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 Viewpoint - Vivo's launch of the X Fold 5 represents a significant breakthrough in cross-ecosystem innovation, allowing seamless connectivity with Apple devices, which challenges the traditional barriers between Android and Apple ecosystems [1][2][3] Group 1: Breaking Ecosystem Barriers - The smartphone ecosystem is divided into closed ecosystems (e.g., Apple's iOS and Huawei's HarmonyOS) and open ecosystems (e.g., Android-based systems) [2] - Android manufacturers are striving to attract high-value users from Apple's ecosystem by enhancing compatibility and creating pathways into Apple's "walled garden" [2][3] - Vivo's X Fold 5 is the first Android phone to achieve compatibility with Apple Watch and AirPods, lowering the barrier for Apple users to consider switching to Vivo [5][6] Group 2: Long-term Strategy for Attracting Apple Users - Vivo's strategy aims to convert initial curiosity from Apple users into full brand loyalty, despite the challenge posed by Apple's entrenched ecosystem [5][6] - Continuous R&D investment is necessary for Vivo to maintain compatibility with Apple's ecosystem and ensure a seamless cross-ecosystem experience [6] - The competitive landscape is evolving, with Android manufacturers like OPPO, Honor, and Xiaomi also pursuing similar strategies to penetrate Apple's ecosystem [3][6] Group 3: Emerging Trends and Challenges for Apple - The trend of breaking ecosystem barriers is weakening Apple's influence and user lock-in effects, as Android brands successfully attract Apple users [7][8] - Apple's own products are becoming more compatible with Android, which poses a challenge to its historically closed ecosystem strategy [7] - The development of AI and foldable screen technology by Android manufacturers is an area where Apple has yet to demonstrate significant innovation, potentially eroding its core ecosystem advantages [7][8]

Group 1 - Apple has officially decided to abandon its self-developed folding screen technology and will adopt Samsung Display's "no crease" display solution, with plans to mass-produce its first folding iPhone in the second half of 2026 [1] - The core goal of this technology shift is to address the long-standing "crease" issue associated with folding screens. Samsung's solution includes a metal support plate hinge designed by Fine M-Tec, which utilizes laser drilling technology to achieve micron-level structural design, controlling the crease width to within 0.01 millimeters [1] - Fine M-Tec is expected to start mass production of the hinge in the first quarter of 2026, with an estimated annual shipment volume of 13 to 15 million units. The actual demand for this component will be significantly higher than the terminal sales of the folding iPhone due to assembly yield and after-sales service needs [1] Group 2 - The first folding iPhone is reported to feature a horizontal "book-style" design, with an 8-inch display that boasts a 4K resolution, comparable to the display quality of the iPad mini [2] - The device will be equipped with the same TSMC 2nm A20 chip as the iPhone 18 Pro, a 5000mAh battery, and will integrate a Touch ID sensor into the power button to save internal space [2] - The starting price of the folding iPhone is predicted to exceed 15,000 RMB, making it the most expensive smartphone in Apple's history [2]

Core Viewpoint - Huawei Technologies Co., Ltd. has recently published a patent for a display method, electronic device, and readable storage medium, which enhances user interface switching on multi-fold devices [1][2]. Group 1: Patent Details - The patent application, filed on January 10, 2024, describes a method that allows an electronic device to display multiple application interfaces across three display areas [1]. - The method enables users to switch between application interfaces with simple gestures, improving operational convenience [1]. Group 2: Product Launch - Huawei is set to release its first tri-fold smartphone, the "Huawei Mate XT Ultimate Design," on September 10, 2024 [3]. - The device features a screen made from non-Newtonian fluid materials and includes a 5600mAh battery, which is the world's thinnest silicon negative electrode battery at just 1.9mm thick [3]. - The thickness of the Huawei Mate XT Ultimate Design when unfolded is only 3.6mm, with a width of up to 10.2 inches, and it incorporates the "Huawei Tian Gong Hinge System" [3]. - The smartphone supports 66W wired fast charging and 50W wireless fast charging, along with Lingxi communication and Tiantong satellite calling capabilities [3].

