Core Viewpoint - TCL Huaxing has successfully developed and is set to mass-produce printed OLED technology, marking a significant advancement in China's display industry, transitioning from a follower to a leader in global display technology [3][18]. Group 1: Technology Development - TCL Huaxing began investing in printed OLED technology research in 2013 and will officially enter mass production in 2024 [3][18]. - Printed OLED is the first display technology led by a Chinese company to enter commercial use globally, showcasing a breakthrough in the display industry [3][18]. - The technology is characterized by its ability to achieve high resolution, low power consumption, and flexible displays, with significant improvements over traditional LCDs [6][10]. Group 2: Product Features - The printed OLED product family ranges from 6.5 inches to 65 inches, providing a high-end display experience across various devices, including smartphones, tablets, laptops, and TVs [4][10]. - Printed OLED displays utilize self-emissive technology, allowing for pixel-level brightness control, resulting in vibrant colors and a wider color gamut [6][8]. - The technology reduces harmful blue light emissions to 15%, promoting visual health for users who spend extended hours in front of screens [10]. Group 3: Production Advantages - Printed OLED technology offers a completely independent development path compared to traditional vapor-deposited OLED, which is dominated by Japanese and Korean companies [15][16]. - The production process of printed OLED is more efficient, achieving a 90% material usage rate and reducing costs by at least 20% compared to traditional methods [15][16]. - The technology requires less stringent vacuum conditions and lower temperature drying, leading to significant energy savings, estimated at 300-400 million kWh annually [15][16]. Group 4: Market Impact - The successful mass production of printed OLED technology is expected to make high-quality OLED displays more affordable and accessible to the general public [20]. - TCL Huaxing's commitment to long-term investment in technology has resulted in over 65,000 global patent applications, establishing a strong technological barrier in the printed OLED field [18][20].

9月1日，TCL科技接受特定对象调研时表示， 公司近期与品牌客户联合开发笔电和显示器等中尺 寸产品，由于客户反馈积极，所以公司也正在推进将 TCL华星5.5代印刷OLED线（t12） 产能从 3K/月扩到9K/月。 TCL科技指出， 印刷OLED技术在投资成本、良率、材料利用率上有具备明显优势，产品轻薄化 有利于IT产品中OLED渗透率提高，但是从工艺和核心材料体系而言，印刷OLED与现存传统技术 路线有较大差异，后续公司将积极推进印刷OLED产业化进程。 据悉， 2024年底，t12已经实现了21吋医疗产品的小批量量产。 在今年5月举办的SID 2025展会 上，TCL华星表示，其印刷OLED产品线覆盖从6.5英寸手机显示到65英寸TV显示的全尺寸领域， 包含手机、平板、笔电、显示器等全形态产品，实现了OLED技术从中小尺寸到大尺寸的全场景覆 盖。 此外，投资者关系活动记录表显示，调研单位还询问了t9产线的最新经营情况。 TCL科技表示， t9产线从一期点亮爬坡到二期产能建设顺利，目前各类产品需求非常旺盛，因而 持续处于高稼动运行的状态 。 并且t9产品结构得到较好优化，目前TV及商显产品营收占比在 15% ...

Group 1: Financial Performance - The company achieved a revenue of 85.6 billion CNY in the first half of 2025, representing a year-on-year growth of 6.7% [2] - Net profit attributable to shareholders reached 1.88 billion CNY, a significant increase of 89.3% year-on-year [2] - Operating cash flow amounted to 27.3 billion CNY, showing a remarkable growth of 115.9% [2] Group 2: Semiconductor Display Business - The global retail demand for LCD TVs remained stable, with a focus on large-size panels driven by national subsidy policies [2] - TCL Huaxing reported a revenue of 50.43 billion CNY, up 14.4% year-on-year, and a net profit of 4.32 billion CNY, reflecting a 74.0% increase [2] - The company continues to optimize its business and product structure, enhancing its competitive advantage in the semiconductor display industry [2] Group 3: Semiconductor Wafer Business - The company achieved a revenue of 2.74 billion CNY in the semiconductor wafer segment, marking a year-on-year increase of 38.2% [2] - The company is confident in maintaining growth in the second half of the year, bolstered by improved product quality and stable supply to major domestic integrated circuit manufacturers [2] Group 4: New Energy Photovoltaic Business - The photovoltaic business reported a revenue of 9.87 billion CNY, down 28.0% year-on-year, with crystalline wafer revenue declining by 7.1% [2] - The company aims to enhance its competitive position and navigate through the industry cycle by improving operational conditions [2] Group 5: Future Demand and Market Outlook - Demand for TV panels is expected to rebound in the second half of the year, driven by major shopping events [3] - The long-term demand for large-size LCD panels is projected to grow steadily, supported by increasing average screen sizes [4] Group 6: Production and Operational Updates - The T9 production line is operating at high capacity, with a strong demand for various products [6][7] - The T11 production line, acquired from LGD, is expected to contribute positively to the company's performance as operational efficiencies improve [5] Group 7: Cash Flow and Capital Expenditure - The company reported a net operating cash flow of 27.3 billion CNY, primarily from TCL Huaxing [10] - Future capital expenditures are expected to decline, with a focus on increasing ownership stakes in panel production lines and managing financial costs [11] Group 8: Industry Trends and Pricing - The photovoltaic industry is experiencing a recovery in pricing, with a focus on maintaining healthy price levels across the supply chain [11]

