Core Viewpoint - The company, Rainbow Co., has announced a capital increase of approximately RMB 10.50 billion to its subsidiary, Hongyang Display, to accelerate the construction of the G8.5+ substrate glass production line project in Xianyang, aligning with its long-term strategic development plan [1][3]. Financial Performance - For the first half of 2025, Rainbow Co. reported a revenue of RMB 5.67 billion, a decrease of 6.72% year-on-year [4]. - The net profit attributable to shareholders was RMB 451.63 million, down 50.69% compared to the same period last year [4]. - The total profit for the period was RMB 446.84 million, reflecting a decline of 50.93% year-on-year [4]. - The net cash flow from operating activities was RMB 2.02 billion, a decrease of 7.52% from the previous year [4]. - As of the end of the reporting period, the net assets attributable to shareholders were RMB 21.97 billion, an increase of 2.10% from the end of the previous year [4]. Project Development - Following the capital increase, the registered capital of Hongyang Display will rise from approximately RMB 38.19 billion to RMB 47.81 billion, with Rainbow Co.'s ownership increasing from 52.94% to 62.40% [3]. - The G8.5+ substrate glass production line project has a total planned investment of RMB 200 billion, with the first phase costing RMB 91 billion to build 8 hot-end furnaces and 4 cold-end production lines, aiming for an annual output of 5.82 million substrate glass pieces [3]. - The first production line is set to commence operations in October 2023, with plans to have 4 lines operational by the end of 2024 [3]. Strategic Focus - The company plans to implement a demand-driven production strategy in its LCD panel business, enhance product quality control, and deepen cooperation with key brand clients [4]. - In the substrate glass business, the company will continue to develop the Xianyang project and focus on high-generation and high-precision substrate glass production technologies [5].

Core Viewpoint - LG Display has seen a significant increase in the average selling price of its panel products, surpassing $1000 for the first time in over a year, primarily due to the suspension of lower-priced LCD panel sales [1][2]. Group 1: Pricing and Market Share - In Q2, LG Display's average panel price exceeded $1000, marking a notable recovery in pricing [1]. - The company's market share in the global large-sized panel segment was 12.9% in the first half of the year, down from 15.7% in the same period of 2024 [1]. Group 2: Strategic Focus and R&D Investment - Chinese manufacturers are increasing investments to expand their share in the LCD panel market, prompting Korean companies to focus on OLED panel development [2]. - LG Display plans to allocate 10.4% of its sales revenue to OLED technology research and development in the first half of 2025, up from 8.4% in the previous year [2]. - The company is gradually exiting the liquid crystal television business and shifting towards an OLED-centric business structure, with OLED products accounting for 56% of total revenue in Q2, a 4% increase year-on-year [2]. Group 3: Future Outlook - The CFO of LG Display has indicated that the company's performance is expected to rebound significantly in the second half of the year as the scale of the OLED business expands [2].

Core Insights - The global AMOLED smartphone panel shipment is projected to reach approximately 420 million units in the first half of 2025, reflecting a slight year-on-year increase of 0.2%, indicating a resilient growth trend despite economic and geopolitical challenges [1] - Chinese manufacturers accounted for 51.7% of the global AMOLED smartphone panel market share in the first half of 2025, marking a 1 percentage point increase year-on-year, while South Korea's share decreased to 48.3%, down 1 percentage point [1] Market Dynamics - Samsung Display's (SDC) AMOLED panel shipments declined by 6.3% year-on-year, with its market share dropping from 43.8% to 40.9%, indicating a loss of competitiveness in the mid-to-low-end flexible screen market due to cost advantages from Chinese manufacturers [3] - BOE's shipments increased by 6.7% year-on-year, securing a 17.1% market share, up 1 percentage point, supported by a dual strategy of "high-end breakthroughs and mid-range expansion" [3] - Tianma's shipments grew by 16.6% year-on-year, achieving a market share of 10.8%, the largest increase among domestic manufacturers [3] - CSOT's shipments rose by 4.9% year-on-year, with a market share of 10.2%, benefiting from deep collaborations with domestic brands like Xiaomi [3] Quarterly Performance - In Q2 2025, global AMOLED smartphone panel shipments were approximately 210 million units, reflecting a year-on-year decline of 6.3% and a quarter-on-quarter decline of 1.4%, primarily due to adjustments in brand procurement schedules [5] - South Korea's market share in Q2 2025 was 47.4%, down 4.3 percentage points year-on-year, while domestic manufacturers' share rose to 52.6%, continuing to show strong growth [6] - SDC's shipments in Q2 2025 fell by 17.4% year-on-year, with a market share of 40.8%, down 5.4 percentage points, facing significant challenges to its leading position [6] - BOE achieved a year-on-year growth of 9.6% in Q2 2025, with a market share of 17.3%, up 2.5 percentage points [6] - Tianma's shipments increased by 13.3% year-on-year, with a market share of 11.1%, driven by capacity release from its Xiamen G6 production line [6]

