Core Viewpoint - Beijing Oriental Garden Environment Co., Ltd. is currently involved in a lawsuit regarding a bankruptcy revocation dispute, with the case yet to be heard in court, and the financial implications for the company remain uncertain [3][9]. Group 1: Lawsuit Details - The lawsuit has been initiated by the administrator of Shanghai Liyuan Ecological Engineering Co., Ltd. against Beijing Oriental Garden, with the claim amounting to 27,233.33 million yuan [2][4]. - The case is based on the claim that the conversion of debt into registered capital by Oriental Garden constitutes individual repayment, which the plaintiff seeks to revoke [5][4]. - The Shanghai Railway Transport Court has accepted the case, but it has not yet been scheduled for a hearing [3][4]. Group 2: Financial Impact - The outcome of the lawsuit is uncertain and may not affect the company's current or future performance, as the relevant debt facts occurred before November 22, 2024 [9][8]. - The company has undergone a restructuring process, which concluded on December 30, 2024, and any claims related to debts incurred before this date will be settled according to the restructuring plan [8][9]. - The company has reported a total of approximately 174 million yuan in new litigation and arbitration cases over the past twelve months, representing 11.34% of its most recent audited net assets [8][11]. Group 3: Company Response - The company intends to actively respond to the lawsuit and will monitor the situation closely to protect the rights of the company and its shareholders [9][8]. - The company has committed to fulfilling its information disclosure obligations in accordance with relevant regulations [9][8].

Group 1 - The core point of the announcement is that the controlling shareholder, Li Weiguo, has completed the process of releasing part of his pledged shares in Beijing Oriental Yuhong Waterproof Technology Co., Ltd [2][3] - After the release of the pledged shares, Li Weiguo and his associate, Li Xingguo, hold a total of 497,983,505 shares, accounting for 20.85% of the company's total share capital, with 240,042,198 shares still pledged, which is 10.05% of the total share capital and 48.20% of their holdings [3] - The company confirms that there are currently no actions by Li Weiguo and Li Xingguo that would harm the interests of the listed company, such as non-operating fund occupation or illegal guarantees [4] Group 2 - Li Weiguo expresses confidence in the long-term development of the company, and the current release of pledged shares does not pose a risk of forced liquidation [4] - The company states that the share pledge situation has not materially affected its operations, governance, or performance obligations [4] - The company will continue to monitor the changes in share pledges and associated risks, ensuring timely disclosures to investors [4]

Core Viewpoint - Beijing Oriental Garden Environment Co., Ltd. is currently involved in a significant lawsuit concerning a bankruptcy revocation dispute, with the case yet to be heard in court [2][3]. Group 1: Lawsuit Overview - The lawsuit has been initiated by the administrator of Shanghai Liyuan Ecological Engineering Co., Ltd., with Oriental Garden as the defendant [4]. - The amount involved in the dispute is 27,233.33 million yuan [2][4]. - The case is currently at the pre-trial stage, and the final outcome remains uncertain regarding its impact on the company's current or future performance [2][6]. Group 2: Company’s Legal Position - The company has agreed to convert its debt of 27,233.33 million yuan into registered capital, which the plaintiff claims constitutes preferential repayment [4][5]. - The company is actively preparing to respond to the lawsuit and will monitor the situation closely to protect the rights of the company and its shareholders [8]. Group 3: Other Legal Matters - The company has reported a total of approximately 174 million yuan in newly added litigation and arbitration cases over the past twelve months, which represents 11.34% of the company's most recent audited net assets [7][10]. - Other minor lawsuits primarily involve engineering contract disputes and labor disputes, which do not meet the disclosure standards set by the Shenzhen Stock Exchange [7][10].

