数据来源：中国海关，智研咨询整理 近一年中国平板显示模组出口情况统计图 相关报告：智研咨询发布的《2025-2031年中国液晶显示模组行业市场专项调研及投资前景规划报告》 数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年9月中国平板显示模组进口数量为1.66亿个，同比增长7.3%，进口金额 为45.54亿美元，同比增长12.2%，2025年9月中国平板显示模组出口数量为2.53亿个，同比增长24.1%， 出口金额为45.99亿美元，同比增长18.1%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国平板显示模组进口情况统计图 ...

Group 1: 华勤技术 (603296.SH) - The company achieved a revenue of 128.82 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 70% [7] - The net profit attributable to shareholders reached 3.099 billion yuan, up 51% year-on-year [7] - The company’s gross margin improved to 8.17% in Q3 2025, an increase of 1.04 percentage points from Q2 2025 [7] - The company is expanding its global manufacturing layout, achieving large-scale shipments in India and Vietnam [8] - The multi-category business strategy is expected to drive significant performance growth, with projected net profits of 4.15 billion yuan, 5.15 billion yuan, and 6.17 billion yuan from 2025 to 2027 [8] Group 2: 汉朔科技 (301275.SZ) - The company reported a revenue of 2.809 billion yuan in the first three quarters of 2025, a decrease of 11% year-on-year [10] - The net profit attributable to shareholders was 314 million yuan, down 41% year-on-year [10] - The gross margin for Q3 2025 was 35.94%, an increase of 5.23 percentage points from Q2 2025, indicating a recovery in profitability [10] - The company is focusing on digitalization in the retail sector, with a business model centered around electronic price tag systems and SaaS cloud platform services [11] - Projected revenues for 2025 to 2027 are 4.056 billion yuan, 4.787 billion yuan, and 5.747 billion yuan, respectively [11] Group 3: 天山电子 (301379.SZ) - The company achieved a revenue of 1.338 billion yuan in the first three quarters of 2025, a year-on-year increase of 26.48% [12] - The net profit attributable to shareholders was 113 million yuan, up 7.75% year-on-year [12] - The company is strategically investing in the storage sector, aiming to create a complete storage ecosystem [13] - The projected revenues for 2025 to 2027 are 1.978 billion yuan, 2.546 billion yuan, and 2.893 billion yuan, respectively [13] Group 4: 恒瑞医药 (600276.SH) - The company reported a revenue of 23.188 billion yuan in the first three quarters of 2025, representing a 14.85% increase [15] - The net profit attributable to shareholders was 5.751 billion yuan, up 24.50% year-on-year [15] - The company is accelerating its internationalization efforts, with multiple overseas collaborations and licensing agreements [16] - The projected net profits for 2025 to 2027 are 8.8 billion yuan, 10.28 billion yuan, and 12.15 billion yuan, respectively [18] Group 5: 益丰药房 (603939.SH) - The company achieved a revenue of 17.286 billion yuan in the first three quarters of 2025, a slight increase of 0.39% [20] - The net profit attributable to shareholders was 1.225 billion yuan, up 10.27% year-on-year [20] - The company is focusing on non-pharmaceutical innovations, which are expected to drive growth in the future [21] - The company plans to optimize its store network and expand its franchise business, with a total of 14,666 stores as of Q3 2025 [21] Group 6: 中兴通讯 (000063.SZ) - The company reported a revenue of 100.52 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.63% [23] - The net profit attributable to shareholders was 5.32 billion yuan, down 32.7% year-on-year [23] - The company is experiencing pressure in its operator business, but its computing power segment is showing significant growth [24] - The projected net profits for 2025 to 2027 are 7.4 billion yuan, 8.5 billion yuan, and 10 billion yuan, respectively [24] Group 7: 德科立 (688205.SH) - The company achieved a revenue of 6.5 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.6% [26] - The net profit attributable to shareholders was 40 million yuan, down 47.4% year-on-year [26] - The company is focusing on DCI (Data Center Interconnect) products, which are experiencing accelerated growth [27] - The projected net profits for 2025 to 2027 are 70 million yuan, 250 million yuan, and 410 million yuan, respectively [27] Group 8: 北新建材 (000786.SZ) - The company reported a revenue of 19.905 billion yuan in the first three quarters of 2025, a decrease of 2.25% year-on-year [29] - The net profit attributable to shareholders was 2.586 billion yuan, down 17.77% year-on-year [29] - The company is facing challenges in its gypsum board business but is seeing growth in its other segments [30] - The projected net profits for 2025 to 2027 are 3.364 billion yuan, 3.959 billion yuan, and 4.432 billion yuan, respectively [32]

