In November 2026, the "Q3 2026 LED Display Industry Quarterly Analysis Report" by the Hangjia Shuo Industrial Research Center was officially released. The content covers performance reviews, event and trend interpretations, product and technology updates, as well as information and knowledge management from Hangjia Shuo.
A review of key developments in the LED display industry during Q32026 is as follows:
1. The trend of "volume growth with price decline" on the display side continues, while high-end demand recovery remains slow. In H1 2026, shipment areas for five major screen manufacturers maintained growth, but average terminal prices continued to fall (partly due to changes in product mix); overseas markets saw limited scale contraction due to smaller price reductions. Cost increases have not effectively passed through to terminals, potentially suppressing the implementation pace of high-value projects such as fine-pitch displays.
2. Cost-driven price hikes persist. By mid-October 2026, over 100 companies in the LED display supply chain issued price increase notices, primarily driven by rigid cost pass-through. PCB prices rose significantly due to tight supply-demand dynamics; in P1.2 COB solutions, PCB costs have approached or even exceeded chip costs.
3. COB capacity expansion has entered a phase of concentrated volume release by leading players. In 2026, COB expansion is driven by Zhaochi Jingxian and three major panel manufacturers, with faster ramp-up rates at the panel makers. Currently, the combined monthly COB capacity of the three major panel manufacturers is approximately 25,000 m², while Zhaochi Jingxian holds about 55,000 m². The total capacity of these four entities already approaches the industry-wide total of 80,000 m² in 2025, indicating a clear trend of supply concentration among leaders.
4. MIP technology is advancing simultaneously in industrialization and route evolution. The industry focus has shifted from device iteration to scenario expansion in high-end commercial displays, all-in-one units, and special devices. Regarding technical evolution, POG (MiP on Glass) has become one of the key next-generation directions for MIP.
5. Micro LED optical communication emerges as a second growth curve. Demand for short-range interconnects in AI data centers is clear. Leveraging advantages in parallel transmission and low power consumption, Micro LED is entering CPO architectures. Numerous LED-related companies, including ams OSRAM, Sanan Integrated, BOE HC SemiTek Corporation, Focus Lightings Tech, AUO, Shenzhen MTC, Ledman Optoelectronic, INNOSHINE Semiconductor, Raysolve, StarkSEMI, Enkris Semiconductor, Lekin Semiconductor, and Xinghuo Chenguang, have laid out strategies around Micro LED optical communication chips and modules; panel manufacturers are also actively extending into this track.
6. RGB Mini LED TVs are moving toward mainstream mass adoption. In 2026, participating brands expanded from a few leaders like Hisense and Samsung to over 14, with product sizes covering the mainstream 50–100 inch range. As Xiaomi and others push 55-inch prices down to the CNY 2,000 level (after national subsidies), this category is transitioning from flagship exclusivity to mainstream consumer segments, driving upgrades in the backlight supply chain.
7. Supply chain IPOs are concentrating upstream. In the first three quarters, more than 10 companies advanced their listings, with several completing their debut. Upstream segments such as materials, equipment, and driver ICs became the main drivers of capitalization, shifting investor focus from terminal screens to "bottleneck" technologies and high-value-added supporting components.
The following excerpts highlight key points. For the detailed table of contents and report inquiries, please click at the end of the article.
LED Display Performance Review: First Three Quarters of 2026
This quarter coincides with the disclosure window for A-share Q3 earnings reports. As of October 31, the "Q3 2026 LED Display Industry Quarterly Analysis Report" has aggregated performance reports from approximately 40 LED display-related enterprises.
By segment:
On the chip side, six chip manufacturers generally achieved revenue growth in H1 2026, though reported revenues were notably disturbed by adjustments in gold scrap accounting standards. Hua Hong Grace (Note: Context implies BOE HC SemiTek based on later text, but original says 'Huacan' which is BOE HC SemiTek. Correction: Huacan refers to BOE HC SemiTek) expanded most rapidly in scale, while Focus Lightings Tech and Changelight saw profit recovery. The industry's shift toward high-end products is accelerating, but pricing pressure has not yet eased.
However, looking at Q3, changes in the chip segment mainly manifested as improved prices and orders for high-value-added products such as Mini/Micro LEDs, automotive-grade, flip-chip, and red/yellow light chips, while general lighting and traditional display chips remained under pressure.
In the packaging/module segment, Jufei Photoelectric continued mass production and delivery of MiniLED backlights, and Xinruida maintained growth in Mini display modules. High-value-added tracks such as automotive LEDs and Mini backlights contributed core incremental gains. Companies like Hongli Zhihui Group and Mulinsen enhanced revenue and profitability elasticity through product upgrades and capacity expansion. In single-quarter Q3, Mulinsen, Ruifeng Photoelectric, and Xinruida maintained year-on-year positive growth in profits, continuing the trend of profitability recovery.
