Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is expected to show strong performance in Q2 2025, with leading brands like Midea, Haier, and Gree projected to achieve double-digit growth due to stable profitability and market share gains. In contrast, second-tier brands may experience single-digit declines or marginal growth [1][3][4]. Key Insights and Arguments White Goods and Components - The white goods and components sector is anticipated to demonstrate robust operational resilience, with leading companies expected to achieve over 10% year-on-year growth. In contrast, second-tier white goods companies are likely to see weak performance, with revenue and earnings projected to decline slightly or grow marginally [4]. - Midea Group is recommended as a top pick, with expected revenue and earnings growth of over 15%. Haier is also expected to achieve double-digit growth due to strong domestic air conditioning performance and stable overseas business [4]. Home Appliance Performance - The overall performance of the home appliance industry in Q2 2025 is promising, with strong domestic demand driven by national subsidy policies. The air conditioning market saw a 36% increase in online retail volume, with Midea and Haier gaining market share [5]. - The kitchen small appliance sector is recovering, with a 25% growth during the 618 shopping festival, driven by improved average prices and sales volume [10]. Cleaning Appliances - The cleaning appliance sector is benefiting from national subsidy policies and global market share gains. Companies like Ecovacs and Roborock are experiencing strong revenue growth, while the price increase by a competitor has led to a decline in market share for others, providing growth opportunities for leading brands [1][6]. Black Goods - The black goods sector is stable, with an increase in Mini LED penetration driving price increases. TCL Electronics and Hisense are expected to see revenue and performance growth due to product structure optimization and overseas market expansion [1][13][15]. Export Manufacturing - Export manufacturing companies like Ousheng Electric and Lek Electric are expected to gradually recover their performance in Q3 and Q4 2025, benefiting from well-established production capacity in Southeast Asia [12]. Additional Important Insights - The air conditioning market remains competitive, but leading companies are managing costs effectively without sacrificing profit margins. The small appliance sector is seeing improved profitability due to capacity clearing and marginal improvements in traffic costs [2]. - The kitchen appliance sector is facing pressure from real estate completion demands, but national subsidy policies are providing support. Traditional products are stable, while integrated stoves are experiencing significant declines [17][19]. - Companies like Bull Group are facing growth pressures due to a weak macro environment, although their new energy and overseas business segments are growing rapidly [21]. - Ecovacs is projected to achieve a net profit of 485 to 515 million yuan in Q2, representing a year-on-year growth of 56% to 66%, driven by strong domestic market performance and international sales [7][8]. This summary encapsulates the key points from the conference call, highlighting the performance expectations and strategic insights across various segments of the home appliance industry.

Core Viewpoint - Haier Philippines launched a new Mini LED TV series in collaboration with local retailer Abenson, showcasing advanced display technology and enhanced audio features [1]. Group 1: Product Features - The new Mini LED TV series utilizes micron-level Mini LED backlight technology, with evenly distributed light beads on the back panel, allowing for more local dimming zones, which improves brightness and contrast [3]. - The TVs support HDR10 and Dolby Vision, resulting in finer picture quality [3]. Group 2: Audio Experience - Haier partnered with audio brand KEF to equip the TVs with Dolby Atmos and dbx-TV technology, providing a more immersive surround sound experience [4].

Core Viewpoint - The global automotive LED market is expected to face significant price pressure in 2025 due to ongoing economic uncertainties, but a recovery in automotive production is anticipated in the second half of 2025, leading to projected market values of $3.451 billion for automotive LEDs and $35.729 billion for automotive lighting by 2025 [1]. Group 1: Automotive Lighting Trends - Automotive lighting is shifting towards personalization, communication displays, driver assistance, and safety upgrades [3]. - Adaptive headlights (ADB) enhance nighttime visibility and reaction time to obstacles, with a projected market penetration rate of 21.6% by 2029 despite current economic uncertainties [5][6]. - The introduction of Micro/Mini LED technology in adaptive headlights is expected to improve safety through flexible pixel control, with manufacturers like Volkswagen and Tesla adopting these technologies [5][6]. Group 2: Tail Light Innovations - The trend in automotive lighting includes personalized and communication displays, with Mini LED tail lights being integrated into various vehicle models [7]. - Ams OSRAM's ALIYOS technology allows for flexible Mini LED arrangements, enabling dynamic visual effects for design and information display [7]. Group 3: Decorative Lighting Market - The decorative lighting segment, including ambient lights and grille lamps, is projected to reach $311 million by 2029, with a compound annual growth rate of 28% from 2024 to 2029 [8]. - Intelligent ambient lighting, featuring built-in ICs for RGB LEDs, is expected to see a high growth rate of 69% [8]. Group 4: Mini LED Display Trends - Mini LED technology is being adopted by major automotive manufacturers, enhancing display quality with features like HDR and local dimming [10]. - Companies such as NIO, General Motors, and Ford are expected to implement Mini LED displays in their vehicles by 2024, with further expansions planned through 2029 [10]. Group 5: Market Size and Revenue Performance - The global automotive lighting market is projected to slightly decline to $34.658 billion in 2024 due to pricing pressures and inventory adjustments, despite a rise in electric vehicle sales [12]. - The top ten automotive lighting manufacturers for 2024 include Koito, Valeo, and Forvia Hella, among others [12]. Group 6: LED Manufacturer Revenue - The leading automotive LED manufacturers for 2024 are ams OSRAM, Nichia, and Lumileds, with ams OSRAM being favored for high-end and electric vehicles due to its product quality [14]. - The revenue of Everlight is expected to grow by over 40% in 2024, driven by demand in China, Europe, and South Korea [14].

