【LEDinside】 近期，京东方、创维在Mini LED背光电视有新品发布。京东方推出110英寸超高色 域MLED（Mini LED）背光巨幕电视解决方案；华为Vision智慧屏5SE预售，首次搭载Mini LED背 光技术；创维推出A4系列Mini LED电视，具有百级分区、4K分辨率。 京东方推出超高色域MLED背光巨幕电视解决方案 近日，京东方推出110英寸超高色域MLED（Mini LED）背光巨幕电视解决方案，采用基于ADS Pro技术的高端LCD显示面板并与QD量子点背光技术融合，实现DCI-P3 125% 超高色域。 图片来源：京东方 方案通过AM主动式驱动系统，并采用10080颗Mini LED打造5000背光分区的控光体系，实现了 5000nits峰值亮度和800万:1超高对比度，ACR（环境光对比度）超过800+。 据悉，为实现低功耗，研发团队还开发了一系列背光材料，包括MLED灯珠、QD膜以及用于导光 的CPP膜（Core on Prism on Prism，即反射式偏光增亮膜+棱镜层+棱镜层三层结构），实现整机 一级能效比达到10cd/W的水平。 创维推出A4系列Mini LED电 ...

Economic Indicators - The April manufacturing Purchasing Managers' Index (PMI) data will be released on April 30, with March's PMI recorded at 50.5%, a 0.3 percentage point increase from the previous month, marking the highest level since April 2024 [2] - The composite PMI output index for March was 51.4%, indicating increased business activity, with manufacturing production index at 52.6% and non-manufacturing business activity index at 50.8% [2] Oil Price Adjustment - A new round of refined oil price adjustments will take place at 24:00 on April 30, with a projected increase of 60 yuan per ton based on a reference crude oil price of $65.34 per barrel, reflecting a change rate of 1.46% as of April 25 [3] U.S. Economic Data - The U.S. will release its first-quarter GDP data on April 30, with Federal Reserve Chairman Jerome Powell indicating a potential slowdown in economic growth for the first quarter of 2025 compared to the previous year's strong performance [4] - The U.S. non-farm payroll data for April will be published on May 2, following a March increase of 228,000 in seasonally adjusted non-farm employment, with the unemployment rate slightly rising to 4.2% [5] Stock Market Developments - Over 4.07 billion yuan worth of locked-up shares will be released next week, with 24.76 billion shares set to be listed, including significant unlocks from companies like China Resources Materials and Chengda Biology, each exceeding 5 billion yuan [6] New Stock Opportunities - Two new stocks will be issued from April 28 to April 30, with Zairun New Energy on the ChiNext and Tiangong Co. on the Beijing Stock Exchange, collectively raising approximately 1.194 billion yuan [11]

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-034 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-034 | 京东方科技集团股份有限公司 关于回购公司社会公众股份事项前十名股东和 前十名无限售条件股东持股情况的公告 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"公司")于 2025 年 4 月 18 日召开的第十一届董事会第四次会议审议通过了《关于回购公司 部分社会公众股份的议案》（内容详见公司于 2025 年 4 月 22 日披露 的《关于回购公司部分社会公众股份方案的公告》，公告编号：2025- 029）。 | 7 | 福清市汇融创业投资集团有限公司 | 538,599,640 | 1.43% | | --- | --- | --- | --- | | 8 | 中国建设银行股份有限公司－易方达沪深 | 485,542,623 | 1.29% | | | 300 交易型开放式指数发起式证券投 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-033 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-033 | 京东方科技集团股份有限公司 1、本次解除限售的激励对象共计667人，解除限售的限制性股票数量 为89,096,540股，占公司当前总股本的0.2367%。 2、本次解除限售的限制性股票上市流通日为2025年4月29日（星期二）。 京东方科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第十一届董事会第四次会议和第十一届监事会第二次会议，会 议审议通过了《关于 2020 年股票期权与限制性股票激励计划授予的限制 性股票第三个解除限售期解除限售条件成就以及首次授予的股票期权第 三个行权期达到行权条件的议案》。公司 2020 年股票期权与限制性股票激 励计划（以下简称"本次激励计划"）第三个解除限售期解除限售条件已 经成就，根据 2020 年第二次临时股东大会的授权，董事会按照相关规定 为符合解除限售条件的 667 名激励对象办理了解除限售事宜，现将有 ...

