8月26日晚间，英唐智控（300131.SZ）发布2025年半年度报告。报告显示，在半导体行业复苏及国产化 替代加速的行业背景下，公司以"分销+芯片"双轮驱动战略为核心，持续推进从电子元器件分销商向半 导体IDM企业的转型，各业务板块均实现稳健发展，为长期战略落地奠定坚实基础。 业绩韧性凸显，研发投入筑牢转型根基 作为老牌电子元器件分销商，英唐智控的战略转型成效持续显现。半年报数据显示，2025年上半年，公 司实现营业收入26.39亿元，同比增长3.52%，展现出较强的经营韧性；受研发投入增加影响，扣非归母 净利润为3022.67万元，同比下降14.46%。其中，第二季度营业收入达13.75亿元，同比增长6.40%，延 续了良好的增长态势。 据了解，除了在车载显示领域有布局，公司也在开发面向消费电子领域的显示驱动芯片，公司的OLED DDIC产品已进入流片阶段，未来有望拓展至消费电子、可穿戴设备、XR等中小尺寸的驱动产品。 综合来看，英唐智控"分销+芯片"双轮驱动战略已初见成效。展望下半年，随着MEMS振镜及车载芯片 量产的持续推进，公司高毛利业务收入占比有望进一步提升。同时，公司将持续关注产业链上下游整合 ...

Group 1: Global HV Capacity and Utilization - In 2025, global HV capacity supply is expected to be approximately 380,000 pieces per month, with a utilization rate of around 75% [1] - By 2026, global HV capacity supply is projected to increase to about 410,000 pieces per month, with a utilization rate expected to drop to around 70% [1] - The increase in capacity is driven by mainstream foundries releasing HV capacity and second-tier foundries entering the HV process [1] Group 2: OLED DDIC Market Trends - The OLED DDIC market is anticipated to continue growing due to demand from mobile phones, tablets, laptops, and wearables [2] - For 2025, the supply of OLED DDIC wafers (excluding 55HV) is expected to be around 108,000 pieces per month, while demand is projected at approximately 87,000 pieces per month, indicating a favorable supply-demand situation [2] Group 3: Price Trends in DDIC - The price decline of DDIC has slowed, with large-size driver chips expected to stabilize in price by 2026 [3] - Small-size LCD TDDI prices are experiencing slight decreases due to low demand and fewer new terminal projects [3] - The overall price trend for small-size OLED driver ICs is downward, driven by competition among Fabless companies [3] Group 4: Technological Innovations - Demand is driving technological innovations such as Dual Gate, TDDI, TED, and RAMless+MUX1:1, with significant advancements expected in 2025 [5][7] - The penetration rate of Dual/Triple Gate solutions in global television applications is projected to reach 65-67% by Q4 2025, with expectations of 70-72% by 2026 [5] - TDDI and TED solutions are gradually penetrating the market, with TDDI expected to begin mass production in early 2024 [5][7] Group 5: Future Developments in OLED TDDI - The performance of OLED TDDI, launched in Q2 2025, is expected to improve, with a focus on accelerating technology iteration and cost reduction [8] - Fabless companies are showing confidence in the long-term penetration of TDDI technology, with several planning to launch TDDI products in the second half of 2025 [8]

Core Viewpoint - Haowei Group is planning to go public on the Hong Kong Stock Exchange, aiming to leverage its position as a fabless semiconductor company specializing in image sensors and display solutions [1][2]. Group 1: Company Overview - Haowei Group, originally founded as Shanghai Weir Semiconductor Co., Ltd. in 1995, officially changed its name on June 20, 2023, to Haowei Integrated Circuit (Group) Co., Ltd. [2] - The company primarily generates revenue from semiconductor design and sales, providing solutions for various sectors including automotive, smartphones, medical, security, and emerging markets like AI and smart glasses [2]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is projected to be RMB 20.04 billion, RMB 20.98 billion, and RMB 25.71 billion respectively, with net profits of RMB 0.951 billion, RMB 0.544 billion, and RMB 3.279 billion [4]. - In Q1 of this year, Haowei Group achieved revenue of RMB 6.472 billion, marking a year-on-year increase of 14.68%, and a net profit of RMB 0.866 billion, reflecting a growth of 55.25% [5]. Group 3: Product Segmentation - The revenue breakdown for 2022 shows that image sensor solutions contributed RMB 13.674 billion (68.3%), display solutions RMB 1.470 billion (7.3%), and analog solutions RMB 1.262 billion (6.3%) [3]. - The display solutions segment is primarily focused on the smartphone market, with projected revenue of RMB 1.028 billion in 2024, a decrease of 17.77% from the previous year, despite a sales volume increase of 16.84% [3].

Core Viewpoint - The company is changing its name from "Shanghai Weir Semiconductor Co., Ltd." to "OmniVision Integrated Circuit (Group) Co., Ltd." to better reflect its strategic direction and enhance brand influence in the semiconductor industry [1]. Group 1: Company Overview - The company has established a core business system comprising image sensor solutions, display solutions, and analog solutions since acquiring OmniVision in 2019 [1]. - In 2024, the company reported a total revenue of 25.73 billion yuan, with a net profit attributable to shareholders of 3.32 billion yuan [2]. Group 2: Business Performance - The image sensor solutions business generated revenue of 19.19 billion yuan, accounting for 74.76% of the main business revenue, making it the core growth engine [1]. - The display solutions business achieved revenue of 1.03 billion yuan, representing 4.01% of the main business revenue, with a sales volume of 155.23 million units, a year-on-year increase of 16.84% [2]. Group 3: Product Development - The company has developed OLED DDIC suitable for smartphones and introduced new TED chips for mid-size screen display driver applications [2]. - Continuous investment is being made in the development of automotive display driver products to meet mainstream market specifications [2].