Group 1: Market Trends and Demand - In 2024, global TV panel shipments and area are expected to grow, with a demand peak anticipated in Q2 due to overseas market events [1] - The average size of LCD TVs sold globally in 2024 is projected to be approximately 51.6 inches, an increase of about 1.1 inches year-on-year, while in China, the average size is expected to reach 65.8 inches, up by 3.4 inches [3] - The demand for LCD TVs is expected to continue growing, with projections indicating an increase to 54.5 inches by 2029 [3] Group 2: Pricing and Production Capacity - Starting from December 2024, prices for certain large-size LCD TV products began to rise, with a comprehensive price increase across mainstream sizes in January 2025 [1][2] - The industry operating rate was reported to be above 80% in January 2025, reflecting a recovery in terminal demand [2] Group 3: Financial Performance - The company anticipates a net profit attributable to shareholders of between 5.2 billion and 5.5 billion CNY for 2024, representing a year-on-year doubling [4] - For Q4 2024, the expected net profit is approximately 1.9 billion to 2.2 billion CNY, showing significant growth compared to the previous year [4] Group 4: AMOLED Business Development - The company expects to ship approximately 140 million flexible AMOLED units in 2024, with a notable improvement in product structure and an increase in the high-end product ratio [5][6] - The company is actively expanding into automotive and IT sectors to capture market opportunities and align with downstream customer needs [6] Group 5: Depreciation Trends - Overall depreciation is expected to slightly increase in 2024 due to new production line ramp-up and the expiration of mature line depreciation [6] - Depreciation amounts are projected to stabilize in 2024 and 2025, with a potential decrease starting in 2026 [6]

Group 1: Industry Competition and Supply-Demand Dynamics - The competition in the LCD industry is evolving, with Chinese manufacturers increasing their global market share due to brand globalization and improved supply chain concentration [2] - The production capacity of LCD panels in mainland China is gradually increasing, with a shift towards "demand-driven production" strategies since 2023, promoting healthier industry development [2] - The average size of global LCD TVs is projected to grow to approximately 54.5 inches by 2029, driven by the trend towards larger displays [3] Group 2: Market Trends and Pricing - In 2024, global TV panel shipments and area are expected to see growth, with a demand peak anticipated in Q2 due to overseas market events and a resurgence in the Chinese market driven by "old-for-new" subsidies [3][4] - Starting from December 2024, prices for certain large-size LCD TV products began to rise, with mainstream sizes experiencing price increases in January 2025 [3] - The industry operating rate is expected to remain above 80% in January 2025, reflecting a recovery in terminal demand [4] Group 3: Future Capital Expenditure and Strategic Focus - The company plans to consider repurchasing minority shareholder equity based on operational performance and cash flow [4] - Future capital expenditures will focus on semiconductor display business and strategic initiatives in IoT innovation, sensors, MLED, and smart medical engineering [5]

（住所：北京市朝阳区酒仙桥路 10 号） 可续期公司债券临时受托管理事务报告 债券受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 二〇二五年二月 1 京东方科技集团股份有限公司 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 TECHNOLO ...

