Interpretation of China’s OLED Enterprises’ 2025 Report Card

In the global display market in 2025, OLED technology, as the core force in the new display field, is experiencing a critical stage of penetrating from the high-end market to the mainstream market.

At this stage, the domestic OLED industry is also showing a booming trend. Whether it is panel manufacturing or upstream materials, Chinese companies are accelerating to break through technical barriers, increase market share, and promote the localization process of the industrial chain. Against this background, the performance of upstream and downstream companies in the domestic OLED industry chain has become the focus of the industry.

The performance of panel manufacturers is divergent, and the domestic OLED layout is accelerating

In 2025, panel manufacturers as a whole will show a development pattern of divergent performance but a positive trend. Leading companies have made significant breakthroughs in the OLED business with their technology accumulation and production capacity advantages, while some companies focusing on specific market segments have also found their own growth paths.

In terms of domestic companies, BOE's flexible OLED device shipments have achieved steady growth, and the world's first high-PPI under-screen camera OLED gaming mobile phone display won the International Display Week award. What is even more noteworthy is that the first product of BOE’s 8.6th-generation AMOLED production line in Chengdu was lit up ahead of schedule. The advancement of new projects has laid a solid foundation for the long-term development of the company’s OLED business.

TCL CSOT has a clear strategic layout in the OLED field. In 2025, Wuhan's G5.5-generation printed OLED production line will achieve mass production and supply, and the world's first high-generation G8.6 printed OLED production line will officially start construction in Guangzhou, marking a key step for the company in the field of next-generation display technology. TCL Huaxing believes that the global display industry pattern is being restructured, and the focus of future competition will be on new display technologies and materials such as OLED and M-LED. The company will strive to establish a leading edge in the global display industry.

Shentianma maintains its leading position in the domestic market in flexible AMOLED mobile phone display shipments, and its TM17 production line achieved a year-on-year profit improvement of over 40%. In the field of vehicle-mounted displays, Shentianma's multiple OLED vehicle-mounted mass production projects are progressing smoothly. Shentianma's IT and vehicle-mounted display projects deployed on the sixth-generation flexible AMOLED production line are scheduled to be mass-produced in 2026, which will further expand the application boundaries of the company's OLED business.

As companies focusing on OLED panels, Visionox and Hehui Optoelectronics will still be in the red in 2025, but their operating conditions have improved, and their OLED business has also made considerable progress.

During the reporting period, Visionox’s OLED product revenue share further increased, and its gross profit margin also increased. In terms of technological innovation, the company launched the world's first high-efficiency pTSF device, LTPS 20Hz low brush solution and all-oxide flexible AMOLED technology, achieving breakthroughs in key indicators such as low power consumption and long life.

In terms of production capacity layout, the production lines of each generation in Kunshan, Gu'an, and Hefei are operating well. The main factory building of the world's first 8.6-generation AMOLED production line equipped with ViP technology has been capped, and the construction and delivery of the factory building was completed in March this year. Just recently, Visionox announced that Honor wearable products equipped with ViP technology have achieved mass production and shipment. ViP technology has completed a key achievement from technological breakthrough to industrial implementation.

Hehui Optoelectronics continues to make breakthroughs in OLED technology, focusing on new hybrid display forms, Tandem stacking and EAGLE drive circuit design technology. In addition, the company exhibited medium and large-sized innovative products at CES 2025 such as 14-inch 2.8K Hybrid Tandem, 11.3-inch flexible LTPO Tandem and 15.1-inch automotive Tandem.

Relying on its technological advantages, Hehui Optoelectronics ranks at the forefront of the global market in shipments of tablets, notebooks, and automotive displays, with notebook business growing by more than 100%. At the same time, Hehui Optoelectronics promotes the localization of about 80% of raw materials to ensure the safety of the supply chain.

In terms of foreign OLED panel companies, LGD and Samsung Display are also experiencing growth and recovery in performance driven by OLED panel products. Among them, LGD has completely shut down the LCD production line and placed all its bets on OLED. The proportion of OLED business revenue increased from 32% in 2020 to 61% in 2025. As a result, LGD also achieved its first profit in the past four years in 2025. As for Samsung Display, it continues to reap profits from the high-end market through QD-OLED and high-end small and medium-sized OLED.

In 2025, panel manufacturers will achieve rich and positive results in the OLED business. The most noteworthy development is that panel companies are racing to build G8.6 generation OLED production lines. Although Samsung Display took the lead in launching the construction of high-generation OLED lines, subsequent Chinese manufacturers such as BOE, Visionox, and TCL CSOT have also launched 8.6-generation OLED production lines. In the future, Chinese panel companies will also put considerable pressure on Korean panel manufacturers on the high-generation OLED lines.

Samsung Display’s A6 factory officially launched mass production on January 15 this year, becoming the world’s first 8.6-generation OLED production line for mass production and shipment. According to previous predictions by Trendforce Consulting, BOE’s B16 production line is expected to be lit in the first half of 2026. Visionox’s V5 factory plans to ramp up production in the first quarter of 2027. TCL Huaxing T8 project plans to start ramping up in the fourth quarter of 2027.

