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]

Business Performance - The company achieved a steady growth in overall performance, with LCD business maintaining the highest global shipment volume in five mainstream application products [1][2] - LCD revenue share increased from 73% in 2024 to 76% in 2025, with IT products being the highest category [2] - OLED shipments exceeded 71 million units in the first half of 2025, marking a 7.5% year-on-year growth [2][31] Financial Highlights - The company reported a significant increase in net profit, with the Hefei G8.5 line and Chongqing G8.5 line net profits growing by 82% and 33% respectively [4] - Operating cash flow remained strong, estimated at approximately 50 to 60 billion RMB annually [12] - The company plans to maintain a cash dividend of no less than 35% of the net profit attributable to the parent company [41][43] Strategic Developments - The company is transitioning from large-scale capacity construction to high-quality operational development, focusing on technology value and efficiency improvement [4] - The "Screen IoT" strategy is being implemented to integrate display technology with IoT innovations, leading to significant revenue growth in related sectors [2] - The company is advancing its glass-based packaging substrate technology, with ongoing collaborations and product testing [23] Market Challenges - The company faces significant challenges in the OLED market due to increased international competition and changes in domestic market demand structures [31][39] - The overall industry growth rate is low, with the OLED market growing only 4% compared to the company's 7.5% growth [31] Future Outlook - The company aims to achieve an OLED shipment target of 170 million units for the year, although this goal is under pressure from market conditions [10][31] - The LCD market is expected to stabilize and potentially transition to a mild upward cycle by 2027, with a projected balance in supply and demand [21][22] R&D and Innovation - The company continues to invest heavily in R&D, with a focus on OLED and other advanced display technologies [4][8] - The development of the 8.6 generation OLED line is on track, with production expected to start in late 2025 [18][20]

Group 1 - The core theme of the BOE IPC·2025 summit is "Integration of Medicine and Engineering, Intelligent Innovation for the Future," focusing on the innovative ecosystem of health and medical integration [1] - BOE's Senior Vice President Zhang Tao emphasized that technological advancements are driving improvements in healthcare, marking the entry of the health industry into the 4.0 intelligent era, where AI and medical integration are transforming traditional treatment models [2][3] - The company is actively building a digital hospital system, aiming to create a "digital and visible BOE hospital," with a health big data platform managing nearly 5 billion data entries [3] Group 2 - BOE operates five digital hospitals and one integrated medical and nursing community, providing comprehensive health services to over 5 million customers, covering prevention, diagnosis, and rehabilitation [3] - The company is focusing on end-to-end innovation in health technology, with over 30 collaborative projects and more than 1,000 authorized patents, addressing industry pain points and contributing to the development of national and international standards [3] - The technology innovation exhibition showcased advanced medical technologies, including myopia prevention and smart diagnosis, highlighting BOE's commitment to enhancing healthcare service quality and accessibility through AI [4][5]

Core Viewpoint - BOE's revenue and net profit for the first half of the year have increased year-on-year, with significant improvements in operational efficiency for certain production lines, particularly in Hefei and Chongqing [2]. Group 1: Financial Performance - In the first half of the year, BOE's operating revenue and net profit attributable to shareholders have shown year-on-year growth [2]. - The net profit for the Hefei G8.5 line increased by 82%, while the Chongqing G8.5 line saw a 33% increase [2]. Group 2: LCD and OLED Business - The LCD revenue proportion increased from 73% in 2024 to 76% in 2025, driven by national subsidy policies and demand shifts, with IT products being the largest category [2]. - BOE shipped over 71 million OLED products in the first half of the year, marking a 7.5% year-on-year growth [2]. Group 3: Technology and Production Lines - The chairman of BOE, Chen Yanshun, discussed the trends in OLED technology, noting that the 6th generation lines predominantly use LTPO+LTPS processes, while the 8.x generation lines show some divergence [4]. - The 8.6 generation OLED production line is expected to produce products by October 2026, primarily targeting medium-sized panels while being compatible with smaller sizes [4]. Group 4: Capital Expenditure and Depreciation - The CFO of BOE, Yang Xiaoping, indicated that there will be no significant capital expenditure in the LCD sector, and limited expansion in OLED production is anticipated [7]. - The depreciation related to LCD is nearing completion, with a peak expected in 2025, after which depreciation will significantly decrease [7].