Investment Rating - The report does not explicitly state an investment rating for the smart cockpit display industry Core Insights - The smart cockpit display industry in China is rapidly developing due to the continuous impact of automotive upgrades and advancements in electronic technology, with new technologies such as OLED, Mini LED, Micro LED, and AR-HUD accelerating their application [4] - The industry is characterized by trends towards larger and more integrated displays, diversification of display technologies, and the rise of a competitive local supply chain [16][19] - The market size of the smart cockpit display industry is projected to grow from 20.406 billion RMB in 2021 to 30.269 billion RMB in 2024, with a compound annual growth rate (CAGR) of 14.05% [34] Industry Definition - Smart cockpit display refers to the devices and technologies installed inside vehicles to present various information, playing a key role in human-vehicle interaction [5] Industry Classification - The smart cockpit display industry can be classified based on the location of the display screens, including central control screens, passenger screens, instrument screens, head-up displays (HUD), and rearview mirrors [6][8][9][10][11] Industry Characteristics - The industry features a trend towards larger and multi-screen configurations, with significant advancements in display technology and the emergence of a robust local supply chain [16] Development Phases - The industry has evolved from reliance on imports to local production capabilities, transitioning from single-function displays to advanced, integrated systems [20][22][23] Industry Chain Analysis - The industry chain consists of upstream components, midstream module manufacturing and system integration, and downstream markets for original equipment manufacturers (OEMs) and aftermarket retailers [24][25][33] Market Size and Growth - The smart cockpit display market is expected to grow significantly, driven by increasing automotive sales and the demand for advanced display technologies [34][35] Competitive Landscape - The global smart cockpit display industry is highly concentrated, with leading companies like BOE and Tianma holding significant market shares due to their technological advantages and scale [42][43]

Core Insights - The electronic industry in China is experiencing a significant recovery, with a total revenue of 1,862.283 billion yuan in the first half of 2025, representing a year-on-year growth of 22.11% [1][2] - The net profit attributable to shareholders reached 86.265 billion yuan, marking a year-on-year increase of 33.09% [1][2] - Over 70% of companies in the electronic sector reported profitability, with notable turnarounds from companies like Cambrian and Silan Microelectronics [2][7] Revenue Performance - The top three companies by revenue in the electronic industry for the first half of 2025 are: - Industrial Fulian: 360.76 billion yuan - Luxshare Precision: 124.50 billion yuan - BOE Technology: 101.28 billion yuan [3][4] - Nearly 80% of the companies in the electronic sector achieved year-on-year revenue growth, with Cambrian leading with a staggering growth rate of 4,347.82% [4][5] Profitability Analysis - The average net profit margin for the electronic industry was 25.71%, a slight decrease of 0.37 percentage points year-on-year [1][8] - Industrial Fulian led in net profit with 12.113 billion yuan, significantly higher than its peers [5][6] - More than half of the electronic companies reported a year-on-year increase in net profit, indicating a robust recovery trend [1][2] Margin Trends - The average gross profit margin for the electronic sector decreased to 25.71%, with some companies like Chipone and Zhenray Technology reporting margins exceeding 70% [8][9] - Companies such as Helitai and Nanjiguang showed significant improvements in gross profit margins, indicating operational efficiency [8][10] Turnaround Companies - Several companies successfully turned losses into profits, including: - Cambrian: 2.881 billion yuan in revenue, a turnaround from previous losses - Silan Microelectronics: 6.336 billion yuan in revenue [7][8] - The trend of companies moving from loss to profit reflects a broader recovery in the electronic industry [7][8]

