With 2025 already halfway through, the first half of the year is likely to be a busy period for panel manufacturers.
In the main LCD panel business, thanks to the dual stimulus of tariff stockpiling and national subsidy policies, various manufacturers have seen varying degrees of demand growth in their panel business.
Meanwhile, facing the continuous innovation of new display technologies and the trend of panel technology entering more innovative application fields, panel manufacturers are also continuously improving their product structure, diversifying their technology and application layouts, and enhancing their own operational capabilities. Therefore, while consolidating their core business development, panel manufacturers are also investing heavily in the construction of new display projects to prepare for the company's future development.
According to incomplete statistics from TrendForce Display, since 2025, companies such as HKC, BOE, LGD, Tianma Microelectronics, TCL CSOT, Longteng Optoelectronics, and AU Optronics have all had new display projects enter new stages such as project initiation, signing, commencement of construction, equipment installation, and production.
The total investment in these projects reached 224.43 billion yuan, and the production content of the projects involved display technologies such as LCD, OLED, Mini LED, Micro LED, and electronic paper.
HKC <br /> Based solely on the table above, HKC is the most active panel manufacturer in display project construction this year. In fact, since last year, HKC has had several projects in the commencement, production, and completion stages, including an ultra-large-size MLED COB display production line, an 8 billion yuan electronic paper display module project, and a 5 billion yuan Changsha intelligent manufacturing industrial complex project.
Between February and May 2025, HKC had five more projects that entered the stages of signing, commencement of construction, and production. These projects involve the production of various products, including MLED chips, Mini LED backlights, direct-view modules and complete machines, electronic paper display modules, wearable device display modules, TVs, LED displays, tablets, and mobile terminals.
Among them, HKC signed an agreement in May to establish a full-color M-LED new display chip base project in Nanchong City, with a total investment of up to 10 billion yuan and a designed monthly production capacity of 1 million chips. The project will be built in three phases, with the first phase having a capacity of 150,000 chips, mainly producing full-color M-LED new display chips.
In February, HKC's Mini LED backlight and module projects in Mianyang, Sichuan and Changsha, Hunan also commenced construction, with investments of 5 billion yuan and 9 billion yuan respectively.
Currently, HKC possesses a variety of display technology products, including a-Si TFT-LCD technology, Oxide TFT, Oxide RGB OLED, Oxide LCD, and Mini LED. The number and amount of these investment projects clearly indicate that HKC is betting more resources on the development of Mini/Micro LED technology, demonstrating its optimism about its future prospects.
It is worth noting that HKC is once again attempting to go public this year, and its application was accepted by the Shenzhen Stock Exchange on June 30. HKC plans to raise 8.5 billion yuan in this IPO, of which 2.5 billion yuan will be invested in the Changsha New OLED R&D and Upgrade Project, 3 billion yuan in the Changsha Oxide R&D and Industrialization Project, 2 billion yuan in the Mianyang Mini LED Intelligent Manufacturing Project, and 1 billion yuan will be used to supplement working capital and repay bank loans.
If the IPO is successful in the future, HKC will obtain more financing to ensure the continued progress of its related display projects.
BOE Technology Group Co. , Ltd. (BOE) has also been actively advancing the progress of multiple projects this year. In terms of project type, BOE is also focusing on MLED technology development and continuously extending its reach upstream in the industry chain. In the future, BOE will possess a complete MLED technology supply chain.
In March, BOE Huacan completed the product delivery ceremony for the world's first 6-inch Micro LED mass production line in Zhuhai, officially delivering COW (Chip on Wafer) and MPD (Micro Pixel Display) products to customers.
The project mainly produces Micro LED wafers and pixel devices, targeting ultra-large and ultra-small high-definition display scenarios, and is used in applications such as large-size commercial displays, AR/VR head-mounted displays and wearable devices. Once fully operational, it will achieve an annual production capacity of 24,000 sets of Micro LED wafers (6-inch wafers) and 45,000,000 Micro LED pixel devices.
In the same month, BOE Crystal Core Technology's MLED Zhuhai project officially started mass production and was delivered. The project has a total investment of approximately RMB 1 billion and a planned monthly COB production capacity of over 10,000 square meters.
