Core Viewpoint - Huazhong Xinchuan has received project confirmation from Anhui Jianghuai Automobile Group, marking a significant step in the development and supply of ceiling screen display assemblies for vehicles, which is a key trend in the automotive smart cockpit upgrade [2]. Summary by Sections Company Developments - Huazhong Xinchuan has been confirmed as a supplier for a specific model's ceiling screen display assembly by Jianghuai Automobile Group, indicating its capability in the automotive display market [2]. - The company has established itself as a comprehensive service provider in the automotive smart cockpit sector, focusing on automotive electronics and display systems [2][5]. Market Trends - The ceiling screen display is becoming a core trend in automotive smart cockpits, transitioning from single central control displays to multi-scenario interactions, driven by increasing demand for rear-seat entertainment and cockpit experiences [2]. - The market for ceiling screens is rapidly expanding as they penetrate from high-end to mainstream vehicle models [2]. Product and Technology - Huazhong Xinchuan has received multiple project confirmations for various display systems, including those for HUD (Head-Up Display) applications, indicating a strong market presence and technological capability [5][6]. - The company is also involved in the low-altitude economy sector, having received a significant project confirmation for a multimedia display system for an eVTOL (electric Vertical Take-Off and Landing) aircraft, with plans for commercial operations by the end of 2026 [6].

9月26日，京东方精电宣布，越南车载显示基地实现首个全流程产品成功点亮，并预计基地在今年 底实现规模化量产。 图片来源：京东方精电 据悉，越南车载显示基地是京东方精电首个海外自主投建的智慧工厂，总投资超3亿元人民币，主 要研发生产高端车载显示产品及整机显示系统等汽车座舱产品，设计产能5万片模组/月。 京东方精电越南车载基地于2024年底试产成功，2025年8月完成首个样品下线。此次全流程产品 点亮为后续规模化量产奠定了基础。 图片来源：京东方精电 资料显示，京东方精电是京东方集团的全球车载业务平台，在汽车TFT显示屏和大中型显示屏模组 市场中处于领先地位，其现有车载显示技术包括Oxide、8K、BD Cell、Mini LED、OLED等。 今年上半年，京东方精电实现营业收入66.7亿港元（约合人民币61.15 亿元），同比增长8%; 实 现税息折旧及摊销前利润（EBITDA）3.4亿港元（约合人民币31.17 亿元），同比增长约7%。 上半年，京东方精电的汽车显示屏业务实现收益62.5亿港元（约合人民币57.24亿元），同比增长 9%；系统业务收入及占总收入比重连续3年保持增长，定点项目价值同比增长超100 ...

该产品屏幕尺寸为12.3英寸，支持500PPI高清2D显示模式，同时具备裸眼3D功能——无需佩戴 3D眼镜，且不依赖眼球追踪技术，可视角度可达30°，用户可通过一键操作实现2D与3D模式的快 速切换。 9月23日，天马发布全球首款500PPI高清2D / 3D可切换光场仪表屏。 技术层面，这款仪表屏搭载天马自研的高速实时渲染光场3D技术，并采用自主开发的液晶棱镜， 在保障性能的同时有效降低量产成本；此外，屏幕支持景深调节功能，官方宣称可彻底解决传统 3D显示存在的眩晕感与鬼影问题。 应用场景上，该屏幕可适配导航、ADAS（高级驾驶辅助系统）警示等多种车载需求。产品最早在 DIC 2025展会首次对外展出。 值得一提的是，天马在DIC 2025上展出了8英寸Micro LED IRIS HUD（全景式抬头显示屏），据 称是业界首款具有最高PPI(167PPI)，可实现>10000nits的超高亮度的显示屏。与传统LCD相 比，它可以实现更弱的重影、更宽的色域和更好的图像质量。此外，由于光机系统结构更简单，整 体体积更小。 除了车载显示，天马还在前不久举办的高端OLED技术品牌发布会上，展出了"全球首款G形三折 ...

