Core Insights - The global smartphone panel shipment reached 586 million units in Q3 2025, with a quarter-on-quarter increase of 8.1% and a year-on-year increase of 5.3%, driven mainly by the iPhone 17 series and new releases from other major brands [2] - The total smartphone panel shipment for 2025 is projected to be 2.243 billion units, representing a year-on-year growth of 3.4%, marking a recent peak [2] AMOLED Panel Performance - AMOLED panel shipments in Q3 2025 reached 246 million units, with a quarter-on-quarter increase of 9.9%, benefiting from increased adoption in mid-range models [5] - SDC maintained a dominant position in the mid-to-high-end market with a 40% shipment share, while BOE continued to supply iPhones and other major brands [5] - Visionox expanded its market share by leveraging cost advantages [5] LCD Panel Performance - LCD panel shipments increased by 6.9% quarter-on-quarter to 340 million units in Q3 2025, with BOE accounting for over 30% of shipments [6] - The demand for low-end a-Si LCD panels remains stable due to cost advantages and after-sales market needs, while LTPS LCD demand continues to decline [6] - The overall smartphone panel market is expected to be dominated by AMOLED and a-Si LCD technologies moving forward [6] Market Outlook - The growth momentum for the smartphone panel market in 2025 is primarily driven by the rising penetration of AMOLED technology and close collaboration between Chinese panel manufacturers and brands [6] - By 2026, it is anticipated that AMOLED panel shipments will exceed 45% of the market, while LCD panels will maintain around 55% [6] - Korean suppliers will continue to dominate the high-end market, while Chinese manufacturers will accelerate their penetration into the mid-to-high-end market through cost and brand collaboration advantages [6]

Core Viewpoint - After years of patent disputes, leading companies in the panel (semiconductor display) industry, BOE and Samsung, may be approaching a reconciliation due to narrowing differences over advertising fees and potential collaboration opportunities in the LCD market [2][6][7]. Group 1: Patent Disputes and Market Dynamics - The patent litigation between Samsung and BOE has been ongoing for several years, with a notable deterioration in their relationship since 2022, primarily due to disputes over advertising fees and patent infringements [3][4]. - In 2021, BOE ranked second in the LCD market for Samsung's television screens, but the relationship soured in 2022 when BOE refused to pay the advertising fees demanded by Samsung, leading to a significant reduction in BOE's supply of LCD screens to Samsung [3][4]. - As of April 2023, Samsung Display initiated a new lawsuit against BOE in the U.S., marking the third legal action against BOE in two years, while BOE has also counter-sued Samsung for patent infringement [3][4]. Group 2: Competitive Landscape and Technological Advancements - The competition between BOE and Samsung in the OLED sector has intensified, with BOE's rapid development posing a significant challenge to Samsung's dominance in the OLED market [4][5]. - As of 2023, Samsung holds nearly 30,000 OLED-related patents, while BOE closely follows with approximately 28,000 patents, indicating a narrowing gap in technological capabilities [4][5]. - BOE has surpassed LG Display in the automotive OLED shipment volume and has successfully entered the supply chains of major smartphone manufacturers like Xiaomi, Huawei, and Apple [5]. Group 3: Potential Reconciliation and Future Collaboration - With major Korean panel manufacturers exiting the LCD market, Samsung and LG may become key customers for BOE's LCD products, prompting discussions of potential reconciliation [6][7]. - Samsung's strategy includes diversifying its LCD supply chain and improving its business relations in China, making reconciliation with BOE a priority [6][7]. - The upcoming discussions between BOE and Samsung are expected to address not only patent fee negotiations but also how to manage marketing costs associated with television sales, which could lead to a more collaborative relationship [6][7].