Core Viewpoint - Huike has successfully transitioned from "technical catch-up" to "market breakthrough" in the OLED display sector, marking a significant milestone with the launch of its first OLED product that has passed customer testing and secured initial mass production orders [1][2]. Group 1: Product Development and Technology - The newly developed OLED display product features ultra-low leakage oxide backplane technology and a lightweight hybrid architecture, achieving industry-leading levels in key visual performance metrics such as refresh rate, brightness, color saturation, and contrast [1]. - Compared to LCD displays, OLED products significantly reduce module thickness and extend the application range of oxide technology, providing users with an enhanced visual experience [1]. Group 2: Market Position and Future Plans - The successful acquisition of mass production orders validates Huike's independent R&D and precision manufacturing capabilities in the OLED field, reflecting market recognition of its product competitiveness [2]. - Since entering the OLED industry, Huike has established a comprehensive technology roadmap covering LCD, MLED, and OLED, along with a diverse product system ranging from 1.54 inches to 116 inches [2]. - In the context of the global OLED market's deep penetration into consumer electronics and the rising market share of domestic AMOLED, Huike's breakthrough injects new development momentum into the domestic display industry chain [2]. - Looking ahead, Huike plans to continuously optimize production processes, enhance core product competitiveness, and actively explore the medium and large-sized OLED application markets, including laptops and tablets, while also preparing for next-generation display technologies like Micro OLED [2].

Core Viewpoint - The company, Deep Tianma A, reported strong growth in its core business segments, particularly in non-consumer sectors like automotive and professional displays, as well as improvements in key areas such as flexible OLED smartphones [2] Group 1: Business Performance - The company anticipates robust development in its core business segments before the third quarter of 2025 [2] - Non-consumer sectors, including automotive and professional displays, are showing good resilience [2] - The operational efficiency of flexible OLED smartphones has significantly improved [2] Group 2: Financial Metrics - The company's gross profit margin for its main business increased by 3.2 percentage points year-on-year [2] - The cost expense ratio decreased by approximately 4.6 percentage points year-on-year [2] - The net profit attributable to the parent company improved by 786 million yuan year-on-year, while the net profit after deducting non-recurring gains and losses improved by over 1 billion yuan [2] Group 3: Strategic Initiatives - The company is focusing on quality improvement and efficiency enhancement through comprehensive cost reduction [2] - Advanced technologies such as AI are being leveraged to optimize internal management efficiency [2] - The company is actively empowering high-quality business development [2]

Core Viewpoint - The company has been focusing on Micro-LED technology since 2017, with significant advancements in various display applications, particularly in automotive and seamless display solutions [1] Group 1: Micro-LED Technology Development - The company has prioritized Micro-LED business in automotive display and splicing display applications while exploring large-size screens, consumer displays, wearable displays, and professional display applications [1] - The company has released industry-leading Micro-LED display products with high transparency, seamless splicing, adjustable transparency, ultra-low reflectivity, and ultra-high PPI, achieving core technical indicators that are at the forefront of the industry [1] Group 2: Production and Market Readiness - A joint venture Micro-LED production line was lit up in 2024, with plans to achieve small-batch shipments of standardized display unit modules and successfully light up the first automotive standard product by 2025 [1] - The company has made a significant leap from technology development to the capability of producing standard products in Micro-LED [1] Group 3: Innovations and Partnerships - At the recent innovation conference, the company and its partners launched the industry's first 108-inch 4K seamless splicing Micro-LED large screen, utilizing all-laser mass transfer technology [1] - The company holds a considerable number of patents in AR/VR and near-eye display technologies and has production experience while continuously monitoring the application of Micro-LED technology in near-eye displays [1]

Core Viewpoint - The company, Deep Tianma A, announced on November 20 that the target market for the 8.x generation AMOLED production line is primarily focused on medium-sized IT products such as tablets and laptops [1] Group 1: Market Focus - The industry is concentrating on medium-sized displays for IT products, including tablets and laptops [1] - The company is closely monitoring market developments in this area [1] Group 2: Technology Development - The company is actively promoting flexible OLED technology in the automotive and IT sectors for medium-sized displays [1] - Future new line layouts will be determined based on the company's strategic planning and market demand [1]

