Core Viewpoint - Aolide, a key supplier in the OLED upstream materials and equipment sector, has reported a decline in revenue and net profit for the first three quarters of 2025, while maintaining a strong position in the OLED industry with a focus on organic light-emitting materials and evaporation source equipment [2][6]. Group 1: Company Overview - Aolide was established on June 10, 2005, and went public on September 3, 2020, on the Shanghai Stock Exchange, with its headquarters in Changchun, Jilin Province [1]. - The company specializes in the research, development, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment, covering the entire industry chain [1]. Group 2: Financial Performance - In Q3 2025, Aolide achieved a revenue of 389 million yuan, ranking 23rd in the industry, while the industry leader, O-film, reported revenue of 15.816 billion yuan [2]. - The revenue composition includes 219 million yuan from organic light-emitting materials (78.06%), 37.703 million yuan from other functional materials (13.42%), and 23.352 million yuan from evaporation source equipment (8.31%) [2]. - The net profit for the same period was 31.356 million yuan, ranking 15th in the industry, with the industry leader, Crystal Optoelectronics, reporting a net profit of 988 million yuan [2]. Group 3: Financial Ratios - Aolide's debt-to-asset ratio as of Q3 2025 was 29.22%, an increase from 19.33% year-on-year, but still below the industry average of 36.11% [3]. - The gross profit margin for the same period was 45.11%, down from 51.22% year-on-year, yet higher than the industry average of 26.98% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.07% to 8,114, while the average number of circulating A-shares held per shareholder increased by 9.97% to 29,700 [5]. - Notable shareholders include Hong Kong Central Clearing Limited and Jin Xin Shenzhen Growth Mixed A, which increased their holdings compared to the previous period [5]. Group 5: Future Outlook - Aolide is expected to report a revenue of 370 to 400 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 13.75% to 20.22%, with a projected net profit of 29 to 34 million yuan, down 66.42% to 71.36% [5][6]. - The company highlights stable growth in its materials business and anticipates improvements in its equipment business due to significant contracts, including a strategic cooperation framework agreement with BOE [6].

Core Viewpoint - The stock price of OLED has increased significantly this year, reflecting strong market interest and performance in the OLED industry [2]. Company Overview - Jilin OLED Materials Co., Ltd. was established on June 10, 2005, and went public on September 3, 2020. The company specializes in the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment within the OLED industry chain [2]. - The main revenue composition includes organic light-emitting materials (78.06%), other functional materials (13.42%), evaporation source equipment (8.31%), and others (0.21%) [2]. Stock Performance - As of October 29, the stock price rose by 2.01% to 29.89 CNY per share, with a total market capitalization of 7.451 billion CNY [1]. - Year-to-date, the stock price has increased by 58.65%, with a 12.71% rise in the last five trading days, 16.94% in the last 20 days, and 63.60% in the last 60 days [2]. Financial Performance - For the first half of 2025, the company reported a revenue of 281 million CNY, a year-on-year decrease of 17.87%, and a net profit attributable to shareholders of 27.005 million CNY, down 70.59% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 456 million CNY in dividends, with 273 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 15.85% to 8,923, with an average of 27,004 circulating shares per person, up 3.37% [2]. - Notable shareholders include Jin Xin Shenzhen Growth Mixed A and Hong Kong Central Clearing Limited, with the latter increasing its holdings by 119,500 shares [3].

Core Points - The stock price of Aolaide increased by 2.26% on October 23, reaching 27.12 CNY per share, with a trading volume of 130 million CNY and a turnover rate of 2.05%, resulting in a total market capitalization of 6.76 billion CNY [1] - Year-to-date, Aolaide's stock price has risen by 43.95%, with a 15.01% increase over the last five trading days, a 2.09% decrease over the last 20 days, and a 54.88% increase over the last 60 days [2] - Aolaide's main business involves the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment in the OLED industry chain [2] - The revenue composition of Aolaide includes 78.06% from organic light-emitting materials, 13.42% from other functional materials, 8.31% from evaporation source equipment, and 0.21% from other sources [2] - As of June 30, 2025, Aolaide reported a revenue of 281 million CNY, a year-on-year decrease of 17.87%, and a net profit attributable to shareholders of 27.01 million CNY, a year-on-year decrease of 70.59% [2] - Aolaide has distributed a total of 456 million CNY in dividends since its A-share listing, with 273 million CNY distributed in the last three years [3] - As of June 30, 2025, the number of Aolaide shareholders increased by 15.85% to 8,923, with an average of 27,004 circulating shares per person, an increase of 3.37% [2]