Materials companies are growing steadily, and domestic substitution continues to deepen

OLED materials are a key link in the middle and upstream of the industrial chain, and their localization process directly affects the healthy development of the entire industry. As the downstream domestic panel industry increases investment in OLED display technology, domestic OLED material companies have also made gratifying progress in performance and localized substitution in 2025.

Ruilian New Materials will achieve operating income of 1.677 billion yuan in 2025, a year-on-year increase of 14.95%, and net profit attributable to the owners of the parent company is 311 million yuan, a year-on-year increase of 23.48%. In the field of OLED materials, the company has established long-term and stable cooperative relationships with world-renowned companies including Dupont, Merck, Idemitsu, Doosan, SFC, LG Chem, etc.

Ruilian New Materials expressed its optimism about the development prospects of OLED display technology in the future, and recently announced an investment of 80 million yuan to build the Pucheng Haitai high-performance optoelectronic materials industrialization project to meet the company's OLED pre-sublimation material product production capacity and supporting needs for professional production equipment.

As an important supplier of OLED functional material intermediates, Puyang Huicheng will achieve operating income of 1.41 billion yuan in 2025, basically the same as the previous year. The functional materials intermediates segment achieved operating income of approximately 268 million yuan throughout the year, and its gross profit margin remained at a high level of 36.43%. During the reporting period, the company made important breakthroughs in the construction of its scientific research platform, and its application for the "Henan OLED Display Material Intermediate Engineering Research Center" was successfully approved. Currently, the company is reducing production costs through research and development methods such as optimizing synthesis routes and increasing yields, and consolidates its position as a well-known supplier of organic optoelectronic functional materials.

As a supplier of organic light-emitting materials, evaporation source equipment and other products, OLED will achieve operating income of 577 million yuan in 2025, a year-on-year increase of 8.27%, and a net profit attributable to the owners of the parent company of 80.4083 million yuan. Already achieved material business revenue growth in the first half of 2025 and successfully won the bid for BOE's 8.6-generation AMOLED evaporation source order.

Wright Optoelectronics achieved annual operating income of 552 million yuan, a year-on-year increase of 17.05%. The net profit attributable to the owners of the parent company was 220 million yuan, a year-on-year increase of 31.39%. The net profit after deducting non-recurring gains and losses was a year-on-year increase of 39.96%.

In terms of research and development, Wright Optoelectronics’ mass-produced products Red Prime materials and Green Host materials have seen steady revenue growth. The new product Red Host materials have passed customer mass production testing and have been supplied in small batches, further enriching the product matrix.

In addition to listed companies, there are many domestic OLED material companies that are constantly achieving new results. For example, Lumilan has overcome the performance bottleneck of red light materials, and through in-depth collaboration with head panel manufacturers and terminal brands such as Xiaomi, it has achieved an efficient closed loop from material research and development, mass production verification to high-end applications; Xiahe Technology has been purchased by BOE and entered its key material supply system, breaking The exclusive supply structure of UDC and Novaled; Heipruns and March Technology have both shipped OLED terminal materials; Aglaya can mass-produce more than 40 kinds of OLED materials, and its products have been supplied to many domestic and foreign OLED panel manufacturers...

Although there is still a gap with international OLED material manufacturers in terms of scale and technology, the scale of the domestic OLED material industry is gradually growing. The continued expansion of downstream domestic OLED panel production capacity is expected to stimulate the rapid development of domestic OLED material technology, and the focus of the OLED materials industry is also expected to shift to China.

Collaborative development of domestic OLED supporting technologies in 2025

In the OLED industry chain, in addition to luminescent materials, polarizers are also the key core link that determines the performance and cost of OLED panels. In 2025, as the shipments of domestic OLED panel factories increase, domestic companies in these key materials fields will also usher in the dual benefits of technological breakthroughs and performance growth.

In the field of display masks, Luwei Optoelectronics and Qingyi Optoelectronics have shown strong growth momentum. Luwei Optoelectronics achieved annual operating income of approximately 1.155 billion yuan, a year-on-year increase of 31.94%, and net profit attributable to owners of the parent company reached 251 million yuan, a year-on-year increase of 31.34%. The rapid growth of its performance is mainly due to its deep cultivation of AMOLED high-precision mask technology, especially in supporting the R&D and mass production of the G8.6 generation line of downstream panel manufacturers. The company's proportion of high-end products continues to increase, effectively alleviating the shortage pressure in this link of the domestic OLED industry chain.

At the same time, Qingyi Optoelectronics' performance in the first three quarters of 2025 was also very stable, achieving operating income of 928 million yuan, a year-on-year increase of 12.28%, and total profits increased by 19.26%. During the reporting period, Qingyi Optoelectronics actively promoted the construction of a "high-precision mask production base", focusing on expanding production of masks for AMOLED and higher generation lines. As domestic AMOLED panels penetrate into the medium and large-sized tablet and laptop markets, Qingyi Optoelectronics has successfully entered the supply chain system of many head panel manufacturers by virtue of its technical reserves in mask accuracy and yield rate.

