股票简称：京东方 A 股票代码：000725 股票简称：京东方 B 股票代码：200725 中信建投证券股份有限公司 关于 京东方科技集团股份有限公司 预留授予股票期权第三个行权期行权条件成就 之 独立财务顾问报告 二〇二五年八月 第一章 释义 在本独立财务顾问报告中，除非另有说明，以下简称具有如下含义： 京东方、上市 指 京东方科技集团股份有限公司 公司、公司 中信建投证 券、本独立财 指 中信建投证券股份有限公司 务顾问 本次激励计 指 京东方 2020 年股票期权与限制性股票激励计划 划、本次计划 股票期权、期 公司授予激励对象在未来一定期限内以预先确定的价格和条件购买公 指 权 司一定数量股票的权利 公司根据本激励计划规定的条件和价格，授予激励对象一定数量的公司 限制性股票 指 股票，该等股票设置一定期限的限售期，在达到本激励计划规定的解除 限售条件后，方可解除限售流通 按照本激励计划规定获得股票期权或限制性股票的人员（含控股子公 激励对象 指 司），包括：董事会聘任的高级管理人员、公司内部科学家、副总裁、 高级技术专家、总监、技术专家、中层管理人员、经理与高级技术骨干 授权日/授予 公司向激励对象授 ...

致：京东方科技集团股份有限公司 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: （86-10） 5809-1000 传真: （86-10） 5809-1100 北京市竞天公诚律师事务所 关于京东方科技集团股份有限公司 预留授予股票期权第三个行权期行权条件成就及调整股票期权的行 权价格的法律意见书 本所接受京东方科技集团股份有限公司（以下称"公司"或"京东方"）的 委托，根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股权激励管理办法》（以 下称"《管理办法》"）、《深圳证券交易所上市公司自律监管指南第 1 号—— 业务办理》（以下称"《自律监管指南》"）等有关法律、法规和规范性文件、 《京东方科技集团股份有限公司章程》的规定以及《京东方科技集团股份有限公 司 2020 年股票期权与限制性股票激励计划（草案）》（以下称"《激励计划（草 案）》"）的规定，就公司实施 2020 年股票期权与限制性股票激励计划（以下 称"激励计划"或"本激励计划"或"本次激励计划"）中，预留授予股票期权 第三个行权期 ...

证券代码：000725 证券简称：京东方 A 公告编号：2025-065 证券代码：200725 证券简称：京东方 B 公告编号：2025-065 京东方科技集团股份有限公司 关于 2020 年股票期权与限制性股票激励计划预留授 予股票期权第三个行权期行权条件成就的公告 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 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 划预留授予股票期权第三个行权期行权条件成就的议案》 。根据《上 市公司股权激励管理办法》、《京东方科技集团股份有限公司 2020 年 股票期权与限制性股票激励计划（草案）》 （以下简称"《激励计划》"） 等的有关规定， 次激励计划"）预留授予股票期权第三个行权期已达到行权条件。根 据 2020 年第二次临时股东大会的授权，由董事会为满足条件的激励 对象办理行权所必需的全部事宜。现将有关事项公告如下： 一、本次激励计划的实施情况 （一）本次激励计划已履行的相关审批程序 届监事会第六次会议审议通过了《关于 2020 年股 ...

京东方科技集团股份有限公司 关于 2020 年股票期权与限制性股票激励计划预留授予股票 期权第三个行权期可行权的激励对象名单 一、总体情况 人数 获授的股票期权的 本次可行权的股票 剩余等待期内的股 股票期权激励对象 （人） 份额（股） 期权数量（股） 票期权数量（股） 经理、高级技术骨干 73 21,797,200 7,046,622 0 合计 73 21,797,200 7,046,622 0 注：1、3 名激励对象因绩效考核的结果为 C，根据激励计划，标准系数为 0.5，公司后 续拟注销其不符合行权条件的部分股票期权共 146,454 股； 准。 二、预留授予股票期权第三个行权期可行权的激励对象名单，73 人（以下名单按姓名字母顺序排列） 安占福、曹嘉琦、曾磊、邓必成、丁世哲、方家、冯春楠、高恩 慧、高荣荣、郭会斌、郭思瑶、胡兵、胡青飞、华晨、黄光伟、贾丽 丽、江建明、姜茂荣、蒋瀚林、金成勋、李德君、李琳、李欠火、李 鑫、李壹相、李振国、梁晋、刘涛、刘银梅、娄玉瑞、卢霜、卢运华、 马禹、穆元春、彭裕清、沈忠、石领、史海洋、司达、宋志勇、孙钢、 陶永松、汪雄、王丹、王鼎瑞、王纪东、王谦、王岩、王宜申、王永 ...

Core Viewpoint - The company has adjusted the exercise prices of stock options under its 2020 stock option and restricted stock incentive plan due to the implementation of its 2024 annual equity distribution, which will not materially affect its financial status and operating results [3][4]. Group 1: Approval Process - The company has followed the necessary approval procedures for the stock option and restricted stock incentive plan, including independent opinions from directors, lawyers, and independent financial advisors [1][2]. - The adjustments to the incentive plan have been approved by the company's board and do not require further shareholder approval [3][4]. Group 2: Adjustment Details - The exercise price for the initially granted stock options has been adjusted to 4.979 yuan per share, while the exercise price for the reserved stock options has been adjusted to 5.479 yuan per share [3][4]. - The adjustment method follows the company's incentive plan regulations, which state that the exercise price should be adjusted in the event of profit distribution or other capital changes [3][4]. Group 3: Impact of Adjustments - The adjustments to the exercise prices will not have a substantial impact on the company's financial condition or operating results [4]. - The adjustments comply with relevant laws and regulations, ensuring that shareholder interests are not harmed [4].

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-060 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-060 | 京东方科技集团股份有限公司 第十一届董事会第八次会议决议公告 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"）第十一届董事 会第八次会议于 2025 年 8 月 15 日以电子邮件方式发出通知，2025 年 8 月 26 日（星期二）以现场与通讯结合方式在公司会议室召开。 公司董事会共有董事 11 人，全部出席本次会议（其中：以通讯 表决方式出席的董事 3 人）。董事郭川先生、金春燕女士、张新民先 生以通讯表决方式出席会议。公司部分监事和高级管理人员列席本次 会议。 本次会议的通知、出席及表决均符合《中华人民共和国公司法》 （以下简称"《公司法》"）和《京东方科技集团股份有限公司章程》 （以下简称《" 公司章程》"）等有关规定，会议由董事长陈炎顺先生 主持。 一、会议审议通过了如 ...

