近日，彩虹股份、冠捷科技、四川长虹、深纺织、南京熊猫、 宝 明科技发布了2025年上半年业 绩预告，详情如下： 冠捷科技表示，报告期内， 全球显示行业竞争态势加剧，终端产品售价持续下降，而面板等核心 原材料成本保持相对稳定，导致综合毛利率承压。 同时，公司为加大市场开拓力度，增加营销投入以深化品牌认知；优化海外营销渠道、动态调配全 球产能布局，以应对经贸政策不确定性，增加成本费用支出。另受全球汇率波动影响，综合导致公 司上半年业绩亏损。 后续，公司将持续加强技术创新与产品结构升级，保持灵活应变能力与提升供应链韧性，积极应对 挑战，努力改善年度经营业绩 。 资料显示， 冠捷 科技 主营业务是智能显示终端产品的研发、制造、销售与服务，主要产品是显 示器产品、电视产品。 四川长虹 彩虹股份 2025年上半年， 彩虹股份 预计实现归属于母公司所有者的净利润为4.1亿元到4.8亿元，同比减少 47.59%到55.23%；预计 实现归属于母公司所有者的扣除非经常性损益后的净利润为3.6亿元到 4.3亿元，同比减少48.25%到56.68%。 彩虹股份表示， 公司 2025年上半年 持续提升液晶面板大尺寸高刷产品产能配置， ...

Core Viewpoint - The FIFA Club World Cup 2025 has officially announced its top 8 teams, including Real Madrid and Manchester City, with a total prize pool of $1 billion, igniting global fan enthusiasm. Hisense, as the first global official partner and VAR technology supplier, is leveraging this event to showcase its cutting-edge RGB-Mini LED technology [1][2][6]. Group 1: Hisense's Role in the FIFA Club World Cup - Hisense's RGB-Mini LED technology has been pivotal in enhancing the viewing experience during the FIFA Club World Cup, with its large-screen TVs providing superior picture quality and performance [4][5]. - The VAR system, supported by Hisense's specialized display equipment, successfully disallowed a goal due to a foul, demonstrating the effectiveness of their technology in critical game situations [2][3]. - Hisense's advertising presence at the event emphasizes its commitment to merging sports and technology, showcasing its products as essential for an optimal viewing experience [1][2]. Group 2: Technological Advancements - The RGB-Mini LED technology offers significant improvements over traditional TVs, including enhanced color accuracy and motion clarity, addressing common issues like blurriness and lag during fast-paced sports [4][8]. - Hisense's RGB-Mini LED TVs have achieved a 180% year-on-year increase in global shipments for 100-inch and larger models, capturing a 56.7% market share, positioning the company as a leader in this segment [7][8]. - The technology's ability to maintain high performance in various lighting conditions, including direct sunlight, sets a new standard for viewing experiences [8][9]. Group 3: Industry Impact and Future Prospects - Hisense's advancements in RGB-Mini LED technology mark a significant milestone in the display industry, transitioning from traditional methods to innovative solutions that redefine viewing experiences [10][14]. - The company's commitment to research and development has led to breakthroughs in chip technology and backlight systems, establishing it as a frontrunner in the global display market [12][13]. - The success of RGB-Mini LED technology at major sporting events signifies a shift in the industry from "made in China" to "created in China," highlighting the country's growing influence in display technology [14].

