答：公司将车载显示作为战略核心业务之一，凭借在车载显示领域 30 年的深耕细作，拥有了从车载研发、制造、质量、营销、供应链管理等各方 面的专业团队，打造了具有强竞争实力的车载专业体系能力。公司是国内最 早进入全球车载显示领域的领军企业之一，产品基本实现中系、欧系、美系、 日韩系等国际主流品牌全覆盖，并多年获得客户奖项认可。自 2020 年起， 公司连续 5 年保持全球车规 TFT-LCD、车载仪表显示出货量全球第一，车载 抬头显示（HUD）在 2024 年首次登顶全球第一，支持国内外多款旗舰和明 星车型首发，2024 年公司车载业务营收同比增长超 40%，2025 年一季度， 公司车载业务持续保持了良好的增长表现。 公司将充分利用现有的 LTPS 产线及 OLED 产线资源及积累，加速推进 新技术向车载显示领域拓展。在此基础上，公司为车载显示业务引入新投建 的第 8.6 代线（TM19）和新型显示模组产线（TM20）等先进产能，厦门 Micro-LED 产线也将车载显示作为重要应用方向之一，着力强化车载显示整 体解决方案能力、先进车载显示技术研发能力和前沿技术商用化能力，持续 加强短中长期的技术优势。未来，公 ...

Core Viewpoint - The shipment volume of small to medium-sized display panels is expected to decline by 10% quarter-on-quarter and 6% year-on-year in the second quarter of 2025, primarily due to inventory adjustments by manufacturers of devices such as smartwatches and smartphones [1] Group 1 - The decline in shipment volume is attributed to business and inventory adjustments made by manufacturers of small to medium-sized display applications [1] - Manufacturers had previously increased panel inventory significantly in the fourth quarter of 2024 and the first quarter of 2025 due to tariff risks [1] - As concerns over tariffs eased in the second quarter of 2025, device manufacturers adopted a more conservative procurement strategy, leading to a reduction in panel shipments [1]

Core Viewpoint - The demand for information display and interaction is significantly increasing across various industries due to the wave of digital transformation, leading to a continuous rise in the adoption of commercial display devices [1] Company Overview - Guangzhou Shiyuan Electronic Technology Co., Ltd. (Shiyuan Electronics) has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing with joint sponsors being CICC and GF Securities (Hong Kong) [2] - Shiyuan Electronics is a leading global company in commercial display devices, particularly in interactive smart panels for education and enterprise services, and has established a market-leading position in the LCD main control board sector [2][4] Financial Performance - Shiyuan Electronics has shown robust revenue growth, with projected revenues of RMB 20.99 billion, RMB 20.17 billion, and RMB 22.40 billion for the years 2022 to 2024, respectively [5] - The company has experienced a decline in net profit from RMB 2.12 billion in 2022 to RMB 1.04 billion in 2024, indicating a short-term profit decline [5][6] - The gross margin has also decreased from 26.2% in 2022 to 20.9% in 2024, attributed to the growth of lower-margin smart control components and increased expenses in sales and R&D [6] Market Position - Shiyuan Electronics holds a 17.5% market share in the global education interactive smart panel market and ranks first in mainland China with a 25.0% market share in the conference interactive smart panel segment [5][9] - The global commercial display device market is projected to grow from RMB 157.6 billion in 2020 to RMB 189.4 billion in 2024, with a compound annual growth rate (CAGR) of 4.7% [7][8] Future Outlook - The global commercial display device market is expected to reach RMB 265.2 billion by 2029, with a CAGR of 7.0% from 2024 to 2029, driven by digital transformation, technological innovation, and policy support [8] - Shiyuan Electronics plans to use the funds raised from the IPO to enhance R&D capabilities, accelerate international expansion, and strengthen competitiveness in both domestic and international markets [9][10]

Group 1 - The core viewpoint of the article is that the demand for PHUD (Projection Head-Up Display) for LTPS LCD panels is expected to grow significantly, reaching approximately 600,000 units by 2025 and potentially increasing to 2.5 million units by 2026, representing a year-on-year growth of about 316% [2] - The explosive growth in demand is driven by leading automotive brands such as BMW and Xiaomi, with more brands likely to follow suit, indicating a penetration path of "luxury brands leading + independent car manufacturers following" [2] - By 2030, the demand for PHUD in LTPS LCD panels is projected to reach 7.8 million units, highlighting the long-term growth potential in this segment [2] Group 2 - The demand for HUD (including PHUD) LTPS LCD panels is expected to accelerate, with shipments projected at approximately 8.5 million units in 2024, exceeding 10 million units in 2025, and potentially reaching over 25 million units by 2030 [3] - Traditional HUD panels are primarily smaller in size, but the introduction of PHUD will significantly increase the size requirements, leading to a more pronounced consumption of LTPS LCD panel capacity [3] - By 2025, the demand for HUD LTPS LCD panels is estimated to require about 17,000 G6 glass substrates, with PHUD contributing 5,000 units, accounting for 29% of the HUD panel demand [3] Group 3 - The rise of PHUD and HUD technologies is expected to pose a threat to the traditional full LCD instrument market, creating new opportunities and challenges in the competition between HUD panels and instrument markets [4] - Increased demand for higher brightness will drive the adoption of Mini LED backlight products in the automotive market, while the need for high brightness and high transmittance will explore the potential of Micro LED technology, further promoting the application of new display technologies in the automotive sector [4]