京东方Ａ(000725.SZ)公告称，上半年实现营业收入1012.78亿元，同比增长8.45%；归属于上市公司股东的净利润为32.47亿元，同比增长42.15%。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

人民财讯8月27日电，京东方A(000725)8月27日晚间披露半年报，2025年上半年，公司实现营业收入 1012.78亿元，同比增长8.45%；归属于上市公司股东的净利润32.47亿元，同比增长42.15%；基本每股 收益0.09元。 转自：证券时报 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, while forward-looking statements are not substantial commitments - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Forward-looking statements, such as future plans and development strategies, in this semi-annual report do not constitute a substantial commitment to investors, who are advised to be aware of the risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's structure, listing nine main chapters and their starting page numbers for quick navigation - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, company names, institutional abbreviations, and technical jargon used in the report for clear understanding - BOE, the Company, the Group, and BOE all refer to BOE Technology Group Co, Ltd[14](index=14&type=chunk) - AI refers to Artificial Intelligence, and IoT refers to Internet of Things[14](index=14&type=chunk) - AMOLED refers to Active Matrix Organic Light Emitting Diode technology, and TFT-LCD refers to Thin Film Transistor Liquid Crystal Display[14](index=14&type=chunk)[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) The company's stock is listed on the Shenzhen Stock Exchange under stock codes 000725 and 200725, with Chen Yanshun as the legal representative - The company's stock abbreviations are BOE A and BOE B, with stock codes 000725 and 200725, listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's legal representative is Chen Yanshun[17](index=17&type=chunk) - The company's investor contact number has changed to "010-60965555"[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, revenue increased by 8.45%, net profit attributable to shareholders rose by 42.15%, and basic EPS grew by 50%, despite an 8.61% decrease in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data and Financial Indicators | Project | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 101,278,182,135.00 | 93,386,241,632.00 | 8.45% | | Net Profit Attributable to Shareholders of Listed Company | 3,246,885,779.00 | 2,284,051,354.00 | 42.15% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 2,282,236,531.00 | 1,613,403,381.00 | 41.45% | | Net Cash Flow from Operating Activities | 22,736,307,086.00 | 24,878,969,292.00 | -8.61% | | Basic Earnings Per Share (Yuan/Share) | 0.09 | 0.06 | 50.00% | | Total Assets | 425,801,431,370.00 | 429,978,221,541.00 | -0.97% | | Net Assets Attributable to Shareholders of Listed Company | 132,991,322,618.00 | 132,937,555,308.00 | 0.04% | [VI. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's non-recurring gains and losses totaled **964.65 million yuan** in the first half of 2025, primarily from disposal of non-current assets and government subsidies, positively impacting net profit 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Project | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 519,913,169.00 | | Government subsidies recognized in current profit or loss | 696,943,132.00 | | Fair value changes and disposal gains/losses from financial assets/liabilities (excluding effective hedging related to normal business) | 88,554,525.00 | | Other non-operating income and expenses apart from the above | 122,700,862.00 | | Less: Income tax impact | 289,306,037.00 | | Minority interest impact (after tax) | 174,386,223.00 | | Total | 964,649,248.00 | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, core competencies, financial performance, and risk factors during the reporting period [I. Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) BOE is a global leader in semiconductor display and IoT, providing smart port products and services through a "1+4+N+Ecosystem" strategy, encompassing display, IoT innovation, sensing, MLED, and smart medical engineering - The company aims to be "the most respected great enterprise on Earth," providing smart port products and professional services for information interaction and human health[31](index=31&type=chunk) - BOE has built a "1+4+N+Ecosystem" development structure, where "1" refers to semiconductor display, "4" refers to IoT innovation, sensing, MLED, and smart medical engineering, and "N" represents various IoT application scenarios[32](index=32&type=chunk) - Main businesses include display devices (TFT-LCD, AMOLED), IoT innovation (smart terminals, AI/big data integration), sensing (FPXD, smart windows, MEMS), MLED (LED backlight, Mini/Micro LED display), and smart medical engineering (health medical, smart elderly care) [33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) - "N" businesses cover smart vehicle connectivity, smart energy, industrial internet, ultra-high-definition display, and other segmented fields, offering integrated hardware-software solutions[39](index=39&type=chunk) [II. Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) BOE enhances its core competitiveness through customer orientation, innovation leadership, and digital empowerment, achieving significant progress in display, IoT, MLED, sensing, and smart medical engineering, supported by high R&D investment and AI integration - In the first half of 2025, BOE continued to consolidate its leading position in the semiconductor display field, optimizing LCD product structure and increasing flexible OLED product shipments[40](index=40&type=chunk) - The company adheres to innovation leadership, building a comprehensive innovation ecosystem, fully establishing a "Display IoT" technology architecture, and creating three major technology brands: ADS Pro, f-OLED, and α-MLED[43](index=43&type=chunk) - Over **4,000 new patent applications** were filed in the first half, with over **90% being invention patents** and over **30% overseas patents**; flexible OLED, sensing, AI, and big data patent applications exceeded **2,000**, accounting for over **50%**[46](index=46&type=chunk) - The company continuously strengthens its lean management governance system, promotes deep integration of AI technology with production and operations, builds the BOE Display Industrial Large Model, and implements AI Defect Management System (ADM) and AI Yield Management System (AYM)[47](index=47&type=chunk)[48](index=48&type=chunk) [III. Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) The company's operating revenue grew by 8.45% to **101.28 billion yuan** in the first half, with display devices remaining the primary revenue source at 83.27%, while financial expenses and income tax expenses significantly increased due to reduced exchange gains and temporary asset differences Year-on-Year Changes in Key Financial Data | Project | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 101,278,182,135.00 | 93,386,241,632.00 | 8.45% | None | | Net Profit Attributable to Shareholders of Listed Company | 3,246,885,779.00 | 2,284,051,354.00 | 42.15% | None | | Financial Expenses | 713,453,496.00 | 295,442,333.00 | 141.49% | Primarily due to reduced net exchange gains in the reporting period | | Income Tax Expenses | 1,191,720,067.00 | 508,068,093.00 | 134.56% | Primarily due to temporary asset differences in the reporting period | | Net Cash Flow from Operating Activities | 22,736,307,086.00 | 24,878,969,292.00 | -8.61% | None | | Net Cash Flow from Investing Activities | -21,225,275,652.00 | -15,514,054,444.00 | -36.81% | Primarily due to increased cash paid for the construction of long-term assets in the reporting period | Operating Revenue Composition (by Industry) | Project | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Display Device Business | 84,332,237,426.00 | 83.27% | 