Core Viewpoint - BOE Technology Group (京东方A) anticipates growth in both shipment volume and area for LCD products in 2023, driven by government subsidies and export demand, despite a temporary slowdown in the trend towards larger screen sizes due to increased shipments of smaller TV products in emerging markets [1] Group 1: LCD Products - TV product shipments are expected to see growth for the year, with fluctuations in demand being smoothed out due to government support and export incentives [1] - The trend towards larger screen sizes is experiencing a temporary slowdown, influenced by the rising demand for smaller TV products in emerging markets [1] - Overall shipment volume and area for LCD products are projected to increase for the year [1] Group 2: IT Products - IT product shipments are expected to grow rapidly for the year, driven by replacement demand [1] - MNT (Monitor) product shipments are projected to remain flat year-on-year [1]

11月21日，京东方（BOE）在核心能力大楼接待了中国人寿资产管理、中泰证券等2家机构的特定对象 调研。公司副总裁、董事会秘书郭红携团队就LCD与OLED市场供需格局、价格趋势、技术布局及股东 回报规划等核心议题与机构投资者进行深入交流。 LCD市场：供需分化下价格走势分化，四季度TV价回调IT稳 谈及LCD市场，京东方指出，2025年TV产品需求受国补及抢出口政策刺激，年内出货量与出货面积有 望实现增长，但大尺寸化趋势因新兴市场中小尺寸需求提升而阶段性放缓。IT产品则受益于换机需求， 全年出货量预计较快增长，其中显示器（MNT）产品出货量同比持平。 行业供给端呈现"按需生产"特征，三季度平均稼动率整体提升，四季度预计回落至80%以下。在此背景 下，咨询机构预测LCD产品价格将分化：四季度TV产品价格小幅回调，IT产品价格整体维持稳定。 展望2026年，换机周期与AI技术赋能有望持续拉动IT产品需求，而世界杯等体育赛事或推动TV产品需 求在一季度迎来增长。 OLED竞争：折叠屏需求回落低端产品增长，LTPO技术锁定高端 OLED市场方面，尽管下半年进入传统旺季，行业三季度、四季度出货量同环比均有提升，但整体仍 ...

Group 1: LCD Market Insights - The demand for TV products is stimulated by national subsidies and export incentives, leading to an expected increase in annual shipment volume and area, despite fluctuations in demand throughout the year [1] - IT product shipments are anticipated to grow rapidly due to replacement demand, while MNT product shipments are expected to remain flat [1] - The average utilization rate in the LCD industry improved in Q3 but is projected to drop below 80% in Q4, leading to a slight price adjustment for TV products and stable pricing for IT products [2] Group 2: OLED Market Dynamics - The OLED market is experiencing an oversupply despite increased shipments in Q3 and Q4, with a notable rise in low-end Ramless product shipments and heightened competition in the domestic market [3] - The company plans to invest in an 8.6 generation AMOLED production line to enhance its competitiveness in high-end IT products, such as laptops and tablets [4] Group 3: Technology and Competitive Edge - The company has chosen the LTPO backplane technology for OLED, which has been validated in the sixth generation line, supporting high-end applications with comprehensive capabilities [5] - The penetration rate of OLED in high-end IT products remains below 10%, indicating limited market impact from capacity supply in the medium to long term [5] Group 4: MLED Business Development - The MLED business is a key component of the company's "1+4+N" ecosystem, focusing on Mini/Micro LED technology to drive rapid growth [6] Group 5: Financial Outlook and Capital Expenditure - Capital expenditures are expected to peak in 2025 due to significant investments in the 8.6 generation OLED production line, with a decline anticipated from 2027 onwards [8] - The company plans to allocate at least 35% of annual net profit to cash dividends and a minimum of RMB 1.5 billion for share repurchases each year from 2025 to 2027 [10] Group 6: Shareholder Engagement - The company is considering repurchasing minority shareholder equity as a key use of cash flow, particularly as capital expenditures decrease and cash flow improves [9] - A new shareholder return plan aims to establish a stable and predictable return mechanism, reflecting the company's commitment to sharing growth benefits with shareholders [12]

