| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-029 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-029 | 京东方科技集团股份有限公司 关于部分股票期权注销和部分限制性股票 回购注销完成的公告 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、本次注销 1,757 名激励对象已获授但尚未行权的股票期权数量共 计 186,818,174 股，本次注销完成后，已授予但尚未行权的股票期权数量 调整为 371,785,989 股。 1、2020 年 8 月 27 日，公司第九届董事会第十五次会议和第九届监 事会第六次会议审议通过了《关于 2020 年股票期权与限制性股票激励计 划（草案）及其摘要的议案》、《关于 2020 年股票期权与限制性股票管理 办法的议案》、《关于审议<2020 年股票期权与限制性股票授予方案>的议 案》等议案，公司独立董事、律师、独立财务顾问对股票期权与限制性股 票激励事项分别发表了意见。 2、202 ...

一、会议审议通过了如下议案： （一）关于选举第十届董事会副董事长的议案 为进一步完善董事会治理结构，根据《公司章程》、《董事会议事 规则》等有关规定，董事会选举副董事长，具体如下： | 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-028 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-028 | 京东方科技集团股份有限公司 第十届董事会第三十次会议决议公告 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"）第十届董事会 第三十次会议于 2024 年 5 月 17 日以电子邮件方式发出通知，2024 年 5 月 27 日（星期一）以通讯方式召开。 公司董事会共有董事 11 人，全部出席本次会议。 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》 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。 委员：冯强、高文宝、王锡平 任期自本次 ...

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2024-014 投资者关系活动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 国投证券：朱思 华商基金：康译丹 运舟资本：廖浚哲 时间 2024年5月16日 地点 京东方核心能力大楼 上市公司接待人员姓名 张 妍 董事会秘书室工作人员 讨论的内容主要为回答投资者提问，问答情况如下： 1、公司如何展望2024年LCD产品需求以及产品价格？ 答：2023 年终端市场整体疲弱，五大传统应用终端销量 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 45.9 billion yuan for Q1 2024, representing a year-on-year growth of 20.84%. The net profit attributable to shareholders was 984 million yuan, a significant increase of 297.80%, closely aligning with the upper limit of forecasts. The net profit after deducting non-recurring items was 597 million yuan, marking a substantial turnaround from losses. The net operating cash flow reached 16.2 billion yuan, up 60.34% year-on-year. Non-recurring gains mainly consisted of government subsidies amounting to 449 million yuan [4][5]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 45.9 billion yuan, a 20.84% increase year-on-year. The net profit attributable to shareholders was 984 million yuan, reflecting a 297.80% increase. The net profit excluding non-recurring items was 597 million yuan, indicating a significant recovery from previous losses. The net operating cash flow was 16.2 billion yuan, up 60.34% year-on-year, with non-recurring gains primarily from government subsidies of 449 million yuan [4][5]. Market Outlook - According to Omdia statistics, the LCD panel utilization rates for January to March were 75%, 64%, and 82%, respectively, showing a slight improvement from the average in Q4. The company’s LCD business faced minimal sequential decline pressure. Looking ahead to Q2 and Q3 of 2024, traditional panel stocking season is expected to drive demand due to major sporting events, which will likely lead to continued price increases for large-size LCDs. The prices for 65-inch and larger TV panels have already surpassed last year's peak levels, with further upward trends anticipated. Additionally, some IT products are showing slight price increases due to production capacity constraints, which is beneficial for the company [5]. Future Projections - The company aims to achieve a shipment target of 160 million flexible OLED panels for the year, representing over 30% growth. There are expectations for price increases in entry-level Android products, which may help the flexible OLED business reach breakeven or reduce losses. The operating cash flow for 2024 is projected to exceed 45 billion yuan, and if capital expenditures remain at last year's levels, free cash flow could surpass 20 billion yuan. As capital expenditure needs decline in the future, there is significant potential for increased dividends, positioning the company as a high-dividend asset in the future. EPS estimates for 2024-2026 are projected at 0.18, 0.29, and 0.40 yuan, with corresponding P/E ratios of 24.20X, 15.03X, and 10.86X [5].

