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A股千亿级研发投入行业系列二:电子行业2024年研发投入超1900亿元,芯片龙头股价三年最大涨幅近17倍,哪些公司研发费用占比高、潜力大?(附表)
Mei Ri Jing Ji Xin Wen· 2025-06-05 05:27
在科技自立自强与产业链升级的双重驱动下,电子行业迎来重要发展机遇。而研发投入是电子行业公司技术迭代与市场份额增长的基石。过去三年,A股电 子行业上市公司研发投入变化情况如何?接下来,每经资本眼记者就来详细梳理一番。 2022年至2024年,A股电子行业上市公司合计研发费用分别为1636.92亿元、1735.94亿元和1935.37亿元。从绝对值来看,在所有A股申万一级行业中,目前 电子行业的总研发费用排名第二位。 | 板块名称 | 2022年研发费用 | 2023年研发费用 | 2024年研发费用 | 增速=(2024- | | --- | --- | --- | --- | --- | | | (亿元) | (亿元) | (亿元) | 2022) /2022 | | 银行 | | | | | | 建筑装饰 | 2253.68 | 2423. 48 | 2330. 38 | 3. 40% | | 电子 | 1636. 92 | 1735. 94 | 1935. 37 | 18. 23% | | 汽车 | 1154. 90 | 1472. 17 | 1701. 14 | 47. 30% | | 电力设备 | 1 ...
“面包卖面粉价”!这一市场,价格战激烈!
第一财经· 2025-06-05 03:16
Core Viewpoint - The article discusses the intense price competition in the Chinese television market during the "6.18" shopping festival, highlighting the impact of government subsidies and consumer preferences for larger, high-efficiency TVs. The competition is characterized by significant price drops, with some products being sold at prices comparable to their panel costs, leading to concerns about profit margins for manufacturers [1][2][4][5]. Group 1: Market Trends and Sales Performance - The average price of televisions during the "6.18" festival has decreased by over 10% compared to last year's "Double Eleven" sales, particularly for large-sized TVs [2][4]. - Sales of large-screen TVs (75 inches and above) have surged, with TCL, Hisense, and Xiaomi leading in sales rankings [1]. - The overall sales revenue in the domestic TV market is expected to grow by approximately 15% year-on-year during "6.18" due to the influence of government subsidies [6]. Group 2: Consumer Preferences and Product Trends - Consumers are increasingly opting for high-quality, larger TVs, with Mini LED technology gaining popularity [8][10]. - The market is seeing a shift towards energy-efficient and high-end products, with over 90% of sales attributed to high-efficiency TVs [8]. - The promotion period for "6.18" has been extended from five weeks to six weeks, indicating a strategic shift by e-commerce platforms to capture more sales [5]. Group 3: Competitive Strategies of Major Brands - Major brands like TCL and Hisense are focusing on product differentiation and technological innovation rather than solely competing on price [8][10]. - TCL has introduced a diverse range of products across different price segments, leveraging both government and corporate subsidies to boost sales [8]. - Hisense is emphasizing smart, large-screen, and energy-efficient TVs, aiming to attract consumers looking for value [9][10]. Group 4: Supply Chain and Panel Pricing - The price competition in the TV market is supported by stable panel prices, with manufacturers like BOE and TCL focusing on high-value products [13]. - Liquid crystal panel prices have remained stable, but there are concerns that if TV sales do not meet expectations, it could lead to adjustments in panel procurement and pricing strategies [13][14]. - Panel manufacturers are advised to maintain rational production levels and avoid excessive price competition to stimulate demand for larger TVs [14].
“6.18”彩电市场“面包卖面粉价”,价格战背后谁是赢家?
