Core Viewpoint - The company is actively developing the medium and large-sized MED product market by leveraging its existing 2.5 generation TFT-LCD panel production resources and MED R&D capabilities, achieving positive progress in technology optimization and market expansion [1] Group 1: Market Development - The company is conducting market development for medium and large-sized MED products through technical exchanges and sample certifications [1] - The company has established business cooperation or contact with several globally renowned manufacturers in various terminal application fields, including electronic signage, e-readers, electronic paper tablets, and laptops [1] Group 2: Product Optimization - Continuous design and process optimization for medium and large-sized color MED products are being carried out to meet customer demands while enhancing technical performance [1] - The company aims to achieve early small-scale and eventually large-scale production and sales of medium and large-sized color MED products, laying a solid technical and market foundation for the MED project [1]

Group 1 - The core viewpoint emphasizes the importance of leveraging the advantages of a new type of national system to accelerate high-level technological self-reliance and strength in China [1] - During the 14th Five-Year Plan period, significant historical achievements and transformations in China's technological innovation have been made under the strong leadership of the central government [1][2] - The strategic goal of building a strong technological nation by 2035 is anchored on addressing major national needs through collaboration between government and market forces [1][5] Group 2 - China's space station has achieved complete domestic production of products and materials, with 100% self-control of key core components, resulting in hundreds of space science experiments conducted in orbit [4] - The Chang'e missions have successfully returned lunar samples, with Chang'e 5 collecting 1,731 grams from the moon's surface and Chang'e 6 expected to bring back 1,935.3 grams from the moon's far side [4][5] - The national strategic scientific and technological strength has been continuously strengthened, with the construction of national laboratories and the enhancement of research capabilities in institutions and universities [5][9] Group 3 - Original achievements in technology are continuously emerging, exemplified by the EAST project achieving a world record of 1 million degrees Celsius for 1,066 seconds, marking a significant leap in fusion energy research [6][7] - The total R&D expenditure in society is expected to exceed 3.6 trillion yuan in 2024, maintaining China's position as the second-largest in the world [7][9] - The proportion of corporate R&D investment is projected to exceed 77% in 2024, with over 524,000 companies holding valid invention patents, accounting for 74.4% of the total in China [9] Group 4 - The innovation capacity of enterprises has significantly improved, with the successful development of the world's first 8.6-generation OLED glass substrate in Anhui, marking a breakthrough in domestic technology [8][9] - The integration of technology innovation systems involving industry, academia, and research has been strengthened, with enterprises taking a leading role in innovation [8][9] - The "dual-directional leaderboard" mechanism has been implemented in Sichuan Province to enhance the connection between market demand and scientific research, facilitating technology transfer and commercialization [12][13]

Summary of the Conference Call on OLED Industry and Aolaide Industry Overview - The global OLED market is expected to expand significantly, reaching $50 billion by 2027, with China's OLED panel and module output exceeding 100 billion yuan in 2024, representing a 38% year-on-year growth, and the international market share reaching 52% [2][5][6] - The demand for IT and automotive AMOLED panels is rapidly increasing, with a projected compound annual growth rate (CAGR) of 56% for IT AMOLED panel shipments and 49% for automotive display AMOLED panel shipments from 2023 to 2028 [2][6] Company Insights - Aolaide's organic light-emitting materials business benefits from the expansion of OLED into medium and large sizes and the application of stacked structures, leading to a significant increase in material usage and market share [2][6] - Aolaide is actively investing in PSPI packaging materials, raising 240 million yuan to expand production capacity, which will support domestic substitution efforts. The global PSPI market is expected to grow from $677 million in 2024 to $3.18 billion by 2031 [2][8] - Aolaide successfully won a 655 million yuan order for evaporation source equipment for BOE's 8.6 generation line, indicating that its equipment meets international standards and will drive growth in its equipment business [2][9] Strategic Partnerships - Aolaide has signed a strategic cooperation framework agreement with BOE, focusing on four core areas: ensuring the supply of evaporation sources, consolidating competitive advantages, collaborating on material supply and localization, and exploring new business opportunities [4][12][13] - This partnership is expected to enhance Aolaide's core business capabilities and solidify its position in the OLED industry [13] Future Outlook - Aolaide is positioned to leverage its core technology and production capabilities in the OLED materials and equipment sectors, aiming for performance growth through new product introductions and market share expansion [10][14] - The company is expected to benefit from the ongoing expansion of high-generation lines and the dual dividends of consumer electronics upgrades and domestic substitution [10][14] Additional Insights - The increasing demand for OLED technology in consumer electronics, driven by customer preferences for high contrast, low power consumption, and other performance metrics, is accelerating the adoption of OLED displays across various applications [4][6] - Aolaide's focus on local production models is anticipated to shorten delivery times and reduce procurement costs, creating a differentiated competitive advantage [8]

