每经AI快讯，京东方A发布公告称，2025年11月27日，京东方A接受国盛证券等机构调研，公司证券事 务代表罗文捷等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，京东方Ａ的营业收入构成为：显示器件业务占比83.27%，物联网创新业务占比 17.96%，MLED事业占比4.29%，智慧健康服务占比0.91%，传感器及解决方案事业占比0.22%。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 王瀚黎） ...

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：2025-031 | 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 | 国盛电新：杨润思、胡文新 | | | | 国盛证券：朱迪 | | | | 宏道投资：季巍 | | | | 深圳华杉投资：李洲 | | | | 富国基金：李可伦 | | | | 西部利得基金：黄浦 | | | | 基明资产：区晓 | | | | 广发基金：李雅哲 | | | | 浦泓投资：彭聪 | | | | 国泰海通资管：张晨洁 | | | | 信达澳亚基金：陆毅楷 | | | | 长江养老：刘堃 | | | 时间 | 2025 年 11 月 27 日 | | | 地点 | 合肥京东方光能科技有限公司 | | | 上市公司接待人员姓名 | 寇建龙 合肥京东方光能总经理 | | | | 罗文捷 证券事务代表 | | | | 于含悦 董事会秘书室工作人员 | | --- | --- ...

Core Points - The first batch of leading intelligent factories in China has been officially announced, marking a significant leap towards intelligent manufacturing [1] - A total of 15 leading intelligent factories have been recognized, covering key industries such as equipment manufacturing, raw materials, electronic information, and consumer goods [1] - The Ministry of Industry and Information Technology stated that these factories integrate new-generation information technology, advanced manufacturing technology, and lean management concepts, representing the highest standards of intelligent manufacturing in China [1] Group 1 - The list of intelligent factories includes notable companies such as China Petroleum & Chemical Corporation and CNOOC (China National Offshore Oil Corporation) [1] - The 2025 cultivation list for leading intelligent factories features projects from various companies, including Baoshan Iron & Steel Co., Ltd. and Shanghai Aerospace Equipment Manufacturing Co., Ltd. [2] - The projects focus on advanced manufacturing techniques, such as high-end green silicon steel production and agile delivery of mobile cranes [2] Group 2 - Recent data indicates that over 7,000 advanced intelligent factories have been established in China [3] - Upgrades to hundreds of intelligent factories have resulted in an average reduction of product development cycles by 29%, an increase in production efficiency by nearly 22%, and a decrease in carbon emissions by approximately 20% [3]

王锡平在致辞时表示，此次扩产的项目，既是华灿实现核心产品产能阶梯式提升、以规模效应巩固并扩 大市场份额的核心布局，更是京东方践行"屏之物联"战略、布局半导体显示产业的关键落子。展望未 来，京东方将始终为华灿的持续健康发展提供稳定支持，并推动MLED业务板块的深度融合，做大做强 产业链生态，服务区域经济社会发展。 张兆洪在致辞中说，从项目的规划指导、审批服务、政策落实到产业链配套，张家港提供了"全方位、 全流程"服务，企业真切感受到 "亲商、安商、富商"的良好氛围，更加坚定了在张家港长远发展的信 心。企业将全力以赴抓好生产经营，加大科技创新投入，增强竞争力和影响力，为张家港高质量发展贡 献力量。据悉，近年来，张家港积极布局特色半导体产业，持续强链补链延链，培育引进规上企业超40 家，产业规模超百亿元，正加速迈向更具竞争力的半导体产业高地。 韩卫在致辞中说，当前，张家港正加快构建"4+4+N"传统、新兴、未来产业体系，奋力打造高质量发展 的强劲增长极。衷心希望京东方华灿光电以此次投产为契机，加速释放产能，大力开拓市场，为张家港 市高质量发展提供更多优质增量。真诚期待京东方科技集团进一步深化和张家港的合作，带动更多 ...

Group 1 - The global tablet panel shipment is projected to reach approximately 76 million units in Q3 2025, representing a year-on-year growth of 4% and remaining stable quarter-on-quarter [1] - Brand tablet panel demand is expected to be around 42.5 million units in Q3 2025, showing a year-on-year decline of 3% and a quarter-on-quarter decline of 9% due to high inventory levels and a gap in national subsidy policies [1] - Demand for non-brand tablet panels remains strong, with total shipments reaching 33.5 million units in Q3 2025, reflecting a year-on-year growth of 16% and a quarter-on-quarter growth of 14% [1] Group 2 - OLED panel shipments reached 3.8 million units in Q3 2025, marking a significant year-on-year increase of 36%, driven by strong demand from high-end tablets like the iPad Pro and the successful launch of Huawei's MatePad Mini [2] - The introduction of new products in the Samsung Galaxy Tab S series also contributed to increased OLED panel demand, indicating a robust growth trajectory for OLED technology [2] - It is anticipated that OLED panels will enter a structural expansion phase in 2026 as brands like Apple and Huawei expand their offerings into mid-range products [2] Group 3 - Despite maintaining year-on-year growth, LCD LTPS and Oxide panels experienced a quarter-on-quarter decline in Q3 2025 due to the impact of national subsidy policies [3] - The Oxide technology is expected to gain traction in the mid-range tablet market, potentially becoming the mainstream technology route for domestic brands due to its cost advantages [3] - LTPS demand is projected to shift focus from mainstream products to high-resolution applications, with a technological upgrade towards 3.5K and above resolutions to maintain competitiveness in the high-end PPI sector [3]

