Core Insights - BOE plans to invest 50 billion yuan in R&D and 500 billion yuan in procurement over the next three years to support technological breakthroughs and industry upgrades [1] - The company will allocate 0.5% of its revenue for AI research to enhance AI's role in manufacturing, products, and operations [1] - BOE has established a robotics team focused on manufacturing and R&D of robots for factory scenarios [1] Financial Performance - In the first half of 2025, BOE reported revenue of 101.278 billion yuan, an increase of 8.45% year-on-year [1] - The net profit attributable to shareholders was 3.247 billion yuan, reflecting a year-on-year growth of 42.15% [1] Strategic Initiatives - BOE introduced the concept of the "N Curve," which serves as a guideline for companies to navigate cycles and achieve ecological development through self-evolution based on core advantages and market opportunities [1] - The company officially launched its AI factory, with the first batch of AI factories already operational [1] - BOE has previously announced its sustainable development brand "ONE" [1]

Core Viewpoint - BOE showcased over 200 innovative display technologies at the BOE IPC 2025 Global Innovation Partner Conference, highlighting advancements in flexible OLED and MLED technologies [2][4]. Group 1: Flexible OLED Technology - The world's first 17-inch rollable light terminal was introduced, measuring approximately 18 cm in length, 22 cm in width, and less than 50 microns in thickness, capable of rolling 6.5 times without creasing, and displaying a clear 3K resolution [4]. - This rollable terminal utilizes BOE's proprietary graphical technology and incorporates over 100 patents, featuring horizontal rigidity and vertical flexibility, with future applications in portable laptops and LCD TVs [4]. Group 2: MLED Technology - BOE launched the BYH Ultra P0.9 MLED product, achieving an ultra-high contrast ratio of 20,000:1 in a 10 lux environment [4]. - The new generation COG P0.9 seamless splicing display module is only 6 mm thick and weighs 12 kg/m², showcasing significant advancements in display technology [4]. Group 3: Other Display Innovations - The conference featured a 110-inch UB Cell 4.0 TV with ultra-high ambient light contrast and a 31.5-inch 8K 240Hz UB Cell monitor, emphasizing high refresh rates and dynamic range [5]. - Additional products included light-sensitive screens, eye-care tablets, and circular polarized e-sports monitors, all powered by BOE's natural light display technology [5].

Group 1 - The founder of Alibaba Cloud, Wang Jian, emphasized that the choice between open-source and closed-source models is a key factor in AI competition, moving towards an era of resource openness beyond just source code [1] - Wang Jian introduced the concept of "computational satellites," highlighting the launch of the "Trinity Computing Constellation" which sent the first 8B AI model into space alongside 12 satellites [1] - The "Olive Leaf Plan" was revealed, aiming to open 1-2 experimental satellites for global access each year [1] Group 2 - The Deputy Director of the National Internet Information Office, Wang Jingtao, announced plans to improve data export compliance guidelines and establish a negative list system for data export in key industries [2] - The focus will be on enhancing data export safety management and regulatory capabilities across the entire process [2] Group 3 - Chinese researchers developed a "nano-marking robot" for cancer immunotherapy, which can precisely identify cancer cells using engineered nanoenzymes [3] - The research showed promising results in tumor models and clinical samples, potentially paving the way for more intelligent and efficient immunotherapies [3] Group 4 - The 26th China International Optoelectronic Expo gathered over 3,800 optical communication companies, showcasing a wide range of products including 1.6T optical modules [4] - The event highlighted the current dominance of 400G/800G optical modules in the market [4] Group 5 - The Ministry of Commerce announced initiatives to encourage foreign investment in the digital sector and promote orderly cross-border data flow [5] - Plans include establishing national digital trade demonstration zones and nurturing competitive digital trade enterprises [5] Group 6 - Morgan Stanley reported a significant increase in U.S. investor interest in the Chinese market, reaching the highest level since 2021 [6] - Over 90% of investors expressed willingness to increase exposure to China, driven by China's leadership in humanoid robots, biotechnology, and drug development [7] Group 7 - Wang Jingtao also mentioned the need for safety guidelines for AI applications, focusing on a comprehensive regulatory framework for new technologies [8] - Emphasis was placed on proactive safety assessments in emerging fields like quantum information and satellite internet [8] Group 8 - SK Hynix announced the supply of a new high-performance NAND solution to meet the demands of AI-enabled devices, enhancing data management efficiency [9] Group 9 - BOE Technology Group plans to invest 50 billion yuan in R&D and 500 billion yuan in procurement over the next three years to support industry upgrades [10] - The company aims to establish marketing and R&D institutions globally and allocate 0.5% of revenue to AI research [10] Group 10 - The Deputy Director of the National Development and Reform Commission highlighted the importance of market-oriented reforms in building a unified national market [11] - Pilot reforms will focus on key areas and issues in factor market construction to stimulate local reform initiatives [11]

Group 1 - The core theme of the IPC Conference 2025 is "Screen IoT AI Renewal," where BOE Technology Group emphasizes the significance of the "N Curve" theory for enterprise strategic elevation [2] - The "N Curve" theory is described as a universal rule guiding enterprises to navigate cycles and achieve iterative growth by aligning core advantages with market opportunities [2] - BOE's sustainable development strategy includes six strategic pillars: open innovation, environmental sustainability, win-win ecology, people-oriented approach, ethical management, and future value creation [3] Group 2 - BOE officially launched its AI factory, which leverages next-generation artificial intelligence to enhance production efficiency across six application areas [3] - The company showcased a series of Blue Whale display models aimed at industry applications during the conference [3] - BOE collaborated with well-known brands such as Skyworth, Lenovo, and Red Magic to display various smart terminal products, highlighting the innovation ecosystem in the industry [3]