Beyond MLED technology, BOE is also accelerating its OLED production capacity expansion. In May, BOE's 6th generation new semiconductor display device production line in Beijing went into full-scale production. The project has a total investment of 29 billion yuan, covers an area of 420,000 square meters, and is designed to have a monthly production capacity of 50,000 pieces. This production line focuses on the research and development and production of high-end products such as VR display panels, small and medium-sized high-value-added IT display panels, and automotive display panels, based on LTPO (low-temperature polycrystalline oxide) and LTPS (low-temperature polycrystalline silicon) technologies.
In the same month, BOE's first domestic 8.6-generation AMOLED display device production line began moving in its equipment. The project represents a total investment of 63 billion yuan and is designed to produce 32,000 glass substrates per month, with substrate dimensions of 2290mm x 2620mm. This production line primarily focuses on mid-sized AMOLED panels for mid-to-high-end laptops, tablets, and other IT products, and also has the capability to produce flexible OLED smartphone panels.
In addition to promoting the construction of domestic projects, BOE's Phase II smart terminal project in Vietnam also officially started mass production ahead of schedule in June. The project, with a total investment of 2.02 billion yuan, mainly produces televisions, monitors, and electronic paper products. Upon reaching full production capacity, the Phase II smart terminal project in Vietnam will have an annual output of over 14 million TV/monitor terminals, over 50 million electronic paper terminals, and over 5 million vehicle-mounted terminals. This project will meet the needs of the Asia-Pacific, EU, and North American markets.
TCL CSOT <br /> This year, TCL CSOT has made a series of big moves, continuously strengthening its LCD business. It completed the acquisition of LGD's Guangzhou 8.5-generation line and acquired the equity of CSOT Semiconductor's 11th-generation line, with a total investment of approximately RMB 25.4 billion.
In addition to its LCD business, TCL CSOT is also advancing its Micro LED production line project.
In May, TCL Technology revealed that ChipInfo Display, a joint venture between TCL CSOT and Quanzhou Sanan Optoelectronics, had completed the construction of its pilot production line and was advancing mass production while simultaneously increasing its development of full-color technology. ChipInfo Display focuses on research into the mass transfer, bonding, testing, and repair technologies required for TFT-driven back-end Micro LED displays, aiming to achieve large-scale production of Micro LED displays.
The pilot production line of Xinying Display has a total investment of 300 million yuan. The project is based on the research and development of Micro LED technology on G2.5 generation TFT substrate.
LG Display
Following the sale of its 8.5-generation production line in Guangzhou, LG Display (LGD) continues to focus on its OLED technology development strategy. On June 17, LGD announced that its board of directors approved an investment of 1.26 trillion won (approximately 6.656 billion yuan) to build an OLED panel factory at its Paju campus in South Korea. The project is expected to take two years to complete. This investment marks LGD's first large-scale investment in South Korea since the sale of its LCD factory in Guangzhou, China.
Hefei Guoxian <br /> South Korean companies are increasing their investment in OLED technology, and domestic display manufacturers are also paying close attention to OLED technology. For example, Hefei Guoxian is building its 8.6th generation AMOLED project, and completed the first roof panel ahead of schedule in June this year, with the main structure construction of the project entering the final stage.
It is reported that the Hefei Guoxian 8.6th generation flexible AMOLED production line project has a total investment of 55 billion yuan and is the world's first 8.6th generation AMOLED production line to adopt FMM (fine metal mask) technology (i.e. ViP technology).
The project has a building area of approximately 800,000 square meters and a designed production capacity of 32,000 glass substrates (2290mm × 2620mm) per month, covering medium-sized applications such as tablets, laptops, and automotive displays.
Shenzhen Tianma <br /> Shenzhen Tianma completed the mass production of its new domestic production line (TM19) this year, while also increasing its overseas production line layout.
In May, Tianma announced that its 8.6th generation new display panel production line project (TM19) in Xiamen has entered full-scale production. The project has a total investment of RMB 33 billion and is designed to produce 120,000 glass substrates per month, of which 800,000 are a-Si and 400,000 are Oxide TFT (IGZO) technology, focusing on multiple small and medium-sized display applications such as automotive displays, IT displays and industrial displays.