In 2025, many domestic unlisted companies will also continue to make breakthroughs in the FMM field. Among them, Tuowei Optoelectronics is rapidly advancing the construction of the Chuzhou OLED evaporation FMM project with a total investment of 550 million yuan; Huancaixing completed the move-in of China's first G8.6 generation precision metal mask (FMM) manufacturing line and released the world's longest and widest G8.6 generation FMM product to meet the continued rise in domestic FMM demand.

In the field of OLED polarizers, Shenzhen Textile is one of the representatives of the domestic polarizer industry, and its polarizer business is mainly carried by its subsidiary Shengbo Optoelectronics. In 2025, the company's polarizer business revenue will account for more than 97% of the total revenue. In the field of OLED, Shenzhen Textile has focused on increasing its research and development investment in OLED polarizers for mobile phones. Some products have achieved mass production and are supplied to domestic mainstream panel manufacturers. In terms of technological innovation, the company is working on ultra-thin, high-transmittance OLED compensation film integration technology to meet the needs of new terminals such as folding screens.

Sanlipu also achieved a steady recovery in performance in 2025, with annual operating income reaching 2.081 billion yuan. Sanlipu's production lines in Hefei, Longgang and other places work together, and its layout in the field of OLED polarizers has covered multiple market segments such as smartphones and smart wearables. By continuously optimizing the production process, Sanlipu has made important breakthroughs in the weather resistance and optical compensation accuracy of OLED products, gradually narrowing the technological gap with Japanese and Korean companies.

As for Shanshan Co., Ltd., according to its 2025 semi-annual report and related operating data, the company is accelerating its transformation to OLED polarizers while maintaining its advantages in the LCD field. Through independent research and development and technology introduction, the company has achieved large-scale supply of high-end AMOLED mobile phone polarizers. Relying on its strong scale effect and supply chain integration capabilities, Shanshan Technology not only ensures the supply security of domestic panel factories, but also leads the industry in the research and development of ultra-large-size, low-power OLED polarizers.

Weida Optoelectronics, which focuses on market segments, will show extremely high growth quality in 2025. Its high-value dye-based polarizers are widely used in OLED segmented fields such as automotive and AR/VR. In 2025, Weida Optoelectronics' net profit attributable to shareholders of the listed company will reach 42.1368 million yuan, and its gross profit margin will remain at a high level. Weida Optoelectronics has taken advantage of the popularity of OLED screens in vehicle displays and wearable devices, and through customized research and development, has successfully developed OLED-specific polarized products with high durability and anti-glare functions, occupying a place in the high-end niche market.

Summary

Looking back on 2025, the domestic OLED industry chain will show a vigorous and upward development trend.

In terms of panel manufacturers, leading companies such as BOE, TCL CSOT, and Shenzhen Tianma have established increasingly solid competitive advantages in the OLED field through continuous technological innovation and production capacity expansion. Companies focusing on OLED such as Visionox and Hehui Optoelectronics are also continuing to improve their operating conditions and contribute to the diversified development of the industry.

In terms of materials and supporting companies, Wright Optoelectronics, Allide, Lumilan, Xiahe Technology, etc. in the field of terminal materials, as well as Ruilian New Materials, Puyang Huicheng, Aglaiya, etc., have continued to grow and make breakthroughs in the field of pre-sublimation materials. At the same time, Luwei Optoelectronics and Qingyi Optoelectronics have made breakthroughs in the field of precision masks, as well as Shenzhen Textile, Sanlipu, Shanshan Co., Ltd., and Weida Optoelectronics in the field of polarizers, marking the deep extension of localized substitution into core supporting links.

With the accelerated penetration of OLED technology in TVs, monitors, laptops, cars, watches and other fields, upstream companies are facing unprecedented development opportunities. Although there is still a certain gap compared with overseas leaders, domestic companies are gradually narrowing the gap through technological innovation and production capacity expansion, providing strong support for the independent control of the industrial chain.

While the domestic OLED industry continues to rise, the global ultra-high definition market application demand continues to expand. What new development opportunities and challenges will the OLED display industry face?

TrendForce’s LEDinside and TrendForce Display will hold the 2026 TrendForce New Display Industry Seminar (DTS 2026) at the JW Marriott Hotel Shenzhen. Among them, a special OLED display forum will be held on April 23. Representative companies of the OLED industry chain such as BOE, TCL CSOT, Visionox, Tuowei Optoelectronics, and Luminan, as well as senior analysts from TrendForce, will attend the speeches, focusing in depth on key topics such as the evolution of the large-generation OLED industry, localization of FMM, IJP OLED technology development, technological breakthroughs in domestic OLED materials, and ViP AMOLED technology solutions, to grasp the future direction of OLED. The forum is rich in content. Click on the image below to register and participate for free.