Group 1 - The core theme of the BOE IPC·2025 summit is "Integration of Medicine and Engineering for a Smart Future," focusing on the innovative ecosystem of health and medical engineering [1] - BOE is transitioning from a display screen company to the "AI + Medical" field, actively promoting the construction of a digital hospital system and aiming to create a "digital and visual BOE hospital" [3] - BOE has established a health big data platform managing nearly 5 billion data entries, providing comprehensive health services to over 5 million customers through five digital hospitals and one integrated medical community [3] Group 2 - The development of "AI + Medical" requires vast amounts of high-quality data, with current challenges including data silos and inconsistent standards across medical institutions, hindering effective data utilization and sharing [4] - Privacy concerns and unclear data ownership further complicate the sharing of medical data, creating significant barriers to collaboration [4] - There is a low utilization rate of vast amounts of medical data, and the lack of effective quantitative models to extract data value prevents the realization of its potential [5]

Core Viewpoint - BOE Technology Group (京东方A) demonstrated steady growth in its performance for the first half of 2025, with significant advancements in various business segments and a clear strategy for future development [2][3]. Group 1: Performance Overview - In the first half of 2025, BOE's overall performance showed steady growth, with notable increases in revenue and net profit, with net profit rising by 82% and 33% respectively [3]. - The company maintained its leading position in the global LCD market, with significant increases in the shipment of various products, including a 60% year-on-year increase in shipments of products larger than 80 inches [2]. - The OLED business also saw growth, with a 7.5% increase in shipments compared to the same period last year, surpassing the industry average growth of 4% [4]. Group 2: Strategic Developments - BOE is focusing on high-end transformation in its product structure, particularly in the OLED segment, and has successfully launched core customer projects [2]. - The company is implementing its "Screen IoT" development strategy, with innovative business segments such as 京东方精电 and 京东方华灿 showing revenue growth of 8% and 34% respectively [2]. - Key projects, including the sixth-generation semiconductor display production line and the 8.6-generation AMOLED production line, have been successfully launched ahead of schedule, enhancing operational resilience [3]. Group 3: Future Outlook and Capital Expenditure - The company plans to focus future capital expenditures on new growth areas rather than significant investments in LCD and OLED expansions [4]. - The depreciation costs are expected to peak this year and then decline significantly, with the company having ample financial reserves to support future growth initiatives [4]. - The company has outlined a shareholder return plan, committing to distribute at least 35% of net profit as cash dividends annually, with nearly 1.9 billion yuan already distributed this year [5]. Group 4: Technological Advancements - BOE is leveraging its accumulated process capabilities in OLED to develop perovskite technology, with stable efficiency achieved in pilot lines [6]. - The company is actively collaborating with clients for testing and validation of glass-based packaging substrates, although some technical challenges remain [6]. Group 5: Investor Engagement - During the investor meeting, the management addressed questions regarding industry technology trends, capital expenditure, and shipment targets, indicating a proactive approach to investor relations [4]. - The company emphasized the importance of ensuring technology maturity and stable yield rates before large-scale investments in new technologies [4].

Group 1 - The core message of the conference is that artificial intelligence (AI) is becoming the driving force for the company's industrial upgrade and strategic transformation [1] - The chairman of the company elaborated on the "N-curve" growth theory, emphasizing the shift from a display component supplier to a broader Internet of Things (IoT) field, aiming for high-quality development [1] - The company launched two significant AI initiatives: an AI factory paradigm to enhance operational efficiency across the entire production process and the "Blue Whale Display Model," which aims to provide intelligent solutions for industrial manufacturing and enterprise operations [1] Group 2 - Sustainable development was another major focus of the conference, with the company releasing a comprehensive sustainability strategy encompassing six pillars, and collaborating with key partners to promote green transformation in the industry [2] - The conference itself achieved a "zero-carbon meeting" status by utilizing renewable energy vehicles, biodegradable lunch boxes, and carbon footprint calculation applications [2] - The company showcased its strong R&D capabilities with leading products, including a 110-inch TV using UB Cell 4.0 technology and the world's first 17-inch rollable lightweight terminal, highlighting its influence in the industry ecosystem [2]

格隆汇9月11日｜京东方在业绩说明会上表示，我们1.2米、2.4米中试线的效率稳定性已经通过了ITC的 认证，在一年前我还担心钙钛矿的不稳定性寿命是问题，其实我们现在可以比较自信地说其实钙钛矿光 伏的寿命稳定性已经不是大问题了，基本上是有保障的。剩下的要去突破的就是我们不断地去努力在效 率上，我们也有信心在今年要用我们的试验线去挑战世界纪录，我们很自信在这个行业里面我们是走在 第一方阵的。 ...

Core Viewpoint - BOE Technology Group (京东方A) has indicated that since June, there has been pricing pressure on LCDs, particularly for TVs, prompting considerations for production adjustments to stabilize the market [1] Group 1 - The company acknowledged pricing pressures on LCDs, especially in the TV segment [1] - Competitors have announced maintenance plans, and BOE will also consider appropriate maintenance plans based on its own needs [1] - The maintenance plans aim to facilitate internal factory adjustments while ensuring relative market stability [1]

Group 1 - The company indicated that there will not be significant capital expenditures in the LCD segment moving forward [1] - In the OLED segment, there are also not expected to be substantial expansion requirements, but there may be new investments in the "4+N" growth areas, contingent on further technological developments [1] - The depreciation for LCD has largely expired, and future depreciation will primarily focus on OLED and some new capital expenditures [1]