Group 1: Market Trends and Product Pricing - The price trend for LCD products is expected to rise due to increased demand from brand manufacturers ahead of upcoming sports events, leading to higher TV product shipments [1] - MNT product prices have seen a month-on-month increase due to inventory release from brand clients and structural supply tightness caused by overseas capacity contraction [1][2] Group 2: Production Capacity and Technology Development - The company announced the investment in an 8.6-generation AMOLED production line in November 2023, aimed at producing high-end touch OLED displays for laptops and tablets [3] - The production line is set to achieve mass production by December 30, 2025, five months ahead of schedule, enhancing the company's competitiveness in the display industry [3] Group 3: Financial Projections and Capital Expenditure - The company's depreciation amount is expected to peak in 2025 as existing production lines continue to depreciate while new projects are phased in [4] - Capital expenditure is projected to peak in 2025, primarily for the 8.6-generation AMOLED production line and the 6th generation LCD LTPO/LTPS production line in Beijing, with a significant decrease anticipated starting in 2027 [5] Group 4: Shareholder Returns - In 2025, the company plans to complete a stock cancellation worth nearly 1 billion yuan and distribute cash dividends of approximately 1.87 billion yuan [6][7] - The company is committed to fulfilling its shareholder return plan for 2025-2027, aiming to enhance shareholder returns consistently [7]

Group 1: LCD Product Insights - The company anticipates growth in both shipment volume and area for the year, despite challenges in emerging markets [1] - The LCD production line utilization rate is expected to stabilize, with product prices likely to recover due to increased demand in December [2] Group 2: OLED Product Structure - The shipment volume of foldable OLED products is expected to decline in the second half of the year, while the demand for LTPO from overseas brands is increasing [3] - The domestic OLED market is becoming increasingly competitive, leading to short-term operational pressures [3] Group 3: Technology Development in IT - The company announced an investment in an 8.6 generation AMOLED production line in November 2023, aimed at producing high-end touch OLED displays for laptops and tablets [4] - This new production line is expected to enhance the company's competitiveness in the display industry [4] Group 4: Depreciation and Capital Expenditure Trends - The company expects depreciation to peak in 2025 due to new production lines being built, despite a reduction in depreciation from existing lines [5] - Future capital expenditures are projected to decline after 2025, with significant investments in the 8.6 generation OLED production line [7] Group 5: Minority Shareholder Buyback Plans - The company plans to consider repurchasing minority shareholder equity based on operational performance and cash flow improvements [7]

Group 1: LCD Market Insights - The demand for TV products is stimulated by national subsidies and export incentives, leading to an expected increase in annual shipment volume and area, despite fluctuations in demand throughout the year [1] - IT product shipments are anticipated to grow rapidly due to replacement demand, while MNT product shipments are expected to remain flat [1] - The average utilization rate in the LCD industry improved in Q3 but is projected to drop below 80% in Q4, leading to a slight price adjustment for TV products and stable pricing for IT products [2] Group 2: OLED Market Dynamics - The OLED market is experiencing an oversupply despite increased shipments in Q3 and Q4, with a notable rise in low-end Ramless product shipments and heightened competition in the domestic market [3] - The company plans to invest in an 8.6 generation AMOLED production line to enhance its competitiveness in high-end IT products, such as laptops and tablets [4] Group 3: Technology and Competitive Edge - The company has chosen the LTPO backplane technology for OLED, which has been validated in the sixth generation line, supporting high-end applications with comprehensive capabilities [5] - The penetration rate of OLED in high-end IT products remains below 10%, indicating limited market impact from capacity supply in the medium to long term [5] Group 4: MLED Business Development - The MLED business is a key component of the company's "1+4+N" ecosystem, focusing on Mini/Micro LED technology to drive rapid growth [6] Group 5: Financial Outlook and Capital Expenditure - Capital expenditures are expected to peak in 2025 due to significant investments in the 8.6 generation OLED production line, with a decline anticipated from 2027 onwards [8] - The company plans to allocate at least 35% of annual net profit to cash dividends and a minimum of RMB 1.5 billion for share repurchases each year from 2025 to 2027 [10] Group 6: Shareholder Engagement - The company is considering repurchasing minority shareholder equity as a key use of cash flow, particularly as capital expenditures decrease and cash flow improves [9] - A new shareholder return plan aims to establish a stable and predictable return mechanism, reflecting the company's commitment to sharing growth benefits with shareholders [12]