京东方：上半年合肥G8.5代线净利润同比增长82%

Core Viewpoint - BOE's revenue and net profit for the first half of the year have increased year-on-year, with significant improvements in operational efficiency for certain production lines, particularly in Hefei and Chongqing [2]. Group 1: Financial Performance - In the first half of the year, BOE's operating revenue and net profit attributable to shareholders have shown year-on-year growth [2]. - The net profit for the Hefei G8.5 line increased by 82%, while the Chongqing G8.5 line saw a 33% increase [2]. Group 2: LCD and OLED Business - The LCD revenue proportion increased from 73% in 2024 to 76% in 2025, driven by national subsidy policies and demand shifts, with IT products being the largest category [2]. - BOE shipped over 71 million OLED products in the first half of the year, marking a 7.5% year-on-year growth [2]. Group 3: Technology and Production Lines - The chairman of BOE, Chen Yanshun, discussed the trends in OLED technology, noting that the 6th generation lines predominantly use LTPO+LTPS processes, while the 8.x generation lines show some divergence [4]. - The 8.6 generation OLED production line is expected to produce products by October 2026, primarily targeting medium-sized panels while being compatible with smaller sizes [4]. Group 4: Capital Expenditure and Depreciation - The CFO of BOE, Yang Xiaoping, indicated that there will be no significant capital expenditure in the LCD sector, and limited expansion in OLED production is anticipated [7]. - The depreciation related to LCD is nearing completion, with a peak expected in 2025, after which depreciation will significantly decrease [7].