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]

Group 1 - Samsung launched a social media campaign targeting Apple's iPhone 17 series, using the hashtag iCant to highlight perceived shortcomings in hardware specifications and innovation [1][2] - The main focus of Samsung's criticism was on the camera specifications, comparing the iPhone 17 Pro's three 48MP lenses to the Galaxy S25 Ultra's single 200MP camera, suggesting that Apple's configuration is inferior [1] - Samsung also criticized Apple for delayed feature releases, claiming that functionalities like the "Sleep Score" and real-time translation in AirPods Pro 3 were already available in Samsung products five years ago [2] Group 2 - Samsung emphasized its lead in foldable screen technology, referencing a previous post to mock Apple's lack of a foldable iPhone, while the Galaxy Z series has been established in this market for years [2][3] - The social media campaign generated significant engagement, with the iCant hashtag trending and Samsung's posts receiving thousands of likes and shares, reflecting a divided public opinion [2] - Analysts suggest that Samsung's strategy aims to solidify its advantages in AI and foldable technology, especially as Apple may not release a foldable iPhone until 2026 [3]

Core Viewpoint - The company, Lens Technology (300433.SZ), has denied rumors regarding the adoption of a CPI+UTG solution for foldable screens by a North American client, asserting that UTG has become the mainstream trend for foldable screens due to its superior performance metrics compared to CPI [1][3]. Group 1 - The company is a global core supplier of UTG, leveraging its strong technical foundation, comprehensive patent portfolio, and mature mass production capabilities [1]. - The company is actively collaborating with major clients to develop related products and has initiated capacity construction for the next generation of foldable screen UTG [1]. - The company is providing robust support for the mass production of high-end foldable devices for its major clients [1].

Core Insights - Apple's 2025 fall product launch highlighted the iPhone 17 series battery upgrades and the introduction of iPhone Air, focusing on "lightweight design," "battery life breakthroughs," and "foldable screen layout" as key industry themes [1] - As a leading brand influencing industry trends, Apple's product moves have garnered significant market attention, with some Chinese manufacturers already validating differentiated technological solutions in these key areas [1] Battery Life Solutions - The core contradiction in smartphone technology iteration is "improving battery life without sacrificing lightweight design." Apple's approach involves equipping the iPhone 17 Pro with the largest battery capacity to date, aiming to enhance battery life through hardware upgrades, yet balancing a large battery with a lightweight design remains a common industry challenge [2] - Chinese manufacturers are exploring differentiated paths, such as Honor's Magic V5 foldable screen featuring a 6100mAh battery, which is the industry's first mass-produced high-silicon battery at 25%, achieving breakthroughs in both lightweight design and battery life through "material innovation + structural optimization" [2] Foldable Screen Development - Foldable screens represent a significant direction for mobile form factor innovation, but challenges such as hinge reliability, weight control, and cost reduction have led to cautious industry advancement. The iPhone Air is seen as a technical groundwork for a foldable iPhone in 2026, reflecting the leading brand's steady layout in this new arena [3] - Some Chinese manufacturers have entered the "landing phase" of foldable screen technology, with Honor's Magic V5 achieving a foldable thickness of 8.8mm and a weight of 217g, setting a new lightweight standard for foldable flagships. This is supported by advanced technologies like the Luban shock-absorbing hinge and aerospace-grade carbon fiber lining, creating a "light as paper, strong as steel" feel [3] - The progress in the smartphone industry is not reliant on a single brand but rather a "symbiotic effect" of diverse explorations. As technology becomes more widespread, consumers will benefit from improved experiences across various price points and form factors, with a healthy ecosystem of diverse technological exploration being the core driver of innovation in the industry [3]

