营收高速增长，盈利能力短期承压 亚世光电（002952）(集团)股份有限公司(股票代码：002952)发布2025年半年度报告，上半年实现营业 收入4.32亿元，同比增长30.01%，展现出强劲的市场扩张势头。然而，受电子纸业务毛利率下滑及费用 增长影响，归属于上市公司股东的净利润为538.04万元，同比下降36.21%，出现"增收不增利"局面。尽 管短期利润承压，公司在电子纸新赛道的快速放量、全球化产能布局及技术储备方面的进展，成为本期 财报的突出亮点。 电子纸业务成为核心驱动力 分产品看，电子纸显示模组业务收入达2.10亿元，同比暴增103.01%，占总营收比重升至48.63%，几乎 与传统液晶业务(50.29%)平分秋色，标志着公司第二增长曲线正式确立。该业务产品应用于智慧零售、 智慧公交、智慧办公等领域，具备超低耗电、类纸质显示等特性，契合物联网智能化发展趋势。 截至报告期末，公司及子公司已获境内专利149项(发明专利23项)，并拥有ISO9000、ISO14000、IATF ISO/TS16949等认证，技术储备与质量管理体系为持续获取订单提供坚实支撑。 在全球化产能布局方面，越南孙公司资产总额达1 ...

投资建议：公司深耕MLED 视频图像显控领域，借助显控系统与屏厂的高粘性卡位，以及出海的性价 比优势，加速放量高毛利率产品；前瞻布局MLED检测设备与芯片，挖掘全产业链核心价值。我们预测 公司2025-2027 年实现收入37.20、44.90、55.50 亿元，实现归母净利润6.84、8.80、11.92 亿元，对应PE 为24x、18x、14x，维持 "增持"评级。 风险提示：MLED 产业发展不及预期；视频设备出海不及预期；宏观经济波动风险 国内市场承压，海外市场增长势头良好。1H2025，公司国内收入下滑8.60%，海外收入增长21.40%，国 内市场仍受到宏观环境影响，随着国内市场企稳修复，下半年有望实现收入增速提速。 应收账款增幅收窄，现金回款加速。截至2025 年中期，公司应收账款比年初增加了0.25 亿元，同比下 降35.9%；经营现金流量净额达1.55 亿元，同比增长327.9%。公司现金回款加速，经营质量显著提升。 高端新品以及海外业务占比提升，驱动毛利率持续上行。1H2025，公司推出了以"PWM+PAM 混合驱动 芯片"为核心的Infinity 无极MLED 超高画质解决方案；公司升级 ...

天眼查资料显示，武汉天马微电子有限公司，成立于2008年，位于武汉市，是一家以从事软件和信息技 术服务业为主的企业。企业注册资本1628000万人民币。通过天眼查大数据分析，武汉天马微电子有限 公司参与招投标项目2610次，专利信息4131条，此外企业还拥有行政许可221个。 金融界2025年8月16日消息，国家知识产权局信息显示，武汉天马微电子有限公司申请一项名为"一种显 示面板及显示装置"的专利，公开号 CN120496436A，申请日期为 2025 年 06 月。 专利摘要显示，本申请提供一种显示面板及显示装置，显示面板包括显示区和非显示区，非显示区至少 部分包围显示区。显示面板还包括第一电路和第二电路，第一电路位于显示区；在发光阶段，第一电路 向发光器件传输发光驱动电流，第一电路中包括第一类晶体管。第二电路位于非显示区，第二电路中包 括第二类晶体管。其中，第一类晶体管及第二类晶体管均为双栅晶体管；第一类晶体管所包括的两个栅 极均接收相同的电信号；在第二类晶体管开启时，第二类晶体管所包括的两个栅极分别接收不同的电信 号。本申请的设置方式有助于提升第一类晶体管的导通程度，满足显示面板对晶体管的高输出电流的 ...

