11月21日，韩国媒体The Elec发布消息称，根据20家韩国显示设备企业公布的第三季度财报，与 去年相比，有7家公司实现扭亏为盈，亏损公司数量从去年的9家减少至2家这一转变不仅得益于企 业自身的成本控制与业务拓展，更与中国面板厂商在8.6代OLED产线上的大规模投资密切相关。 与去年同期相比，今年实现营业利润增长的企业有：Sunic Systems、Device、DONG A ELTEK、TOPTEC、Youngwoo DSP、KC、SFA。这7家企业的营业利润增长主要源于销售额的 大幅增长。 其中，增幅最大的公司为Device（638%）、Sunic System（587%），这两家企业第三度的营 收从侧面反映了中国面板企业的投资情况。 Sunic System去年第三季度曾录得16亿韩元的亏损，而今年第三季度则成功实现195亿韩元的盈 利，实现扭亏为盈，主要得益于公司向京东方8.6代OLED生产线（B16）首阶段提供的沉积设备 合同正式生效。 京东方去年3月在四川成都启动了第8.6代OLED B16生产线的建设，投资额达630亿元人民币。 该生产线以玻璃基板为原料，月产能为3.2万片。目前，一期工程（ ...

然而， 在大尺寸面板上应用In-cell技术对制造工艺存在一定挑战。该技术需要在TFT阵列基板的 像素内部嵌入触摸传感器，对半导体制造工艺要求较高，随着面板尺寸的增加，生产过程中出现 缺陷的概率通常会呈指数级上升。 惠科 推出 的 27英寸产品，在制造工艺的精度控制和良品率稳 定性方面取得了一定进展。 11月24日，惠科宣布推出27英寸In-cell触控显示器。惠科表示 ，这是目前市售同类技术中尺寸 较大的桌面显示设备，旨在将触控交互体验从移动端小屏延伸至桌面大屏端。 据悉， 该显示器采用的核心技术为In-cell技术，是一种将触摸面板功能直接嵌入液晶像素内部的 显示方案。 与传统的On-cell或OGS（外挂式）技术相比，In-cell消除了外置触控模组与液晶面板之间的物理 间隙。这一结构设计使屏幕厚度减少了约25%，实现了触控与显示的物理一体化。在技术指标 上，In-cell方案在响应速度、触控精度以及屏幕透光性方面均具有相对优势。 ▶ 关于集邦 在具体性能参数方面，该显示器配置了3600个触控分区，以提高对指尖动作捕捉的精细度。屏幕 支持10点同步触控，可识别双手拖拽或多按键同时操作。触控屏报点率为12 ...

Core Viewpoint - Kairun Co., Ltd. plans to acquire an additional 18% stake in Suzhou Jiazhi Color Optoelectronics Technology Co., Ltd. for approximately 171.60 million yuan (about 17.16 million) to enhance its strategic position and operational efficiency in the display technology sector [1][5][7]. Group 1: Acquisition Details - Kairun Co., Ltd. will purchase the 18% stake from Suzhou He Cai Enterprise Management Partnership and Suzhou Yuan Cai Enterprise Management Partnership, increasing its ownership in Jiazhi Color from 51% to 69% [1][5]. - The total transaction price for the acquisition is 171.60 million yuan (approximately 17.16 million) [1]. Group 2: Company Background and Operations - Jiazhi Color was established in November 2017 and focuses on new display technologies, silicon-based micro-displays, and semiconductor industry testing and production systems [5]. - The current major shareholders of Jiazhi Color include Kairun Co., Ltd. (51%), Xicai Optoelectronics (31%), He Cai Enterprise Management Partnership (10%), and Yuan Cai Enterprise Management Partnership (8%) [5]. Group 3: Recent Developments - In April 2023, Kairun Co., Ltd. announced a cash purchase of a 51% stake in Jiazhi Color for 483 million yuan, making it a controlling subsidiary [7]. - Jiazhi Color has successfully developed and shipped the first domestic OLED De-mura equipment for the 8.6 generation line to a leading panel manufacturer [7]. - In November 2023, Jiazhi Color signed a procurement contract worth 198 million yuan with Chengdu BOE Display Technology Co., Ltd. [7].

