从技术上来看，RGB-MiniLED是对以往LED显示技术的颠覆性创新，RGB三原色LED背光的全新技术 结构，无需依赖荧光粉或QD量子点进行二次光色转换，从发光源头就实现了色彩的"原生纯净"。 得益于RGB-MiniLED的技术特性，M10 Ultra的控光分区高达4788，再搭配HKC联合定制开发的专属 RGB光色同控画质芯片，整机控色精度将达到114bits，相较传统高端MiniLED控色58bits精度大幅领 先。 先进的技术架构带来的色彩提升也是巨大的，从色域上，M10 Ultra显示器能实现四大100%色域，即 100%sRGB、100%DCI P3、100%Adobe RGB、100%BT2020。将每一份色彩尽呈眼前，为专业创作者 和高端游戏玩家打造一块"原色多彩"的好屏。 在亮度表现上，RGB-MiniLED在实现控色革新的同时，保留了MiniLED在亮度表现上的优势项目，据 悉， M10 Ultra显示器将具备1600nits峰值亮度与1000nit全屏幕亮度，实现监视器级亮度水准。在HDR 表现上，M10 Ultra会配备四种高清HDR曲线模式，以高标准显示素质满足专业媒体剪辑师的工作需 ...

Core Insights - The forum hosted by Tianma Microelectronics focused on the future of Micro-LED technology, particularly its transparent applications, highlighting its potential to redefine display technology and create new interactive interfaces with the environment [1][2] Industry Developments - The display technology sector is at a critical turning point, with Micro-LED, especially transparent displays, challenging traditional screen definitions and enabling deeper integration with environments [1] - The International Society for Information Display (SID) emphasized the need for global collaboration across the industry to realize the vision of Micro-LED technology, which is breaking through physical limits in materials and processes [1] Company Innovations - Tianma Microelectronics has over 40 years of experience in the display field and has been focusing on Micro-LED technology since 2017, achieving significant breakthroughs in transparent display technology [2] - The company’s R&D center has developed a glass-based Micro-LED technology that offers high transparency, brightness, and seamless integration, marking a shift towards a "glass-based era" in display competition [2] - Tianma's mass transfer equipment has an efficiency of 40KK UPH, placing it among the top tier globally [3] Application Insights - Micro-LED technology is enhancing user experiences in smart cabins, transforming displays from mere screens to immersive spaces, with applications like transparent window displays and immersive cockpit experiences on the horizon [3] - The introduction of a low-cost, high-precision projection exposure machine for Micro-LED processes represents a significant advancement in domestic high-end display equipment, injecting innovation into the global new display industry [3] Product Showcase - Tianma showcased five Micro-LED products, including 8.07-inch head-up displays and 9.38-inch adjustable transparency displays, demonstrating the diverse applications and technical advantages of transparent display technology [4]

Core Viewpoint - The company is facing significant challenges in Q1 2025, including a decline in global consumer demand, increased trade policy uncertainty, and intensified industry competition, leading to a reported loss. The company is implementing systematic measures to improve operational efficiency and profitability [1][6]. Performance Disclosure Highlights - In Q1 2025, the company reported a substantial decline in performance, primarily due to slow recovery in global consumer demand, increased trade policy uncertainty, and intensified competition, resulting in a loss. The company is focusing on enhancing operational efficiency and profitability through supply chain adjustments and price transmission to mitigate tariff risks [1][6]. R&D Investment Plan - The company plans to invest 1.315 billion yuan in R&D in 2024, focusing on three core areas: new display technologies (40%), AI and intelligent functions (30%), and smart manufacturing upgrades (20%). Additionally, 10% of the investment will be allocated to emerging application scenarios [2][6]. Response to Tariff Impact - In 2024, approximately 20% of the company's revenue will come from North America. To mitigate the impact of tariff policies, the company is dynamically adjusting production between domestic and overseas factories, particularly increasing capacity in Mexico and Thailand based on existing orders and customer demand [3][6]. Policy Benefits - The company's products are benefiting from trade-in and energy-saving subsidy policies, which are stimulating demand for new products, especially in the large-size and high-end segments (high-definition, gaming, OLED, MiniLED). The company is actively seizing market opportunities presented by these policies to convert them into long-term competitive advantages [4][6]. Business Layout - The company aims to solidify its market position in the display business while optimizing the product structure in the television segment. Both business areas will collaborate in technology R&D, market channels, and brand building to promote sustainable development in the display industry, unaffected by short-term revenue fluctuations [5][6].

Financial Performance - The company's net profit significantly decreased in 2024, with a loss reported in Q1 2025 due to slow global consumer demand recovery, increased trade policy uncertainty, and intensified industry competition [2] - In Q1 2025, the company faced a loss attributed to a decline in product prices and gross margin [2] - The company aims to achieve its annual profit target through cost reduction measures and adjustments in supply chain management [2] Research and Development - In 2024, the company invested approximately CNY 1.315 billion in R&D, focusing on three core areas: display technology innovation, AI integration, and smart manufacturing upgrades [2] - 40% of the R&D budget is allocated to new display technologies (OLED, Mini LED, Micro LED, and electronic paper), while 30% is directed towards AI and intelligent function development [2] Market Impact and Strategy - The company reported that approximately 20% of its revenue in 2024 came from North America, where it faces challenges due to increased tariffs [3] - The company is actively adjusting production capabilities in overseas factories (Mexico, Thailand) to mitigate tariff impacts and optimize supply chain efficiency [3] Product Development and Market Trends - The company is focusing on high-end and large-size display products, benefiting from government policies promoting upgrades and energy-saving subsidies [4] - The company has launched various electronic paper products and plans to increase R&D investment in this area to capture market opportunities [5] Competitive Positioning - The company maintains a strong competitive edge through scale efficiency, production capacity, R&D capabilities, brand strength, and distribution networks [10] - The company is committed to sustainable practices, with three of its six domestic manufacturing bases recognized as "green factories" [10] Future Outlook - The company plans to enhance its presence in emerging markets and high-margin sectors, such as commercial and professional display solutions [10] - The company is exploring strategic partnerships and investment opportunities to strengthen its market position while minimizing reliance on acquisitions [10]