Financial Performance - In the first half of 2025, the company achieved a revenue of 397.51 million yuan, representing a year-on-year increase of 244.67% [2] - The cost of goods sold was 284.75 million yuan, up 151.60% year-on-year [2] - The net profit attributable to shareholders was 72.89 million yuan [2] Product and Market Strategy - The company is shifting its product focus from low-margin mobile products to high-margin products such as handheld devices, tablets, laptops, and automotive displays [3] - The current capacity utilization rate is around 50%, with a total monthly production capacity exceeding 7 million units across two factories [4] - The company aims to expand its international presence and attract more global top-tier clients [4] Contribution of Nintendo Switch 2 - The overseas revenue reached 275 million yuan in the first half of 2025, a staggering year-on-year growth of 1669.71%, largely driven by the Nintendo Switch 2 [3] - The gross margin for the main products in the first half of 2025 was 28.31%, with potential for future improvement [5][6] - The Nintendo Switch 2 has sold over 5.82 million units by the end of June 2025, setting a record for the fastest sales in Nintendo's history [7] Competitive Position - The company maintains a strong position as the sole supplier of backlight modules for the Nintendo Switch 2, supported by technological advantages and cost competitiveness [8] - The proprietary compression molding technology has reduced production costs by 30%, enhancing competitive strength [8] Future Outlook - Future gross margin growth will depend on order scale effects and optimization of revenue structure [6] - The company will continue to monitor the impact of the Nintendo Switch 2 on its overall financial performance, with detailed results to be disclosed in future reports [7]

8月4日，韩媒The elec报道称， LG Display 2024年 年底向苹果提出了 简化串联 OLED技术， 随后苹果就该技术向三星显示进行了咨询。 通常情况下，苹果确定量产计划后，需经过2年多的开发才会推出相关产品。鉴于苹果目前尚未决 定其iPhone是否采用LG Display、三星显示等企业的串联OLED技术，若该技术最终得以应用， 预计最早也要到2028年之后才能在产品上实现落地（即iPhone 18系列）。 "简化"这一说法源于与标准双串联方式的对比，后者是将所有RGB子像素均堆叠为两层。去年， 苹果首次推出的OLED iPad平板电脑面板，便采用了将RGB子像素全部堆叠为两层的双串联 OLED技术。由于iPad的更换周期比智能手机长，且OLED iPad属于高端机型，因此苹果选择在 该产品上应用双串联OLED技术。 值得注意的是，苹果公司与LG Display和三星显示三家公司之间存在立场差异。 LG Display向苹果提出的简化串联OLED方案，似乎映射了其对串联技术的信心。事实上，早在数 年前，LG Display就曾向苹果公司提议将串联OLED技术应用于iPhone。当时苹果公司回 ...

