TIANMA(SZ:000050)2025-09-10 14:24Group 1: Automotive Display Business - The company has maintained the global leading position in automotive display shipments for five consecutive years since 2020, achieving the highest shipment volume of automotive TFT-LCD and automotive instrument displays globally [1] - In the first half of this year, the automotive display business revenue grew approximately 27% year-on-year, with sales to international leading automakers increasing over 70% [1][2] - The LTPS automotive display segment saw a shipment increase of over 76% year-on-year, driven by the demand for upgraded screen specifications [2] Group 2: Automotive Electronics - The automotive electronics business began bulk deliveries to international leading clients in 2023, with sales growth exceeding 70% year-on-year in the first half of 2025 [3] - This segment is expected to enter a rapid growth phase alongside the development of client projects, becoming a new growth engine for the company's automotive display business [3] Group 3: Micro-LED Development - The Micro-LED production line was lit in 2024, achieving small batch shipments of standardized display modules in 2025, marking a significant advancement in the company's Micro-LED capabilities [4] Group 4: AMOLED Mobile Business - In the first half of 2025, the flexible AMOLED mobile business saw profitability improve by over 50% year-on-year, supported by enhanced production capacity and product structure optimization [5][6] - The TM18 production line's output increased, focusing on high-specification products and covering flagship models across major domestic brands [6] Group 5: Foldable Screen Technology - The company has developed multiple foldable screen technologies and successfully mass-produced various foldable products, including left-right and up-down folding screens [7] Group 6: Chip Business and M&A Plans - The company focuses on display technology and does not engage in semiconductor chip development, but is exploring non-display applications based on panel technology [8] - The company adheres to a "2+1+N" strategy, seeking suitable investment targets for potential mergers and acquisitions to strengthen its competitive position in key areas of the industry chain [9] Group 7: Depreciation and Share Buyback - The company anticipates that depreciation in 2025 will not differ significantly from 2024, remaining at a peak level, with a gradual decrease expected in the absence of new line investments [11] - The current share buyback is aimed at canceling the repurchased shares and reducing registered capital, with the process progressing steadily [11]