Group 1: Company Performance - BOE Technology Group announced a flexible OLED shipment target of 170 million units for this year, representing a year-on-year growth of 21.4% [2] - The company's revenue for 2024 reached nearly 198.4 billion yuan, a year-on-year increase of 13.66%, with a net profit of 5.323 billion yuan, more than doubling from the previous year [2] - Despite strong financial results, BOE's stock price did not see significant recovery, trading at 3.85 yuan, up 1.32%, but still below the 4 yuan mark commonly seen in Q1 [2] Group 2: OLED Market Insights - The display device business, including TFT-LCD and AMOLED, accounted for 83.18% of BOE's total revenue, with OLED shipments last year at 140 million units, representing only 27% of the revenue but growing at a much faster rate than LCD [3] - The market for foldable screens and mid-sized IT products is a significant driver for BOE's OLED shipment target, with foldable screen shipments exceeding 7 million units last year, a growth of over 40% [3] - The global share of flexible OLED shipments increased from 13% in 2022 to 19% last year, with projections to reach 29% by 2031, indicating a 9% annual growth rate [3] Group 3: Production and Capacity Challenges - BOE did not meet its OLED shipment target of 160 million units last year due to production challenges and a competitive market environment, which affected overseas orders [5] - The company has invested in multiple production lines for flexible AMOLED, with plans for a new 8.6-generation line in Chengdu, expected to start production by the end of 2026 [4] Group 4: LCD Market Dynamics - LCD panels, which account for over 70% of BOE's display revenue, remain a key profit source, despite a decline in demand expected in the second quarter [6] - The average utilization rate for the LCD industry has been above 80% but is anticipated to adjust downward due to falling demand [6] - Tariff fluctuations are identified as a potential risk to LCD panel demand, impacting inventory and production strategies [7] Group 5: Market Position and Strategic Moves - Industry consolidation continues, with BOE potentially looking to acquire stakes in other companies to enhance its competitive position [8] - The management team has initiated a shareholder return plan, committing to distribute at least 35% of net profit as cash dividends annually and to repurchase shares worth 1.5 to 2 billion yuan [10] - BOE has launched several technology brands and a sustainable development brand, indicating a focus on innovation and environmental responsibility [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is positioned as a global leader in the semiconductor display industry, with a robust business structure that includes a focus on IoT innovation and a comprehensive "1+4+N" ecosystem [1][4]. - The LCD business is expected to benefit from increasing average TV sizes and government subsidies, leading to a price recovery in the market [2]. - The OLED segment is experiencing growth across multiple fields, with a significant increase in market share and product optimization [3]. - The company is projected to achieve substantial revenue growth in the coming years, with expected revenues of 2159.96 billion, 2395.66 billion, and 2640.58 billion yuan for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Overview - The company has been deeply involved in the display industry for over 30 years, establishing itself as a global leader in semiconductor displays [1]. - It operates multiple manufacturing bases across China and has subsidiaries in 20 countries, providing a comprehensive service network [1]. LCD Business - The global average size of TV panels is projected to reach 51.5 inches in 2024, with a continued increase expected in subsequent years [2]. - The company holds a 25.2% global market share in the LCD sector, maintaining its position as the largest supplier with over 50 million units shipped [2]. OLED Business - The global OLED display panel shipment area is expected to grow at a CAGR of 15.62% from 2023 to 2027 [3]. - The company has surpassed South Korean competitors in the smartphone OLED panel market, achieving a 50.7% share in 2024 [3]. Non-Display Business - The company has developed a comprehensive business architecture centered around its display technology, extending into IoT and other innovative fields [4]. - The "1+4+N" strategy emphasizes the integration of semiconductor displays with IoT innovations, sensors, MLED, and smart medical engineering [4]. Financial Projections - The company is expected to see significant revenue growth, with projected revenues of 2159.96 billion, 2395.66 billion, and 2640.58 billion yuan for 2025, 2026, and 2027 respectively [9]. - The net profit is forecasted to reach 94.15 billion, 134.34 billion, and 155.38 billion yuan for the same years [9].