BOE(SZ:000725) Sou Hu Cai Jing·2025-07-30 00:11Core Viewpoint - The interview with BOE's Chairman Chen Yanshun highlights the company's strategic layout, technological breakthroughs, and future plans in the global display industry, emphasizing the potential of screens in various applications [1][3]. Group 1: Strategic Layout and Core Competencies - BOE's strategy, termed "Screen IoT," focuses on leveraging three core competencies: semiconductor display technology, glass-based processing capabilities, and large-scale integrated intelligent manufacturing [5][6]. - The company aims to expand the functionalities and forms of screens, integrating them into various industries to enhance their value [5][6]. Group 2: Market Trends and Industry Dynamics - The display industry is entering a rebalancing phase, characterized by a shift from competition based on scale and market share to competition based on high profitability, advanced technology, and added value [4][5]. - LCD technology remains the mainstream in the medium to long term, with a notable trend towards larger TV sizes and high-resolution products, while OLED technology is gaining traction in high-end segments [5][6]. Group 3: Innovation and R&D Investment - Innovation is central to BOE's strategy, with approximately 7% of annual revenue allocated to R&D, resulting in over 100,000 patent applications [9][10]. - The company is focused on breakthroughs across the entire value chain, including technology, materials, processes, and applications, with recent advancements in AMQLED quantum dot displays and low-power display technologies [9][10]. Group 4: Capital Operations and Global Expansion - BOE has engaged in significant capital operations, including acquisitions and investments to enhance its industrial layout and resource allocation [7][8]. - The company has established a global business network, with marketing platforms in six regions and production bases in Mexico and Vietnam to improve service efficiency [7][8]. Group 5: Shareholder Value and Future Commitments - BOE is transitioning its capital strategy from scale expansion to creating shareholder value, committing to a comprehensive shareholder return plan that includes cash dividends and share buybacks [9][10]. - The company has already executed share buybacks worth approximately 1 billion yuan and plans to maintain a minimum annual cash dividend of 35% of net profit [9][10].