| Size & Resolution | | | Technology Touch | | Dec.25' | Jan.26'(E) | Differ | | --- | --- | --- | --- | --- | --- | --- | --- | | 6.5x" LCD | Notch | HD+ | a-Si | TDDI | $6.4 | $6.3 | -$0.1 | | 6.5x" | Notch | FHD+ | LCD LTPS | TDDI | $9.3 | $9.2 | -$0.1 | | 6.4x" | Notch | FHD+ | AMOLED Rigid On Cell | | $16.0 | $15.5 | -$0.5 | | 6.7x" | Hole | FHD+ | AMOLED Flexible On Cell | | $21.0 | $20.5 | -$0.5 | | * Display Panel Type: Module with Touch Function | | | | | | Copyright©CINNOResearch | | | * Unit: USD ...

01 02 a-Si方面：a-Si面板凭借在低端手机及维修市场的需求保持稳健，主力产线持续满载运转。预计从当前至 年底，a-Si模组价格将整体持稳。进入2026年1月，手机面板市场将正式步入传统淡季，需求支撑减弱， 与此同时，多条新产线计划扩大出货规模，市场供给压力有望进一步加大，在此背景下，a-Si Cell价格或 将维持或微幅下调，而模组价格则大概率持续走低； 03 " 进 入 12 月 ， 尽 管 年 末 促 销 旺 季 接 近 尾 声 ， 手 机 面 板 市 场 整 体 稼 动 率 仍 保 持 在 高 位 ， 但 内 部 结 构 性 分 化 趋势愈发显著。 " | Size & Resolution | | | Technology | | Touch | Nov.25' | Dec.25'(E) | Differ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 6.5x" LCD | Notch | HD+ | | a-Si | TDDI | $6.4 | $6.4 | $0.0 | | 6.5x" LCD | Notch | ...

Core Insights - The mobile display panel market is experiencing high operating rates due to promotional events like "Double Eleven" and "Black Friday," along with the release of new smartphone models, but there is a significant divergence in the performance of different technology routes [1] Group 1: a-Si Panels - a-Si panels maintain stable demand in the low-end mobile and repair markets, with main production lines operating at full capacity [1] - Prices for a-Si cells may see a slight increase in November, but fierce competition in the module segment is expected to keep module prices stable until the end of the year [1] Group 2: LTPS Panels - LTPS panels benefit from growth in automotive displays and the demand for new laptops and tablets, maintaining high operating rates [1] - Despite weak demand in the smartphone sector, strong demand in non-mobile areas balances the market, leading to stable prices in November [1] Group 3: AMOLED Panels - Rigid AMOLED panels face declining demand due to competition from flexible alternatives, with prices stabilizing at low levels [1] - Flexible AMOLED manufacturers are experiencing slight declines in operating rates due to pre-production in Q3, leading to competitive pricing strategies to capture market share [1] - Prices for flexible AMOLED panels are expected to continue on a downward trend [1] Group 4: Price Forecasts - CINNO Research predicts that a-Si module prices will remain stable in November and December 2025, while LTPS panel prices will also hold steady [1] - Rigid AMOLED panel prices are expected to remain stable in the short term, while flexible AMOLED panel prices will continue to decline [1]

Core Insights - The mobile panel market is experiencing high operating rates due to promotional events like "Double Eleven" in China and "Black Friday" abroad, alongside the recent launch of new products by various smartphone brands [2][3] Group 1: Market Trends - Different technology routes in the mobile panel market are showing significant divergence, with a-Si panels maintaining stability, LTPS panels supported by demand from automotive and laptops, and flexible AMOLED facing price declines due to capacity expansion and increased competition [3] - a-Si panels are expected to see a slight price increase in November, while module prices are anticipated to remain stable due to competitive pressures and declining costs of core components [3] - LTPS panels are benefiting from growth in automotive displays and new iterations in laptops and tablets, leading to high operating rates despite weak demand in the smartphone sector [3] - Rigid AMOLED panels are experiencing demand shrinkage due to competition from flexible alternatives, with prices stabilizing at low levels as manufacturers adopt aggressive pricing strategies to secure future orders [3] Group 2: Price Forecasts - CINNO Research predicts that a-Si module prices will remain stable in November and December 2025, LTPS panel prices will also hold steady, while rigid AMOLED prices are expected to stabilize in the short term [4] - Flexible AMOLED panel prices are projected to continue on a downward trend [4]

Core Viewpoint - The smartphone display panel market is experiencing high operating rates in Q4, with distinct trends emerging across different technology routes as the domestic "Double Eleven" and international "Black Friday" promotional seasons approach [2][3]. Group 1: Market Trends - The a-Si panel market is stable due to resilient low-end demand, but prices are under pressure [3]. - LTPS production lines are operating at high rates supported by demand from automotive displays and new iterations of laptops and tablets, although smartphone demand remains weak [3]. - Flexible AMOLED panels are entering a price decline phase due to capacity expansion and competitive bidding among manufacturers, leading to a structural adjustment characterized by stable volume but falling prices [3]. Group 2: Price Predictions - a-Si module prices are expected to continue a slight decline through October and November 2025 [4]. - LTPS panel prices are anticipated to remain stable [4]. - Rigid AMOLED panel prices are expected to stabilize in the short term, while flexible AMOLED panel prices will continue to decline [4].