Group 1 - Samsung Electronics officially launched the new foldable flagship Galaxy Z Fold7, featuring upgrades in craftsmanship, design, professional imaging systems, and Galaxy AI technology [1][2] - The Galaxy Z Fold7 has an 11% larger main screen compared to its predecessor, enhancing multitasking and immersive experiences [1][2] - The device integrates Galaxy AI capabilities deeply with its foldable design, providing a more intuitive and immersive AI interaction experience [2] Group 2 - The new hinge structure and foldable screen of the Galaxy Z Fold7 have been optimized, resulting in a thinner and lighter design that enhances durability and reduces creasing [2] - The Snapdragon 8 Gen 2 mobile platform for Galaxy offers significant performance improvements, with a 41% increase in NPU performance, 38% in CPU, and 26% in GPU compared to the previous generation [2] - Industry experts believe that the technological advancements in the Galaxy Z Fold7 will address practical issues of traditional foldable screens and drive further iterations in foldable display technology, impacting the mid-to-high-end smartphone market [3]

Core Viewpoint - Lens Technology has successfully completed its IPO in Hong Kong within 100 days, raising approximately HKD 4.768 billion with a share price of HKD 18.18, reflecting a strong market interest in its products and services related to Apple devices [1][3]. Group 1: Company Overview - Lens Technology is a well-known player in the supply chain for Apple, having collaborated for 19 years, providing components for various Apple products including iPhone, Apple Watch, Mac, and Apple Vision Pro [1]. - The company has already established manufacturing processes for ultra-thin flexible glass (UTG) and transparent polyimide (CPI) for foldable screens, and is a core supplier for major clients in North America [2][3]. Group 2: IPO and Funding Utilization - The IPO attracted 10 cornerstone investors, raising a total of approximately USD 191 million (around HKD 1.499 billion), with notable investors including Xiaomi Group and UBS [3]. - The funds raised will be allocated as follows: approximately 48% for expanding product and service offerings, 28% for overseas business expansion in Vietnam and Thailand, 14% for enhancing vertical integration capabilities, and 10% for working capital and other general corporate purposes [3]. Group 3: Global Expansion and Production Plans - Lens Technology is advancing its global footprint, with new production lines in Thailand and Vietnam expected to commence operations by the end of 2025 [4]. - The company aims to enhance manufacturing capabilities and reduce logistics costs while supporting the development of next-generation smart terminal foldable screen technologies [4]. Group 4: Diversification Strategy - The company is actively reducing its reliance on Apple, with revenue from its largest client decreasing from 71% in 2022 to 49.5% in 2024, while increasing revenue from domestic brands from 18% to 41% [6][7]. - Lens Technology is expanding into new sectors such as smart automotive, AI glasses, and humanoid robots, with significant progress in developing core components for these technologies [6][7].