78,013,141,508.00 | 83.54% | 8.10% | | IoT Innovation Business | 18,191,101,534.00 | 17.96% | 17,155,911,452.00 | 18.37% | 6.03% | | Sensing Business | 223,580,565.00 | 0.22% | 163,437,762.00 | 0.18% | 36.80% | | MLED Business | 4,346,566,103.00 | 4.29% | 4,033,466,005.00 | 4.32% | 7.76% | | Smart Medical Engineering Business | 917,485,725.00 | 0.91% | 903,706,724.00 | 0.97% | 1.52% | - Operating revenue in mainland China increased by **0.10%**, while operating revenue in other regions increased by **17.94%**[52](index=52&type=chunk) [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, but net assets attributable to shareholders marginally increased, with a significant rise in construction in progress due to new project investments, while investment income and fair value changes positively impacted profit, despite substantial asset impairment losses Significant Changes in Asset Composition | Project | Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 425,801,431,370.00 | 100% | 429,978,221,541.00 | 100% | -0.97% | None | | Cash and Cash Equivalents | 66,346,438,193.00 | 15.58% | 74,252,625,215.00 | 17.27% | -1.69% | None | | Construction in Progress | 47,133,068,984.00 | 11.07% | 30,159,016,097.00 | 7.01% | 4.06% | Primarily due to increased investment in new projects during the reporting period | | Net Assets Attributable to Shareholders of Listed Company | 132,991,322,618.00 | 31.23% | 132,937,555,308.00 | 30.92% | 0.04% | None | Non-Recurring Items Affecting Total Profit | Project | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 436,619,926.00 | 10.34% | Primarily investment income from disposal of long-term equity investments during the reporting period | | Fair Value Change Gains/Losses | 70,061,558.00 | 1.66% | None | | Asset Impairment | -1,160,839,005.00 | -27.50% | Primarily inventory write-downs based on market conditions | [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment amount increased by **107.19%** year-on-year, with a decrease in trading financial assets but gains from fair value changes in some stock investments, and all raised funds from corporate bonds and medium-term notes were fully utilized for debt repayment, equity contributions, and working capital - The investment amount for the reporting period was **494.30 million yuan**, an increase of **107.19%** compared to the same period last year[60](index=60&type=chunk) Securities Investment Status | Security Name | Beginning Book Value (Yuan) | Fair Value Change Gains/Losses for the Period (Yuan) | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | | CVTE | 163,511,485.00 | -10,233,312.00 | 153,278,173.00 | | Aisen Shares | 42,340,316.00 | 3,457,008.00 | 45,797,324.00 | | Kema Technology | 110,916,387.00 | 1,492,611.00 | 112,408,998.00 | | Xingfu Electronics | 0.00 | 55,947,535.00 | 105,947,524.00 | | Total | 574,326,556.00 | 50,663,842.00 | 733,669,674.00 | - In the first half of 2025, the company issued corporate bonds raising **2 billion yuan**, used to replace prior self-owned funds for corporate bond principal repayment, which has been fully utilized[66](index=66&type=chunk) - In the first half of 2025, the company cumulatively issued medium-term notes raising **4 billion yuan**, used for equity contributions, supplementing working capital, and repaying interest-bearing debt, which has been fully utilized[66](index=66&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Chongqing BOE Optoelectronics, Hefei Xinsheng Optoelectronics, and Fuzhou BOE Optoelectronics were key subsidiaries contributing significant net profits, while new company establishments and one deregistration had no major impact on overall operations Net Profit of Major Subsidiaries | Company Name | Net Profit (Yuan) | | :--- | :--- | | Chongqing BOE Optoelectronics Technology Co, Ltd | 1,800,708,701.00 | | Hefei Xinsheng Optoelectronics Technology Co, Ltd | 1,003,016,555.00 | | Fuzhou BOE Optoelectronics Technology Co, Ltd | 1,022,335,738.00 | - During the reporting period, the company invested in and established three new companies, including Beijing BOE Materials Technology Co, Ltd, and deregistered BOE UK Ltd; these changes had no significant impact on overall production, operations, or performance[74](index=74&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from global economic slowdown, trade policy uncertainties, geopolitical instability, and intensified industry competition, addressed by innovation, AI integration, international expansion, supply chain resilience, and lean management - The company faces risks such as slowing global economic growth, uncertain trade and economic policies, geopolitical instability, continuous adjustments in the industrial chain structure, intensifying brand competition, and sustained price declines[75](index=75&type=chunk) - The company's countermeasures include adhering to innovation-driven development, maintaining high R&D investment, comprehensively deepening AI technology application, and enhancing technical product capabilities and operational management efficiency[75](index=75&type=chunk) - The company is steadfastly guided by "Display IoT," adhering to customer orientation, continuously improving its international layout, deepening cooperation with global strategic customers, strengthening resilience, and steadily building a safe, healthy, and sustainable supply chain assurance system[75](index=75&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company's "Market Value Management System" was approved by the Board of Directors on April 18, 2025, aiming to enhance investment value and shareholder returns - The company has formulated the "Market Value Management System," which was approved at the fourth meeting of the eleventh Board of Directors on April 18, 2025[76](index=76&type=chunk) - The system aims to effectively promote the enhancement of the company's investment value and increase investor returns[76](index=76&type=chunk) [XII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=XII.%20Implementation%20of%20the%20%E2%80%9CDual%20Improvement%20in%20Quality%20and%20Returns%E2%80%9D%20Action%20Plan) The company actively implements the "Dual Improvement in Quality and Returns" action plan by focusing on core business, innovation, compliance, transparent information disclosure, and investor co-prosperity, including consolidating display leadership, high R&D investment, governance reforms, consistent A-grade information disclosure, and share buybacks/cash dividends - Guided by the "Display IoT" strategy, the company focuses on its main business, continuously consolidates its leading position in the semiconductor display field, and promotes high-quality growth of its "1+4+N+Ecosystem" businesses[77](index=77&type=chunk)[78](index=78&type=chunk) - The company consistently maintains respect for technology and persistence in innovation; in the first half, over **4,000 new patent applications** were filed, with over **90% being invention patents**, and over **2,000 patent applications** in flexible OLED, sensing, AI, and big data fields[79](index=79&type=chunk) - During the reporting period, the company revised nearly **30 corporate governance systems** in accordance with the latest laws and regulations, continuously strengthening the performance capabilities of directors, supervisors, and senior management[81](index=81&type=chunk) - The company has received an **A-grade rating for information disclosure** from the Shenzhen Stock Exchange for **9 consecutive assessment years** and has disclosed its social responsibility report for **15 consecutive years**[82](index=82&type=chunk) - In the first half of 2025, the company implemented the 2024 annual equity distribution, with a cash dividend of approximately **1.87 