Investment Rating - The report initiates coverage on BOE A (000725 SZ) with a "Recommend" rating [2] Core Views - BOE is a global leader in display panels, with its LCD and OLED businesses positioned to benefit from industry trends [4] - The company's LCD business is expected to stabilize as industry cycles weaken, while its OLED business is poised for growth and profitability [4][7] - BOE's OLED business is rapidly expanding, with significant technological and production advantages, and is expected to achieve profitability soon [4][7] Business Overview - BOE has a dominant position in the LCD market, with 6 G8 5/G8 6 and 2 G10 5 high-generation LCD production lines, making it the largest in the industry [4] - The company's OLED business is growing rapidly, with three G6 AMOLED production lines and a planned G8 6 high-generation OLED line targeting mid-sized IT products [4][7] - BOE's OLED shipments reached nearly 120 million units in 2023, with expectations to grow to 160 million units in 2024, covering almost all major domestic smartphone manufacturers [4] Financial Performance - BOE's revenue has shown significant fluctuations, peaking at 2210 4 billion yuan in 2021, with a decline to 1745 4 billion yuan in 2023 [4] - The company's net profit also fluctuated, reaching a peak of 25 96 billion yuan in 2021 and dropping to 2 55 billion yuan in 2023 [4] - For 2024-2026, the report forecasts revenue growth of 21 4%, 15 6%, and 9 2%, with net profit growth of 160 3%, 46 8%, and 29 5%, respectively [5] Industry Trends - The LCD industry is maturing, with production capacity concentrated in China, leading to a weakening of the industry's cyclical nature [4][17] - OLED technology is rapidly gaining ground in small-sized applications like smartphones and is expanding into mid-sized IT products, with significant growth potential [4][29] - The global OLED market is expected to grow, with BOE well-positioned to benefit from this trend due to its technological and production capabilities [4][29] Strategic Initiatives - BOE has adopted a "Screen of Things" strategy, focusing on integrating screens into various IoT applications and expanding its ecosystem [12] - The company is investing heavily in MLED technology, with a focus on both backlight and direct display applications, aiming to enhance its competitive edge in the display industry [44][45] Valuation and Recommendations - The report values BOE at 24 8X, 16 9X, and 13 0X PE for 2024-2026, respectively, based on its strong market position and growth potential in both LCD and OLED sectors [53] - The "Recommend" rating is based on BOE's leading position in the display panel industry, its technological strengths, and the favorable industry outlook [53]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance shows impressive growth, with revenue reaching 45.89 billion yuan, a year-on-year increase of 20.8%. The gross margin improved to 14.5%, up 7.6 percentage points from the previous year, and net profit attributable to shareholders surged by 297.8% to 980 million yuan [2][3] - The company continues to lead in the LCD sector and is rapidly advancing in the OLED industry, with significant investments in flexible AMOLED production lines, positioning itself for substantial growth in this segment [3] - The company is strategically expanding its "1+4+N" ecosystem to capitalize on opportunities in the smart IoT era, with innovations in various applications including smart vehicles and MLED technology [3] Financial Forecasts and Valuation - The company is expected to benefit from the recovery in panel demand, with projected net profits of 4.55 billion yuan, 9.04 billion yuan, and 15.5 billion yuan for 2024, 2025, and 2026 respectively. The corresponding P/E ratios are forecasted to be 36, 18, and 11 times [3][9]

