文 | 张冰冰 编辑 | 阿至 36氪获悉，天津巽霖科技有限公司（以下简称「巽霖科技」）近日宣布完成近亿元A轮融资，由金雨茂物领投，海通开元、滨海产业基金、老股东厦门海 弘跟投，资金将用于大尺寸玻璃基板全流程加工能力的持续扩产，下游封装模组线的研发建设、以及针对芯片载板和光模块等玻璃基板新品研发。 「巽霖科技」是36氪长期关注的企业，以玻璃基板、陶瓷基板PVD覆铜技术为核心，建设新型基板全流程生产能力，实现超高铜厚、高覆铜结合强度玻璃 基板的高效率与高一致性生产。 近一年，「巽霖科技」获得了滨城人才创新创业特等奖、璞悦中国概念验证Top50等奖项，借由大客户的定制基板需求，攻克了MicroLED下一代显示技 术，实现了Micro LED级别线路精度与高TGV密度基板的量产，并向先进封装领域发展。 一、迎来市场导入期，玻璃基板产业化提速 「巽霖科技」CEO甄真介绍，在RGB mini背光、Micro LED直显领域，玻璃基板迎来了市场导入的良好机遇。 在液晶显示领域，据技术研究与咨询机构Omdia预测，全球电视机年度出货量有望在2026年突破2.1亿台。在这一庞大市场中，背光技术的进步推动着显示 的升级，而画质 ...

Group 1 - The core viewpoint of the article highlights the commencement of construction for a Micro LED high-end display manufacturing project by 錼创科技 (Ruineng Technology) in Kunshan, with a total investment of 5 billion [1] - 錼创 was established in 2014 and became the first publicly listed Micro LED company globally in August 2022 on the Taiwan Innovation Board [2] - The company has developed various Micro LED manufacturing technologies, including proprietary processes for Micro LED epitaxy, mass transfer, and SMAR·Tech repair [2] Group 2 - In July 2025, 錼创 announced the establishment of its subsidiary in Kunshan, Jiangsu, which will focus on the production and sales of Micro LED panel components and modules, enhancing supply chain efficiency and localization capabilities in mainland China [2] - The Micro LED high-end display manufacturing project is expected to be completed and operational by the second to third quarter of 2026, primarily providing chip transfer services to local panel manufacturers [2]

Core Viewpoint - The Chengdu High-tech Zone government has announced the environmental impact assessment document for the Micro-LED production base project of Chenxian Optoelectronics Co., Ltd. for 2025, indicating an expansion project aimed at enhancing production capacity in the Micro-LED sector [1][2]. Group 1: Project Overview - The Micro-LED production base project is located in the new factory area on Kanglong Road, Chengdu High-tech Zone, and involves upgrading existing low-capacity equipment and purchasing over 130 new pieces of equipment [2][3]. - The project aims to establish a new production line for glass-based Micro-LED display screens, specifically targeting high-end applications such as smart command and dispatch systems, high-end conference rooms, and media displays [3][4]. Group 2: Production Capacity - Upon completion, the new production line will add an annual production capacity of 22,000 square meters for glass-based P0.78 micro-pitch Micro-LED display screens, increasing the total factory capacity to 40,000 square meters [3][4]. - The existing production capacities for other Micro-LED display screens remain unchanged, with specific figures for small-pitch and micro-pitch displays detailed in the project documentation [4]. Group 3: Timeline and Investment - The project is scheduled to commence construction in November 2025 and is expected to be completed by November 2027 [6]. - Chenxian Optoelectronics was established in 2020 and has already invested 4 billion yuan in Chengdu High-tech Zone to build the first large-size TFT glass-based Micro-LED production line in mainland China by 2024 [7].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Insights - The company demonstrates strong growth momentum with a revenue increase of 10.50% year-on-year, reaching 1360.65 billion yuan in the first three quarters of 2025. The net profit attributable to shareholders increased by 99.75% to 30.47 billion yuan, while the net profit excluding non-recurring items surged by 233.33% to 24.29 billion yuan [4] - The semiconductor display business shows multiple breakthroughs, with significant growth in both large and small-sized displays. The market share for large-sized displays increased by 5 percentage points to 25%, and the small-sized display segment has become a core growth engine for the company [5] - The company is effectively integrating its T11 production line and optimizing its product matrix and capacity configuration, while maintaining a steady operational rhythm in its OLED business, ranking fourth globally in flexible OLED smartphone shipments [5][6] Financial Performance - The company is expected to achieve revenues of 1903 billion yuan, 2236 billion yuan, and 2636 billion yuan for the years 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 43.2 billion yuan, 80.0 billion yuan, and 107.7 billion yuan for the same years [7] - The financial metrics indicate a significant recovery, with a projected EBITDA of 45105.49 million yuan in 2025, increasing to 60952.89 million yuan by 2027 [10]

