Core Insights - The global smartphone market is entering a high-end model release cycle in Q3 2025, leading to significant seasonal growth in the panel market, with total smartphone panel shipments reaching 580 million units, a year-on-year increase of approximately 5.2% [1][13]. Market Overview - The market is characterized by a continued differentiation, with flexible OLED leading growth while a-Si LCD remains a solid foundation. In Q3 2025, a-Si LCD smartphone panel shipments reached approximately 330 million units, a year-on-year increase of 6.9% [4]. - LTPS LCD shipments fell sharply by 40.8% year-on-year to about 20.86 million units, as brands accelerate the transition to OLED technology [4]. - Rigid OLED shipments declined by 3.0% year-on-year to approximately 49.3 million units, although some domestic brands may maintain rigid OLED product plans in the short term due to cost control measures [4]. Company Performance - BOE (京东方) maintained its position as the global leader with over 140 million units shipped, although overall shipments declined year-on-year. Flexible OLED shipments reached 38.4 million units, a year-on-year increase of 25.7% [8][9]. - Samsung Display (SDC) ranked second with over 100 million units shipped, benefiting from the release of new Apple models, with flexible OLED shipments reaching 61.4 million units [9][14]. - CSOT (华星光电) shipped approximately 70 million units, with a significant year-on-year increase of 59.2% in a-Si LCD shipments. Flexible OLED shipments were about 19.38 million units, showing fluctuations [10][11]. OLED Market Dynamics - The global OLED smartphone panel shipments reached approximately 230 million units in Q3 2025, a year-on-year increase of 10.3%, with flexible OLED shipments around 180 million units, up 14.6% [13][14]. - Korean manufacturers saw a quarterly rebound in OLED shipments, totaling about 120 million units, with a market share of 51.8%, temporarily surpassing Chinese manufacturers [14]. - Chinese manufacturers continued to grow, with total OLED shipments around 110 million units, a year-on-year increase of 14.1%, maintaining over 50% market share in flexible OLED [14][15]. Future Outlook - The smartphone panel market is expected to maintain seasonal growth in Q4 2025, driven by holiday stocking demands. The ongoing release of OLED capacity and investments in high-generation lines will intensify market competition [17]. - Rising storage chip prices may lead terminal brands to pass cost pressures upstream to panel manufacturers, potentially intensifying pricing competition and impacting profitability [18].