Core Insights - The company BOE Technology Group (京东方A) is actively embracing the AI wave, planning to invest 500 billion yuan in R&D and 5 trillion 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 towards AI R&D, which is estimated to be around 1 billion yuan based on its 2024 revenue of 198.38 billion yuan [1] - BOE aims to establish marketing and R&D institutions globally and enhance its overseas factory layout to improve its ecosystem [1] R&D Investment - In 2020, BOE's R&D investment was 9.44 billion yuan, and since 2021, it has consistently exceeded 10 billion yuan annually, with investments of 12.44 billion yuan, 12.60 billion yuan, 12.56 billion yuan, and 13.21 billion yuan from 2021 to 2024, totaling 38.37 billion yuan over the last three years [2] - In the first half of 2025, the company invested 6.09 billion yuan in R&D, a year-on-year increase of 4.1%, accounting for approximately 6% of its revenue [3] Patent Strategy - BOE has strengthened its high-quality patent layout, with over 4,000 new patent applications in the first half of 2025, of which over 90% are invention patents and over 30% are overseas patents [3] - The company has applied for more than 2,000 patents in flexible OLED, sensors, AI, and big data, representing over 50% of its total applications [3] - BOE has ranked in the top 20 of the IFI U.S. patent authorization rankings for seven consecutive years and in the top 10 of WIPO global PCT patent applications for nine consecutive years [3] Financial Performance - In the first half of 2025, BOE's revenue reached 101.28 billion yuan, exceeding 100 billion yuan for the second consecutive year, with a year-on-year growth of 8.45% [4] - The net profit attributable to shareholders was 3.25 billion yuan, reflecting a year-on-year increase of 42.15% [4]

Group 1 - The 2025 China International Fair for Trade in Services (CIFTIS) commenced in Beijing with the theme "Global Services, Mutual Benefit and Shared Development" [1] - BOE Technology Group showcased over ten globally launched perovskite photovoltaic products and various integrated energy solutions [1] - The "Zero Carbon House" was presented as a demonstration project for the comprehensive application of perovskite BIPV technology, integrating various perovskite components seamlessly into building structures [1] Group 2 - BOE exhibited the "NEW π Multimedia Charging Pile," which innovatively combines energy and media to redefine urban charging scenarios [2] - The charging pile features a flexible charging solution with a maximum output power of 250KW, emphasizing sustainable energy supply [2] - It includes two 55-inch high-definition screens and a 10.1-inch touchscreen, merging charging with outdoor digital advertising and interactive entertainment [2]

京东方董事长陈炎顺9月11日在京东方全球创新伙伴大会上透露，未来三年京东方将投入研发资金500亿 元、采购资金5000亿元，支持产业链技术突破和产业升级。京东方将在全球多个地方设立营销和研发机 构，并强化海外工厂布局，完善生态体系。京东方还将把营收中的0.5%用于AI研发，促进AI对制造、 产品、运营的赋能。此外，京东方已组建机器人团队，将围绕工厂场景来做机器人的制造与研发。（第 一财经记者 王珍） ...

Core Viewpoint - 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 technological breakthroughs and industrial upgrades [1] Group 1 - BOE will establish marketing and R&D institutions globally and strengthen its overseas factory layout to enhance its ecosystem [1] - The company will allocate 0.5% of its revenue for AI research and development to promote AI empowerment in manufacturing, products, and operations [1] - BOE has formed a robotics team focused on the manufacturing and R&D of robots tailored for factory scenarios [1]

【京东方：未来三年投入研发资金500亿元、采购资金5000亿元 支持产业链技术突破和产业升级】智通 财经9月11日电，京东方董事长陈炎顺9月11日在京东方全球创新伙伴大会上透露，未来三年京东方将投 入研发资金500亿元、采购资金5000亿元，支持产业链技术突破和产业升级。京东方将在全球多个地方 设立营销和研发机构，并强化海外工厂布局，完善生态体系。京东方还将把营收中的0.5%用于AI研 发，促进AI对制造、产品、运营的赋能。此外，京东方已组建机器人团队，将围绕工厂场景来做机器 人的制造与研发。（第一财经） 转自：智通财经 ...

Group 1 - The chairman of BOE Technology Group, Chen Yanshun, announced at the Global Innovation Partner Conference that the company will invest 50 billion yuan in R&D and 500 billion yuan in procurement over the next three years to support technological breakthroughs and industrial upgrades [2] - BOE plans to establish marketing and R&D institutions in multiple locations globally and strengthen its overseas factory layout to enhance its ecosystem [2] - The company will allocate 0.5% of its revenue for AI research and development to promote the integration of AI into manufacturing, products, and operations [2] - BOE has formed a robotics team focused on the manufacturing and R&D of robots tailored for factory scenarios [2]