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 ...

Market Overview - The A-share market experienced a slight rebound last week, with major indices showing a small increase in trading volume, and the 每经品牌100 index rising by 1.10% [1][2] - As of December 5, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index by 1.26%, and the ChiNext Index by 1.86%, while the Sci-Tech 50 Index fell by 0.08% [2] - Notable stocks such as Jiangxi Copper, China National Heavy Duty Truck Group, and BOE Technology Group saw weekly gains exceeding 10% [2] Policy Impact - The upcoming important policy window is expected to influence market trends, with regulatory adjustments aimed at increasing insurance capital market participation [2] - The China Securities Regulatory Commission (CSRC) has proposed measures to enhance the inclusivity and adaptability of capital market systems [2] Stock Performance - Jiangxi Copper's stock surged by 15.74% due to rising copper prices, while BOE Technology and TCL Electronics benefited from the anticipation of the 2026 FIFA World Cup, with gains of 10.36% and 8.51% respectively [3] - The market is expected to see increased demand for IT and TV products driven by the World Cup and a shift in consumer purchasing patterns [3] BOE Technology's Strategic Initiatives - BOE Technology held a media event focusing on its advancements in display technology and future industry outlook, emphasizing its commitment to innovation and quality [4] - The company is diversifying into perovskite solar technology, which is seen as a key growth area, with the establishment of Hefei BOE Energy Technology Co., Ltd. dedicated to this field [5][6] - BOE's long-standing expertise in glass processing and manufacturing is expected to accelerate the development and production of perovskite solar cells [6] Future Outlook - Analysts suggest that if future policies exceed expectations, the market may experience a significant rebound [3] - The upcoming peak demand period before the 2026 Spring Festival and the World Cup is anticipated to drive substantial sales in consumer electronics, particularly large-screen TVs [3]

Group 1 - The core viewpoint of the article is that the panel prices for TVs and monitors are expected to stabilize in December 2025, while prices for certain laptop panel sizes are anticipated to decrease slightly [3][5]. - Despite entering the year-end period, the demand for TV panels remains robust, driven by brand clients anticipating that panel prices have reached their bottom, leading to increased orders and preparations for Q1 2026 demand [3][4]. - The price trend for TV panels in December is expected to show stability across sizes from 32 inches to 65 inches, indicating a potential end to the price decline [3][4]. Group 2 - The demand for monitor panels has weakened overall, although some brand clients have increased their orders; however, manufacturers are reluctant to make significant price concessions [4][5]. - For December, the price of the 23.8-inch VA Open Cell panel is expected to decrease by $0.2 due to a more relaxed supply, while other sizes are projected to remain stable [5]. - Laptop panel demand is expected to remain as previously anticipated, with shortages and price increases in memory components not significantly impacting panel procurement [5].

Core Insights - The "World Optics Valley" initiative focuses on the development of the region and honors entrepreneurs, showcasing the collaboration between local businesses and the area [1] Group 1: Company Developments - As of now, there are over 160,000 companies in Optics Valley, with nearly 100 new companies established each working day, and a total of 70 listed companies nurtured [3] - China Information Communication Technologies has made breakthroughs in 6G and satellite-ground integration, aiming to build a globally competitive information communication industry group [3] - Changfei Company has maintained the largest market share in its main business for nine consecutive years, with expectations for record-high annual revenue and overseas income this year [3] - Dinkang Bio has achieved a 500% increase in overseas orders this year, marking its best performance in history [3] - TCL Huaxing has invested over 80 billion yuan in Optics Valley, establishing four display panel production lines [3] - United Imaging has invested over 7 billion yuan and plans to build a global high-end medical equipment base [3] - Renfu Pharmaceutical's innovative drug base in Optics Valley is set to commence production during the 14th Five-Year Plan period [3] Group 2: Future Outlook and Recommendations - Entrepreneurs suggest leveraging advantageous industries to enhance strategic emerging industry layouts [3] - There is a call to promote the deep integration of AI technologies with research and manufacturing [3] - The construction of digital parks and specialized industrial clusters should be accelerated, along with the improvement of global service systems and talent support mechanisms [3] Group 3: Industry Associations - The Optics Valley Entrepreneurs Association announced the establishment of six industry sub-associations, including those focused on optical communication, lasers, Beidou, sensors, health, and autonomous security computing [4]

历史的坐标上，镌刻着奋进的足迹。 "十五五"战鼓催征，江淮大地意气风发、奋楫争先。《中共安徽省委关于制定安徽省国民经济和社会发 展第十五个五年规划的建议》为安徽未来五年的发展锚定方向、明确路径——要在打造具有重要影响力 的科技创新策源地、新兴产业聚集地、改革开放新高地、经济社会发展全面绿色转型区上实现新突破。 回望来路，从"十三五"厚积薄发，到"十四五"全面跃升，安徽以一步一台阶的节奏，一路追赶、一路蝶 变，向上、向优、向新的轨迹清晰而有力。 奔赴新程，千帆竞发，"皖"象俱新。迈步"十五五"，一个奋力"往前赶"的安徽，将如何实现更高水平的 突破？中国证券报调研小分队近日深入江淮大地，找寻答案。 ● 本报记者联合报道 策源： 狠抓创新澎湃发展动能 安徽"往前赶"的动力何来？底气何来？答案：创新！创新！ "十四五"时期，安徽科技创新格局实现重大转变，原始创新成果涌现，产业发展从要素驱动转向创新驱 动，区域创新能力稳居全国第一方阵。现今的安徽，已是全国创新版图中占据重要席位的"策源地"。 面向"十五五"，安徽把"坚持下好创新先手棋"列为七大原则之一，并提出"坚持科技打头阵"，传递的信 号清晰且强烈：在安徽，创新依然 ...

