| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2026-005 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2026-005 | 京东方科技集团股份有限公司 2026 年面向专业投资者公开发行科技创新公司债券 （第一期）票面利率公告 发行人：京东方科技集团股份有限公司 年 月 日 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"发行人"）发行不超过 人民币 100 亿元公司债券已获得中国证券监督管理委员会（证监许可 〔2024〕1330 号文）批复。京东方科技集团股份有限公司 2026 年面 向专业投资者公开发行科技创新公司债券（第一期）（以下简称"本 期债券"）发行规模为不超过 10 亿元（含 10 亿元）。 2026 年 1 月 21 日，发行人和主承销商在网下向专业机构投资者 进行了票面利率询价，利率询价区间为 1.50%-2.50%。根据网下向专 业机构投资者询价结果，经簿记建档，最终确定本期债券票面利率为 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2026-004 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2026-004 | 关于延长京东方科技集团股份有限公司 2026 年面向专业投资者公开发行科技创新公司债券 （第一期）簿记建档时间的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"发行人"）公开发行不 超过人民币 100 亿元公司债券已获得中国证券监督管理委员会（证监 许可〔2024〕1330 号文）批复。 根据《京东方科技集团股份有限公司 2026 年面向专业投资者公 开发行科技创新公司债券（第一期）发行公告》，发行人和簿记管理 人定于 2026 年 1 月 21 日 15 点到 18 点以簿记建档的方式向网下投资 者进行利率询价，并根据簿记建档结果确定本期债券的最终票面利 率。 因簿记建档日部分投资者履行程序的原因，经发行人、簿记管理 人及其他簿记参与方协商一致，现将簿记建档结束时间由 2026 ...

中国发展网讯 记者王进报道为全面贯彻落实党的二十届四中全会和中央经济工作会议精神，坚持把项 目投资作为拼经济搞建设、推动高质量发展的重要抓手。近日，四川省政府印发《关于做好2026年四川 省重点项目工作的通知》，明确提出从全面提速项目建设、做大做优储备支撑、全力做好服务保障、持 续强化协同联动等四方面着力，切实发挥好抓项目促投资的关键支撑作用，奋力实现"十五五"良好开 局。 具体来看，名单支持纳入新质生产力的重点项目超240个，2026年预计完成投资超过2000亿元，并在新 型基础设施类别中单列23个科技创新基础设施项目。比如，中国聚变能源产业创新基地、氢能航空动力 试验装置地方配套项目、成都郫都区西南交大先进制造科创园项目、西部空天产业园项目（一期）、德 阳市什邡市商业航天与高端飞行器产业园项目等。其中，总投资35亿元的青羊区航空装备制造基地建设 项目，是2026年四川省单体投资最大的低空经济领域产业项目，项目建成后将强力助推其打造世界级航 空先进制造业集群；总投资93.5亿元的龙泉驿区汽车智能制造项目，投产后每年将新增生产220万套车 用雷达，新增汽车年生产能力15万辆。 记者注意到，"十四五"时期，四川 ...

Core Insights - Chengdu is accelerating the construction of major industrial projects, including BOE's 8.6-generation AMOLED production line with a total investment of 63 billion yuan and BYD's semiconductor project with an investment of 22.1 billion yuan, both expected to be completed within the year [2][3] - The Sichuan provincial government has announced a list of key projects for 2026, with Chengdu contributing 168 projects totaling nearly 1.3 trillion yuan, representing 20.2% and 24.4% of the province's total [2][3] - The projects are categorized into four main types: industrial projects, infrastructure projects, social welfare projects, and ecological construction projects, all closely aligned with national strategies [2][3] Industrial Projects - Industrial projects account for the largest share of the key projects in Chengdu, with 48.2% in number and 37.1% in investment amount, reflecting the city's ambition to strengthen its real economy [3] - Notable projects include a 3.5 billion yuan intelligent manufacturing base for aerospace equipment and a 9.35 billion yuan intelligent manufacturing project for automobiles, which will significantly enhance Chengdu's capabilities in these sectors [3] - The BOE AMOLED production line is expected to capture over 20% of the global market and 50% of the national market for flexible displays, directly benefiting over 200 upstream and downstream enterprises [3] Infrastructure Projects - Chengdu is focusing on traditional infrastructure investments, including transportation, water conservancy, and energy, while also incorporating new infrastructure projects like the Chengdu Supercomputing Center [3] - The Chengdu-Chongqing high-speed rail integrated transportation hub project, with an investment of 23.6 billion yuan, is a key node that will transform the eastern new district of Chengdu into a transportation hub [2][3] Social Welfare Projects - Major social welfare projects include a 112.8 billion yuan housing project aimed at alleviating housing difficulties and a 8.4 billion yuan project for the development of high-quality hospitals, which will enhance medical resource distribution [3] - The city is also investing in elderly care facilities, with a project worth 2.47 billion yuan expected to provide 280,000 square meters of elderly care services [3] Ecological Projects - Environmental projects include a 4.32 billion yuan waste-to-energy plant and a 6.62 billion yuan sewage treatment capacity enhancement project, which will significantly improve the city's waste management and water quality [3] - These projects are part of Chengdu's commitment to enhancing public welfare while adhering to strict standards to prevent superficial projects and ensure compliance with national regulations [3]

