京东方A公告，公司于2025年6月30日首次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，回购A股数量为2058.3万股，占公司A股的比例约为0.056%，占公司总股本的比例约为0.055%，本 次回购最高成交价为4.02元/股，最低成交价为3.99元/股，支付总金额为8237.53万元(不含交易费用)。 ...

京东方科技集团股份有限公司 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、《公 司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《公司信用类债 券信息披露管理办法》《证券交易所公司债券上市规则》（以下简称"上市规则"） 或《证券交易所公司债券挂牌转让规则》（以下简称"挂牌转让规则"）、京东方 科技集团股份有限公司（以下简称"发行人"或"公司"）与中信建投证券股份 有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《债券受托管 理协议》（以下简称"受托管理协议"）、相关信息披露文件以及发行人提供的资 料等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用的财务 数据，引自经毕马威华振会计师事务所（特殊普通合伙）审计的 2024 年度审计 报告。本报告其他内容及信息均来源于发行人提供的资料或说明，请投资人关注 并独立做出投资判断。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 ...

京东方科技集团股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕4433 号 联合资信评估股份有限公司通过对京东方科技集团股份有限公 司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持京 东方科技集团股份有限公司主体长期信用等级为 AAA，维持"25 京 东方集 MTN001（科创票据）"和"25 京东方集 MTN002（科创债）" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 二〇二五年六月二十七日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受京东方科技集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公 ...

Group 1 - The core point of the article is that Lian De Equipment has won a bid for the BOE's 8.6-generation AMOLED production line project with a total bid amount of 157 million yuan [1] Group 2 - The winning bid confirms Lian De Equipment's position in the AMOLED production line sector, which is a significant area of growth in the display technology industry [1] - The project is expected to enhance Lian De Equipment's revenue and market presence in the competitive AMOLED manufacturing landscape [1]

Investment Rating - The report maintains an "Outperform" rating for the LCD industry [2] Core Viewpoints - BOE plans to acquire a 30% stake in Rainbow Optoelectronics, which is expected to optimize the competitive landscape of the panel industry [4][6] - The average gross margin of major Chinese LCD manufacturers increased by 1.81 percentage points year-on-year and 3.60 percentage points quarter-on-quarter to 14.89% in Q1 2025 [5] - The report indicates a downward trend in TV panel prices, with expectations of further declines in July [6][22] - The global large-size LCD panel shipment area decreased by 6.08% year-on-year in May 2025, with specific declines in TV and monitor shipments [9][32] Market Performance - From May 2025 to the present, the panel index has risen by 3.54%, outperforming major stock indices [8][15] - As of June 23, 2025, the total market capitalization of the A-share panel industry was 513.69 billion yuan, with an overall price-to-book ratio of 1.49x, at the 57.3 percentile of the past five years [15][20] Price & Cost - In June 2025, the prices of various sizes of LCD TV panels decreased, with a forecasted further decline in July [6][22] - The prices for IT panels remained stable across different sizes in June 2025 [7][22] Supply & Demand - The report forecasts a 2.31% increase in global large-size LCD capacity in 2024 compared to 2023, with a slight growth of 0.21% expected in 2025 [9][26] - The demand for large-size LCD panels is projected to decline, particularly in the TV segment, which saw an 8.01% year-on-year decrease in shipment area in May 2025 [9][32] Performance Review - In May 2025, global large-size LCD panel revenue was $6.195 billion, reflecting a year-on-year decline of 10.72% [57] - Major manufacturers' revenues showed varied performance, with BOE's revenue at $1.78 billion, down 12.92% year-on-year [60]

Group 1: Market Trends and Product Pricing - The LCD industry is adopting a "production based on demand" strategy, adjusting production rates according to market demand changes. In Q1, driven by high export demand and "old-for-new" policies, overall terminal demand remained strong, leading to a general price increase for mainstream LCD TV panel sizes [2] - In June, prices for certain LCD TV products slightly decreased due to changes in the international trade environment and a cooling demand for panel procurement [2] - Prices for MNT and NB panels in the LCD IT segment remained stable [2] Group 2: Production Line Developments - The 8.6 generation AMOLED production line in Chengdu commenced equipment installation four months ahead of schedule on May 20, marking the transition from construction to operational phase [3] Group 3: Revenue Structure for 2024 - In 2024, the revenue structure for display devices is projected as follows: TV products (26%), IT products (34%), LCD mobile phones and other products (13%), and OLED products (27%) [4] Group 4: Depreciation and Future Trends - The company anticipates a depreciation of approximately RMB 38 billion in 2024, with an increase compared to 2023 due to the completion of depreciation for several high-generation production lines [5] - Future depreciation is expected to peak this year as new projects mature and existing production lines complete their depreciation [5] Group 5: Capital Expenditure Plans - The company is transitioning from a rapid expansion phase in LCD production to a mature phase, with future capital expenditures focusing on semiconductor display business and strategic planning [6][7] Group 6: Shareholder Return Strategy - The company announced a shareholder return plan for 2025-2027, committing to distribute at least 35% of the net profit attributable to shareholders in cash annually and to repurchase shares worth no less than RMB 1.5 billion each year [8] - The plan reflects a comprehensive analysis of operational conditions, long-term strategies, and shareholder interests, aiming to establish a stable and predictable return mechanism [8] - As part of this strategy, the company completed a stock buyback worth nearly RMB 1 billion by the end of May and is progressing with the 2024 profit distribution plan [8]

