证券日报网12月8日讯京东方A在12月5日回答调研者提问时表示，公司在"第N曲线"理论指导下，持续 落实"屏之物联"发展战略，重点布局钙钛矿光伏、玻璃基封装载板、机器人等创新业务。以钙钛矿光伏 业务为例，通过公司在显示产业长期积累的玻璃基加工能力、薄膜制备工艺能力、封装和设备优势及大 规模智能制造能力，深度赋能业务发展，完成从手套箱（2.5*2.5cm）到实验线（30*30cm）再到中试线 （120*240cm）三大平台全工艺流程布局，转换效率实现行业第一梯队水平。 （文章来源：证券日报） ...

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2025-033 | 投资者关系活动类别 | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 永赢基金：王乾、郑奇波 | | | 长江证券：谢尔曼 | | 时间 | 2025 年 12 月 5 日 | | 地点 | 京东方核心能力大楼 | | 上市公司接待人员姓名 | 郭 红 副总裁、董事会秘书 | | | 罗文捷 证券事务代表 | | | 吴易霖 董事会秘书室工作人员 | | | 讨论的主要内容为回答投资者提问，问答情况如下： | | | 1、公司如何看待 LCD 产线稼动率情况及产品价格趋势？ | | | 答：回顾今年，年初 TV 产品出货受国补、抢出口刺激需 | | 投资者关系活动主要内 | 求前移，全年出货量、出货面积均有望实现增长；但受新兴市 | | 容介绍 | 场需求带动中小尺寸 TV 产品出货量提升影响，大尺寸化趋势 | | | 阶段性放缓。 | | | IT 产品受换机需求带动，全年出 ...

Core Insights - BOE Technology Group reported a strong performance in Q3 2025, with a revenue of 154.55 billion yuan, a year-on-year increase of 7.53%, and a net profit of 4.60 billion yuan, up 39.03% year-on-year [2] - The company continues to lead the global semiconductor display industry, maintaining the top position in display shipments across major applications such as smartphones and TVs [3] - BOE's commitment to innovation is evident through its new high-end LCD technology, UB Cell 4.0, which won a global innovation award, showcasing China's strength in high-end display technology [3] Financial Performance - In Q3 2025, BOE achieved a revenue of 53.27 billion yuan, reflecting a 5.81% year-on-year growth, and a net profit of 1.36 billion yuan, which is a 32.07% increase year-on-year [2] - The overall revenue for the first three quarters reached 154.55 billion yuan, with a significant profit increase indicating robust operational performance [2] Technological Advancements - BOE has made significant strides in technology, launching the UB Cell 4.0 solution, which emphasizes eye protection and won the IFA 2025 global product innovation award [3] - The company has also established a new industry standard for image quality evaluation under real environmental lighting conditions, enhancing user experience [3] Strategic Collaborations - BOE has deepened its strategic partnership with JD.com through the "Double Jing Empowerment Plan," focusing on creating a high-value ecosystem in the display industry [4] - The collaboration aims to shift the industry from price competition to value integration and ecological win-win scenarios [4] New Growth Engines - The sensor business has emerged as a key growth driver, with a 57% year-on-year revenue increase in Q3 2025, indicating strong market demand [5] - BOE's MLED business also saw over 15% revenue growth, expanding its distribution network across all provincial regions in China and entering 32 overseas markets [5] Healthcare Innovations - The smart medical engineering sector reported a 16% increase in outpatient visits, with successful advanced surgeries demonstrating the integration of technology and healthcare [6] - Notable achievements include the first artificial heart implantation and the world's first reverse-folding spine correction surgery [6] Future Strategic Vision - BOE is focusing on AI-driven transformations across its operations, launching an AI factory to optimize production and management processes [7] - The company aims to lead the industry towards intelligent, green, and sustainable development, leveraging AI technology as a core driver [7]