Core Insights - The global automotive display market is projected to experience significant growth, with revenue expected to reach $13.6 billion in 2025, representing an 8% year-over-year increase. By 2030, the market size is anticipated to grow to $18.3 billion [1] - The revenue growth is driven by the increasing adoption of high-end and high-priced display panel technologies, particularly OLED and LTPS TFT LCD, rather than by shipment volume [1] - In 2025, LTPS TFT LCD is expected to account for 45% of the total automotive display market revenue, while OLED will represent 9%. The share of a-Si TFT LCD is projected to decrease from 48% to 44% [1] Market Trends - LTPS TFT LCD and OLED are becoming the mainstream display technologies in the automotive sector, with LTPS TFT LCD expected to exceed 50% of shipment revenue by 2028, and OLED anticipated to dominate the high-end automotive cockpit segment with over 20% share [5] - The average selling prices (ASP) of LTPS TFT LCD and OLED are higher than traditional a-Si TFT LCD, indicating a market shift towards higher-value technologies [2] Technological Advancements - LTPS TFT LCD offers several advantages over traditional a-Si TFT LCD, including higher resolution, brightness, lower power consumption, and better touch panel integration, which are crucial for the growing electric vehicle sector [1] - OLED is expanding its application range in central displays, instrument panels, and passenger displays due to its lightweight design, high contrast, and efficient power consumption [2] Future Outlook - The introduction of Micro LED displays is expected to occur in the automotive display market after 2028, marking the next wave of advanced display technology [5] - Major panel manufacturers such as AUO, BOE, and LG Display are aggressively entering the automotive sector to pursue higher value and revenue, while leading OLED manufacturers are developing new designs to accelerate their presence in the automotive market [5][6]

Core Viewpoint - The domestic TV market in China experienced a 10% year-on-year decline in sales volume in Q2, primarily due to the suspension of national subsidy policies in several provinces and cities. However, demand is expected to recover moderately in August as subsidy funds are fully allocated and brands prepare for the peak season [3][4]. Group 1: Demand Side Analysis - In July, the end of the 618 shopping festival and a funding gap in the "trade-in" subsidy program led to weakened terminal demand. However, as August approaches, traditional stocking season is near, and brands have significantly reduced inventory, enhancing stocking momentum [4]. - The third batch of 690 billion yuan "trade-in" special bonds was fully allocated on August 1, with a fourth batch of the same amount expected to be released in October, which is likely to boost demand in the second half of the year [4]. - The extension of tariffs by the U.S. on China and Mexico for an additional 90 days has alleviated pressure on overseas demand [4]. Group 2: Supply Side Analysis - In July, the average operating rate of high-generation LCD TV panel production lines was approximately 78%, a decrease of only 2 percentage points month-on-month, indicating a relatively loose supply situation [5]. - The G8.6 production line, which is the main production control line, saw a reduction of about 5 percentage points, which may help stabilize prices for ultra-large panels of 85 inches and above [5]. - In August, brand stocking demand is expected to recover, with the operating rate anticipated to rise to around 80%, and panel shipments are projected to increase by 7% year-on-year [5]. Group 3: Price Trends - Overall demand for panels in August is expected to remain weak, with prices continuing to decline but showing signs of differentiation. The price for the mainstream 32-inch panel is expected to stabilize at $32, while prices for medium to large panels may see a decline of $1 to $4 compared to July [6]. - The expected prices for various panel sizes in August are as follows: 43-inch at $63, 50-inch at $87, 65-inch at $113, 75-inch at $165, and 85-inch at $220 [6].

