环球显示公司 2025年度报告

that help unlock new levels of performance and efficiency, alongwith new opportuniƟes across OLED devices today and into thefuture. TO OUR SHAREHOLDERS: In 2025, we built on our leadership posiƟon and deliveredmeaningful progress. As OLED adopƟon expanded across exisƟngand emerging applicaƟons, we delivered Company-recordfinancialresults while advancing the technologies that are shaping theindustry’s next chapter. Our performance reflects both the strengthof our business today and the plaƞorm we have built to supportlong-term growth. One of the most important evoluƟons in our R&D engine is theincreased integraƟon of in-house materials discovery, advanceddevice modeling, and characterizaƟon capabiliƟes. Supported by adeeply experienced scienƟfic team and increasingly enhanced by AI-and machine-learning-driven tools, this approach is enabling us toexplore broader design spaces more efficiently, acceleratedevelopment cycles, and make more informed decisions aboutwhere to focus our efforts. These capabiliƟes strengthen our abilityto support mulƟple architectures, customer roadmaps, andapplicaƟons, while conƟnuing to push the boundaries of OLEDperformance. OLEDs conƟnue to expand across the consumer electronicslandscape, from smartphones and wearables to tablets, laptops,monitors, and TVs. As performance expectaƟons rise across thesedevices, the role of UDC’s phosphorescent materials in enablinghigher efficiency, longer lifeƟme, and superior device performancebecomes increasingly evident. The industry is entering a new phase,characterized by broader applicaƟons, more diverse devicearchitectures, and higher expectaƟons for funcƟonality. UniversalDisplay has played a defining role in this evoluƟon, and we remainat the forefront as OLED technology conƟnues to advance.In 2025, we delivered Company-record revenue of $651 million,operaƟng income of $249 million, and net income of $242 million,or $5.08 per diluted share. We ended the year with $955 million incash, cash equivalents, and investments, providing thefinancialstrength andflexibility to conƟnue invesƟng and leading across theOLED ecosystem. Phosphorescent blue remains a central opportunity for the industryand for Universal Display. While thefinal steps to commercializaƟonare inherently challenging, our confidence remains unwavering.Once adopted, we believe phosphorescent blue has the potenƟal toenable up to a 25 percent improvement in OLED panel energyefficiency, represenƟng a meaningful step-change benefit forcustomers, consumers, and the industry. A Long Runway Ahead The opportuniƟes for OLED conƟnue to broaden. The market isevolving from being primarily mobile- and TV-centric to a morediversified landscape, with IT applicaƟons emerging as a driver ofnear- and mid-term growth. At the sameƟme, automoƟve displaysand form-factor innovaƟon, including foldables, are opening newavenues for differenƟaƟon and scale. Returning capital to shareholders is a priority. We have increasedour dividend annually for the past eight years, reflecƟng confidencein our business and cash generaƟon. We also announced a sharerepurchase program in the second quarter of 2025, which we haveuƟlized opportunisƟcally. Together, these acƟons underscore ourdisciplined approach to capital deployment and our commitment todelivering long-term value for shareholders. From an OLED manufacturing perspecƟve, we believe the industryhas entered a new mulƟ-year phase of capacity expansion. NewGen 8.6 faciliƟes are coming online to support growing adopƟon inIT and automoƟve applicaƟons, reinforcing the long-term growthtrajectory of OLEDs. As uƟlizaƟon ratesƟghten and addiƟonalcapacity is introduced, we believe our leadership in materials,technology, and collaboraƟon posiƟons us well to support ourcustomers through the next phase of industry expansion. Shaping the EvoluƟon of OLED Performance targets conƟnue to rise, energy efficiency maƩersmore than ever, and new applicaƟons, including foldable devicesand IT and automoƟve displays, are introducing new requirementsand opportuniƟes. As device architectures become more complexand diversified, our materials and technologies are increasinglycentral to enabling performance, scalability, and innovaƟon acrossthe ecosystem. Looking Ahead We are proud of what we have accomplished, and even moreenergized by where we are headed. Across emerging architectures, including tandem OLEDs, phosphorsensiƟzedfluorescence (PSF), and other hybrid approaches, oneelement remains foundaƟonal: UDC’s phosphorescent material. OurUniversalPHOLED materials are designed to deliver efficiency,lifeƟme, and color performance across a wide range of use cases,while giving customers theflexibility to meet evolving design andapplicaƟon needs. The versaƟlity of our OLED soluƟons, powered byphosphorescence and rooted in decades of materials and device-level experƟse, reliable manufacturing and unwavering qualitystandards, is a core differenƟator for Universal Display. Universa