Group 1 - The global OLED smartphone panel shipment is projected to reach approximately 230 million units in Q3 2025, representing a year-on-year growth of 10.3%, continuing to be the core growth driver in the smartphone panel market [1] - Flexible OLED shipments are expected to be around 180 million units, with a year-on-year increase of approximately 14.6% [1] - In Q3, OLED panel manufacturers in mainland China maintained a growth trend, with total shipments of about 110 million units, a year-on-year increase of 14.1%, and flexible OLED shipments exceeding 100 million units, growing by 20.1% [1] Group 2 - The market is transitioning from "high-speed growth" to "high-quality growth" after a rapid penetration period from 2024 to 2025 [1] - The market share of mainland Chinese OLED panel manufacturers is expected to further increase due to ongoing capacity expansion and planning [1] - Visionox (002387), focusing on OLED business, achieved total OLED shipments of 25 million units in Q3, a year-on-year increase of 25.3%, ranking second domestically and third globally [1] Group 3 - In Q4, the smartphone panel market is expected to maintain seasonal growth driven by holiday stocking demands [2] - The competition in the market is anticipated to intensify with the continuous release of OLED capacity and investments in high-generation lines [2] - Local state-owned capital continues to support the development of the OLED industry, with Visionox planning to issue 419 million shares to raise up to 2.937 billion yuan [2]

合肥是中国显示产业的核心城市，也是全球非常重要的显示产业基地之一，形成了较为完善的新型显示 上下游产业生态。根据中国电子信息产业发展研究院发布的《中国新型显示产业高质量发展指数 (2025)》显示，2024—2025年中国显示产业高质量发展十大城市中，合肥位居首位。 国内领先的OLED面板厂商维信诺（002387）将迎来国资控股。11月9日晚，维信诺发布公告称，将向 公司股东合肥建曙投资有限公司(以下简称合肥建曙)定向增发4.19亿股，价格为每股7.01元，募集资金 总额不超过29.37亿元，扣除发行费用后拟全部用于补充流动资金及偿还公司债务。公告后的两个交易 日，维信诺公司股价收获2个涨停板。 合肥建曙是合肥国资背景的投资平台，此前已持有维信诺11.45%的股份。如若项目顺利完成，合肥建 曙将成为维信诺持股31.89%的控股股东，维信诺将从无实控人状态变更为国资股东控股，有望从战略 规划、经营管理、资源整合、市场信心等多维度释放更多长期价值。 国资赋能OLED产业发展 合肥建曙2021年入股维信诺，本次定增全额认购是其又一次参与的资本项目，是对维信诺未来前景和价 值的持续认可，也是其对OLED产业发展的支持 ...

Core Viewpoint - Universal Display Corporation (UDC) reported a decline in revenue and profit for Q3 2025 compared to the same period last year, primarily due to customer shipment schedule adjustments and one-time accounting changes, but overall operations remain robust [1][5]. Financial Performance Summary - UDC's total revenue for Q3 2025 was $139.613 million (approximately ¥1.005 billion), a decrease of about 14% from $161.627 million in Q3 2024 [2][5]. - Material sales revenue was $82.634 million, nearly flat compared to $83.428 million in the previous year [4][5]. - Royalty and license fees dropped to $53.317 million from $74.590 million, largely due to changes in customer structure and a one-time adjustment of approximately $9.5 million [4][5]. - Gross margin for material sales was 60%, consistent with the previous year, while overall gross margin was 75%, slightly down from 78% year-on-year [4][5]. Year-to-Date Performance - For the first three quarters of 2025, UDC's cumulative revenue reached $477.684 million (approximately ¥3.44 billion), a slight decline from $485.391 million in the same period of 2024 [6][7]. - Material sales for the nine months totaled $257.439 million, down from $272.154 million, while royalty and license fees were $202.553 million, slightly up from $202.409 million [6][7]. - The net profit for the first three quarters was $175.7 million, with diluted earnings per share at $3.68, remaining stable compared to the previous year [7]. Future Outlook - UDC anticipates total revenue for 2025 to be at the lower end of its previous guidance, around $650 million, reflecting changes in customer purchasing patterns and market demand fluctuations [8]. - The company remains optimistic about future growth prospects, driven by the promotion of next-generation efficient OLED materials and the expansion of new application markets [8]. - UDC announced the acquisition of over 300 OLED-related patent assets from Merck Group to strengthen its technological leadership in high-efficiency OLED devices [8].

11月9日，维信诺发布复牌公告，宣布拟向特定对象合肥建曙定向发行4.19亿股股票，发行价格为7.01 元/股，募集资金总额不超过29.37亿元，用于补充流动资金及偿还公司债务。 从市场份额来看，CINNO数据显示，2024年维信诺在智能手机AMOLED面板全球市场份额占比11.2%， 位居全球第三，国内第二；在智能穿戴面板市场的出货占比为27%，位居全球第一。 资料显示，此次入主的合肥建曙来头不小，成立于2021年，是合肥市蜀山区城市建设投资有限责任公司 全资子公司，由合肥市人民政府间接持有100%的股权。 然而，显示面板生产属于重资产型产业，前期建设投入高、周期长，这也导致维信诺已连续三年亏损， 2022年至2024年累计亏损额近83亿元。随着OLED产能加速释放，今年前三季度，维信诺亏损有所收 窄，实现总营收60.51亿元，同比增长3.5%；归母净利润-16.23亿元，同比增长9.67%。 实际上，此次国资入主并非突发。历史公告显示，2021年3月合肥建曙就曾斥资17.6亿元，，受让维信 诺原控股股东西藏知合持有的1.6亿股股份，占公司总股本的11.7%。同时，还与其第二大股东昆山经济 签署《一致行动协议 ...