Core Viewpoint - The rumors regarding North American major clients adopting the CPI+UTG solution for foldable screens are untrue, as confirmed by the company [1] Group 1: Company Position - The company, Lens Technology, is a global core supplier of UTG (Ultra-Thin Glass) and is actively collaborating with major clients to develop related products [1] - The company has initiated capacity construction for the next generation of foldable screen UTG, providing strong support for the mass production of high-end foldable devices for major clients [1] Group 2: Industry Trends - UTG has become the new mainstream trend for foldable screens, outperforming CPI (Colorless Polyimide) in terms of crease, hardness, light transmittance, and tactile performance [1]

Investment Highlights - The global smartphone market is expected to grow by 7% in 2024, reaching 1.22 billion units, with a shift in focus towards hardware innovations like foldable screens [3] - The high-end smartphone market continues to expand, with a 6% increase in sales despite an overall decline in smartphone sales in 2023 [8] - China is projected to maintain a dominant position in the foldable smartphone market, accounting for approximately 40% of global market share [11] - Huawei has surpassed Samsung to become the global leader in foldable smartphone shipments as of Q1 2024 [13] - The average price of foldable smartphones is significantly higher than traditional flagship models, with Huawei's average price reaching 12,999 yuan [15] Industry Trends - The bill of materials (BOM) for foldable smartphones has increased significantly, with costs rising nearly 70% compared to non-foldable models [20] - Key components such as display modules, mechanical structures, and batteries have seen BOM value increases of over 50% [20][21] - The flexible OLED market is crucial for foldable smartphones, with a shift from traditional OLED to flexible solutions due to their superior properties [22][24] - The UTG (Ultra Thin Glass) market is expanding rapidly, with a projected CAGR of 50.9% from 2024 to 2030 [28] - The hinge market for foldable smartphones is expected to exceed 7.8 billion yuan by 2024, with a CAGR of 24.71% from 2023 to 2028 [36] Key Companies - Pengding Holdings is positioned to benefit from the PCB industry upgrade, offering a diverse range of PCB products [44] - Luxshare Precision has established deep ties with major clients in consumer electronics, enhancing its market position [46] - Changying Precision is a leading manufacturer of precision components, expected to accelerate the adoption of hinges in foldable devices [48]

Core Points - Huawei held a product launch event on September 4, introducing five new products, including the Mate XTs, Mate TV/Pro, MatePad Mini, and FreeBuds 7i [1][6] - The highlight of the event was the return of the Kirin 9020 chip, which is integrated into the Mate XTs, marking Huawei's first new flagship SoC in four years [2][10] - The pricing strategy for the Mate XTs was adjusted, with a reduction of 2000 yuan compared to its predecessor, aiming to make the three-fold smartphone more accessible [7][9] Group 1: Mate XTs - The Mate XTs is Huawei's second mass-produced three-fold smartphone, featuring a price range from 17,999 yuan to 21,999 yuan depending on storage options [7][9] - The device includes a 10.2-inch flexible display, upgraded materials, and improved durability with aerospace-grade steel in the hinge, enhancing impact resistance by 35% [9][10] - The Kirin 9020 chip offers a 36% performance improvement over its predecessor, utilizing a 5nm enhanced process and running on HarmonyOS 5.1 [10][12] Group 2: MatePad Mini - The MatePad Mini blurs the line between tablets and smartphones, featuring a lightweight design at 255g and a thickness of 5.1mm, making it the lightest tablet over 8 inches globally [20][31] - It offers various configurations, with prices starting at 3,999 yuan, and supports SIM cards for calls and mobile data, enhancing its functionality [19][29] - The device is equipped with the Kirin 9010 processor, a 2.5K resolution OLED display, and advanced AI features for productivity [25][27] Group 3: Mate TV - The Mate TV was introduced with a focus on high performance, featuring a flagship mobile chip, 12GB RAM, and a Super MiniLED display with a peak brightness of 4000 nits [32][34] - The Mate TV includes innovative interaction features, such as a floating touch remote and the ability to connect a keyboard, transforming it into a temporary PC [36][38] - Pricing for the Mate TV starts at 8,999 yuan for the standard version, with the Pro version offering enhanced specifications at higher price points [36][38] Group 4: Overall Strategy - Huawei's product strategy emphasizes integration across devices, with smartphones resembling computers, tablets resembling smartphones, and TVs incorporating features of multiple devices [38][40] - The company reported a revenue of over 427 billion yuan in the first half of the year, with significant investment in R&D, indicating a strong commitment to innovation and market leadership [40]

