分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨京东方 A（000725.SZ） [Table_Title] 需求稳健增长，行业进一步集中 报告要点 [Table_Summary] 公司发布 2025 年中期报告，上半年公司实现营业收入 1012.78 亿元，同比增长 8.45%；归母 净利润 32.47 亿元，同比增长 42.15%；扣非归母净利润 22.82 亿元，同比增长 41.45%。大尺 寸液晶面板领域京东方继续保持行业第一，出货量约为 3300 万片，同比大幅增长 17.3%，增 幅远超行业平均水平；环比增长 4.6%，市场份额达到 27.4%，同比提升 3.6 个百分点。 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 京东方 A（000725.SZ） cjzqdt11111 [Table_Title2] 需求稳健增长，行业进一步集中 [Table_Summary2] 事件描述 公司发布 2025 年中 ...

专题：2025全球产品技术创新大奖 9月5日，IFA柏林国际电子消费品展览会（Internationale Funkausstellung Berlin 以下简称IFA）在德国柏 林盛大开启。作为全球规模和影响力最大的国际视听及消费类电子产品展览会之一，IFA每年都会聚集 全球科技行业巨头共同展示最新前沿技术和创新产品，为全球科技发展注入新的活力。 IFA期间，Global Product Technology Innovation Awards（全球产品技术创新大奖）榜单揭晓。京东方UB Cell 4.0高端TV（电视）显示技术解决方案，夺得UB 智能护眼技术金奖。 京东方始终秉持对技术的尊重和对创新的坚持，每年坚 持将营收的7%左右投入到研发中，其中1.5%用于基础与 前沿技术研究。相关数据显示，截至2024年，京东方累 计自主专利申请已超10万件，在年度新增专利申请中， 发明专利超90%，海外专利超33%。美国专利服务机构 IFI Claims发布2024年度美国专利授权量统计报告，京东 方全球排名第12位，连续第七年跻身全球TOP20；世界 知识产权组织（WIPO）2024年全球国际专利申请排名 中， ...

Core Insights - The perovskite battery concept has seen a significant increase of 5.67%, ranking fourth among concept sectors, with 54 stocks rising, including notable gainers like Xian Dao Intelligent and Li Yuan Heng, which hit the 20% limit up [1][2] Market Performance - The perovskite battery sector attracted a net inflow of 4.305 billion yuan, with 43 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows. Leading the inflow was Xian Dao Intelligent with 1.968 billion yuan [2][3] - Other notable stocks with significant net inflows include Longi Green Energy (0.408 billion yuan), Tongwei Co. (0.356 billion yuan), and Huagong Technology (0.353 billion yuan) [2] Stock Performance - Top performers in the perovskite battery sector included: - Xian Dao Intelligent: +20.01% with a turnover rate of 19.94% and a net inflow of 1.968 billion yuan [3] - Li Yuan Heng: +20.00% with a net inflow rate of 8.64% [4] - Mingyang Smart Energy: +9.97% with a net inflow rate of 18.04% [5] - Stocks with the highest net inflow ratios included Xizi Clean Energy (22.02%), Mingyang Smart Energy (18.04%), and Yaopi Glass (15.13%) [3][5] Decliners - The stocks with the largest declines included China Nuclear Power (-0.46%), Huangshi Group (-0.26%), and Lushan New Materials (-0.08%) [1][6]

随着 中国的 面板厂和TV品牌厂 逐渐崛起，海外厂商 面临激烈竞争，市占率受到影响，从而其盈 利能力也面临一定的压力。 2025年第二季度由于市场竞争激烈，三星VD/DA业务和LGE MS业务的盈利能力有所下降。 VD/DA 2025年第二季度的营业利润率为1.4%，环比下降0.7个百分点，同比下降2.0个百分点。 2025年下半年，VD业务计划通过把握旺季需求、发展高端电视等措施来改善盈利情况。 LGE MS业务2025年第二季度的营业利润率为-4.4%，环比下降4.5个百分点，同比下降6.9个百 分点。在中国TV品牌的竞争压力之下，LGE MS业务的盈利能力面临挑战。为改善盈利情况， LGE计划强化WebOS平台业务、扩大在南半球市场的影响力。 海信的TV业务发展势头良好，出货量持续增长，市占率持续提升，最近几个季度的营业利润率能 够保持在5%左右。 三星显示（SDC）2025年第二季度的营业利润率为7.8%，虽然明显高于其他面板厂，但是同比及 环比都在下降，环比下降0.7个百分点，同比下降5.4个百分点。 友达（AUO）2025年第二季度的营业利润率为2.2%，已经连续2个季度为正。群创（INX）202 ...

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002475 | 立讯精密 | 5.14% | 8.06% | | 000725 | 京东方A | 0.49% | 6.71% | | 688256 | 寒武纪 | 4.97% | 5.79% | | 603501 | 豪威集团 | 1.80% | 4.99% | | 688008 | 澜起科技 | 4.53% | 4.31% | | 601138 | 工业富联 | 4.84% | 3.89% | | 603986 | 兆易创新 | -0.06% | 3.84% | | 002241 | 歌尔股份 | 1.85% | 2.61% | | 300014 | 亿纬锂能 | 9.64% | 2.57% | 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电子主题ETF发起式联接C：015895；平安中证消费电子 主题ETF发起式联接E：024557)。 流动性方面，消费电子ETF盘中换手8.57%，成交4549.17万元。拉长时间看，截至9月4日， ...

