Group 1: Market Trends and Product Pricing - The LCD industry is adopting a "production based on demand" strategy, adjusting production rates according to market demand changes. In Q1, driven by high export demand and "old-for-new" policies, overall terminal demand remained strong, leading to a general price increase for mainstream LCD TV panel sizes [2] - In June, prices for certain LCD TV products slightly decreased due to changes in the international trade environment and a cooling demand for panel procurement [2] - Prices for MNT and NB panels in the LCD IT segment remained stable [2] Group 2: Production Line Developments - The 8.6 generation AMOLED production line in Chengdu commenced equipment installation four months ahead of schedule on May 20, marking the transition from construction to operational phase [3] Group 3: Revenue Structure for 2024 - In 2024, the revenue structure for display devices is projected as follows: TV products (26%), IT products (34%), LCD mobile phones and other products (13%), and OLED products (27%) [4] Group 4: Depreciation and Future Trends - The company anticipates a depreciation of approximately RMB 38 billion in 2024, with an increase compared to 2023 due to the completion of depreciation for several high-generation production lines [5] - Future depreciation is expected to peak this year as new projects mature and existing production lines complete their depreciation [5] Group 5: Capital Expenditure Plans - The company is transitioning from a rapid expansion phase in LCD production to a mature phase, with future capital expenditures focusing on semiconductor display business and strategic planning [6][7] Group 6: Shareholder Return Strategy - The company announced a shareholder return plan for 2025-2027, committing to distribute at least 35% of the net profit attributable to shareholders in cash annually and to repurchase shares worth no less than RMB 1.5 billion each year [8] - The plan reflects a comprehensive analysis of operational conditions, long-term strategies, and shareholder interests, aiming to establish a stable and predictable return mechanism [8] - As part of this strategy, the company completed a stock buyback worth nearly RMB 1 billion by the end of May and is progressing with the 2024 profit distribution plan [8]

Core Viewpoint - The company, 联得装备, has become the first candidate for the bid of BOE's 8.6-generation AMOLED production line project, with a bid for automatic laminating machines at a price of 157 million yuan [1] Group 1 - The company has been selected as the first candidate for the bid related to BOE's AMOLED production line project [1] - The equipment involved in the bid is an automatic laminating machine (D-lami) [1] - The bid amount is 157 million yuan, indicating a significant contract value [1] Group 2 - The public announcement period for the bid is from June 23, 2025, to June 26, 2025 [1] - If the formal contract is signed and successfully implemented, it will have a positive impact on the company's future operating performance [1]

Group 1 - The global LCD demand is expected to grow at an average annual rate of 4% from 2023 to 2029, while industry production capacity is projected to grow only 1% during the same period, indicating a potential supply shortage by 2028 [1][2] - The LCD industry is undergoing a phase of consolidation, with significant transactions such as TCL Technology's acquisition of LGD's Guangzhou LCD factory and BOE's acquisition of a 30% stake in Rainbow [1][2] - Chinese panel manufacturers are expected to control approximately 75% of global LCD capacity, enhancing their market influence and allowing them to maintain a "demand-driven, profit-first" operational strategy [2] Group 2 - The trend of larger-sized televisions is accelerating, and the consolidation of leading players in the industry is expected to support a long-term upward trend in panel prices and volumes [3] - The increasing influence of Chinese consumer electronics brands in the international market is likely to benefit the domestic panel industry, with TCL and Hisense's combined global TV market share rising to 39%, a 6 percentage point increase from the previous year [3]

