证券日报网讯京东方A11月21日发布公告，在公司回答调研者提问时表示，少数股东股权收购为公司现 金流重点使用方向，尤其是在资本开支下降、现金流改善的背景下。上半年武汉10.5代线已进行了减 资，未来公司将根据经营情况和现金流情况，择机回购少数股东股权，具体进展请关注公司公告。 （文章来源：证券日报） ...

Core Insights - The new generation of artificial intelligence technologies, represented by large language models and AIGC, is driving innovation in various industries, with AI being a core driver for business development and strategic implementation [1][2] - BOE is implementing an AI+ strategy to enhance production manufacturing, product innovation, and enterprise management, aiming to create smarter products and services while improving operational efficiency [1][2] Group 1: AI in Manufacturing - BOE has introduced the concept of AI factories, focusing on the intelligentization of all production factors, which is expected to enhance quality and efficiency across various manufacturing scenarios [1] - The AI factories are designed to lower experimental costs, shorten R&D cycles, and reduce human error, ultimately achieving the highest efficiency, lowest cost, and optimal quality [1] Group 2: AI in Product Innovation - BOE is innovating products through a multi-layered approach that includes components, complete systems, and AI-driven material research, focusing on aspects like image quality, power consumption, eye protection, and interaction [2] - AI tools have significantly improved the efficiency of developing blue phosphor materials, increasing molecular construction efficiency by nearly ten times, while AI algorithms have reduced OLED display power consumption by over 20% [2] Group 3: AI-Driven Solutions - The launch of the "BOE Blue Whale Display Model" aims to facilitate intelligent upgrades across the entire industry chain, enhancing efficiency from manufacturing to product experience and operational management [2] - The Blue Whale Display Model is characterized by its multimodal, multi-scenario, high-precision, and strong reasoning capabilities, acting as a "smart brain" for the display industry [2]

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. (京东方A) announced a research meeting with Huabao Fund and Shenwan Hongyuan Securities on November 20, 2025, where company representatives will address investor inquiries [1] - For the first half of 2025, BOE's revenue composition is as follows: display device business accounts for 83.27%, IoT innovation business accounts for 17.96%, MLED business accounts for 4.29%, smart health services account for 0.91%, and sensors and solutions account for 0.22% [1]

Group 1 - A total of 34 companies were investigated by institutions on November 20, with 21 companies being researched by funds, indicating significant interest in these firms [1] - Among the companies, Lens Technology received the most attention, with 32 funds participating in its research, followed by China Shipbuilding Industry Corporation and Vanadium Titanium Resources, which had 10 and 7 funds respectively [1] - The companies researched by funds span 13 industries, with the electronics sector having the highest representation at 4 companies, followed by basic chemicals and automotive sectors with 3 and 2 companies respectively [1] Group 2 - The total market capitalization of the companies investigated includes 4 firms with a market cap exceeding 50 billion yuan, and 2 firms exceeding 100 billion yuan, such as BOE Technology Group and Lens Technology [1] - In terms of market performance, 6 of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Meino Biological (4.42%), Xinrui Technology (3.21%), and Xinyin Electronics (3.16%) [1] - Conversely, 15 stocks experienced declines, with Lens Technology, Zhonggang Luonai, and Yongtai Technology showing the largest drops at 8.88%, 6.89%, and 6.58% respectively [1] Group 3 - Among the funds' research stocks, 10 showed net inflows over the past 5 days, with Fengyuan Co. leading with a net inflow of 60.25 million yuan, followed by Zhonglv Electric and Jiahe Intelligent with inflows of 22.07 million yuan and 19.09 million yuan respectively [2] - The detailed list of companies researched by funds includes Lens Technology, China Shipbuilding Industry Corporation, and Vanadium Titanium Resources, among others, with their respective latest closing prices and 5-day price changes [2][3]

Core Viewpoint - BOE Technology Group (京东方A) indicates a downward trend in overall capital expenditures in the future, with 2025 expected to be the peak year due to significant investments in the Chengdu 8.6 generation OLED production line project [1] Capital Expenditure Summary - 2025 is projected to have the highest capital expenditure primarily driven by the Chengdu 8.6 generation OLED production line project [1] - In 2026, there will still be some expenditures mainly for subsequent equipment procurement [1] - Starting from 2027, capital expenditures are expected to decline significantly as mass production is completed and there are no new production line investment plans [1] Future Spending Areas - Future expenditures will mainly consist of maintenance costs and investments in innovative areas such as perovskite and glass-based packaging substrates [1] - The funding requirements for these innovative areas are significantly lower than those for panel production line construction [1]