Core Insights - Meta's smart AR glasses, Ray-Ban Display, achieved a remarkable 6% market share in the smart AR glasses category within its first sales quarter, driven by unprecedented demand in the U.S. market [1][31] - Due to this strong demand, Meta has paused its international expansion plans for early 2026 to prioritize U.S. orders, with a waiting list extending to 2026 [1][31] - Meta plans to double the production capacity of Ray-Ban glasses to 20 million units by 2026, reflecting heightened expectations for future sales [2][31] Market Dynamics - The tech industry recognizes that crossing the 10 million unit threshold is crucial for establishing a sustainable ecosystem, where developers can profit and content can circulate positively [4][33] - Meta's decision to increase production capacity suggests that it has surpassed this critical threshold, indicating confidence in the product's market viability [5][34] - The expansion in production capacity also serves a defensive purpose, as competitors like Google are intensifying their focus on the smart AR glasses market [6][35] Technological Advancements - The shift from Micro LED to LCoS technology in Ray-Ban Display is a key factor in its market success, addressing core pain points in AR glasses [8][38] - The LCoS technology has led to significant product optimizations, including a reduction in price from over $1,000 to $799, making AR glasses more accessible [10][41] - The cost of optical components typically accounts for 30%-40% of the total bill of materials (BOM), making this price reduction critical for market penetration [11][40] User Experience Improvements - The new product design focuses on meeting everyday practical needs rather than just providing a novelty experience, enhancing usability for consumers [15][45] - Features like teleprompter and translation functions cater to high-frequency use cases, improving the overall practicality of the device [17][46] - The LCoS technology also allows for lighter weight and better battery life, with Ray-Ban Display offering up to 4 hours of use, compared to competitors that struggle with battery longevity [22][52] Industry Implications - The AR glasses production chain mirrors that of smartphones and electric vehicles, suggesting that upstream suppliers may benefit more initially than manufacturers [25][55] - Companies like Guangfeng Technology, which specialize in optical components, are positioned to thrive due to their established expertise and technological barriers [28][58] - The AR glasses market is expected to grow significantly, with a focus on the supply chain's stability and the potential for strong scale effects as demand increases [29][59]

Core Insights - The integration of AI technology with new display technologies, particularly Micro LED, is a key trend driving industrial upgrades [1] - A strategic partnership has been established between Xinxiang Micro (688593.SZ) and BOE Technology Group's Huacan Optoelectronics (300323.SZ) to focus on Micro LED-based photonic interconnect technology [1][2] - The collaboration aims to leverage the dual advantages of chip manufacturing and driving design to enhance the development and production of Micro LED interconnect technology and optical modules [1] Company Overview - Xinxiang Micro is a domestic display chip design company specializing in the research and innovation of display technologies, having developed low-power, high-reliability driving chips widely used in various applications [1] - Huacan Optoelectronics is a leading global LED chip manufacturer with significant expertise in the Micro LED field, operating the world's first large-scale production line for 6-inch Micro LED [2] Strategic Focus Areas - The partnership will target three cutting-edge areas to unlock new AI + display application scenarios [2] - Development of Micro LED optical modules for intelligent computing centers, aiming to provide low-power, high-bandwidth, and high-reliability interconnect modules to support AI computing power [2] - Joint development of Micro LED micro-display modules for AR/AI smart glasses, addressing the stringent requirements for display resolution and power consumption in XR devices [2] - Advancements in smart car lighting ADB-related Micro LED module technology to enhance the intelligence and safety of automotive display systems [3]