TCL 电子 20260626 摘要 TCL 电子在中国彩电存量市场中通过消费升级（Mini LED 渗透率提升、 尺寸增大）和竞争格局改善实现超预期业绩，2024 和 2025 年均价提 升显著，并制定了高增长股权激励目标。 618 期间 TCL 主品牌零售量、价、额均跑赢行业，销量增长超 30%， 零售额增长超 40%，均价中高个位数提升，Mini LED 销量增长 150%，全年 Mini LED 渗透率目标为 20-25%。 北美市场 TCL 电子实现量价齐升，零售量同比增长 8%-9%，均价提升 5%，零售额增长超 10%，Best Buy 渠道收入占比提升至 30%以上， 坚持中高端战略。 Mini LED 技术是 TCL 的核心优势，2024 年全球市场占有率达 28%- 29%，稳居第一，通过成本下降和中高端产品策略提升盈利能力，预计 2025 年国内渗透率达 20%-25%。 面板价格预计温和上涨，供给端竞争固化利好头部品牌，TCL 能够更好 地传导价格变化，提高盈利能力。预计 2025 年电视销量同比增长 10%，海外市场双位数增长。 Q&A TCL 电子在 2025 年消费股表现出色的原 ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the home appliance industry is experiencing a positive shift in domestic demand, with a focus on the white goods sector, which is expected to benefit from improved pricing strategies and a favorable cost environment [1][2]. Group 1: Home Appliance Industry Overview - The home appliance sector has shown a slight increase of 0.1% from the beginning of the year to June 5, 2025, outperforming the CSI 300 index by 1.6 percentage points, ranking 17th among primary industries [1]. - The overall performance of the home appliance sector has historically shown a high success rate, with 16 out of the past 20 years outperforming the CSI 300 index during the same period [1]. Group 2: White Goods Sector - The white goods sector is expected to see improved domestic demand, with a lower base for shipments and a potential upward trend [2]. - The usage of funds for the old-for-new policy has accelerated in May, although the impact of elastic marginal reduction and funding constraints may be concentrated in Q4 2025 [2]. - Major players in the white goods sector have adopted aggressive online pricing strategies, leading to significant market share elasticity, while the cost environment has improved, suggesting minimal impact on profitability [2]. Group 3: Black Goods Sector - The overall demand for TVs has shown a weak recovery since 2025, with MiniLED backlight TVs becoming a key driver for domestic product upgrades [3]. - Domestic brands like TCL and Hisense have performed strongly, with Hisense rapidly increasing its market share in MiniLED backlight TVs [3]. - The profitability of leading brands is expected to improve due to product structure upgrades and stable panel prices, with an anticipated increase in industry concentration and ongoing technological advancements [3]. Group 4: Emerging Small Appliances - The demand for emerging small appliances, particularly robotic vacuum cleaners, has seen significant growth since 2025, driven by subsidies and product innovation [4]. - Competition in the domestic and international markets is expected to diverge, with companies like Roborock performing well domestically while facing challenges abroad [4]. Group 5: Kitchen Appliances - The kitchen small appliance sector is showing signs of stabilization after a prolonged adjustment, with domestic sales rebounding due to low bases, reduced competition, and new product launches [5]. - The demand for large kitchen appliances is gradually improving, but recovery is still dependent on the real estate market, transitioning from new home-driven demand to replacement-driven demand [5]. Group 6: Investment Recommendations - The report suggests a positive outlook for the home appliance industry, with a focus on high-quality, high-dividend leading companies such as Gree Electric Appliances, Midea Group, Haier Smart Home, and Hisense Home Appliances [6][7]. - It also highlights the potential of leading TV brands like Hisense Vision and TCL Electronics, as well as emerging consumer brands benefiting from promotional events [7].

Group 1 - The core viewpoint of the article is that the demand for PHUD (Projection Head-Up Display) for LTPS LCD panels is expected to grow significantly, reaching approximately 600,000 units by 2025 and potentially increasing to 2.5 million units by 2026, representing a year-on-year growth of about 316% [2] - The explosive growth in demand is driven by leading automotive brands such as BMW and Xiaomi, with more brands likely to follow suit, indicating a penetration path of "luxury brands leading + independent car manufacturers following" [2] - By 2030, the demand for PHUD in LTPS LCD panels is projected to reach 7.8 million units, highlighting the long-term growth potential in this segment [2] Group 2 - The demand for HUD (including PHUD) LTPS LCD panels is expected to accelerate, with shipments projected at approximately 8.5 million units in 2024, exceeding 10 million units in 2025, and potentially reaching over 25 million units by 2030 [3] - Traditional HUD panels are primarily smaller in size, but the introduction of PHUD will significantly increase the size requirements, leading to a more pronounced consumption of LTPS LCD panel capacity [3] - By 2025, the demand for HUD LTPS LCD panels is estimated to require about 17,000 G6 glass substrates, with PHUD contributing 5,000 units, accounting for 29% of the HUD panel demand [3] Group 3 - The rise of PHUD and HUD technologies is expected to pose a threat to the traditional full LCD instrument market, creating new opportunities and challenges in the competition between HUD panels and instrument markets [4] - Increased demand for higher brightness will drive the adoption of Mini LED backlight products in the automotive market, while the need for high brightness and high transmittance will explore the potential of Micro LED technology, further promoting the application of new display technologies in the automotive sector [4]

【集邦Display整理】 6月11日，天山电子 发布公告，宣布 董事会审议通过了《关于使用剩余超 募资金投资建设新项目的议案》，同意公司将截至本公告披露日尚未使用的全部首次公开发行股票 超募资金（含利息、现金管理收益等）合计约18,843.00万元用于 建设 天山电子檀圩园区车载液 晶显示模组生产线项目和天山电子檀圩园区综合能力提升项目 。 此外，天山电子还将投入 自有资金3,822.11万元，用于 天山电子檀圩园区综合能力提升项目。以 上项目累计金额约为2.27亿元。 天山电子表示，鉴于全球车载显示市场需求爆发、公司车载类订单量快速增长以及公司生产基地内 部规划调整和优化产能配置，现有产能已无法满足比亚迪等头部客户大规模交付需求，且仓储空间 紧张、产线柔性化不足等问题制约发展。 超募资金投资新项目可通过新建智能化产线与仓储设施，实现突破产能瓶颈，承接战略客户订单并 缩短交货周期，匹配新能源汽车智能化浪潮下的车载电子需求。 车载液晶显示模组生产线项目 公告显示，天山电子檀圩园区车载液晶显示模组生产线项目，计划投资总额为11,578.02万元，拟 使用超募资金11,578.02万元。 项目建设期为1年，项目通 ...