Core Insights - The electronic industry in China is experiencing a significant recovery, with a total revenue of 1862.283 billion yuan in the first half of 2025, representing a year-on-year growth of 22.11% [1][2] - The net profit attributable to shareholders reached 86.265 billion yuan, marking a year-on-year increase of 33.09% [1][2] - Over 70% of companies in the electronic sector reported profitability, with notable turnarounds from companies like Cambrian and Silan Microelectronics [2][7] Revenue Performance - The top three companies by revenue in the electronic industry for the first half of 2025 are: - Industrial Fulian: 360.76 billion yuan - Luxshare Precision: 124.50 billion yuan - BOE Technology: 101.28 billion yuan [3][4] - Nearly 80% of electronic companies reported year-on-year revenue growth, with Cambrian leading with a staggering growth rate of 4347.82%, achieving 2.881 billion yuan in revenue [4][12] Profitability Analysis - The average net profit margin for the electronic industry was 25.71%, a slight decrease of 0.37 percentage points year-on-year [8] - Industrial Fulian led in net profit with 12.113 billion yuan, significantly higher than its peers [5][6] - More than half of the electronic companies reported a year-on-year increase in net profit, indicating a robust recovery trend [1][2] Margin Trends - Companies like Chipone and Zhenray Technology reported exceptionally high gross margins, with Chipone at 86.54%, reflecting a year-on-year increase of 5.36 percentage points [8][9] - Several companies, including Huali Microelectronics and Hu Silicon Industry, reported negative gross margins, highlighting the competitive pressures in the industry [8] Notable Turnarounds - Cambrian and Silan Microelectronics were among over thirty companies that turned losses into profits in the first half of 2025 [1][2][7] - South Polar Light achieved a revenue of 398 million yuan, a year-on-year increase of 244.67%, and a net profit of 73 million yuan, up 982.43% [12]

Core Viewpoint - The Chinese display panel industry has seen significant investments in the 8.6-generation OLED production lines, totaling approximately 150 billion yuan, driven by the demand for high-end IT panels such as laptops and tablets [2][5][10]. Investment Landscape - Major players like BOE, Visionox, and TCL Huaxing are heavily investing in the 8.6-generation OLED production lines, with investments of 630 billion yuan, 550 billion yuan, and 295 billion yuan respectively [2][3]. - TCL Huaxing's recent announcement of a 295 billion yuan investment contrasts with its previous statement indicating no plans for new 8.6-generation lines [2][3]. Technology Choices - Companies are adopting different technological routes: BOE and Samsung Display are focusing on the mature "evaporation" process, while TCL Huaxing is investing in the "printing" process, and Visionox is pursuing its proprietary "ViP" technology [3][18][20]. - The 8.6-generation line's larger glass substrate size (2290mm x 2620mm) allows for more efficient cutting of mid-size IT panels compared to the previous 6-generation lines [5][6]. Market Dynamics - The shift from LCD to OLED in the high-end IT market was catalyzed by Apple's launch of the OLED iPad Pro, prompting manufacturers to invest heavily in OLED technology [7][10]. - Despite initial optimism, LG Display has expressed caution regarding the demand for 8.6-generation OLEDs, delaying its investment plans until 2026 due to market uncertainties [9][21]. Competitive Strategies - Companies are adopting different strategies based on their financial health and market outlook: - BOE and Samsung Display are betting on established technologies for certainty and speed [15]. - TCL Huaxing and Visionox are seeking to leverage new technologies for cost advantages [18][20]. - Deepinma and LG Display are focusing on maintaining profitability in existing operations while cautiously evaluating new investments [21][22]. Financial Performance - As of mid-2025, major Chinese panel manufacturers reported improved financial results, with BOE achieving a revenue of 101.28 billion yuan, a year-on-year increase of 8.45% [13]. - In contrast, LG Display faced a complex financial situation, with a slight revenue decline despite a significant reduction in losses [13][21]. Conclusion - The competition in the mid-size IT panel market is intensifying, with various companies pursuing distinct paths based on their assessments of technology, market potential, and financial stability [22].

