Core Viewpoint - The article discusses the third-quarter financial performance of six major companies in the display panel industry, highlighting their revenue growth, profit changes, and strategic developments. Company Summaries 京东方 (BOE Technology Group) - In Q3, BOE achieved revenue of 53.27 billion yuan, a year-on-year increase of 5.81%, and a net profit of 1.35 billion yuan, up 32.07% [2][3] - For the first three quarters, cumulative revenue reached 154.55 billion yuan, growing by 7.53%, with a net profit of 4.60 billion yuan, an increase of 39.03% [2][3] - The growth was attributed to expanded sales, increased government subsidies, and significant investment income from the disposal of long-term equity investments [2][4] TCL科技 (TCL Technology) - TCL reported Q3 revenue of 50.38 billion yuan, a 17.71% increase, and a net profit of 1.16 billion yuan, up 119.44% [5][6] - Cumulative revenue for the first three quarters was 135.94 billion yuan, a 10.50% increase, with a net profit of 3.05 billion yuan, growing by 99.75% [5][6] - The company noted improvements in the global panel market, with demand recovery and price stabilization, leading to increased production efficiency and profitability [7][8] 深天马 (Shenzhen Tianma) - In Q3, Shenzhen Tianma reported revenue of 9.19 billion yuan, a 13.19% increase, and a net profit of 107 million yuan [9][10] - Cumulative revenue for the first three quarters was 26.66 billion yuan, up 11.03%, with a net profit of 313 million yuan [9][10] - The company is investing in new equipment for its 6th generation OLED panel production line, which is expected to enhance production capacity and efficiency [11][12] 彩虹股份 (Rainbow Optoelectronics) - In Q3, Rainbow Optoelectronics achieved revenue of 2.98 billion yuan, a 1.51% increase, but reported a net loss of 72.29 million yuan [13][14] - For the first three quarters, revenue was 8.64 billion yuan, down 4.04%, with a net profit of 379 million yuan, a decrease of 62.49% [13][14] - The company is focusing on its glass substrate business and has divested 30% of its subsidiary, Rainbow Optoelectronics, to BOE to optimize its business structure [14] 友达光电 (AU Optronics) - AU Optronics reported Q3 revenue of 69.91 billion NTD (approximately 16.2 billion yuan), a 1% increase from Q2 but a 10.1% decrease from Q3 2024, with a net loss of 1.28 billion NTD (approximately 297 million yuan) [15][17] - The company noted that its overall revenue was affected by currency fluctuations and declining panel prices, but cumulative net profit for the first three quarters improved significantly compared to the previous year [17] 和辉光电 (HannStar Display) - In Q3, HannStar achieved revenue of 1.33 billion yuan, a 2.25% increase, but reported a net loss of 530 million yuan [18][20] - Cumulative revenue for the first three quarters was 4 billion yuan, up 8.25%, with a net loss of 1.37 billion yuan [18][20] - The company is focusing on improving production efficiency and has submitted an application for an H-share listing to enhance its international strategy and financing capabilities [20]

Core Insights - China has transitioned from a manufacturing powerhouse to a leader in intelligent manufacturing, particularly in the display panel industry, achieving a market size of 396.2 billion yuan in 2022, accounting for 68.2% of the global market share [1][3] - Tianma Microelectronics has emerged as a significant player in the OLED market, ranking third globally in flexible OLED smartphone displays and first in LTPS smartphone display modules since 2018 [3][4] - The global AMOLED smartphone panel shipment is projected to reach approximately 420 million units in the first half of 2025, with Chinese manufacturers holding a 51.7% market share, reflecting a 1 percentage point increase year-on-year [4][9] Industry Trends - The adoption of OLED technology is accelerating across various sectors, including automotive displays, which are expected to grow from $480 million in 2023 to $2.18 billion by 2027 [9] - Tianma is focusing on enhancing the reliability and performance of OLED displays for automotive applications, indicating a shift towards more stringent standards compared to consumer electronics [9][10] Company Developments - Tianma is investing approximately 1.57 billion yuan in R&D for flexible AMOLED technologies, aiming to cover all major domestic smartphone brands with its products [10][15] - The company has developed a G-shaped foldable display with advanced SLOD technology, which reduces power consumption by 30% and extends lifespan significantly compared to single-layer displays [11][15] - Tianma's TM18 factory, the largest single-site flexible AMOLED factory in China, has seen a significant improvement in profitability, with over a 50% year-on-year increase in its flexible AMOLED mobile business [15][20] Product Innovations - Tianma has launched a new high-end OLED technology brand, "Tianma Tiangong Screen," focusing on eye protection and high refresh rates, with capabilities supporting up to 240Hz [16][19] - The "Tiangong Screen" features a peak brightness of 8000 nits and covers 95% of the BT.2020 color gamut, enhancing visual experience and detail precision [17][19] Financial Performance - In the first half of 2025, Tianma reported total revenue of 17.475 billion yuan, a year-on-year increase of 9.93%, and a net profit of 206 million yuan, marking a turnaround from previous losses [20]