Core Viewpoint - The company anticipates a continuous growth in demand for automotive display products, driven by an increase in screen quantity and specifications, particularly in the rapidly growing domestic new energy market [1] Group 1: Market Trends - The demand for automotive display products is expected to continue growing due to factors such as the rapid growth of the domestic new energy market, ongoing penetration of LTPS technology, and the trend towards larger display sizes in automotive screens [1] Group 2: Company Strategy - The company aims to seize opportunities in automotive electronics and new energy sectors, focusing on the growth points of its automotive business [1] - The company plans to promote the mass production and delivery of its AMOLED automotive products to enhance its overall competitiveness in the automotive sector [1] - The company seeks to strengthen its industry-leading position through these initiatives [1]

Group 1: Automotive Display Business - The company has maintained the global leading position in automotive display shipments for five consecutive years since 2020, achieving the highest shipment volume of automotive TFT-LCD and automotive instrument displays globally [1] - In the first half of this year, the automotive display business revenue grew approximately 27% year-on-year, with sales to international leading automakers increasing over 70% [1][2] - The LTPS automotive display segment saw a shipment increase of over 76% year-on-year, driven by the demand for upgraded screen specifications [2] Group 2: Automotive Electronics - The automotive electronics business began bulk deliveries to international leading clients in 2023, with sales growth exceeding 70% year-on-year in the first half of 2025 [3] - This segment is expected to enter a rapid growth phase alongside the development of client projects, becoming a new growth engine for the company's automotive display business [3] Group 3: Micro-LED Development - The Micro-LED production line was lit in 2024, achieving small batch shipments of standardized display modules in 2025, marking a significant advancement in the company's Micro-LED capabilities [4] Group 4: AMOLED Mobile Business - In the first half of 2025, the flexible AMOLED mobile business saw profitability improve by over 50% year-on-year, supported by enhanced production capacity and product structure optimization [5][6] - The TM18 production line's output increased, focusing on high-specification products and covering flagship models across major domestic brands [6] Group 5: Foldable Screen Technology - The company has developed multiple foldable screen technologies and successfully mass-produced various foldable products, including left-right and up-down folding screens [7] Group 6: Chip Business and M&A Plans - The company focuses on display technology and does not engage in semiconductor chip development, but is exploring non-display applications based on panel technology [8] - The company adheres to a "2+1+N" strategy, seeking suitable investment targets for potential mergers and acquisitions to strengthen its competitive position in key areas of the industry chain [9] Group 7: Depreciation and Share Buyback - The company anticipates that depreciation in 2025 will not differ significantly from 2024, remaining at a peak level, with a gradual decrease expected in the absence of new line investments [11] - The current share buyback is aimed at canceling the repurchased shares and reducing registered capital, with the process progressing steadily [11]

