华凌光电近日公布的2025年9月营收数据显示，当月营收为0.4亿元，同比下降12.38%。从累计业绩来看，华凌光电2025年前9个月总营收为3.55亿元，同比 小幅下滑1.55%，延续了自2024年以来营收增长乏力的态势。 华凌光电在2023年就曾因全球经济环境疲弱导致客户下单保守，当年上半年营收出现下滑。为应对挑战，华凌光电积极调整产品结构，将OLED视为未来主 要成长动能。据华凌光电此前披露，2024年其OLED营收较2023年成长约20%，并计划在2025年建置第三条OLED面板生产线。 从行业环境看，面板产业在2025年第三季度末出现整体调整迹象。与此同时，华凌光电在2024年曾透露订单能见度已看到2025年第二季，但最新营收数据表 明，华凌光电依然面临不小的挑战。 从业务构成来看，华凌光电以工控面板为主要收入来源，该领域占其营收比重接近四成。华凌光电产品线涵盖STN、TFT、OLED及系统整合四大类，应用 场景覆盖工业控制、家电、网通通讯、医疗健康和汽车电子等多个领域。这种广泛布局在一定程度上帮助华凌光电分散了风险，但也使其业绩更容易受到整 体经济环境波动的冲击。 需要注意的是，华凌光电近期的市场拓 ...

Core Viewpoint - The company, Cai Jing, reported a significant net loss of 5.325 billion New Taiwan Dollars (approximately 1.177 billion RMB) for the year 2024, primarily due to low yield rates during the initial mass production of its new environmentally friendly display paper and increased development costs [1][2]. Financial Performance - In Q4 of the previous year, Cai Jing's consolidated revenue was 2.864 billion New Taiwan Dollars (approximately 633 million RMB), representing a quarter-on-quarter increase of 19.98%. However, the company incurred an operating loss of 1.444 billion New Taiwan Dollars (approximately 319 million RMB) and a net loss of 1.538 billion New Taiwan Dollars (approximately 340 million RMB) [2]. - For the full year of 2024, Cai Jing's consolidated revenue is projected to be 9.964 billion New Taiwan Dollars (approximately 2.203 billion RMB), a year-on-year decrease of 19.34%. The gross loss margin is expected to be 36.11%, with an operating loss of 5.558 billion New Taiwan Dollars (approximately 1.229 billion RMB) and a net loss of 5.325 billion New Taiwan Dollars (approximately 1.177 billion RMB) [2]. Product Development and Market Strategy - Cai Jing has developed a new environmentally friendly display paper that maintains visibility in outdoor conditions and extreme temperatures, enhancing device battery life. The company has diversified its applications to include desktop displays, laptops, electronic tags, and industrial control screens [3]. - The company faced challenges with low yield rates during the initial production phase, leading to increased costs. However, improvements in production yield are expected, with a focus on mature product lines to achieve positive gross margins [3]. - The LCD panel market is currently stable, and Cai Jing is shifting its product line away from consumer products to specialized fields such as automotive and industrial control, reducing the proportion of consumer products to below 45% [3]. - The automotive display segment has seen growth, with revenue contribution increasing to 25%. Future growth is anticipated between the second half of 2025 and 2026 [3]. - The company is also targeting the market for larger central control screens, which are increasingly being replaced by LTPS panels, despite facing intense competition [4].