Core Viewpoint - BOE Technology Group Co., Ltd. (京东方A) has experienced fluctuations in stock price and trading volume, with a recent decline of 2.06% on February 2, 2023, and a total market capitalization of 158.55 billion yuan [1]. Financial Performance - For the period from January to September 2025, BOE reported a revenue of 154.55 billion yuan, representing a year-on-year growth of 7.53%, and a net profit attributable to shareholders of 4.60 billion yuan, which is a 39.03% increase compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of BOE shareholders decreased by 4.36% to 1.0459 million, while the average number of circulating shares per shareholder increased by 4.60% to 36,118 shares [2]. - The company has distributed a total of 22.09 billion yuan in dividends since its listing, with 5.30 billion yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 2.705 billion shares, an increase of 658 million shares from the previous period [3]. - Other notable institutional shareholders include Huatai-PB CSI 300 ETF, which decreased its holdings by 27.64 million shares, and E Fund CSI 300 ETF, which reduced its holdings by 14.43 million shares [3].

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. has obtained a patent for a "display device," with the authorization announcement number CN115588369B, and the application date was October 2022 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has made investments in 73 enterprises and participated in 303 bidding projects, with 775 trademark records and 5000 patent records, in addition to holding 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital is approximately 2.5 billion RMB [1] - Chengdu BOE Optoelectronics Technology Co., Ltd. has participated in 922 bidding projects and holds 5000 patent records, along with 522 administrative licenses [1]

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent titled "Heat Dissipation Structure, Display Module, Electronic Device, and Processing Method of Display Module," with authorization announcement number CN114916201B, and the application date is May 2022 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The company has a registered capital of 37,413.88 million RMB [1] - The company has invested in 73 enterprises, participated in 303 bidding projects, and has 775 trademark records and 5,000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The company has a registered capital of 2,500 million RMB [1] - Chengdu BOE Optoelectronics Technology Co., Ltd. has participated in 922 bidding projects, holds 5,000 patent records, and has 522 administrative licenses [1]

Group 1 - The company held its sixth board meeting on January 30, 2026, where all nine directors were present and voted unanimously on the agenda [1][4] - The board approved the establishment of a "Market Value Management System" to enhance market value management practices and protect the rights of the company and its stakeholders [2] - The specific details of the "Market Value Management System" can be found on the official disclosure platform [3] Group 2 - The company announced a performance forecast for the year 2025, indicating an expected net profit in negative territory [6][8] - The performance forecast period is from January 1, 2025, to December 31, 2025, and the data has not been audited by an accounting firm [8] - The reasons for the expected performance decline include ongoing innovation efforts, improved cost management, and a significant reduction in goodwill impairment from 77.55 million yuan in 2024 to an estimated 30 million to 50 million yuan in 2025 [9]

Core Viewpoint - Beijing Oriental Zhongke Integrated Technology Co., Ltd. is facing challenges related to the performance compensation obligations of former shareholders of Wanlihong, which may impact its financial results for 2025 [2][5][7]. Group 1: Performance Forecast - The company has announced a negative net profit forecast for the period from January 1, 2025, to December 31, 2025 [3][4]. - The performance forecast data has not been audited by the accounting firm, but preliminary discussions have indicated no discrepancies between the company and the auditors regarding the forecast [4][8]. Group 2: Reasons for Performance Changes - The company is focusing on innovation, quality improvement, and cost control, which has led to an overall improvement in profitability, although losses in the digital security and smart application sectors continue to narrow [5]. - A goodwill impairment of 77.55 million yuan was recorded in 2024, with an expected impairment of approximately 30 million to 50 million yuan in 2025, which will affect the net profit attributable to shareholders [5]. Group 3: Arbitration and Compensation Obligations - The company has initiated arbitration with the China International Economic and Trade Arbitration Commission regarding the performance compensation obligations of 14 former shareholders of Wanlihong, which remain unfulfilled [2][7]. - The arbitration case has been accepted, and the court hearings have concluded, but no ruling has been issued yet [2][7]. - The potential impact of the arbitration outcome on the financial statements could be significant, particularly if a ruling is made before the approval date of the 2025 financial report [2][6][7].

