article discusses the significant transformation in the high-end laptop market driven by Huawei's MateBook Fold, which has redefined user expectations and market dynamics through innovative design and technology [2][3][5]. Group 1: Market Dynamics - In June 2025, the high-end laptop market experienced substantial growth, with Huawei's MateBook Fold achieving a market share of 73% in the 20,000+ RMB segment within its first month [3]. - The introduction of the MateBook Fold has disrupted a previously stable market, indicating that innovation can lead to rapid changes in consumer behavior and market share [3][5]. Group 2: Product Innovation - The success of the MateBook Fold is attributed to breakthroughs in form factor, hardware, and software, including foldable technology, HarmonyOS integration, and AI-driven user experiences [5][11]. - HarmonyOS 5 represents a significant advancement, offering a flexible and adaptive interface that enhances user interaction across devices, thus addressing the limitations of traditional operating systems [11][12][13]. Group 3: Competitive Landscape - The article highlights the inadequacies of existing operating systems like Windows in integrating AI and cross-device functionality, which has created an opportunity for Huawei to position HarmonyOS as a viable alternative [7][9][28]. - Huawei's approach to innovation emphasizes a shift from traditional hardware reliance to a more integrated model that combines software and hardware development, setting a new standard in the industry [23][24]. Group 4: Future Implications - The emergence of HarmonyOS 5 fills a gap in the domestic computer operating system market, enabling Chinese manufacturers to compete more effectively in the high-end segment [26][28]. - The article suggests that Huawei's innovations could redefine the future of laptops, moving away from mere hardware upgrades to a focus on system, form, and ecosystem innovations [30][31].

Core Viewpoint - The domestic OLED screen market, which holds over 60% of the global flexible OLED smartphone screen share, is intensifying its focus on high-end products, particularly in eye-care technology and high refresh rates [2][3]. Group 1: Product Development and Trends - Tianma and OPPO have jointly launched an eye-care OLED smartphone screen with a low brightness of 1 nit in dark environments, establishing a collaborative laboratory [2]. - Key technological trends for OLED screens include eye-care features, high refresh rates, and the development of foldable screens, with Tianma's OLED screens achieving refresh rates of up to 240Hz [2]. - The foldable smartphone market is experiencing stable growth, and Tianma is ramping up production of flexible OLED screens for both left-right and up-down folding designs [2]. Group 2: Industry Collaboration and Competitiveness - The competitiveness of domestic OLED screens relies on industry chain collaboration, with OPPO and Tianma combining their respective technologies for the development of the eye-care OLED screen [3]. - The domestic OLED industry is pushing for the localization of OLED emitting materials to enhance the competitiveness of screens and terminal products [3]. Group 3: Market Outlook and Performance - Currently, 90% of flexible OLED screens are used in smartphones, but Tianma plans to expand applications into automotive and IT sectors, with flexible OLED automotive display products expected next year [4]. - Major players like BOE, Visionox, and TCL Huaxing are establishing 8.6-generation flexible OLED or printed OLED production lines to capture opportunities in mid-size displays for IT and automotive applications [4]. - According to Sigmaintell, global shipments of flexible OLED smartphone screens are projected to reach nearly 300 million units in the first half of 2025, with a year-on-year growth of approximately 5.2% [4]. - Domestic manufacturers are expected to ship around 190 million flexible OLED smartphone screens, marking a year-on-year increase of about 7.7%, thus increasing their global market share to 62.3% [4]. - Tianma and BOE's flexible OLED smartphone screen shipments in the first half of the year were approximately 71 million and 43.2 million units, respectively, with year-on-year growth rates of 10.3% and 15.6% [4].

Core Viewpoint - The company has confirmed that its OLED flexible screen protective film technology is primarily used in the front-end manufacturing process, and its application in foldable screen products depends on the product plans of downstream customers [2]. Group 1 - The company responded to an investor inquiry regarding the application of its protective film technology in foldable screens [2]. - The protective film technology is focused on the front-end manufacturing process [2]. - The final application in foldable screen products is contingent upon the decisions made by downstream customers [2].

Core Insights - The foldable smartphone market is experiencing positive growth driven by technological advancements and product innovations [1][3] - Major Android manufacturers are increasing their investments in the foldable smartphone segment, with Samsung upgrading its Fold series and expanding its Flip series [3] - The Chinese market is identified as a key growth engine, with a year-on-year increase of 32.8% in foldable smartphone shipments [3] Market Performance - In the first half of 2025, global shipments of foldable smartphones remained stable at approximately 6.6 million units [3] - The United States, as the second-largest market, saw a 7% year-on-year increase in shipments, driven primarily by the Motorola Razr 2025 series [3] Future Outlook - Canalys forecasts that global shipments of foldable smartphones will reach around 15.2 million units for the entire year of 2025 [3] - The market is expected to see a significant 51% year-on-year growth in 2026, marking a critical turning point for the industry [3]