Core Viewpoint - Tianshan Electronics reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating a robust business model and market position [1] Financial Performance - The company achieved total operating revenue of 1.338 billion yuan, representing a year-on-year increase of 26.48% [1] - Net profit attributable to shareholders reached 113 million yuan, up 7.75% year-on-year [1] - The company's net profit excluding non-recurring items was 103 million yuan, reflecting a 15.00% increase compared to the previous year [1] - Basic earnings per share were reported at 0.5778 yuan, with a weighted average return on equity of 8.10% [1] Business Focus and Strategy - Tianshan Electronics specializes in customized LCD displays and modules, including touch modules and complex modules, with a focus on research, design, production, and sales [1] - The company has established a strong presence in the professional display module market, starting with black-and-white LCD products and expanding into color screens and automotive displays [1] - Tianshan Electronics aims to enhance its growth by focusing on complex modules and automotive electronic smart terminals, while also investing in ASIC and enterprise-level storage module markets to create a comprehensive layout and open new growth opportunities [1]

Core Insights - Tianshan Electronics reported a revenue of 1.338 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26.48% and a net profit attributable to shareholders of 113 million yuan, up 7.75% year-on-year, indicating positive growth in core profitability metrics [1] - In Q3 2025, the company achieved a single-quarter revenue of 483 million yuan, reflecting a year-on-year increase of 21.21%, demonstrating sustained market demand and steady enhancement of core competitiveness [1] - The company specializes in the development, manufacturing, and sales of customized LCD displays/modules, touch modules, and complex modules, showcasing comprehensive supply capabilities in the professional display field [1] Financial Performance - The company's cumulative net profit excluding non-recurring gains and losses reached 103 million yuan in the first three quarters, marking a 15.00% year-on-year increase, with the main business contribution ratio continuing to rise [1] - As of the end of September, Tianshan Electronics' total assets expanded to 2.159 billion yuan, a 7.04% increase from the end of the previous year, providing solid asset support for business expansion and technological research and development [1] Shareholder Return Strategy - Tianshan Electronics disclosed a shareholder return plan for the next three years (2025-2027), which allows for dynamic adjustments based on development stages while ensuring cash dividends and normal operations [2] - The company emphasizes a balance between long-term development and short-term shareholder returns, reflecting its commitment to investor rights [2] Future Growth Strategy - The company plans to focus on emerging markets such as automotive displays, smart home, and industrial IoT, aiming to build a comprehensive product matrix covering various application scenarios [2] - Tianshan Electronics intends to establish an industrial fund to expand its business around the electronic information ecosystem and strategically enter the ASIC and enterprise-level storage module markets, which may open up new growth opportunities [2] - Collaborations with new storage technology firms aim to develop main control chips and memory modules for applications in AI computing power [2]

Core Insights - In August 2025, China's import of flat panel display modules reached 158 million units, marking a year-on-year increase of 3% with an import value of $3.793 billion, also up by 3.2% [1] - The export of flat panel display modules from China in August 2025 was 269 million units, showing a significant year-on-year growth of 28.9%, with an export value of $4.626 billion, which is a 13.8% increase compared to the previous year [1] Import Data - The import quantity of flat panel display modules in August 2025 was 158 million units, reflecting a 3% increase year-on-year [1] - The import value for the same period was $3.793 billion, which represents a 3.2% increase year-on-year [1] Export Data - The export quantity of flat panel display modules in August 2025 was 269 million units, indicating a substantial year-on-year growth of 28.9% [1] - The export value for this period was $4.626 billion, showing a year-on-year increase of 13.8% [1]

Core Points - The news indicates that the U.S. is reportedly canceling 100% tariffs, which appears to be a sign of easing tensions but is actually a strategic move to protect its own interests [1] - The U.S. is suggesting that the removal of tariffs is contingent upon China lifting restrictions on rare earth exports and increasing soybean purchases, indicating a transactional approach [1] - The U.S. is framing its tariff concessions as a gesture of goodwill, while in reality, it is a necessary retreat from a damaging policy that has increased domestic manufacturing costs and consumer prices [1] Summary by Categories Tariff Changes - The U.S. is set to cancel 100% tariffs, which were previously a significant burden on its economy [1] - The imposition of tariffs has led to a 12% increase in domestic manufacturing costs and has caused retail price indices to exceed warning levels for 18 consecutive months [1] Economic Impact - Average annual living costs for American families have risen by over $4,000 due to the tariffs [1] - The U.S. has already included key items like semiconductors and display modules in its tariff exemption list, indicating a shift in policy focus [1] Strategic Implications - The U.S. is attempting to reframe its retreat from aggressive tariff policies as a benevolent act, while it is actually a response to the unsustainable nature of its previous strategies [1] - The negotiation dynamics suggest that the U.S. is looking to extract strategic resources from China in exchange for tariff relief [1]