Investment Rating - The report maintains an "Outperform" rating for the LCD industry [2] Core Viewpoints - The LCD industry is experiencing a stabilization in capacity, with a concentration of market share expected due to the shutdown and sale of production lines by overseas manufacturers. This is anticipated to enhance the pricing power of LCD TV panel producers, leading to improved profitability [6] - The report highlights the growth potential of leading domestic panel manufacturers like BOE Technology Group, which is well-positioned to benefit from China's consumption upgrade and localization trends [6] Market Performance Review - From December 2025 to January 2026, the panel index increased by 11.55%, outperforming major indices such as the Shanghai Composite and Shenzhen Component by 5.76 percentage points and 2.53 percentage points, respectively [4] - As of January 20, 2026, the total market capitalization of the A-share panel industry was 604.92 billion yuan, with an overall price-to-book ratio of 1.71x, positioned at the 82.5 percentile of the past five years [4][12] Price & Cost Analysis - In January 2026, the prices of various sizes of LCD TV panels increased, with 32, 43, 50, 55, and 65-inch panels priced at $34, $61, $92, $115, and $163 respectively, reflecting increases of 3.0%, 1.7%, 1.1%, 0.9%, and 0.6% month-over-month [19] - Omdia forecasts further price increases for February 2026, with expected prices of $36, $63, $94, $117, and $165 for the same sizes, indicating month-over-month increases of 5.9%, 3.3%, 2.2%, 1.7%, and 1.2% [19] Supply & Demand Dynamics - In December 2025, the global shipment area for large-sized LCD panels grew by 8.82% year-over-year, with notable increases in shipments for TVs (8.74%), monitors (4.44%), notebooks (13.27%), and tablets (21.30%) [5][27] - The report anticipates a 2.31% increase in global large-sized LCD capacity area in 2024 compared to 2023, with a slight growth forecast for 2025 [5] Performance Review - The global revenue for large-sized LCD panels in December 2025 reached $6.423 billion, marking a month-over-month increase of 15.52% and a year-over-year increase of 4.71% [57] - The report notes that BOE, TCL, and Huike experienced varying revenue growth rates in December 2025, with BOE's revenue at $1.6 billion, reflecting a month-over-month increase of 8.11% [60]

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent titled "Driving Substrate, Light Emitting Device and Its Preparation Method," with authorization announcement number CN119923979B, and the application date is May 2023 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has invested in 73 enterprises, participated in 303 bidding projects, and holds 5,000 patent information records, along with 775 trademark information records and 47 administrative licenses [1] Group 2 - BOE Chip Technology Co., Ltd. was established in 2020 and is also located in Beijing, focusing on the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 257.35 million RMB [1] - The company has invested in 3 enterprises, participated in 315 bidding projects, and holds 423 patent information records, along with 2 administrative licenses [1] Group 3 - Beijing BOE Technology Development Co., Ltd. was established in 2016 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 38 million RMB [2] - The company has invested in 1 enterprise, participated in 92 bidding projects, and holds 3,900 patent information records, along with 4 administrative licenses [2]

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. has obtained a patent for "display substrate," with the authorization announcement number CN116864507B and an application date of March 2022 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has made investments in 73 enterprises and participated in 303 bidding projects, with 775 trademark records and 5000 patent records, in addition to holding 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital is approximately 2.5 billion RMB [1] - Chengdu BOE Optoelectronics Technology Co., Ltd. has participated in 922 bidding projects and holds 5000 patent records, along with 522 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Driving Buffer, Display Panel, Driving and Control Method, and Display Device" to BOE Technology Group Co., Ltd., Yunnan Chuangshijie Optoelectronics Technology Co., Ltd., and Beijing BOE Technology Development Co., Ltd. The patent announcement number is CN119832828B, with an application date of January 2025 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is based in Beijing. It primarily engages in the manufacturing of computers, communications, and other electronic devices. The company has a registered capital of 37,413.880464 million RMB. It has invested in 73 companies, participated in 303 bidding projects, and holds 775 trademark records and 5,000 patent records, along with 47 administrative licenses [1] - Yunnan Chuangshijie Optoelectronics Technology Co., Ltd. was founded in 2017 and is located in Kunming. It focuses on software and information technology services. The company has a registered capital of 30,400 million RMB. It has participated in 276 bidding projects, holds 477 patent records, and has 8 administrative licenses [1] Group 2 - Beijing BOE Technology Development Co., Ltd. was established in 2016 and is also based in Beijing. It primarily operates in the manufacturing of computers, communications, and other electronic devices. The company has a registered capital of 38 million RMB. It has invested in 1 company, participated in 92 bidding projects, holds 3,900 patent records, and has 4 administrative licenses [2]

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent for "display panel" with authorization announcement number CN114038893B, applied on November 2021 [1] - BOE Technology Group, established in 1993 and located in Beijing, primarily engages in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 37,413.880464 million RMB [1] - The company has invested in 73 enterprises, participated in 303 bidding projects, and holds 775 trademark records and 5,000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd., established in 2007 and located in Chengdu, focuses on the manufacturing of instruments and meters, with a registered capital of 2,500 million RMB [1] - Chengdu BOE has participated in 922 bidding projects, holds 5,000 patent records, and possesses 522 administrative licenses [1]