Group 1: Company Strategy and Market Positioning - The company aims to become the preferred partner in the semiconductor display industry, focusing on enhancing core competitiveness and comprehensive strength through sustainable development and supply chain integration [2][3] - The "Dual Base Strategy" in Vietnam includes a backlight display module base in Bắc Ninh and a precision component base in Ho Chi Minh City, aimed at establishing a vertical industry chain in Southeast Asia [3] Group 2: Share Buyback Activities - As of February 8, 2024, the company repurchased 2,282,700 shares at a maximum price of 18.533 CNY/share and a minimum price of 8.904 CNY/share, totaling 29,997,240.57 CNY [4] - By May 6, 2024, the company had repurchased 7,166,850 shares at a maximum price of 15.88 CNY/share and a minimum price of 11.45 CNY/share, totaling 100,008,088.12 CNY [5] - As of June 30, 2025, the company repurchased 4,961,600 shares at a maximum price of 15.20 CNY/share and a minimum price of 12.85 CNY/share, totaling 70,568,855.04 CNY [5] Group 3: Financial Performance - In the first half of 2025, the company achieved revenue of 1.554 billion CNY, a 50.84% increase from 1.030 billion CNY in the same period last year [6] - The net loss narrowed to 26.45 million CNY from 65.97 million CNY year-on-year, indicating a 59.91% improvement [6] - The net cash flow from operating activities turned positive, reaching 112 million CNY compared to a negative 172 million CNY in the previous year, a 165.54% improvement [6] Group 4: Product Development and Innovation - The company has registered a total of 418 patents, including 108 invention patents, with 8 new patents registered in the first half of 2025 [8] - The innovative anti-peeping light guide plate technology received recognition as a "Special Contribution Project" in the optical electronics industry [8] - The company is advancing in the automotive display and Mini-LED sectors, focusing on high-end features such as anti-peeping, curved, and ultra-thin displays [7] Group 5: Subsidiary Overview - The company holds a 30% stake in Chengdu Tuowei High-tech Optoelectronics Technology Co., Ltd., which provides comprehensive services for AMOLED metal mask plates [9] - Chengdu Tuowei serves major OLED panel manufacturers, enhancing domestic capabilities in precision regeneration and manufacturing technology [9]

Core Insights - The company reported a significant increase in net profit for the first half of 2025, achieving a net profit of 88.66 million yuan, a year-on-year growth of 2062.34% [2] - The company is focusing on innovation in technology and product development, expanding into new application scenarios such as in-vehicle displays, and accelerating overseas market expansion [2][3] Financial Performance - The company achieved operating revenue of 1.626 billion yuan in the first half of 2025, representing a year-on-year growth of 1.63% [2] - Research and development expenses amounted to 197 million yuan, with 18 new invention patents granted, bringing the total to 418 [2] Strategic Focus - The in-vehicle business has been identified as a strategic priority, with multiple contracts secured in the smart cockpit and intelligent lighting sectors [3] - The company has launched new products in overseas markets, including the MoGo4 series, which received the 2025 German iF Design Award [3] Market Expansion - The company has established distribution channels in major regions such as Europe, North America, Japan, and Australia, enhancing its global business footprint [3][4] - Plans are in place to build a factory in Vietnam to improve production capabilities and support overseas market expansion [3] Industry Trends - The projection industry is shifting from "large screen replacement" to "scene fragmentation," with new opportunities emerging in home 4K laser, camping, in-vehicle, esports, and education sectors [4][5] - The laser projection penetration rate is expected to accelerate, and the in-vehicle display market is entering a "explosion period," particularly in AR-HUD and smart cockpit projections [5]

Core Viewpoint - The company is experiencing short-term profit pressure due to ongoing market competition and increased investment in business expansion, but is expected to enter a growth phase post-2026 driven by system, overseas, and industrial business growth [1][3]. Group 1: Financial Performance - In H1 2025, the company's revenue reached HKD 6.67 billion, reflecting an 8.3% year-on-year growth, with automotive display revenue growing by 8.6% and industrial display revenue increasing by 4.8% [2]. - The net profit attributable to the parent company for H1 2025 was HKD 180 million, a 5.1% increase year-on-year, but the net profit margin declined by approximately 0.1 percentage points to 2.7% [2]. - The gross margin decreased by 0.5 percentage points to 5.9% due to price pressures and rising costs, while the expense ratio increased by 0.6 percentage points to 5.4% due to higher R&D investments and provisions for accounts receivable [2]. Group 2: Future Outlook - In H2 2025, the company anticipates continued pressure on profits, but expects revenue growth to be more certain, particularly in the automotive sector during Q4 [3]. - The company is projected to enter a harvest phase post-2026, with net profit margins expected to approach 4%-5% driven by stable operations in domestic automotive module business and growth in high-end products [3]. - The overseas business is expected to accelerate growth in 2026, supported by robust performance in Europe and increased shipments to Korea, while demand in the US and Japan remains uncertain [3].