11月14日，以"科技赋能产业 融合共创未来"为主题的第二十七届中国国际高新技术成果交易会（简 称"高交会"）在深圳国际会展中心正式开幕。作为全球首创LED全息隐形屏的制造商，深圳市美矽微半 导体股份有限公司（以下简称"美矽微"）携创新成果，在南山、前海、光明三大核心展台同步亮相，成 为三大展区"门面"，见影不见屏和裸眼AR悬浮视效，展现了在透明显示领域的领先创新实力。 资料显示，美矽微成立于2012年，是国家高新技术企业及省专精特新企业，主营业务覆盖高性能数模混 合芯片的研发、设计、销售以及LED全息隐形屏的研发、生产和销售。 美矽微也是行业唯一具备从IC设计到成品智造全产业链全自动化生产能力的企业，创始人拥有20年芯片 设计经验，研发团队搭建了多项核心技术平台，芯片累计出货量已突破400亿颗。 从全球首发到行业领先 美矽微全息隐形屏再度亮相高交会 在2022年的高交会上，美矽微发布了全球首款LED全息屏，让外界第一次见识到全息隐形技术的魅力， 也为世界带来了LED透明屏的全新形态。不仅整块屏幕做到了真正的全通透，同时达到了裸眼3D立体 视觉效果，成为LED透明屏行业具有划时代意义的产品。到目前，全息成像技 ...

Core Viewpoint - 康冠科技 reported a decline in revenue and net profit for the first three quarters of 2025, but showed growth in non-recurring net profit and significant improvement in cash flow from operating activities [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 10.78 billion yuan, a year-on-year decrease of 5.37% - The net profit attributable to shareholders was 503 million yuan, down 9.92% year-on-year - The non-recurring net profit attributable to shareholders was 449 million yuan, an increase of 1.09% year-on-year - The net cash flow from operating activities reached 681 million yuan, a significant increase of 241.76% year-on-year - In Q3 alone, revenue was 3.845 billion yuan, a year-on-year decline of 19.74%, and net profit attributable to shareholders was 119 million yuan, down 20.58% year-on-year [1] Business Segments - The innovative display business experienced high growth, with revenue increasing by 37.11% year-on-year and shipment volume rising by 42.02% - The smart interactive display segment saw increased market penetration in office and education sectors, contributing to steady revenue and shipment growth - Traditional business faced challenges due to industry conditions and a strategic shift towards high-value products, with smart TV revenue declining by 17.33% year-on-year and shipment volume down by 11.95% [1] Strategic Initiatives - The company is actively expanding into the automotive display sector, having established a diversified product matrix that includes "AI+Office," "AI+Education," "AI+Medical," and "AI+Entertainment" - 康冠科技's subsidiary received IATF 16949:2016 certification, laying the groundwork for entering the automotive field - A production line for automotive modules has been established, with successful delivery of the first batch of 3,000 automotive module screens for a domestic electric vehicle manufacturer - Collaboration with a leading international Tier 1 supplier is underway to develop automotive Mini LED display assemblies, leveraging the company's Mini LED backlight technology and algorithms [2] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 737 million yuan, 919 million yuan, and 1.139 billion yuan, respectively, with year-on-year growth rates of -11.55%, 24.73%, and 23.88% - The current stock price corresponds to price-to-earnings ratios of 21.38, 17.14, and 13.83 for the respective years [2]

Core Viewpoint - Karen Co., Ltd. announced a significant equipment procurement contract with Chengdu BOE Display Technology Co., Ltd., valued at approximately 198.41 million RMB (19.84 million RMB) [1][3]. Group 1: Contract Details - The contract signed between Karen's subsidiary, Suzhou Jiazhi Color Display Technology Co., Ltd. (Jiazhi Color), and Chengdu BOE includes a total amount of 198.41 million RMB [1]. - This contract is part of the ongoing development of BOE's 8.6-generation AMOLED panel production line, which has a total investment of 63 billion RMB and a designed capacity of 32,000 pieces per month [3]. Group 2: Company Background - Jiazhi Color was established in November 2017 and focuses on new display technologies, silicon-based micro-displays, and semiconductor industry testing and production systems [3]. - The company has developed the first domestic OLED De-mura equipment for the 8.6-generation line, which is crucial for OLED panel production, enhancing display uniformity and quality [6]. Group 3: Market Position and Future Prospects - The signing of this contract is expected to help the company maintain steady growth in the new display panel testing field, consolidating and enhancing its market competitiveness [6]. - Jiazhi Color has already secured multiple contracts with BOE this year, covering various equipment types essential for display technology [6].