Core Viewpoint - The company, Deep Tianma A, is experiencing significant growth in its automotive electronics business, which is expected to become a new growth engine alongside its new energy vehicle business [1] Group 1: Business Performance - The automotive electronics business is primarily delivering integrated vehicle display assembly products to leading international automotive manufacturers, which require higher production complexity and technical standards [1] - In 2023, the company began mass deliveries of automotive electronics to top international clients, with sales in the first three quarters of 2025 showing a year-on-year growth of 56% and achieving profitability [1] Group 2: Future Outlook - The automotive electronics segment is anticipated to enter a rapid growth phase in line with the development pace of client projects, contributing to the overall scale and product value enhancement of the vehicle display business [1]

Core Insights - The article discusses the price trends of various display panels in November 2025, highlighting a general decline in television panel prices while monitor panel prices remained stable and slight decreases in laptop panel prices [2][5][6]. Television Panels - The average price of 65-inch television panels is $168, down $3 from the previous month, a decrease of 1.8% [5]. - The average price of 55-inch television panels is $121, down $2 from the previous month, a decrease of 1.6% [5]. - The average price of 43-inch television panels is $63, down $1 from the previous month, a decrease of 1.6% [5]. - The average price of 32-inch television panels is $34, down $1 from the previous month, a decrease of 2.9% [5]. Monitor Panels - The prices of monitor panels remained stable in November, with the average price of a 27-inch IPS panel at $63 [6][7]. - The average price of a 23.8-inch IPS panel is $49.9, with no change from the previous month [8]. Laptop Panels - The average price of a 17.3-inch TN panel is $38.1, down $0.1 from the previous month, a decrease of 0.3% [10]. - The average price of a 15.6-inch Value IPS panel is $40.1, down $0.1 from the previous month, a decrease of 0.2% [10]. - The average price of a 14.0-inch TN panel has stabilized at $26.9 since July 2024 [10]. - The average price of an 11.6-inch TN panel has also stabilized at $25.1 since July 2024 [10].

Core Insights - The Tianma Microelectronics Global Innovation Conference (TIC 2025) showcased the "Tianxuan" series, emphasizing a comprehensive innovation in the automotive display sector, signaling a shift in the visual experience of next-generation smart vehicles [1][3][20] Group 1: Product Innovations - The "Tianxuan" series includes advanced products like the 49.6-inch ultra-wide curved screen and the 14.5mm ultra-thin high-brightness HUD, highlighting Tianma's technological depth in automotive displays [1][5] - The "Panoramic Immersive Tianxuan Screen" integrates multiple display functions and features advanced ACRUS pixel-level dimming technology, achieving a contrast ratio of 100,000:1 and a reflection rate below 0.55% [5][11] - The "IRIS HUD" addresses the industry's brightness-power-consumption challenge, achieving 12,000 nits brightness while reducing power consumption by 40% [5][7] Group 2: System-Level Solutions - Tianma's approach to automotive displays transcends mere hardware, positioning screens as the "visual hub" of smart cockpits, integrating reliability, safety, and system integration [7][11] - The company emphasizes a "screen-system-scene" full-stack display solution, moving from simple information presentation to intelligent scene interaction [11][12] Group 3: Technological Advancements - Tianma has made significant strides in various display technologies, including OLED, Mini-LED, and Micro-LED, with breakthroughs in manufacturing and quality control [22] - The company has established industry standards for automotive display modules, reinforcing its role as a leader in the automotive display sector [22] Group 4: Market Position and Strategy - Tianma has maintained a leading market share in global automotive displays since 2020, with a 95% coverage rate across automotive brands [27] - The company is leveraging China's position as the largest market for new energy vehicles to drive innovation and respond to local customization needs [22][27] Group 5: Sustainability Initiatives - Tianma is committed to carbon neutrality and has outlined a comprehensive plan focusing on green energy, resource recycling, and low-carbon products [17][19] - The company has initiated a "Green Ecosystem Initiative" in collaboration with industry partners to promote sustainable development in the display industry [19]