Core Viewpoint - The 2024 Annual General Meeting of Kunshan Longteng Optoelectronics Co., Ltd. aims to ensure the rights of all shareholders and maintain the order and efficiency of the meeting, adhering to relevant laws and regulations [1][2][3]. Meeting Procedures - Shareholders or their proxies must arrive 30 minutes before the meeting to complete registration and present necessary identification documents [2][3]. - The meeting will follow a predetermined agenda for reviewing and voting on proposals [2][3]. - Shareholders have the right to speak, consult, and vote during the meeting, but must register in advance to speak [2][3][4]. - Voting will be conducted through a combination of on-site and online methods, with results announced after the meeting [2][3][4]. Financial Performance - In 2024, the company experienced a 9.77% decrease in total revenue compared to the previous year, while the net profit attributable to shareholders improved by 31.64% [6][20]. - The company’s financial structure remains robust, with a debt-to-asset ratio of 34.84%, which is lower than the industry average [6][20]. Board of Directors' Work - The Board of Directors held three meetings in 2024, reviewing 29 proposals related to financial management and corporate governance [6][8]. - The Board aims to enhance shareholder value and ensure compliance with legal and regulatory requirements [8][9]. Supervisory Board's Role - The Supervisory Board conducted three meetings in 2024, focusing on the legality and compliance of the company's operations and financial status [13][14]. - The Supervisory Board confirmed that the company adhered to relevant laws and regulations, ensuring the protection of shareholder interests [14][15]. Future Plans - The company plans to enhance its governance structure and improve information disclosure management to foster better investor relations [9][12]. - The 2025 work plan includes continuous improvement of governance practices and compliance with legal standards [9][12]. Proposals for Shareholder Approval - The company proposed not to distribute profits for 2024, opting to reinvest retained earnings into project development and market expansion [23]. - A proposal to apply for a comprehensive credit limit of up to 73.3 billion yuan from banks was also presented [25]. - The company intends to continue its partnership with the auditing firm Gongzheng Tianye for the 2025 fiscal year [24].

韩媒认为，京东方业务不仅局限于传统的液晶显示器（LCD）、有机发光二极管（OLED）等显示 器业务，还对半导体玻璃基板业务感兴趣。玻璃加工技术决定了半导体玻璃基板产品的竞争力，而 京东方作为大量使用玻璃基板的显示器企业，可利用现有供应链方面形成自有优势。 韩媒表示，据业内人士透露，从去年下半年开始，就有传闻京东方将开展半导体玻璃基板业务，目 前看来，相关业务已进入设备供应商选择的阶段。（集邦Display整理） 6月18日，韩国媒体ET NEWS报道，京东方正在推进半导体玻璃基板业务，并以显示器领域积累的玻 璃基板技术为基础，将业务拓展到半导体领域。 图片来源：京东方 据韩媒报道，近日，电子招投标平台必联网显示，京东方近期订购了自动光学检测（AOI）、无电 镀铜等半导体玻璃基板设备。 其中，AOI设备选定由美国企业Onto Innovation供应；去胶设备、无电镀铜设备、粘接促进设备 等选定由国内企业供应。设备用于"玻璃基封装基板研发（R&D）测试线项目"。 京东方在招标文件表示，公司购买的玻璃基工艺设备、曝光设备等，目的为建立以玻璃基板为基础 的封装工艺技术研发及产业化测试线，验证玻璃基集成电路（IC）封 ...

| | □分析师会议 特定对象调研 | | | | | --- | --- | --- | --- | --- | | 投资者关系活 动类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 | | □路演活动 | | | | □现场参观 | | □其他 | | | 参与单位名称 | 国金电子 林承瑜、张胤 | 丁彦文 | 财通基金 | | | 及人员姓名 | 浙商证券 | 杨世祺 | 中银资管 | 李倩倩 | | | 国金证券 陈传红 邓跃辉、李敬尧 | | 睿亿投资 | | | 时间 | 2025年6月16日-2025年6月19日 | | | | | 地点 | 惠州市仲恺高新区陈江街道渡头路199号、电话会议 | | | | | 上市公司接待 | 副总经理、董事会秘书：刘俊丽女士 | | | | | 人员姓名 | 证券事务代表：李姝涵女士 | | | | | | 1、公司的车载显示业务发展如何？ | | | | | | 随着新能源汽车的积极推进、智能化座舱渗透率的不断提升、新场景 | | | | | | 需求的增多，而以Mini-LED技术为代表的新型显示技术因极具亮眼的显示 | | ...

