| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 其他 | | | 中信证券、中信资管、中信证金、鹏华基金、交银施罗德 | | 活动参与单位或 | 基金、比亚迪财险、国金基金、红杉资本、国寿股份、易 | | 人员 | 米基金、清淙投资、惠升基金、源乘投资、彬元资本、乐 | | | 雪资本、明河投资、闻天投资、九泰基金、合众资产等。 | | 时间 | 年 月 日 点 2026 1 8 20 | | 地点 | 电话会议 | | 上市公司 | 董事长丁彦辉先生，董事、总经理丁崇彬先生，董事刘金 | | 接待人员姓名 | 钵先生，财务总监张玲容女士 | | | 董事长丁彦辉先生对公司经营实况、行业态势及未来 | | | 规划进行了介绍，传递了长期发展信心，然后和各位董事、 | | | 高管一起与投资者进行了沟通交流，主要内容如下： | | | 一、公司基本情况介绍 | | | 1、2025 年业绩核心解读 | | 投资者关系活动 | 年 显示行业面临供过于求、价格竞争激烈 202 ...

据中国光学光电子行业协会液晶分会预测，2025年，中国新型显示产业的产值规模将接近8000亿元，同 比增速在5%左右，全球市场占比近54%。 （文章来源：上海证券报） 人民财讯12月31日电，车载前挡玻璃实时显示导航和商铺信息；客厅墙面随语音指令瞬间切换为高清巨 幕；会议室桌面可直接"生长"出三维立体模型……2025年，显示技术不断突破传统屏幕的物理形态，深 度融合各类介质，成为无处不在的智慧界面。同时，国内新型显示产业通过融合柔性电子、全息成像等 前沿技术，持续推动产业升级，不仅深刻改变人机交互模式，也为开拓万亿级市场注入新动能。 "十五五"规划建议为产业发展明确了核心方向："加强原始创新和关键核心技术攻关""坚持智能化、绿 色化、融合化方向""构建以先进制造业为骨干的现代化产业体系"。对于新型显示产业而言，如何在上 述方向中锚定坐标，并实现从技术"领先"到生态"引领"的跨越，是必须面对和思考的关键命题。 ...

产值冲刺8000亿元 全球市场占比近54% 新型显示从"链式生态" 迈向"AI+显示"新纪元 ◎记者 邹传科 车载前挡玻璃实时显示导航和商铺信息；客厅墙面随语音指令瞬间切换为高清巨幕；会议室桌面可直 接"生长"出三维立体模型……2025年，显示技术不断突破传统屏幕的物理形态，深度融合各类介质，成 为无处不在的智慧界面。同时，国内新型显示产业通过融合柔性电子、全息成像等前沿技术，持续推动 产业升级，不仅深刻改变人机交互模式，也为开拓万亿级市场注入新动能。 "十五五"规划建议为产业发展明确了核心方向："加强原始创新和关键核心技术攻关""坚持智能化、绿 色化、融合化方向""构建以先进制造业为骨干的现代化产业体系"。对于新型显示产业而言，如何在上 述方向中锚定坐标，并实现从技术"领先"到生态"引领"的跨越，是必须面对和思考的关键命题。 "屏"实力跻身全球第一梯队 中国新型显示产业经历了从追赶到并跑，再到局部领先的跨越，如今不仅占据全球电视出货量的半壁江 山，更在Mini LED、激光显示、折叠屏等前沿技术领域跻身全球第一梯队。 从让手机轻盈折叠的超薄玻璃，到"隐藏"摄像头的全面屏，再到可卷曲、拉伸的柔性形态——OLE ...

