Group 1 - Company Hualian Holdings (000036.SZ) plans to invest RMB 50 million in Chengdu Ideal Realm Technology Co., Ltd. (referred to as "Ideal Realm") through a capital increase agreement, acquiring a 2.7778% stake in the company [1][2] - The investment will consist of RMB 4.4924 million for subscribing to the new registered capital, with the remaining RMB 49.955076 million allocated to capital reserves [1] - The related party, Shenzhen Hengyu Capital Management Co., Ltd. (referred to as "Hengyu Capital"), will also invest RMB 100 million in Ideal Realm, obtaining a 5.555556% stake after the capital increase [2] Group 2 - Hengyu Capital has the option to designate an associated third party to invest RMB 50 million under the same conditions as its own investment [2] - Ideal Realm's main business focuses on AR glasses and vehicle display technology, with its self-developed Fiber Scanning Display (FSD) technology being distinct from semiconductor processes [2] - The AR glasses produced by Ideal Realm are characterized by a small target area, low power consumption, and high PPI, catering to the consumer market [2]

Core Viewpoint - Hualian Holdings (000036.SZ) and its affiliate Hengyu Capital plan to invest 50 million yuan each in Lixiang Jingjie, acquiring a 2.7778% stake in the company, aiming to strategically invest in the FSD technology sector and promote industrial transformation [1] Investment Details - The total investment amounts to 100 million yuan, with 4.4924 thousand yuan allocated for subscribing to the new registered capital and the remaining 49.955 million yuan added to the capital reserve [1] - The investment reflects a strategic move into the FSD technology industry, which is distinct from semiconductor processes [1] Company Overview - Lixiang Jingjie specializes in AR glasses and vehicle display businesses, utilizing its proprietary FSD technology to manufacture consumer-grade AR glasses with features such as small target area, low power consumption, and high PPI [1] - The investment is intended to further the company's industrial transformation and development [1]

Core Viewpoint - Hualian Holdings (000036.SZ) and its affiliate Hengyu Capital plan to invest 50 million yuan each in Lixiang Jingjie, acquiring a 2.7778% stake in the company, aiming to strategically invest in the FSD technology sector and promote industrial transformation [1] Investment Details - The total investment amounts to 100 million yuan, with 4.4924 thousand yuan allocated for subscribing to the new registered capital and the remaining 49.955 million yuan added to the capital reserve [1] Technology Overview - Lixiang Jingjie has developed a proprietary Fiber Scanning Display (FSD) technology, which is a non-semiconductor process distinct from other display technologies [1] - The FSD technology is applied in the manufacturing of consumer-grade AR glasses, characterized by a small target area, low power consumption, and high PPI [1] Business Focus - The main business operations of Lixiang Jingjie include AR glasses and automotive display sectors [1] - The investment aims to strategically position the company within the FSD technology industry, facilitating further development and transformation [1]

宸展光电同时深耕商业人机交互智能终端市场多年，具备较好的客户资源、较强的集成和设计能力、较丰富的跨行业解决能力，因此保持着较 高的毛利率。未来，公司将延续核心优势，并增强全球制造能力，拥抱AI等新技术，拓展新行业应用，保持较高的盈利能力。 2025年，宸展光电已有多款车型进入量产，产品涵盖主控屏、空调屏和仪表屏，客户包含新能源车新秀和传统车厂的新能源项目。未来，公司 将在中国市场继续实施差异化的市场策略，发力多联屏和娱乐屏等技术含量和附加值更高的产品，争取市场份额。 自有品牌MicroTouch致力于在全球市场提供交互式触控解决方案，1992年成为第一家在纳斯达克上市的触摸屏公司，2001年被3M集团收购， 2020年被宸展光电收购并纳入集团业务版图。目前，宸展集团适时调整其发展战略，让其以境外独立子公司的模式开展业务，并由"渠道建设 为主"调整为"产品建设为主"，使其营收快速发展，贡献占比逐年提高。 近日，宸展光电在接受机构调研时表示，进入2025年，车载显示行业的同业竞争更加激烈，市场变化更加频繁。公司将积极向上下游整合，拓 展CP Line等新业务，提升FATP能力；并加大研发投入，开发新产品和新应用技 ...