Core Viewpoint - TCL Technology successfully completed a financing plan, raising 4.359 billion yuan to acquire a minority stake in Shenzhen Huaxing Semiconductor, indicating strong market interest and confidence in the company's growth strategy [2][4]. Group 1: Financing and Acquisition - TCL Technology's financing plan attracted 43 institutions, with total subscriptions reaching 15.727 billion yuan [2]. - The acquisition involves a total transaction price of 11.562 billion yuan for a 21.53% stake in Shenzhen Huaxing Semiconductor, with 7.2 billion yuan paid in cash and the remainder raised through stock issuance [4][6]. - Upon completion of the acquisition, TCL will control 84.21% of Huaxing Semiconductor, strengthening its core business [2]. Group 2: Market Position and Strategy - TCL's display business is in an upward cycle, with expected revenue between 82.6 billion and 90.6 billion yuan for the first half of the year, and Huaxing's semiconductor display business projected to earn over 4.6 billion yuan, a year-on-year increase of over 70% [2][10]. - The company is focusing on large-size LCD panels, with a significant increase in the share of 55-inch and larger products, reaching 82% in 2024 [9][10]. - TCL's strategy includes a series of mergers and acquisitions to consolidate its position in the display market, particularly in the context of a market shift towards larger and high-end displays [4][18]. Group 3: Future Outlook and Innovations - TCL is optimistic about the demand for large-size and high-end panels, with expectations of a strong market recovery in 2025 driven by major sporting events [17][18]. - The company is investing heavily in R&D, with a projected investment of 8.87 billion yuan in 2024, representing 5.4% of revenue, and aims to enhance product performance through continuous innovation [20]. - TCL is expanding its product matrix, entering IT and automotive sectors, and increasing its presence in flexible OLED markets, indicating a diversified growth strategy [19][21].

Core Viewpoint - TCL Huaxing is accelerating its development in the printed OLED field by expanding its product matrix and application scenarios, recently establishing a new company focused on printed display technology in Guangzhou [1][2]. Group 1: Company Developments - Guangzhou Huaxing Optoelectronics Printed Display Technology Co., Ltd. was established on August 11 with a registered capital of 1 billion RMB, fully owned by TCL Huaxing [2]. - The establishment of the new company is interpreted as a preparatory step for the rumored construction of an 8.6-generation printed OLED production line in Guangzhou, with an estimated investment of around 20 billion RMB [2]. Group 2: Production Capacity and Technology - TCL Huaxing plans to build two OLED production lines at the Guangzhou T8 factory, potentially making it one of the largest and highest-capacity printed OLED production lines globally, with a planned capacity of 45,000 glass substrates per month [2][3]. - Compared to competitors like Samsung Display and BOE, TCL Huaxing's production capacity could surpass their existing plans, which are currently lower [3]. Group 3: Advantages of Printed OLED Technology - Printed OLED technology features simplified processes and higher material utilization, reducing material waste by 30% and overall costs by 20% compared to traditional FMM processes [6]. - The technology also boasts higher aperture ratios and longer product lifespans, with TCL Huaxing showcasing various printed OLED products at ChinaJoy 2025, demonstrating superior display performance [6]. Group 4: Future Outlook - By the end of 2024, TCL Huaxing aims to achieve mass production of printed OLED technology in medical devices and is accelerating penetration into IT fields, such as gaming displays [7]. - The future progress of the Guangzhou T8 project and its potential for large-scale production will be a key indicator of the evolution of the global OLED industry landscape [7].