Core Viewpoint - The entry of Apple into the foldable smartphone market in 2026 is expected to redefine the rules, value distribution, and the overall shape of the category, creating significant anticipation among supply chain companies [1][4]. Group 1: Market Dynamics - The domestic foldable smartphone market has recently become active, with major releases from brands like Honor, Vivo, and Samsung, leading to a surge in related A-share stocks [2]. - The anticipation of Apple's entry has contributed to a rally in the consumer electronics sector, with companies like Lens Technology and Luxshare Precision seeing significant stock price increases [2]. - Analysts predict that Apple will begin mass production of its foldable iPhone in late 2026, with initial shipments expected to be in the millions [3]. Group 2: Current Market Challenges - The foldable smartphone market is currently experiencing a bottleneck, with many brands adopting a conservative approach and reducing their product lines [6]. - User growth has plateaued due to inherent issues such as creases, quality, price, and lower specifications compared to traditional smartphones, leading to a trend of users returning to standard devices after initial trials [6][9]. - Global data indicates a slowdown in foldable smartphone shipments, with a mere 9% year-on-year growth expected in Q1 2025, contrasting sharply with previous explosive growth rates [7]. Group 3: High-End Market Trends - Despite the overall smartphone market stagnating, high-end smartphones priced above 5000 yuan are seeing stable growth, with projections indicating a significant increase in sales [7]. - The penetration rate of foldable smartphones is expected to rise from 2.5% in 2023 to 4.2% in 2024, indicating a gradual acceptance in the high-end segment [8]. Group 4: Anticipation of Apple's Entry - Industry insiders believe that Apple's entry could lead to a significant increase in foldable smartphone sales, with 2026 being a pivotal year for the market [4][10]. - Apple's strategy of waiting for technology and supply chains to mature before entering the market is seen as a prudent approach, allowing it to leverage existing supply chain capabilities for better cost and quality management [12][13]. Group 5: Technical Challenges and Innovations - The high technical barriers in the foldable smartphone supply chain, particularly in precision manufacturing, new materials, and display technology, pose significant challenges [13][14]. - The cost structure of foldable smartphones is heavily influenced by the high-value components such as flexible screens and complex hinge mechanisms, which are critical to their functionality [14][15]. - Chinese supply chain companies are actively working to overcome these challenges, with advancements in materials and manufacturing processes being reported [15]. Group 6: User Experience and Market Expectations - The industry is shifting focus from merely producing foldable devices to ensuring they provide a satisfactory user experience, as many current models are perceived as "beautiful but impractical" [19][20]. - Apple's potential to enhance user experience through software optimization and ecosystem integration is viewed as a key factor that could drive the success of foldable smartphones [20][21]. - The need for a collaborative development model between brands and suppliers is emphasized, as the complexity of foldable technology requires joint efforts in research and development [22][23]. Group 7: Future Market Predictions - The entry of Apple is anticipated to either revolutionize the foldable smartphone market or solidify existing high-end market dynamics, depending on how well it addresses current hardware challenges [24]. - There are differing opinions on the future evolution of foldable smartphones, with some experts predicting new form factors like triple-fold or rollable designs, while others believe the focus will remain on optimizing existing shapes [25].

Core Viewpoint - The evolution of Honor's Magic V series foldable smartphones illustrates a significant transition from niche products to practical, mainstream devices, showcasing advancements in technology and user experience over three generations [3][14]. Group 1: Product Evolution - The Honor Magic V2, launched on July 12, 2023, featured a thickness of 9.9mm, marking the beginning of the "millimeter era" for foldable phones [3][4]. - The Honor Magic V3, released on July 12, 2024, further reduced the thickness to 9.2mm and improved durability with advanced materials [5]. - The latest model, Honor Magic V5, achieved a remarkable thickness of 8.8mm and a weight of 217g, demonstrating continuous improvement in foldable technology [5][8]. Group 2: Structural and Technical Advancements - The core competitive advantage of Honor's foldable phones lies in the hinge and body design, which has evolved to break the physical boundaries between traditional and foldable smartphones [4][7]. - The Magic V5 incorporates a new manufacturing technology that enhances assembly precision, allowing for a lighter and thinner design without compromising battery life [5][9]. - The introduction of a high-silicon battery with a 25% silicon content in the Magic V5 sets a new industry record, achieving a capacity of 6100mAh while maintaining a slim profile [8][9]. Group 3: AI Integration and User Experience - The AI capabilities of the Honor Magic V5 have evolved from basic functions to advanced features that allow users to perform complex tasks through simple voice commands, significantly enhancing user efficiency [10][11]. - The device supports seamless integration across various operating systems, including iOS and Android, expanding its usability [11][12]. - The focus on user experience reflects a shift from technology-driven to user-centered design, emphasizing convenience and practicality in everyday tasks [12][13]. Group 4: Manufacturing and Innovation - The Honor Magic V5 is produced in an L4-level smart factory in Shenzhen, which utilizes AI technology to optimize the entire production process [13][14]. - The factory's automation and advanced manufacturing capabilities contribute to the high quality and reliability of the Magic V series [13][14]. - The iterative development approach taken by Honor demonstrates a commitment to addressing user pain points progressively, leading to significant advancements in foldable smartphone technology [14][16].