合肥国资出手，正式拿下面板龙头维信诺（002387）的控制权。 11月9日晚维信诺公告称，公司股票自2025年11月10日起复牌。公司正在筹划向特定对象发行A股股 票，可能导致公司控制权变更。 维信诺作为第一梯队企业长期引领中国OLED产业发展，同时亦是OLED国际标准组的重要成员和OLED 国家标准的主导者。据CINNO Research数据统计，2024年维信诺智能手机AMOLED面板全球市场份额 占比11.2%，位居全球第三，国内第二。据DSCC数据统计，2024年维信诺在全球AMOLED智能穿戴面 板市场，以27%的出货占比，排名全球第一。 2021年，合肥国资开始持股维信诺。2021年3月维信诺公告称，控股股东西藏知合资本管理有限公司(下 称"西藏知合")与合肥建曙签署协议，拟向合肥建曙转让其持有的上市公司1.6亿股股份，占公司股份总 数的11.7%，转让价格为11元/股，总价款为17.6亿元。同时合肥建曙另与第二大股东昆山经开公司签署 《一致行动协议》，本次权益变动完成后，公司将成为无实际控制人企业。 就本次向合肥建曙发起定增，维信诺表示，系公司股东合肥建曙在2021年入股公司后又一次资本运作， ...

Core Viewpoint - Hefei State-owned Assets has officially taken control of the panel leader Visionox (002387) through a targeted issuance of A-shares [3][6]. Group 1: Company Control and Financing - Visionox plans to issue 419 million shares to Hefei Jianxu Investment Co., Ltd. at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment [6]. - Upon completion of this issuance, Hefei Jianxu will become the controlling shareholder, with the actual controller being the People's Government of Shushan District, Hefei City [6][7]. - This issuance reflects the strong support and confidence of shareholders in Visionox's business and future [7]. Group 2: Market Position and Industry Leadership - Visionox is a leading enterprise in China's OLED industry, holding a 11.2% share of the global smartphone AMOLED panel market in 2024, ranking third globally and second domestically [6]. - In the global AMOLED smart wearable panel market, Visionox leads with a 27% shipment share in 2024 [6]. Group 3: Strategic Investments and Developments - Since acquiring shares in Visionox in 2021, Hefei State-owned Assets has continued to invest in the panel sector, including a 55 billion yuan project to establish and operate a production line for AMOLED products [8]. - The project is significant for Hefei's goal of creating a competitive new display industry cluster and is progressing well, with the main plant of the 8.6-generation AMOLED production line recently completed [8]. Group 4: Future Growth and Competitive Strategy - Visionox aims to enhance its competitiveness by increasing investment in technology and focusing on high-end AMOLED development [9]. - The funds raised from the share issuance will strengthen the company's financial position, allowing for more investment in production, operations, and R&D, thereby improving overall profitability and competitiveness in the digital era [9].

Event Overview - The company reported Q1 2025 results with revenue of 145 million, a year-over-year increase of 27.03% and a quarter-over-quarter increase of 25.37% [1] - Net profit attributable to shareholders reached 61 million, up 39.9% year-over-year and 62.05% quarter-over-quarter [1] - Non-recurring net profit was 58 million, reflecting a year-over-year increase of 49.78% and a quarter-over-quarter increase of 80.79% [1] - Gross margin stood at 72.71%, up 7.08 percentage points year-over-year and 3.48 percentage points quarter-over-quarter [1] - Net margin was 42.01%, with a year-over-year increase of 3.86 percentage points and a quarter-over-quarter increase of 9.51 percentage points [1] - The strong performance was driven by the increasing penetration of OLED terminal materials and the company's growing market share in this segment [1] Industry Trends - The OLED industry is experiencing significant growth, with increasing penetration rates across various downstream segments [2] - Major global panel manufacturers are intensifying their focus on AMOLED technology, creating a pressing need for domestic alternatives in OLED materials [2] - The introduction of new technologies such as 8.6 generation lines and stacked technology is expected to further increase the demand for OLED materials, indicating a broad market potential [2] R&D and Client Expansion - The company emphasizes research and development, advancing the upgrade of Red Prime, Green Host, and Red Host materials while validating new materials like Green Prime and blue light series [2] - The client base includes prominent panel manufacturers such as BOE, Tianma, and Huaxing Optoelectronics, with products utilizing the company's OLED materials being widely adopted by brands like Huawei, Honor, OPPO, and VIVO [2] - The company is also exploring emerging fields, such as silicon-based OLED, with some materials successfully passing mass production tests, which could lead to significant breakthroughs and new growth opportunities [2] Investment Outlook - Considering macroeconomic uncertainties, the projected net profits for 2025, 2026, and 2027 are 295 million, 425 million, and 576 million respectively [3] - The price-to-earnings ratios for these years are estimated at 29.9, 20.7, and 15.3 times, maintaining a "buy" rating for the stock [3]