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]

Core Viewpoint - The company has achieved stable efficiency certification for its 1.2m and 2.4m pilot lines, indicating significant progress in the stability and lifespan of perovskite photovoltaics, which were previously a concern [1] Group 1 - The company has successfully passed ITC certification for the efficiency stability of its pilot lines [1] - Concerns regarding the stability and lifespan of perovskite materials have been alleviated, with the company expressing confidence in their reliability [1] - The company aims to challenge world records in efficiency using its experimental lines this year, positioning itself as a leader in the industry [1]

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]

Core Viewpoint - BOE Technology Group faces significant challenges in the OLED segment due to changes in the international competitive environment and domestic market dynamics [1] Group 1: Market Challenges - The company acknowledges substantial resistance in the development of OLED technology this year [1] - The international competition landscape has changed dramatically over the past couple of years, leading to various pressures on the company [1] - Domestic market product shipment structures have shifted due to factors like national subsidies, favoring higher cost-performance products [1] Group 2: Company Response - The company is actively responding to these challenges through structural adjustments [1] - Achieving the initial annual targets is considered a significant challenge for the company [1] - Despite the challenges, the company believes that achieving double-digit growth compared to the same period last year is feasible [1]

Core Insights - BOE (京东方) held the Global Innovation Partner Conference 2025 with the theme "AI Renewal in the Internet of Things" in Beijing, emphasizing the dual explosion of AI technology and industry penetration over the past year [1] - The "N Curve" theory proposed by BOE is a universal rule guiding enterprises to navigate cycles and achieve ecological development through self-evolution based on core advantages and market opportunities [1] - BOE's sustainable development strategy includes six pillars: open innovation, environmental sustainability, win-win ecology, people-oriented approach, ethical management, and future value creation [1][2] Group 1: AI and Manufacturing Innovations - BOE officially launched AI factories driven by next-generation AI, focusing on six application areas: production planning, material supply, manufacturing, quality management, energy optimization, and environmental safety [2] - The first batch of AI factories has been established, showcasing leading AI applications that support display manufacturing [2] - The Blue Whale Display Model, designed for the industry, features full-modal, multi-scenario, high-precision, and strong reasoning capabilities, providing advanced digital solutions across three business sectors: industrial manufacturing, product services, and enterprise operations [3] Group 2: Sustainable Development Initiatives - BOE has introduced the industry's first sustainable development brand "ONE," promoting ecological win-win through the core concepts of openness, innovation, and sustainability [4] - During the IPC conference, BOE collaborated with partners like Hisense, Meta, and Lenovo to launch a joint sustainable development initiative [4] - The conference showcased over 200 cutting-edge display technologies and highlighted AI's role in upgrading display products for applications in the metaverse, esports, and smart mobility [4]

Core Insights - The company has achieved stable efficiency certification for its 1.2m and 2.4m pilot lines from ITC, indicating progress in production capabilities [1] - Concerns regarding the stability and lifespan of perovskite solar cells have been alleviated, with the company expressing confidence in the longevity of these products [1] - The focus now shifts to improving efficiency, with the company aiming to challenge world records using its experimental lines this year, positioning itself as a leader in the industry [1]

Core Viewpoint - BOE Technology Group indicated that since June, there has been pressure on LCD prices, particularly for TVs, which may lead to adjustments in production plans [1] Group 1: Market Conditions - LCD prices, especially for TVs, have faced some pressure since June [1] - Some competitors have announced production adjustments, indicating a broader trend in the industry [1] Group 2: Company Strategy - BOE will consider implementing appropriate production adjustments based on its own demand situation [1] - The adjustments aim to complete internal factory restructuring while ensuring relative market stability [1]