Group 1 - The core point of the news is the performance and market position of Jilin OLED Material Co., Ltd. (奥来德), which saw a stock price increase of 5.24% to 27.09 CNY per share, with a total market capitalization of 6.753 billion CNY [1] - The company specializes in the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment, with its main business revenue composition being 78.06% from organic light-emitting materials, 13.42% from other functional materials, and 8.31% from evaporation source equipment [1] - As of the second quarter, the company is a top ten holding in the招商丰凯混合A fund, which holds 10,000 shares, representing 1.89% of the fund's net value, indicating a floating profit of approximately 13,500 CNY [2] Group 2 - The fund manager of 招商丰凯混合A is Sun Lushen, who has been in the position for 5 years and 329 days, managing a total asset size of 1.489 billion CNY, with the best fund return during his tenure being 27.62% [3] - The fund has shown a year-to-date return of 20.71% and a one-year return of 21.11%, ranking 4177 out of 8160 and 3859 out of 8026 respectively in its category [2]

Core Viewpoint - Aolide (688378) expects a significant decline in net profit and revenue for the first three quarters of 2025, primarily due to the transitional phase in production lines, which has led to a temporary pressure on its evaporator source business [1] Financial Performance - The company anticipates a net profit of between 29 million to 34 million yuan, representing a year-on-year decrease of 66.42% to 71.36% [1] - Projected operating revenue for the first three quarters is between 370 million to 400 million yuan, reflecting a year-on-year decline of 13.75% to 20.22% [1] Business Operations - The sales revenue from evaporator source equipment has seen a notable decline due to the 6th generation line nearing completion and the 8.6 generation line being in a critical construction phase, resulting in a demand gap during the transition between production line generations [1] - The company expects that as leading enterprises like BOE continue to advance their production line construction and equipment installation, along with the subsequent release of incremental industry demand, the evaporator source equipment business is likely to gradually recover from this phase of adjustment [1]

Core Viewpoint - Aolide's Q3 performance forecast indicates a significant decline in net profit, with expectations of a decrease of 66.42% to 71.36% year-on-year, primarily due to challenges in the equipment segment and the impact of non-operating losses [2] Group 1: Financial Performance - The net profit attributable to shareholders for the first three quarters is projected to be between 29 million and 34 million yuan [2] - The net profit after deducting non-recurring gains and losses is expected to be between -6.7 million and -5.6 million yuan, reflecting a year-on-year decrease of 108.47% to 110.13% [2] Group 2: Business Segments - In the materials segment, the company has successfully implemented proactive business expansion strategies, leading to a year-on-year increase in overall material sales revenue [2] - In the equipment segment, there has been a significant decline in sales revenue for evaporator equipment due to the 6th generation line nearing completion and the 8.6 generation line being in a critical construction phase, resulting in a temporary pressure on the evaporator business [2] Group 3: Non-Operating Gains - The company anticipates realizing investment income from the disposal of equity in an associate company in the first half of 2024, while no equity transfer gains are expected in the first three quarters of 2025 [2]