2025年11月下旬，韩媒披露苹果已将原计划分配给京东方的1000万块iPhone 17 Pro国行版OLED面板订 单转交给三星显示，引发行业广泛关注。对此，京东方在投资者互动平台明确回应相关报道基于不实信 息，强调与全球合作伙伴的业务项目均按计划有序推进，双方合作保持稳定互信。 订单变动传闻引发行业热议 目前，苹果iPhone OLED面板主要依赖三星显示和LG Display，其中三星显示占据主导地位。苹果近年 来一直推动供应链多元化，扶持京东方等中国厂商，此次传闻若属实，将意味着其多元化策略在高端 LTPO技术领域暂时遇阻。 对于京东方而言，LTPO OLED面板的技术突破是进入苹果高端供应链的关键。尽管此次传闻引发市场 关注，但企业在回应中传递出持续推进技术研发与客户合作的信号。行业分析认为，随着国内面板厂商 在核心技术领域的不断攻坚，全球高端显示供应链格局有望逐步重塑，而技术实力与产品稳定性仍将是 竞争的核心要素。 截至发稿，苹果与三星显示尚未就此次订单传闻作出官方回应，事件后续进展有待进一步观察。 报道指出，LTPO技术作为实现120Hz自适应刷新率、息屏显示等功能的关键，对响应速度、稳定性等 ...

格隆汇11月21日｜有投资者提问"网上多源消息说公司被某大客户取消LTPO面板订单是否属实？"，京 东方A在互动平台表示，公司始终与全球合作伙伴保持着紧密、稳定、互信的合作关系，所有业务项目 均在按计划有序推进。对于韩媒基于不实信息的报道，我们不予置评，并对其引发的市场传闻深表遗 憾。我们郑重提醒，所有合作信息请以京东方及客户的官方发布为准。谣言止于智者。让我们共同维护 中国显示产业来之不易的良性竞争环境与健康发展态势。 ...

有投资者在互动平台向京东方Ａ提问："网上消息说公司被某大客户取消LTPO面板订单是否属实？"对 此，京东方Ａ回复称："公司始终与全球合作伙伴保持着紧密、稳定、互信的合作关系，所有业务项目 均在按计划有序推进。对于韩媒基于不实信息的报道，我们不予置评，并对其引发的市场传闻深表遗 憾。我们郑重提醒，所有合作信息请以京东方及客户的官方发布为准。谣言止于智者。让我们共同维护 中国显示产业来之不易的良性竞争环境与健康发展态势。"（人民财讯） ...

Core Viewpoint - BOE Technology Group announced the completion of three sixth-generation flexible OLED production lines and plans for phased stabilization of its Chengdu 8.6-generation AMOLED production line and Beijing 6th-generation LCD LTPO/LTPS production line based on ramp-up conditions [1] Group 1 - The company expects depreciation to peak in 2025, after which it will gradually decline [1] - Continuous optimization of product line positioning is planned to enhance operational efficiency and improve profitability [1]

（文章来源：证券日报） 证券日报网讯京东方A11月21日发布公告，在公司回答调研者提问时表示，公司2025年的研发项目重点 专注于无重稀土的开发与应用，以降低对中重稀土的依赖；在生产环节，公司持续开展新项目的工艺优 化和技术开发，提高生产效率和产品性能；在终端应用方面，公司持续深耕消费电子领域，同时聚焦新 能源汽车、高端电机和机器人领域，加强相关技术储备和客户拓展，进一步巩固和扩大在细分市场的竞 争优势。 ...

（编辑 袁冠琳） 证券日报网讯 京东方A11月21日发布公告，在公司回答调研者提问时表示，OLED方面，下半年进入传 统旺季，行业内三季度、四季度出货量同、环比均实现提升，但行业整体仍呈现供过于求。从产品结构 看，下半年折叠产品出货量预计回落，海外品牌LTPO需求占比进一步提升，低端Ramless产品出货量快 速增长，国内OLED市场竞争日趋激烈。 ...

证券日报网讯 京东方A11月21日发布公告，在公司回答调研者提问时表示，公司与现有核心客户的合作 持续深化，合作的广度和深度持续拓展。公司将会积极配合其产能规划、参与新项目的开发并承接相应 订单。根据行业发展趋势，折叠屏等创新形态产品的普及，通常会为上游核心零部件带来价值提升的机 会，公司凭借快速响应的研发体系和稳定可靠的产品质量，有望在现有合作基础上进一步扩大供应品类 和规模。 ...