Core Insights - In April 2025, China's import of flat panel display modules reached 147 million units, a year-on-year decrease of 5.7%, with an import value of 2.645 billion USD, down 10.2% year-on-year [1] - In the same month, China's export of flat panel display modules was 246 million units, reflecting a year-on-year increase of 26.3%, with an export value of 4.103 billion USD, up 13.4% year-on-year [1] Import Data - The import quantity of flat panel display modules in April 2025 was 147 million units, showing a decline of 5.7% compared to the previous year [1] - The import value for the same period was 2.645 billion USD, which represents a decrease of 10.2% year-on-year [1] Export Data - The export quantity of flat panel display modules in April 2025 was 246 million units, indicating a significant increase of 26.3% year-on-year [1] - The export value for this period was 4.103 billion USD, marking a year-on-year growth of 13.4% [1]

Core Viewpoint - 华显光电 reported significant growth in sales and revenue for the first nine months of 2025, despite facing challenges from global economic uncertainties and a slowdown in consumer demand for smartphones [1][2] Group 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 nine months ending September 30, 2025, total sales volume reached 62.2 million units, representing an 84.3% year-on-year increase [1] - Sales of mobile module products increased by 91.8% year-on-year to 47.3 million units, generating revenue of RMB 2,275.1 million [1] - Sales of tablet modules surged by 108.6% year-on-year to 7.4 million units, with related revenue of RMB 1,338.4 million [1] - Commercial display product sales grew by 488.9% year-on-year to 3.7 million units, contributing RMB 1,219.9 million in revenue [1] - The average selling price of products decreased by 4.2% year-on-year to RMB 89.3 [1] Group 2: Market Outlook - The global economic uncertainty and increased trade barriers are impacting the overall electronic consumer goods industry [1] - Despite a conservative consumer attitude, IDC forecasts a seasonal demand in Q4 2025, driven by hardware and software upgrades, leading to continued growth in the global smartphone market [2] - The company plans to expand its product range and leverage its partnership with TCL Huaxing Optoelectronics to maintain stable order growth [2] - The company remains cautiously optimistic about the long-term prospects of its display module business, aiming to enhance collaboration with leading brand clients through competitive customized products and solutions [2] - The company intends to capitalize on opportunities in the mid-size display market, smart home, and IoT sectors while maintaining cost control to drive sales growth and improve profitability [2]

Core Viewpoint - The company is focusing on differentiated, customized, and diversified display module products, with a strong emphasis on complex modules and automotive electronic terminals for future growth [1][2][4]. Group 1: Product Offerings - The company started with black and white LCD products and has expanded to color screens, automotive displays, and complex modules, with revenue contributions of 64% from color LCD modules, 22% from monochrome LCD modules, 11% from displays, and 3% from touch screens [1]. - The company provides customized services to high-quality clients across various industries, including smart home, smart finance terminals, communication equipment, industrial control, energy, healthcare, automotive electronics, and consumer electronics [1]. Group 2: Financial Performance - The company has shown steady growth, with a 5-year revenue CAGR of approximately 24% and a net profit CAGR of about 33% [2]. - The average product price increased from 9.7 to 14.6 yuan per unit from 2021 to 2024, reflecting a CAGR of 14% [2]. Group 3: Future Growth Areas - The company is focusing on complex modules and automotive electronic terminals, having made progress in developing smart serial display modules and variable light rearview mirror modules [2]. - The ASIC market is expected to grow rapidly due to the increasing demand for AI applications, with major companies like Google, Intel, and Amazon leading the way [3]. - The enterprise SSD market is projected to reach $39.6 billion globally and $9.1 billion in China by 2029, driven by trends in AI, data centers, and cloud storage [3]. Group 4: Strategic Partnerships - The company is collaborating with Tianlianxin and Xincun Technology to establish a full-chain layout for ASIC and enterprise storage modules, focusing on chip research and development, module manufacturing, and application implementation [4]. - Tianlianxin is responsible for developing ASIC chips and enterprise storage products, while Xincun Technology focuses on PCM chip design and manufacturing [4].

Core Insights - In July 2025, China's imports of OLED flat panel display modules reached 40 million units, marking a year-on-year decline of 11.9%, with an import value of $1.824 billion, down 14.9% year-on-year [1] - Exports of OLED flat panel display modules from China totaled 27 million units in July 2025, reflecting a year-on-year decrease of 13.8%, with an export value of $1.042 billion, down 17.5% year-on-year [1] Import Data - The import quantity of OLED flat panel display modules in July 2025 was 40 million units [1] - The import value for the same period was $1.824 billion [1] - Year-on-year decline in import quantity was 11.9% and in import value was 14.9% [1] Export Data - The export quantity of OLED flat panel display modules in July 2025 was 27 million units [1] - The export value for the same period was $1.042 billion [1] - Year-on-year decline in export quantity was 13.8% and in export value was 17.5% [1]