Among terminal screen manufacturers, MIP/Micro LED has entered the revenue realization stage. Leyard Group disclosed in its semi-annual report that new Micro LED orders, primarily based on COB+MiP, exceeded CNY 700 million, with the glass-based POG route expected to achieve small-batch mass production in 2027. Unilumin saw a continuous rise in the proportion of Mini/Micro LED business revenue, with MIP product revenue growing significantly year-on-year. Absen Optoelectronic reported cumulative sales of Micro LED products exceeding 820,000 units. Ledman Optoelectronic accelerated its layout in home-use Micro LED giant screens, while international COB display product revenue rose more than 70% year-on-year.
Overall, in Q3 2026, some packaging, chip, and display terminal companies took the lead in restoring gross margins and cash flows through high-end products such as Mini/Micro LED, automotive, and high-value overseas displays. Revenue showed a mild recovery, and the results of the industry's accelerated transformation toward high-value-added domains are gradually becoming apparent.
COB Supply Side Enters Phase of Concentrated Volume Release by Leaders
This quarter, Zhaochi Jingxian and the three major panel manufacturers continued to intensify COB production line construction. Zhaochi Jingxian kept releasing Mini COB capacity, while TCL CSOT, HKC, and BOE accelerated the construction and ramp-up of COB lines.
This quarter, HKC's Changsha COB project commenced operations. The project has a total factory area of 60,000 square meters, planned for three floors, each equipped with six fully automated production lines. Currently, the initial 5,000 m² line is operational; the first-phase capacity of 15,000 m² on the ground floor is expected to be completed by June 2027. Upon full capacity, the project can reach a monthly capacity of 30,000 m² and an annual capacity of 300,000 m².
According to Hangjia Shuo Research, prior to this, HKC's Mianyang base had already achieved mass production of C08 products in 2025. Based on HKC's official figures: once both the Mianyang and Changsha bases reach full capacity, the combined monthly COB capacity will be approximately 50,000 m². This suggests the planned monthly COB capacity for the Mianyang base is around 20,000 m² (Hangjia Shuo estimates it currently stands at 7,000–10,000 m²).
From current plans, TCL CSOT focuses on its Suzhou MLED production base, where MLED line monthly capacity will increase from the existing 6K to 12K; adding 18,000 m²/month from technical renovations, the base's future COB capacity could reach 30,000 m²/month. BOE Zhuhai Jingxin currently plans for a COB monthly capacity exceeding 10,000 m², with Phase II continuing to ramp up.
In terms of actual current supply, according to statistics from Hangjia Shuo Research, the combined monthly COB output of the three major panel manufacturers is approximately 25,000 m²; Zhaochi Jingxian's current monthly capacity is about 55,000 m², temporarily leading the panel manufacturer camp. The industry-wide COB monthly capacity in 2025 was approximately 80,000 m², and the existing combined capacity of the aforementioned four entities already approaches this magnitude, marking the formal entry of the supply side into a phase of concentrated volume release by leaders.
Based on disclosed plans, if the three major panel manufacturers reach full capacity, their combined monthly capacity could approach 100,000 m². Coupled with subsequent capacity releases from Zhaochi, total COB supply will reach a new level in 2027. With the volume release by leaders, economies of scale will drive down unit costs and improve yields. It is expected that the substitution slope of COB for SMD fine-pitch will further steepen in 2026-2027, with applications extending to more commercial scenarios.
MIP Technology Advancing in Parallel: Industrialization and Route Evolution
MIP technology is currently in a stage where industrialization implementation and route evolution are proceeding in parallel.
In terms of industrialization, MIP is transitioning from the technology verification period to a transitional stage of scaled volume release. The industry focus has shifted from single-device iteration to large-scale penetration into scenarios such as high-end commercial displays, LED all-in-one units, and special devices.
Looking at Q3: Maiyun exhibited its Driver MIP display products jointly with customers at BOE IPC 2026. According to company disclosures, this product heterogeneously integrates Micro ICs with Micro LEDs to form an active luminescent device combining "driving + emission," demonstrating potential in new display applications through transparent displays and smart interactive terminals in digital human forms.
Aimipu launched Micro MiP P09 and M07 panels, primarily targeting high-end advertising machines and high-end conference commercial display scenarios, continuously supplementing its standardized panel product matrix.
Regarding technical evolution, against the backdrop of short-term yield limitations in COG bare-die direct bonding, POG (MiP on Glass) serves as a glass-based transition route. By implementing "MiP pre-packaging + 100% optoelectronic sorting + mounting on TFT glass substrate," it shifts yield control upstream, reducing the risk of whole-board scrapping. This has become one of the key paths for Micro LED direct-view displays evolving toward glass substrates.
Currently, Leyard Group continues to conduct POG R&D and sample verification, achieving phased results with small-batch mass production expected in 2027. Aimipu simultaneously launched POG technology and continues to scale up volumes on the MiP/AM-MiP device side, providing device-layer support for downstream panelization and subsequent glass-based integration.
The above are excerpts from the "Q3 2026 LED Display Industry Quarterly Analysis Report." For the complete table of contents, see the end of the article. Download and reading are welcome.