Investment Rating - The report assigns a "Buy-A" rating to BOE A (000725 SZ) with a 6-month target price of 5 19 RMB [4][5] Core Views - BOE A's Q1 2024 revenue reached 45 888 billion RMB, a YoY increase of 20 84%, with net profit attributable to shareholders surging 297 8% to 984 million RMB [1] - The company's LCD TV utilization rate exceeded 85% in March 2024, driven by strong demand and price increases in TV and IT products [2] - BOE A aims to achieve a 30% YoY growth in flexible AMOLED shipments, targeting 160 million units in 2024 [2] Industry and Market Position - BOE A maintains its leading position in the global LCD market, ranking first in shipments across five major application segments [3] - The company achieved a global first in shipments of ultra-large size (≥85 inches) LCD products and made breakthroughs in high-end TV markets with its ADS Pro technology [3] - In the OLED sector, BOE A shipped nearly 120 million flexible AMOLED units in 2023, with significant profitability improvements in mature production lines [3] Financial Projections - Revenue is projected to grow from 209 055 billion RMB in 2024 to 263 799 billion RMB in 2026, with net profit expected to increase from 5 122 billion RMB to 23 992 billion RMB over the same period [4] - The company's gross margin is forecasted to improve from 16 29% in 2024 to 17 11% in 2026 [8] Technological Innovation and Patents - BOE A has accumulated over 90,000 patent applications, with more than 30,000 related to flexible OLED technology [3] - The company ranks 15th globally in US patent authorizations for the sixth consecutive year, with over 40,000 valid patents worldwide [3] Valuation and Peer Comparison - The report values BOE A at 1 5x PB (MRQ), based on comparable companies TCL Technology and Rainbow Optoelectronics [4][9] - BOE A's current PB ratio is 1 28, lower than TCL Technology's 1 67 and Rainbow Optoelectronics' 1 41 [9]

[Key Financial Data](index=3&type=section&id=Item%20I.%20Key%20Financial%20Data) The company achieved significant financial growth in Q1 2024, with substantial increases in revenue, net profit, and operating cash flow, driven by sales expansion and favorable exchange rates [Key Accounting Data and Financial Indicators](index=3&type=section&id=Item%20%28I%29%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2024, the company achieved strong performance, with revenue growing by 20.84% year-over-year, net profit attributable to shareholders increasing significantly by 297.80% to turn losses into profits, and net operating cash flow improving by 60.34% Key Financial Indicators for Q1 2024 | Indicator | Current Period | Prior Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Billion Yuan) | 45.89 | 37.97 | +20.84% | | Net Profit Attributable to Shareholders (Million Yuan) | 983.81 | 247.32 | +297.80% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items (Million Yuan) | 596.69 | -1,667.93 | +135.77% | | Net Cash Flow from Operating Activities (Billion Yuan) | 16.23 | 10.12 | +60.34% | | Basic Earnings Per Share (Yuan/Share) | 0.026 | 0.003 | +766.67% | | Weighted Average Return on Net Assets | 0.76% | 0.09% | +0.67 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=3&type=section&id=Item%20%28II%29%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, total non-recurring gains and losses amounted to 387.12 million Yuan, primarily from government grants (449.28 million Yuan), partially offset by fair value changes in financial assets (-45.78 million Yuan) Key Non-recurring Gains and Losses Items for Q1 2024 | Item | Amount (Million Yuan) | | :--- | :--- | | Government grants included in current profit and loss | 449.28 | | Gains or losses from disposal of non-current assets | 36.58 | | Other non-operating income and expenses | 46.26 | | Fair value changes in financial assets and liabilities | -45.78 | | Impact on minority interests (after tax) | -103.79 | | **Total** | **387.12** | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=4&type=section&id=Item%20%28III%29%20Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, significant changes occurred in income statement items such as financial expenses and investment income, as well as various cash flows, with financial expenses decreasing by 58% due to increased exchange gains, operating cash flow increasing by 60.34% due to expanded sales, and net investment cash flow decreasing by 1414.08% due to reduced cash recovery from