Group 1 - The company is leveraging opportunities in the 5G and AI technology wave to advance its MiniLED backlight module and HMI human-machine interaction system innovations and industrial applications [2] - The LCD display module sector has successfully developed and validated the MiniLED backlight module, meeting conditions for market-oriented mass production [2] - The HMI human-machine interaction system has achieved technological advantages over industry peers and is being applied on a large scale, utilizing a "hardware + service" model [2]

Core Insights - The report by Zhiyan Consulting highlights a decline in China's flat panel display module imports and a mixed performance in exports for July 2025 [1] Import Data - In July 2025, China imported 142 million flat panel display modules, representing a year-on-year decrease of 9.2% [1] - The import value for the same period was $2.952 billion, showing a year-on-year decline of 11% [1] Export Data - In July 2025, China exported 270 million flat panel display modules, which is a year-on-year increase of 19.5% [1] - The export value was $4.173 billion, reflecting a slight year-on-year decrease of 1.7% [1] Industry Context - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]

Core Viewpoint - The company announced a postponement of certain fundraising investment projects, extending the timeline for project completion from October 11, 2025, to April 11, 2026, while keeping the investment total and purposes unchanged [1] Group 1 - The company held the sixth meeting of the third board of directors and the sixth meeting of the third supervisory board on September 19, 2025 [1] - The projects affected by the postponement include "Mini/Micro-LED Display Module Production Project," "Medium-sized LCD Display Module Production Project," and "New Display Technology R&D Center Project" [1] - The postponement of the fundraising investment projects was approved within the board's authority and does not require shareholder meeting approval [1]

Core Insights - Hanbo High-tech Materials (Hefei) Co., Ltd. held a performance briefing on September 15, 2025, via the P5W website, engaging numerous investors through online inquiries [1] Group 1: Investor Relations Activity - The investor relations activity was categorized as a performance briefing, conducted on September 15, 2025, on the P5W "Panorama Roadshow" website [1] - The event featured participation from the company's board secretary, Pan Dasheng, and strategic investor relations representative, Zhan Chengcheng [1] Group 2: Business Performance and Developments - The company has successfully developed various automotive display backlight products, including anti-peep, curved, and ultra-thin designs, catering to clients such as Haiwei Technology and Nobo Automotive, as well as major car manufacturers like NIO and Chery [1] - In the first half of 2025, the company achieved revenue of 1.554 billion yuan, overcoming industry fluctuations [1] - The company is focusing on the automotive display and Mini LED sectors while advancing the construction of its Vietnam bases and enhancing collaboration with core customers [1] Group 3: Patent and Technology Innovations - As of June 30, the company registered a total of 418 patents, including 108 invention patents, with 328 authorized patents, of which 41 are invention patents [1] - The company’s innovative anti-peep light guide technology received the "Special Contribution Project of the Industry Chain" award, and its independently developed HUD backlight system meets the needs of automotive and VR applications, positioning its technology at the forefront of the industry [1] Group 4: Manufacturing and Capacity Expansion - The construction and capacity layout of the two new smart manufacturing bases in Vietnam are progressing smoothly, with the North Jiang backlight display module base completing equipment debugging and planning to gradually release capacity after customer product certification in 2025 [1] - The dual-base strategy in Vietnam aims to deepen global layout, with the North Jiang base focusing on intelligent production of backlight sources and LCD modules, while the Ho Chi Minh base specializes in precision stamping for laptops and automotive applications [1] - The dual bases will collaborate with domestic industrial parks to form a cross-border industrial chain, serving global customers and promoting the company's globalization strategy [1]

Core Insights - In June 2025, China's imports of OLED flat display modules amounted to 38 million units, representing a year-on-year decline of 16.1%, with an import value of $1.632 billion, down 23.7% year-on-year [1] - Exports of OLED flat display modules from China in June 2025 totaled 28 million units, showing a year-on-year decrease of 23.7%, with an export value of $938 million, down 26.7% year-on-year [1] Import Data - The import quantity of OLED flat display modules in June 2025 was 0.38 billion units [1] - The import value for the same period was $16.32 million [1] - The year-on-year decline in import quantity was 16.1% [1] - The year-on-year decline in import value was 23.7% [1] Export Data - The export quantity of OLED flat display modules in June 2025 was 0.28 billion units [1] - The export value for the same period was $9.38 million [1] - The year-on-year decline in export quantity was 23.7% [1] - The year-on-year decline in export value was 26.7% [1]

Core Insights - The report by Zhiyan Consulting highlights the trends in China's liquid crystal display module (LCD) market, focusing on import and export statistics for June 2025 [1] Import and Export Data - In June 2025, China imported 98 million LCD modules, representing a year-on-year decrease of 15% [1] - The import value for the same period was $899 million, showing a year-on-year decline of 19.4% [1] - Conversely, China exported 187 million LCD modules in June 2025, which is a year-on-year increase of 15.1% [1] - The export value reached $2.844 billion, reflecting a year-on-year growth of 8.2% [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]