Di Yi Cai Jing· 2025-06-05 00:17
Core Viewpoint - The competition in the television market is driven by price wars, with a focus on large screens, energy efficiency, and smart features, leading to structural upgrades in the industry [4][9]. Group 1: Market Trends - The television market is experiencing a price war, with significant price reductions observed, such as a 30% decrease in minimum prices compared to last year [6][11]. - The promotion of large-sized televisions (75 inches and above) is prominent, with brands like TCL, Hisense, and Xiaomi leading in sales [4][5]. - The introduction of high-efficiency televisions is becoming mainstream, with over 90% market share during the promotional period [7][9]. Group 2: Sales Performance - During the "6.18" sales event, the sales of large-screen televisions and artistic TVs saw a year-on-year increase of over 20 times [4]. - The overall sales revenue in the domestic television market is expected to grow by approximately 15% this year, driven by government subsidies [7][8]. - Some regions reported a 12.9% increase in television sales during the promotional period, while others showed average performance [4][5]. Group 3: Competitive Strategies - Major brands are focusing on product differentiation and quality improvements rather than solely competing on price [8][9]. - TCL is promoting a combination of government and corporate subsidies to boost sales and average prices, while also offering a range of products from 32 inches to 115 inches [8]. - Hisense is emphasizing the launch of new laser TVs and Mini LED televisions to attract consumers [9]. Group 4: Supply Chain Dynamics - Panel manufacturers are adopting a "production based on demand" strategy, shifting focus from scale competition to high-value products [10][11]. - The stability of liquid crystal panel prices is crucial for maintaining profitability in the television market, with potential challenges if sales do not meet expectations [11]. - Companies are advised to innovate in product offerings and avoid falling into aggressive price competition to stimulate consumer demand [11].
京东方A(000725) - 013-2025年6月3日投资者关系活动记录表
2025-06-04 00:40
Group 1: Industry Outlook - The LCD industry is shifting towards a "demand-driven production" strategy, leading to a healthier inventory level and a return to normal demand rhythms [1] - The industry is transitioning from competition based on scale and market share to focusing on high-profit applications, high-value products, advanced technologies, and strong brands [1][2] Group 2: Product Pricing Trends - LCD TV panel prices have increased since January 2025 due to strong terminal demand, but are expected to stabilize in May as procurement demand cools [3] - MNT panel prices are experiencing moderate increases, while NB panel prices remain stable [3] Group 3: Flexible AMOLED Business Development - The company has established a competitive edge in the flexible AMOLED sector, covering major smartphone brands and expanding into automotive and IT applications [4] - Continuous enhancement of product and technology capabilities is planned to improve overall competitiveness in the flexible AMOLED market [4] Group 4: Capital Expenditure and Depreciation - The company anticipates a depreciation of approximately RMB 38 billion in 2024, with an increase expected due to the completion of new projects and the maturity of existing production lines [7] - Future capital expenditures will focus on semiconductor display business and strategic projects in IoT innovation, sensing, MLED, and smart medical engineering [9][10] Group 5: Shareholder Return Strategy - The company plans to distribute at least 35% of the annual net profit to shareholders in cash and allocate no less than RMB 1.5 billion for share buybacks annually [8] - A cash dividend of approximately RMB 1.87 billion was approved, representing 35% of the consolidated net profit for the year [8]
京东方A(000725) - 关于子公司减资暨完成工商变更登记的自愿性信息披露公告
2025-06-03 09:16
| 证券代码:000725 | 证券简称:京东方 | A | 公告编号:2025-042 | | --- | --- | --- | --- | | 证券代码:200725 | 证券简称:京东方 | B | 公告编号:2025-042 | 京东方科技集团股份有限公司 关于子公司减资暨完成工商变更登记的 自愿性信息披露公告 特此公告。 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")的控股子公司 武汉京东方光电科技有限公司(以下简称"武汉京东方")经与各股东 方协商一致,并结合自身经营情况及对未来收益预期,以自筹资金回 购了少数股东部分股权并减少注册资本。 近日,武汉京东方已完成减少注册资本的工商变更登记手续,并 取得由武汉市东西湖区行政审批局换发的《营业执照》,武汉京东方 的注册资本已由 2,600,000 万元变更为 2,100,000 万元。 武汉京东方经营状况良好,财务状况稳健,本次回购股权并减资 不会对武汉京东方正常生产经营和业绩带来重大影响。本次武汉京东 方回购股权并减资后,公司所持武汉京东方持股比例由 ...