investments - Reasons for Income Statement Item Changes - **Financial expenses decreased by 58% year-over-year**: primarily due to increased net exchange gains during the reporting period[9](index=9&type=chunk) - **Other income decreased by 73% year-over-year**: primarily due to reduced government grants during the reporting period[9](index=9&type=chunk) - **Investment income decreased by 176% year-over-year**: primarily due to reduced investment income recognized from associates during the reporting period[9](index=9&type=chunk) - **Fair value change gains decreased by 150% year-over-year**: primarily due to reduced gains from equity instrument investments during the reporting period[9](index=9&type=chunk) - Reasons for Cash Flow Statement Item Changes - **Net cash flow from operating activities increased by 60.34% year-over-year**: primarily due to increased sales volume during the current reporting period[9](index=9&type=chunk) - **Net cash flow from investing activities decreased by 1,414.08% year-over-year**: primarily due to reduced net cash recovered from investments during the current reporting period[9](index=9&type=chunk) - **Net cash flow from financing activities increased by 66.34% year-over-year**: primarily due to repayment of perpetual bonds and share repurchases in the prior year period[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=Item%20II.%20Shareholder%20Information) As of the end of the reporting period, the company had over 1.18 million common shareholders, with the top ten shareholders holding approximately 27.88% of the shares, led by a state-owned legal entity [Shareholder Holdings](index=4&type=section&id=Item%20%28I%29%20Total%20Number%20of%20Common%20Shareholders%20and%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the end of the reporting period, the company had 1,182,138 common shareholders, with the top ten shareholders collectively holding approximately 27.88%, and Beijing State-owned Capital Operation and Management Co., Ltd. being the largest shareholder with 10.79% - As of the end of the reporting period, the company had **1,182,138 common shareholders**, including **1,150,568 A-share shareholders** and **31,570 B-share shareholders**[10](index=10&type=chunk) Top Ten Shareholder Holdings | Shareholder Name | Shareholder Type | Holding Percentage (%) | | :--- | :--- | :--- | | Beijing State-owned Capital Operation and Management Co., Ltd. | State-owned Legal Entity | 10.79% | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 6.97% | | Beijing BOE Investment Development Co., Ltd. | State-owned Legal Entity | 2.18% | | Beijing Jingguorui State-owned Enterprise Reform and Development Fund (Limited Partnership) | Other | 1.91% | | Hefei Jianxiang Investment Co., Ltd. | State-owned Legal Entity | 1.77% | | Fuqing Huirong Venture Capital Group Co., Ltd. | Domestic Non-state-owned Legal Entity | 1.43% | | Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF | Other | 1.07% | | Shanghai Gaoyi Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin Fund | Other | 0.94% | | Abu Dhabi Investment Authority | Overseas Legal Entity | 0.92% | | Xu Lili | Overseas Natural Person | 0.90% | [Other Significant Matters](index=6&type=section&id=Item%20III.%20Other%20Significant%20Matters) During the reporting period, the company completed interest payments for its "22BOEY1" perpetual corporate bonds, implemented the second lifting of restrictions for restricted shares under the 2020 equity incentive plan, and elected new non-independent directors for the tenth board of directors - The company completed interest payments for its "22BOEY1" perpetual corporate bonds in March 2024, with **35.00 Yuan (tax inclusive) paid per 10 bonds**[15](index=15&type=chunk) - The conditions for the second lifting of restrictions on restricted shares granted under the company's 2020 equity incentive plan were met, allowing **716 incentive recipients to lift restrictions on 95.86 million shares**, representing **0.2546% of the company's total share capital**, with the listing and circulation date on April 11, 2024[16](index=16&type=chunk) - The company elected **Mr. Feng Qiang, Mr. Zhu Baocheng, and Mr. Wang Xiping** as non-independent directors of the tenth board of directors in April 2024[16](index=16&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) The quarterly financial statements show a stable asset structure with a slight decrease in total assets, while net profit significantly improved, and operating cash flow increased, reflecting enhanced financial health [Consolidated Balance Sheet](index=6&type=section&id=Item%201.