Core Viewpoint - The collaboration between Anhui Qimen County Investment Promotion Bureau and Zhejiang Xinli Optoelectronics Technology Co., Ltd. marks a significant investment in the TFT display module and automotive electronics project, enhancing the local electronic information industry chain [1][3]. Group 1: Project Details - The investment agreement for the project amounts to 200 million yuan, with plans to establish production lines for display modules and automotive electronics, expected to commence production in November this year [2]. - Once fully operational, the project is anticipated to produce 150,000 new display modules annually, generating an annual output value of 200 million yuan [2]. Group 2: Industry Context - Xinli Optoelectronics specializes in the design, production, and sales of TFT LCD display modules, backlight modules, and multi-point capacitive touch screens [3]. - The investment agreement also includes a partnership with upstream company Vanzhuo Electronics Technology (Huizhou) Co., Ltd., which aims to enhance the electronic information industry chain in Qimen County by optimizing resource allocation and promoting collaborative development [3]. - In the first half of this year, another display module project was established in Anhui, with Anhui Yueda Automotive Display Technology Co., Ltd. planning to invest 100 million yuan to build an advanced manufacturing base for automotive intelligent displays, projected to achieve an annual output value of 200 million yuan upon completion [4].

Core Viewpoint - The company emphasizes its strategy of "technology reuse + scenario extension" to enhance its esports display technology capabilities and expand applications in emerging areas such as gaming devices [1] Group 1 - The company is actively engaging in technical exchanges and demand matching with multiple global consumer electronics brands regarding high-end display module collaborations [1] - Due to confidentiality agreements related to commercial negotiations, the company is unable to disclose specific client names and project details at this time [1]

Core Viewpoint - 隆利科技 reported a revenue increase of 14.46% year-on-year for the first half of 2025, but net profit decreased by 11.57%, indicating challenges in profitability despite revenue growth [1][8]. Financial Performance Summary - Total revenue for the first half of 2025 reached 710 million yuan, up from 620 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 44.29 million yuan, down from 50.08 million yuan year-on-year [1]. - Gross margin decreased to 16.82%, a decline of 22.39% compared to the previous year [1]. - Net margin also fell to 6.24%, down 22.74% year-on-year [1]. - Operating cash flow per share dropped significantly by 73.66% to 0.35 yuan [1]. Accounts Receivable and Cash Flow - Accounts receivable increased to 469 million yuan, representing 440.98% of the net profit, indicating potential liquidity issues [1][7]. - The net cash flow from operating activities decreased by 73.56%, attributed to increased cash payments for goods [3]. - The net cash flow from investing activities saw a drastic decline of 96.16%, due to the purchase of financial products that have not yet matured [4]. Cost and Expense Management - Total expenses for sales, management, and finance amounted to 31.99 million yuan, which is 4.51% of revenue, a decrease of 30.7% year-on-year [1]. - Management expenses were reduced by 21.44% due to adjustments in the reward mechanism [2]. Investment and Future Outlook - The company is investing in a new Mini-LED display module manufacturing base, which has increased construction in progress by 19.84% [2]. - The increase in revenue is primarily driven by growth in the automotive business [2]. - The company anticipates that as production capacity is released, it will lead to improved performance in the future [8]. Shareholder Information - Notable funds have increased their holdings in 隆利科技, with 国寿安保成长优选股票A being the largest shareholder, holding 2.23 million shares [7].

Group 1: Market Strategy - The company plans to focus on both "deepening advantages" and "forward-looking layout" in its market expansion strategy over the next three to five years, targeting high-growth sectors such as gaming, smart wearables, and automotive displays [3] - The company aims to enhance its comprehensive service capabilities for global top clients by concentrating resources and fostering cross-departmental innovation [3] Group 2: R&D Investment - The cumulative R&D investment over the past three years accounts for 6.39% of the company's revenue, reflecting its commitment to technological innovation [4] - Future R&D efforts will focus on optimizing high-value product lines and advancing new display technologies like Mini LED and Micro LED [4] Group 3: Revenue from Overseas Markets - In the first half of 2025, overseas market sales accounted for 69.81% of the company's total revenue, becoming a core growth driver [4] - The company is optimistic about scaling production for several emerging overseas projects, which are currently in the stages of technical validation and sample testing [4] Group 4: Technology Development - The company is actively pursuing breakthroughs in new display technologies and has made substantial progress in Mini LED backlighting, with customer samples already delivered [4] - The upcoming "Mini/Micro-LED display module production line" is a key focus for future R&D investments [4] Group 5: Investor Relations Activity - The investor relations activity took place from August 19 to August 20, 2025, at the company's conference room in Shenzhen [2][5] - The event involved discussions with various investment firms and individual investors, focusing on the company's strategic direction and market performance [2]