京东方科技集团股份有限公司关于变更回购股份用途并注销、回购注销限制性股票减少注册资本暨通知债权人的公告
登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码:000725 证券简称:京东方A 公告编号:2025-040 证券代码:200725 证券简称:京东方B 公告编号:2025-040 京东方科技集团股份有限公司 公司本次回购注销部分限制性股票、注销库存股将导致注册资本减少,根据《中华人民共和国公司法》 等相关法律、法规的规定,公司债权人(为避免疑义,本公告的"公司债权人"并不包含"本公司子公司 的债权人")自本公告披露之日起45日内,有权凭有效债权证明文件及相关凭证向公司要求清偿债务或 要求公司提供相应担保。公司债权人如逾期未向公司申报债权,不会因此影响其债权的有效性,相关债 务(义务)将由公司根据原债权文件的约定继续履行。 债权人可采用信函或传真的方式申报,具体方式如下: 1、申报时间:2025年5月31日至2025年7月14日上午8:30一12:00,下午13:00一17:00(双休日及法定节 假日除外) 关于变更回购股份用途并注销、回购注销限制性股票减少注册资本 暨通知债权人的公告 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 ...
京东方A(000725) - 关于回购股份注销完成暨股份变动的公告
2025-06-02 07:47
| 证券代码:000725 | 证券简称:京东方 | A | 公告编号:2025-041 | | --- | --- | --- | --- | | 证券代码:200725 | 证券简称:京东方 | B | 公告编号:2025-041 | 京东方科技集团股份有限公司 关于回购股份注销完成暨股份变动的公告 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。 特别提示: 1、京东方科技集团股份有限公司(以下简称"公司")本次注销回购 专用证券账户中228,882,900股,占公司本次注销前总股本的0.61%。 2、公司已于 2025 年 5 月 29 日在中国证券登记结算有限责任公司深 圳分公司办理完成了上述股份的注销工作。 一、回购股份审批及实施情况 公司因注销回购专用证券账户中的 228,882,900 股导致股本总数发生 变化,依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股份回购规则》及《深圳证券交易所上市公司自律监管指引第 9 号—— 回购股份》等相关规定,现就回购股份注销完成暨股份变动情况披露如下: 公司于2024年10月29日召开第十届 ...
京东方A(000725) - 关于变更回购股份用途并注销、回购注销限制性股票减少注册资本暨通知债权人的公告
2025-06-02 07:46
| 证券代码:000725 | 证券简称:京东方 | A | 公告编号:2025-040 | | --- | --- | --- | --- | | 证券代码:200725 | 证券简称:京东方 | B | 公告编号:2025-040 | 京东方科技集团股份有限公司 关于变更回购股份用途并注销、回购注销限制性股票 减少注册资本暨通知债权人的公告 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")分别于2025 年4月18日、2025年5月23日召开第十一届董事会第四次会议和2024年 度股东大会,审议通过了《关于回购注销部分限制性股票的议案》和 《关于变更回购股份用途并注销的议案》。具体内容详见公司2025年 4月22日刊登于巨潮资讯网的《关于回购注销部分限制性股票的公告》 (公告编号:2025-026)、《关于变更回购股份用途并注销的公告》 (公告编号:2025-030)。 公司部分激励对象因个人原因离职、退休、个人业绩考核条件未 达标原因,根据《京东方科技集团股份有限公司2020年股票期权与限 制性股票管理办法》 ...