Financial Performance - The company's core business segments showed strong growth in the first three quarters of 2025, with a significant improvement in profitability and revenue levels. The gross profit margin increased by 3.2 percentage points year-on-year, while the cost expense ratio decreased by approximately 4.6 percentage points. The net profit attributable to shareholders improved by 7.86 billion CNY, and the net profit after deducting non-recurring gains and losses improved by over 10 billion CNY [3][5]. Micro-LED Technology Development - The company has been developing Micro-LED technology since 2017, focusing on applications in automotive displays and splicing displays. The Micro-LED production line was lit in 2024, with small batch shipments of standardized display modules expected in 2025. The company also launched the industry's first 108-inch 4K seamless splicing Micro-LED display at the innovation conference [4][6]. Automotive Electronics Business - The automotive electronics business began mass deliveries to international leading car manufacturers in 2023, with sales increasing by 56% year-on-year in the first three quarters of 2025. This segment is expected to grow rapidly alongside the development of new energy vehicles, becoming a new growth engine for the company's automotive display business [5][6]. Strategic Development Plans - The company adheres to a "2+1+N" development strategy, focusing on mobile displays and automotive displays as core businesses, while positioning IT displays as a key growth area. Future projects include the construction of the 8.6 generation panel production line and new Micro-LED production lines, aimed at enhancing long-term competitiveness in the new display field [6][7]. Capital Expenditure and Depreciation - Capital expenditures are focused on core business development, including fixed asset investments and technological upgrades. The company anticipates a decline in capital expenditures as previous investments reach completion. Depreciation is expected to remain stable in 2025, with a gradual decrease anticipated thereafter [7][8]. Market Value Management - The company emphasizes market value management, incorporating it into its assessment system. Initiatives include the release of valuation enhancement plans and commitments from major shareholders not to reduce their stakes. The management will continue to enhance company value through improved operational efficiency and investor communication [9].

（编辑 王雪儿） 证券日报网讯 京东方A11月19日在互动平台回答投资者提问时表示，公司已建立了一套成熟、立体的沟 通与宣传体系，确保信息的及时与有效传递。通过构建官方渠道矩阵，确保信息及时准确触达。针对公 司核心动态和业务重要进展，公司会在第一时间产出官方口径新闻稿，并通过官方渠道进行第一时间发 布。同时针对定期报告等重点信息，公司会进行针对性新闻稿及图文解读，以更好使财务数据可视化， 增强投资者及大众理解。此外公司在多个社交平台持续运营，以图文+视频等多样形式持续扩大在更广 泛受众中的影响力。除常规渠道信息披露外，公司通过打造"《BOE解忧实验室》"等公司IP与多媒体内 容，实现公司前沿技术知识与行业动态的广泛传播；通过策划"投资者日"等专题活动，深度解读战略与 展示技术，并通过权威财经媒体和行业媒体进行广泛报道。 ...

Core Insights - The resignation of Hao Haiyan, the R&D Deputy Director of Hehui Optoelectronics, has been announced due to personal reasons, and the company has appointed Zhu Qifeng and Ma Shaodong as core technical personnel to strengthen the technical team [2][4] Company Developments - Hao Haiyan had extensive experience in the OLED display field and was involved in key technology projects, including the technical iteration of large-sized panels, with some of his work transitioning to mass production before his departure [4] - The company has experienced a turnover of core technical personnel, with Lin Xinzhi leaving earlier this year, marking the exit of two key team members within a year [4] - Hehui Optoelectronics reported a total operating revenue of 4.002 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 8.25%, but still recorded a net loss attributable to shareholders of 1.37 billion yuan [4] - The company has been in a continuous loss state since 2019, now spanning seven years [4] - In response to operational pressures, Hehui Optoelectronics is shifting its focus towards large-sized products, with growth in product shipments in areas such as tablets/laptops and automotive displays [4] - The company has submitted a new listing application to the Hong Kong Stock Exchange in October to alleviate financial pressures and support the enhancement of high-end AMOLED panel production capacity [4]