Core Viewpoint - Citigroup's research report indicates that BOE Technology Group's profit margins in the first half of the year were weak, primarily due to investments in system business [1] Group 1: Financial Performance - Management stated that system revenue is expected to grow over 60% year-on-year in the first half of 2025 [1] - The Chengdu factory has achieved profitability, with capacity utilization between 70% and 80% [1] Group 2: Market Outlook - Citigroup notes that BOE's business is gradually recovering, but the progress is very slow [1] - Management anticipates continued destocking pressure in the domestic market for the second half of the year, predicting that net profit margins will remain flat compared to the first half [1] Group 3: Investment Rating - Citigroup has downgraded the investment rating from "Buy" to "Sell" [1] - The target price has been reduced from HKD 7.4 to HKD 5.5 [1]

Core Insights - Mianyang is recognized as a technology-driven city, with a strong emphasis on innovation and a rich history in scientific development [6] - The city hosts 20 national defense research institutes and over 260 innovation platforms, ranking 15th among China's top 100 cities in terms of technological innovation strength [6] - Recent developments include the successful live demonstration of a general-purpose embodied robot by Zhiyuan Robotics, marking a significant milestone in industrial automation [4][6] Industry Development - Mianyang has established a complete industrial chain in electronics and new energy, supported by leading companies such as Changhong, BOE, and Huikang [7] - The city is becoming a hub for artificial intelligence, with iFlytek announcing the establishment of an application center for its robot super brain platform [7] - The integration of industry and finance is highlighted by the establishment of service bases for major stock exchanges, enhancing the connection between local industries and capital markets [8] Company Performance - Huafeng Technology, a company specializing in connectors, has seen steady revenue growth since 2020 and successfully listed on the Shanghai Stock Exchange in 2023, becoming the first state-owned enterprise from Sichuan to do so [9][10] - The local government played a crucial role in facilitating Huafeng's IPO by resolving competitive issues with another state-owned enterprise [10] - Financial support from local institutions has been instrumental in the development of companies like Changhong Energy, providing various credit resources to meet funding needs [10] Talent and Innovation - Mianyang is actively attracting talent through initiatives such as the "Technology City Talent Card," which offers exclusive services to talent in various sectors [11] - The government has implemented policies to support talent acquisition and retention, including a talent evaluation mechanism and the establishment of a talent development fund [12] - The collaboration between local enterprises and high-end talent has led to significant advancements in innovation, exemplified by the partnership between Fulin Precision and a doctoral team for robotics development [12]

| 小计 | | | | 237,163,953.34 | 943,994.45 | 40,517,574.92 | 999,482,342.72 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 北京宏链科技有限公司 | 上市公司的其他附属企业 | | 应收账款 | | | | | 45,000.00 | | | | 45,000.00 出售商品/提供劳务 | | 经营性往来 | | | 其他关联方 | 友虹（北京）科技有限公司 | 上市公司的其他附属企业 | | 应收账款 | | | | | 147,000.00 | | | | 147,000.00 出售商品/提供劳务 | | 经营性往来 | | | 及其附属企业 | | | | | | | | | 小计 | | | 192,000.00 | - | - | - | 192,000.00 | | 总计 | — | — — | | 237,163,953.34 | 943,994.45 | 40,517,574.92 | | | 999,674,342.72 | — | | | | | | | ...

两融数据显示，该股最新融资余额为66.57亿元，近5日增加2.82亿元，增幅为4.42%。（数据宝） 8月26日京东方A大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 50.00 | 209.00 | 4.18 | 0.00 | 机构专用 | 机构专用 | 京东方A8月26日大宗交易平台出现一笔成交，成交量50.00万股，成交金额209.00万元，大宗交易成交 价为4.18元。该笔交易的买卖双方均为机构专用席位。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为411.12万元。 证券时报·数据宝统计显示，京东方A今日收盘价为4.18元，上涨0.48%，日换手率为2.39%，成交额为 36.54亿元，全天主力资金净流入6352.27万元，近5日该股累计上涨6.36%，近5日资金合计净流入5.87亿 元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报 ...