宸展光电（厦门）股份有限公司 投资者关系活动记录表 证券代码：003019 证券简称：宸展光电 答复：进入 2025 年，车载显示行业的同业竞争更加激烈，市场变化更加频繁。公司将 编号：IR2025-006 投资者关系 活动类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 ■ 路演活动 □ 现场参观 □ 其他 参与单位名称 华西证券、万联证券、摩根士丹利基金、深圳创富兆业、大道至简投资、 朴拙投资等 时间 2025 年 9 月 17 日 10：00-12：00 地点 深圳皇冠假日酒店会议室 上市公司接待人员 姓名 董事会秘书钟柏安、投关总监赖洲洋 投资者关系活动主要内容： 一、公司经营情况介绍 二、主要交流问题： 1、请简要介绍下自有品牌 MicroTouch？ 答复：MicroTouch 有 40 多年的触控技术经验和品牌历史，致力于在全球市场提供交互 式触控解决方案，1992 年成为第一家在纳斯达克上市的触摸屏公司，2001 年被 3M 集团收购， 2020 年被宸展光电收购并纳入集团业务版图。目前，宸展集团适时调整其发展战略，让其以 境外独立子公司的模式开展业务，并由 ...

Core Viewpoint - Top Run Total Solutions has signed a supply contract with Chery Automobile for display backlight sources, marking a significant step in establishing a supply system in China, which is viewed as a major domestic market rather than just a manufacturing base [1][4]. Group 1: Contract Details - The contract amount is approximately 606 billion KRW, equivalent to about 312 million RMB [1]. - The products supplied will include three types of display backlight sources: a 13.2-inch central control screen, a 15.6-inch central control screen, and a 10.25-inch instrument panel [1]. - The 13.2-inch central control screen and the 10.25-inch instrument panel will be supplied by Company A, while the 15.6-inch central control screen will be supplied by Company B [1]. Group 2: Strategic Implications - This order includes a modular enterprise agreement with Chery's parts supplier, Company A, indicating a deeper collaboration [4]. - Top Run Total Solutions anticipates that the partnership with Chery will open up more opportunities to enter other major automotive manufacturers' markets in China as Chery's main electric vehicle models adopt their backlight sources [4].

Market Overview - The global sales of new energy vehicles are expected to exceed 18 million units in 2024, representing a 45% year-on-year growth, with China's penetration rate soaring to 38.6% [1] - The demand for in-car displays is experiencing explosive growth, with global shipments of automotive panels projected to reach 228 million units in 2024, a historical high [1] - The automotive display panel market is expected to surpass $15.8 billion, with a target of $20 billion by 2025 [1] Industry Dynamics - The average number of screens in high-end vehicles has increased to 4.2 in 2024, up from 2.8 in 2022 [1] - The proportion of central control screens larger than 12 inches has reached 72%, an increase of 7 percentage points from 2022 [1] - The penetration rate of Mini LED technology in automotive applications is expected to exceed 15% in 2024, significantly enhancing the value of individual vehicle displays by 300% [1] Company Spotlight: Weizhi Optoelectronics - Weizhi Optoelectronics is the leading player in the automotive backlight module market, with a 15% market share and a diverse client base including major panel manufacturers and automotive brands [2][6] - The company has a strong vertical integration strategy, producing 75% of key materials in-house, covering the entire supply chain from molds to SMT [4] - Weizhi is innovating with curved displays and local dimming backlight technologies, and plans to establish a vehicle-grade COB production line for Mini LED by 2024 [5] Financial Performance - In 2024, Weizhi's revenue is projected to be 2.372 billion RMB, with a net profit of 92 million RMB, reflecting a year-on-year growth of 25.6% and 96.3% respectively [6] - The company's gross margin is expected to be 21.8%, an increase of 4.2 percentage points [6] - The stock is currently undervalued, with a PE ratio of only 4 times, compared to 58 times for comparable companies in the A-share market [6] Strategic Investment - CICC's strategic investment in Weizhi, amounting to 30-50 million RMB, aims to expand Mini LED production lines and develop glass-based backlight technology [7] - The investment is expected to increase Weizhi's Mini LED module production capacity by 300% by 2025 [7] Competitive Landscape - BOE is projected to capture 18.7% of the market share in 2024, while Huaxing Optoelectronics is expected to hold 15.2% [8] - The competition in the backlight module sector is intensifying, with some companies facing significant losses, while Weizhi and Weishi are experiencing growth due to their technological advantages [8] Future Outlook - The demand for automotive backlight modules is anticipated to reach 245 million units in 2024, with the penetration rate of new energy vehicles targeting 35% [9] - The collaboration between CICC and Weizhi is seen as a significant step towards enhancing China's manufacturing capabilities and moving up the value chain [9] - Analysts predict a substantial increase in Weizhi's stock price, with target prices set at 3.2 HKD and 3.5 HKD based on future earnings projections [9]