Core Viewpoint - The strategic partnership between Chenxian Optoelectronics and Chasing Smart Display aims to advance next-generation display technologies and high-end display products through collaborative efforts in technology research, product development, and market expansion [1][2]. Group 1: Partnership Details - The collaboration will focus on three main areas: joint innovation and engineering verification of next-generation display technologies, co-creation of display solutions for home audio-visual and high-end commercial display needs, and leveraging Chasing Smart Display's global channel resources alongside Chenxian Optoelectronics' manufacturing capabilities to implement these technologies in various applications [2]. - Chasing Technology, originally established with a focus on high-speed motors, has expanded its product lines to include smart cleaning appliances, personal care products, home appliances, robotics, automotive, and even aerospace [2]. Group 2: Product Development - Chasing Smart Display has launched a new smart audio-visual business unit and introduced products such as the Mini LED 4K AI TV V3000 series, X1 Ultra monitor, and PANO S2 soundbar, creating a comprehensive high-end audio-visual product lineup [2]. - Chenxian Optoelectronics has developed several innovative TFT glass-based Micro LED products, including the world's first mass-produced 135-inch P0.7 Micro LED splicing screen and the latest 8K TFT-based Micro LED display [3]. Group 3: Commercialization Efforts - With the maturation of Micro LED technology, Chenxian Optoelectronics is actively promoting the commercialization of its Micro LED technology through partnerships with companies like Lehman Optoelectronics, Qingdao Haier Multimedia, and AOC & Philips [5]. - The collaboration with Chasing Smart Display is expected to further accelerate the commercialization of Chenxian's LED display technologies [5].

Core Viewpoint - The CES 2026 showcased significant advancements in display technologies, particularly in the automotive display sector, with a strong emphasis on OLED and Micro LED technologies, indicating a competitive landscape among leading panel manufacturers [87]. Group 1: Automotive Display Innovations - Major panel companies focused on automotive displays, with OLED technology emerging as a preferred choice due to its lightweight, flexible, and high-quality characteristics [2]. - BOE introduced the "HERO 2.0 smart cockpit," featuring the world's first Micro LED PHUD with a brightness of 50,000 nits and AI capabilities for voice and gesture control [3][5]. - Deepinma showcased a 49.6-inch panoramic "Tianxuan" screen, integrating various cockpit functions into a single display with a peak brightness of 10,000 nits [10][12]. - TCL Huaxing presented the HVA Ultra P-HUD system, which includes three LCD screens with a brightness of 11,000 nits and a 7.5% transmittance rate [14][15]. - Visionox introduced a flexible AMOLED dual-curved display solution that can bend to save space when not in use [20]. Group 2: Display Technology Developments - BOE displayed two large Micro LED products, including a P0.9 ultra-thin HDR Micro LED integrated machine with a peak brightness of 2,000 nits and a contrast ratio of over 20,000:1 [38]. - Deepinma launched the world's first fully laser giant transfer 108-inch seamless Micro-LED screen with a peak brightness of 1,500 nits and a contrast ratio of 1,000,000:1 [40]. - TCL Huaxing introduced a 98-inch HVA Ultra television display with over 18,000 backlight partitions and a BT2020 coverage rate exceeding 96% [44]. - Visionox unveiled a "glare-free AMOLED laptop solution" that significantly reduces eye strain by minimizing environmental light reflection [50][51]. - LG Display presented an 83-inch WOLED TV panel with a peak brightness of 4,500 nits and 99.5% DCI color gamut coverage [76]. Group 3: Industry Trends and Future Outlook - The competition among panel manufacturers is intensifying, with companies like AUO and Innolux focusing on Micro LED technology, while TCL Huaxing and Hehui Optoelectronics are deepening their expertise in OLED [87]. - The display industry is expected to enter a new development phase as demand for automotive, commercial, and consumer electronics continues to evolve [88].

Core Viewpoint - The company, Zhao Chi Co., Ltd., has developed a comprehensive technology system for the LED chip industry chain, having applied for over 1,500 patents through its subsidiary, Zhao Chi Semiconductor [2] Group 1: Patent Development - Zhao Chi Semiconductor has accumulated over 1,500 patent applications related to the entire LED chip industry chain, including areas such as epitaxy, chips, packaging, and modules [2] - Recently, Zhao Chi Semiconductor announced two new patents closely related to Micro LED production, focusing on substrate innovation and carrier optimization [2]

Group 1 - The company, Huazhan Optoelectronics, confirmed that it has not participated in the construction of lighthouse factories but continues to invest in smart manufacturing [2] - The Zhuhai Micro LED project has achieved a high level of automation and digital integration, serving as an important carrier for the company's high-end and intelligent strategy [2] - The company plans to continue optimizing and enhancing its operations in the future [2]