Mergers and Acquisitions - Unimed Pharmaceutical announced that its wholly-owned subsidiary, Shanghai Unimed, plans to increase its capital by 45 million yuan to acquire a 51% stake in Sichuan Gokang Pharmaceutical Co., Ltd. After the completion of this transaction, Gokang Pharmaceutical will become a controlled subsidiary of Shanghai Unimed. This transaction does not constitute a related party transaction or a major asset restructuring [1] - BOE Technology Group announced that it has signed a share transfer agreement with Rainbow Co., Ltd. to acquire a 30% stake in Xianyang Rainbow Optoelectronics Technology Co., Ltd. for 4.849 billion yuan [2] - Jianlong Micro-Nano announced that it is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity transfer. Upon completion of this transaction, Jianlong Micro-Nano will become the controlling shareholder of the target company [3] Shareholding Changes - Lishang Guochao announced that its shareholder, Honglou Group Co., Ltd., plans to reduce its holdings by no more than 2.11% of the company's shares, equivalent to a maximum of 16.0764 million shares [4] - Tenglong Co., Ltd. announced that a concerted party of its actual controller, Jiang Yilin, intends to reduce its holdings by no more than 3% of the company's shares, with a maximum of 4.908 million shares through centralized bidding and 9.816 million shares through block trading [5] - Galaxy Microelectronics announced that its major shareholder's concerted parties, Yinjian Investment and Yingu Investment, plan to reduce their holdings by no more than 1.46% of the company's shares, totaling up to 1.8823 million shares. Additionally, director Meng Lang plans to reduce his holdings by no more than 2,250 shares [6] Risk Matters - Zhaofeng Co., Ltd. stated that its current operating conditions are normal and there are no undisclosed significant matters. The company's stock price has experienced an abnormal fluctuation, with a cumulative increase of over 30% in the closing price over three consecutive trading days [7] - Zhejiang Dongri issued a risk warning, clarifying that its daily operations do not involve "brain-computer interface" business. The company has a 40% stake in Peianmei (Zhejiang) Technology Co., Ltd., which has had discussions with Capital Medical University but has not formed a written cooperation agreement [8] - Zhongjing Electronics confirmed that it does not violate information disclosure regulations. The company has experienced an abnormal fluctuation in stock price, with a cumulative increase of over 20% over three consecutive trading days, but its recent operating conditions remain normal [9][10]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][5] Core Views - The company plans to acquire 30% equity in Rainbow Optoelectronics, which is expected to help consolidate and expand its competitive advantage in the panel industry. This acquisition will enhance the company's product line and diversify its customer base, increasing the market share of the BOE system to over 30% [4][5][11] - The expected revenue growth for the company from 2025 to 2027 is projected at 13.3%, 8.3%, and 9.2%, reaching 2248 billion, 2434 billion, and 2659 billion respectively. The net profit attributable to the parent company is expected to grow by 64.0%, 39.8%, and 20.8%, reaching 87.30 billion, 122.04 billion, and 147.37 billion respectively [5][13] Summary by Sections Acquisition Details - On June 17, the company announced its intention to acquire 30% equity in Xi'an Rainbow Optoelectronics Technology Co., Ltd. from Rainbow Display Device Co., Ltd. at a base price of 4.849 billion [4][6] - Rainbow Optoelectronics is a subsidiary of Rainbow Display, focusing on display panels primarily for televisions, with sizes ranging from 32 to 100 inches. This acquisition is anticipated to enhance the company's product offerings and customer diversity [4][11] Financial Projections - The company is expected to achieve stable profitability in the panel industry, with revenue from display panels projected to reach 102.1 billion in 2024, accounting for 87.5% of total revenue. The net profit for Rainbow Optoelectronics is expected to be 6.51 billion and 13.39 billion for 2023 and 2024 respectively [6][11] - The financial forecast indicates a steady increase in revenue and net profit, with the current price-to-book ratios projected at 1.07, 1.02, and 0.96 for the years 2025, 2026, and 2027 respectively [5][13] Market Positioning - The acquisition is expected to balance the technology and product mix of the BOE system, further diversifying its customer base. The company currently operates an 8.6-generation VA production line, with a significant focus on 50-inch television panels, which are projected to account for 59% of total shipments in 2024 [11][12]

广大特材：上半年净利润同比预增367.51%左右 重要公告： 泰凌微：上半年净利润同比预增267%左右 新洋丰：拟11.5亿元投建新型作物专用肥项目 京东方A：拟以48.49亿元收购彩虹光电30%股权 中国建筑：近期获得多个重大项目 金额合计215.3亿元 沪市重要公告： 中国建筑：近期获得多个重大项目 金额合计215.3亿元 中国建筑（601668）公告，近期，公司获得多个重大项目，项目金额合计215.3亿元，占2024年度经审 计营业收入的1%。 宝钛股份：拟2.87亿元以增资扩股方式取得万豪钛金51%股权 宝钛股份（600456）公告，公司拟以增资扩股方式取得陕西万豪钛金特材科技有限公司（简称"万豪钛 金"）51%股权，增资价款2.87亿元。本次交易完成后，万豪钛金成为公司的控股子公司，并拟更名 为"陕西宝钛万豪钛业有限公司"。公司通过本次增资可快速新增2.5万吨—2.8万吨/年的熔炼产能，解决 实际生产需求。 建龙微纳：筹划取得上海汉兴能源科技股份有限公司不少于51%股份 建龙微纳（688357）公告，公司正在筹划以支付现金受让股权的方式合计取得上海汉兴能源科技股份有 限公司（简称"标的公司"）不少于 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-054 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-054 | 京东方科技集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、交易进展情况 京东方科技集团股份有限公司（以下简称"京东方"、"公司"）于 2025 年 6 月 16 日召开了第十一届董事会第七次会议，审议并通过了 《关于拟收购彩虹显示器件股份有限公司所持咸阳彩虹光电科技有 限公司部分股权的议案》，公司拟以不低于挂牌价收购彩虹显示器件 股份有限公司（以下简称"彩虹股份"）所持咸阳彩虹光电科技有限公 司（以下简称"彩虹光电"、"目标公司"）30%股权。详见公司于 2025 年 6 月 18 日披露的《关于拟收购咸阳彩虹光电科技有限公司部分股 权的自愿性信息披露公告》（公告编号：2025-052）。公司已收到西部 产权交易所有限责任公司（以下简称"产权交易所"）的通知：我所已 会同转让方对贵方受让资格进行确认，确 ...