Group 1 - The project initiated in Gaochun District involves a total investment of 3 billion yuan, aiming to produce 3 million vehicle display glass covers, 1 million vehicle display modules, and 500,000 HUD display modules annually after the first phase is completed [1] - Ruihua Optoelectronics is a leading global provider of vehicle display solutions, having successfully achieved mass production of 3A vehicle-coated glass [1] - The project is expected to accelerate the growth of the display core materials, display modules, and vehicle industrial control sectors, contributing to the goal of surpassing 10 billion yuan in the industry chain by 2030 [1] Group 2 - Gaochun District is recognized as one of the most complete regions for the intelligent connected vehicle industry chain in the Yangtze River Delta, with a comprehensive range of vehicle product lines [2] - The local government has demonstrated strong support for project implementation, ensuring efficient and compliant processes for project approvals [2] - Gaochun aims for an annual industrial output and investment growth of over 15%, having introduced 86 projects worth over 100 million yuan this year, with 36 projects already operational [2] Group 3 - Gaochun is focused on enhancing its leading industries and building a suitable industrial system, with a five-year plan to attract 300 billion yuan in investments [3] - The district aims to attract major projects worth over 1 billion, 2 billion, and 3 billion yuan, establishing an automotive parts industry cluster and new display industry park [3] - The goal for the year includes attracting 100 projects worth over 100 million yuan and 8 projects worth over 1 billion yuan [3]

