（住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 京东方科技集团股份有限公司 （住所：北京市朝阳区酒仙桥路 10 号） 2025 年面向专业投资者公开发行科技创新 公司债券（第三期）发行公告 牵头主承销商/簿记管理人/债券受托管理人 （住所：中国（上海）自由贸易 试验区浦明路 8 号） （住所：北京市西城区金融大街 5 号（新盛大厦）12、15 层） （住所：深圳市前海深港合作区 南山街道桂湾五路 128 号前海深 港基金小镇 B7 栋 401） （住所：北京市西城区武定侯街 6 号卓著中心 10 层） 签署日期： 年 月 日 1 发行人及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 重要提示 1、京东方科技集团股份有限公司（以下简称"发行人"或"公司"）面向 专业投资者发行面值不超过（含）100 亿元的公司债券（以下简称"本次债券"） 已于 2024 年 9 月 25 日获得中国证券监督管理委员会（以下简称"证监会"）注 册批复（证监许可〔2024〕1330 号文）。发行人批文有效期截止日为 2026 年 9 月 25 日，本期债券缴款结 ...

股票简称：京东方 A 股票代码：000725 股票简称：京东方 B 股票代码：200725 京东方科技集团股份有限公司 2025 年面向专业投资者公开发行科技创新公司 债券（第三期）募集说明书 | 注册金额 | 亿元 100 | | --- | --- | | 本期发行金额 | 不超过 10 亿元（含 10 亿元） | | 增信情况 | 无担保 | | 发行人主体信用等级 | AAA | | 牵头主承销商、簿记管理 人、受托管理人 | 中信建投证券股份有限公司 | | 联席主承销商 | 国联民生证券承销保荐有限公司 东兴证券股份有限公司 华泰联合证券有限责任公司 第一创业证券承销保荐有限责任公司 | 牵头主承销商/簿记管理人/受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 （住所：中国（上海） 自由贸易试验区浦明路 8 号） （住所：北京市西城区金 融大街 5 号（新盛大厦） 12、15 层） （住所：深圳市前海深 港合作区南山街道桂湾 五路 128 号前海深港基 金小镇 B7 栋 401） （住所：北京市西 城区武定侯街 6 号 卓著中心 10 层） 签署日期： 年 月 日 声明 ...

Market Overview - The Chinese foldable smartphone market showed a significant recovery in Q3 2025, with shipments reaching 2.63 million units, a year-on-year increase of 17.8% [1] - Cumulative shipments for the first three quarters of 2025 reached 7.62 million units, reflecting a year-on-year growth of 14.3%, with Huawei holding nearly 70% market share [1] - The market had previously experienced a decline in growth rates starting from Q3 2024, but rebounded in Q1 2025 with a 49.3% year-on-year increase [1] Industry Trends - The foldable smartphone market is expected to approach 10 million units in shipments by 2025, driven by technological advancements that have resolved previous limitations such as weight and structural reliability [2] - The differentiation of foldable smartphones through innovative designs and customized display ratios is helping to overcome market homogenization, creating a dual-driven model of "technology iteration + form innovation" [2] - The industry is transitioning from stock competition to innovation-driven growth, with foldable smartphones becoming a key segment in the high-end smartphone market [2] Product Development Focus - Future competition will focus on enhancing overall product experience, including achieving a lightweight design while improving reliability and functionality [3] - The importance of software and hardware collaboration, as well as ecosystem development, is increasing, with a focus on AI capabilities to enhance user interaction and practical value [3] Company Activities - Companies like LianDe Equipment are actively investing in the foldable screen sector, collaborating with Huawei on screen manufacturing and assembly equipment [4] - Changxin Technology is leveraging its strong technology reserves in the UTG field to provide products to major clients like Honor and OPPO, focusing on joint R&D in cutting-edge technology [4] - BOE Technology has been promoting its flexible AMOLED solutions for three-fold products for several years, continuing to push new technologies into product applications [5]