%20Consolidated%20Balance%20Sheet) As of March 31, 2024, the company's total assets were 417.27 billion Yuan, a slight decrease of 0.46% from the end of the previous year, while equity attributable to shareholders was 130.36 billion Yuan, an increase of 0.72%, maintaining a stable asset structure with a notable increase in monetary funds Key Items from Consolidated Balance Sheet | Item | March 31, 2024 (Billion Yuan) | December 31, 2023 (Billion Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 417.27 | 419.19 | -0.46% | | Total Liabilities | 218.92 | 221.39 | -1.11% | | Equity Attributable to Parent Company Owners | 130.36 | 129.43 | +0.72% | | Total Owners' Equity | 198.35 | 197.80 | +0.28% | [Consolidated Income Statement](index=8&type=section&id=Item%202.%20Consolidated%20Income%20Statement) In Q1 2024, the company achieved operating revenue of 45.89 billion Yuan, a 20.84% year-over-year increase, with net profit attributable to the parent company reaching 983.81 million Yuan, a significant 297.80% year-over-year increase, successfully turning losses into profits and significantly improving profitability Key Items from Consolidated Income Statement | Item | Current Period Amount | Prior Period Amount | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Billion Yuan) | 45.89 | 37.97 | +20.84% | | Operating Profit (Million Yuan) | 586.28 | -1,050.33 | Turned losses into profits | | Total Profit (Million Yuan) | 634.74 | -992.33 | Turned losses into profits | | Net Profit Attributable to Parent Company Owners (Million Yuan) | 983.81 | 247.32 | +297.80% | | Basic Earnings Per Share (Yuan/Share) | 0.026 | 0.003 | +766.67% | [Consolidated Cash Flow Statement](index=10&type=section&id=Item%203.%20Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was 16.23 billion Yuan, a 60.34% year-over-year increase primarily due to expanded sales, while net cash outflow from investing activities was 9.40 billion Yuan and from financing activities was 3.65 billion Yuan, with cash and cash equivalents increasing to 55.35 billion Yuan at period-end Key Items from Consolidated Cash Flow Statement | Item | Current Period Amount (Billion Yuan) | Prior Period Amount (Billion Yuan) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 16.23 | 10.12 | +60.34% | | Net Cash Flow from Investing Activities | -9.40 | -0.62 | -1414.08% | | Net Cash Flow from Financing Activities | -3.65 | -10.86 | +66.34% | | Net Increase in Cash and Cash Equivalents | 3.26 | -1.58 | Turned negative to positive |

京东方科技集团股份有限公司 监事会议事规则 （2024 年 4 月 26 日经公司 2023 年度股东大会审议通过） 第一条 为规范京东方科技集团股份有限公司（以下简称"公司"）监事会 的运作，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》、《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）、《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下 简称"《监管指引第 1 号—规范运作》"）和《京东方科技集团股份有限公司章程》 （以下简称"《公司章程》"）的规定，制定本规则。 第二条 本规则是监事会及监事会议事的行为准则，除非有主体限制，其内 容适用于公司全体监事及其他监事会参加人。 第三条 公司监事会应当向全体股东负责，对公司财务以及公司董事、总裁 及其他高级管理人员履行职责的合法合规性进行监督，维护公司及股东的合法权 益。 第一章 监 事 第四条 公司监事为自然人，有下列情形之一的，不能担任公司的监事： （一）无民事行为能力人或者限制民事行为能力人； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序， 被判处刑罚，执行期 ...

京东方科技集团股份有限公司 （住所：北京市朝阳区酒仙桥路 10 号） 可续期公司债券临时受托管理事务报告 债券受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 发行人于2019年8月23日召开的第九届董事会第三次会议审议通过了《关于 公司符合发行可续期公司债券条件的议案》、《关于公司公开发行可续期公司债 券发行方案的议案》及《关于提请股东大会授权董事会全权办理本次公开发行可 续期公司债券相关事宜的议案》，并经发行人于2019年9月12日召开的公司2019 年第二次临时股东大会审议通过。 根据中国证监会《关于核准京东方科技集团股份有限公司向合格投资者公开 发行可续期公司债券的批复》（证监许可[2019]1801号），公司获准向合格投资 者公开发行面值总额不超过300亿元的公司债券。本次公司债券采用分期发行方 式，首期发自核准之日起12个月内完成；其余各期债券发行，自核准发行之日起 24个月内完成。 发行人进行了五期发行，截至本报告出具日尚处于存续期的债券"22BOEY1" 于2022年3月24日发行，发行金额人民币2,000,000,000元，发行利率3.50%。 本报告依据《公司债券发行与交易管理 ...