Core Viewpoint - The demand for pixel circuits is growing in tandem with the increasing need for high-resolution and high-contrast displays in various sectors such as smartphones, tablets, automotive electronics, and medical devices. The market size of China's pixel circuit industry is projected to reach approximately 141.736 billion yuan in 2024, reflecting a year-on-year growth of 9.90% [1][7]. Industry Overview - Pixel circuits are the core units of modern display technology, controlling the light emission of individual pixels through independent circuit systems. They are primarily categorized into active matrix and passive matrix types based on their driving methods [2]. Industry Supply Chain - The upstream of the pixel circuit industry includes raw materials such as silicon wafers, photoresists, electronic specialty gases, and target materials, as well as production equipment like cleaning machines and exposure machines. The midstream involves the manufacturing of pixel circuits, while the downstream applications span consumer electronics, automotive electronics, industrial control, medical, and media sectors [4]. Market Size - The pixel circuit industry in China is expected to grow significantly, with a market size of approximately 141.736 billion yuan in 2024, marking a 9.90% increase from the previous year [7][8]. Key Companies' Performance - BOE Technology Group, a leading player in the display panel industry, holds over 5,000 patents in the pixel circuit field. The company reported a revenue of 101.278 billion yuan in the first half of 2025, a year-on-year increase of 8.45%, with a net profit of 3.247 billion yuan, up 42.15% [8][9]. - Visionox Technology focuses on AMOLED pixel circuit innovations and reported a revenue of 4.121 billion yuan in the first half of 2025, reflecting a 4.79% year-on-year growth, although it faced a net loss of 1.062 billion yuan [9][10]. Industry Development Trends 1. **Technological Innovation**: The pixel circuit industry is expected to experience rapid growth driven by technological advancements, with companies like BOE and Visionox leading the way in developing new technologies that enhance display performance and reduce power consumption [10][11]. 2. **Self-sufficiency in Supply Chain**: The industry is accelerating domestic substitution in response to foreign technology barriers, with significant advancements in silicon wafer production and other upstream materials [11]. 3. **Integration with Emerging Technologies**: Pixel circuits are increasingly integrating with AI, IoT, and 5G technologies, creating new application scenarios that enhance functionality beyond traditional display capabilities [12].

Core Viewpoint - The company, Huaxian Optoelectronics, focuses on a-Si panel products and has seen significant sales growth in mobile and mid-size products, supported by strong recognition from leading brand clients [1] Sales Performance - In Q3 2025, the company's sales volume increased by 39.6% quarter-on-quarter, reaching 28.5 million units [1] - For the first three quarters of 2025, total sales volume reached 62.2 million units, representing a year-on-year increase of 84.3% [1] - Revenue grew by 83.8% to approximately RMB 5.407 billion [1] Product Breakdown - Mobile module product sales increased by 91.8% year-on-year, totaling 47.3 million units, with related revenue of approximately RMB 2.275 billion [1] - Tablet module sales surged by 108.6% year-on-year, reaching 7.4 million units, generating revenue of approximately RMB 1.338 billion [1] - Commercial display product sales skyrocketed by 488.9% year-on-year, totaling 3.7 million units, with related revenue of approximately RMB 1.22 billion [1] Pricing Trends - The average selling price of the company's products decreased by 4.2% year-on-year to RMB 89.3 due to price fluctuations in commercial display products [1]