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company, BOE Technology Group Co., Ltd., has established itself as a global leader in the semiconductor display industry, with a comprehensive business structure centered around semiconductor displays and extending into IoT innovations, sensors, MLED, and smart medical integration [1][16]. - The company is expected to benefit from the recovery of the panel cycle, with projected revenues of 215.996 billion, 239.566 billion, and 264.058 billion yuan for the years 2025, 2026, and 2027 respectively, alongside net profits of 9.415 billion, 13.434 billion, and 15.538 billion yuan for the same years [9][10]. Summary by Sections Company Overview - BOE was founded in April 1993 and has over 30 years of experience in the display industry, becoming a leading global enterprise with manufacturing bases across multiple countries [1][16]. - The company has a robust global service system covering major regions including Europe, America, Asia, and Africa [1]. LCD Business - The average size of global TV panels is projected to reach 51.5 inches in 2024, with BOE maintaining the largest market share in LCD shipments, accounting for 25.2% globally [2]. - The company is expected to benefit from the recovery in panel prices due to increasing demand for larger sizes and favorable domestic policies [2][9]. OLED Business - The global OLED display panel shipment area is expected to grow at a CAGR of 15.62% from 2023 to 2027, with BOE achieving a 50.7% market share in smartphone OLED panel shipments in 2024 [3]. - The company is positioned to expand its production capacity with the upcoming launch of its 8.6 generation AMOLED production line in 2026 [3]. Non-Display Business - BOE has implemented a "1+4+N" ecosystem strategy, focusing on extending its value chain through IoT innovations, sensors, MLED, and smart medical applications [4][9]. - The company aims to enhance its platform capabilities and core competitiveness by leveraging advancements in AI and big data [4]. Financial Performance - In 2024, the company reported revenues of 198.381 billion yuan, a year-on-year increase of 13.66%, and a net profit of 5.323 billion yuan, reflecting a significant recovery from previous losses [29]. - The display device business remains the primary revenue source, contributing over 80% to total revenues, with notable growth in various segments [34].

Group 1: BOE Technology Group Co., Ltd. (京东方A) - BOE Technology indicated that the prices of mainstream LCD TV panels will rise starting January 2025 and continue until March 2025 [1] - The average operating rate of the LCD industry is expected to rise above 80% starting from November 2024 [1] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [1] - The revenue breakdown for 2024 is projected to be 26% from TV products, 34% from IT products, and 40% from mobile and other products, with OLED business revenue accounting for 27% [1] Group 2: Weichuang Electric (伟创电气) - Weichuang Electric expects a 25.70% year-on-year increase in revenue and a 28.42% increase in net profit for 2024 [2] - The company is focusing on optimizing product structure and performance while enhancing supply chain management and production line construction [2] - Progress has been made in the green intelligent ship manufacturing industry, with certain series of inverters receiving certification from the China Classification Society [2] Group 3: NewEase (新易盛) - NewEase achieved a revenue of 8.647 billion yuan in 2024, representing a year-on-year growth of 179.15%, and a net profit of 2.838 billion yuan, up 312.26% [3] - The first quarter of 2025 saw revenues of 4.052 billion yuan and net profits of 1.573 billion yuan, reflecting growth rates of 264.13% and 384.54% respectively [3] - The increase in profit margins is attributed to sustained industry demand and a higher proportion of high-speed products [3] - The company is expanding its production capacity with the first phase of its Thailand factory operational in the first half of 2023 and the second phase expected to start in early 2025 [3]

Group 1: BOE Technology Group Co., Ltd. (京东方A) - BOE Technology indicated that the prices of mainstream LCD TV panels will rise starting January 2025 and continue until March 2025 [1] - The average operating rate of the LCD industry is expected to increase from November 2024, maintaining above 80% in Q1 2025 [1] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [1] - Depreciation is projected to be around 38 billion in 2024, with minimal fluctuations in 2025 and 2026 [1] - Capital expenditures will focus on semiconductor display business and IoT innovations [1] - In 2024, the revenue breakdown for display devices will be 26% from TV, 34% from IT, and 40% from mobile and other products, with OLED business revenue accounting for 27% [1] - The company plans to repurchase minority shareholder equity based on operational performance and cash flow [1] Group 2: Guangguang Technology (聚光科技) - Changes in tariff policies have increased procurement costs for scientific instruments but present strategic opportunities for domestic manufacturers [2] - The company's business restructuring has improved gross margins and reduced costs, with plans to increase investment in advantageous business areas [2] - The subsidiary, Lingxi Optoelectronics, has a high-precision greenhouse gas analyzer, with a rapidly growing contract amount expected in 2024 [2] - Laboratory instruments are experiencing good growth, and the environmental monitoring market is steadily increasing, focusing on high-end instruments centered around mass spectrometers [2] - The company aims to establish a modern environmental management model based on "intelligent perception - precise decision-making - closed-loop management" [2] - Goodwill is approximately 200 million, with impairment testing required based on the operational status of each company [2] Group 3: Shanghai Mingcun Investment Management Co., Ltd. (明汯投资) - Shanghai Mingcun Investment was established in 2014 with a registered capital of 10 million, focusing on quantitative investment [3] - The company utilizes strong data mining, statistical analysis, and software development capabilities to create a systematic trading and asset management platform [3] - Investment strategies include quantitative stock selection, CTA, and arbitrage, with a diverse strategy development team [3] - The firm has a deep understanding of the financial securities market, covering market analysis, strategy development, asset allocation, risk management, and system development [3] - Mingcun Investment is recognized as a leading quantitative investment institution in China, integrating international experience with local market conditions [3]

Group 1: Hai Da Group - Hai Da Group reported favorable prices for common freshwater fish, with significant price increases for special freshwater fish and South American white shrimp [1] - The company is focusing on developing family farms with breeding advantages and expanding into medium to large-scale aquaculture companies [1] - The pig farming sector is experiencing an increase in stock, leading to higher feed demand, with the industry currently in a favorable phase [1] - The feed industry has a secure and controllable supply chain, with stable and rich import channels to flexibly respond to price fluctuations [1] - The integration of the pig feed industry chain is beginning to show potential, although it has not yet formed a large-scale trend [1] - The company is exploring a light asset, low-risk, and stable pig farming model, which is gradually becoming clearer [1] - The business of South American white shrimp seedlings is seeing increased enthusiasm from farmers due to rising prices [1] - The feed industry is highly competitive, making survival difficult for small and medium-sized feed companies [1] - Factory-based shrimp farming is reducing costs and expanding scale through refined management and specialized operations [1] - The company plans to appropriately accelerate overseas capital expenditure under controllable risk conditions [1] Group 2: BOE Technology Group - BOE Technology Group indicated that the prices of mainstream LCD TV panel sizes will rise comprehensively from January 2025 to March 2025 [2] - The average operating rate of the LCD industry is expected to rise above 80% starting from November 2024 [2] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [2] - Depreciation for the company is projected to be around 38 billion in 2024, with minimal fluctuations expected in 2025 and 2026 [2] - Capital expenditures will primarily focus on semiconductor display business and IoT innovations [2] - In 2024, the revenue breakdown for the company's display device business is projected to be 26% from TV, 34% from IT, and 40% from mobile and other products, with OLED business revenue accounting for 27% [2] - The company plans to repurchase minority shareholder equity based on operational conditions and cash flow [2] Group 3: Aide Biology - Aide Biology is expected to achieve total revenue of 1.109 billion in 2024, representing a year-on-year growth of 6.27%, with a net profit attributable to shareholders of 255 million [3] - The company's R&D team consists of 523 members, with R&D investment of 216 million, accounting for 19.49% of total revenue, and five new invention patents authorized [3] - Domestic market revenue is projected at 777 million, showing a year-on-year decline of 1.08%, but has shown signs of stable growth in Q1 2025 [3] - International sales revenue is expected to reach 332 million, reflecting a year-on-year growth of 28.61%, supported by a team of over 70 members focused on international markets [3] - The company collaborates with global pharmaceutical companies across various platforms, supporting multiple innovative oncology drug approvals [3] - The field of tumor gene testing is maturing and showing robust growth, with a clear trend towards industry compliance [3] - The company’s products have not yet entered the national medical insurance system, although some provinces have included them [3] - The international market primarily focuses on East Asia, Europe, and Southeast Asia, with an emphasis on managing key raw material suppliers [3] - The product range includes ADC drug CDx and common immunohistochemistry targets, with approved Class III products including PD-L1, HER2, ER, and PR antibody reagents [3] - The development of innovative drugs is driving progress in tumor treatment, directly increasing the demand for related gene testing [3]