Core Viewpoint - LG Display achieved a significant turnaround in 2025, reporting a total sales of 25.81 trillion KRW (approximately 125.18 billion RMB) and an operating profit of 517 billion KRW (approximately 2.51 billion RMB), marking its first annual profit in four years despite a 3% decline in sales compared to the previous year [1][3]. Group 1: Financial Performance - In 2025, LG Display's sales decreased by 3% from 26.61 trillion KRW to 25.81 trillion KRW, but operating profit improved by approximately 1 trillion KRW from a loss of 5.606 trillion KRW in the previous year [1]. - The fourth quarter of 2025 saw sales of 72.008 trillion KRW (approximately 349.24 billion RMB), an 8% year-on-year decline, while operating profit surged by 103% to 1.685 trillion KRW (approximately 81.7 million RMB) [1]. - EBITDA for 2025 was reported at 11.62 trillion KRW (approximately 563.6 million RMB), reflecting an 11% year-on-year decline [1]. Group 2: Strategic Transition - LG Display increased the proportion of OLED products in total sales to a record 61% in 2025, up from 32% in 2020 and 40% in 2022, indicating a strong shift from LCD to OLED technology [3]. - The company plans to exit the large-size LCD business to accelerate its strategic transition towards OLED [3]. - By 2026, LG Display aims to enhance its technology and cost competitiveness through AI transformation and improve operational efficiency to establish a sustainable profit structure [4]. Group 3: Product Segmentation - In terms of product categories, TV panels accounted for 19% of annual revenue, IT device panels (including monitors, laptops, and tablets) made up 37%, mobile and other device panels constituted 36%, and automotive panels represented 8% [3]. - The company intends to focus on high-end markets in the IT sector while reducing low-margin products to enhance competitiveness [4]. - LG Display plans to expand its OLED product line for TVs and gaming, leveraging advanced technologies such as RGB Tandem 2.0 and high-refresh-rate gaming OLED panels [4].

1月21日，NHK科学技术研究所（下文简称"NHK技研"）联合千叶大学和京都大学宣布，研发出 全球首个具备发光与太阳能发电双功能的OLED显示装置，并成功实现蓝色发光。该技术旨在应用 于灾害现场，让显示屏在没有电源的情况下也能自行发光。 图片来源： NHK技研 NHK技研除了将自主研究开发的OLED显示技术进行应用的同时，还与京都大学共同开展了MR- TADF材料的研发，并与千叶大学共同推进了其工作原理的解析研究。 NHK技研表示接下来将专注提升发光与发电效率及耐用性，目标是实现低耗电显示装置实用化。 技术未来也可能应用于扩增实境（AR）与虚拟实境（VR）等需要精确色彩呈现领域。（来源： Unwire HK、集邦Display整理） 过去有机半导体发光与太阳能发电属于相反原理，前者需要通电发光，后者则透过吸收光产生电 力，两者难以在单一元件实现。 研究团队此次采用兼具高发光效率和强光吸收特性的"MR-TADF 材料"，通过精确控制元件内部的能量，成功研制出可在发光和太阳能发电两种模式间切换的 OLED器件。 据介绍，MR-TADF材料属于第三代OLED 技术进阶发展，特点是能发出窄频谱光线（半峰全宽小 于40 ...

Core Insights - HKC Corporation gained significant attention at CES 2026, showcasing its theme "Powering the Next Era of Play & Creation" with a focus on display technology for professional creation, gaming, and esports [2][6] Product Highlights - The M10 Ultra, the world's first monitor with RGB MiniLED backlighting, features UHD resolution, dual refresh modes up to 165Hz and 330Hz, peak HDR brightness of 1600 nits, and supports multiple color spaces, attracting professional creators and gamers [3] - The M9 Pro, HKC's first 5K AI gaming monitor, combines 5K resolution, MiniLED backlighting, Fast IPS technology, and AI-powered AIPQ image optimization for advanced workflows [3] - KOORUI brand showcased multiple OLED products, including the S4941XO 49-inch ultra-wide OLED monitor with DQHD resolution and 240Hz refresh rate, and the S3241XO 4K 240Hz OLED monitor for gaming and professional use [4] - ANTGAMER's esports zone featured the ANT275PQ Ultra, ANT275ZQE OLED dual-mode monitor, and the ANT257PF, the world's first 750Hz gaming monitor, emphasizing ultra-high refresh rate performance [5] Market Engagement - HKC's booth attracted buyers and partners from various overseas markets, indicating strong commercial interest and ongoing discussions about future collaborations [6]