Core Viewpoint - The transaction between Rainbow Display Device Co., Ltd. and BOE Technology Group involves the transfer of a 30% stake in Xi'an Rainbow Optoelectronics Technology Co., Ltd. for approximately 4.85 billion yuan, aimed at enhancing the integration and innovation in the new display industry [1][3][4]. Group 1: Transaction Details - Rainbow Display has signed a share transfer agreement with BOE, allowing BOE to acquire 30% of Xi'an Rainbow Optoelectronics for about 4.85 billion yuan [1][4]. - The transfer price aligns with the assessed value of the equity, which was determined to be approximately 1.68 billion yuan as of September 30, 2024 [4]. - The payment will be made in three installments: 30% within five working days of the agreement, 60% upon registration of the share transfer, and the remaining 10% within one year [4]. Group 2: Company Strategy and Market Position - The transfer is part of Rainbow Display's strategy to optimize its main business structure and enhance its resilience against risks, aligning with the development needs of its glass substrate business [3][5]. - Rainbow Optoelectronics, established in 2015, is the operational entity for Rainbow Display's LCD 8.6 generation line, serving major clients including Hisense, TCL, Xiaomi, and Samsung [3][6]. - The transaction is expected to leverage Rainbow Optoelectronics' strengths in the OLED field, which could help BOE address its technological gaps [5]. Group 3: Financial Performance - In 2024, Rainbow Display reported revenues of 11.664 billion yuan, a year-on-year increase of 1.73%, with net profits rising by 87.55% to 1.24 billion yuan [6]. - BOE's 2024 revenue reached 198.381 billion yuan, up 13.66%, with a net profit of 5.323 billion yuan, reflecting a significant growth in its core display device business [6].

Core Points - The China Securities Index for State-Owned Enterprises in Strategic Emerging Industries (932266) increased by 1.29% to 1385.44 points, with a trading volume of 17.697 billion yuan [1] - Over the past month, the index has risen by 0.06%, but it has decreased by 6.50% over the last three months and by 2.14% year-to-date [1] Index Composition - The index is customized by China Chengtong Holdings Group and includes 50 state-owned enterprises with high growth potential from the strategic emerging industries [1] - The top ten weighted stocks in the index are: BOE Technology Group (10.05%), Northern Rare Earth (9.58%), Shengyi Technology (5.5%), Hu Silicon Industry (4.69%), China Power (4.0%), AVIC Chengfei (3.93%), Huahong Semiconductor (3.33%), Shenghe Resources (2.85%), Chipone Technology (2.71%), and Dingsheng Technology (2.63%) [1] - The index's market composition shows that the Shanghai Stock Exchange accounts for 57.33%, the Shenzhen Stock Exchange for 42.50%, and the Beijing Stock Exchange for 0.17% [1] Industry Breakdown - The industry composition of the index includes: Information Technology (40.79%), Industrials (32.22%), Materials (19.09%), Communication Services (3.41%), Healthcare (2.55%), Consumer Staples (1.58%), and Utilities (0.37%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Insights - The Chengdu metropolitan area is accelerating the construction of 51 key industrial projects with an annual investment scale exceeding 37 billion yuan, focusing on regional collaborative development among Chengdu, Deyang, Mianyang, and Ziyang [2] Investment Overview - The new display industry leads with an annual investment of 10.39 billion yuan, followed by lithium batteries at 10.021 billion yuan and clean energy equipment at 7.654 billion yuan [3] - BOE's 8.6-generation AMOLED production line project in Chengdu is a significant milestone, expected to fill the gap in high-generation AMOLED production lines in China [3] - The supply chain in the Chengdu metropolitan area has gathered 56 enterprises from BOE's supply chain, with over 100 supporting companies in the Sichuan-Chongqing region, increasing the supporting rate to 48% [3] Project Completion - The Fist Laser Display Optical Screen Manufacturing Base, with a total investment of 1.5 billion yuan, is set to become the world's largest manufacturing base for laser display optical screens and optical films, with an annual production capacity of 3 million optical screens and 30 million square meters of optical films [4] Project Progress - The green food industry is advancing with 11 key projects, of which 5 are expected to be completed this year, marking the highest number of projects completed among the nine key industrial chains [6] - The Sichuan Oufu Egg Industry production base is nearing completion, with all production equipment installed and expected to process 20,000 tons of eggs annually once operational [6] New Project Initiatives - The aviation equipment industry has the highest number of new projects launched this year, including the construction of the Hongyuan Aviation Power Industrial Park and the initiation of the commercial aerospace electromagnetic launch system project in Ziyang, with a total planned investment of 1.98 billion yuan [7] - The Chengdu metropolitan area aims to promote industrial cross-regional collaboration and strengthen the industrial chain through new industrialization, focusing on innovation, talent, and funding [7]