Core Viewpoint - The article highlights a potential recovery in terminal demand for TV display panels due to the arrival of national subsidy funds and brands preparing for the peak season, despite ongoing price declines in the panel market [2][4]. Group 1: Market Demand - In Q2, domestic TV sales volume decreased by 10% year-on-year, primarily due to the suspension of national subsidy policies in several provinces [4]. - The end of the 618 shopping festival and a funding gap in "old-for-new" subsidies led to weakened terminal demand in July [5]. - With the national subsidy funds fully in place in August and brands ramping up inventory for the peak season, terminal demand is expected to show signs of mild recovery [4][5]. Group 2: Supply Side Dynamics - In July, the average operating rate for high-generation LCD TV panel production was approximately 78%, with a slight decrease of 2 percentage points, indicating a relatively loose supply situation [6]. - The operating rate is expected to increase to around 80% in August as brands begin to restore inventory needs, with panel shipments projected to grow by 7% year-on-year [6]. Group 3: Price Trends - The overall demand for panels in August is anticipated to remain weak, with prices continuing to decline but at a slower rate [7]. - The price for the mainstream 32" panel is expected to stabilize at $32, while prices for larger panels (43" to 85") may see a decline of $1 to $4 compared to July [7].

CINNOResearch产业资讯，根据韩媒报道，TCL华星最早将于本月公布第8代喷墨打印OLED产线的投资计划。 8月6日，在首尔举办的K-Display产业论坛主题演讲结束后，TCL华星技术规划中心主任周明忠在被记者问及"第8代喷墨打印OLED投资进展情 况"时简短回应："将于本月或下月公布。"近期，显示行业不断有观点认为，TCL华星第8代喷墨打印OLED投资计划的公布已临近。 行业一位相关人士表示："与此前预计TCL华星7月左右公布第8代喷墨打印OLED投资计划相比，现在稍有延迟。"另一位相关人士则称："TCL 华星在公布相关投资计划前，将与地方政府就投资规模等事宜进行最终商议。" TCL华星曾在2020年公布第8代喷墨打印OLED"T8项目"，但此后未公布具体日程。不过，自去年下半年以来，行业内普遍预计TCL华星将在 2025年内决定是否投资第8代喷墨打印OLED。 当被记者问及"喷墨打印OLED中蓝色器件的相对尺寸"时，他回答："将与其他红色和绿色器件相近。"在FMMOLED中，由于蓝色器件效率较 低，其尺寸大于红色和绿色器件。TCL华星过去展出的喷墨打印OLED中，红、绿、蓝等器件尺寸相同，但近期 ...

Core Viewpoint - The panel prices for televisions are expected to stabilize in August 2025, while monitor and laptop panel prices remain unchanged [2][4]. Television Panels - The average price for 65-inch television panels is projected to be $172, a decrease of $1 or 0.6% from the previous month, with a range between $166 and $175 [6]. - The average price for 55-inch television panels is expected to be $123, also down by $1 or 0.8%, with a minimum of $117 and a maximum of $125 [6]. - The average price for 43-inch television panels is forecasted at $64, with a minimum of $62 and a maximum of $65 [7]. - The average price for 32-inch television panels is anticipated to be $35, with a minimum of $34 and a maximum of $36 [8]. Monitor Panels - The prices for monitor panels are expected to remain stable [10]. - The average price for 27-inch IPS panels is projected to be $63, with a minimum of $57.6 and a maximum of $65.8 [11]. - The average price for 23.8-inch IPS panels is expected to be $49.9, with a minimum of $47.1 and a maximum of $51.4 [12]. Laptop Panels - The prices for laptop panels are also expected to stay unchanged [14]. - The average price for 17.3-inch TN panels is stable at $38.3, with a minimum of $37.7 and a maximum of $39.8 [14]. - The average price for 15.6-inch Value IPS panels is projected to remain at $40.3, with a minimum of $38.6 and a maximum of $41.9 [14]. - The average price for 14.0-inch TN panels is stable at $26.9, with a minimum of $26.4 and a maximum of $28.1 [14]. - The average price for 11.6-inch TN panels is stable at $25.1, with a minimum of $24.2 and a maximum of $26.5 [14].