billion yuan**, accounting for **35%** of the net profit attributable to the parent company in the consolidated statement for that year; the 2025 A-share buyback plan was launched and has commenced[83](index=83&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=24&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management due to term expiration and work transfers, including departures and new appointments - Sun Yun, Shi Xiaodong, Xu Jinghe, Teng Jiao, and Liu Hongfeng resigned due to the expiration of their terms[87](index=87&type=chunk) - Jin Chunyan was elected as a director, and Wei Shuanglai was elected as a supervisor[87](index=87&type=chunk) - Jiang Xingqun, Qi Zheng, and Guo Hong were appointed as senior management personnel[87](index=87&type=chunk) - Guo Huaping resigned from senior management due to work transfer[87](index=87&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends for the semi-annual period[88](index=88&type=chunk) - The company plans not to distribute bonus shares or convert capital reserves into share capital[88](index=88&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The 2020 stock option and restricted stock incentive plan continued, with the third vesting period for restricted stock and stock options achieved, while some shares and options were repurchased and canceled due to departures or unmet performance targets, and option exercise prices were adjusted - The conditions for the third vesting period of restricted shares granted under the company's 2020 stock option and restricted stock incentive plan were met, allowing **667 incentive recipients** to vest **89,096,540 shares**[90](index=90&type=chunk)[91](index=91&type=chunk) - The conditions for the third exercise period of initially granted stock options were met, allowing **1,644 incentive recipients** to exercise **160,992,209 options**[90](index=90&type=chunk) - The conditions for the third exercise period of reserved granted stock options were met, allowing **73 incentive recipients** to exercise **7,046,622 options**[91](index=91&type=chunk) - Due to personal reasons such as resignation or failure to meet individual performance assessment conditions, the company plans to repurchase and cancel **2,252,839 restricted shares** and **174,412,031 granted but unexercised stock options** from some incentive recipients[90](index=90&type=chunk)[91](index=91&type=chunk) - Following the completion of the company's 2024 annual equity distribution, the exercise price for initially granted stock options was adjusted from **5.029 yuan/share to 4.979 yuan/share**, and for reserved granted stock options from **5.529 yuan/share to 5.479 yuan/share**[91](index=91&type=chunk) [IV. Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and 20 major subsidiaries are included in the list of enterprises required to disclose environmental information by law and have published their 2024 annual environmental information disclosure reports - The number of listed companies and their major subsidiaries included in the list of enterprises required to disclose environmental information by law is **20**[92](index=92&type=chunk) - The company and its subsidiaries have disclosed their 2024 annual environmental information disclosure reports in the respective enterprise environmental information disclosure systems[92](index=92&type=chunk)[93](index=93&type=chunk) [V. Social Responsibility](index=26&type=section&id=V.%20Social%20Responsibility) BOE integrates sustainable development into its core strategy with a three-tier governance system, launched the "ONE" sustainable development brand, achieved significant green development milestones including 18 national green factories, and actively engages in social welfare and rural revitalization initiatives - BOE integrates sustainable development as a core group strategy, establishing a three-tier governance system: Board of Directors Strategy Committee, Sustainable Development Committee, and Sustainable Executive Office[94](index=94&type=chunk) - In April 2025, BOE launched "ONE" (Open Next Earth), the first sustainable development brand in China's display industry[94](index=94&type=chunk) - As of June 2025, BOE owns **18 national green factories**, including **2 zero-carbon factories**, and **7 factories** have received UL 2799 Platinum certification for zero waste to landfill[95](index=95&type=chunk) - BOE's "Lighting the Path to Growth" public welfare project was launched in Litang County, with the total number of smart classrooms set to exceed **156**; the "Medical Journey with Me" medical emergency rescue volunteer service China tour also commenced for the first time[96](index=96&type=chunk) - In rural revitalization, the company sold agricultural products worth **53.44 million yuan** through its centralized procurement platform, added **2 new agricultural suppliers**, **641 specialized agricultural products**, and **7 agricultural bases**[96](index=96&type=chunk) [Section V Significant Events](index=28&type=section&id=Section%20V%20Significant%20Events) This section covers commitments, related party transactions, guarantees, litigation, and other major corporate events during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's chairman, vice chairman, supervisors, and senior management have committed not to reduce or transfer their A-shares during their tenure and for six months thereafter, with all commitments currently being fulfilled without overdue unfulfilled items - Chairman Chen Yanshun, Vice Chairman Gao Wenbao, Supervisors Xu Yangping and Yan Jun, and Senior Management Feng Liqiong, among others, committed not to reduce or transfer any BOE A-shares held by them during their tenure as directors, supervisors, or senior executives, and for six months after their terms expire[99](index=99&type=chunk) - The commitments are currently being fulfilled, with no overdue unfulfilled items[99](index=99&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=28&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company[100](index=100&type=chunk) [III. Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - During the reporting period, the company had no irregular external guarantees[102](index=102&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=29&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[103](index=103&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period, but other pending cases totaled **1.06 billion yuan** in involved amounts - The company had no significant litigation or arbitration matters in the current reporting period[105](index=105&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | | :--- | :--- | | Total Pending Cases | 106,156.32 | [XI. Significant Related Party Transactions](index=30&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, or joint external investments during the reporting period, but approved the "Announcement on Estimated Daily Related Party Transactions for 2025" on April 18, 2025 - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - The company's eleventh Board of Directors' fourth meeting, held on April 18, 2025, approved the "Announcement on Estimated Daily Related Party Transactions for 2025"[114](index=114&type=chunk) [XII. Significant Contracts and Their Performance](index=31&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters during the reporting period, but provided guarantees totaling **41.78 billion yuan** to subsidiaries, representing 33.23% of net assets, and engaged in wealth management products totaling **5.01 billion yuan**, with **1.89 billion yuan** outstanding - During the reporting period, the company had no entrustment, contracting, or leasing situations[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) Company Guarantees to