Core Viewpoint - The report from Huazhong Securities indicates that IT applications (displays and laptops) are becoming a new growth engine for OLED panels by Q2 2025, driven by increased supply capacity, broader OEM adoption, and consumer demand for high-end displays [1][3][4] Group 1: Industry Developments - Samsung Display (SDC) is expected to start trial production of OLED panels for Apple's first OLED MacBook Pro by the end of this year, with mass production slated for the end of Q2 2026 [1] - TCL Technology Group announced plans to invest approximately RMB 29.5 billion in building an 8.6-generation printed OLED production line in Guangzhou, which will have a monthly processing capacity of about 22,500 glass substrates [2] - Domestic manufacturers are actively constructing OLED production lines, which will lay the foundation for future IT-sized OLED applications [4] Group 2: Market Dynamics - According to Counterpoint Research, as of Q2 2025, domestic OLED panels are accelerating their penetration into the global market, with Samsung Display holding a 37% market share, followed by BOE at 15% and Visionox at 14% [3] - The demand for IT panels (displays and laptops) has seen significant growth, attributed to the adoption of high-end products and diversified supplier participation [3]

Group 1 - TCL Technology announced a collaboration with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee to build an 8.6-generation printed OLED display panel production line [1] - The total investment for the project is approximately 29.5 billion yuan, with a registered capital of 14.75 billion yuan, of which TCL Huaxing will contribute 8.85 billion yuan [1] - The planned construction period for the project is 24 months, with an expected start date in November 2025 [1] Group 2 - The project aims to help China seize a strategic advantage in the global new display industry competition and achieve the industrialization of high-generation printed OLED technology [1]

Core Insights - The global display panel revenue for the first half of 2025 is approximately $56.2 billion, showing a year-on-year decline of 4.2% but a quarter-on-quarter increase of 5.8% [1] - Chinese mainland panel manufacturers achieved a revenue of about $29.3 billion, capturing 52.1% of the global market share, marking a year-on-year increase of 3.3 percentage points [1] - Korean panel manufacturers' revenue share decreased to 30%, down 3.2 percentage points year-on-year, while Taiwanese manufacturers increased their share to 13.2%, up 0.6 percentage points [1] Regional Revenue Changes - In the first half of 2025, Chinese mainland panel manufacturers saw a year-on-year revenue growth of approximately 7%, while Taiwanese manufacturers grew by 4.4% [2] - Korean panel manufacturers experienced a significant decline of 9.5%, and Japanese manufacturers faced a 16.7% drop in revenue [2] - Compared to 2020, the global revenue share of Chinese mainland panel manufacturers increased by 18.6 percentage points, while Taiwanese, Korean, and Japanese manufacturers saw declines of 2.3, 10.3, and approximately 6 percentage points, respectively [2] Company Rankings - BOE maintained its position as the world's top panel manufacturer in the first half of 2025, with TCL's CSOT showing significant revenue growth, narrowing the gap with Samsung Display and LG Display [4] - AUO, Innolux, Tianma, and HKC are in the third tier, each exceeding $2 billion in revenue [4] Profitability Analysis - In the first half of 2025, seven publicly listed panel companies achieved profitability, an increase from the previous year, with AUO and Tianma joining the profitable ranks [7] - Samsung Display remains the leader in operating profit, but its advantage has significantly decreased; TCL and BOE are closely following, with operating profits around $600 million [7] - The largest operating losses were reported by Visionox, JDI, and EDO, each exceeding $100 million, while LG Display showed significant improvement in reducing its losses [7] Industry Trends - The display industry is transitioning from "scale expansion" to "value reconstruction," with Chinese mainland manufacturers leveraging capacity advantages and technological breakthroughs to enhance competitiveness [9] - Korean manufacturers face challenges in maintaining high-end positions and controlling costs [9] - The second half of 2025 is expected to see structural growth in the Chinese mainland display panel market, driven by the increasing demand for large-sized displays and high-value products like Mini LED and OLED [9]

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].

Core Insights - TCL Huaxing is expected to announce its investment plan for the 8th generation inkjet printing OLED production line either this month or next month, following a slight delay from the previously anticipated July announcement [3][6] - The 8th generation inkjet printing OLED technology is crucial for enhancing economic efficiency in manufacturing large-sized displays, with current production capabilities limited to a 5.5 generation line [6][7] - The pixel density of the inkjet printing OLED has surpassed 350 PPI, and the blue OLED device lifespan is projected to extend to 400 hours by next year, a significant improvement from 40 hours in 2020 [5][6] Investment and Production Plans - TCL Huaxing's investment plan for the 8th generation inkjet printing OLED is under final discussions with local governments regarding investment scale [3] - The company previously announced the T8 project in 2020 but has not provided specific timelines since then [3][6] - The current production line in Wuhan has a capacity of 20,000 pieces of 5.5 generation glass substrates per month, with a focus on medical inkjet printing OLED products [6] Technological Advancements - The inkjet printing OLED technology is continuously improving, with a notable increase in the aperture ratio compared to traditional methods [5][6] - The recent developments include a shift in the relative sizes of blue OLED devices to match red and green devices, enhancing efficiency [7] - TCL Huaxing aims to differentiate itself from Korean panel manufacturers by leveraging inkjet printing OLED technology, which has advantages in large-sized panel production [7] Market Position and Collaborations - TCL Huaxing has acquired production line equipment from the bankrupt JOLED, indicating a strategic move to enhance its capabilities in inkjet printing OLED technology [7] - The company showcased various inkjet printing OLED products at the 2025 SID Display Week, including smartphone and laptop displays [7]