Core Insights - The global digital entertainment event ChinaJoy 2025 opened in Shanghai, showcasing TCL Huaxing's comprehensive esports display solutions in collaboration with partners like Samsung and Lenovo [1] Group 1: Company Developments - TCL Huaxing's CEO Zhao Jun highlighted that mid-sized OLED will be a significant industrial opportunity in the coming years, with a strategic focus on printed OLED technology for various applications [3] - The company aims to address traditional OLED challenges such as high costs, low yield, and limited form factors through printed OLED technology, with the first showcase being a medical display [3] - TCL Huaxing entered the esports display market in 2019 and has since become a leader, with its screens accounting for one in three esports displays globally from 2022 to 2024 [4] Group 2: Market Trends - The rise of foldable smartphones presents new opportunities for panel manufacturers, with TCL Huaxing continuously developing related technologies for future products [4] - There has been a decline in production capacity utilization for large TV displays since Q2, attributed to preemptive customer stocking in Q1, leading to a temporary drop in panel prices [4][5] - A forecast for Q3 indicates a 3-4% increase in TV panel shipments compared to Q2, driven by seasonal demand and inventory adjustments [5] Group 3: Industry Outlook - The panel industry has seen a shift from high volatility to more stable operations, with manufacturers adjusting production rates based on demand to avoid inefficient price competition [5] - TCL Huaxing has been exploring production strategies since 2022, transitioning from full production to demand-based manufacturing, which is expected to benefit the industry and the company in the long term [5]

Financial Data and Key Indicators Changes - In Q2 2025, sales declined by 8% quarter-over-quarter (QoQ) to KRW 87 trillion, representing a 17% year-over-year (YoY) decline due to the seasonal off-peak period for smartphones and the termination of the LCD TV business [3][4] - Operating profit posted a loss of KRW 116 billion, influenced by the stronger Korean won and the end of the LCD TV business [3] - Cumulative sales for the first half of the year amounted to KRW 11.652 trillion, with an operating loss of KRW 82.6 billion, although operating loss improved by KRW 480.5 billion YoY [4] - Net income turned positive at KRW 89.8 billion, driven by improved foreign exchange gains and non-operating income [4] - EBITDA for Q2 stood at KRW 1.054 trillion, maintaining an EBITDA margin of approximately 19% for the seventh consecutive quarter [4] Business Line Data and Key Indicators Changes - Q2 shipment area decreased by 26% QoQ due to the termination of the LCD TV business, aligning with guidance of a mid-twenty percent decrease [5] - Average Selling Price (ASP) per square meter increased by 32% QoQ to $10.56, attributed to the exit from the LCD TV business [5] - TV revenue accounted for 20% of total sales, down two percentage points QoQ, while mobile and others declined to 28% due to weak panel shipments [6] - The automotive segment grew to 10% of total revenue, with the OLED portion increasing to 56% [7] Market Data and Key Indicators Changes - The smartphone business showed a meaningful shipment growth of over 20% YoY, with expectations to outperform last year's full-year performance [26] - The medium panel IT OLED segment is expected to address new high-end market demand, while the demand for medium-sized panel products is projected to grow slightly [30] - Large OLED panel shipments are expected to reach the mid-six million range, an increase over the previous year, with continuous growth in both panel shipments and set sales [34] Company Strategy and Development Direction - The company is committed to restructuring around OLED technology, focusing on technological differentiation, product quality enhancement, and cost innovation [10][11] - Investment in new OLED technology is planned, with a total investment amount of KRW 1.26 trillion over the next two years [19] - The company aims to solidify its leadership in the premium market with a diverse OLED panel lineup and improve profitability through cost improvements [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic uncertainties but expressed confidence in performance improvement in the second half of the year [11][22] - The company expects a steep rebound in performance driven by expansion across both large and small OLED panel businesses [11] - Management emphasized the importance of establishing a cost structure that ensures stable profitability despite external changes [35] Other Important Information - Cash and cash equivalents at the end of Q2 amounted to KRW 1.666 trillion, with a debt ratio of 268% and net debt to equity ratio at 155%, both showing significant decreases [7][8] - CapEx for the year is expected to be in the low KRW 2 trillion range, similar to last year, with a focus on investment efficiency [15] Q&A Session Summary Question: OLED technology investment and future performance - The company is shifting focus from LCD to OLED, with a KRW 1.26 trillion investment planned for new OLED technology over two years [19][20] - Performance improvement is expected to continue, with a commitment to turning a profit for the full year of 2025 [22][23] Question: Smartphone business outlook and tablet OLED panel shipments - The smartphone business is expected to grow, with a meaningful shipment increase planned for the second half [26] - Tablet OLED shipments are anticipated to increase YoY, despite a sluggish global IT market [27][28] Question: Medium panel LCD business strategy and profitability - Demand for medium-sized panels is expected to grow slightly, with a focus on B2B and high-end areas to improve profitability [30][31] Question: Large OLED panel sales outlook and monitor opportunities - Large OLED panel shipments are on track to meet original plans, with expected growth in both panel shipments and set sales [34][35]