Core Viewpoint - The report from Guosen Securities indicates that BOE Technology Group Co., Ltd. (京东方) has achieved year-on-year growth in revenue and net profit attributable to shareholders in Q3 2025, particularly in the OLED sector, where the company has successfully launched mass production of the LTPO project for core clients [1] Company Performance - BOE's OLED shipment volume is expected to achieve double-digit growth for the entire year, driven by the increasing penetration of foldable devices and the expansion of high-end technology routes [1] - The company is well-positioned to optimize the product structure in the industry, which is anticipated to improve overall profitability [1] Industry Outlook - Upcoming sports events, such as the World Cup, are expected to boost demand for TV products in the first quarter of the next year [1] - The replacement cycle and AI integration are projected to drive demand for IT products, alongside the trend towards larger screen sizes, which will further increase industry demand [1] - The industry is expected to reach a supply-demand balance in the future, with a focus on on-demand production in the LCD sector, leading to stable profitability [1] Investment Rating - The company’s strategy in the OLED mid-size application is viewed positively, maintaining an "outperform the market" rating [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a year-on-year revenue growth of 7.53% and a net profit growth of 39.03% for the first three quarters of 2025, with a revenue of 154.55 billion yuan and a net profit of 4.60 billion yuan [1]. - The LCD industry is experiencing a continuous optimization of its structure, with manufacturers adopting a demand-driven production strategy, leading to moderate fluctuations in TV panel prices [2]. - The company is expected to see a double-digit growth in OLED shipments for the year, driven by flagship models from leading brands and an increase in the penetration of foldable devices [2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 53.27 billion yuan, representing a year-on-year increase of 5.81% and a quarter-on-quarter increase of 5.11% [1]. - The gross margin for Q3 2025 was reported at 14.44%, showing a year-on-year decrease of 3.0 percentage points but an increase of 1.4 percentage points quarter-on-quarter [1]. - The revenue forecast for 2025-2027 is projected to grow by 12.4%, 8.2%, and 9.3%, reaching 223.1 billion yuan, 241.3 billion yuan, and 263.8 billion yuan respectively [3][4]. Earnings Forecast and Financial Metrics - The net profit for 2025 is expected to be 6.53 billion yuan, with a year-on-year growth of 22.6% [4]. - The projected price-to-book (PB) ratios for 2025-2027 are 1.11, 1.07, and 1.01 respectively [3][4]. - The company’s earnings per share (EPS) is forecasted to be 0.17 yuan in 2025, with a growth rate of 22.6% [4].

Robotics - Lingyi Zhi Zao has signed strategic cooperation agreements with several leading embodied intelligence companies to promote the hardware manufacturing of embodied robots [1] - Luxshare Precision is expected to ship 3,000 humanoid robots this year [1] Batteries - Tiannai Technology claims that single-wall products are the best choice for fast-charging batteries, with fourth-generation and pure single-wall products significantly enhancing battery rate and cycle life [1] - Ninebot reports that fluctuations in lithium carbonate prices have not directly impacted product pricing; the company has preemptively stocked multiple new electric bicycle products that meet new national standards [1] Chips - Xidi Micro has successfully integrated its high-performance power management chip products into the Meta supply chain through ODM manufacturers [1] - Silan Micro has launched four key analog chips for AI computing power [1] Electronics - BOE Technology Group indicates that the overall supply and demand in the industry is under pressure, with a forecasted decline in the shipment volume of foldable products in the second half of the year [1] - Luxshare Precision anticipates mass production of microchannel technology next year [1] - Zhihui Power, as a first-tier supplier to Google, provides mobile-related components through Foxconn and Taiwan's Compal [1] Others - Jinli Permanent Magnet holds indirect shares in Muxi Co., Ltd [1] - Chunhui Zhikong has begun bulk supply of satellite release devices to satellite manufacturers [1] - Nandu Property holds indirect shares in Yundongchu through the Saizhi Zhudragon Fund [1] - Chuangyuan Technology's subsidiary Suzhou Bearing supplies mainly needle bearing products for the commercial aerospace sector, although the supply volume is relatively small [1] - Shengyuan Environmental Protection has indirectly participated in investment in Moore Threads by subscribing to fund shares [1] - Shengyang Co., Ltd has launched full immersion liquid cooling energy storage systems and solutions into the market [1] - Weichai Power does not have a gas turbine business [1]

（文章来源：证券日报） 证券日报网讯京东方Ａ11月26日在互动平台回答投资者提问时表示，OLED背板技术方面，公司采用 LTPS和LTPO技术；OLED器件部分，公司采用蒸镀技术，该技术已经在6代线得到很好的验证，所以技 术更为成熟，技术规格也更能满足平板、笔记本、车载等高端中尺寸产品。公司持续关注各技术方向的 发展情况，同时高度重视研发与储备，也具有相应的技术布局。 ...

Core Viewpoint - BOE Technology Group (京东方) is optimistic about the development of AMOLED technology in high-end products such as laptops, tablets, and automotive displays, aiming to enhance user experience through its advanced features [2] Group 1: Company Developments - BOE has invested in the construction of an 8.6-generation AMOLED production line in Chengdu, which is among the first of its kind globally [2] - The new production line is expected to increase the penetration of AMOLED technology in high-end mid-size products once it begins mass production [2] Group 2: Industry Insights - The company is conducting in-depth analysis of industry development and customer needs to better position itself in the AMOLED market [2]