Subsidiaries | Project | Actual Guarantee Balance to Subsidiaries at Period-End (10,000 Yuan) | | :--- | :--- | | Total | 4,177,771 | - The total actual guarantee amount accounted for **33.23%** of the company's net assets[129](index=129&type=chunk) Wealth Management Status | Specific Type | Wealth Management Amount (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 490,700 | 178,900 | | Bank Wealth Management Products (Raised Funds) | 10,000 | 10,000 | | Total | 500,700 | 188,900 | [XIII. Explanation of Other Significant Matters](index=38&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company redeemed "22BOEY1" corporate bonds, issued **2 billion yuan** in tech innovation bonds, completed board and senior management elections, initiated an A-share buyback plan with bank loan support, distributed **1.87 billion yuan** in cash dividends for 2024, and saw a senior vice president resign - The company fully redeemed the principal and interest of the "22BOEY1" corporate bonds on March 25, 2025, and delisted them[131](index=131&type=chunk) - The company issued the first tranche of 2025 publicly offered technology innovation corporate bonds to professional investors, with an issuance size of **2 billion yuan** and a coupon rate of **1.94%**[132](index=132&type=chunk) - The company completed the re-election of its Board of Directors, Supervisory Board, and senior management[132](index=132&type=chunk) - The company launched its 2025 A-share buyback plan and secured a **1.8 billion yuan** special loan for stock buybacks from China Construction Bank; as of July 31, 2025, a cumulative total of **86,715,800 A-shares** had been repurchased, with a total payment of **349,012,524 yuan**[133](index=133&type=chunk)[134](index=134&type=chunk) - The company implemented the 2024 annual equity distribution, with a cash dividend of approximately **1.87 billion yuan**, accounting for **35%** of the net profit attributable to the parent company in the consolidated statement for that year[135](index=135&type=chunk) - Mr Guo Huaping resigned from his positions as Senior Vice President and Chief Culture Officer due to work transfer[135](index=135&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=39&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) BOE Energy Technology Co, Ltd, a controlled subsidiary, began public trading on the National Equities Exchange and Quotations system on April 8, 2025 - The stock of BOE Energy Technology Co, Ltd, a controlled subsidiary, began public trading on the National Equities Exchange and Quotations system on April 8, 2025[136](index=136&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=40&type=section&id=Section%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, and the composition of its shareholders and their holdings [I. Changes in Share Capital](index=40&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total shares decreased by **231.14 million**, primarily due to the vesting and repurchase/cancellation of restricted shares, cancellation of treasury stock, and an increase in locked-up shares for senior management, with an initial share buyback of **20.58 million A-shares** on June 30, 2025 Changes in Share Capital | Project | Quantity Before This Change (Shares) | Increase/Decrease in This Change (＋，－）Subtotal (Shares) | Quantity After This Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 100,576,390 | -85,630,254 | 14,946,136 | | II. Unrestricted Shares | 37,544,439,813 | -145,505,485 | 37,398,934,328 | | III. Total Shares | 37,645,016,203 | -231,135,739 | 37,413,880,464 | - Reasons for share changes include the vesting of **89,096,540 restricted shares** from equity incentives, repurchase and cancellation of **2,252,839 restricted shares** granted but not yet unlocked to some incentive recipients, cancellation of **228,882,900 treasury shares** in the dedicated securities account, and an increase of **5,719,125 locked-up shares** for senior management[138](index=138&type=chunk) - As of June 30, 2025, the company initiated its first share buyback of **20,583,000 A-shares**, accounting for **0.056%** of the company's A-shares, with a total payment of **82,375,331 yuan**[140](index=140&type=chunk) [II. Securities Issuance and Listing](index=41&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company issued the first tranche of 2025 publicly offered technology innovation corporate bonds to professional investors, totaling **2 billion yuan** at a 1.94% coupon rate, which was listed on the Shenzhen Stock Exchange on June 19, 2025 Basic Information of Corporate Bonds | Security Name | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity (Yuan) | Listing Date | Approved Listing Quantity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | BOE Technology Group Co, Ltd 2025 Publicly Offered Technology Innovation Corporate Bonds (First Tranche) to Professional Investors | June 13, 2025 | 1.94% | 2,000,000,000 | June 19, 2025 | 2,000,000,000 | [III. Number of Shareholders and Shareholding Status](index=42&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **1,093,543 common shareholders**, with Beijing State-owned Capital Operation and Management Co, Ltd as the largest shareholder at 10.86%, and Hong Kong Securities Clearing Company Limited holding 5.47% - As of the end of the reporting period, the total number of common shareholders was **1,093,543** (including **1,063,026 A-share shareholders** and **30,517 B-share shareholders**)[145](index=145&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Beijing State-owned Capital Operation and Management Co, Ltd | State-owned Legal Person | 10.86% | 4,063,333,333 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 5.47% | 2,046,647,103 | | Beijing BOE Investment Development Co, Ltd | State-owned Legal Person | 2.20% | 822,092,180 | | Beijing Jingguorui State-owned Enterprise Reform and Development Fund (Limited Partnership) | Other | 1.92% | 718,132,854 | | Hefei Jianxiang Investment Co, Ltd | State-owned Legal Person | 1.78% | 666,195,772 | - Hefei Jianxiang Investment Co, Ltd has agreed through a "Voting Rights Exercise Agreement" to maintain consistency with Beijing BOE Investment Development Co, Ltd in exercising voting rights for all shares it holds in the company[146](index=146&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained unchanged, but the number of restricted shares granted to them decreased due to equity incentive vesting, and new appointments' holdings are based on their appointment dates - During the reporting period, the initial and period-end shareholdings of the company's directors, supervisors, and senior management did not change[147](index=147&type=chunk) - The conditions for the third vesting period of restricted shares granted under the company's 2020 stock option and restricted stock incentive plan were met, leading to a decrease in the number of restricted shares granted to directors and senior management at period-end[148](index=148&type=chunk) - The initial shareholdings of newly appointed Director Jin Chunyan, Supervisor Wei Shuanglai, and Senior Management Jiang Xingqun, Qi Zheng, and Guo Hong are reported as of their appointment dates[147](index=147&type=chunk) [Section VII Bond-Related Information](index=46&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's corporate bonds and non-financial enterprise debt financing instruments, including issuance, terms, and market information [II. Corporate Bonds](index=46&type=section&id=II.