Core Insights - The display industry is a crucial part of the electronic information sector, encompassing upstream raw materials, midstream panel manufacturing, and downstream terminal applications [1] - The global display market is projected to reach $134.7 billion in 2024 and $172.1 billion by 2030, indicating significant growth potential [2][5] Market Size and Projections - According to QYResearch, the global display market size is expected to grow from $134.7 billion in 2024 to $172.1 billion by 2030, with a notable increase in AMOLED market share to 52.94% by 2030 [2][3] - The detailed revenue projections for various segments are as follows: - Global market: $792 billion in 2024, peaking at $1721 billion in 2030 - LCD (large size): $702 billion in 2024, declining to $689 billion by 2030 - AMOLED (large size): $80 million in 2024, increasing to $231 million by 2030 [3][6] Key Players in LCD and OLED - Major LCD manufacturers include: - BOE (China): Known for large-screen production - TCL Huaxing (China): Specializes in gaming screens - Innolux (Taiwan): Focuses on automotive displays - LG Display (South Korea): Renowned for IPS Nano Color technology - Sharp (Japan): Produces IGZO panels [11] - Key OLED manufacturers are: - Samsung Display (South Korea): Dominates rigid OLED market - LG Display (South Korea): Known for WOLED TVs - BOE (China): Rapidly advancing in foldable screens - Visionox (China): Innovating in under-display camera technology - Tianma (China): Focused on automotive OLED displays [16][18] Industry Trends - The OLED industry is at a cyclical low but is expected to enter a new growth phase soon, driven by advancements in technology and increasing demand [19] - The outdoor television market is expanding, particularly in North America, as consumer interest in outdoor entertainment rises [23] Research and Reports - QYResearch provides comprehensive market research reports covering various aspects of the display industry, including market size, growth potential, and competitive analysis [26][27]

Core Viewpoint - Nintendo Switch 2 has been officially launched globally, receiving positive market feedback during the pre-sale phase, which has drawn attention to the related supply chain [2] Group 1: Company Overview - Nanji Guang, the manufacturer of the backlight module for Switch 2, has achieved stable mass delivery of its products, which is expected to positively impact the company's development [2] - The company has maintained a research and development expense ratio of over 5% of its revenue in recent years, with a total of 320 patents, including 28 invention patents, by the end of 2024 [7] Group 2: Technical Challenges and Innovations - The development of the ultra-thin light guide plate required by Nintendo posed significant technical challenges, with initial yield rates as low as 5% [4][5] - After nearly five years of intense technical development, Nanji Guang achieved a breakthrough with a product yield rate below 0.4%, setting a record for Nintendo [6] Group 3: Market Position and Future Prospects - The company reported a revenue of 186 million yuan, a year-on-year increase of 265.54%, with net profit and gross margin reaching new highs [8] - Market research predicts that Switch 2 sales could reach 14.7 million units in 2025, supported by a strong user base of 105 million active Switch consoles [8] - Nanji Guang is expanding its product matrix to cover various fields, including tablets, laptops, gaming, automotive displays, and healthcare displays, and has entered the supply chains of major companies like Lenovo and Huawei [8][9]