In the same month, Shenzhen Tianma issued an announcement stating that its board of directors had approved the establishment of two subsidiaries in Singapore, and through these two Singaporean subsidiaries, a subsidiary in Thailand. The Thai subsidiary would then invest in and construct a factory in Thailand, primarily engaged in the production and manufacturing of display modules. The total investment for the project was RMB 1.08 billion, of which the company would contribute RMB 540 million from its own funds, and the Thai subsidiary would receive a bank loan of RMB 540 million.
In the field of Micro LED technology, Shenzhen Tianma recently revealed that the Micro LED production line jointly invested and built by the company has successively achieved product lighting and full process connection in 2024, and will gradually have small-batch production capacity in 2025.
It is reported that Shenzhen Tianma invested RMB 1.1 billion to build a G3.5 generation Micro LED production line, which is a complete Micro LED production line covering the entire process from mass transfer to final display module manufacturing. Utilizing LTPS TFT glass substrates and advanced all-laser mass transfer technology, the line can produce Micro LED display products with no size limitations and capable of frameless splicing, providing solutions for in-vehicle displays in smart cockpits.
Longteng Optoelectronics announced at the end of April that Longteng Optoelectronics Technology (Vietnam) Co., Ltd. had completed the installation and commissioning of its production equipment, and the first module of the project was successfully lit up, reaching mass production status. The project has a total investment of approximately 4 billion yen (approximately 188 million yuan), covering an area of 25,000 square meters, and mainly produces automotive display panels and industrial control screens.
The commissioning of the Vietnam project will provide Longteng Optoelectronics with more strategies to cope with complex and ever-changing tariff issues and diversify supply chain risks.
AU Optronics
On April 2, AUO's subsidiary, Daqing, signed an investment agreement with E Ink Holdings to establish a joint venture with a capital of NT$390 million (approximately RMB 93 million). The joint venture will build a large-scale electronic paper module production line at AUO's Taoyuan Longke plant, which is expected to start production in the fourth quarter of 2025.
How much growth potential does new display technology have in the future?
While consolidating their LCD technology, panel manufacturers are also investing heavily in the development of new display technology projects. How much growth potential do these technologies have in the future? Can they become a new driving force for panel manufacturers?
Firstly, regarding OLED technology, which is currently of utmost interest to panel manufacturers, it has already dominated the small-sized panel market, including smartphones, and demand in the medium-sized panel segment continues to rise. Analysis indicates that OLED display panel shipments will reach 3.4 million units this year, a 69% increase compared to 2024. It is projected that by 2028, OLED display panel shipments will reach 8.1 million units.
Mini LED backlighting technology is booming in the television application field. It is predicted that by 2025, shipments of Mini LED backlit TVs will exceed 11.5 million units, accounting for 6% of the global TV market. In the future, Mini LED backlighting technology is also expected to expand its penetration into monitors, flat panels, VR, automotive displays and other fields.
Electronic paper technology has unique advantages such as ultra-low power consumption, eye protection, thinness, and flexibility. Under the future development trend of the Internet of Things and low-carbon society, electronic paper is expected to occupy a place in application fields such as notebooks, billboards, flashcards, table signs, name badges, and wearable devices.
As for Micro LED technology, it is still in its early stages of development. According to research, the output value of Micro LED display application chips reached approximately US$27.9 million in 2024, with large-scale displays still being the main contributor. However, looking ahead, with breakthroughs in technological bottlenecks, the increasing demand for automotive displays, and the maturing of full-color solutions for AR glasses, the output value of Micro LED display application chips is expected to grow to US$740 million by 2029.
Summary <br /> In the first half of this year, panel manufacturers continued to solidify their LCD technology and increased their investment in display technologies such as OLED, Mini LED, Micro LED, and electronic paper. By enriching their own display technology solutions, they solidified their position in the future display industry.
TrendForce analysts believe that, based on statistics, panel manufacturers have invested the most in OLED, followed by LCD, and then MLED and electronic paper.
TrendForce analysts predict that as these investment projects are implemented, panel manufacturers' competitiveness and technological capabilities will be further enhanced. Looking ahead, panel manufacturers will continue to invest, with a focus on OLED as the primary focus and LCD as a secondary focus in their future investment plans. (Text: TrendForce Display Irving)