%20Corporate%20Bonds) The company issued "BOE Technology Group Co, Ltd 2025 Publicly Offered Technology Innovation Corporate Bonds (First Tranche)" with a balance of **2 billion yuan**, a 1.94% interest rate, maturing on June 13, 2030, traded exclusively by qualified investors without delisting risk Basic Information of Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Bond Balance (10,000 Yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | :--- | :--- | | BOE Technology Group Co, Ltd 2025 Publicly Offered Technology Innovation Corporate Bonds (First Tranche) to Professional Investors | 25BOEK1 | 524305.SZ | 200,000 | 1.94% | June 13, 2030 | - The investor suitability arrangement for this bond is limited to qualified investors, and the applicable trading mechanisms are centralized bidding and block trading[154](index=154&type=chunk) - This bond does not have the risk of termination of listing and trading[154](index=154&type=chunk) [III. Non-Financial Enterprise Debt Financing Instruments](index=46&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple tranches of medium-term notes and technology innovation bonds, ranging from **1 billion to 2 billion yuan** each, with interest rates between 1.70% and 2.23% and maturities from 2028 to 2035, all traded on China's interbank bond market without delisting risk Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Bond Abbreviation | Bond Code | Bond Balance (10,000 Yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | :--- | :--- | | BOE Technology Group Co, Ltd 2025 First Tranche Medium-Term Notes (Tech Innovation Notes) | BOE MTN001 (Tech Innovation Notes) | 102581768 | 200,000 | 2.23% | April 24, 2035 | | BOE Technology Group Co, Ltd 2025 Second Tranche Technology Innovation Bonds | BOE MTN002 (Tech Innovation Bonds) | 102582067 | 100,000 | 2.23% | May 14, 2035 | | BOE Technology Group Co, Ltd 2025 Third Tranche Technology Innovation Bonds | BOE MTN003 (Tech Innovation Bonds) | 102582615 | 100,000 | 1.77% | June 25, 2028 | | BOE Technology Group Co, Ltd 2025 Fourth Tranche Technology Innovation Bonds | BOE MTN004 (Tech Innovation Bonds) | 102582852 | 100,000 | 1.70% | July 11, 2030 | | BOE Technology Group Co, Ltd 2025 Fifth Tranche Technology Innovation Bonds | BOE MTN005 (Tech Innovation Bonds) | 102583095 | 100,000 | 1.70% | July 25, 2028 | | BOE Technology Group Co, Ltd 2025 Sixth Tranche Technology Innovation Bonds | BOE MTN006 (Tech Innovation Bonds) | 102583387 | 100,000 | 1.79% | August 11, 2028 | - The trading venue for these debt financing instruments is the China Interbank Bond Market, and investor suitability is limited to institutional investors in the China Interbank Bond Market[157](index=157&type=chunk) - These debt financing instruments do not have the risk of termination of listing and trading[157](index=157&type=chunk) [VI. Key Accounting Data and Financial Indicators for the Company's Last Two Years as of the End of the Reporting Period](index=48&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Company%27s%20Last%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's current ratio and quick ratio improved, while the asset-liability ratio slightly decreased; net profit after non-recurring items increased by 41.46%, and EBITDA to total debt ratio and interest coverage ratio significantly improved Key Accounting Data and Financial Indicators for the Last Two Years | Project | Current Period-End | Prior Year-End | Period-End YoY Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.34 | 1.24 | 8.06% | | Asset-Liability Ratio | 52.27% | 52.43% | -0.16% | | Quick Ratio | 1.08 | 1.04 | 3.85% | | Project | Current Period | Prior Year Period | Current Period YoY Change | | :--- | :--- | :--- | :--- | | Net Profit After Non-Recurring Gains and Losses | 2,282.24 million yuan | 1,613.40 million yuan | 41.46% | | EBITDA to Total Debt Ratio | 17.98% | 15.60% | 2.38% | | Interest Coverage Ratio | 3.41 | 2.06 | 65.53% | | Cash Interest Coverage Ratio | 12.01 | 10.81 | 11.10% | | EBITDA Interest Coverage Ratio | 14.45 | 10.69 | 35.17% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | [Section VIII Financial Report](index=49&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=49&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[162](index=162&type=chunk) [II. Financial Statements](index=49&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow [1. Consolidated Balance Sheet](index=49&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets slightly decreased to **425.80 billion yuan**, total liabilities were **222.56 billion yuan**, and total owners' equity was **203.24 billion yuan**, with notable changes in cash, trading financial assets, inventory, and construction in progress Key Data from Consolidated Balance Sheet | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 425,801,431,370.00 | 429,978,221,541.00 | | Total Liabilities | 222,564,527,441.00 | 225,432,049,797.00 | | Total Owners' Equity | 203,236,903,929.00 | 204,546,171,744.00 | | Cash and Cash Equivalents | 66,346,438,193.00 | 74,252,625,215.00 | | Trading Financial Assets | 2,329,473,453.00 | 3,116,435,963.00 | | Inventories | 27,350,631,840.00 | 23,313,464,392.00 | | Construction in Progress | 47,133,068,984.00 | 30,159,016,097.00 | | Bonds Payable | 5,994,363,698.00 | 0.00 | [2. Parent Company Balance Sheet](index=51&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets slightly increased to **250.86 billion yuan**, total liabilities were **151.67 billion yuan**, and total owners' equity was **99.19 billion yuan**, with significant increases in long-term equity investments and other non-current liabilities Key Data from Parent Company Balance Sheet | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 250,857,269,632.00 | 249,949,921,061.00 | | Total Liabilities | 151,665,944,871.00 | 147,235,913,422.00 | | Total Owners' Equity | 99,191,324,761.00 | 102,714,007,639.00 | | Long-Term Equity Investments | 212,244,911,232.00 | 203,191,541,965.00 | | Other Non-Current Liabilities | 97,590,793,681.00 | 89,520,793,681.00 | [3. Consolidated Income Statement](index=54&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of **101.28 billion yuan**, an 8.45% increase, and net profit attributable to parent company shareholders of **3.25 billion yuan**, a 42.15% increase, despite negative minority interest income Key Data from Consolidated Income Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 101,278,182,135.00 | 93,386,241,632.00 | | Operating Profit | 4,099,589,713.00 | 2,206,067,517.00 | | Total Profit | 4,220,786,006.00 | 2,278,733,754.00 | | Net Profit Attributable to Parent Company Shareholders | 3,246,885,779.00 | 2,284,051,354.00 | | Minority Interest Income/Loss | -217,819,840.00 | -513,385,693.00 | | Basic Earnings Per Share | 0.09 | 0.06 | [4. Parent Company Income Statement](index=55&type=section&id=4.%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company reported operating revenue of **2.21 billion yuan** and net profit of **296 million yuan**, with both operating profit and total profit decreasing compared to the prior year Key Data from Parent Company Income Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 2,209,305,359.00 | 1,876,763,421.00 | | Operating Profit | 315,999,813.00 | 1,219,265,724.00 | | Total Profit | 317,739,390.00 | 1,203,897,331.00 | | Net Profit | 295,707,295.00 | 1,218,453,017.00 | | Basic Earnings Per Share | 0.008 | 0.03 | [5. Consolidated Cash Flow Statement](index=56&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities decreased by 8.61% to **22.74 billion yuan**, net cash outflow from investing activities increased by 36.81% to **21.23 billion yuan**, and net cash outflow from financing activities significantly increased by 259.81% to **13.76 billion yuan**, resulting in a net decrease in cash and cash equivalents of **12.20 billion yuan** Key Data from Consolidated Cash Flow Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 22,736,307,086.00 | 24,878,969,292.00 | | Net Cash Flow from Investing Activities | -21,225,275,652.00 | -15,514,054,444.00 | | Net Cash Flow from Financing Activities | -13,762,514,815.00 | -3,824,920,788.00 | | Net Increase in Cash and Cash Equivalents | -12,195,899,245.00 | 5,863,820,613.00 | [6. Parent Company Cash Flow Statement](index=57&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities decreased by 74.68% to **943 million yuan**, net cash outflow from investing activities was **3.12 billion yuan**, and net cash inflow from financing activities was **1.10 billion yuan** Key Data from Parent Company Cash Flow Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 942,949,141.00 | 3,722,975,821.00 | | Net Cash Flow from Investing Activities | -3,122,531,958.00 | -2,297,474,201.00 | | Net Cash Flow from Financing Activities | 1,099,872,325.00 | 1,600,762,732.00 | | Net Increase in Cash and Cash Equivalents | -1,085,236,745.00 | 3,029,716,005.00 | [7. Consolidated Statement of Changes in Owners' Equity](index=59&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, total owners' equity attributable to the parent company slightly increased to **132.99 billion yuan**, with total comprehensive income of **3.59 billion yuan**, while owner contributions and reductions in capital, along with profit distribution, decreased equity Key Data from Consolidated Statement of Changes in Owners' Equity | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 132,991,322,618.00 | 132,937,555,308.00 | | Total Comprehensive Income for the Period | 3,585,498,636.00 | 2,224,934,489.00 | | Owner Contributions and Reductions in Capital for the Period | -1,874,494,957.00 | 2,406,978,678.00 | | Profit Distribution for the Period | -1,940,694,023.00 | -1,260,458,932.00 | [8. Parent Company Statement of Changes in Owners' Equity](index=64&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity decreased to **99.19 billion yuan**, with total comprehensive income of **293 million yuan**, and both owner contributions/reductions in capital and profit distribution leading to equity decreases Key Data from Parent Company Statement of Changes in Owners' Equity | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 99,191,324,761.00 | 102,714,007,639.00 | | Total Comprehensive Income for the Period | 292,519,399.00 | 1,177,378,620.00 | | Owner Contributions and Reductions in Capital for the Period | -1,874,381,872.00 | 311,569,689.00 | | Profit Distribution for the Period | -1,940,694,023.00 | -1,196,328,779.00 | [III. Company Basic Information](index=69&type=section&id=III.%20Company%20Basic%20Information) BOE Technology Group Co, Ltd, established in Beijing on April 9, 1993, is controlled by Beijing Electronics Holdings Co, Ltd, and operates five main business segments: display devices, IoT innovation, sensing, MLED, and smart medical engineering - BOE Technology Group Co, Ltd was established in Beijing on April 9, 1993, with its headquarters in Beijing[204](index=204&type=chunk) - The controlling shareholder and actual controller of the company is Beijing Electronics Holdings Co, Ltd[204](index=204&type=chunk) - The Group is divided into five main business segments: display device business, IoT innovation business, sensing business, MLED business, and smart medical engineering business[204](index=204&type=chunk) [IV. Basis of Financial Statement Preparation](index=69&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company prepares its financial statements on a going concern basis and affirms its ability to continue as a going concern for 12 months from the end of the reporting period - The company prepares its financial statements on a going concern basis[205](index=205&type=chunk) - The company has the ability to continue as a going concern for 12 months from the end of the reporting period[206](index=206&type=chunk) [V. Significant Accounting Policies and Estimates](index=69&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to Enterprise Accounting Standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, cash equivalents, foreign currency translation, financial instruments, impairment of receivables, inventory, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, perpetual bonds, revenue recognition, contract costs, government grants, deferred income tax, leases, and other significant accounting policies and estimates - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, truly and completely reflecting the consolidated and company financial position as of June 30, 2025, and the consolidated and company operating results and cash flows for the semi-annual period of 2025[207](index=207&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[223](index=223&type=chunk) - For notes receivable, accounts receivable, financing for receivables, and contract assets arising from daily operating activities such as sales of goods and provision of services, and lease receivables arising from lease transactions, the Group always measures their loss provisions at an amount equal to the expected credit losses over the entire lifetime[239](index=239&type=chunk) - The Group recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods or services[300](index=300&type=chunk) [VI. Taxation](index=93&type=section&id=VI.%20Taxation) The company's main taxes include VAT (6%, 9%, 13%), Urban Maintenance and Construction Tax (7%, 5%), Corporate Income Tax (15%-30%), and Education Surcharge and Local Education Surcharge (3%, 2%), with many entities enjoying a reduced 15% corporate income tax rate as high-tech enterprises or encouraged Western development industries Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 6%，9%，13% | | Urban Maintenance and Construction Tax | 7%，5% | | Corporate Income Tax | 15%-30% | | Education Surcharge and Local Education Surcharge | 3%，2% | - BOE Technology Group Co, Ltd and several subsidiaries (e.g., Beijing BOE Optoelectronics Technology Co, Ltd, Chengdu BOE Optoelectronics Technology Co, Ltd) enjoy a preferential corporate income tax rate of **15%** as high-tech enterprises[327](index=327&type=chunk)[329](index=329&type=chunk) - Enterprises in encouraged industries in the western region (e.g., Ordos Yuansheng Optoelectronics Co, Ltd) are subject to a reduced corporate income tax rate of **15%**[329](index=329&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=94&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations for each item in the consolidated financial statements, including cash and cash equivalents, financial assets, receivables, inventories, fixed assets, construction in progress, revenues, costs, and various expenses, offering a comprehensive view of the company's financial accounts - Cash and cash equivalents balance at period-end was **66.35 billion yuan**, of which bank deposits were **64.84 billion yuan**[331](index=331&type=chunk) - Accounts receivable balance at period-end was **36.31 billion yuan**, with **96.85%** having an aging of less than 1 year[348](index=348&type=chunk)[350](index=350&type=chunk) - Inventory balance at period-end was **27.35 billion yuan**, including **9.13 billion yuan** in raw materials and **12.08 billion yuan** in finished goods[420](index=420&type=chunk) - Fixed assets book value at period-end was **190.73 billion yuan**, and construction in progress book value at period-end was **47.13 billion yuan**[454](index=454&type=chunk)[461](index=461&type=chunk) - Operating revenue was **101.28 billion yuan**, and operating cost was **86.69 billion yuan**[556](index=556&type=chunk) [VIII. Research and Development Expenses](index=155&type=section&id=VIII.