京东方科技集团股份有限公司 （住所：北京市朝阳区酒仙桥路 10 号） 2026 年面向专业投资者公开发行科技创新 公司债券（第一期）发行公告 （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 （住所：中国（上海）自由贸易 试验区浦明路 8 号） （住所：北京市西城区金融大街 （住所：深圳市前海深港合作区 南山街道桂湾五路 128 号前海深 港基金小镇 B7 栋 401） （住所：北京市西城区武定侯街 6 号卓著中心 10 层） 签署日期： 年 月 日 牵头主承销商/簿记管理人/债券受托管理人 5 号（新盛大厦）12、15 层） 发行人及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 重要提示 1、京东方科技集团股份有限公司（以下简称"发行人"或"公司"）面向 专业投资者发行面值不超过（含）100 亿元的公司债券（以下简称"本次债券"） 已于 2024 年 9 月 25 日获得中国证券监督管理委员会（以下简称"证监会"）注 册批复（证监许可〔2024〕1330 号文）。发行人批文有效期截止日为 2026 年 9 月 25 日，本期债券缴款结束日 ...

股票简称：京东方 B 股票代码：200725 京东方科技集团股份有限公司 2026 年面向专业投资者公开发行科技创新公司 债券（第一期）募集说明书 | 注册金额 | 亿元 100 | | | | --- | --- | --- | --- | | 本期发行金额 | 不超过 10 亿元） | 亿元（含 | 10 | | 增信情况 | 无担保 | | | | 发行人主体信用等级 | AAA | | | | 牵头主承销商、簿记管理 人、受托管理人 | 中信建投证券股份有限公司 | | | | 联席主承销商 | 国联民生证券承销保荐有限公司 东兴证券股份有限公司 | | | | | 华泰联合证券有限责任公司 | | | | | 第一创业证券承销保荐有限责任公司 | | | 牵头主承销商/簿记管理人/受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 | （住所：中国（上海） | （住所：北京市西城区金 | | （住所：深圳市前海深 | （住所：北京市西 | | --- | --- | --- | --- | --- | | 自由贸易试验区浦明路 | | 融大街 5 号（新盛大厦） | 港合作区 ...

Core Insights - The large-area display panel market is projected to reach 910.5 million units in 2025, with a year-on-year growth of 2.9%, although this is a decline from the 9.0% growth seen in 2024 [1][2]. Group 1: Market Overview - The shipment of large-area LCD panels is expected to grow by 2.6% in 2025, reaching 876.8 million units, as some manufacturers, particularly from South Korea and Japan, reduce production investments in LCD TV panels as part of business restructuring [1][2]. - The overall demand for 'Others' and Public Information Display (PID) products is anticipated to decline due to intense price competition from Chinese manufacturers and limited capacity for production shifts in response to U.S. tariff issues [1][2]. Group 2: OLED Market Dynamics - Large-area OLED panel shipments are forecasted to increase by 12.9% in 2025, reaching approximately 33.7 million units, with significant growth in OLED shipments for monitors and notebook PCs, projected to rise by 69.3% and 26.8% respectively [1][2]. - In contrast, OLED TV panel shipments are expected to see only a 1.5% increase during the same period [1][2]. Group 3: Supplier Landscape - BOE is expected to lead the large-area LCD panel market with a 36.2% share in 2025, followed by Huaxing Optoelectronics at 16.4% and Innolux at 11.7% [3]. - For large-area OLED shipments, Samsung Display is projected to maintain a leading position with a 50.9% market share, while LG Display and AU Optronics follow with 31.8% and 14.8% respectively [3]. - Overall, in the large-area display panel market (LCD + OLED), BOE is anticipated to hold a 35.0% share, with Huaxing Optoelectronics at 15.8% and Innolux at 11.3% [3].