Core Viewpoint - BOE Technology Group (京东方Ａ) indicates a declining trend in overall capital expenditures, with 2025 expected to be a peak year due to significant investments in the Chengdu 8.6 generation OLED production line project [1] Capital Expenditure Summary - 2025 is projected to have the highest capital expenditure primarily driven by the Chengdu 8.6 generation OLED production line investments [1] - In 2026, there will still be some capital expenditures mainly for subsequent equipment procurement [1] - Starting from 2027, capital expenditures are expected to decline significantly as mass production is completed and no new production line investment plans are in place [1] Future Spending Areas - Future expenditures will mainly consist of maintenance costs and investments in innovative fields such as perovskite and glass-based packaging substrates [1] - The funding requirements for these innovative areas are significantly lower than those for panel production line construction [1]

Group 1: LCD Market Insights - The demand for TV products is stimulated by national subsidies and export incentives, leading to an expected increase in annual shipment volume and area, despite a temporary slowdown in large-size trends due to rising demand for small-size TVs in emerging markets [1][2] - IT product shipments are anticipated to grow rapidly due to replacement demand, while MNT product shipments are expected to remain flat year-on-year [1] - The industry is adopting a "production based on demand" strategy to adjust production line utilization rates according to market needs, with an overall industry average utilization rate expected to drop below 80% in Q4 [2] Group 2: OLED Market Dynamics - The OLED market is experiencing an oversupply despite increased shipments in Q3 and Q4, with a notable decline in foldable product shipments and a rise in LTPO demand from overseas brands [3] - The domestic OLED market is becoming increasingly competitive, with rapid growth in low-end Ramless product shipments [3] - AMOLED technology is being positioned as a key choice for high-end IT products, with a new 8.6 generation AMOLED production line announced to enhance competitiveness in the high-end market [6] Group 3: Financial and Operational Outlook - The company expects depreciation costs to peak in 2025, with a gradual decline thereafter as production lines stabilize [7] - Capital expenditures are projected to decrease after 2025, with significant investments in the 8.6 generation OLED production line in 2025, followed by maintenance and innovation investments in subsequent years [8] - The company plans to utilize cash flow for minority shareholder buybacks, particularly in light of declining capital expenditures and improving cash flow [9] Group 4: Shareholder Returns and Strategic Planning - The company has announced a shareholder return plan for 2025-2027, committing to distribute at least 35% of the annual net profit to shareholders and allocate no less than RMB 1.5 billion for share buybacks each year [10] - This plan reflects a comprehensive analysis of operational conditions, long-term strategies, and shareholder interests, aiming to establish a stable and predictable return mechanism [11]

Core Points - Samsung Display and BOE Technology have settled a patent lawsuit regarding OLED technology, emphasizing the importance of fair technological competition for the display industry [1] - The settlement concludes a three-year legal battle, initiated by Samsung's complaints to the U.S. International Trade Commission (ITC) regarding patent infringement and trade secret theft by BOE [2] - The ITC had previously ruled that BOE infringed on Samsung's OLED patents and misappropriated trade secrets, recommending a ban on BOE's OLED panel exports to the U.S. for nearly 15 years [3] Industry Context - The settlement occurs amid efforts by major tech companies to reduce dependence on Chinese manufacturers for components, highlighting the potential impact of a U.S. export ban on BOE, a leading supplier of display panels [4] - Concerns over intellectual property theft are rising, as evidenced by a South Korean court sentencing a former Samsung Display engineer for leaking OLED technology valued at approximately $24.5 million [5]

Core Insights - The global IT OLED shipment is projected to grow from 24 million units in 2025 to 53 million units by 2029, indicating a structural growth phase in the next four years [1] - Samsung Display is expected to maintain over 60% market share as the largest producer of OLED panels for laptops, tablets, and monitors, with competitors like LG Display, EverDisplay, BOE, and Visionox following closely [1] Group 1: Market Trends - IT OLED products primarily utilize medium to large panels, necessitating production lines that maximize panel utilization based on large substrates [2] - Major terminal manufacturers, particularly Apple, are rapidly increasing the OLED share in their IT product lines, prompting panel manufacturers to prioritize investments in 8.6G OLED production lines [2] Group 2: Investment and Competition - Samsung Display announced an investment of approximately 4 trillion KRW in April 2023 for the construction of an 8.6G OLED production line, with other companies like BOE, Visionox, and TCL CSOT following suit [2] - Tianma Microelectronics is also exploring investments in 8.6G OLED production lines, highlighting a shift in the OLED market focus from smartphones to laptops, tablets, and monitors [2] Group 3: Technological Advancements - As the market expands, the technical requirements for IT OLED are evolving, with longer replacement cycles and higher white screen usage leading to burn-in issues [3] - The 2 Stack Tandem OLED structure, characterized by long lifespan, high brightness, and efficiency, is becoming a critical evaluation metric [3] - Samsung Display is focusing on Apple as a core customer for OLED panels for MacBook Pro, while Chinese manufacturers are targeting the broader market for laptops, tablets, and smartphones [3]

Core Viewpoint - BOE Technology Group (京东方精电) announced the purchase of a total of 1,003,000 shares from the market on November 20, 2025, as part of its share award plan and trust agreement [1] Group 1 - The company is executing a share purchase to fulfill its current and future share award plans [1]