Core Viewpoint - The strategic investment by Sichuan Manufacturing Collaborative Development Fund in Suzhou Keyun Laser Technology Co., Ltd. aims to support the company's relocation to Danling, Sichuan, and the establishment of a laser industry technology research center and production line [1]. Group 1: Company Overview - Suzhou Keyun Laser was founded in 2018 and focuses on precision laser micro-nano processing automation equipment for the display, new energy, semiconductor, and 3C industry chains [1]. - The main products include laser repair equipment, laser cutting equipment, and LED equipment, applicable in LCD, OLED, and Mini LED fields [1]. Group 2: Financing and Investment - As of now, Keyun Laser has completed 9 rounds of financing, with participation from investment institutions such as TCL Capital and Xiaomi Industrial Investment [4]. - The recent investment will facilitate the company's strategic growth and technological advancements in the laser industry [1]. Group 3: Product Development - By July 2025, Keyun Laser's domestically produced G11 ultra-large size display panel laser graphic equipment has been shipped to leading domestic display panel manufacturers [4]. - This equipment is primarily used for laser precision graphic scribing of the film layer on G11 generation display panel glass substrates, previously supplied by Japanese and Korean manufacturers [4]. - The equipment features a footprint of over 30 square meters, weighs over 40 tons, and employs a large-size high-precision integrated gantry structure with a span exceeding 5 meters, achieving a repeat positioning accuracy of ±1 micron [4]. Group 4: Market Engagement - Keyun Laser's equipment has recently won bids for several significant projects, including BOE's silicon-based micro-display project and technology upgrades for BOE's Hefei 8.5 generation line, as well as projects for Shenzhen Huaxing and Huaxing Optoelectronics [4].

Core Viewpoint - Suzhou BOE Sensor Technology Co., Ltd. has completed its Series A financing, with funds aimed at enhancing technology research and development, increasing production capacity, and expanding market reach, thereby strengthening its competitiveness in the sensor field [1]. Group 1: Financing Details - The financing round was led by Qingdao Yingshan Venture Capital Partnership, Suzhou Trend No.1 Venture Capital Partnership, and Suzhou Trend Phase II Venture Capital Partnership [1]. - The company plans to raise up to 80 million yuan, corresponding to a shareholding ratio of no more than 21.1% [1]. - Following the financing, the registered capital of Suzhou BOE Sensor increased from 120 million yuan to 152 million yuan [2]. Group 2: Shareholding Structure - After the financing, Beijing BOE Sensor's shareholding decreased from 66.67% to 52.63%, while Suzhou Yaguan Optoelectronics' stake fell from 33.33% to 26.32% [2]. - The new investors hold shares as follows: Qingdao Yingshan Venture Capital at 10.53%, Suzhou Trend No.1 at 5.26%, and Suzhou Trend Phase II at 5.26% [2]. Group 3: Company Overview - Suzhou BOE Sensor was established on June 9, 2022, and its main business includes IoT technology services, industrial design services, integrated circuit chip manufacturing, and communication equipment manufacturing [3]. - The actual controller of Suzhou BOE Sensor is BOE Technology Group, which holds full ownership of Beijing BOE Sensor [4]. Group 4: Financial Performance - From 2022 to 2024, Suzhou BOE Sensor reported revenues of 31.92 million yuan, 126 million yuan, and 84.03 million yuan, with net losses of 9.12 million yuan, 39.51 million yuan, and 57.80 million yuan respectively [4].

Core Viewpoint - The article emphasizes the investment potential in the electronic materials sector, particularly focusing on storage chips and semiconductor materials, highlighting the growth opportunities from major clients in the industry [1] Group 1: Industry Insights - The electronic materials sector is experiencing increased demand for storage materials, driven by key players such as SK Hynix, Longsys, and Changxin [1] - The company has successfully developed multiple major clients through the acquisition of a wet chemical enterprise, indicating a strategic move to enhance its market position [1] - The supply of photoresists to leading display panel manufacturers like BOE and LG Display positions the company favorably within the supply chain [1] Group 2: Business Developments - The establishment of a new subsidiary to expand the fluorinated gas business reflects the company's strategy to diversify its product offerings and tap into new markets [1] - The overall growth in electronic materials sales is expected to benefit the company significantly, as it aligns with the increasing demand for storage materials [1]

Group 1: Apple and iPhone Air - Apple has decided to postpone the release of the next-generation iPhone Air due to poor sales performance since its launch in September 2025, with no new timeline provided for its release [5][6] - The iPhone Air, which features a slim design with a thickness of only 5.6mm, compromises on battery capacity and camera configuration, offering only a single rear camera at a price of $999 [5] - The iPhone 17 Pro offers a better value proposition with a triple-camera system and longer battery life, highlighting the challenges Apple faces in positioning a fourth model beyond the standard and Pro series [5] Group 2: NAND Flash Market - SanDisk has announced a 50% increase in NAND flash contract prices due to supply constraints, with expectations of a continued upward trend in the market [21] - The NAND flash market is experiencing a supply-demand imbalance, which is anticipated to persist until at least the end of 2026 [21] Group 3: AI and Business Trends - According to McKinsey's report, 88% of companies have adopted AI, but only 39% have seen an increase in earnings before interest and taxes (EBIT), indicating a gap between efficiency gains and profitability [45][46] - High-performing companies are more likely to benefit from AI, with 50% planning transformative changes driven by AI, compared to only 14% of average companies [46] - The demand for AI-related roles is increasing, while traditional roles face replacement pressures, with 32% of companies expecting a decrease in total workforce in the next year [46] Group 4: Robotics and AI Developments - The first international robot debate competition concluded with Songyan Power winning the championship, showcasing the potential of robots in both physical and intellectual domains [34] - A new AI framework called "Cambrian-S" has been proposed by researchers to enhance spatial perception and long-term memory in AI systems, indicating a shift towards more advanced AI capabilities [40]