Core Viewpoint - Aolide has shown a mixed financial performance in 2024, with a slight increase in revenue but a significant decline in net profit, while the materials business has turned profitable and the company has secured a major order from BOE for 8.6-generation equipment, indicating potential future growth [2][4][5]. Financial Performance - In 2024, Aolide achieved operating revenue of 533 million yuan, a year-on-year increase of 3.0%, but the net profit attributable to shareholders decreased by 26.0% to 90 million yuan [2]. - The gross profit margin for the year was 51.22%, and the net profit margin was 16.97% [2]. - In Q4 2024, the company reported operating revenue of 69 million yuan, down 32.8% year-on-year and 43.3% quarter-on-quarter, with a net profit of -11 million yuan [2]. - For Q1 2025, Aolide's revenue was 153 million yuan, a decrease of 40.7% year-on-year but an increase of 121.8% quarter-on-quarter, with a net profit of 25 million yuan, marking a turnaround [2]. Business Segments - The materials business generated revenue of 363 million yuan in 2024, a growth of 14.31% year-on-year, and has shown consistent revenue growth for five consecutive years since the company went public [3]. - In Q1 2025, the materials segment achieved sales of 136 million yuan, a year-on-year increase of 5.33%, setting a record for first-quarter material revenue [3]. - The equipment business reported revenue of 169 million yuan in 2024, with significant projects completed and new orders secured, including a 655 million yuan order from BOE for 8.6-generation equipment [4]. Future Outlook - The company anticipates that new products in the materials segment will begin to gain market traction in 2025, contributing to revenue growth [3]. - Aolide's net profit forecasts for 2025, 2026, and 2027 are projected at 163 million, 343 million, and 565 million yuan, respectively, reflecting an adjustment in expectations due to the recent order from BOE [5].

Group 1 - Haitai Weiye's dark market closed up 3.86% on June 18, with a final price of HKD 37.7 and a total market capitalization of HKD 219.56 billion, indicating strong market recognition [1] - The listing of Haitai Weiye on the Hong Kong Stock Exchange is expected to provide significant capital support and enhance its international visibility and brand influence [1] Group 2 - Shiyuan Technology submitted its listing application to the Hong Kong Stock Exchange on June 17, holding a leading position in the interactive smart panel and LCD main control board sectors [2] - The company's projected revenues for 2022 to 2024 are HKD 20.99 billion, HKD 20 billion, and HKD 22.4 billion, with net profits of HKD 2.1 billion, HKD 1.4 billion, and HKD 1 billion respectively [2] - The listing is a significant step for Shiyuan Technology towards the international capital market, which will enhance its brand influence [2] Group 3 - Xie Ruilin expects a loss of no more than HKD 200 million for the fiscal year ending March 31, 2025, a significant reduction of over 46% compared to the previous year's loss of HKD 374 million [3] - The improvement in performance is attributed to the successful implementation of business transformation strategies and increased profit contributions from its franchise operations in mainland China [3] - This positive trend indicates the company's potential for future financial performance and market competitiveness [3] Group 4 - Zhou Li Fu, Sheng Bei La, and Ying Tong Holdings are simultaneously conducting an IPO in Hong Kong, with subscription ending on June 23 [4] - The offering prices are set at HKD 24, HKD 2.8-3.28, and HKD 6.58 respectively, with cornerstone investors participating and all companies having an over-allotment option [4] - Zhou Li Fu is expanding rapidly through a franchise model, while Ying Tong Holdings boasts a strong brand portfolio and sales network; Sheng Bei La focuses on high-end postpartum care with significant revenue growth but increasing losses [4]

Group 1 - On June 18, Qingyue Technology (688496) closed at 9.58 yuan, reaching the daily limit with a trading volume of 2.66 billion yuan and a turnover rate of 12.19% [2] - The stock was listed on the trading board due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction of 1.05 billion yuan, with a net selling of 154.35 million yuan [2] Group 2 - The main capital inflow for the stock on that day was 38.67 million yuan [3] - The leading buying department was CITIC Securities with a purchase amount of 14.13 million yuan, followed by Kaiyuan Securities with 10.13 million yuan [3] - The largest selling department was Century Securities with a selling amount of 20.51 million yuan [3]