Core Viewpoint - The company, Visionox, is focused on enhancing the penetration rate of AMOLED technology in various sectors such as smartphones, smart wearables, and smart home devices, while also emphasizing innovation and production breakthroughs in key technologies [2] Group 1: Company Strategy - The company plans to accelerate the application of innovative results and focus on breakthroughs in major key technologies for mass production [2] - Visionox aims to continuously optimize its product structure by enhancing key technological innovations, ensuring product quality, and collaborating within the supply chain to reduce costs and improve delivery and customer service capabilities [2] Group 2: Market Positioning - The company intends to expand its market share among top clients by increasing the proportion of mid-to-high-end products, thereby enhancing product profitability and solidifying its leading position in the industry [2]

Core Viewpoint - The company emphasizes its commitment to health-focused display technology, particularly in developing OLED screens that minimize flicker, responding to investor inquiries about its annual R&D investment of billions [2]. Group 1 - The company has invested significantly in research and development, amounting to hundreds of billions annually, to enhance OLED technology [2]. - The company has launched multiple eye-care OLED display products that have been adopted by several leading manufacturers in their flagship models [2].

京东方近日披露的2025年三季报显示，公司三季度单季营收532.7亿元，净利润13.55亿元，同比增长32.07%；前三季度累计实现营业收入1545.48亿元，同比 增长7.53%，归母净利润更是达到46.01亿元，同比大幅增长39.03%，折算下来相当于每天净赚1685万元。 京东方强劲的业绩表现让多家券商机构纷纷给出"增持"或"买入"评级。国盛证券分析师郑震湘在三季报点评中表示，面板整体需求回暖推动收入增长，京东 方出货量持续领跑全球，在"屏之物联"战略指导下，京东方深化"1+4+N+生态链"战略实施路径，创新业务不断取得突破。 行业人士分析认为，京东方三季度的业绩表现，标志着其在全球显示产业"库存去化+需求复苏"的关键转型阶段，已率先实现盈利能力的稳健回升。值得关 注的是，这份业绩韧性的背后，是行业发展逻辑的深刻变革。过去十年，显示面板产业一直被贴上"重资产+周期波动"的标签，行业内企业内卷式"价格 战"频发，严重影响了行业整体盈利能力。但如今，以京东方为代表的头部企业已达成"动态控产"的理性共识，取代了以往单纯追求市场份额的竞争逻辑。 新华财经上海12月5日电（谈瑞、周子涵）在本周A股市场整体震荡背景 ...

要真正发挥政府基金的引导效应，要完善对地方基金的考核评价机制，提升对地方 基金股权投资亏损的包容度，用基金总投资收益替代单个项目投资收益，进一步强化地 方基金在支持基础研发、共性技术突破及未来产业发展上的基石作用。 作者：申万宏源研究 杨成长 龚芳 方思元 "十五五"规划建议明确提出建设现代化产业体系，巩固壮大实体经济根基。构建健全、 高效、富有竞争力的产业体系，已成为"十五五"时期各地改革发展的首要任务。地方产业体 系的发展一方面受制于当地资源禀赋及产业结构特征，另一方面也与地方政府的主动招 引、主动布局紧密相关。近年来，各地为推进战略性新兴产业发展，在项目招引、产业政 策及配套服务上进行了大量积极有效的探索，但同时也面临新兴产业跟风布局、重复建设 及过度"内卷"等乱象，部分地区在趋同式产业布局下，不仅没有抢占到新兴、未来产业的发 展高地，反而还丢失了原来传统产业的优势。"十五五"时期，如何更好的瞄准当地产业发展 的方向，最大程度发挥地方政策及政府资金的引导作用，调动社会资本参与当地产业发 展，是各地政府在产业发展上亟需突破的难题。 一、以投带引，打造政府投行招商模式 近年来，各地政府为加大招引新兴产业及优 ...

下一步，友达车载业务的重点是融合Micro LED显示技术的智能座舱。彭双浪透露，索尼和本田合作的新能源汽车明年将在美国上市，该车的车头显示应用 了友达的Micro LED显示屏，所以Micro LED显示明年将在车上批量应用。 "但是Micro LED技术目前成本依然较高，即使2026年量产，预估出货量也不会很大。"余彬说。 友达光电董事长彭双浪12月4日在友达苏州工厂向第一财经记者透露，今年车载业务在友达光电营收中的占比会达到27%-28%，三年后车载业务的营收占比 将进一步提升至超过40%。同时友达发力Micro LED显示，明年Micro LED将在车上批量应用。 作为中国台湾两大显示面板企业之一，友达光电去年营业额为626.5亿元人民币。近年中国大陆面板厂不断壮大，中国台湾面板企业往车载等高附加值业务 转型。友达已调整业务架构，把智能出行、显示科技、垂直场域作为三大支柱。 友达光电去年收购了德国汽车零部件供应商BHTC，车载业务从显示面板，扩展到智慧座舱。彭双浪说，因为国际车厂今年下的订单，营收在两三年后体 现；中国大陆车厂今年下的订单，营收在一年后体现，所以预计友达车载业务未来三年持续增长。 车载 ...