Core Insights - The research team led by researcher You Jingbi from the Institute of Semiconductor Research, Chinese Academy of Sciences, has made significant progress in perovskite solar cells, achieving a power conversion efficiency of 27.2% for prototype devices and enhancing operational stability, laying a crucial foundation for the industrialization of perovskite solar cells [1] Group 1: Investment Opportunities - Seven perovskite battery stocks have recorded net financing purchases exceeding 100 million yuan since the fourth quarter of 2025, with Longi Green Energy, Canadian Solar, BOE Technology Group, and Tongwei Co., Ltd. leading the list with amounts of 909 million yuan, 887 million yuan, 786 million yuan, and 766 million yuan respectively [1] - Thirteen perovskite battery stocks reported net profits exceeding 10 million yuan in the first three quarters of 2025, with stable year-on-year growth, including Jiepu Technology, Xian Dao Intelligent, and Weidao Nano, which saw profit increases of 97.3%, 94.97%, and 64.84% respectively [1]

Core Insights - The perovskite solar cell industry is experiencing significant advancements, with a prototype achieving a power conversion efficiency of 27.2% and improved operational stability, laying a crucial foundation for industrial development [3][4]. Perovskite Solar Cell Developments - A research team from the Chinese Academy of Sciences has developed a perovskite solar cell prototype with a power conversion efficiency of 27.2%, significantly enhancing its operational stability [3]. - The quality of the perovskite film has improved, with carrier lifetime extended to 20 microseconds and a substantial reduction in interface defect density [3]. - The solar cell maintained 86.3% of its initial efficiency after 1529 hours of continuous operation and 82.8% after 1000 hours under accelerated aging conditions at 85°C [3]. Industry Milestones - GCL-Poly's GW-level perovskite production line has achieved a historic milestone with the first large-sized commercial perovskite module being produced [3]. - The domestic production rate of TCO conductive film glass has surpassed 95%, enhancing supply chain security [3]. Market Trends and Investment Opportunities - The perovskite sector is witnessing a robust trend of "technological breakthroughs, industrial implementation, and supply chain localization," focusing on three main areas: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from GW-level perovskite layouts [4]. Stock Performance and Financing - A total of seven perovskite battery stocks have seen net financing purchases exceeding 100 million yuan since Q4 2025, with Longi Green Energy and Aiko Solar leading the list [6]. - Longi Green Energy reported a revenue of 50.915 billion yuan for the first three quarters, a year-on-year decrease of 13.10%, while its net profit was a loss of 3.403 billion yuan, showing a reduction in losses compared to the previous year [9]. - Tongwei Co. achieved a revenue of 64.6 billion yuan, down 5.38% year-on-year, with a net loss of 5.27 billion yuan, also showing a reduction in losses [9]. Companies with Stable Growth - Thirteen perovskite battery stocks reported net profits exceeding 100 million yuan with stable growth, including Jietu, Xian Dao Intelligent, and Weidao Nano, with profit growth rates of 97.3%, 94.97%, and 64.84% respectively [10]. - Jietu achieved a revenue of 1.509 billion yuan, a year-on-year increase of 41.02%, while Xian Dao Intelligent reported a revenue of 10.439 billion yuan, up 14.56% year-on-year [10].

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. (京东方Ａ) has filed an international patent application for a "Data Monitoring Processing Method, Device, Electronic Equipment, and Storage Medium" with the application number PCT/CN2025/080745, which is set to be published internationally on November 6, 2025 [1] Group 2 - In 2023, BOE Technology has announced a total of 901 international patent applications, representing a 5.63% increase compared to the same period last year [4] - The company invested 6.046 billion yuan in research and development in the first half of 2023, which is a year-on-year increase of 4.13% [4]