Core Viewpoint - The company is shifting its focus towards the Mini LED backlight technology, aiming to accelerate commercialization and meet market demand, as evidenced by its new funding plan and project adjustments [1][8]. Group 1: Funding and Project Details - The company plans to raise up to 1.5 billion yuan through a private placement, with over 70% (1.06 billion yuan) allocated to the "Glass-based Mini LED Display Backlight Module Project" [1][2]. - The Glass-based Mini LED Display Backlight Module Project will be implemented by the wholly-owned subsidiary Jiangxi Dehong, with a construction period of 24 months and an expected annual production capacity of 6.05 million glass-based Mini LED backlight modules [2][3]. - The remaining funds will be used to supplement working capital and repay bank loans, totaling 440 million yuan [2][3]. Group 2: Strategic Adjustments - The company has terminated its previous fundraising plan for the "Glass Substrate Mini/Micro LED Substrate Project," which was also aimed at raising up to 1.5 billion yuan [5][6]. - The decision to terminate the previous plan was based on a comprehensive consideration of external market conditions and the company's strategic direction [6][8]. Group 3: Market Trends and Opportunities - The company emphasizes the advantages of glass-based materials in performance, particularly as Mini LED backlight products require higher display quality and precision [3][4]. - The market penetration of Mini LED technology in televisions is rapidly increasing, with major manufacturers like Huawei, Hisense, Xiaomi, TCL, and Skyworth launching Mini LED TV products [8][9]. - TrendForce predicts that by 2025, the shipment of Mini LED backlight TVs will reach 11.5 million units, accounting for 6% of the global TV market [8][9]. Group 4: Product Development and Collaborations - The company has successfully launched the glass-based Mini LED flagship product "Daxian G9" in collaboration with Hisense, which has achieved strong sales [8][9]. - The first phase of the Jiangxi Dehong's 500,000 square meters glass substrate project is expected to be operational in the second half of 2024, supporting applications in automotive and large-size televisions [8][9]. Group 5: Competitive Positioning - The strategic adjustment aims to optimize resource allocation and seize the rapidly developing Mini LED market opportunities, thereby strengthening the company's market position in the new display sector [9].

5月31日，沃格光电发布公告称，向特定对象发行股票募集资金总额不超过150,000万元，扣除发行费用后的净额中，10.6亿元拟投资于"玻璃基Mini LED显 示背光模组项目"，另外4.4亿元用于"补充流动资金及偿还银行贷款"。 沃格光电自成立起，始终围绕玻璃精加工的工艺展开技术创新升级和储备，公司具备的玻璃薄化、厚镀铜技术能力处于国内领先水平。近年，公司凭借领先 的玻璃基线路板技术向Mini LED产业链拓展，提供从玻璃基线路板到显示背光模组的全链条产品和技术解决方案，并已开始实现玻璃基Mini LED的产业化 应用突破。 截至目前，公司已形成从玻璃基线路板精密微电路制作到芯片封装以及模组全贴合的Mini LED玻璃基背光模组研发制作全流程的技术能力，能够提供从玻 璃基线路板、固晶、光学膜材到背光模组的Mini LED背光整套解决方案。 截至2024年12月31日，公司共计获得授权专利430项，其中发明专利119项，实用新型专利311项。在Mini LED领域，目前公司已实现了Mini LED玻璃基线路 板所需的3微米厚铜镀膜技术落地，并储备了6-8微米的厚铜镀膜制程能力；形成了先进的玻璃基光刻技术，储备了 ...

Market Overview - The demand for televisions is increasing as living standards improve, with Mini LED TVs becoming a popular choice due to their excellent picture quality. In 2024, the sales volume of Mini LED TVs in China is expected to reach 5.56 million units, accounting for 18.0% of the overall TV market, representing a 15 percentage point increase from the previous year. Predictions indicate that by 2025, the shipment of Mini LED products will grow to 9 million units, a 50% increase [1]. Screen Quality - TCL T7L Pro features a native contrast ratio of 7000:1, which is five times that of standard IPS screens, and has a low reflection rate of 1.8%, significantly reducing environmental light interference [3][6]. - Hisense's small ink E5Q Pro has not disclosed its contrast ratio but offers different screen configurations for various sizes, with the 100-inch version matching TCL's reflection rate, while smaller sizes have higher reflection rates [5][6]. Backlight Partitioning - TCL T7L Pro has 840 local dimming zones, while Hisense small ink E5Q Pro boasts 1248 zones. However, the effectiveness of picture quality is not solely determined by the number of zones, as excessive zones can lead to diminishing returns and halo effects [7][9]. Color and Brightness - Both models claim to cover 98% of the DCI-P3 color space, but TCL T7L Pro utilizes advanced quantum dot technology for better color stability and longevity, ensuring no color fading over time [11]. - TCL T7L Pro achieves a peak brightness of 2200 nits, providing a more realistic representation of high-light details compared to Hisense small ink E5Q Pro, which also claims 2200 nits but does not maintain brightness as effectively [13]. Picture Quality Chip - Hisense small ink E5Q Pro is equipped with an AI picture quality chip that enhances image parameters, while TCL T7L Pro features a dual-enhancement TSR AI chip that significantly improves the quality of lower-resolution content [14][16]. Smart System - TCL T7L Pro runs on a user-friendly system without startup ads, allowing direct access to content, while Hisense small ink E5Q Pro retains startup ads and has a more traditional interface [17][19]. Audio Experience - Hisense small ink E5Q Pro features a high-end sound system from Devialet, providing powerful bass and clear highs, while TCL T7L Pro uses Onkyo Hi-Fi sound, creating a 360-degree surround sound experience [20][22].