近年来，为了推动终端市场的销售，上下游产业链之间开始了更为紧密的合作，通过在各自环节的积 累，去推动更懂用户的产品研发。在三年前，京东方与京东启动了"双京赋能计划"，希望打通显示技术 从实验室到消费场景的最短价值通路。 "双京的合作是一场双向奔赴的联合。京东方掌握前沿核心技术，同时也需要快速响应消费者需求变 化；京东是以供应链为基础的技术与服务企业，拥有3亿优质用户画像，双方在合作中优势互补，不仅 完成相互赋能，也将带动产业链上下游合作伙伴实现价值跃升。"谈及与京东的合作，BOE（京东方） 高级副总裁、首席技术官刘志强对作者说道。 据介绍，双方共建了技术创新联合研究院，通过C2M（Customer-to-Manufacturer，反向定制）模式交换 双方资源，借助京东数据平台的用户实时反馈，推动基于消费者视觉体验的"S+显示认证标准"在京东 平台落地应用。 刘志强指出，"京东方与京东的合作已经不止于3C，还延伸到了电视、物流、以及公益领域等多个领 域。'双京赋能计划'的下一步计划，核心在于高价值产业联盟的成立及在技术、生态以及绿色三个领域 的落实。" 当下，AI大模型技术的快速发展，也在推动消费电子产业的革新 ...

8月26日，信息技术ETF（159939）开盘跌1.46%，报0.808元。信息技术ETF（159939）重仓股方面，立 讯精密开盘涨0.58%，中芯国际跌2.10%，京东方A跌0.24%，北方华创跌0.55%，海光信息跌3.29%，寒 武纪跌5.41%，科大讯飞涨0.00%，豪威集团跌0.29%，中科曙光涨3.00%，海康威视跌0.55%。 信息技术ETF（159939）业绩比较基准为中证全指信息技术指数，管理人为广发基金管理有限公司，基 金经理为霍华明，成立（2015-01-08）以来回报为64.00%，近一个月回报为19.76%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 ...

Group 1 - The company BOE Technology Group (京东方精电) reported a mid-year performance for 2025, with revenue reaching HKD 6.671 billion, representing an approximate increase of 8% year-on-year [1] - The profit attributable to shareholders was about HKD 180 million, showing a year-on-year increase of approximately 5% [1] - The basic earnings per share were reported at HKD 0.229 [1]

Group 1 - The core viewpoint of the article is that BOE Technology Group (京东方精电) reported a mid-year performance for 2025, showing a revenue of HKD 6.671 billion, which represents an approximate 8% year-on-year increase [1] - The profit attributable to shareholders was approximately HKD 180 million, reflecting a year-on-year increase of about 5% [1] - The basic earnings per share were reported at HKD 0.229 [1] Group 2 - The revenue growth was primarily driven by increased sales of thin-film transistor (TFT) products, touch screen display modules, and automotive system products [1] - This growth was mainly attributed to demand from the company's major clients in China [1]

Core Insights - BOE Technology Group (京东方精电) reported a mid-year performance for 2025, with revenue of HKD 6.671 billion, representing an approximate 8% year-on-year increase [1] - The profit attributable to shareholders was approximately HKD 180 million, reflecting a year-on-year increase of about 5% [1] - Basic earnings per share were HKD 0.229 [1] Revenue Growth Drivers - The revenue growth was primarily driven by increased sales of Thin Film Transistor (TFT) products, touch screen display modules, and automotive system products [1] - This growth was largely attributed to demand from major customers in China [1]

Group 1 - The company recorded a revenue of HKD 6,671,000,000 for the mid-term of 2025, representing an approximate increase of 8% compared to the same period in 2024 [1] - The profit attributable to shareholders was HKD 180,500,000, which is an increase of about 5% from 2024 [1]