Core Viewpoint - Samsung Electronics reported a mixed performance for Q2 2025, with a slight year-on-year revenue increase but a significant drop in operating profit, indicating challenges in profitability despite stable revenue growth in certain segments [1]. Group 1: Revenue and Profit Overview - The consolidated revenue for Q2 2025 was 74.6 trillion KRW (approximately 385.68 billion RMB), a decrease of 5.8% quarter-on-quarter but an increase of 0.67% year-on-year [1]. - Operating profit for the same period was 4.7 trillion KRW (approximately 242.99 billion RMB), reflecting a year-on-year decline of 55.23% [1]. Group 2: Business Segment Performance Display Business - The display business generated revenue of 6.4 trillion KRW (approximately 330.88 billion RMB) with an operating profit of 0.5 trillion KRW (approximately 25.85 billion RMB) [3]. - Growth in mobile display revenue was attributed to strong market response to new smartphones and expansion in IT and automotive sales, while QD-OLED sales benefited from high demand in the gaming market [3]. - For H2 2025, the company anticipates revenue growth in mobile displays driven by new smartphone releases and aims to enhance market presence through differentiated technology [3]. Mobile Experience (MX) and Network Business - MX and network business revenue reached 29.2 trillion KRW (approximately 1,509.64 billion RMB) with an operating profit of 3.1 trillion KRW (approximately 160.27 billion RMB) [4]. - Despite a decline in smartphone shipments compared to Q1, revenue and operating profit saw year-on-year growth due to strong sales of Galaxy S25 series and Galaxy A series [4]. - Plans for H2 2025 include a focus on flagship smartphone sales, enhancing AI features in devices, and expanding the Galaxy ecosystem with new product forms [5]. Visual Display and Digital Home Appliances - Revenue from visual display and digital home appliances was 14.1 trillion KRW (approximately 728.97 billion RMB) with an operating profit of 0.2 trillion KRW (approximately 10.34 billion RMB) [6]. - The visual display segment saw increased sales of high-end products like Neo QLED and OLED TVs, although profitability declined due to slowing demand and intensified competition [6]. - The TV division plans to leverage seasonal demand and enhance high-value product lines to drive revenue growth in H2 2025 [6]. Semiconductor Business - The semiconductor division reported revenue of 27.9 trillion KRW (approximately 1,442.43 billion RMB) and an operating profit of 400 billion KRW (approximately 20.68 billion RMB) [7]. - The increase in sales was driven by high-value server memory products and growth in major foundry customer sales, with a quarter-on-quarter revenue increase of 11% [7]. - The company is responding to server demand by expanding sales of HBM3E and large-capacity DDR5 products, while SSD sales also saw growth [8]. - Expectations for H2 2025 include strong AI demand driven by continued investments from major cloud service providers, sustaining robust demand for DRAM and NAND products [9].

Market Performance - The main board led the gains with notable increases in stocks such as Jinyi Film (+10.04%), Ciwen Media (+10.00%), and Changfei Fiber (+10.00%) [1] - The ChiNext board saw significant growth, particularly in Xifeng Blue Sea (+20.00%) and Ashi Innovation (+11.82%) [1] - The Sci-Tech Innovation board was also strong, with Dongxin Co. (+17.33%) and Danghong Technology (+15.79%) leading the way [1] - Active sub-industries included SW Film and Animation Production (+2.43%) and SW Games III (+1.22%) [1] Domestic News - A semiconductor project by China Electronics Technology Group focusing on silicon carbide substrates has been launched, aiming to add 1 million mm of silicon carbide single crystal and 300,000 pieces of silicon carbide substrate capacity [1] - Huajin Technology announced plans to acquire a 6% stake in Crystal Integrated for approximately 2.393 billion yuan, aiming to enhance industry chain collaboration and strategic investment [1] - According to CINNO, the installation of central control CID in China's passenger cars reached 12.84 million units in the first half of 2025, a year-on-year increase of 12%, with a high installation rate of 98% [1] - Akita Micro's production base in Thailand has been established, focusing on core business areas including new flat panel display devices and embedded software development [1] Company Announcements - Haitai Ruisheng reported a reduction in shares by major shareholders, with a total of 399,950 shares sold, accounting for 0.66% of the total share capital [3] - Zhuoyi Information disclosed a reduction of 2,259,989 shares by a shareholder, representing 1.87% of the current total share capital [3] - Zhongke Software completed a share reduction plan, selling 16,620,800 shares, which is 2% of the total shares [3] - Fudan Microelectronics projected a revenue of approximately 1.82 billion to 1.85 billion yuan for the first half of 2025, reflecting a year-on-year increase of 1.44% to 3.12%, while net profit is expected to decrease by 39.67% to 48.29% [3] Overseas News - Hanmi Semiconductor expressed confidence in dominating the HBM4 market for high bandwidth memory bonding machines amid increasing competition [2] - Japan Display Inc. (JDI) has decided to sell its manufacturing equipment at the Mobara factory and terminate production operations early [2] - Canalys reported a 1% increase in U.S. smartphone shipments in Q2 2025 due to tariff concerns, with the proportion of U.S. smartphones assembled in China dropping from 61% to 25% [2] - EssilorLuxottica announced a 5.5% revenue growth to 14 billion euros (approximately 16.2 billion USD) in the first half of 2025, driven by a doubling in sales of Ray-Ban Meta AI glasses [2]

