Core Viewpoint - BOE Technology Group announced that its LCD production lines have transitioned from a phase of rapid expansion to a mature stage, with future capital expenditures focusing on strategic planning and core business areas [1] Group 1: Capital Expenditure Strategy - Future capital expenditures will primarily revolve around the semiconductor display business, aligning with the company's "Screen IoT" strategy [1] - The company aims to extend its value chain and core capabilities by investing in four high-potential areas: IoT innovation, sensing technology, MicroLED (MLED), and smart medical engineering [1] - Specific capital expenditure directions include new projects, payments for completed projects, and maintenance of existing production lines [1]

Group 1: LCD Market Trends - The industry is adopting a "demand-driven production" strategy, adjusting production rates based on market demand [1] - In Q1, strong export demand and "trade-in" policies led to high demand, resulting in price increases for mainstream LCD TV panel sizes [1] - By Q2, changes in the international trade environment caused a decrease in panel procurement demand, prompting quick adjustments in production rates [1] - Since Q3, inventory destocking has ended, leading to a gradual recovery in panel stocking demand, although some LCD TV panel prices have slightly decreased [2] Group 2: Flexible AMOLED Business Progress - The company has established a competitive position in the flexible AMOLED market, covering major smartphone brands and expanding into automotive and IT applications [3] - In the first half of 2025, the company shipped over 71 million AMOLED panels, a 7.5% year-on-year increase, maintaining the top position in China and second globally [3] - Despite market competition and short-term depreciation pressures, the company's profitability needs improvement [3] Group 3: Future Industry Trends - The display industry is entering a rebalancing phase, shifting focus from scale and market share to high profitability, technology, and added value [4] - LCD technology will remain a mainstream application, with ongoing demand for larger TV sizes and high-resolution products [4] - OLED technology is also expanding, particularly in the IT and automotive sectors, with increasing LTPO shipments [4] Group 4: Depreciation Trends - All 8.5-generation production lines have completed depreciation, while several AMOLED production lines have been finalized [5] - Depreciation is expected to peak in 2025 as new projects are finalized and mature production lines depreciate [5] - The company aims to optimize product line positioning to enhance operational efficiency and profitability [5] Group 5: Future Capital Expenditure - The company is transitioning from rapid expansion to a mature phase in LCD production, focusing capital expenditures on strategic planning [6] - Future investments will center on semiconductor display business and innovative applications in IoT, sensors, MLED, and smart medical engineering [6] Group 6: Shareholder Return Plan - The company plans to distribute at least 35% of the annual net profit to shareholders in cash from 2025 to 2027 [7] - A minimum of RMB 1.5 billion will be allocated for share buybacks annually, with additional plans for mid-term profit distribution [7] - The return plan reflects a comprehensive analysis of operational conditions, industry status, and shareholder interests, aiming for sustainable growth and shared benefits [8]

Core Viewpoint - BOE Technology Group announced on September 29 that its LCD production lines have transitioned from a phase of rapid expansion to a mature stage, with future capital expenditures aligning with the company's strategic planning [1] Group 1: Strategic Focus - The company is committed to its "Screen IoT" strategy, focusing on its core business and directing capital expenditures primarily towards semiconductor display operations [1] - The company aims to extend its value chain and core capabilities by investing in four high-potential areas: IoT innovation, sensing technology, MicroLED (MLED), and smart medical engineering [1] Group 2: Capital Expenditure Direction - Future capital expenditures will include new projects, payments for existing projects, and maintenance of current production lines [1]

