Core Viewpoint - The report outlines the management and performance of the perpetual corporate bonds issued by BOE Technology Group Co., Ltd., highlighting the company's financial stability, operational achievements, and strategic initiatives in the display and IoT sectors. Group 1: Company Overview - BOE Technology Group Co., Ltd. is a leading global enterprise in the semiconductor display field and an innovative company in the IoT sector, focusing on smart port products and professional services for information interaction and human health [10]. - The company has a registered capital of 37,645,016,203 RMB and is headquartered in Beijing, China [10]. Group 2: Financial Performance - For the fiscal year 2024, the company reported a total revenue of 19,838,060.57 million RMB, representing a 13.66% increase from 2023 [19]. - The net profit for 2024 reached 414,527.39 million RMB, a significant increase of 1020.73% compared to the previous year [19]. - The total assets as of December 31, 2024, amounted to 42,997,822.15 million RMB, reflecting a 2.57% growth from the previous year [18]. Group 3: Operational Achievements - The company maintained its leading position in the LCD market, with a steady global shipment volume, and achieved significant growth in flexible OLED shipments, with a 40% increase in foldable product shipments [11][12]. - Major projects, including the domestic first 8.6-generation AMOLED production line, have progressed smoothly, enhancing the company's competitive advantage in the semiconductor display sector [11]. Group 4: Strategic Initiatives - The company has proposed a "Screen IoT" development strategy to leverage its core advantages in display technology, aiming to integrate more functionalities and applications into its products [10]. - The company is actively expanding its market influence and enhancing its product offerings in various segments, including smart terminals and IoT applications, to support the digital transformation of industries [16]. Group 5: Debt Management and Creditworthiness - The company has successfully completed the principal and interest payments for its bonds, maintaining a credit rating of AAA, which reflects its strong financial health and operational stability [24][23]. - The management of the bonds is conducted by CITIC Securities, which ensures compliance with relevant regulations and protects the rights of bondholders [8].

Core Viewpoint - The credit rating agency maintains the long-term credit rating of BOE Technology Group Co., Ltd. at AAA, with a stable outlook, reflecting the company's strong market position and financial health [1][5]. Company Overview - BOE Technology Group, originally established as Beijing Oriental Electronics Group Co., Ltd., has evolved into a leading player in the global semiconductor display industry, with a significant market share and a robust financial structure [10][16]. - As of the end of 2024, the company reported total assets of CNY 429.98 billion and equity of CNY 204.55 billion, with a revenue of CNY 198.38 billion and a profit of CNY 5.09 billion [10][25]. Financial Performance - The company experienced a revenue increase of 10.27% in 2024, with total revenue reaching CNY 198.38 billion, and a profit increase of 269.89% to CNY 2.35 billion [25]. - The operating cash flow for 2024 was CNY 47.74 billion, indicating strong cash generation capabilities [9][25]. Industry Analysis - The semiconductor display industry is showing signs of recovery after a downturn, with a projected growth in global TFT-LCD and AMOLED panel capacity by 2.5% in 2024 [12][14]. - The demand for large-sized displays is increasing, with the average size of liquid crystal television panels rising to 49.6 inches in 2024 [12][14]. Competitive Position - BOE Technology Group holds a leading position in the global semiconductor display market, ranking first in shipment volume and area for major applications such as smartphones, tablets, and televisions in 2024 [7][17]. - The company is also a significant player in the flexible OLED market, with a shipment of approximately 140 million units, ranking second globally [7][17]. Research and Development - The company invested CNY 13.205 billion in R&D in 2024, accounting for 6.66% of its total revenue, and holds over 100,000 patent applications globally [19][20]. - BOE has been recognized as a leader in technology innovation, consistently ranking among the top in patent grants in the United States [19][20]. Future Outlook - The semiconductor display industry is expected to continue growing, driven by technological innovations and the expansion of application scenarios, with BOE's ongoing projects enhancing its competitiveness in the AMOLED sector [6][15]. - The company aims to strengthen its core competencies and expand its business ecosystem through strategic investments in IoT, sensing, MLED, and smart medical engineering [28].

Core Viewpoint - The event showcased the rapid growth of the esports market and highlighted BOE's commitment to enhancing the gaming experience through innovative display technologies [1][3][8] Group 1: Event Overview - The 2025 Nuclear Fusion Gaming Carnival was held at the Shougang International Exhibition Center, coinciding with the second anniversary of the "Best of Esports" alliance [1] - BOE launched the "Screen Power, Together Alliance" esports carnival, presenting advanced esports display technologies [1][4] - The event featured the unveiling of the world's first native hardware circular polarized light eye protection technology and the ADS Pro+Mini LED series [1][4] Group 2: Technological Innovations - The new generation circular polarized technology reduces directional light stimulation to the eye, providing a healthier viewing experience [4] - The ADS Pro+Mini LED solution integrates wide viewing angles and high refresh rates, offering picture quality comparable to OLED [4] - Enhanced refresh rates and dynamic black insertion significantly improve clarity in fast-moving scenes, setting a new performance benchmark for esports displays [4] Group 3: Ecosystem Development - The event saw the addition of new members to the "Best of Esports" alliance, including major brands like iQOO and Philips, expanding the ecosystem [5][6] - The alliance aims to create a comprehensive esports experience covering visual, auditory, and tactile senses [6] - BOE's strategy aligns with the growing demand for immersive experiences among Generation Z, positioning the company for differentiated competition in the display industry [8]

