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]

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 - 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].

【?注：根据先进先出的原则，以投资者证券账户为单位计算持股期 限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.1 元；持股 1 个 月以上至 1 年（含 1 年）的，每 10 股补缴税款 0.05 元；持股超过 1 年的， 不需补缴税款。】 向 B 股股东派发的现金红利，B 股股息折算汇率根据公司 2024 年度 股东大会决议规定，以该次股东大会决议日后第一个工作日中国人民银行 公布的人民币兑港币的中间价折算成港币支付，即 2025 年 5 月 26 日的 中国人民银行公布的人民币兑港币的中间价（港币：人民币=1：0.9169） 折合港币兑付，每 10 股派 0.5453 港币，未来代扣 B 股个人股东需补缴的 税款参照前述汇率折算。 证券代码：000725 证券简称：京东方 A 公告编号：2025-053 证券代码：200725 证券简称：京东方 B 公告编号：2025-053 京东方科技集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"公司"）2024 年度权益分 派方案已获 2025 ...

在汽车的定义权从发动机转向智能座舱的时代，"屏幕"就成为 兵家必争之地，几乎没有人怀疑车载显示的增长潜力。但在高 增长的表象下，车载显示市场提前进入了"高增长与低利润并 存"的结构性困境，单纯的规模扩张已无法带来安全感，竞争 的焦点正迅速转向。 作者： 郑晨烨 封图：图虫创意 6月11日，万创投行的董事总经理吴沛东在接受经济观察报记者采访时，将车载显示市场精准地概 括为"结构性红利与竞争性过剩"并存。Wit Display首席分析师林芝也向记者表达了同样的观点， 称车载显示市场正呈现"高增长与低利润并存"的局面。 结构性困境 在汽车的定义权从发动机转向智能座舱的时代，"屏幕"就成为兵家必争之地，几乎没有人怀疑车载 显示的增长潜力。 "随着汽车智能化、网联化的快速发展，车载显示屏在功能、尺寸、显示效果等方面的需求不断提 升。TCL华星在车载显示领域拥有深厚的技术积累和丰富的产品布局，能够为汽车厂商提供多样 化、高性能的显示解决方案，满足市场对智能座舱显示的需求，也希望能获得在这一领域实现业务 快速增长的机会。"TCL华星副总裁刘小兰在今年3月份接受记者采访时曾这样表达对这一业务领域 增长性的看好。 "坦白讲，还 ...

Market Performance - On June 17, 2025, A-shares saw a collective decline with the Shanghai Composite Index down 0.04%, the Shenzhen Component Index down 0.12%, and the ChiNext Index down 0.36%. Over 2900 stocks fell, with total market turnover at 1.2371 trillion yuan, a decrease of 6.4 billion yuan from the previous day [2] - Hong Kong stocks also experienced a downturn, with the Hang Seng Index falling 0.34% to close at 23980.30 points, and total trading volume at 202.144 billion HKD. The Hang Seng China Enterprises Index dropped 0.4%, while the Hang Seng Tech Index decreased by 0.15% [2] - In the US market, major indices fell, with the S&P 500 down 0.84% to 5982.72 points, the Nasdaq Composite down 0.91% to 19521.09 points, and the Dow Jones Industrial Average down 0.7% to 42215.8 points [2] New Stock Offerings - There were no new stock subscriptions or listings on this day [3] Foreign Investment Trends - In May, foreign investment in domestic stocks increased compared to the previous month, with a net inflow of 33 billion USD from non-bank sectors, including enterprises and individuals. The trade in goods maintained a high net inflow, while other capital outflows remained stable [4] - The foreign exchange market showed a balanced supply and demand, with banks transitioning to a surplus in foreign exchange settlements and sales. The overall economic stability in China is expected to support the healthy operation of the foreign exchange market [4]

【DT新材料】 获 悉，6月17日 ， 京东方Ａ 公告称，彩虹股份拟出售所持 咸阳彩虹光电科技有限公 司 （简称"彩虹光电"）30%股权。公司根据公司发展战略，为紧抓产业格局整合演进机遇，进一步提 升公司竞争力， 拟收购上述30%股权。本次交易挂牌底价为48.49亿元。 报道称，这笔1.26万亿韩元的投资是LGD在出售中国广州LCD工厂后进行的首次大规模投资。 虽然新 技术的具体内容未公开 ，但业内人士表示，这些技术将应用于下一代移动设备。预计将实现使OLED面 板更薄且提高能效的技术，还将用于建立模块基础设施。 LGD相关人士表示：" 这是为了提前应对全球显示器市场上日益增长的OLED需求的投资，通过开发高 端产品，我们计划为客户提供差异化的价值 。" LCD和OLED，谁会成为最大赢家？ 说明： 本文部分素材来自于 京东方 及 网络公开信息，由作者重新编写，系作者个人观点，本平台发布仅为了传达一种 不同观点，不代表对该观点赞同或支持。如果有任何问题，请联系我们：15355132586（微信同号） 资料显示， 咸阳彩虹光电科技有限公司 成立于2015年11月13日 ，注册资本人民币1,424,727万元。 ...

