Core Viewpoint - TCL Technology announced a collaboration with the Guangzhou municipal government to establish a new production line for high-generation printed OLED displays, aiming to enhance its market position in the OLED sector [2][4]. Investment and Financials - The total investment for the T8 project is approximately RMB 29.5 billion, with TCL Huaxing contributing RMB 8.85 billion and the local government and state-owned enterprises contributing RMB 5.9 billion [4]. - The project will be financed through a combination of equity contributions and loans, with TCL Huaxing and state-owned shareholders holding a 60:40 ratio in additional capital contributions if other investments are secured [4]. Project Details - The T8 project will focus on producing OLED panels for various applications, including flat screens, laptops, and monitors, with a monthly processing capacity of about 22,500 glass substrates sized 2290mm x 2620mm [2][4]. - The construction period is planned for 24 months, with an expected start date in November 2025, subject to adjustments based on actual circumstances [4]. Technical Aspects - TCL Huaxing will establish a core technical team for the project and ensure the availability of necessary technology for production [5]. - The printed OLED technology is noted for its excellent color performance, high resolution, low energy consumption, and reduced manufacturing costs, making it suitable for various display sizes [6]. Market Positioning - The T8 project is expected to help TCL Huaxing capture market growth opportunities and increase its share of high-end products, thereby optimizing operational efficiency [6]. - TCL Huaxing holds over 9,700 OLED patents, with more than 1,200 related to printed OLED technology, indicating a strong intellectual property position in the industry [6].

新浪科技讯 9月12日晚间消息，TCL科技集团股份有限公司发布公告，公司、TCL华星与广州市人民政 府、广州经济技术开发区管理委员会共同签署项目合作协议，拟共同建设一条月加工2290mm×2620mm 玻璃基板能力约2.25万片的8.6代印刷OLED显示面板生产线，主要产品涵盖平板、笔记本电脑、显示器 等应用领域，预计项目总投资约人民币295亿元。 印刷OLED具备色彩表现优异、分辨率高，材料利用率高，能耗低，投资和制造成本低等优势，是适配 小、中、大全尺寸的规模化商用OLED技术路径。 公告指出，TCL华星在OLED领域已开展十多年的技术研究与探索，具备印刷OLED量产能力及关键专 利，其位于武汉的G5.5代印刷OLED产线已于2024年11月起实现量产及产品交付。 近年来，全球新型显示行业市场步入相对稳定状态，在折叠屏成为显示新增长点、车载屏幕与穿戴设备 放量、显示屏尺寸扩大的背景下，OLED有望成为高端显示技术主流，迎来市场爆发。该项目的建设有 助于TCL华星紧抓市场增长需求，提升高端产品份额，持续优化经营效益。（文猛） 责任编辑：刘万里 SF014 ...

Core Viewpoint - TCL Huaxing has successfully developed and is set to mass-produce printed OLED technology, marking a significant advancement in China's display industry, transitioning from a follower to a leader in global display technology [3][18]. Group 1: Technology Development - TCL Huaxing began investing in printed OLED technology research in 2013 and will officially enter mass production in 2024 [3][18]. - Printed OLED is the first display technology led by a Chinese company to enter commercial use globally, showcasing a breakthrough in the display industry [3][18]. - The technology is characterized by its ability to achieve high resolution, low power consumption, and flexible displays, with significant improvements over traditional LCDs [6][10]. Group 2: Product Features - The printed OLED product family ranges from 6.5 inches to 65 inches, providing a high-end display experience across various devices, including smartphones, tablets, laptops, and TVs [4][10]. - Printed OLED displays utilize self-emissive technology, allowing for pixel-level brightness control, resulting in vibrant colors and a wider color gamut [6][8]. - The technology reduces harmful blue light emissions to 15%, promoting visual health for users who spend extended hours in front of screens [10]. Group 3: Production Advantages - Printed OLED technology offers a completely independent development path compared to traditional vapor-deposited OLED, which is dominated by Japanese and Korean companies [15][16]. - The production process of printed OLED is more efficient, achieving a 90% material usage rate and reducing costs by at least 20% compared to traditional methods [15][16]. - The technology requires less stringent vacuum conditions and lower temperature drying, leading to significant energy savings, estimated at 300-400 million kWh annually [15][16]. Group 4: Market Impact - The successful mass production of printed OLED technology is expected to make high-quality OLED displays more affordable and accessible to the general public [20]. - TCL Huaxing's commitment to long-term investment in technology has resulted in over 65,000 global patent applications, establishing a strong technological barrier in the printed OLED field [18][20].