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-055 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-055 | 京东方科技集团股份有限公司 关于首次回购公司部分社会公众股份 暨回购股份进展公告 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。 现将公司回购股份情况公告如下： 公司于 2025 年 6 月 30 日首次通过回购专用证券账户，以集中竞 价方式实施回购公司股份，回购 A 股数量为 20,583,000 股，占公司 A 股的比例约为 0.056%，占公司总股本的比例约为 0.055%，本次回购 最高成交价为 4.02 元/股，最低成交价为 3.99 元/股，支付总金额为 82,375,331 元（不含交易费用）。本次回购符合相关法律法规的要求， 符合公司既定的回购方案。 二、其他说明 京东方科技集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 18 日、2025 年 5 月 23 日召开第十一届董事会第四次会议和 ...

京东方A公告，公司于2025年6月30日首次通过回购专用证券账户，以集中竞价方式实施回购公司股 份，回购A股数量为2058.3万股，占公司A股的比例约为0.056%，占公司总股本的比例约为0.055%，本 次回购最高成交价为4.02元/股，最低成交价为3.99元/股，支付总金额为8237.53万元(不含交易费用)。 ...

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》（以下简称《管理办法》）、《公 司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《公司信用类债 券信息披露管理办法》《证券交易所公司债券上市规则》（以下简称"上市规则"） 或《证券交易所公司债券挂牌转让规则》（以下简称"挂牌转让规则"）、京东方 科技集团股份有限公司（以下简称"发行人"或"公司"）与中信建投证券股份 有限公司（以下简称"中信建投证券"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"）、相关信息披露文件以及发行人提供的资 料等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用的财务 数据，引自经毕马威华振会计师事务所（特殊普通合伙）审计的 2024 年度审计 报告。本报告其他内容及信息均来源于发行人提供的资料或说明，请投资人关注 并独立做出投资判断。 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证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 ...

京东方科技集团股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕4433 号 联合资信评估股份有限公司通过对京东方科技集团股份有限公 司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持京 东方科技集团股份有限公司主体长期信用等级为 AAA，维持"25 京 东方集 MTN001（科创票据）"和"25 京东方集 MTN002（科创债）" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 二〇二五年六月二十七日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受京东方科技集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公 ...

Group 1 - The core point of the article is that Lian De Equipment has won a bid for the BOE's 8.6-generation AMOLED production line project with a total bid amount of 157 million yuan [1] Group 2 - The winning bid confirms Lian De Equipment's position in the AMOLED production line sector, which is a significant area of growth in the display technology industry [1] - The project is expected to enhance Lian De Equipment's revenue and market presence in the competitive AMOLED manufacturing landscape [1]

Investment Rating - The report maintains an "Outperform" rating for the LCD industry [2] Core Viewpoints - BOE plans to acquire a 30% stake in Rainbow Optoelectronics, which is expected to optimize the competitive landscape of the panel industry [4][6] - The average gross margin of major Chinese LCD manufacturers increased by 1.81 percentage points year-on-year and 3.60 percentage points quarter-on-quarter to 14.89% in Q1 2025 [5] - The report indicates a downward trend in TV panel prices, with expectations of further declines in July [6][22] - The global large-size LCD panel shipment area decreased by 6.08% year-on-year in May 2025, with specific declines in TV and monitor shipments [9][32] Market Performance - From May 2025 to the present, the panel index has risen by 3.54%, outperforming major stock indices [8][15] - As of June 23, 2025, the total market capitalization of the A-share panel industry was 513.69 billion yuan, with an overall price-to-book ratio of 1.49x, at the 57.3 percentile of the past five years [15][20] Price & Cost - In June 2025, the prices of various sizes of LCD TV panels decreased, with a forecasted further decline in July [6][22] - The prices for IT panels remained stable across different sizes in June 2025 [7][22] Supply & Demand - The report forecasts a 2.31% increase in global large-size LCD capacity in 2024 compared to 2023, with a slight growth of 0.21% expected in 2025 [9][26] - The demand for large-size LCD panels is projected to decline, particularly in the TV segment, which saw an 8.01% year-on-year decrease in shipment area in May 2025 [9][32] Performance Review - In May 2025, global large-size LCD panel revenue was $6.195 billion, reflecting a year-on-year decline of 10.72% [57] - Major manufacturers' revenues showed varied performance, with BOE's revenue at $1.78 billion, down 12.92% year-on-year [60]

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]