Core Viewpoint - Huawei's launch of the Mate XTs Extraordinary Master showcases significant advancements in foldable smartphone technology, particularly with the integration of the Kirin 9020 chip and HarmonyOS 5.1, highlighting the company's confidence in the domestic chip industry [1][12]. Group 1: Product Features - The Mate XTs Extraordinary Master features a new design with a sand gold color scheme and upgraded lens module, available in four colors, enhancing its aesthetic appeal [3]. - It boasts the largest foldable screen at 10.2 inches and is one of the thinnest smartphones, measuring only 3.6 mm at its thinnest point, thanks to innovative hinge technology [3]. - The device offers a PC-like experience with multi-window functionality, allowing users to operate multiple applications simultaneously, significantly improving productivity [5]. Group 2: Software and Ecosystem - Huawei has collaborated with various app developers to optimize applications for the large screen, ensuring a rich and efficient user interface across different app categories [7]. - The integration of AI capabilities in the HarmonyOS enhances user experience, providing personalized travel planning and voice editing features [9]. - The introduction of a new stylus expands interaction methods, allowing users to annotate, highlight, and take notes easily, further enhancing the device's utility [9]. Group 3: Market Position and Impact - According to IDC, Huawei holds a 75% market share in the Chinese foldable smartphone market, with cumulative shipments exceeding 10 million units, marking a significant milestone [12]. - Huawei's continuous innovation not only strengthens its market position but also drives the overall development of the foldable smartphone industry, setting higher standards for competitors [13]. - The launch of the Mate XTs Extraordinary Master signifies a shift towards the maturity of foldable technology, indicating a new phase of widespread adoption in the market [13].

Core Viewpoint - The launch of Huawei Mate XTs Extraordinary Master represents not just a product iteration but a significant breakthrough in mobile terminal boundaries, showcasing Huawei's leadership in foldable screen technology and redefining the standards for the next generation of mobile devices [1][3][14]. Technology Breakthroughs - Huawei has overcome key challenges in hinge systems, screen materials, and software adaptation, resulting in a 10.2-inch ultra-form foldable screen that is only 3.6mm thick when unfolded, providing an immersive visual experience [4][11]. - The device features a space-grade special steel hinge with a tensile strength of 2400Mpa, a self-developed flexible screen that supports all-direction bending (±180°), and a 0.1mm ultra-thin glass that reduces creases while enhancing durability [4][11]. Ecosystem Integration - The Mate XTs Extraordinary Master is the first product in the industry to bridge the boundaries between mobile phones, tablets, and PCs, supporting seamless collaboration across devices and covering various scenarios such as office work, creation, and entertainment [7][12]. - The device allows for free adjustment of application window ratios and multi-window stacking, significantly enhancing multitasking efficiency, particularly for professionals in finance and creative fields [7][9]. Market Position and Growth - According to IDC, the total shipment volume of foldable smartphones in China is expected to grow by 12.6% year-on-year in the first half of 2025, with Huawei achieving a record 75% market share [11][12]. - Since the launch of its first foldable phone in 2019, Huawei has shipped over 10 million units, with the Mate XTs Extraordinary Master alone achieving nearly 500,000 units in its first year, marking a shift from niche technology to mainstream demand [11][12]. Industry Impact - Huawei's innovation in foldable screens has transitioned the technology from "single-dimensional folding" to "multi-dimensional interaction," prompting developers to rethink application adaptation from "screen adaptation" to "scene adaptation" [12][14]. - The release of the Mate XTs Extraordinary Master not only signifies a technological milestone for Huawei but also reflects the broader trend of accelerating the evolution of mobile terminals from traditional "feature phones" to intelligent, personalized "smart terminals" [14].