Core Insights - The article discusses the rapid advancements in display technology, predicting a future where displays are integrated into various environments and applications, significantly transforming human-computer interaction and creating new market opportunities [1][2]. Industry Overview - China's new display industry has evolved from catching up to leading in certain areas, now holding over 49% of the global market share and 55% of the panel market share, with a projected industry value of 740 billion yuan in 2024, a 12% increase year-on-year [2]. - The industry is transitioning from a "point model" to a "chain model," establishing a new ecosystem that promotes synergy across the supply chain [2]. Technological Advancements - OLED technology is pushing the boundaries of display capabilities, expanding from mobile devices to larger screens, with significant cost reductions expected in production [4]. - The micro-display technology is anticipated to drive a new wave of industry transformation, particularly in the XR device market, with a projected annual growth rate of 94.11% for silicon-based OLED displays from 2024 to 2030 [4][5]. Strategic Directions - The "14th Five-Year Plan" emphasizes original innovation, key technology breakthroughs, and the establishment of a modern industrial system centered on advanced manufacturing [1]. - Four strategic paths for the new display industry include enhancing top-level design, breaking through common key technologies, strengthening supply chain collaboration, and optimizing intellectual property strategies [8]. Market Dynamics - The display industry is forming clusters in regions like the Yangtze River Delta and the Pearl River Delta, with provinces like Anhui achieving significant revenue and production capacity [3]. - The integration of AI with display technology is expected to create new interactive applications, enhancing user experience and driving the evolution of human-computer interaction [7].

Core Insights - The Tianma Microelectronics Global Innovation Conference (TIC 2025) was held in Wuhan, focusing on the future of display technology and showcasing Tianma's technological strengths [1] - Tianma aims to transition from being a leader in small to medium-sized displays to becoming a global leader in the display ecosystem [3][14] Display Technology Innovations - Tianma unveiled 11 cutting-edge display technologies across OLED, automotive displays, IT displays, and Micro-LED, marking a new era of AI-integrated and boundary-less display technology [3] - The "Tianxuan" brand's panoramic immersive screen features a 49.6-inch, 8K, 1.25-meter integrated curved design, enhancing the driving experience by merging the screen with the windshield [4] - The IRIS HUD panoramic display projects driving information onto the windshield with a brightness of 12,000 nits and a power consumption reduction of 40%, making it accessible beyond high-end models [6] - The L-shaped curved central control screen and the flexible rollable screen demonstrate innovative designs that enhance user interaction and aesthetic integration with vehicle interiors [8][10] Connectivity and Future Directions - Tianma introduced a full-domain pure electric scanning intelligent flat antenna designed for high-speed data transmission, supporting the need for constant connectivity in vehicles [12] - The conference highlighted Tianma's commitment to defining product forms and leading scenario innovation in the display industry, marking a new phase for China's display sector [14]

Core Insights - China's display panel and materials market share ranks first globally, accounting for half of the global output value [1][7] - The display industry is entering a new phase of "AI + Display" integration, enhancing user experience through innovative technologies [2][4] Industry Overview - The new display industry is recognized as a key carrier of image information and an important interface for human-computer interaction, often referred to as the "eyes" of the digital economy and the "window" of artificial intelligence [1] - The integration of AI with display technology is transforming traditional passive information output into active interactive platforms, improving efficiency in AI output and interaction [5] Market Performance - China's display panel market share has reached 55%, while the display materials market share stands at 43%, both leading globally [7] - The overall output value of China's new display industry is projected to exceed $100 billion (740 billion RMB) in 2024, with a year-on-year growth rate of 12% [7] - By 2025, the output value is expected to surpass $110 billion (800 billion RMB), with a growth rate of approximately 5% [7] Technological Advancements - The display industry is experiencing breakthroughs in scale, innovation, and integration since the 14th Five-Year Plan, with a focus on AI and display technology fusion [6][8] - New high-end domestic display manufacturing equipment has been launched, enhancing the industry's capacity for larger, more efficient, and cost-effective display products [9]

Core Viewpoint - China's display panel and materials market share ranks first globally, accounting for half of the global market value, indicating a strong position in the "AI + Display" development phase [2][12]. Group 1: Market Position and Growth - China's display panel global market share has reached 55%, while the market share for display materials is at 43%, both leading globally [12]. - The new display industry in China is projected to exceed $100 billion in value by 2024, with a year-on-year growth rate of 12%, and is expected to surpass $110 billion by 2025, with a growth rate of 5% [14][17]. - By the end of this year, the overall value of China's new display industry is anticipated to account for more than half of the global market [14]. Group 2: Technological Integration and Innovation - The integration of AI algorithms is transforming display technology from passive information output to an active interactive medium, enhancing the efficiency of AI's output and interaction capabilities [8]. - The World Display Industry Innovation Development Conference has established a special exhibition area for the integration of AI and display technology, showcasing new visual experiences [4]. - Experts predict that deep integration of AI into display hardware will enable screens to adjust focus based on user gaze and allow gesture control for virtual space interaction, setting a new norm for human-computer interaction [10]. Group 3: Future Market Potential - The global market for new displays is expected to exceed $200 billion by 2025, with related consumption potentially expanding to over $840 billion, indicating significant market potential [17].