Core Insights - The production of LCD TVs in Xi'an High-tech Zone has reached a remarkable pace, with one TV being produced every 8 seconds, showcasing a complete industrial chain from quartz sand to television manufacturing [1] - Xi'an High-tech Zone has established itself as a significant player in the electronic display industry, particularly in the core material of substrate glass, through continuous innovation and development [2] Industry Developments - The newly established G8.5+ substrate glass production line in Xi'an has improved efficiency by over 20%, with a total production capacity exceeding 5.8 million pieces, meeting over 10% of China's market demand [2] - The production lines of Rainbow Display (彩虹股份) have achieved an average capacity exceeding design capacity by 23%, contributing to the security of China's LCD panel supply chain by replacing imported products [2] Technological Advancements - The production line utilizes the internationally advanced "overflow pulling method" to manufacture high-generation substrate glass, with a comprehensive intellectual property system established for the entire industry chain [3] - Collaboration with Xi'an Jiaotong University aims to advance research in smart manufacturing, simulation, and high-end materials [3] Collaborative Efforts - The integration of the G8.6 generation LCD panel production line with the AOC display technology factory enhances the synergy within the industrial chain, promoting growth among upstream supporting enterprises [4] - The "Action Plan for Cultivating a Trillion-Level New Display Industry Innovation Cluster" aims to integrate new display manufacturing with big data, IoT, and AI technologies, targeting a scale of 100 billion yuan by 2035 [4] - Over 40 upstream and downstream enterprises have settled in Xi'an High-tech Zone, forming a robust industrial ecosystem led by "panel + substrate" dual leaders [4]

Core Insights - Shenzhen Nanjiguang Electronic Technology Co., Ltd. (Nanjiguang) is a leading provider of backlight display module solutions in China, focusing on LED backlight module research, production, and sales [1][2] - The company has established a strong reputation in the industry, serving high-profile clients such as Nintendo, OPPO, VIVO, Xiaomi, Huawei, and Samsung, among others [1] - Nanjiguang is committed to increasing R&D investment and exploring cutting-edge display technologies to provide superior display solutions to its customers [1][2] Group 1 - Nanjiguang has made significant progress in technology innovation, market expansion, and lean production, particularly in providing high-performance backlight modules for international clients [1] - The company’s products are widely used across various sectors, including tablets, laptops, gaming, smart wearables, smartphones, automotive displays, medical displays, industrial control equipment, and home appliances [1] - Nanjiguang plans to implement a dual-track strategy to enhance product layout, focusing on new consumer trends and electronic iterations while also monitoring AI developments [2] Group 2 - The company aims to deepen its service to global leading clients in niche markets such as esports, gaming, handheld devices, and outdoor wearables [2] - Nanjiguang intends to leverage government support and resources to enhance communication and collaboration with government departments [2] - The company is dedicated to increasing its core competitiveness through continuous innovation and aims to deliver outstanding performance in return for societal support [2]

Group 1 - The company expects a net profit to be negative for the period from January 1, 2025, to June 30, 2025 [1] - The estimated operating revenue for the company is between 4 billion to 4.2 billion RMB, representing a year-on-year growth of 1.70% to 6.78% [2] - The increase in net profit attributed to the recovery in the downstream consumer electronics industry, with rising penetration rates of AMOLED in smartphones and smart wearables [2] Group 2 - The company has optimized its product structure and improved production efficiency through supply chain localization and technological innovation, leading to a significant increase in product gross margin [2] - The performance forecast has not been audited by an accounting firm, and the final financial data will be disclosed in the company's 2025 semi-annual report [3][4]