Core Insights - The company Huaxian Optoelectronics (00334) focuses on a-Si panel products, achieving strong sales growth due to recognition from several leading brand clients [1] Sales Performance - In Q3 2025, the company's sales volume increased by 39.6% quarter-on-quarter, reaching 28.5 million units [1] - For the first three quarters of 2025, total sales volume reached 62.2 million units, representing an 84.3% year-on-year increase [1] - Revenue grew by 83.8% year-on-year to approximately RMB 5.407 billion [1] Product Segmentation - Sales of mobile module products increased by 91.8% year-on-year, totaling 47.3 million units, with related revenue of approximately RMB 2.275 billion [1] - Sales of tablet module products surged by 108.6% year-on-year, reaching 7.4 million units, generating approximately RMB 1.338 billion in revenue [1] - Commercial display product sales skyrocketed by 488.9% year-on-year, totaling 3.7 million units, with related revenue of approximately RMB 1.22 billion [1] Pricing Trends - The average selling price of the company's products decreased by 4.2% year-on-year to RMB 89.3 due to price fluctuations in commercial display products [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 China Display Optoelectronics Technology Holdings Limited 華顯光電技術控股有限公 司 （於百慕達註冊成立之有限公司） （股份代號：334） 1 本集團聚焦a-Si面板產品，依託多家一線品牌客戶的高度認可，夯實業務基礎， 手機及中尺寸兩類產品銷量持續攀升。二零二五年第三季度，本集團銷量環比增 加39.6%,達到28.5百萬片。回顧期內，本集團實現總銷量達62.2百萬片，同比增加 84.3%，帶動營業額增長至人民幣5,407.3百萬元。其中，手機類模組產品銷量同比增 加91.8%，達47.3百萬片，相關營業額為人民幣2,275.1百萬元；平板類模組的銷量同 比增加108.6%，達7.4百萬片，相關營業額達人民幣1,338.4百萬元；商用顯示產品銷 量同比增長488.9%，達3.7百萬件，相關營業額達人民幣1,219.9百萬元。回顧期內，受 整機出貨的 ...

Group 1 - The core viewpoint of the news is that Visionox's stock performance and financing activities indicate a low level of market activity and investor interest, with significant net outflows in financing and low borrowing levels [1][2]. Group 2 - On October 16, Visionox's stock price fell by 1.38%, with a trading volume of 76.34 million yuan. The financing buy-in amount was 3.97 million yuan, while the financing repayment was 4.21 million yuan, resulting in a net financing outflow of 0.24 million yuan [1]. - As of October 16, the total balance of margin trading for Visionox was 298 million yuan, which represents 2.48% of its circulating market value, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, on October 16, Visionox repaid 600 shares and sold 500 shares, with a selling amount of 4,300 yuan. The remaining securities lending volume was 51,800 shares, with a balance of 445,500 yuan, also indicating a low level compared to the past year [1]. Group 3 - As of September 30, Visionox had 62,200 shareholders, a decrease of 0.92% from the previous period, while the average circulating shares per person increased by 0.93% to 22,444 shares [2]. - For the first half of 2025, Visionox reported operating revenue of 4.12 billion yuan, a year-on-year increase of 4.79%, but a net profit attributable to shareholders of -1.06 billion yuan, which is a year-on-year improvement of 9.74% [2]. - Since its A-share listing, Visionox has distributed a total of 53.24 million yuan in dividends, with no dividends paid in the last three years [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder of Visionox, holding 8.23 million shares, an increase of 173,500 shares from the previous period [2].

Group 1 - BOE (京东方) and OPPO, along with OnePlus, launched the flexible OLED flagship product, "Oriental Screen 3.0," featuring the world's first native 165Hz ultra-high refresh rate and ultra-low brightness of 1 nit [1] - The Oriental Screen 3.0 is a significant upgrade from previous versions (1.0 and 2.0), enhancing smooth display, eye health, and immersive picture quality, and will be featured in the OnePlus 15 flagship smartphone [1] Group 2 - BOE is a leading global display enterprise, maintaining a comprehensive lead in flexible OLED display technology, production capacity, and market performance [2] - Since launching its first technology brand in 2021, BOE's f-OLED technology brand has become an industry benchmark, with over 30,000 patent applications in the flexible OLED field [2] - BOE has three mass production 6th generation flexible OLED production lines and is expanding its technological boundaries, with the first 8.6 generation AMOLED production line in China set to complete equipment installation by May 2025 [2] - According to Omdia data, BOE's flexible OLED shipment volume ranks first in China and second globally, solidifying its leadership position in the high-end display sector [2]

Core Insights - Northbound capital's holdings in A-shares decreased by 15.309 billion shares in Q3, but the market value of these holdings increased by 294.387 billion yuan due to a recovery in A-share market performance [1] Group 1: Northbound Capital Holdings - As of the end of Q3, the stock with the highest number of shares held by northbound capital was BOE Technology Group Co., Ltd. (000725), with 2.705 billion shares [1] - Major bank stocks also saw significant northbound capital holdings, including Industrial and Commercial Bank of China (601398) with 1.565 billion shares, Agricultural Bank of China (601288) with 1.443 billion shares, and others like China Minsheng Banking Corp. (600016) and China Merchants Bank (600036) with 1.285 billion and 1.118 billion shares respectively [1]