Core Insights - Sichuan Ganzi Prefecture has announced the results of the preferred bidders for 3.75GW of photovoltaic projects, with the largest project awarded to Shudao Group at 2.3GW [1][2] - The projects are part of a broader strategy to enhance local development through innovative construction models, including "light grazing" and "light tourism" [1] Group 1: Project Overview - The total capacity of the announced photovoltaic projects is 3.75GW, with two batches of results published [1] - The first batch includes six projects with a total capacity of 950MW, while the second batch consists of five projects totaling 2.8GW [1][2] - The projects are scheduled to commence construction by the end of 2025 and be completed before 2027 [1] Group 2: Key Bidders and Project Sizes - Shudao Group is the leading bidder with a project size of 2.3GW [1] - Other notable bidders include: - BOE Technology Group & Ganzi Energy Development Group with 400MW [1] - CATL with 300MW [1] - Huadian & Ganzi Energy Development Group with 250MW [1] - Datang & Ganzi Energy Development Group with 200MW [1] - Additional smaller projects include various capacities awarded to other companies such as State Grid and China General Nuclear Power Group [2] Group 3: Project Construction Models - The projects will adopt a "1+N" construction model, emphasizing local adaptation and integration with the environment [1] - The focus is on promoting local economic development through innovative project designs that combine solar energy with agriculture and tourism [1]

Core Viewpoint - Major panel manufacturers are heavily investing in the 8.6-generation OLED production lines, with total investments reaching approximately 150 billion yuan, aiming to dominate the mid-size IT panel market for laptops and tablets [1][4]. Investment Overview - BOE is investing 63 billion yuan, Visionox 55 billion yuan, and TCL Huaxing 29.5 billion yuan in the 8.6-generation OLED production lines [1]. - TCL Huaxing's recent announcement marks a significant shift from its previous stance of not planning new investments in OLED production lines [1][2]. Market Dynamics - The shift towards 8.6-generation OLED production is driven by the need for larger glass substrates that enhance cutting efficiency for mid-size IT panels [3]. - The new 8.6-generation glass substrate size of 2290mm x 2620mm allows for more efficient production of larger displays compared to the previous 6-generation lines [3]. Technological Pathways - Different manufacturers are adopting varied technological approaches: - BOE and Samsung Display are using the mature "evaporation" process [2][10]. - TCL Huaxing is focusing on "printing" technology, which aims to reduce costs and improve yield rates [12][13]. - Visionox is investing in its proprietary "ViP" technology, which utilizes semiconductor lithography [15]. Market Potential - The release of Apple's OLED iPad Pro in May 2024 has catalyzed the transition from LCD to OLED in the high-end IT market, prompting significant investments from manufacturers [4][5]. - Despite initial optimism, the actual sales of the iPad Pro fell short of expectations, leading to cautious approaches from some manufacturers like LG Display [5][16]. Competitive Landscape - Manufacturers are divided into three strategic paths: - **Path 1**: Companies like BOE and Samsung Display are betting on established technologies for certainty and speed [10][18]. - **Path 2**: TCL Huaxing and Visionox are pursuing innovative technologies to gain cost advantages [12][15]. - **Path 3**: Companies like LG Display and Deep Tianma are opting for a conservative approach, focusing on existing profitable segments while delaying large investments [16][18]. Financial Performance - As of mid-2025, major Chinese panel manufacturers reported improved financial results, with BOE achieving a revenue of 101.28 billion yuan, a year-on-year increase of 8.45% [9]. - In contrast, LG Display faced a complex financial situation, with a slight revenue decline despite a significant reduction in losses [9].

京东方科技集团股份有限公司 债券受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） （住所：北京市朝阳区酒仙桥路 10 号） 公司债券临时受托管理事务报告 二〇二五年九月 1 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行 为准则》、证券交易所公司债券上市规则或证券交易所公司债券挂牌转让规则、 发行人与中信建投证券股份有限公司（以下简称"中信建投"或"受托管理人"） 签订的债券受托管理协议（以下简称"受托管理协议"）及其它相关信息披露文 件以及京东方科技集团股份有限公司（以下简称"发行人"或"公司"）出具的 相关说明文件和提供的相关资料等，由受托管理人中信建投编制。中信建投编制 本报告的内容及信息均来源于发行人提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投所作的承诺 或声明。在任何情况下，未经中信建投书面许可，不得将本报告用作其他任何用 途。 2 第一节 发行人债券基本情况 一、发行人名称 中文名称：京东方科技集团股份有限公司 英文名称：BOE TECHNOLOGY ...