Core Viewpoint - Tianma Microelectronics launched its new high-end OLED technology brand "Tian Gong Screen" at a significant event, marking a milestone in its 42-year development and aiming to redefine high-end display standards with a focus on health experience [1][2][22]. Group 1: Brand Launch and Significance - The launch event featured prominent figures from academia and industry, highlighting Tianma's role as a key player in China's display industry and its commitment to high-end product lines [1][2]. - The brand's mission is to transition from a traditional hardware manufacturer to a "creator of sensory experiences," emphasizing user experience in display technology [4]. Group 2: Technological Innovations - The "Tian Gong Screen" introduces three breakthrough technologies: "Super Eye Protection," "Extreme Transparency," and "Smooth High Refresh Rate," aiming to enhance user experience [6][11][12][13]. - "Super Eye Protection" focuses on visual health with features like flicker-free technology, low blue light emission reduced to 4.7%, and adaptive brightness based on environmental light [11]. - "Extreme Transparency" achieves high brightness levels of 2500 nits and peak brightness of 8000 nits, with a wide color gamut covering 95% BT.2020 [12]. - "Smooth High Refresh Rate" supports a refresh rate of 165Hz, with potential expansion to 240Hz, ensuring fluid motion and reduced latency [13]. Group 3: Industry Collaboration and Recognition - The technology received endorsements from experts, including a certification for "Visual Health Friendliness" from the China Quality Certification Center, affirming its innovative eye protection features [20][23]. - Tianma and OPPO announced the establishment of a joint laboratory to collaborate on health display technology and industry standards, promoting a healthier and smarter display industry [21][24]. Group 4: Future Outlook - The launch of the "Tian Gong Screen" represents a qualitative leap for Chinese display technology and signifies the global reach of "Chinese Intelligent Manufacturing" [22][25].

Core Viewpoint - Tianma Microelectronics officially launched its new high-end OLED technology brand "Tianma Tiangong Screen" on September 19, marking a significant milestone in its 42-year development and redefining high-end display standards with a focus on health experience [2][13]. Group 1: Brand and Technology Launch - The launch of the "Tianma Tiangong Screen" showcases Tianma's breakthrough in R&D and signifies the company's commitment to high-end product lines, contributing positively to China's display industry [2][5]. - Tianma aims to transition from a traditional "hardware manufacturer" to a "creator of sensory experiences," with the Tiangong Screen as a starting point for a comprehensive user experience system [6]. Group 2: Key Technological Features - The Tiangong Screen emphasizes "super eye protection," "extreme transparency," and "smooth high refresh rate" as its three core technological experiences [7]. - The eye protection feature includes four dimensions: flicker-free, 1nit brightness for eye comfort, reduced harmful blue light to 4.7%, and adaptive ambient light technology [8]. - The transparency aspect achieves a global peak brightness of 8000 nits and covers 95% of the BT.2020 color gamut, enhancing color accuracy and detail [9]. - The high refresh rate capability supports up to 165Hz in mass production and can extend to 240Hz, ensuring smooth operation for gaming and video users [10]. Group 3: Collaborations and Certifications - Tianma has established a joint laboratory with OPPO to collaborate on health display technology research and industry standard development [12][14]. - The Tiangong Screen received a "Visual Health Friendliness" certification from the China Quality Certification Center, confirming its innovative achievements in eye protection technology [12].

Core Viewpoint - Tianma Microelectronics has launched a new high-end OLED technology brand called "Tianma Tiangong Screen," aiming to transform from a traditional hardware manufacturer to a creator of sensory experiences [1] Group 1: Product Features - The Tianma Tiangong Screen focuses on three key high-end experiences: Super Eye Protection, Extreme Transparency, and Smooth High Refresh Rate [4] - Super Eye Protection is designed to address user issues like dry eyes and visual fatigue, featuring no flicker, 1 nit brightness for eye comfort, low blue light, and adaptive ambient light [4] - Extreme Transparency aims for a "what you see is what you get" display, achieving a global peak brightness of 2500 nits and a maximum brightness of 8000 nits, with 95% coverage of the BT.2020 color gamut [4] - The Smooth High Refresh Rate supports a production capability of 165Hz and can be expanded to 240Hz, with adaptive refresh rate technology to reduce power consumption [4] Group 2: Industry Recognition - The technology behind the Tianma Tiangong Screen has received recognition from various experts, emphasizing the importance of human-centered improvements in screen technology [5] - The China Quality Certification Center awarded the "Visual Health Friendly" certification to Tianma Tiangong Screen, acknowledging its innovative achievements in eye protection technology [5][7] Group 3: Strategic Partnerships - OPPO announced it will globally debut the 1 nit eye protection screen in its next flagship Find X9 series, and a joint laboratory has been established with Tianma to collaborate on health display technology and industry standards [6][7]