Core Viewpoint - Xiaomi has launched several significant products during its 15th anniversary event, including its first SUV model YU7, the Xiaomi 15S Pro smartphone, Pad 7 Ultra tablet, and the S Mini LED 2025 series television, showcasing advancements in technology and design [1][2]. Group 1: Xiaomi YU7 SUV - The Xiaomi YU7 is positioned as a luxury high-performance SUV with three versions: YU7 (long-range rear-wheel drive), YU7 Pro (long-range all-wheel drive), and YU7 Max (high-performance all-wheel drive) [2]. - All versions of YU7 support an 800V silicon carbide high-voltage platform, with specific pricing to be announced in July [2]. Group 2: Xiaomi HyperVision Display - The YU7 features the Xiaomi HyperVision panoramic display, which utilizes PHUD technology with three Mini LED screens to project information onto the windshield [4]. - The HyperVision display offers a 1.1m ultra-wide view, 108 PPD ultra-retina level clarity, peak brightness of 1200 nits, and 903-zone local dimming [6]. - The display is designed to provide driving information for the driver and entertainment for the passenger, with the ability to show blind spot images during turns [6]. Group 3: Xiaomi 15S Pro Smartphone and Pad 7 Ultra - The Xiaomi 15S Pro smartphone features a 6.73-inch OLED display with a resolution of 3200*1440, supporting a refresh rate of 1-120Hz and a peak brightness of 1800 nits [8]. - The smartphone is equipped with a Leica Summilux triple-camera system and a 6100mAh battery with 90W fast charging capabilities [8]. - The Pad 7 Ultra is Xiaomi's first OLED tablet, featuring a 14-inch OLED screen with a resolution of 3200*2136 and a peak brightness of 1600 nits [10]. - Both devices utilize Xiaomi's self-developed O1 processor, built on TSMC's 3nm process technology [11]. Group 4: S Mini LED 2025 Series Television - The S Mini LED 2025 series television starts at a price of 2999 yuan, with a promotional price of 2399.2 yuan after subsidies [13]. - The series includes various sizes, with peak brightness reaching 1700 nits and support for 4K 144Hz display [14]. - The television features a low-reflection screen and advanced optical film design, enhancing the viewing experience [14].

每经记者｜陈鹏丽 每经编辑｜马子卿 5月21日晚，易天股份（SZ300812，股价20.67元，市值28.97亿元）发布公告称，公司拟以自有资金人 民币1元收购深圳市易天半导体设备有限公司（以下简称"易天半导体"）少数股东黄招凤持有的易天半 导体40%股权，对应注册资本400万元，并承担本次收购股权对应的认缴而尚未实缴部分360万元注册资 本的实缴义务。 此次收购之前，易天股份持有易天半导体60%股权。收购完成后，易天半导体将成为上市公司的全资子 公司。易天半导体经审计的财报显示，去年该公司实现营收385.4万元，净亏损接近6000万元。 与这项股权收购消息同步宣布的还有，易天股份与深圳市嘉霖富德房地产有限公司（以下简称"嘉霖房 地产"）终止了2023年6月签订的厂房定制服务协议。《每日经济新闻》记者发现，该协议涉及的厂房定 制总价为3.12亿元，易天股份为满足公司在深圳市宝安区沙井街道的经营场所需求，委托嘉霖房地产提 供厂房定制服务。 易天半导体去年亏损近6000万元，公司处于资不抵债的状态 公告显示，易天半导体40%的股权虽然作价1元，但公司需要承担实缴360万元注册资本的义务。公司 称，本次收购是为进一 ...