京东方科技集团股份有限公司 投资者关系活动记录表 5、未来资本开支的趋势如何？ 3、OLED 技术在 IT 领域发展情况？ 答：AMOLED 高画质、更轻薄的产品特性，使其成为高端 IT 类产品的重要选择。为更好的应对相关需求，公司于 2023 年 11 月宣布投资建设第 8.6 代 AMOLED 生产线项目，主要生产 笔记本电脑、平板电脑等智能终端高端触控 OLED 显示屏。该 产线量产后，公司将能够同步国际同业，抢占高端市场，进一 步强化公司在显示产业的整体竞争力。 4、公司未来的折旧趋势如何？ 答：目前，公司存量产线折旧减少，考虑到在建产线未来 新增折旧，公司的折旧金额预计在 2025 年达到峰值。公司会持 续优化产品产线定位，进一步提升运营效率，持续改善盈利水 平。 编号：2025-034 | 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 | 嘉实基金：陈黎明、安昊 | | | 鹏华基金：曾稳钢 | | | 九泰基金：赵万隆 ...

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]