Summary of Conference Call Records Industry Overview - The conference call discusses the consumer electronics sector in Hong Kong, focusing on companies involved in intelligent driving technology, including Horizon Robotics, Black Sesame Intelligence, Youjia Innovation, and BOE Technology Group [1][2][3][4][5][6][16][23]. Key Points and Arguments Horizon Robotics - **Revenue Projections**: Horizon Robotics expects revenues of RMB 3.3 billion in 2025, RMB 5.5 billion in 2026, and RMB 8.5 billion in 2027, maintaining a high growth rate of over 50% [1][3]. - **Market Valuation**: Current market capitalization is approximately HKD 90 billion, corresponding to a price-to-sales (PS) ratio of 25x for 2025 [1][3]. - **High-End Chip Contribution**: High-end driving chips are projected to contribute RMB 3 billion in revenue by 2027, with a long-term revenue forecast of RMB 26 billion by 2030, potentially leading to a market cap of HKD 260 billion to HKD 320 billion [1][3][5]. - **Catalysts for Growth**: Key catalysts include the performance validation of high-end chips in Q4 2025 and potential partnerships with major automakers like BYD and Geely [4][5]. Black Sesame Intelligence - **Revenue Expectations**: Black Sesame anticipates revenues of RMB 800 million in 2025, with a projected growth rate exceeding 70% [1][8]. - **Market Position**: The company is valued at approximately HKD 11 billion, with a PS ratio of 13x [1][6]. - **Product Development**: The A2000 chip, expected to be launched in 2026, aims to compete with NVIDIA's Orin X chips, indicating a focus on high-performance hardware [7][8]. Youjia Innovation - **Business Model**: Youjia Innovation operates on a soft-hard integration model, with expected revenues of RMB 1 billion in 2025, growing to RMB 1.5 billion by 2027 [10][12]. - **Market Strategy**: The company is involved in various projects, including smart commercial vehicles, and aims to achieve breakeven by 2027 [10][12]. BOE Technology Group - **Market Leadership**: BOE is the leading supplier of automotive display modules, with expectations to maintain this position through 2025 [2][16]. - **Financial Performance**: Projected revenue growth of 10%-15% in 2025, with an estimated revenue of HKD 15 billion and a net profit of HKD 500 million [19][20]. - **International Expansion**: The company aims to increase its overseas revenue share to over 40% by 2025, with plans to reach 50% by 2027 [18]. Additional Important Insights - **Market Trends**: The intelligent driving market has shown stability following a drop in tariffs, with indices reflecting modest growth [2]. - **Investor Sentiment**: Concerns regarding liquidity risks and market volatility persist, particularly for companies with lower average market capitalizations [21][22]. - **Catalytic Events**: Investors are advised to monitor key events such as the release of overseas orders and the performance of companies in 2026 for potential positive impacts on stock performance [22]. This summary encapsulates the essential insights from the conference call, highlighting the growth trajectories, market positions, and strategic focuses of the discussed companies within the consumer electronics and intelligent driving sectors.

Core Insights - The automotive display market is projected to grow significantly, with a forecasted increase from $23.83 billion in 2024 to $47.37 billion by 2029, representing a compound annual growth rate (CAGR) of 14.7% [1] - The demand for in-car displays is driven by the rapid development of automotive intelligence and connectivity, with global automotive sales expected to reach 94.7 million units in 2025, a 3.7% increase from 2024 [3][4] - The market is characterized by high growth but low profitability, as increased competition and price wars among suppliers are putting pressure on margins [2][8] Industry Dynamics - The automotive display sector is seen as a "second growth curve" for the display industry, especially as traditional markets like smartphones and TVs face stagnation [2] - The shift towards smart cockpits has made displays a critical battleground, with the average screen size in vehicles increasing due to the rise of electric vehicles [4][5] - The penetration rate of Head-Up Displays (HUD) in passenger cars is expected to rise from 11% in 2023 to 16% in 2024, indicating a shift from high-end options to more mainstream features [4][5] Competitive Landscape - Major players like BOE, TCL Huaxing, and Tianma Microelectronics are shifting focus to automotive displays to utilize excess capacity from saturated consumer electronics markets [5][10] - The competition is intensifying as companies seek to establish deep partnerships with automakers, emphasizing the importance of collaborative development and customized solutions [9][13] - The trend of "de-Tier 1" is emerging, where panel manufacturers aim to bypass traditional Tier 1 suppliers to directly engage with automakers, enhancing profit margins and supply chain stability [6][13] Strategic Approaches - Companies are adopting different strategies to navigate the competitive landscape, with BOE focusing on a comprehensive ecosystem approach while Tianma is honing in on specific technologies like LTPS LCD [10][11] - TCL Huaxing is rapidly expanding its market share, achieving a 125% year-on-year growth in automotive display shipments in 2024 by forming strategic alliances with key automotive players [11][12] - The industry is witnessing a shift towards integrated solutions, with suppliers like Huayang Group and Desay SV becoming system integrators to create new competitive advantages [13] Future Outlook - Despite the promising growth potential, the automotive display market faces challenges such as price declines and the need for differentiation in a crowded field [6][8][14] - The industry's evolution is expected to lead to a more structured and healthy market environment over time, although this may require a period of adjustment [14]