Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a year-on-year revenue growth of 7.53% and a net profit growth of 39.03% for the first three quarters of 2025, with a revenue of 154.55 billion yuan and a net profit of 4.60 billion yuan [1]. - The LCD industry is experiencing a continuous optimization of its structure, with manufacturers adopting a demand-driven production strategy, leading to moderate fluctuations in TV panel prices [2]. - The company is expected to see a double-digit growth in OLED shipments for the year, driven by flagship models from leading brands and an increase in the penetration of foldable devices [2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 53.27 billion yuan, representing a year-on-year increase of 5.81% and a quarter-on-quarter increase of 5.11% [1]. - The gross margin for Q3 2025 was reported at 14.44%, showing a year-on-year decrease of 3.0 percentage points but an increase of 1.4 percentage points quarter-on-quarter [1]. - The revenue forecast for 2025-2027 is projected to grow by 12.4%, 8.2%, and 9.3%, reaching 223.1 billion yuan, 241.3 billion yuan, and 263.8 billion yuan respectively [3][4]. Earnings Forecast and Financial Metrics - The net profit for 2025 is expected to be 6.53 billion yuan, with a year-on-year growth of 22.6% [4]. - The projected price-to-book (PB) ratios for 2025-2027 are 1.11, 1.07, and 1.01 respectively [3][4]. - The company’s earnings per share (EPS) is forecasted to be 0.17 yuan in 2025, with a growth rate of 22.6% [4].

Robotics - Lingyi Zhi Zao has signed strategic cooperation agreements with several leading embodied intelligence companies to promote the hardware manufacturing of embodied robots [1] - Luxshare Precision is expected to ship 3,000 humanoid robots this year [1] Batteries - Tiannai Technology claims that single-wall products are the best choice for fast-charging batteries, with fourth-generation and pure single-wall products significantly enhancing battery rate and cycle life [1] - Ninebot reports that fluctuations in lithium carbonate prices have not directly impacted product pricing; the company has preemptively stocked multiple new electric bicycle products that meet new national standards [1] Chips - Xidi Micro has successfully integrated its high-performance power management chip products into the Meta supply chain through ODM manufacturers [1] - Silan Micro has launched four key analog chips for AI computing power [1] Electronics - BOE Technology Group indicates that the overall supply and demand in the industry is under pressure, with a forecasted decline in the shipment volume of foldable products in the second half of the year [1] - Luxshare Precision anticipates mass production of microchannel technology next year [1] - Zhihui Power, as a first-tier supplier to Google, provides mobile-related components through Foxconn and Taiwan's Compal [1] Others - Jinli Permanent Magnet holds indirect shares in Muxi Co., Ltd [1] - Chunhui Zhikong has begun bulk supply of satellite release devices to satellite manufacturers [1] - Nandu Property holds indirect shares in Yundongchu through the Saizhi Zhudragon Fund [1] - Chuangyuan Technology's subsidiary Suzhou Bearing supplies mainly needle bearing products for the commercial aerospace sector, although the supply volume is relatively small [1] - Shengyuan Environmental Protection has indirectly participated in investment in Moore Threads by subscribing to fund shares [1] - Shengyang Co., Ltd has launched full immersion liquid cooling energy storage systems and solutions into the market [1] - Weichai Power does not have a gas turbine business [1]

（文章来源：证券日报） 证券日报网讯京东方Ａ11月26日在互动平台回答投资者提问时表示，OLED背板技术方面，公司采用 LTPS和LTPO技术；OLED器件部分，公司采用蒸镀技术，该技术已经在6代线得到很好的验证，所以技 术更为成熟，技术规格也更能满足平板、笔记本、车载等高端中尺寸产品。公司持续关注各技术方向的 发展情况，同时高度重视研发与储备，也具有相应的技术布局。 ...

Core Viewpoint - BOE Technology Group (京东方) is optimistic about the development of AMOLED technology in high-end products such as laptops, tablets, and automotive displays, aiming to enhance user experience through its advanced features [2] Group 1: Company Developments - BOE has invested in the construction of an 8.6-generation AMOLED production line in Chengdu, which is among the first of its kind globally [2] - The new production line is expected to increase the penetration of AMOLED technology in high-end mid-size products once it begins mass production [2] Group 2: Industry Insights - The company is conducting in-depth analysis of industry development and customer needs to better position itself in the AMOLED market [2]

证券日报网讯京东方Ａ11月26日在互动平台回答投资者提问时表示，公司前三季度营业收入比上年同期 增长7.53%，归属于上市公司股东的净利润比上年同期增长39.03%。随着行业整体集中度提升，供给格 局持续改善，公司作为行业头部企业，持续坚持"按需生产"的经营策略，经营业绩保持稳健。 （文章来源：证券日报） ...

证券日报网讯京东方Ａ11月26日在互动平台回答投资者提问时表示，公司的投资决策基于公司对行业发 展趋势的判断和客户需求的剖析。对于后进入者的竞争，公司将充分发挥技术、产品等多方面的能力， 应对行业竞争。 （文章来源：证券日报） ...

证券日报网讯京东方Ａ11月26日在互动平台回答投资者提问时表示，"1+4+N+生态链"不是公司的技术 路线，而是公司经过多年的发展，在"屏之物联"战略的引领下，创新提出"1+4+N+生态链"业务发展架 构。以显示为策源地，基于核心能力和价值链延伸，选定物联网创新、传感、MLED和智慧医工四个高 潜航道和发力方向，并以工业互联、智慧车联等物联网细分应用场景为具体着力点，快速推进物联网转 型发展。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯京东方Ａ11月26日在互动平台回答投资者提问时表示，公司产线均在持续生产，暂无需要 处置的"老旧产线"。 ...

Group 1 - The company, BOE Technology Group, stated that its OLED production line yield is at the leading level in the industry [2] - The company has established good cooperative relationships with numerous global suppliers in materials and equipment, contributing to the overall development of the industry [2]

Group 1 - The overall supply and demand in the industry is under pressure [2] - The shipment volume of foldable products is expected to decline in the second half of the year [2] - The demand for LTPO from overseas brands is increasing, while the shipment of low-end Ramless products is growing rapidly [2] - Competition in the domestic OLED market is becoming increasingly intense [2]