Core Viewpoint - TCL Technology is advancing in the next-generation display technology with its printed OLED, which is a significant part of its strategic layout [1] Group 1: Company Developments - TCL Technology announced that its subsidiary, TCL Huaxing, has achieved small-scale production of 21-inch medical products using its 5.5-generation line (t12) by the end of 2024 [1] - TCL Huaxing is currently the only manufacturer globally to achieve mass production of printed OLED technology [1] - The company is collaborating with brand clients to develop medium-sized products such as laptops and monitors, with positive feedback leading to an expansion of t12 production capacity from 3K units per month to 9K units per month [1] Group 2: Technology and Market Position - Printed OLED technology offers significant advantages in investment costs, yield rates, and material utilization, which supports the increased penetration of OLED in IT products due to product lightweighting [1] - The company has a comprehensive patent layout in the printed OLED field and maintains a leading position in technology [1] - Despite the differences in processes and core material systems between printed OLED and existing traditional technologies, the company is committed to advancing the industrialization of printed OLED and is confident in achieving significant breakthroughs [1]

Group 1: Financial Performance - The company achieved a revenue of 85.6 billion CNY in the first half of 2025, representing a year-on-year growth of 6.7% [2] - Net profit attributable to shareholders reached 1.88 billion CNY, a significant increase of 89.3% year-on-year [2] - Operating cash flow amounted to 27.3 billion CNY, showing a remarkable growth of 115.9% [2] Group 2: Semiconductor Display Business - The global retail demand for LCD TVs remained stable, with a focus on large-size panels driven by national subsidy policies [2] - TCL Huaxing reported a revenue of 50.43 billion CNY, up 14.4% year-on-year, and a net profit of 4.32 billion CNY, reflecting a 74.0% increase [2] - The company continues to optimize its business and product structure, enhancing its competitive advantage in the semiconductor display industry [2] Group 3: Semiconductor Wafer Business - The company achieved a revenue of 2.74 billion CNY in the semiconductor wafer segment, marking a year-on-year increase of 38.2% [2] - The company is confident in maintaining growth in the second half of the year, bolstered by improved product quality and stable supply to major domestic integrated circuit manufacturers [2] Group 4: New Energy Photovoltaic Business - The photovoltaic business reported a revenue of 9.87 billion CNY, down 28.0% year-on-year, with crystalline wafer revenue declining by 7.1% [2] - The company aims to enhance its competitive position and navigate through the industry cycle by improving operational conditions [2] Group 5: Future Demand and Market Outlook - Demand for TV panels is expected to rebound in the second half of the year, driven by major shopping events [3] - The long-term demand for large-size LCD panels is projected to grow steadily, supported by increasing average screen sizes [4] Group 6: Production and Operational Updates - The T9 production line is operating at high capacity, with a strong demand for various products [6][7] - The T11 production line, acquired from LGD, is expected to contribute positively to the company's performance as operational efficiencies improve [5] Group 7: Cash Flow and Capital Expenditure - The company reported a net operating cash flow of 27.3 billion CNY, primarily from TCL Huaxing [10] - Future capital expenditures are expected to decline, with a focus on increasing ownership stakes in panel production lines and managing financial costs [11] Group 8: Industry Trends and Pricing - The photovoltaic industry is experiencing a recovery in pricing, with a focus on maintaining healthy price levels across the supply chain [11]

Core Viewpoint - TCL Huaxing is accelerating its development in the printed OLED field by expanding its product matrix and application scenarios, recently establishing a new company focused on printed display technology in Guangzhou [1][2]. Group 1: Company Developments - Guangzhou Huaxing Optoelectronics Printed Display Technology Co., Ltd. was established on August 11 with a registered capital of 1 billion RMB, fully owned by TCL Huaxing [2]. - The establishment of the new company is interpreted as a preparatory step for the rumored construction of an 8.6-generation printed OLED production line in Guangzhou, with an estimated investment of around 20 billion RMB [2]. Group 2: Production Capacity and Technology - TCL Huaxing plans to build two OLED production lines at the Guangzhou T8 factory, potentially making it one of the largest and highest-capacity printed OLED production lines globally, with a planned capacity of 45,000 glass substrates per month [2][3]. - Compared to competitors like Samsung Display and BOE, TCL Huaxing's production capacity could surpass their existing plans, which are currently lower [3]. Group 3: Advantages of Printed OLED Technology - Printed OLED technology features simplified processes and higher material utilization, reducing material waste by 30% and overall costs by 20% compared to traditional FMM processes [6]. - The technology also boasts higher aperture ratios and longer product lifespans, with TCL Huaxing showcasing various printed OLED products at ChinaJoy 2025, demonstrating superior display performance [6]. Group 4: Future Outlook - By the end of 2024, TCL Huaxing aims to achieve mass production of printed OLED technology in medical devices and is accelerating penetration into IT fields, such as gaming displays [7]. - The future progress of the Guangzhou T8 project and its potential for large-scale production will be a key indicator of the evolution of the global OLED industry landscape [7].