十年之后,复盘“中国制造2025”
Guan Cha Zhe Wang· 2025-05-30 11:10
Group 1 - "Made in China 2025" aims to transform China from a "world factory" to a global high-tech manufacturing leader by 2025, with a target of 70% self-sufficiency in core components and key materials [3][4] - The initiative focuses on ten high-tech sectors, including semiconductors, robotics, new energy vehicles, aerospace, and biomedicine, supported by significant government funding and policy incentives [3][4] - From 2015 to 2022, over $1.3 trillion was invested in priority industries, with nearly 60% allocated to semiconductors and new energy vehicles, indicating a concentrated policy approach [4] Group 2 - The new energy vehicle (NEV) sector has seen remarkable success, with domestic NEVs capturing 80% of the market share in 2022, and companies like BYD ranking second globally in NEV sales [5][6] - High-speed rail has become a textbook success story, with Chinese companies now dominating the market, achieving a 90% share in high-speed rail signaling equipment [6][7] - In the new materials sector, China has significantly increased its production capacity, with a global share of 80% in petrochemical products from 2019 to 2022, and companies like Wanhua Chemical leading in the polyurethane market [7][8] Group 3 - Despite achievements, challenges remain in high-end manufacturing, particularly in semiconductors, where China's market share is only 1.9%, and reliance on imported equipment is high [8][9] - The aerospace sector faces similar issues, with the domestically produced C919 aircraft having only a 60% local content rate, heavily dependent on foreign suppliers for critical components [9][10] - The marine engineering and high-tech shipbuilding sectors also struggle, with less than 30% localization in high-tech ship equipment [10] Group 4 - The rapid advancements have led to some negative consequences, including resource wastage due to excessive government spending, with 30% of semiconductor project funds wasted on inefficient projects [11][12] - Overemphasis on industrial policy has resulted in production capacity outpacing consumer demand, leading to price wars and declining industrial profits [11][12] - In 2022, China's power battery production capacity reached 900 GWh, but actual demand was only 450 GWh, resulting in a 50% surplus [12][13] Group 5 - While China excels in low-end and mid-range markets, it still lags behind international giants in high-end sectors, with R&D investment significantly lower than that of the U.S. [13][14] - Foreign enterprises believe that Chinese competitors will take 5 to 10 years to catch up in technology, particularly in advanced fields like semiconductors and aerospace engines [14][15] - The decline in international scientific collaboration and increased trade tensions pose additional challenges for Chinese companies in sensitive technology areas [15]
京东方“你好BOE”2025启幕,引领“科技+文化”融合新范式
Core Insights - BOE launched its annual flagship offline brand marketing event "Hello BOE" 2025 in Zhuhai, showcasing high-end display technology and digital solutions at the first "Hengqin-Macau International Digital Art Expo" [1][3] - The event featured four thematic exhibition areas, with BOE empowering the "Art Future", "Reapply Magic", and "Technology Reconstructs Art" sections using advanced display technologies [3] Group 1 - BOE's Mini LED display screens demonstrated high brightness and low power consumption, effectively presenting immersive installations by artists [5] - The "Art Future" section utilized BOE's ADS Pro technology on 46-inch ultra-narrow bezel screens, achieving a contrast ratio of 1200:1 and a viewing angle of 178 degrees [5] - The interactive installation "Emotion Theater" by artist Fei Jun was showcased on a curved LED screen, providing a healing audio-visual experience by detecting audience emotions in real-time [5][6] Group 2 - BOE collaborated with the Palace Museum to create the "See the Palace Museum in Hengqin" digital experience exhibition, featuring immersive display products that vividly present cultural relics [8] - The exhibition utilized BOE's new generation of lossless Gamma display technology, allowing for interactive experiences with the Palace Museum's treasures [8] - BOE's P1.5 class paper LED screens effectively recreated a 40-square-meter landscape painting while saving 40% energy at the same brightness level [8] Group 3 - The "Hello BOE" initiative has been ongoing since 2021, with 13 exhibitions held across various cities, reaching nearly 4.5 million consumers [8] - The event aims to create a digital art ecosystem that encourages experience, reflection, and creativity, highlighting the synergy between digital technology and artistic expression [8]