Core Viewpoint - The global esports display market continues to grow despite macroeconomic uncertainties, with TCL Huaxing leading in the esports MNT display segment, capturing a significant market share and focusing on expanding into full-scene esports displays [1][3][19]. Group 1: Market Growth and Trends - The global LCD esports monitor panel shipment is expected to reach 32.42 million units in 2024, a year-on-year increase of 12%, with TCL Huaxing's shipments projected to grow by approximately 40% [1]. - The demand for esports displays is evolving from a focus on hardware performance to a multi-dimensional approach that includes immersive experiences, eye health, and low-carbon solutions [3][19]. Group 2: Technological Advancements - TCL Huaxing's rise in the esports MNT sector is attributed to its foresight in market trends and deep understanding of user needs, having identified the potential of esports users as early as 2019 [3][5]. - The introduction of HVA technology has significantly improved response times and contrast ratios, addressing issues like motion blur and high latency in traditional displays [4][5]. Group 3: Product Innovations - During ChinaJoy 2025, TCL Huaxing unveiled new esports MNT display technologies, including HVA Fast, HVA Black, and HFS Shoot, tailored to different gaming scenarios [7][8]. - The company also showcased advancements in printed OLED technology, which offers low blue light and precise color reproduction, aimed at reducing visual fatigue for gamers [9][13]. Group 4: Strategic Vision - TCL Huaxing aims to extend its leadership beyond esports MNT displays to encompass a full ecosystem of esports display technologies across various devices, including mobile phones, tablets, and gaming TVs [11][19]. - The company is committed to maintaining a competitive edge through continuous technological upgrades and collaborative partnerships within the esports ecosystem [16][18].

Core Viewpoint - The ChinaJoy event showcased a wide range of cutting-edge technologies and innovative products in the gaming and entertainment industry, highlighting advancements in display technology and gaming hardware [1][62]. Group 1: TCL Innovations - TCL presented the QD-Mini LED TV, a 98-inch model featuring fourth-generation LCD technology for an edge-to-edge viewing experience [2]. - TCL Huaxing introduced several printed OLED products, including a 14-inch printed OLED panel with a resolution of 1920 × 1200, designed to minimize image artifacts [4]. - The company also showcased a 16-inch 2.5K printed OLED display with a resolution of 2560 × 1600 and a 27-inch 4K printed OLED monitor with a resolution of 3840 × 2160 [6][8]. Group 2: Gaming Hardware - Various brands, including Lenovo, ASUS, and AOC, displayed high-refresh-rate gaming monitors, with Lenovo's Legion Y9000P laptop featuring a 240Hz refresh rate [21][23][29]. - ASUS showcased curved gaming monitors with native refresh rates of 280Hz, while AOC presented a custom monitor for "Counter-Strike 2" with a 310Hz refresh rate [25][27]. - MSI introduced a handheld gaming device, the CLAW 8, designed with ergonomic features and a high-refresh-rate screen [39]. Group 3: Display Technology Trends - The event highlighted a trend towards high refresh rates and resolutions, with products like the 480Hz OLED monitor from Sony and the 330Hz refresh rate of Hisense's E8Q Pro [62]. - Mini LED technology was prominently featured by brands such as TCL, Hisense, and Samsung, while printed OLED technology was emphasized by TCL Huaxing [62]. - The emergence of innovative display forms, such as AR glasses from TCL and handheld gaming devices from MSI, indicates a shift towards more diverse smart devices in the industry [62][63]. Group 4: Industry Collaboration - The event underscored the increasing collaboration within the industry, exemplified by TCL Huaxing's partnerships with multiple terminal brands to showcase their panel technology [63].

Core Insights - The "2025 International Display Week" (SID2025) showcased cutting-edge display technologies, with TCL Huaxing's "Printed OLED" products being a major highlight [1] - Printed OLED technology is seen as a transformative direction for the display industry, offering advantages such as high material utilization, low production costs, and suitability for large-scale production [2][3] - TCL Huaxing has successfully developed key technologies for Printed OLED, achieving full coverage from small to large sizes [2][3] Company Developments - TCL Huaxing's first mass-produced Printed OLED product has been successfully applied in high-end medical displays, receiving positive market feedback [3] - The company plans to expand into the gaming display market with a focus on high refresh rates and low latency OLED screens, differentiating from existing LCD and evaporated OLED products [3] - Future applications in laptops and tablets are anticipated, leveraging the low power consumption and high color gamut characteristics of Printed OLED [3] Industry Trends - The rise of Printed OLED technology is expected to significantly alter the global OLED industry landscape, potentially allowing Chinese manufacturers to catch up with leading Korean firms [3] - The evolution of OLED technology from monochrome displays to flexible screens and now to large-scale Printed OLED applications indicates ongoing advancements in the display sector [4] - By 2025, Printed OLED is projected to mature and promote widespread adoption of OLED technology, leading to lighter, more energy-efficient, and visually stunning display products [4]