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent titled "Pixel Circuit and Detection Method, Display Device," with authorization announcement number CN118298761B, and the application date is May 2024 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has invested in 74 enterprises, participated in 303 bidding projects, and holds 775 trademark records and 5,000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital is 2.5 billion RMB [1] - Chengdu BOE has participated in 919 bidding projects, holds 5,000 patent records, and has 522 administrative licenses [1] - Beijing BOE Technology Development Co., Ltd. was established in 2016 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is 38 million RMB [2] - Beijing BOE has invested in 1 enterprise, participated in 92 bidding projects, holds 3,836 patent records, and has 4 administrative licenses [2]

Core Viewpoint - China is entering the semiconductor glass substrate market, intensifying competition with established players from South Korea, Taiwan, Japan, and the United States [1][2] Group 1: Market Entry and Competition - Visionox, one of China's leading display companies, plans to invest in glass substrates this year, having built a supply chain since last year [1] - AKM Midville, a top 20 global PCB company, is preparing to supply glass substrates and has established a trial production line [1] - Uncheon Semiconductor is also developing its supply chain for semiconductor glass substrates, leveraging its technical expertise [1] Group 2: Technological Adoption and Growth Potential - Glass substrates are gaining attention as they replace traditional plastic materials, enhancing semiconductor packaging performance, particularly in AI semiconductor applications [2] - BOE, a leading Chinese display manufacturer, has launched a semiconductor glass substrate business to leverage its expertise in the display industry [2] - Industry insiders indicate that companies are viewing glass substrates as future growth engines, planning significant investments based on their knowledge in the glass sector [2] Group 3: Competitive Advantages - Chinese companies are expected to leverage their financial strength and rapid response capabilities to gain market advantages [3] - They are actively addressing technical challenges, such as micro-cracks in glass substrates, which may lead to cost advantages in future commercialization [3]

Summary of BOE (000725.SZ) Conference Call Company Overview - **Company**: BOE Technology Group Co., Ltd. (000725.SZ) - **Industry**: Display Panel Manufacturing Key Points LCD TV Panel Market - Management is optimistic about the LCD TV panel market in 2026, driven by sports events and recovery in the US market [1][2] - Full utilization rates were achieved in December 2025, with strong momentum continuing into January 2026 due to rising panel prices and consumption-driven policies in the US [2] - The demand for larger TV sizes is expected to increase, particularly in the US market, which is anticipated to be a major catalyst in the first half of 2026 [2] - The overall LCD TV area growth was only 1% YoY in 2025, but is expected to improve in 2026 [2] OLED Smartphone Panel Market - The OLED smartphone panel market is facing challenges due to a soft end-market and rising memory costs, which may hinder shipment growth in 2026 [1][3] - Management expects stable pricing for OLED panels, as current prices are already low [3] - There is potential for better growth in OLED panels for global-tier smartphone brands in 2026 compared to 2025, leveraging production experience from the previous year [3] - The foldable smartphone segment is expected to see stronger growth in 2026, especially with a leading global brand entering the market [3] Capacity Expansion - BOE's Gen-8.6 OLED facility was completed in December 2025 and is set to begin mass production in mid-2026, with depreciation starting in 2027 [1][7] - Management highlighted that depreciation peaked in 2025, which will support cash flow in the coming years [7] Financial Outlook - BOE is rated Neutral with a 12-month target price of RMB 4.79, reflecting a target EV/EBITDA multiple of 4.9x, which is in line with the company's average [1][8] - Revenue projections for 2026 are estimated at RMB 221.4 billion, with EBITDA expected to reach RMB 47.8 billion [1][10] Risks and Considerations - Key risks include the pace of flexible OLED shipment growth, market share gains in both large-sized LCD and small-sized flexible OLED panels, and the ramp-up speed at new factories [1][9] - The competitive landscape in the OLED smartphone market remains a concern, with potential for healthier pricing competition if the number of major suppliers decreases [3] Additional Insights - The management's mixed tone regarding the LCD and OLED markets reflects the current competitive dynamics and market conditions [1] - The anticipated increase in LCD TV prices in 2026 compared to 2025 suggests a positive trend for the company, despite challenges in the OLED segment [2][3] This summary encapsulates the key insights from the conference call regarding BOE's market outlook, financial projections, and associated risks.