Core Viewpoint - The company reported that the penetration rate of flexible AMOLED technology in the mobile display sector continues to rise, maintaining structural growth in 2023 [1] Industry Summary - The overall price of flexible OLED mobile panels remains stable, with fluctuations occurring based on external demand and specifications [1] - The flexible AMOLED mobile display product prices have remained robust in the first half of the year, with business profitability improving by over 50% year-on-year [1] Company Strategy - The company plans to enhance the scale and profitability of its flexible AMOLED business through a rich customer base, continuous improvement in production capacity, and comprehensive cost reduction measures [1] - The company is also diversifying its expansion into mid-size and wearable device segments [1]

Group 1: Financial Performance - The company achieved a revenue of 17.475 billion CNY in the first half of 2025, representing a year-on-year growth of 9.93% [3] - Non-consumer display business revenue accounted for over 50% of total revenue, contributing to an increase in overall profitability [3] - The gross profit margin improved by 4.52 percentage points year-on-year, with net profit attributable to shareholders increasing by 6.95 billion CNY [3] - Cash flow from operating activities increased by 48.44% year-on-year, and the debt-to-asset ratio decreased by 2.46 percentage points compared to the end of the previous year [3] Group 2: Business Development - The automotive display business saw a revenue growth of approximately 27% year-on-year, with sales to international leading automotive manufacturers increasing by over 70% [5] - The LTPS automotive business experienced a shipment increase of over 76% year-on-year, driven by demand for upgraded screen specifications [5] - The flexible AMOLED mobile display business improved profitability by over 50% year-on-year, supported by a stable pricing environment [7][8] Group 3: Strategic Initiatives - The management is focused on enhancing market value through various initiatives, including the release of an "Evaluation Enhancement Plan" and announcements regarding share repurchase [4] - The company is actively pursuing cost reduction strategies, achieving a decrease in cost-to-revenue ratio by approximately 5.4 percentage points year-on-year [3] - The company is advancing its Tandem technology, which reduces power consumption by 30% and extends the lifespan of devices to four times that of traditional single-layer devices [10] Group 4: New Product Lines and Innovations - The TM20 production line is accelerating capacity ramp-up and customer project integration, with significant growth in automotive and IT module product deliveries [12] - The company has successfully delivered small batches of Micro-LED standard products and achieved significant milestones in oxide product development [12] - The introduction of panel-level metamaterial smart antenna technology is expected to enhance signal transmission performance while maintaining low production costs [11]