京东方Ａ：未来资本开支整体呈下降趋势

Core Viewpoint - BOE Technology Group (京东方Ａ) indicates a declining trend in overall capital expenditures, with 2025 expected to be a peak year due to significant investments in the Chengdu 8.6 generation OLED production line project [1] Capital Expenditure Summary - 2025 is projected to have the highest capital expenditure primarily driven by the Chengdu 8.6 generation OLED production line investments [1] - In 2026, there will still be some capital expenditures mainly for subsequent equipment procurement [1] - Starting from 2027, capital expenditures are expected to decline significantly as mass production is completed and no new production line investment plans are in place [1] Future Spending Areas - Future expenditures will mainly consist of maintenance costs and investments in innovative fields such as perovskite and glass-based packaging substrates [1] - The funding requirements for these innovative areas are significantly lower than those for panel production line construction [1]