Group 1: Market Trends and Product Pricing - The industry is adopting a "demand-driven production" strategy, adjusting production rates based on market demand changes [1] - In Q1 2025, due to high export demand and "trade-in" policies, the overall terminal demand was strong, leading to a price increase for mainstream LCD TV panel sizes [1] - In Q2 2025, panel procurement demand decreased due to changes in the international trade environment, prompting companies to quickly adjust production rates [1] - By Q3 2025, as inventory reduction trends ended, panel stocking demand gradually recovered, although some LCD TV panel prices experienced slight declines [2] Group 2: AMOLED Business Development - The company has established a strong capacity and technical advantage in the flexible AMOLED sector, covering major top smartphone brands and expanding into automotive and IT applications [3] - In H1 2025, the company shipped over 71 million AMOLED panels, a 7.5% year-on-year increase, maintaining the top position in China and second globally [3] - The revenue structure for display devices in H1 2025 was as follows: TV 27%, IT 37%, LCD mobile and others 12%, OLED 24% [4] Group 3: Future Industry Trends - The display industry is entering a rebalancing phase, shifting from a focus on scale and market share to high profitability, technology, and added value [7] - LCD technology will remain the mainstream application in the medium to long term, with ongoing demand optimization and a trend towards larger TV sizes [7] - The penetration of flexible AMOLED products in high-end IT applications is expected to increase, with the company investing in an 8.6-generation AMOLED production line to meet this demand [5][6] Group 4: Financial Outlook and Shareholder Returns - The company plans to allocate at least 35% of its net profit to cash dividends annually from 2025 to 2027, with a minimum of RMB 1.5 billion for share buybacks [10] - The company has completed a stock buyback worth nearly RMB 1 billion and is progressing with its A-share repurchase plan to enhance shareholder returns [11] - The depreciation of production lines is expected to peak in 2025, with ongoing efforts to optimize product line positioning and improve operational efficiency [8]

转自：新华财经 由京东方自制的技术科普综艺节目《BOE解忧实验室》第四季日前正式收官。作为中国科技企业首档技 术科普综艺，本季节目立足技术创新与文化传承的交汇点，创新采用"中国地标+科技大事件"模式，携 手北京广播电视台及多位明星大咖，走进居庸关长城、北京中轴线、故宫博物院、天坛等文化地标，以 沉浸式、场景化的表现形式，生动诠释京东方在LCD、OLED、车载、数字艺术前沿科技如何赋能美好 生活。节目播出后反响热烈，全平台累计曝光量突破4.79亿次，成为科技企业以大众科普方式深化品牌 价值传播的标杆案例。 据介绍，《BOE解忧实验室》自诞生以来便以"科技+人文"的独特基因持续破圈。本季节目匠心独具地 以"地标为卷、技术为笔"的叙事策略，让前沿科技与中华优秀传统文化在北京这座历史文化名城的场景 中碰撞出智慧火花。任重、关凌、Yamy、陈卓璇等多位嘉宾作为"解忧发起人"，带着LCD、OLED、车 载、数字艺术等领域的创新技术，深入各文化场景让科技的温度得以被具象化呈现：在故宫抚摸数字修 复的文物纹路、在长城感受柔性屏与古建筑的对话、在中轴线见证车载显示与城市生活的共鸣……这种 创新表现形式，将科技"硬实力"的温度与 ...

Core Insights - The BOE Global Innovation Partner Conference 2025 was held in Beijing, focusing on the theme "AI Renewal in Screen IoT" [1] - BOE's Chairman Chen Yanshun emphasized the dual explosion of AI technology and industry penetration over the past year, further elaborating on the "N Curve" theory which guides enterprises through cycles and self-evolution [1][2] - The company aims to establish itself as a benchmark for "AI+" applications, leveraging AI to empower high-quality industry development [1] Group 1: Strategic Development - BOE's sustainable development strategy includes six pillars: open innovation, environmental sustainability, win-win ecology, people-oriented approach, ethical management, and future benefits [1][2] - The "ONE" sustainable development brand aims to create an organic system driven by open innovation and sustainable value creation [2] - The AI factory, driven by next-generation AI, focuses on six application areas to enhance operational efficiency and manufacturing processes [2] Group 2: Technological Innovation - The Blue Whale Display Model is designed for the display industry, featuring high precision and strong reasoning capabilities, providing intelligent solutions across various business sectors [3] - The conference showcased numerous AI applications, including digital hosts, AI simultaneous translation, inspection robots, and immersive VR experiences, highlighting BOE's capabilities in AI technology [3] - BOE integrates sustainable development into all aspects of the conference, promoting green development within the industry ecosystem [3][4] Group 3: Industry Collaboration - BOE launched a joint sustainable development initiative with partners like Hisense, Meta, and Lenovo, emphasizing collaboration for ecological win-win outcomes [4] - The conference featured over 200 cutting-edge display technologies and numerous new products, showcasing innovations in fields such as the metaverse and smart transportation [4]