Core Insights - China's display panel and materials market share ranks first globally, accounting for half of the global output value, indicating a strong position in the new display industry [1][8] - The integration of AI with display technology is driving a new development cycle, enhancing user interaction and experience [4][5] Market Position - China's display panel global market share has reached 55%, while the market share for display materials stands at 43%, both leading globally [8][9] - The new display industry is projected to exceed $100 billion in value by 2024, with a year-on-year growth rate of 12%, and is expected to surpass $110 billion by 2025 [9] Technological Advancements - The World Display Industry Innovation Development Conference has established a special exhibition area for AI and display technology integration, showcasing new visual experiences [2] - AI algorithms are transforming display technology from passive information output to active interactive mediums, enhancing the efficiency of AI's output and interaction [5] Future Projections - By the end of 2025, China's new display industry is expected to account for over half of the global market, with significant growth anticipated [7][9] - The global new display market is projected to exceed $200 billion, with related consumption potentially reaching over $840 billion, indicating substantial market potential [9] Equipment Development - China's display industry is advancing towards domestic high-end equipment production, significantly enhancing the self-sufficiency of the supply chain [10] - New high-end equipment for large-size OLED screen production has been launched, which will improve efficiency and reduce costs in the manufacturing process [10]

Group 1 - The rapid development of artificial intelligence (AI) technology is creating widespread opportunities in various industries [3] - Alibaba's Qwen3-Max reasoning model has achieved a 100% accuracy rate on challenging mathematical reasoning benchmarks, indicating significant advancements in AI capabilities [5] - The Chinese toy industry is experiencing a surge in export orders, driven by AI technology and national cultural innovation, with some companies' orders extending into the first quarter of next year [6] Group 2 - China's display panel and materials industry holds the largest global market share, accounting for half of the global output, and is entering a new phase of development integrating AI [7][8] - Amazon Web Services (AWS) has signed a $38 billion agreement with OpenAI to provide computing power, which will support OpenAI's ambitious AI infrastructure plans [10] - Tesla's sales in Europe have significantly declined, with new car registrations dropping by 89% in Sweden, 86% in Denmark, and 50% in Norway, although there was slight growth in France [11] - Alphabet plans to issue over $20 billion in bonds, with significant demand for its dollar bonds, reflecting strong investor interest [12] - Microsoft is set to invest over $7.9 billion in the UAE over the next four years to enhance data centers and cloud computing capabilities, including a near doubling of advanced Nvidia chip usage [13]

Core Insights - The article highlights the importance of display technology in the competitive smartphone market, emphasizing the need for expertise in both foundational materials and the ability to scale cutting-edge technology into mass production [1] Group 1: Display Technology Challenges - The development of 8K/4K displays faced significant challenges, particularly in maintaining image quality across viewing angles, which was addressed through the implementation of multi-domain display technology [2] - Key issues in high-generation panel production included circuit breakage risks and manufacturing test damage, which were mitigated by introducing a metal protection layer and a special shorting bar structure, respectively [2] Group 2: Innovations in Smartphone Displays - A new display quality evaluation system was established, focusing on visual comfort rather than just color accuracy and brightness, which led to the development of a comprehensive eye protection solution that adjusts blue light and brightness dynamically [3] - This eye protection solution has been successfully applied in multiple flagship models, setting a new industry standard for eye comfort [3] Group 3: Future Trends in Display Technology - Future developments in display technology are expected to shift from hardware upgrades to intelligent collaboration, with AI playing a crucial role in optimizing image quality, display driving, and manufacturing processes [4] - Innovations such as foldable displays and MicroLED technology are anticipated to revolutionize form factors and energy efficiency, particularly for AR/VR and automotive displays [4] Group 4: Guidance for Young Engineers - Emphasis on maintaining a foundational understanding of the physics and materials involved in display technology is crucial for young engineers [5] - A systematic perspective is necessary, where engineers should understand how technology integrates into production, cost, and supply chains, highlighting the importance of cross-departmental communication and system design [5]