| 证券代码：000725 | 证券简称：京东方 A | 公告编号：2025-008 | | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 B | 公告编号：2025-008 | | 债券代码：149861 | 债券简称：22BOEY1 | | 京东方科技集团股份有限公司 2022 年面向专业投资者公开发行 可续期公司债券（数字经济）（第一期） 不行使发行人续期选择权的公告 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。 特别提示： 根据《京东方科技集团股份有限公司 2022 年面向专业投资者公 开发行可续期公司债券（数字经济）（第一期）募集说明书》（以下 简称"《募集说明书》"）和《京东方科技集团股份有限公司 2022 年面向专业投资者公开发行可续期公司债券（数字经济）（第一期） 在深圳证券交易所上市的公告》（以下简称"《上市公告》"）有关 条款的规定，京东方科技集团股份有限公司 2022 年面向专业投资者 公开发行可续期公司债券（数字经济）（第一期）（简称"22BOEY1"、 "本期债券"、债券代码 149861）以 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is expected to achieve a significant year-on-year growth in net profit for 2024, with estimates ranging from 52 to 55 billion yuan, representing a growth of 104% to 116% [1] - The company's fourth-quarter performance is anticipated to show a substantial increase, driven by domestic replacement policies and overseas promotional activities, leading to a recovery in LCD TV panel prices and a notable rise in shipment volumes [1][2] - The company is focusing on enhancing the high-end proportion of its OLED products, with a projected shipment of approximately 140 million flexible AMOLED panels in 2024, and is actively expanding into mid-size applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 53.36 billion yuan for 2024, with a year-on-year growth of 109.5%, and expects revenues to grow by 19.5% to 208.6 billion yuan [4] - The company's revenue and net profit projections for 2025 and 2026 are also optimistic, with expected revenues of 225.9 billion yuan and 244.6 billion yuan, and net profits of 91.2 billion yuan and 125.9 billion yuan respectively [4][5] Market Dynamics - The LCD TV panel prices have stabilized and are expected to rise due to the domestic replacement policy, with a significant increase in demand anticipated in the second half of 2024 [2] - The company maintains a leading position in global shipments across various applications, including smartphones and large-sized TVs, with a focus on ultra-large size products [2] Product Development - The company is set to launch the world's first foldable product in 2024, with a 40% increase in overall shipments of foldable products [3] - The company is also targeting the automotive and IT sectors for its flexible AMOLED products, with a projected shipment of 1 billion units in the small and medium-sized OLED panel market by 2025 [3]

Financial Performance - In 2024, the company expects a net profit attributable to shareholders of between 5.2 billion and 5.5 billion CNY, doubling year-on-year [1] - The estimated net profit for Q4 2024 is approximately 1.9 billion to 2.2 billion CNY, showing significant year-on-year growth and nearly doubling quarter-on-quarter [1][2] Market Dynamics - The demand for LCD TV products surged due to the "old-for-new" policy in mainland China and promotional activities in overseas markets, leading to increased shipment volumes and a rise in product prices [2][3] - The LCD industry’s operating rate was above 80% in December 2024, recovering from a low in October [3] Product Development - The company shipped over 40 million flexible AMOLED panels in Q4 2024, with a significant improvement in product structure and a 40% increase in foldable product shipments [2][4][5] - In 2024, the total shipment of flexible AMOLED panels reached approximately 140 million, with a notable increase in high-end product ratios [4] Depreciation and Capital Expenditure - The overall depreciation in 2024 is expected to slightly increase due to new production lines and the expiration of mature lines [6] - Future capital expenditures will focus on semiconductor display business and strategic areas such as IoT innovation, MLED, and smart medical technology [7] New Business Initiatives - The company is actively developing perovskite solar cells, achieving a sample with an industry-leading conversion efficiency [8][9] - The "AI+" strategy has been launched to enhance production efficiency and innovation across various business areas [9] Shareholder Returns - From 2015 to 2023, the company has implemented cash dividends totaling over 20 billion CNY, maintaining a payout ratio of over 30% of net profit [10] - The company has repurchased shares amounting to over 4.6 billion CNY in A-shares and nearly 1 billion HKD in B-shares from 2020 to 2022 [10]

Group 1: Financial Performance - In 2024, the company expects a net profit attributable to shareholders of between 5.2 billion and 5.5 billion CNY, doubling year-on-year [1] - The estimated net profit for Q4 2024 is approximately 1.9 billion to 2.2 billion CNY, showing significant year-on-year growth and nearly doubling quarter-on-quarter [1] Group 2: Market Demand and Product Performance - The demand for LCD TV products surged due to the "old-for-new" policy in the mainland market and promotional activities in overseas markets, leading to increased shipment volumes and a rise in product prices [2][3] - In Q4 2024, the company shipped over 40 million flexible AMOLED panels, showing significant quarter-on-quarter growth and an improved product structure [2] Group 3: Industry Trends and Pricing - Global TV panel shipments and area are expected to grow in 2024, with a peak demand in Q2 driven by overseas sports events and a recovery in the mainland market in the second half of the year [3] - Starting December 2024, prices for some large-size LCD TV products began to rise, with mainstream sizes experiencing price increases in January 2025 [3] Group 4: Business Development and Future Plans - The company’s flexible AMOLED business saw a total shipment of approximately 140 million units in 2024, with a notable increase in high-end product share [4] - The 8.6-generation AMOLED production line project is expected to achieve mass production by the end of 2026, enhancing the company's competitiveness in the semiconductor display industry [5] Group 5: Depreciation and Financial Outlook - Overall depreciation is expected to slightly increase in 2024 due to new production lines, with minimal fluctuations anticipated in 2024 and 2025, followed by a potential decrease starting in 2026 [5]