Group 1 - The mobile panel market is maintaining high operating rates due to strong demand driven by the traditional peak season in Q3 [1] - a-Si panels continue to see strong demand in the mid-to-low end market, but prices are expected to decline slightly due to intensified competition among module manufacturers [1] - LTPS production lines are operating at high capacity driven by strong demand from automotive, laptops, and tablets, although demand in the smartphone sector remains weak [1] Group 2 - Flexible AMOLED panels are facing both demand growth and price pressure, with some manufacturers expanding capacity and adjusting pricing strategies to capture market share [1] - The demand for rigid AMOLED panels is declining due to the accelerated replacement by flexible panels, leading to stable prices in the short term [2] - CINNO Research predicts that a-Si module prices will continue to decline slightly in September and October 2025, while LTPS panel prices will also see reductions in new projects [2]

Group 1: LCD Market Insights - The LCD industry is adopting a "demand-driven production" strategy, adjusting production rates based on market demand fluctuations [1] - In Q1 2025, the average utilization rate of the LCD industry exceeded 80%, but it decreased in Q2 due to a drop in demand [5] - As of July, prices for certain LCD TV sizes have slightly decreased, while prices for MNT and NB panels remain stable [2] Group 2: AMOLED Business Development - The company has established a strong presence in the flexible AMOLED market, covering major top smartphone brands and increasing the proportion of high-end products like LTPO and foldable displays [3] - The 8.6 generation AMOLED production line in Chengdu began equipment installation four months ahead of schedule, transitioning from construction to operational phase [4] Group 3: Financial and Depreciation Outlook - The company anticipates a depreciation expense of approximately RMB 38 billion in 2024, with an increase expected compared to 2023 due to the completion of several production lines [6][7] - The company plans to distribute at least 35% of the net profit attributable to shareholders as cash dividends annually from 2025 to 2027, with a minimum of RMB 1.5 billion allocated for share buybacks [8] Group 4: Future Capital Expenditure - Future capital expenditures will focus on the semiconductor display business and will include new projects, completion payments for existing projects, and maintenance of current production lines [9]

Core Insights - The mobile panel market continues to exhibit structural differentiation as it enters the third quarter, with a-Si panels supported by inventory replenishment demand following the "6.18" promotion, maintaining full production capacity [1] - LTPS panel production lines remain highly utilized due to demand from non-mobile applications such as automotive displays [1] - Flexible AMOLED panels are experiencing a temporary decline in demand due to adjustments in procurement schedules by terminal brands [1] Market Dynamics - In July, the mobile panel market primarily focused on price stability, although significant differences in supply and demand dynamics exist between different technology routes [1] - The forecast indicates a slight decrease in a-Si panel module prices in July and August 2025, while LTPS panel prices are expected to remain stable in the short term [1] - Rigid AMOLED panel prices are also projected to remain stable in the short term, whereas flexible AMOLED panel prices are expected to stabilize throughout the third quarter [1]

Group 1 - The mobile panel market continues to exhibit structural differentiation in the third quarter, with a-Si panels supported by demand for inventory replenishment after the "6.18" promotion, maintaining full production capacity [2][3] - LTPS panel production lines remain at high utilization rates driven by non-mobile applications such as automotive displays, while demand for flexible AMOLED panels has seen a temporary decline due to adjustments in terminal brand procurement schedules [2][3] - Overall, the mobile panel market in July is characterized by price stability, but significant differences in supply and demand dynamics exist between different technology routes [2][3] Group 2 - For a-Si panels, despite the peak in inventory replenishment following the "618" promotion, demand remains strong, and production lines continue to operate at full capacity. Prices for a-Si modules are expected to see a slight decrease in July due to the declining costs of key raw materials like driver ICs [3][4] - LTPS panels continue to be supported by the automotive display market, but demand in the smartphone sector remains weak due to the trend of AMOLED substitution, leading to low price levels with no significant recovery expected in the short term [3][4] - Rigid AMOLED panel demand is contracting, and price reductions by major manufacturers like Samsung Display have not met expectations, resulting in sustained low prices. Flexible AMOLED panel production rates have slightly decreased due to procurement adjustments, but are expected to rebound as the traditional peak season approaches [4][5]

Group 1 - The mobile panel market continues to show structural differentiation as of the end of Q2, with a-Si panels benefiting from stable demand in the mid-to-low-end market, maintaining high utilization rates [1][3] - LTPS panels are driven by applications in automotive displays, leading to sustained full operation of main production lines, with major manufacturers like BOE and Tianma maintaining high production levels [3] - Flexible AMOLED panels have experienced a slight decline in demand due to adjustments in procurement rhythms by terminal brands after a period of rapid growth [1][3] Group 2 - The demand for a-Si panels remains strong, driven by pre-sale stocking needs for the "6.18" mid-year promotion, with prices stabilizing after a brief increase due to supply-demand tightness [3] - LTPS panel demand remains weak in the smartphone sector due to a clear trend of mid-to-high-end models migrating to AMOLED, keeping prices at low and stable levels [3] - Samsung Display has implemented a proactive price reduction strategy for rigid AMOLED to stimulate demand, but market feedback has been lukewarm, with limited effects on sales [3] Group 3 - Flexible AMOLED production lines have slightly decreased from full capacity, with expectations of moderate price adjustments in June to maintain utilization levels, while a return to high utilization is anticipated in Q3 as the traditional peak season approaches [3]