AMOLED方面：刚性AMOLED面板主力厂商三星显示(SDC)为争取新项目主动降价，带动整体价格开始松动；柔性 AMOLED面板则面临更大挑战——终端品牌因库存调整与成本控制大幅削减采购量，面板厂稼动率普遍承压。为维持产线 稼动和客户份额，面板厂在议价和竞标中持续让利，价格竞争趋于白热化，柔性AMOLED面板价格仍将延续下行通道； a-Si方面：2月a-Si面板品牌需求显著萎缩，但头部厂商通过加大对华南市场的出货，有效维持了产线高稼动运转。然而， 模组厂在激烈竞争下仍普遍采取低价策略，以争夺有限的项目订单。与此同时，铜、银等大宗原材料的涨价压力正在快速 传导至模组环节。在此背景下，模组价格长期单边下行的态势已难以为继，a-Si Cell价格或将开始松动； LTPS方面：尽管LTPS面板在车载显示、笔电及平板等非手机应用领域仍提供一定需求支撑，但受存储器价格持续上涨影 响，整体LTPS面板需求呈收缩态势。进入2月，智能手机用LTPS面板价格已出现小幅松动，老项目因客户稳定价格相对坚 挺，而为维持产线稼动率，面板厂在新项目上普遍采取更具竞争力的报价策略，导致新项目价格承压下行； 智通财经APP获悉，CINNO ...

Core Viewpoint - The mobile display panel market is entering a traditional off-season in January 2026, with upstream storage prices rising for several months, leading terminal brands to reduce shipment targets to manage operational risks, resulting in a significant decline in overall demand for mobile panels [4]. Group 1: Market Overview - The overall demand for mobile panels is weakening due to insufficient terminal pull, causing upstream panel manufacturers to face pressure on utilization rates and further exacerbating price decline [4]. - The a-Si panel market is experiencing a significant reduction in order visibility due to the contraction in overall terminal demand, coupled with the release of new production lines, leading to increased supply pressure and intensified competition [4]. - The LTPS panel segment, while still supported by demand in non-mobile applications like automotive displays and laptops, is facing pressure in specific areas such as laptops and tablets, leading to an overall contraction in LTPS panel demand [4]. Group 2: Price Trends - The prices of a-Si modules and LTPS panels are expected to continue their downward trend in January and February 2026, with flexible AMOLED panel prices also anticipated to remain in a declining channel [5]. - The price for 6.5" LCD panels (HD+) is projected to decrease from $6.4 to $6.3, while 6.5" FHD+ LCD LTPS panels are expected to drop from $9.3 to $9.2, indicating a general trend of price reduction across various panel types [3].

Core Viewpoint - The mobile display panel market is experiencing structural differentiation despite high overall operating rates as the year-end promotional season approaches its end [2][3]. 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 [3]. - Prices for a-Si modules are expected to remain stable until the end of the year, but may face downward pressure in early 2026 due to increased supply from new production lines [3][4]. Group 2: LTPS Panels - LTPS production lines benefit from strong demand in non-mobile applications such as automotive, laptops, and tablets, maintaining high operating rates [2][3]. - Prices for LTPS panels are expected to remain stable in December, but new project prices may see a decline in 2026 due to competitive bidding [3][4]. Group 3: AMOLED Panels - Rigid AMOLED panels are facing demand shrinkage due to competition from flexible technology, leading to stable but low prices [3]. - Flexible AMOLED manufacturers are experiencing slight declines in operating rates, with aggressive pricing strategies being adopted to secure orders for the upcoming year [3]. - Prices for flexible AMOLED panels are projected to continue a downward trend into December and January 2026 [4].

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]