Core Viewpoint - The article discusses the "N Curve" theory proposed by BOE Technology Group, emphasizing the need for continuous innovation and adaptation in the face of technological advancements, particularly in AI, to drive sustainable growth and industry evolution [4][6][13]. Group 1: N Curve Theory - The "N Curve" concept is introduced as a system that encourages technology companies to innovate and find new growth points, evolving from a foundation of "human power" to "human power + AI computing power" [4][6]. - BOE's CEO outlines the strategic direction under the "N Curve," extending beyond display technology into fields like perovskite photovoltaics and robotics, leveraging its semiconductor display and manufacturing capabilities [6][7]. - The company has already made significant progress in its "N Curve" initiatives, with perovskite photovoltaic products achieving IEC certification and initial setups for glass-based packaging lines [6][11]. Group 2: AI Integration and Strategic Development - The article highlights the importance of AI in driving strategic advancements, with BOE's "1+4+N+ ecosystem" framework focusing on integrating AI into manufacturing, products, and operations [13][14]. - AI is seen as a catalyst for innovation across various sectors, with BOE actively seeking opportunities to enhance its product offerings and operational efficiency through AI technologies [14][20]. - The collaboration with partners in the AI space is emphasized, showcasing how AI can enhance user interaction and data analysis in products [16][20]. Group 3: Globalization and Product Innovation - BOE is positioning itself to navigate global markets by establishing smart factories in regions like Vietnam and Mexico, aiming to shorten supply chains and enhance local operations [22][23]. - The company is focused on transitioning from price competition to value competition within the display industry, driven by product innovation and technological advancements [22]. - Partnerships with other companies, such as Hisense and Lenovo, are highlighted as key to enhancing global competitiveness and product offerings [23][25]. Group 4: Sustainable Development and Industry Collaboration - The article underscores the importance of sustainable development discussions among industry partners, with BOE initiating events like the IPC night to foster collaboration [29]. - The ongoing dialogue around strategic elevation and sustainability is seen as crucial for navigating the challenges posed by globalization and technological disruption [29].

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 (京东方) held the Global Innovation Partner Conference 2025 with the theme "AI Renewal in the Internet of Things" in Beijing, emphasizing the dual explosion of AI technology and industry penetration over the past year [1] - The "N Curve" theory proposed by BOE is a universal rule guiding enterprises to navigate cycles and achieve ecological development through self-evolution based on core advantages and market opportunities [1] - BOE's sustainable development strategy includes six pillars: open innovation, environmental sustainability, win-win ecology, people-oriented approach, ethical management, and future value creation [1][2] Group 1: AI and Manufacturing Innovations - BOE officially launched AI factories driven by next-generation AI, focusing on six application areas: production planning, material supply, manufacturing, quality management, energy optimization, and environmental safety [2] - The first batch of AI factories has been established, showcasing leading AI applications that support display manufacturing [2] - The Blue Whale Display Model, designed for the industry, features full-modal, multi-scenario, high-precision, and strong reasoning capabilities, providing advanced digital solutions across three business sectors: industrial manufacturing, product services, and enterprise operations [3] Group 2: Sustainable Development Initiatives - BOE has introduced the industry's first sustainable development brand "ONE," promoting ecological win-win through the core concepts of openness, innovation, and sustainability [4] - During the IPC conference, BOE collaborated with partners like Hisense, Meta, and Lenovo to launch a joint sustainable development initiative [4] - The conference showcased over 200 cutting-edge display technologies and highlighted AI's role in upgrading display products for applications in the metaverse, esports, and smart mobility [4]