【集邦Display整理】 6月11日，天山电子 发布公告，宣布 董事会审议通过了《关于使用剩余超 募资金投资建设新项目的议案》，同意公司将截至本公告披露日尚未使用的全部首次公开发行股票 超募资金（含利息、现金管理收益等）合计约18,843.00万元用于 建设 天山电子檀圩园区车载液 晶显示模组生产线项目和天山电子檀圩园区综合能力提升项目 。 此外，天山电子还将投入 自有资金3,822.11万元，用于 天山电子檀圩园区综合能力提升项目。以 上项目累计金额约为2.27亿元。 天山电子表示，鉴于全球车载显示市场需求爆发、公司车载类订单量快速增长以及公司生产基地内 部规划调整和优化产能配置，现有产能已无法满足比亚迪等头部客户大规模交付需求，且仓储空间 紧张、产线柔性化不足等问题制约发展。 超募资金投资新项目可通过新建智能化产线与仓储设施，实现突破产能瓶颈，承接战略客户订单并 缩短交货周期，匹配新能源汽车智能化浪潮下的车载电子需求。 车载液晶显示模组生产线项目 公告显示，天山电子檀圩园区车载液晶显示模组生产线项目，计划投资总额为11,578.02万元，拟 使用超募资金11,578.02万元。 项目建设期为1年，项目通 ...

度延续增长趋势，实现净利润 2,972.90 万元，综合毛利率达 26.97%。公司盈利水平持续提升主要有两方面原因，第一， 公司持续优化业务结构及布局，主营产品背光显示模组逐渐 向平板电脑、笔记本电脑、家庭娱乐终端等毛利率较高的中 尺寸类产品拓展。第二，公司 2024 年度继续实施降本增效措 施，加强成本管控，降低运营成本，提高资金使用效率和运 营管理效率，相关费用、各类资产减值准备等较上年同期下 降。2025 年第一季度公司 switch 2 背光模组产品持续放量， 盈利能力进一步提升。谢谢关注。 证券代码：300940 证券简称：南极光 深圳市南极光电子科技股份有限公司 投资者关系活动记录表 编号：2025-001 投资者 关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □√ 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单 位名称 及人员姓名 通过"投资者关系互动平台"参与公司 2024 年度网上业绩说 明会的投资者 时间 2025 年 5 月 16 日（星期五）15:30-16:30 地点 全景网"投资者关系互动平台"（https://ir.p5w.net） 上市公 司接待 ...

| | 答：公司在美国地区尚无直接业务收入，公司多元化的客户结 | | | | --- | --- | --- | --- | | | 构和交货区域以及增强了公司抵御国际风险的能力，目前关税对我 | | | | | 司影响有限。公司将密切关注关税问题、贸易政策、贸易环境的变 | | | | | 化与发展，积极灵活调整市场策略和经营管理策略，增强公司抗风 | | | | | 险能力。感谢您的关注与支持! | | | | | 本次接待工作严格按照《信息披露管理制度》等规定，保证信 | | | | | 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信 | | | | | 息泄露等情况。 | | | | 附件清单 | | 无 | | | 日期 | 2025 年 16 日 | 5 | 月 | 深圳市聚飞光电股份有限公司投资者关系活动记录表 3 编号：2025-002 1 | 市占率的提升，传统业务的海外市场占有率提升，及光耦等新产品 | | --- | | 的市场拓展。 | | 2、问：如何看待产业并购重组？ | | 答：公司对并购持开放态度。公司一直积极发掘与主营业务协 | | 同性较强、符合长期战略规划的 ...

| 投资者关系活动 | 特定对象调研 分析师会议  | | --- | --- | | |  媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他（ 现场调研 ）  | | 参与单位名称及人 | 钟智铧 长江证券 | | 员姓名 | 祁善斌 国寿安保基金 | | | （以上排名不分先后） | | 时间 | 2025年5月16日 | | 地点 | 合肥市方兴大道6988号芯瑞达科技园 | | 上市公司 | | | 接待人员姓名 | 董事会秘书兼财务总监：唐先胜 | | 投资者关系活动主 | 问题1、MiniLED背光模组的电视市场现状及预计，毛利率与传统 | | 要内容介绍 | 模组的关系，主要客户分布，平均单价，客户降本的影响，下游产品 | | | 的成本占比，全球份额，当前的竞争格局与趋势，行业季节性。国补 | | | 政策对显示行业发展有哪些影响 | | | 回答： | | | 据行业研究数据，2024年Mini LED电视出货量820万台，渗透率 | | | 3.8%；2025年预计出货1156万台，同比有5成左右的高增长。一般来说， | ...