Summary of the Conference Call on OLED Industry and Aolaide Industry Overview - The global OLED market is expected to expand significantly, reaching $50 billion by 2027, with China's OLED panel and module output exceeding 100 billion yuan in 2024, representing a 38% year-on-year growth, and the international market share reaching 52% [2][5][6] - The demand for IT and automotive AMOLED panels is rapidly increasing, with a projected compound annual growth rate (CAGR) of 56% for IT AMOLED panel shipments and 49% for automotive display AMOLED panel shipments from 2023 to 2028 [2][6] Company Insights - Aolaide's organic light-emitting materials business benefits from the expansion of OLED into medium and large sizes and the application of stacked structures, leading to a significant increase in material usage and market share [2][6] - Aolaide is actively investing in PSPI packaging materials, raising 240 million yuan to expand production capacity, which will support domestic substitution efforts. The global PSPI market is expected to grow from $677 million in 2024 to $3.18 billion by 2031 [2][8] - Aolaide successfully won a 655 million yuan order for evaporation source equipment for BOE's 8.6 generation line, indicating that its equipment meets international standards and will drive growth in its equipment business [2][9] Strategic Partnerships - Aolaide has signed a strategic cooperation framework agreement with BOE, focusing on four core areas: ensuring the supply of evaporation sources, consolidating competitive advantages, collaborating on material supply and localization, and exploring new business opportunities [4][12][13] - This partnership is expected to enhance Aolaide's core business capabilities and solidify its position in the OLED industry [13] Future Outlook - Aolaide is positioned to leverage its core technology and production capabilities in the OLED materials and equipment sectors, aiming for performance growth through new product introductions and market share expansion [10][14] - The company is expected to benefit from the ongoing expansion of high-generation lines and the dual dividends of consumer electronics upgrades and domestic substitution [10][14] Additional Insights - The increasing demand for OLED technology in consumer electronics, driven by customer preferences for high contrast, low power consumption, and other performance metrics, is accelerating the adoption of OLED displays across various applications [4][6] - Aolaide's focus on local production models is anticipated to shorten delivery times and reduce procurement costs, creating a differentiated competitive advantage [8]

Core Viewpoint - The stock of OLED company Aolaide has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 33.12%, indicating volatility in its market performance [1]. Financial Performance - For the first half of 2025, Aolaide reported revenue of 281 million yuan, a year-on-year decrease of 17.87%, and a net profit attributable to shareholders of 27.01 million yuan, down 70.59% compared to the previous year [2]. - Cumulative cash dividends since Aolaide's A-share listing amount to 456 million yuan, with 273 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of Aolaide shareholders increased by 15.85% to 8,923, with an average of 27,004 circulating shares per shareholder, up 3.37% [2]. - The top ten circulating shareholders include new entrants such as Jin Xin Shenzhen Growth Mixed A and Hong Kong Central Clearing Limited, indicating changes in institutional holdings [3]. Market Activity - Aolaide's stock price as of September 29 was 25.08 yuan per share, with a total market capitalization of 6.252 billion yuan [1]. - The stock has seen a trading volume of 77.4811 million yuan with a turnover rate of 1.26% [1].

Core Viewpoint - The stock of Aolaide has experienced fluctuations, with a current price of 25.73 CNY per share, reflecting a year-to-date increase of 36.57% but a recent decline of 7.35% over the past five trading days [1] Company Overview - Aolaide, established on June 10, 2005, and listed on September 3, 2020, specializes in the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment within the OLED industry chain [1] - The company's revenue composition includes organic light-emitting materials (78.06%), other functional materials (13.42%), evaporation source equipment (8.31%), and others (0.21%) [1] Financial Performance - For the first half of 2025, Aolaide reported a revenue of 281 million CNY, a year-on-year decrease of 17.87%, and a net profit attributable to shareholders of 27.01 million CNY, down 70.59% year-on-year [2] - Cumulative cash dividends since Aolaide's A-share listing amount to 456 million CNY, with 273 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Aolaide had 8,923 shareholders, an increase of 15.85% from the previous period, with an average of 27,004 circulating shares per shareholder, up 3.37% [2] - Notable changes in institutional holdings include Jin Xin Shenzhen Growth Mixed A entering the top ten shareholders with 2.08 million shares, while Hong Kong Central Clearing Limited increased its holdings by 119,500 shares [3]

Group 1 - The core point of the news is the performance and financial status of Jilin OLED Materials Co., Ltd. (奥来德), which saw a stock price drop of 5.22% to 26.32 CNY per share, with a total market capitalization of 6.561 billion CNY [1] - The company specializes in the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment, with its main business revenue composition being 78.06% from organic light-emitting materials, 13.42% from other functional materials, 8.31% from evaporation source equipment, and 0.21% from other sources [1] Group 2 - From the perspective of fund holdings, only one fund under China Merchants Fund holds shares in 奥来德, specifically the 招商丰凯混合A fund, which held 10,000 shares, accounting for 1.89% of the fund's net value [2] - The 招商丰凯混合A fund has a total scale of 3.2339 million CNY and has achieved a year-to-date return of 19.39%, ranking 4373 out of 8172 in its category, and a one-year return of 54.44%, ranking 2790 out of 7980 [2]