Core Viewpoint - BOE Technology Group reported strong financial performance in the first half of 2025, with revenue of 101.28 billion yuan, a year-on-year increase of 8.45%, and a net profit attributable to shareholders of 3.25 billion yuan, up 42.15%, reflecting its strategic focus on "screen-based IoT" and high-quality development [1][5]. Group 1: Display Industry Performance - BOE maintained its leading position in the global display industry, ranking first in shipment volume across five major applications: smartphones, tablets, laptops, monitors, and TVs [1]. - The company launched its sixth-generation semiconductor display production line in May 2025, marking a transition from construction to operational phase [1]. Group 2: Flexible Display and Sensor Business - In the flexible display sector, BOE introduced various high-end solutions such as foldable and rollable screens, while also expanding into automotive and IT applications [2]. - The sensor business saw significant growth, with revenue increasing by 36.8% year-on-year, driven by successful product launches and partnerships [2]. Group 3: MLED and Smart Medical Services - The MLED business experienced explosive growth, with backlight device revenue rising by 144% year-on-year, focusing on TV, automotive, and gaming markets [3]. - In the smart medical sector, BOE's hospitals reported 688,000 outpatient visits and 33,000 discharges, showcasing enhanced medical service capabilities [3]. Group 4: Diverse Sector Development - BOE's "1+4+N+ ecosystem" strategy has yielded significant results across various sectors, including automotive displays, digital cultural tourism, and energy solutions [4]. - The company is investing in solar power stations, achieving a reduction of approximately 400,000 tons of CO2 emissions [4]. Group 5: Future Strategy - Looking ahead, BOE plans to continue its market-oriented, international, and professional development path, focusing on innovation and sustainable growth in the semiconductor display and IoT industries [5].

Core Viewpoint - The global display industry is entering a rebalancing phase, shifting from competition based on scale and market share to a focus on high profitability, high technology, and high added value [3]. Group 1: Industry Overview - The display industry is currently dominated by two core technologies: LCD and OLED, with Chinese companies, particularly BOE, leading the global LCD market [1]. - The demand structure for LCD is optimizing, with a significant trend towards larger TV sizes, while OLED is gaining traction in high-end segments, including foldable screens [3]. - Emerging display technologies, such as Mini/Micro LED, are expected to inject innovation and growth into the industry [3]. Group 2: Company Developments - BOE has introduced the "Screen IoT" strategy and the "N Curve" theory to drive its development, focusing on display technology, glass-based processing capabilities, and large-scale integrated intelligent manufacturing [3]. - The company has made significant progress in new business areas, including glass-based packaging and perovskite photovoltaic devices, with successful production milestones achieved [4]. - BOE's automotive display platform, BOE Precision Electronics, reported over 10 billion RMB in revenue last year, becoming the global leader in automotive display shipments [4]. Group 3: Financial Performance - In 2024, BOE achieved revenue of 198.38 billion RMB, a year-on-year increase of 13.66%, with a net profit of 5.32 billion RMB, up 108.97% [7]. - The display device business generated 165 billion RMB in revenue, maintaining the global lead in LCD shipments and ranking second in flexible OLED shipments [7]. - The gross margin for the display device business improved to 12.75%, an increase of over 4 percentage points from 2023 [7]. Group 4: Capital Strategy - BOE is shifting its capital strategy from scale expansion to shareholder value creation, with expectations of entering a profit improvement phase post-2025 [5]. - The company has initiated a three-year shareholder return plan, including stock buybacks and profit distribution, to enhance shareholder returns [7]. - Capital operations include mergers and acquisitions of quality assets and independent listings of innovative businesses to strengthen overall corporate capabilities [8].

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (京东方 A) [5][7] Core Viewpoints - The company emphasizes that LCD will remain the mainstream display technology in the medium to long term, while the flexible OLED market is rapidly growing. The industry is transitioning from competition based on scale and market share to high-value-driven competition [2] - BOE is advancing its "N Curve" growth strategy, focusing on new business growth areas such as perovskite photovoltaic devices and glass-based packaging, which are expected to support future growth [3] - The company's profitability is expected to improve as it transitions its capital strategy towards value creation, with significant capital expenditures and depreciation peaks anticipated in 2025, leading to a more favorable environment for shareholder returns [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at CNY 215.996 billion, CNY 239.566 billion, and CNY 264.058 billion, respectively. Corresponding net profits are projected to be CNY 9.415 billion, CNY 13.410 billion, and CNY 15.513 billion [5][6] - The report indicates a significant recovery in net profit growth rates, with expected year-on-year increases of 76.9% in 2025 and 42.4% in 2026 [6] Financial Metrics - The report provides key financial metrics, including a projected P/E ratio of 15.9 for 2025 and a P/B ratio of 1.0, indicating a favorable valuation relative to earnings and book value [6][7] - The company's return on equity (ROE) is expected to improve from 6.6% in 2025 to 9.6% in 2027, reflecting enhanced profitability [6]