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]

Group 1 - The core viewpoint of the article is that the global panel manufacturers' revenue for the first three quarters of 2025 is approximately $86.8 billion, representing a year-on-year growth of 2.0% [4]. Group 2 - The total revenue changes and regional distribution of major global panel manufacturers for the first three quarters of 2025 are discussed [4]. - The revenue and ranking changes of major panel companies for the first three quarters of 2025 are summarized [4]. - The operating profit and ranking changes of major panel companies for the first three quarters of 2025 are analyzed [4]. - Specific revenue and operating profit changes for SDC in Q3 2025, along with key business explanations, are provided [4]. - Specific revenue and operating profit changes for LGD in Q3 2025, along with key business explanations, are detailed [4]. - Specific revenue and operating profit changes for BOE in Q3 2025, along with key business explanations, are outlined [4]. - Specific revenue and operating profit changes for TCL Huaxing in Q3 2025, along with key business explanations, are presented [4]. - Specific revenue and operating profit changes for Tianma in Q3 2025, along with key business explanations, are discussed [4]. - Specific revenue and operating profit changes for AUO in Q3 2025, along with key business explanations, are summarized [4]. - Specific revenue and operating profit changes for Innolux in Q3 2025, along with key business explanations, are provided [4]. - Specific revenue and operating profit changes for Sharp Display Division in Q3 2025, along with key business explanations, are detailed [5]. - Specific revenue and operating profit changes for JDI in Q3 2025, along with key business explanations, are outlined [5].

每经AI快讯，有投资者在投资者互动平台提问：公司2025年第三季度的OLED出货量，是多少？ 京东方Ａ（000725.SZ）11月19日在投资者互动平台表示，公司2025年第三季度OLED出货量约为4000 万片。 （文章来源：每日经济新闻） ...

Group 1 - The global OLED smartphone panel shipment is projected to reach approximately 230 million units in Q3 2025, representing a year-on-year growth of 10.3%, continuing to be the core growth driver in the smartphone panel market [1] - Flexible OLED shipments are expected to be around 180 million units, with a year-on-year increase of approximately 14.6% [1] - In Q3, OLED panel manufacturers in mainland China maintained a growth trend, with total shipments of about 110 million units, a year-on-year increase of 14.1%, and flexible OLED shipments exceeding 100 million units, growing by 20.1% [1] Group 2 - The market is transitioning from "high-speed growth" to "high-quality growth" after a rapid penetration period from 2024 to 2025 [1] - The market share of mainland Chinese OLED panel manufacturers is expected to further increase due to ongoing capacity expansion and planning [1] - Visionox (002387), focusing on OLED business, achieved total OLED shipments of 25 million units in Q3, a year-on-year increase of 25.3%, ranking second domestically and third globally [1] Group 3 - In Q4, the smartphone panel market is expected to maintain seasonal growth driven by holiday stocking demands [2] - The competition in the market is anticipated to intensify with the continuous release of OLED capacity and investments in high-generation lines [2] - Local state-owned capital continues to support the development of the OLED industry, with Visionox planning to issue 419 million shares to raise up to 2.937 billion yuan [2]

针对投资者关于" 请问公司与三星电子的官司最新进展如何？ "的提问，京东方Ａ11月19日在互动平台 回应称，京东方与三星显示已就显示领域知识产权方面的争议达成和解，并将尽快撤销美国337调查及 其他关联案件。 ...