Core Viewpoint - The company reported a revenue of HKD 6.671 billion for 1H25, marking an 8% year-on-year increase, driven by growth in automotive display and industrial display segments [1] Group 1: Financial Performance - The automotive display business generated revenue of HKD 6.245 billion, a 9% increase year-on-year, benefiting from demand growth from major Chinese clients [1][2] - Industrial display revenue reached HKD 426 million, reflecting a 5% year-on-year growth [1] - The net profit attributable to shareholders was HKD 180 million, a 5% increase year-on-year, with a net profit margin of 2.7% [1] Group 2: Market Position and Growth Drivers - The company maintains its leadership in the automotive display sector, with a global market share of 18.2% in total TFT shipments and 21.8% in large-sized TFT shipments of 8 inches and above [2] - The shipment volume of automotive LTPS products surged by 78%, while shipments of large-sized TFT products (≥15 inches) increased by 56% [2] - The company aims for its industrial revenue to account for 10% of total revenue by 2027, indicating a strategic focus on expanding its industrial display segment [2] Group 3: Business Development and Future Outlook - The Tier 1 system business is expected to break even by 4Q25, with project values increasing over 100% year-on-year [3] - The company is expanding its overseas operations, with European market revenue growing by 9%, while revenues in the Americas, Japan, and South Korea declined by 17%, 34%, and 20% respectively [3] - A new production facility in Vietnam is set to begin operations in June 2025, with an initial investment of approximately HKD 70 million, expected to increase to HKD 300 million based on order demand [4] - The Chengdu factory has shown significant improvement, achieving profitability in 1H25, with declining inventory turnover days [4] Group 4: Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to HKD 370 million and HKD 430 million, respectively, reflecting increased R&D and operational costs [4] - The company anticipates a return to growth in performance, supported by the ramp-up of overseas orders and continued progress in the Tier 1 system business [4]

Core Viewpoint - The company reported a revenue of HKD 6.671 billion for 1H25, representing an 8% year-on-year growth, driven primarily by the demand from major clients in the automotive display sector [3]. Group 1: Automotive Display Business - The automotive display business generated revenue of HKD 6.245 billion in 1H25, marking a 9% year-on-year increase, with the company maintaining its position as a global leader in this segment [4]. - According to Omdia's data for January to June 2025, the company ranked first globally in total shipment volume and area for automotive TFT displays, with market shares of 18.2%, 19.9%, and 21.8% for total shipments, total shipment area, and shipments of displays 8 inches and above, respectively [4]. - The shipment volume of automotive LTPS products surged by 78%, while the shipment volume of TFT products measuring 15 inches and above also saw a significant increase of 56% [4]. Group 2: Industrial Display and Strategic Goals - The industrial display business achieved revenue of HKD 426 million in 1H25, reflecting a 5% year-on-year growth, indicating new growth potential [4]. - The company's strategic goal is to have the industrial revenue account for 10% of total revenue by 2027 [4]. Group 3: Tier 1 System Business and Overseas Expansion - The Tier 1 system business has become a new growth engine, with project values increasing by over 100% year-on-year in 1H25, and the company expects a revenue increase of over 20% for this segment in 2025 [5]. - The company aims to achieve breakeven for the Tier 1 business by 4Q25, with key clients including domestic brands like Xiaopeng and Leap Motor [5]. - The overseas business showed mixed results, with European market revenue growing by 9%, while revenues in the Americas, Japan, and South Korea declined by 17%, 34%, and 20%, respectively [5]. Group 4: Production Facilities - The second phase of the Vietnam factory is set to be completed and operational by June 2025, with an initial investment of approximately HKD 70 million for two production lines, and total investment expected to reach around HKD 300 million [7]. - The Chengdu factory has shown significant operational improvement, achieving breakeven in 1H25, with increasing revenue share and decreasing inventory turnover days [7].