Core Viewpoint - The OLED display market is experiencing significant growth, with increasing shipment volumes and new brands entering the market, leading to lower prices for consumers [1]. Group 1: New Brands in the OLED Display Market - In 2025, the QD-OLED segment welcomed six new brands: HP, Acer, GIGABYTE, ViewSonic, Lenovo, and Inno&cn, while the W-OLED segment saw the addition of Sony [2]. - Lenovo's sub-brands, Lecoo and Legion, launched a total of seven new QD-OLED display products before the Double 11 sales event, focusing on mainstream sizes of 27 inches and 32 inches [2]. Group 2: New Specifications in OLED Displays - In 2025, both QD-OLED and W-OLED displays introduced new specifications in terms of resolution and refresh rates, although no new sizes were released [3]. - The 27-inch QD-OLED displays upgraded their resolution from 2K to 4K, with new refresh rates of 180Hz, 280Hz, and 500Hz [5]. - W-OLED displays introduced a 45-inch 5K product, while the 27-inch 2K models saw refresh rates increase to 280Hz, and the 32-inch 4K models reached 165Hz [5]. Group 3: Pricing Trends in OLED Displays - The price of the 27-inch 2K 240Hz QD-OLED displays has reached new lows due to promotional events and new product releases [6]. - During the 2025 Double 618 promotion, the price dropped to 2,337 yuan, a 15% decrease compared to the 2024 Double 11 [9]. - By the 2025 Double 11, the price further decreased to 1,999 yuan, marking a 28% year-on-year drop from 2024 and a 14% decrease from the 2025 618 event [9]. Group 4: Market Projections - TrendForce forecasts that OLED display shipments will reach 2.65 million units in 2025, representing an 86% year-on-year increase, with a penetration rate of approximately 2.1% in the overall display market [9].

Core Insights - TCL CSOT introduces a comprehensive product vision under the APEX philosophy, focusing on advancements in image fidelity, eye care, sustainable design, AI-driven innovation, and next-generation form factors [2][10] Group 1: Innovative Display Products - TCL CSOT showcases multiple innovative display products at CES 2026, including the world's first sliding and multi-curved IJP OLED automotive display (28 inches) and the world's first real stripe RGB IJP OLED mobile display (5.65 inches) [2][8] - The HVA Ultra Infinity View TV Display (98 inches) features 18,000 backlight zones and wide BT.2020 color coverage, enhancing the home cinema experience [6] - The world's first natural-light-certified OLED mobile display (6.89 inches) and the world's first PFAS-free notebook display (14 inches) highlight TCL CSOT's commitment to eye health and environmental safety [6][8] Group 2: APEX Philosophy - The APEX philosophy encompasses four key areas: Amazing Display Experience, Protective of Eye Health, Eco-friendly to Build and Use, and X-Unlimited Imaginative Potential [2][3] - Innovations aimed at protecting eye health include optical technologies that mimic natural light, reducing eye fatigue [4] - Eco-friendly initiatives focus on using safer materials and smarter power management to minimize environmental impact [5] Group 3: AI Integration - TCL CSOT employs AI to enhance display manufacturing, with a strategy of "AI for Display" and "Displays for AI," improving product issue analysis by 20% and materials development by 30% [9] - The introduction of XIntelligence 3.0, the industry's first large AI model for display technology, signifies a major advancement in the integration of AI with display systems [9] Group 4: Future Vision - TCL CSOT positions itself as a leader in the future display landscape by combining cutting-edge engineering with human-centric design [10] - The company aims to collaborate with global partners to create a smarter, healthier, and limitless visual future [10]

Core Viewpoint - The company, Innolux Corporation, will showcase a series of innovative display technology solutions at the upcoming event in Las Vegas from January 6 to 8, under the theme "Display the Future, TOGETHER" [1]. Group 1: Micro LED Technology - Innolux will present the "Next Generation Micro LED Display Window," which features high transparency, brightness, and resolution, maintaining visibility in bright environments through self-emission and special optical structures [1]. - The "Ultra High Brightness Micro LED Head-Up Display (HUD)" will be introduced, boasting a direct brightness of 50,000 nits and a reflective virtual image brightness of 10,000 nits, addressing image reflection and blurriness in bright conditions [3]. Group 2: 3D Display and Retail Applications - The "65-inch Multi-User N3D & Kirameki Display" will be showcased, combining N3D multi-view naked-eye 3D technology with Kirameki algorithms, allowing multiple viewers to watch 3D content simultaneously, aimed at retail and digital advertising markets [4]. - A "Mirror Display" will also be featured, utilizing high-reflective coating and local dimming technology, serving both as a mirror and an information display for interactive applications [9]. Group 3: Personal and Portable Displays - For personal users, the company will unveil a "16-inch Single User Naked-Eye 3D Display," equipped with eye-tracking technology that controls 3D latency within 1 millisecond and allows seamless switching between 2D and 3D modes [9]. - Additionally, various display products for laptops and outdoor entertainment will be presented, including a "Multi-Frequency LCD Display" that automatically switches refresh rates between 24Hz, 60Hz, and 120Hz to balance image quality and power consumption [10].