Core Viewpoint - The transfer of control in Honghe Technology has reached a critical milestone, with the signing of a supplementary agreement for the share transfer, confirming a total transaction value of 1.575 billion yuan, paving the way for the new controlling shareholder, Ruicheng Hongtu [1] Group 1: Share Transfer and Control Change - The signing of the supplementary agreement signifies a key step in the change of control for Honghe Technology, with Ruicheng Hongtu set to become the controlling shareholder after completing subsequent procedures [1] - The total share transfer price remains unchanged at 1.575 billion yuan, indicating stability in the transaction value [1] Group 2: Industry Context and Strategic Opportunities - The acquisition is highlighted as the first case initiated by industrial capital CVC under the new "merger and acquisition guidelines," emphasizing the encouragement of industrial capital to integrate and empower real enterprises [1] - Honghe Technology's established capabilities in interactive display technology for education are expected to align well with Chery's innovative needs in smart cockpit displays, enhancing business synergy [2] - The global automotive display panel shipment is projected to reach 232 million units in 2024, indicating significant growth potential in the automotive display sector, which presents a vast market opportunity for Honghe Technology [2] Group 3: Strategic Leadership and Future Prospects - Wu Xiaodong, the chairman and general manager of Hefei Ruicheng, is a key figure in the "investment-driven" Hefei model, leading a strong consortium of investors that includes various state-owned platforms [3] - The capital structure of the acquisition provides substantial financial backing and reflects the local government's intent to promote industry chain integration through capital ties [3] - With a strong cash position, low debt, and advanced technology, Honghe Technology is positioned at a strategic turning point, with potential asset integration expected within the next 12 months [3]

Core Insights - The 2024 Golden Bull Most Investment Value Award was awarded to Hisense Visual Technology at the 2025 High-Quality Development Forum for Listed Companies [1][4] - Hisense Visual Technology focuses on a "value growth" path, emphasizing "multi-scenario large display" and achieving significant breakthroughs in major display technologies [4] Financial Performance - In the first three quarters of the year, Hisense Visual Technology reported a main business revenue of 39.989 billion yuan, representing a year-on-year growth of 5.65% [4] - The company achieved a net profit attributable to shareholders of 1.629 billion yuan, reflecting a year-on-year increase of 24.27% [4] Award Significance - The Golden Bull Award is a prestigious evaluation activity organized by China Securities Journal, emphasizing transparency and professionalism [4][5] - The award evaluates companies based on 18 key indicators across six dimensions, including scale, profitability, debt repayment ability, asset management, growth, and innovation [5]

Core Viewpoint - Hisense Visual aims to establish a "value growth" path centered on "multi-scenario large display" technology, focusing on various display technologies and innovative systems [1] Group 1: Business Strategy - The company is constructing a horizontal coverage across home, commercial, and automotive scenarios [1] - Hisense Visual is deeply engaging in three main display technologies: LCD, laser, and Micro LED [1] Group 2: Innovation and Growth - The company is developing a diversified growth matrix that includes chips, AI, smart wearables, and robotics as part of its innovative ecosystem [1]

Core Viewpoint - Hisense Visual reported strong financial performance for the first three quarters of 2025, with a focus on value growth and innovation in display technology, positioning itself as a leader in the high-end display market [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 39.989 billion yuan, a year-on-year increase of 5.65%, and a net profit attributable to shareholders of 1.629 billion yuan, up 24.27% year-on-year [1]. - In Q3 2025, the company recorded a revenue of 15.066 billion yuan and a net profit of 573 million yuan, representing year-on-year growth of 6.71% and 20.15%, respectively [1]. Technological Innovation - The company adheres to a "technology-driven enterprise" strategy, focusing on three core display technologies: LCD, laser, and Micro LED, to enhance its competitive edge in the high-end display sector [2]. - Hisense has made significant advancements in RGB-Mini LED technology, overcoming challenges in chip and algorithm development, and has launched several flagship products, including the world's first 116-inch RGB-Mini LED TV [2]. Market Position and Growth - Hisense's sales data indicates a substantial increase in the large-screen TV market, with over 64% and 59% year-on-year growth in the 98-inch and 100-inch segments, respectively [1]. - The global shipment of Hisense's Mini LED TVs grew by 76%, with a remarkable increase of over 200% in the Chinese market [1]. Future Growth Strategies - The company is expanding its business into commercial displays, cloud services, and emerging technologies such as AI, AR/VR, and robotics, aiming to create new growth engines [3]. - Hisense is recognized as a leader in AI television, establishing an integrated AI capability system and contributing to international standards in smart home technology [3]. Industry Recognition - The company's innovation and growth potential have been acknowledged by over 20 leading securities firms, which have issued positive ratings, reflecting confidence in Hisense's technological attributes and long-term growth value [3].