BOE(SZ:000725)2024-04-01 16:00Financial Performance - In 2023, the net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 71.74% year-on-year, laying a solid foundation for high-quality development [3]. - BOE reported a revenue of CNY 150 billion for 2023, representing a year-on-year increase of 15% [16]. - The company achieved a net profit of CNY 20 billion, up 10% compared to the previous year [16]. - The company's operating revenue for 2023 was ¥174,543,445,895, a decrease of 2.17% compared to ¥178,413,731,179 in 2022 [21]. - The net profit attributable to shareholders for 2023 was ¥2,547,435,360, representing a significant decline of 66.22% from ¥7,550,877,790 in 2022 [21]. - The net cash flow from operating activities for 2023 was ¥38,301,826,884, down 10.97% from ¥43,021,967,305 in 2022 [21]. - Basic and diluted earnings per share for 2023 were both ¥0.06, a decrease of 68.42% from ¥0.19 in 2022 [21]. - The company reported a total revenue of approximately 3.18 billion, a decrease from 9.78 billion in the previous period, indicating a significant decline in performance [28]. - The total operating revenue for the company was CNY 174.54 billion, a decrease of 2.17% compared to the previous year [51]. Market Position and Product Development - The total shipment of LCD products and five major mainstream product areas maintained the global number one position, with flexible OLED shipments reaching nearly 120 million pieces, setting a new annual record [4]. - The company has established the first 8.6-generation AMOLED production line in China, further ensuring its technological leadership [4]. - The company achieved revenue of approximately 147.05 billion CNY in the display device segment, maintaining its global leadership in LCD mainstream applications [44]. - The company ranked first globally in the shipment of ultra-large size (≥85 inches) products and achieved nearly 120 million shipments of flexible AMOLED products, significantly increasing year-on-year [39]. - The company has launched a new line of smart displays, which are expected to contribute an additional CNY 10 billion in revenue next year [16]. - The company is focusing on four main strategic areas: IoT innovation, sensing technology, MLED, and smart healthcare, to drive its transformation in the IoT era [31]. - The company has launched new products including cloud smart splicing and smart all-in-one machines, enhancing its market influence [46]. Research and Development - The company has applied for over 90,000 patents cumulatively, with more than 90% of new patent applications in 2023 being invention patents, and it ranked among the top 20 in the global patent authorization list for six consecutive years [5]. - BOE is investing CNY 5 billion in R&D for new display technologies, including OLED and Mini LED [16]. - The company has implemented a digital transformation project management system 2.0, focusing on enhancing operational efficiency through digitalization [42]. - The company has achieved mass production of a 20×30 large-size under-screen ultrasonic fingerprint recognition module, integrating pressure-sensitive functionality [68]. - The company has developed high-end gaming laptop specifications with ultra-high partitioning, brightness, and contrast, certified by VESA HDR1000 [68]. - The company has made breakthroughs in Mini/Micro LED display technology, establishing a technical barrier for future product development [68]. Sustainability and Environmental Initiatives - The company aims to achieve carbon neutrality in its display business operations by 2050, as part of its commitment to sustainable development [8]. - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025 [16]. - The company has committed to achieving carbon peak and carbon neutrality goals, with a focus on "comprehensive coordination, continuous carbon reduction, value extension, and green development" as part of its carbon emission management strategy [165]. - The company has joined the Science Based Targets initiative (SBTi), becoming the first semiconductor display panel manufacturer in mainland China to commit to limiting global temperature rise to below 1.5°C [165]. - The company has successfully implemented its stock option and restricted stock incentive plan, aligning management performance with long-term goals [150]. Corporate Governance and Investor Relations - The company has achieved a continuous A-level rating for information disclosure from the Shenzhen Stock Exchange for eight consecutive years, adhering to principles of transparency and accuracy [104]. - The company emphasizes compliance and high-quality corporate governance, revising ten governance documents to align with new regulations [103]. - The company has established a dedicated investor relations team to enhance communication with institutional investors and ensure compliance and fairness in investor relations activities [108]. - The company has engaged with 185 institutions during its earnings calls, indicating strong investor relations efforts [101]. - The company reported a total remuneration for directors, supervisors, and senior management during the reporting period amounted to RMB 54.0365 million (pre-tax) [130]. Strategic Growth and Market Expansion - The company aims to enter new markets in Southeast Asia and Europe, targeting a 25% market share in these regions by 2025 [16]. - The company is exploring strategic acquisitions to enhance its technology portfolio and market presence [16]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its capabilities [116]. - The company plans to continue expanding its market presence and is focusing on new product development and technological advancements [116]. - The company has set ambitious performance guidance for the upcoming fiscal year, aiming for continued revenue growth [127]. Employee Development and Training - The total number of employees at the end of the reporting period is 90,563, with 57,237 from major subsidiaries and 2,592 from the parent company [140]. - The company has a total of 33,000 training hours and over 40,000 participants in training programs throughout the year [143]. - The company emphasizes the importance of training and development in its talent cultivation strategy, aiming to enhance intellectual capital [143]. - The company has established a compensation system linked to employee positions, performance, and capabilities, ensuring external competitiveness and internal fairness [141]. Financial Management and Investments - The company has committed to invest CNY 300,000,000 to repay loans from Fuzhou Urban Investment Group, with 100% of the funds utilized [86]. - The company has a project for a new generation of semiconductor display device production line with a commitment of CNY 100,000,000, fully utilized [86]. - The company reported a significant asset impairment loss of ¥2,406,230,634, which accounted for -131.27% of total profit, mainly due to inventory write-downs based on market conditions [73]. - The company has not engaged in any asset or equity acquisition or sale transactions during the reporting period [184]. Legal and Compliance Matters - The company reported ongoing litigation with a total amount involved of 487.72 million yuan, but it did not form any expected liabilities [181]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [166]. - The company has not faced any bankruptcy reorganization matters during the reporting period [180].