Core Viewpoint - Shenzhen LianDe Automation Equipment Co., Ltd. has been selected as the first candidate for the bidding of BOE's 8.6-generation AMOLED production line project, which could positively impact the company's future performance if the contract is signed and implemented successfully [1]. Summary by Relevant Sections - **Project Details** - The project is for an automatic laminating machine (D-lami) with a bid price of 157 million yuan [1]. - LianDe has also won bids for other equipment related to the same project, including M-lami, FOP, and polarizer attachment machines [1]. - **Company Performance** - In 2024, LianDe achieved a revenue of 1.396 billion yuan, representing a year-on-year growth of 15.63% [1]. - The net profit attributable to shareholders was approximately 243 million yuan, showing a year-on-year increase of 37.06% [1]. - In the first quarter of 2025, the company reported a revenue of 367 million yuan, with a year-on-year growth of 5.08% [1]. - The net profit attributable to shareholders for the same period was approximately 42.8 million yuan, reflecting a year-on-year decline of 6.42% [1]. - **Business Focus** - LianDe's main business includes the research, development, production, sales, and service of new semiconductor display intelligent equipment, automotive intelligent cockpit system equipment, semiconductor packaging and testing equipment, and new energy equipment [1].

Investment Rating - The report assigns a medium-high risk rating to the industry [3] Core Insights - The semiconductor sector has shown a cumulative increase of 3.68% over the past two weeks, outperforming the CSI 300 index by 2.30 percentage points, ranking 6th among the Shenwan industries [4][11] - The semiconductor sector's price-to-earnings (PE) ratio as of June 26 is 43.91, which is at the 80.39% percentile for the past five years and 69.41% for the past ten years [4][16] Market Review and Valuation - The semiconductor sector has seen a cumulative increase of 6.34% in June, outperforming the CSI 300 index by 3.58 percentage points, ranking 5th among Shenwan industries [11] - Year-to-date, the sector has increased by 1.60%, outperforming the CSI 300 index by 1.31 percentage points, ranking 18th among Shenwan industries [11] Industry News - Xiaomi has launched AI glasses priced from 1999 yuan, featuring a 12MP camera and support for third-party apps [21] - Marvell reported significant growth in AI infrastructure investment, with capital expenditures from major cloud service providers expected to rise from $248 billion last year to $327 billion this year [21] - Foxconn has optimistic projections regarding AI server orders extending to 2027, indicating strong demand in the AI sector [21] Industry Data - Global smartphone shipments in Q1 2025 reached 305 million units, a year-on-year increase of 1.53% [23] - In April 2025, smartphone shipments in China totaled 22.29 million units, a year-on-year decrease of 1.65% [23] - Liquid crystal panel prices in June 2025 showed a slight decline, with prices for various sizes ranging from $38 to $176 per unit [27] Weekly Perspective - The report suggests focusing on two main lines for investment: AI computing power and AI end-side applications, with expectations for increased demand in both areas [30] - The report highlights the potential for significant growth in AI server shipments and the importance of high-end PCB and CCL production capabilities [30] Key Stocks to Watch - The report identifies several companies to monitor, including Luxshare Precision (002475.SZ) and Pengding Holdings (002938.SZ), which are expected to benefit from AI strategies and demand for high-density printed circuit boards [31]

Core Viewpoint - The company, 联得装备, has become the first candidate for the bid of BOE's 8.6-generation AMOLED production line project, with a bid for automatic laminating machines at a price of 157 million yuan [1] Group 1 - The company has been selected as the first candidate for the bid related to BOE's AMOLED production line project [1] - The equipment involved in the bid is an automatic laminating machine (D-lami) [1] - The bid amount is 157 million yuan, indicating a significant contract value [1] Group 2 - The public announcement period for the bid is from June 23, 2025, to June 26, 2025 [1] - If the formal contract is signed and successfully implemented, it will have a positive impact on the company's future operating performance [1]

Group 1 - The global LCD demand is expected to grow at an average annual rate of 4% from 2023 to 2029, while industry production capacity is projected to grow only 1% during the same period, indicating a potential supply shortage by 2028 [1][2] - The LCD industry is undergoing a phase of consolidation, with significant transactions such as TCL Technology's acquisition of LGD's Guangzhou LCD factory and BOE's acquisition of a 30% stake in Rainbow [1][2] - Chinese panel manufacturers are expected to control approximately 75% of global LCD capacity, enhancing their market influence and allowing them to maintain a "demand-driven, profit-first" operational strategy [2] Group 2 - The trend of larger-sized televisions is accelerating, and the consolidation of leading players in the industry is expected to support a long-term upward trend in panel prices and volumes [3] - The increasing influence of Chinese consumer electronics brands in the international market is likely to benefit the domestic panel industry, with TCL and Hisense's combined global TV market share rising to 39%, a 6 percentage point increase from the previous year [3]