Core Viewpoint - The domestic foldable smartphone market is experiencing a surge, with major brands like Honor, vivo, and Samsung launching new models, while the A-share market for consumer electronics sees significant gains due to anticipation of Apple's entry into the foldable screen segment [2][3]. Market Dynamics - The foldable smartphone market is currently at a bottleneck, with many brands adopting a conservative approach and reducing their product lines due to inherent issues like screen creases, quality, and pricing [4]. - Despite technological advancements, user growth has plateaued, with many consumers returning to traditional smartphones after initial trials [4][5]. - In contrast, the high-end smartphone segment in China is growing, with sales of devices priced above 5000 yuan projected to reach approximately 78.4 million units in 2024, up from 11% in 2020 [5][6]. Apple's Potential Impact - Apple's entry into the foldable market is highly anticipated, with reports indicating that the foldable iPhone is in the prototype development stage and expected to launch in late 2026 [3][8]. - The industry believes that Apple's involvement could redefine market dynamics and product standards, as it typically enters markets only when technology is sufficiently mature [8][11]. - The high technical barriers in the foldable supply chain, particularly in precision manufacturing and new materials, present challenges that need to be addressed before mass production can occur [9][10]. Supply Chain and Technological Challenges - The cost structure of foldable smartphones is heavily influenced by high-value components such as flexible screens and hinge systems, with screen modules priced between 1100 to 2200 yuan and hinge systems ranging from 350 to 1200 yuan [9]. - Despite advancements, there are still weaknesses in the supply chain, particularly in high-end materials and manufacturing processes, which are dominated by a few international leaders [10][11]. Future Outlook - The industry is divided on the future of foldable smartphones, with some analysts optimistic about Apple's potential to lead a technological revolution, while others caution that significant hardware improvements are necessary for mainstream adoption [16][17]. - The evolution of foldable smartphones may include new form factors like triple-fold or rollable designs, but the focus should be on balancing display space and portability rather than merely increasing folding capabilities [17].

Core Insights - The Chinese foldable smartphone market is experiencing intense competition, with domestic brands continuously breaking records in terms of thickness and weight, showcasing advancements in technology and manufacturing capabilities [1][4][5] - Apple is reportedly developing its own foldable device, expected to enter production by the end of 2025, which may influence the competitive landscape [3][11] - The current market is dominated by Huawei, which holds a significant share of 76.6%, while other brands like Honor, OPPO, and Vivo are striving to capture more market presence [11] Group 1: Product Innovations - Honor's Magic V5 is the thinnest foldable smartphone at 8.8mm and weighs 217 grams, sharing the title of the lightest large foldable with Vivo's X Fold5 [1][4] - OPPO's Find N5 previously set a record with a thickness of 8.93mm, while Vivo's X Fold5 introduced a lightweight design [4] - Innovations in battery technology, such as Honor's high-silicon battery with a density of 901Wh/L, are crucial for achieving lighter and thinner devices [5][8] Group 2: Manufacturing and Technology - The advancements in foldable smartphones are supported by breakthroughs in materials and manufacturing techniques, such as OPPO's titanium alloy hinge and Vivo's semi-solid state battery technology [5][8] - Honor has implemented a self-repairing adhesive in its battery design to manage expansion during charging, enhancing reliability [8] - The use of specialized materials, like aerospace-grade fibers for the back cover, contributes to the durability and lightweight nature of these devices [8][9] Group 3: Market Dynamics - The foldable smartphone segment is seen as a symbol of technological prowess, with brands aiming to compete with Apple in the high-end market [3][11] - The competitive landscape is shifting, with domestic brands aggressively innovating to challenge Huawei's dominance [11] - The entry of Apple into the foldable market is anticipated to stimulate consumer interest and further innovation among existing players [3][11]