Group 1: Company Overview and Strategic Focus - Tianma Microelectronics Co., Ltd. positions its automotive display business as a strategic core, leveraging 30 years of expertise in the field [2][3] - The company has maintained the global leading position in automotive TFT-LCD and instrument display shipments for five consecutive years since 2020, with a significant growth in HUD products, achieving the top global position in 2024 [2][3] - The automotive display business revenue grew approximately 27% year-on-year in the first half of 2025, with sales to top international automotive manufacturers increasing over 70% [2][3] Group 2: Market Trends and Competitive Landscape - The automotive display market is characterized by high barriers to entry and strong customer loyalty, with increasing demands for product reliability and rapid response capabilities [4] - The demand for automotive displays is expected to continue growing, driven by trends such as screen quantity increase, specification upgrades, and the rapid growth of the domestic new energy vehicle market [3][4] Group 3: Financial Performance and Profitability - In the first half of 2025, non-consumer display business revenue, represented by automotive and specialized displays, accounted for over 50% of total revenue, enhancing overall profitability [8] - The company's gross margin improved by 4.52 percentage points year-on-year, supported by the strong performance of flexible AMOLED and other display businesses [8][9] Group 4: Research and Development - The company invested approximately 1.57 billion CNY in R&D in the first half of 2025, focusing on flexible AMOLED, LCD technologies, and various display fields [11] - Continuous innovation and technology development are prioritized to enhance product solution capabilities and competitiveness [11][13] Group 5: Future Directions and Diversification - The company is exploring new business avenues beyond display panels, including non-display applications such as smart antennas and fingerprint recognition technologies [15] - The strategic "2+1+N" framework aims to strengthen core display businesses while exploring diversified applications to meet evolving market demands [12][15]