Core Viewpoint - The company, Visionox (维信诺), is actively advancing its Micro-LED technology through its subsidiary Chengdu Chenxian, focusing on commercial display applications and product innovation [1] Group 1: Product Development - The company has launched the world's first 108-inch P0.7 TFT-based Micro-LED display [1] - Multiple domestic and international first Micro-LED splicing screens have also been introduced [1] Group 2: Market Strategy - The company plans to promote the mass production of innovative results based on production line capabilities and customer demand [1]

Financial Data and Key Metrics Changes - Third-quarter revenue was $140 million, down from $162 million in Q3 2024, reflecting a decline of approximately 13.6% [11] - Operating profit for Q3 was $43 million, resulting in an operating margin of 31%, compared to $67 million and 41% in the prior year [13] - Net income for Q3 was $44 million, or $0.92 per diluted share, down from $67 million, or $1.40 per diluted share in Q3 2024 [14] - Full-year revenue guidance is now expected to be around the lower end of the range of $650-$700 million [4][11] Business Line Data and Key Metrics Changes - Total material sales in Q3 were $83 million, consistent with the prior year, while green emitter sales increased to $65 million from $63 million [11][12] - Red emitter sales decreased to $17 million from $20 million in Q3 2024 [12] - Royalty and licensing fees were $53 million, down from $75 million in the prior year, impacted by an out-of-period adjustment of $9.5 million [12] Market Data and Key Metrics Changes - The OLED market is projected to grow significantly, with IT applications expected to see a 170% increase in OLED units from 2024 to 2028 [7] - OLED smartphone growth is forecasted at 14%, while OLED TVs are expected to grow by 11% [8] - New Gen 8.6 OLED fabs in Korea and China are set to come online, marking a pivotal growth stage for medium-sized OLED manufacturing capacity [8] Company Strategy and Development Direction - The company announced a definitive agreement to acquire OLED patent assets from Merck KGaA for $50 million, expected to close in January 2026, enhancing its R&D capabilities [5] - The focus remains on innovation, with a strong emphasis on AI and machine learning to accelerate material discovery and broaden the product portfolio [5][16] - The company aims to lead the OLED industry into a new growth era, emphasizing energy efficiency and sustainability through its phosphorescent blue technology [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about renewed momentum and growth in Q4, driven by technology leadership and strong customer relationships [16] - Despite macroeconomic uncertainties, the OLED industry is entering a dynamic phase of expansion, particularly in IT applications [6][19] - The company is committed to advancing OLED technology and expanding into new markets, leveraging its core expertise [18] Other Important Information - The company ended the quarter with approximately $1 billion in cash and equivalents, and a quarterly dividend of $0.45 was approved [14][15] - The company celebrated the grand opening of its new global headquarters and R&D center in Singapore, focusing on emerging markets [18] Q&A Session Summary Question: Insights on Q4 revenue strength - Management indicated that forecasts from customers suggest growth in Q4, contributing to confidence in achieving revenue guidance [23] Question: Growth trajectory into 2026 - Management highlighted optimism for growth due to new capacity coming online and ongoing customer announcements regarding OLED adoption [25] Question: Status of LG Display contract negotiations - Management confirmed ongoing discussions with LG Display for a new contract, expecting a renewal given the long-term partnership [27] Question: Impact of phosphorescent blue on BOM costs - Management noted that Universal Display represents a small portion of the bill of materials for displays, even in tandem structures [29] Question: Changes in end market outlook - Management stated no significant changes in end markets for the current year, but highlighted growth potential in IT and foldable smartphone segments [34]