Core Insights - The Chinese display industry has significantly risen, with domestic manufacturers capturing a substantial share of the global television shipment market and leading in advanced technologies like OLED and Micro-LED [1][8] - The price of large-screen televisions has dramatically decreased, with a 50% drop in the price of 75-inch TVs over the past two years, driven by technological advancements and cost reductions [5][6] Industry Development - The rise of the Chinese display industry is supported by precise government policies and collaborative efforts across the industry chain, with key materials and new display devices being prioritized at the national level [2][4] - Major companies like BOE Technology Group and TCL Huaxing have made significant investments in domestic production lines, overcoming technological barriers and market skepticism [3][4] Technological Advancements - The introduction of Mini-LED technology has improved display quality and facilitated the proliferation of large-screen products, making high-quality, cost-effective large TVs possible [7] - Companies are utilizing advanced cutting techniques on 10.5-generation lines to reduce costs and improve production efficiency for larger panels [7] Market Trends - The demand for large-screen TVs is driven by consumer preferences for immersive experiences and enterprise needs for large interactive displays in various sectors [7][8] - The display industry is evolving towards multiple technology pathways, with a focus on OLED and Micro-LED technologies to maintain competitiveness in the global market [8][9] Future Outlook - The Chinese display industry is poised to continue its growth trajectory, with ongoing investments in innovation and technology to capture higher value in the global supply chain [9]

长江商报消息 ●长江商报记者 张璐 全球面板巨头京东方A（000725.SZ）向市场释放积极信号。 9月3日，京东方A公布，截至2025年8月31日，公司通过回购专用证券账户，以集中竞价方式实施回购 公司股份，累计回购A股数量为1.65亿股，共耗资6.63亿元（不含交易费用）。 作为国内半导体显示领域的领军企业，京东方A的回购行为并非孤立事件，而是其资本市场策略的延 续。回溯2022年，公司曾在1月累计回购4.91亿股A股，支付总金额25.77亿元，在行业周期性调整的关 键节点向市场传递了信心。 长江商报记者注意到，京东方A此次实施回购，正值面板行业逐步回暖的阶段，京东方A在业绩与技术 创新上均表现亮眼，2025上半年实现营收1013亿元，同比增长8.45%；净利润为32.47亿元，同比大增 42.15%。 同时，京东方A坚持"以创新为第一驱动力"，筑牢行业技术领先优势。2022年—2025年上半年，公司研 发投入累计达432.52亿元。2025年上半年，公司新增专利申请超4000件，发明专利占比超90%。 累计回购1.65亿股A股 9月3日，京东方A披露的股份回购进展公告引发资本市场广泛关注。公告显示，截至 ...

京东方精电(00710)发布公告，于2025年9月4日，受托人根据股份奖励计划及信托契约的条款和条件从 市场购买合共20万股股份以备以上及未来股份奖励计划所需。 ...

格隆汇9月4日丨京东方精电(00710.HK)公告， 于2025年9月4日，受托人根据股份奖励计划及信托契约 的条款和条件从市场购买合共20万股股份以备以上及未来股份奖励计划所需。 ...

Core Viewpoint - The global display panel industry is experiencing a shift from "scale expansion" to "value restructuring," with Chinese manufacturers gaining market share and profitability [2][4]. Revenue and Market Share - In the first half of 2025, global panel manufacturers' revenue reached approximately $56.2 billion, remaining stable year-on-year, with Chinese manufacturers surpassing 50% market share for the first time [2]. - Chinese mainland panel manufacturers generated about $29.3 billion in revenue, a year-on-year increase of approximately 7%, capturing around 52.1% of the global market share, up 3.3 percentage points [2]. - Korean panel manufacturers saw a revenue decline of 9.5%, with their market share dropping to 30%, down 3.2 percentage points [2]. - Taiwanese panel manufacturers experienced a revenue increase of 4.4%, holding a market share of 13.2%, up 0.6 percentage points [2]. - Japanese panel manufacturers faced a revenue decline of 16.7%, with their market share decreasing to 3.5%, down 0.7 percentage points [2]. Company Performance - BOE Technology Group led the revenue rankings with 101.28 billion yuan, a year-on-year growth of 8.45% [3]. - TCL Huaxing followed with 50.43 billion yuan in revenue, a year-on-year increase of 14.4%, narrowing the revenue gap with Samsung Display and LG Display [3]. - Samsung Display remains the leader in operating profit, but the gap with Chinese manufacturers is closing [3]. - TCL Huaxing reported a net profit of 4.32 billion yuan, up 74% year-on-year, while BOE's net profit was 3.247 billion yuan, a 42.15% increase [3]. - Other companies like AUO, Innolux, Tianma, and Huike reported revenues above $2 billion, but their operating profits were below $100 million [3]. Industry Trends - The display panel industry is transitioning towards high-value products such as Mini LED, OLED, and AI applications, which are expected to drive structural growth in the Chinese mainland display panel market in the second half of 2025 [4][5]. - TCL Technology indicated that demand for TV panel inventory is expected to recover in the third quarter, with the acquisition of LGD's Guangzhou LCD production line anticipated to become a significant profit source [4]. - BOE stated that the global economic slowdown and price declines are compressing profit margins, prompting the company to enhance AI applications and advance its "screen IoT" strategy [4].