Group 1 - TCL announced an investment of 29.5 billion to build an 8.6-generation printed OLED production line [2] - Wanrun Co., Ltd. clarified that its OLED finished materials, sublimation precursor materials, and intermediate materials are positioned in the upstream of the OLED industry chain [2] - The OLED industry chain consists of upstream (process equipment, material manufacturing, assembly components), midstream (OLED panel manufacturers), and downstream (various complete product manufacturers) [2] Group 2 - The printed technology route described does not compete with the products of Wanrun Co., Ltd. as it pertains to OLED panel production technology [2]

Group 1 - The core point of the news is the performance and financial status of Jilin OLED Materials Co., Ltd. (奥来德), which saw a stock price drop of 5.22% to 26.32 CNY per share, with a total market capitalization of 6.561 billion CNY [1] - The company specializes in the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment, with its main business revenue composition being 78.06% from organic light-emitting materials, 13.42% from other functional materials, 8.31% from evaporation source equipment, and 0.21% from other sources [1] Group 2 - From the perspective of fund holdings, only one fund under China Merchants Fund holds shares in 奥来德, specifically the 招商丰凯混合A fund, which held 10,000 shares, accounting for 1.89% of the fund's net value [2] - The 招商丰凯混合A fund has a total scale of 3.2339 million CNY and has achieved a year-to-date return of 19.39%, ranking 4373 out of 8172 in its category, and a one-year return of 54.44%, ranking 2790 out of 7980 [2]

Group 1 - The core viewpoint of the news is that Aolaide's stock price increased by 5.31% to 27.38 CNY per share, with a total market capitalization of 6.825 billion CNY as of the report date [1] - Aolaide specializes in the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment, with its main business revenue composition being 78.06% from organic light-emitting materials, 13.42% from other functional materials, 8.31% from evaporation source equipment, and 0.21% from other sources [1] - The company is located in Changchun, Jilin Province, and was established on June 10, 2005, with its listing date on September 3, 2020 [1] Group 2 - According to data, the fund "Zhaoshang Fengkai Mixed A" holds Aolaide as its tenth largest position, with 10,000 shares, accounting for 1.89% of the fund's net value [2] - The fund has a total scale of 3.2339 million CNY and has achieved a year-to-date return of 20.45%, ranking 4140 out of 8174 in its category [2] - The fund has a one-year return of 55.4%, ranking 2614 out of 7982, and an overall return of 82.6% since its inception [2] Group 3 - The fund manager of "Zhaoshang Fengkai Mixed A" is Sun Lushen, who has been in the position for 5 years and 293 days, managing total assets of 1.489 billion CNY [3] - During his tenure, the best fund return was 27.38%, while the worst return was 0.87% [3]

Core Viewpoint - The company, OLED, has voluntarily disclosed its performance forecast for the first half of 2025, indicating a significant decline in revenue and net profit due to a sharp drop in equipment sales despite growth in material sales [1][2]. Group 1: Financial Performance - The company expects to achieve operating revenue between 270 million to 290 million yuan, representing a year-on-year decrease of 15.23% to 21.07% [2]. - The materials segment is projected to generate operating revenue of 250 million to 260 million yuan, showing a year-on-year increase of 18.67% to 23.41% [2]. - The equipment segment is expected to realize operating revenue of 23 million to 24 million yuan, reflecting a substantial year-on-year decrease of 81.70% to 82.46% [2]. - The company anticipates a net profit attributable to shareholders of 25 million to 29 million yuan, down 68.41% to 72.77% year-on-year; the net profit after deducting non-recurring items is expected to be between 4 million to 4.8 million yuan, a decline of 92.46% to 93.71% [2]. Group 2: Business Operations and Developments - The company has delivered its first batch of 8.6-generation linear evaporation source equipment to BOE, marking a technological upgrade from 6th to 8.6th generation [5]. - In May, the company signed a contract worth 655 million yuan with BOE for equipment supply, which includes delivery, installation, and training services [6]. - A new project for the research and industrialization of key functional materials for OLED displays has commenced, with a total investment of approximately 300 million yuan, expected to generate operating revenue of 383 million yuan and a net profit of approximately 57.51 million yuan in its first year of operation [6].

Core Viewpoint - The company, OLED, is experiencing a significant decline in overall revenue and net profit for the first half of 2025, primarily due to a sharp drop in sales from its equipment segment, despite growth in its materials segment [1][2]. Financial Performance - OLED expects to achieve revenue between 270 million to 290 million yuan for the first half of 2025, representing a year-on-year decrease of 15.23% to 21.07% [1] - The materials segment is projected to generate revenue of 250 million to 260 million yuan, showing a year-on-year increase of 18.67% to 23.41% [1] - The equipment segment is expected to earn 23 million to 24 million yuan, reflecting a significant decline of 81.70% to 82.46% year-on-year [1] - The net profit attributable to the parent company is anticipated to be between 25 million to 29 million yuan, down 68.41% to 72.77% year-on-year [1] - The net profit after excluding non-recurring gains and losses is projected to be between 4 million to 4.8 million yuan, a decrease of 92.46% to 93.71% year-on-year [1] Business Segments - The company operates in the OLED industry, focusing on the upstream segment, including the research, manufacturing, and sales of organic light-emitting materials and evaporation source equipment [2] - The materials business achieved revenue of 363 million yuan in 2024, marking a year-on-year growth of 14.31% [2] - The equipment business generated 169 million yuan in revenue in 2024, which is a year-on-year decline of 15% [2] - In Q1 2025, the company reported revenue of 153 million yuan, with the materials segment reaching a historical high of 136 million yuan, up 5.33% year-on-year [2] Strategic Initiatives - The company plans to raise up to 300 million yuan through a simplified procedure for issuing shares, with the funds aimed at establishing a PSPI materials production base and supplementing working capital [3] - The new PSPI production base is expected to enhance production capacity and order fulfillment capabilities, thereby improving profitability and business synergy with downstream display panel manufacturers [3][4] - Increasing working capital is crucial for supporting future business expansion and optimizing the company's capital structure, which will help reduce financial costs and enhance risk resilience [4]