Core Viewpoint - The company anticipates moderate growth in demand for flexible OLED mobile display products starting in 2025, while the competitive landscape on the supply side continues to evolve, leading to periodic price pressures in the market [2] Group 1: Company Performance - In the first three quarters of 2025, both of the company's flexible production lines maintained good operational performance, with TM17 showing continuous improvement in operational efficiency, product structure optimization, and significant cost reduction efforts [2] - The company's net profit improved by over 30% year-on-year in the first three quarters, indicating a notable enhancement in operational quality [2] Group 2: Business Expansion - The company is actively pursuing diversification in the mid-size and wearable sectors, achieving the mass production and shipment of its first flexible wearable product in 2025, which opens up new avenues for business growth [2] - The important joint venture TM18 production line is steadily ramping up, focusing on enhancing high-spec product capabilities, with flagship high-end product shipments continuously increasing [2] Group 3: Market Strategy - The company has achieved full coverage of flagship products among leading domestic brands, supporting the launch of multiple flagship models and proactively advancing the layout of new industry technologies [2] - The company will continue to invest in enhancing production line capabilities and comprehensive cost reduction, while also striving to elevate the high-end structure of flexible OLED products and diversify into mid-size and wearable sectors, thereby continuously increasing product value and responding steadily to market changes [2]

Group 1: Automotive Business Performance - In the first three quarters of 2025, the company's automotive business sales increased by approximately 24% year-on-year, driven by stable growth in traditional vehicles and rapid expansion in automotive electronics and domestic new energy sectors [1] - The gross margin of the automotive business showed a steady increase year-on-year in the first three quarters of 2025, with expectations of continued growth despite competitive pressures [4] Group 2: Flexible OLED Business Development - The flexible OLED production lines maintained good operational efficiency in the first three quarters of 2025, with net profit improving by over 30% year-on-year [3] - The company successfully launched its first flexible wearable product in 2025, opening new avenues for business growth [3] Group 3: Micro-LED Business Progress - The company has been developing Micro-LED technology since 2017, focusing on automotive and splicing display applications, with the first standard product launched in 2025 [6] - The company introduced industry-leading Micro-LED products, including a 108-inch 4K seamless splicing display and a 135-inch 4K+ version, showcasing significant advancements in technology [6] Group 4: Future Plans and Strategic Focus - The company adheres to a "2+1+N" strategy, focusing on mobile and automotive displays as core businesses while exploring growth in IT displays and non-display applications [9] - Future projects include the construction of the 8.6 generation panel line (TM19), new display module line (TM20), and full-process Micro-LED line, aimed at enhancing long-term competitiveness in the display sector [10]

Core Viewpoint - Despite adverse macroeconomic conditions, the global demand for small and medium-sized displays has shown signs of recovery, benefiting the company’s performance in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue from consumer display business accounted for over 80% of total revenue, enhancing overall profitability [1]. - The gross profit margin of the main business increased by 4.52 percentage points year-on-year, with net profit attributable to shareholders rising by 6.95 billion [1]. - The net cash flow from operating activities grew by 48.44% year-on-year, while the asset-liability ratio decreased by 2.46 percentage points compared to the end of the previous year [1]. - The cost-to-expense ratio decreased by approximately 5.4% year-on-year [1]. Group 2: Business Segments and Growth - The automotive display business saw a year-on-year revenue increase of approximately 27%, with sales to international leading automakers growing over 70% [2]. - The shipment volume of LTPS automotive displays increased by over 76% year-on-year [2]. - The flexible AMOLED mobile display products maintained stable pricing, with profitability improving by over 50% year-on-year [2]. - The TM17 production line's capacity has improved, contributing to the growth of flexible AMOLED mobile display business profitability [2]. - The company’s SLOD technology has achieved mass production capability, enhancing visual experience across multiple fields [2]. - The TM20 production line is accelerating capacity ramp-up and customer project introduction, while the TM19 line has achieved stage delivery capability [2].