整体面板市场受到关税政策带来的一定冲击，但OLED显示器面板目前受影响程度较轻微，成长动能 仍然强劲，主因之一是电竞玩家对OLED显示器接受度高，激励品牌扩大相关产品线。其次，韩系面 板厂也逐渐将发展重心放在OLED显示器面板。 。 TrendForce集邦咨询表示，OLED显示器面板供应仍由三星显示器(SDC)和乐金显示器(LGD)主导，随 着OLED电视面板在成长上遇到瓶颈，SDC转为重点发展OLED显示器，期望透过扩大显示器面板的 出货规模，达成A5产线维持高稼动率且获利的目标。 June 16, 2025 产业洞察 根据TrendForce集邦咨询最新调查，尽管总体经济情势面临压力，但OLED显示器面板买卖双方皆态 度积极，继2024年迎来爆发性的132%年成长后，预计这股出货动能将延续至2025年， TrendForce集 邦咨询因此上修今年OLED显示器面板出货量，由280万片调整至340万片，年增从40%上升至69% LGD原本受限于LCD业务亏损压力，没计划在OLED显示器领域和SDC中采取价格竞争，2025年出货 目标仅订于70万片以下。但考量客户需求畅旺、OLED面板供不应求，LCD一改先 ...

随着苹果需求的拉动，8.6代OLED市场争夺战已正式打响。三星显示凭借先发优势，有望成为首家量产 企业。而中国厂商亦不甘落后。京东方建设8.6代IT OLED产线，设备导入进度较原计划提前4个月，目 标量产时间已从2025年底提前至10月。而维信诺（Visionox） 近期加紧采购核心设备，最快或于2025年 底实现量产。相比之下，LG Display 仍持观望态度，表示将"待市场稳定后再决定投资"。 自2017年首次在iPhone X上采用OLED屏幕以来，苹果持续扩大该技术的应用范围：2018年Apple Watch 全系搭载OLED面板，2020年iPhone 12系列全面转向OLED，2023年首款OLED iPad Pro问世。而2025 年，苹果计划将OLED技术引入MacBook Pro，进一步推动高端IT设备的显示升级。 市场研究机构DSCC预测，2025年平板电脑和笔记本电脑采用的混合OLED面板需求量将达1890万台， 较2023年（810万台）和2024年（预计1210万台）增长56%以上。苹果的强势入局，叠加三星显示、京 东方等供应链的产能扩充，预示着IT设备OLED化进程将全面加速。 ...

【惠科】 6月13日，惠科宣布推出 全球首款a-Si车载 Tri-gate（ TRD ） +TDDI屏幕 。 惠科表示，这款12.3英寸车载屏是国内首创将a-Si材料的Tri-gate技术与incell触控屏整合在一起 的产品。相较于LTPS屏幕技术，它拥有高信赖性、低成本等优势，显著提升了车载屏幕的驱动效 率和稳定性。产品具体特点如下： TDDI一体化设计 此次研发的12.3英寸车载显示屏基于a-Si材料实现Tri-gate（TRD）驱动，使其在相同分辨率 下，减少驱动芯片和外围元器件的使用，降低成本。同时，零件的减少也带来了空间的节省，使 其可以在更小的空间集成更多晶体管，以此支持驱动2K/4K甚至更高分辨率的屏幕。 此外，该产品还支持多点触控、戴手套操作、湿手操作，满足各种人机交互场景需求。 窄边框 这款车载显示屏利用Tri-gate架构搭配GDL电路可实现极窄边框设计，能有效提升屏幕的屏占 比，进一步提升视觉体验。 该产品还通过快速响应和分区精准控光，提升画面的明暗对比度（1800:1），使亮部更明亮、 暗部更深邃，尤其在Mini-LED背光系统中，画面细节呈现更清晰，减少残影和模糊感。此外， 屏幕表 ...