BOE(SZ:000725) Chang Jiang Shang Bao·2025-08-28 23:52Core Viewpoint - BOE Technology Group (京东方) continues to achieve significant growth driven by innovation, reporting over 100 billion yuan in revenue for the first half of 2025, marking a consistent performance since 2021 [1][2]. Financial Performance - In the first half of 2025, BOE achieved revenue of 101.28 billion yuan, a year-on-year increase of 8.45%, and a net profit of 3.25 billion yuan, up 42.15% [1][2]. - The company's R&D expenses reached 6.05 billion yuan, a 4.13% increase year-on-year, setting a historical high for the same period [4]. Business Segments - The display device business accounted for 83.27% of total revenue, with earnings of 84.33 billion yuan, while the IoT innovation business generated 18.19 billion yuan, representing 17.96% of total revenue [2]. - Other business segments included MLED with 4.35 billion yuan (4.29%) and sensing business with 224 million yuan (0.22%) [2]. Innovation and R&D - BOE has filed over 4,000 new patent applications in the first half of 2025, with more than 90% being invention patents and over 30% filed overseas [4]. - The company emphasizes its commitment to innovation, having been recognized in various global patent rankings and innovation lists [5]. Strategic Developments - BOE is expanding its global IoT ecosystem, with significant advancements in overseas markets, including the early production of its Vietnam smart terminal project [3]. - The establishment of the Yantai BOE Materials Research Institute marks a strategic move towards enhancing the supply of high-quality materials for semiconductor displays [6]. Industry Trends - The display industry is undergoing a rebalancing phase, shifting focus from scale and market share to high profitability, technology, and added value [6]. - LCD technology remains a mainstream application, while OLED is gaining traction in high-end segments, particularly in foldable screens and mid-size markets [7].