%20Research%20and%20Development%20Expenses) In the first half of 2025, total R&D expenditure was **6.09 billion yuan**, with **6.05 billion yuan** expensed and **39.38 million yuan** capitalized, primarily for Huacan Optoelectronics LED and Micro-LED related technologies R&D Expenditure Status | Project | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Total R&D Expenditure | 6,085,651,892.00 | 5,842,590,541.00 | | Expensed R&D Expenditure | 6,046,271,393.00 | 5,806,276,741.00 | | Capitalized R&D Expenditure | 39,380,499.00 | 36,313,800.00 | - R&D projects meeting capitalization criteria primarily relate to Huacan Optoelectronics LED and Micro-LED technologies[607](index=607&type=chunk) [IX. Changes in Consolidation Scope](index=156&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, changes in the consolidation scope were due to the establishment of new subsidiaries and the deregistration of others, with no non-same-control or same-control business combinations - All additions to the consolidation scope this year were newly established subsidiaries[619](index=619&type=chunk) - Reductions in the consolidation scope were due to the deregistration of subsidiaries this year[619](index=619&type=chunk) - During the reporting period, the company had no business combinations under non-same control or same control[611](index=611&type=chunk)[615](index=615&type=chunk) [X. Interests in Other Entities](index=160&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including 100% voting control over several subsidiaries, changes in ownership equity in some, and aggregate book values for immaterial joint ventures and associates - The company directly holds **100%** of subsidiaries such as Chengdu BOE Optoelectronics Technology Co, Ltd and Hefei BOE Optoelectronics Technology Co, Ltd[621](index=621&type=chunk) - Due to consistency in action agreements with Hefei Display Technology, Wuhan BOE, and other shareholders, the company's voting rights ratio for these subsidiaries is **100%**[627](index=627&type=chunk) - In 2025, the company increased its capital contribution to Chengdu BOE Display Technology Co, Ltd by **3,299,901,000.00 yuan**, with minority shareholders contributing a total of **2,565,087,400.00 yuan**[634](index=634&type=chunk) - Minority shareholders reduced their capital contribution to Wuhan BOE Optoelectronics Technology Co, Ltd by **5,114,086,500.00 yuan** in 2025[634](index=634&type=chunk) Summary Financial Information of Immaterial Joint Ventures and Associates | Project | Period-End Balance/Current Period Amount (Yuan) | | :--- | :--- | | Total Book Value of Joint Venture Investments | 381,354,715.00 | | Total Net Profit of Joint Ventures | -23,354,356.00 | | Total Book Value of Associate Investments | 12,380,312,257.00 | | Total Net Profit of Associates | -26,794,477.00 | [XI. Risks Related to Financial Instruments](index=169&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, interest rate, and exchange rate risks through monitoring, credit policies, cash reserves, and foreign currency transactions; a 100-basis-point interest rate increase would reduce net profit and equity by **563.19 million yuan**, while a 5% RMB appreciation/depreciation against the USD would decrease/increase equity and net profit by **923.94 million yuan** - The Group's credit risk primarily arises from receivables, with the top five customers' accounts receivable and contract assets accounting for **37%** of the Group's total accounts receivable and contract assets[645](index=645&type=chunk) - The Group manages liquidity risk by regularly monitoring short-term and long-term liquidity needs, ensuring sufficient cash reserves and readily marketable securities[645](index=645&type=chunk) - At June 30, 2025, a hypothetical **100-basis-point increase/decrease** in floating interest rates would result in a **decrease/increase of 563.19 million yuan** in the Group's net profit and shareholders' equity, respectively[646](index=646&type=chunk) - A **5% appreciation/depreciation** of the RMB against the USD on June 30 would result in a **decrease/increase of 923,937,761 yuan** in both shareholders' equity and net profit[648](index=648&type=chunk) [XII. Disclosure of Fair Value](index=171&type=section&id=XII.%20Disclosure%20of%20Fair%20Value) The company's assets measured at fair value, including trading financial assets, other equity instrument investments, and financing for receivables, primarily use Level 3 inputs in their fair value measurement Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Project | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | （I）Trading Financial Assets | 417,432,020.00 | 100,494,795.00 | 4,605,780,732.00 | 5,123,707,547.00 | | （III）Other Equity Instrument Investments | 316,237,654.00 | 0.00 | 183,062,397.00 | 499,300,051.00 | | Financing for Receivables | 0.00 | 0.00 | 402,983,269.00 | 402,983,269.00 | | Total Assets Continuously Measured at Fair Value | 733,669,674.00 | 100,494,795.00 | 5,191,826,398.00 | 6,025,990,867.00 | - Unadjusted quoted prices for identical assets or liabilities in active markets available on the measurement date serve as the basis for Level 1 fair value measurement[654](index=654&type=chunk) - Unobservable inputs for relevant assets or liabilities are qualitative and quantitative information of valuation techniques and significant parameters used for Level 3 fair value measurement items[656](index=656&type=chunk) [XIII. Related Parties and Related Party Transactions](index=172&type=section&id=XIII.%20Related%20Parties%20and%20Related%20Party%20Transactions) Beijing Electronics Holdings Co, Ltd is the ultimate controlling party, and during the reporting period, the company engaged in daily related party transactions with its controlling shareholder and affiliates, as well as other related parties, including purchases, sales, and provision/acceptance of services - The ultimate controlling party of the company is Beijing Electronics Holdings Co, Ltd[659](index=659&type=chunk) Purchases of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (Yuan) | | :--- | :--- | :--- | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Purchase of Goods | 201,654,443.00 | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Acceptance of Services | 11,148,335.00 | | Other Related Parties | Purchase of Goods | 542,775,364.00 | | Other Related Parties | Acceptance of Services | 1,490,081.00 | Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (Yuan) | | :--- | :--- | :--- | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Sale of Goods | 113,819,659.00 | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Provision of Services | 2,842,960.00 | | Other Related Parties | Sale of Goods | 997,532,009.00 | | Other Related Parties | Provision of Services | 865,508.00 | - The Group at the balance sheet date, has committed related party matters that are signed but not yet required to be presented on the balance sheet for equipment procurement amounted to **341,768,947.00 yuan**[683](index=683&type=chunk) [XIV. Share-Based Payments](index=177&type=section&id=XIV.%20Share-Based%20Payments) The 2020 stock option and restricted stock incentive plan continued, with **85.49 million restricted shares** unlocked for technical experts and middle/senior management, and **3.61 million** for senior management, resulting in a total equity-settled share-based payment expense of **1.38 million yuan** for the period - The company's general meeting of shareholders approved the implementation of a stock option and restricted stock incentive plan starting in 2020 on November 17, 2020[686](index=686&type=chunk) Share-Based Pay

Group 1 - The core viewpoint of the announcement is that BOE Technology Group Co., Ltd. (京东方A) reported a revenue of 101.278 billion yuan for the first half of 2025, reflecting a year-on-year growth of 8.45% [1] - The net profit for the same period was 3.247 billion yuan, showing a significant year-on-year increase of 42.15% [1]