Financial Performance - TCL Technology Group reported a revenue of 135.9 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.5% [1] - The net profit attributable to shareholders reached 3.05 billion yuan, showing a significant increase of 99.8% year-on-year [1] - The core panel business, TCL Huaxing, contributed 78.01 billion yuan in revenue and 6.1 billion yuan in net profit, with year-on-year growth rates of 17.5% and 53.5% respectively [1] Business Segments - The display business exhibited balanced and rapid growth, with the TV and commercial display market share increasing to 25%, maintaining a leading global profit level [1] - In the IT product line, notebook panel sales surged by 63%, and monitor sales grew by 10% year-on-year [1] - In mobile terminals, the market share of tablet panels rose to second globally, while LCD mobile panel shipments increased by 28% [1] - The automotive display sector also experienced rapid growth [1] Technological Advancements - TCL Technology is accelerating the commercialization of advanced display technologies, with the construction of the 8.6 generation printed OLED production line recently commenced [2] - The G5.5 generation printed OLED production line is steadily increasing capacity, with products already applied in the medical display field, and mass production expected in the first half of next year [2] - The company’s Micro LED technology is set to achieve mass production and stable delivery by the end of this year, positioning it to seize opportunities in the new display technology cycle [2] Global Expansion - TCL Technology's capacity layout and globalization strategy are progressing steadily, with the t11 and t9 production lines forming a complementary structure covering mainstream and high-end markets [2] - In the overseas market, the TV large-size products in India have doubled in growth, and a new module factory in Vietnam is expected to start bulk shipments in the fourth quarter, providing new growth points for overseas business [2]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was KRW 6.957 trillion, up 25% QoQ and 2% YoY [4] - Operating profit reached KRW 431 billion, improving by over KRW 500 billion QoQ and YoY [4] - Net income was KRW 1.2 billion, influenced by foreign currency translation gains [5] - EBITDA in Q3 was KRW 1.4239 trillion with an EBITDA margin of 20% [5] - Cash and cash equivalents stood at KRW 1.555 trillion, largely unchanged QoQ [7] - Debt-to-equity ratio was 263%, down 5 percentage points QoQ [7] Business Line Data and Key Metrics Changes - Mobile and others segment revenue share reached 39%, up 11 percentage points QoQ [6] - The share of OLED products out of total revenue was 65%, up 9 percentage points QoQ [6] - TV segment revenue share was 16%, down 4 percentage points QoQ [6] - Auto segment's share was 8%, down 2 percentage points QoQ [6] Market Data and Key Metrics Changes - Area shipment fell 1% QoQ despite growing shipments of small and medium OLED products [5] - ASP per square meter was $1,365, up 29% QoQ [5] - Total area shipment is projected to grow in low single-digit percentage QoQ for Q4 [8] Company Strategy and Development Direction - The company is focusing on an OLED-centered business structure upgrade and cost innovation [10] - Plans to expand panel shipments in the small mobile business and invest in new technologies for IT OLED [12] - In the IT LCD business, the company aims to reduce low-margin products while focusing on B2B and high-end segments [13] - The company intends to maintain strong partnerships with strategic customers to solidify its market leadership [21] Management's Comments on Operating Environment and Future Outlook - Management expects external uncertainties and shipment volatility to persist in Q4 [11] - The company plans to address challenges by prioritizing business efficiency initiatives [11] - OLED products revenue share is expected to remain stable QoQ in Q4, with an annual share projected at a low 60% level [11] Other Important Information - The company plans an additional workforce improvement program in Q4 as part of ongoing cost innovation efforts [11] - Capex for the year is expected to be in the high KRW 1 trillion range, below last year's level [14] Q&A Session All Questions and Answers Question: Does the company believe it has the structure to sustain current business performance? - The company has improved performance through internal capabilities and cost innovation, aiming for stable performance moving forward [19][21] Question: How will the company respond to potential pressure to lower ASP due to macro uncertainties? - The company will maintain an optimum pricing strategy while upgrading product mix and continuing cost innovation [22] Question: What is the market reception for new models by the North American customer? - The company has achieved stable performance and positive reception for new models, with potential changes in shipment plans based on market trends [26] Question: What is LG Display's strategy for the foldable smartphone panel business? - The company is maximizing supply volume for existing products while preparing for potential market growth in foldable smartphones [33] Question: What are the plans for the LCD IT business amidst intensifying competition? - The company is focused on maintaining profitability by selecting strategic customers and downsizing low-margin models [38] Question: What is LG Display's strategy for the OLED TV business in light of competition? - The company projects growth in OLED panel shipments and aims to strengthen competitiveness through cost innovation and partnerships [43]