Core Insights - The global digital entertainment event ChinaJoy 2025 opened in Shanghai, showcasing TCL Huaxing's comprehensive esports display solutions in collaboration with partners like Samsung and Lenovo [1] Group 1: Company Developments - TCL Huaxing's CEO Zhao Jun highlighted that mid-sized OLED will be a significant industrial opportunity in the coming years, with a strategic focus on printed OLED technology for various applications [3] - The company aims to address traditional OLED challenges such as high costs, low yield, and limited form factors through printed OLED technology, with the first showcase being a medical display [3] - TCL Huaxing entered the esports display market in 2019 and has since become a leader, with its screens accounting for one in three esports displays globally from 2022 to 2024 [4] Group 2: Market Trends - The rise of foldable smartphones presents new opportunities for panel manufacturers, with TCL Huaxing continuously developing related technologies for future products [4] - There has been a decline in production capacity utilization for large TV displays since Q2, attributed to preemptive customer stocking in Q1, leading to a temporary drop in panel prices [4][5] - A forecast for Q3 indicates a 3-4% increase in TV panel shipments compared to Q2, driven by seasonal demand and inventory adjustments [5] Group 3: Industry Outlook - The panel industry has seen a shift from high volatility to more stable operations, with manufacturers adjusting production rates based on demand to avoid inefficient price competition [5] - TCL Huaxing has been exploring production strategies since 2022, transitioning from full production to demand-based manufacturing, which is expected to benefit the industry and the company in the long term [5]

Core Insights - The "2025 International Display Week" (SID2025) showcased cutting-edge display technologies, with TCL Huaxing's "Printed OLED" products being a major highlight [1] - Printed OLED technology is seen as a transformative direction for the display industry, offering advantages such as high material utilization, low production costs, and suitability for large-scale production [2][3] - TCL Huaxing has successfully developed key technologies for Printed OLED, achieving full coverage from small to large sizes [2][3] Company Developments - TCL Huaxing's first mass-produced Printed OLED product has been successfully applied in high-end medical displays, receiving positive market feedback [3] - The company plans to expand into the gaming display market with a focus on high refresh rates and low latency OLED screens, differentiating from existing LCD and evaporated OLED products [3] - Future applications in laptops and tablets are anticipated, leveraging the low power consumption and high color gamut characteristics of Printed OLED [3] Industry Trends - The rise of Printed OLED technology is expected to significantly alter the global OLED industry landscape, potentially allowing Chinese manufacturers to catch up with leading Korean firms [3] - The evolution of OLED technology from monochrome displays to flexible screens and now to large-scale Printed OLED applications indicates ongoing advancements in the display sector [4] - By 2025, Printed OLED is projected to mature and promote widespread adoption of OLED technology, leading to lighter, more energy-efficient, and visually stunning display products [4]

印刷 OLED 赛道上，TCL 华星甚至没有同行者。但他们知道，还有更高的山峰矗立在面前。 2024 年 6 月的一个深夜，TCL 华星 10 多位工程师守在武汉的屏幕模组车间。他们面前的产线上只有一块 孤零零的屏幕。接下来 3 个多小时，他们的目光与那块屏幕紧紧相连。 TCL 科技首席技术官、TCL 华星首席技术官闫晓林正式宣布，首支投产的印刷 OLED 屏幕进入量产阶 段。 TCL 华星首款量产印刷 OLED 4K 显示屏（21.6 吋） 印刷 OLED 最显著的优势就是节约材料，降低生产成本。蒸镀工艺中，绝大部分材料会残留在掩膜板上， 利用率甚至不到 30%，而印刷工艺能达到 95% 以上。但节省材料的背后，需要从头开发材料和设备，来 满足极致苛刻的技术要求：1 毫升的液体需要分成 10 亿滴，按照每秒滴下 4 万次的频率工作，每一滴都必 须精准无误，同时还要确保铺展、干燥后完全均匀。 焦虑和压力都在积聚，即将到来的那一刻，检验着他们过去 11 年努力的价值。 为了保证生产质量，车间的温度始终保持在 20 多度，几乎没有波动；工程师们穿着包裹严密的无尘服， 与每一台设备、每一道工序隔开。在这种环境待上 ...