Financial Performance - In 2024, the company expects a net profit attributable to shareholders of between 5.2 billion and 5.5 billion CNY, doubling year-on-year [1] - The estimated net profit for Q4 2024 is approximately 1.9 billion to 2.2 billion CNY, showing significant year-on-year growth and nearly doubling quarter-on-quarter [1][2] Market Dynamics - The demand for LCD TV products surged due to the "trade-in" policy in mainland China and promotional activities in overseas markets, leading to increased shipment volumes and stabilizing prices [2] - In Q4 2024, the company shipped over 40 million flexible AMOLED panels, showing significant quarter-on-quarter growth and continuous improvement in product structure [2] Industry Trends - Global TV panel shipments and area are expected to grow in 2024, with a peak demand in Q2 driven by overseas sports events and a resurgence in the mainland market in Q4 due to subsidies [3] - By December 2024, some large-size LCD TV product prices began to rise, with mainstream sizes experiencing price increases in January 2025 [3] Production and Depreciation - The overall depreciation for 2024 is expected to increase slightly due to new production lines and the expiration of mature line depreciation [6] - From 2024 to 2025, depreciation is anticipated to remain stable, with a potential decrease starting in 2026 [6] New Business Developments - The company is actively pursuing perovskite solar cell technology, achieving a sample with an industry-leading conversion efficiency in 2024 [7] - The "AI+" strategy has been launched to enhance production, product innovation, and management efficiency [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [12]. Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 5.2 billion to 5.5 billion yuan, representing a year-on-year growth of 104% to 116% [4][7]. - The demand stimulation from the "old-for-new" policy is anticipated to improve industry conditions, with the company maintaining its leading position in the semiconductor display sector [7][9]. - The report highlights a structural improvement in major application areas, particularly in the LCD segment, driven by a combination of supply-side production adjustments and demand-side policy incentives [7][9]. Financial Summary - The company’s projected financial performance for 2024 includes: - Revenue of approximately 202.1 billion yuan, a year-on-year increase of 15.8% [6]. - Net profit of 5.36 billion yuan, reflecting a year-on-year increase of 110.6% [6]. - Gross margin expected to rise to 16.4% [6]. - For 2025, the company is projected to achieve a net profit of 8.45 billion yuan, with a corresponding P/E ratio of 19.6 [9][10]. Market Position - The company continues to lead in global shipments across five major application areas, including smartphones, tablets, laptops, desktop monitors, and televisions [7][9]. - The report notes a significant increase in OLED shipments, with a focus on high-end products, and the company is expected to maintain its competitive edge in flexible AMOLED technology [7][9].

Financial Performance - The estimated net profit attributable to shareholders for 2024 is projected to be between CNY 5.2 billion and CNY 5.5 billion, representing a year-on-year growth of 104% to 116% compared to CNY 2.54744 billion in the previous year[2]. - The net profit after deducting non-recurring gains and losses is expected to be between CNY 3.5 billion and CNY 3.8 billion, a significant improvement from a loss of CNY 632.56 million in the same period last year[2]. - The basic earnings per share is forecasted to be between CNY 0.13 and CNY 0.15, up from CNY 0.06 in the previous year[2]. Market Position and Growth - The company maintained its leading position in the semiconductor display sector, achieving a doubling of operating performance despite a complex international environment and domestic economic challenges[5]. - In the LCD segment, the company experienced significant growth in television applications, with the Chinese market showing a recovery in the second half of the year and large-size products reaching new highs[5]. - The flexible AMOLED segment is expected to see an annual shipment of approximately 140 million units, with a 40% increase in overall shipments of foldable products[6]. Strategic Initiatives - The "Screen IoT" strategy has led to a doubling of revenue in the smart window business and continuous growth in the smart medical business[6]. - The "AI+" strategy has been officially launched, focusing on enhancing production, product innovation, and management through AI[7]. - The company emphasizes maximizing overall corporate value while implementing the "Screen IoT" strategic development system for high-quality growth[7]. Innovation and Technology - The company successfully produced the industry's first 2.4m×1.2m perovskite solar cell sample, achieving top-level conversion efficiency[7].