Core Insights - BOE Technology Group's Chairman Chen Yanshun shared the company's development strategy and innovation philosophy at the 2025 Global Innovation Partner Conference [1] - The company has invested nearly 40 billion yuan in R&D and over 370 billion yuan in procurement over the past three years, with plans to invest 50 billion yuan in R&D and 50 billion yuan in procurement over the next three years [1] - The "N Curve" theory proposed by BOE aims to drive continuous innovation and identify new growth points, evolving from a focus on "human power" to "human power + AI computing power" [1] Investment and Development Plans - Over the past three years, BOE has engaged in over 250 technology source projects and plans to allocate 0.5% of revenue towards AI research [1] - The company is also forming a robotics team to enhance its technological capabilities [1] Strategic Framework - Under the guidance of the "N Curve" theory, BOE has established the "Screen IoT" strategic development system, centered around the "1 + 4 + N + ecosystem" business structure [2] - The framework includes three foundational supports, three sources of innovation, and three guiding goals, creating a scientific development system for sustainable growth [2] - The integration of the "N Curve," "Screen IoT," and "1 + 4 + N + ecosystem" is expected to lead BOE's long-term sustainable development [2]

Group 1 - The core strategy of BOE is the "Screen IoT" development system and sustainable development strategy, with a planned investment of 500 billion yuan in R&D and 5000 billion yuan in procurement over the next three years [2][6] - In the first half of 2025, BOE reported a revenue of 101.278 billion yuan, an increase of 8.45% year-on-year, and a net profit attributable to shareholders of 3.247 billion yuan, up 42.15% year-on-year [2][6] Group 2 - BOE is leveraging AI technology to enhance production efficiency and management models, establishing itself as a benchmark for "AI+" applications in the industry [3][4] - The company has launched its first AI factories, focusing on six application areas: production planning, material supply, manufacturing, quality management, energy optimization, and environmental safety [3][4] Group 3 - At the IPC conference, BOE showcased over 200 cutting-edge display technologies and collaborated with more than 20 ecosystem partners to present new products [5] - The company has established six strategic pillars for sustainable development, including open innovation, environmental sustainability, and win-win ecology [5] Group 4 - BOE maintains an operating cash flow of approximately 50 to 60 billion yuan annually, with capital expenditures and depreciation expected to peak in 2025 [6] - Since 2015, BOE has implemented cash dividends for ten consecutive years, with a total amount of nearly 22 billion yuan, and plans to distribute at least 35% of net profit as cash dividends annually [6][7]

Group 1 - The company held a successful online performance briefing on September 11, 2025, with a total of 81 questions from investors and a response rate of 67.90% [1] - The company plans to invest 500 billion in research and development over the next three years, indicating a strong commitment to innovation [22][23] - The company has achieved a 7.5% year-on-year increase in OLED shipments in the first half of 2025, outperforming the industry growth rate of 4% [32][39] Group 2 - The company has a shareholder return plan that includes distributing at least 35% of the annual net profit to shareholders and a minimum of 15 billion RMB for share buybacks each year [18][21] - The company has maintained a consistent cash dividend policy since 2015, with cumulative distributions nearing 22 billion RMB [21][38] - The company is focused on enhancing its market position in high-end Mini LED products, with a significant increase in sales of its black crystal and black diamond screens by over 300% in the first half of 2025 [37] Group 3 - The company is actively addressing the challenges in the OLED market, including international competition and changes in domestic market structures [32][39] - The company has a strong patent portfolio, with over 100,000 patents filed, and ranks 12th globally in patent grants, reflecting its commitment to innovation [35] - The company is exploring new technologies such as LTPO-LCD and MicroLED for AR applications, indicating a strategic focus on emerging markets [29]

Group 1 - The core theme of the IPC Conference 2025 is "Screen IoT AI Renewal," where BOE Technology Group emphasizes the significance of the "N Curve" theory for enterprise strategic elevation [2] - The "N Curve" theory is described as a universal rule guiding enterprises to navigate cycles and achieve iterative growth by aligning core advantages with market opportunities [2] - BOE's sustainable development strategy includes six strategic pillars: open innovation, environmental sustainability, win-win ecology, people-oriented approach, ethical management, and future value creation [3] Group 2 - BOE officially launched its AI factory, which leverages next-generation artificial intelligence to enhance production efficiency across six application areas [3] - The company showcased a series of Blue Whale display models aimed at industry applications during the conference [3] - BOE collaborated with well-known brands such as Skyworth, Lenovo, and Red Magic to display various smart terminal products, highlighting the innovation ecosystem in the industry [3]