在技术发展方面，公司第8.6代AMOLED生产线已于2025年12月30日成功提前5个月点亮，标志着公司 在中尺寸OLED技术研发、工艺调试与量产准备方面率先取得关键性突破，该产线预计将于2026年下半 年进入量产阶段。创新业务方面，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、玻璃基封装载板等创新业务，其中玻璃基封装载板技术已完成大板级玻璃载板中试线建 设并实现工艺通线。 财务和股东回报规划方面，公司存量产线折旧持续减少，在建产线项目将综合考虑爬坡情况进行分阶段 转固，折旧金额和资本开支均在2025年达到峰值，预计从2027年开始资本开支有望大幅下降。2025年公 司于5月底完成注销价值近10亿元的库存股，6月完成2024年度利润分配现金分红约18.7亿元，年内完成 超15亿元的A股回购方案，完成《未来三年(2025年-2027年)股东回报规划》的承诺，未来将持续落实股 东回报规划。 2026年02月05日，京东方A披露接待调研公告，公司于02月04日接待睿远基金等1家机构调研。 财经频道更多独家策划、专家专栏，免费查阅>> 京东方Ａ（000725）最新股价为4.35元，较 ...

3、公司目前创新业务的新进展？ 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：2026-005 | 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 | 睿远基金：赵枫 | | 时间 | 2026 年 2 月 4 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 | | | 于含悦 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 TV 产品价格趋势？ | | | 答：需求端来看，随着春节假期临近，品牌厂备货需求仍 | | | 相对强劲，推高 TV 类产品出货量。供给端，行业内厂商坚持 | | 投资者关系活动主要内 | "按需生产"策略，灵活调整稼动率以匹配需求，目前整体稼 | | 容介绍 | 动率处于高位。根据第三方咨询机构数据，2026 年 1 月各主流 | | | 尺寸 TV 产品价格全面上涨，且预计 ...

Group 1: LCD TV Product Price Trends - The demand for TV products has increased due to preparations for upcoming sporting events, leading to higher procurement by brand manufacturers since December 2025 [1] - The overall production rate in the industry remains high as manufacturers adopt a "production based on demand" strategy [1] - As of January 2026, prices for mainstream TV products across various sizes have risen significantly [1] Group 2: OLED Technology Development - AMOLED technology is becoming a key choice for high-end IT products due to its high picture quality and lightweight characteristics [2] - The company's 8.6 generation AMOLED production line was successfully lit up five months ahead of schedule on December 30, 2025, marking a significant breakthrough in mid-size OLED technology [2] - Mass production of this line is expected to begin in the second half of 2026, enhancing the company's competitiveness in the display industry [2] Group 3: Depreciation and Capital Expenditure Trends - The depreciation of existing production lines is continuously decreasing, with capital expenditures expected to peak in 2025 [3] - From 2027 onwards, a significant decline in capital expenditures is anticipated [3] Group 4: Perovskite Project Progress - The company is leveraging its long-term experience in the display industry to advance the research and production of perovskite solar cells [4] - The efficiency of perovskite photovoltaic components has reached industry-leading levels, with rigid single-junction components achieving a champion efficiency of 27.61% [4] - The company is focused on improving the efficiency and lifespan of perovskite products to address industrialization challenges [5] Group 5: Glass-Based Packaging Technology - The company has completed the construction of a pilot line for large glass-based packaging boards and has initiated technical and product development collaborations with leading domestic and international clients [5] Group 6: Shareholder Return Planning - In May 2025, the company completed the cancellation of inventory shares valued at nearly 1 billion yuan and distributed approximately 1.87 billion yuan in cash dividends in June 2025 [5] - The company plans to execute a share repurchase scheme exceeding 1.5 billion yuan within the year and is committed to its shareholder return plan for 2025-2027 [5]

Core Viewpoint - The penetration rate of Mini LED TVs in the domestic market has significantly increased, reaching 28.3% in the first half of 2025, with expectations to rise to 35.6% by the end of the year, driven by the "old-for-new" policy and seasonal demand [2][4]. Market Performance - In the first half of 2025, the domestic Mini LED TV market saw a penetration rate of 28.3%, with sales increasing by 3.2 times year-on-year. The monthly penetration rate has consistently exceeded 20% since September of the previous year [4]. - The stabilization of LCD TV panel prices and continuous innovation in Mini LED backlight technology have contributed to lower overall costs and prices, facilitating broader market adoption [4]. Brand Landscape - The Mini LED TV market is highly concentrated, with Hisense, TCL, Skyworth, and Xiaomi accounting for 93.1% of total sales in the first half of the year [5]. - Hisense leads the market with popular models like E5N and E5N Pro+, launching 19 new series models across various price segments, focusing on mid to high-end markets [5][6]. - TCL and its sub-brand, Thunderbird, released 26 new models, increasing the number of mid-range products while maintaining a strong presence in the high-end segment [5]. - Skyworth and its sub-brand, Cool Open, launched 16 new Mini LED TV models, surpassing the total number released in the previous year, with a strategy focused on high cost-performance across various market segments [6]. - In contrast, international brands like Samsung and Sony have limited new product offerings, capturing only 2.6% of the market share [6]. Product Trends - A total of 212 new Mini LED TV models were launched in the first half of 2025, marking a 94.5% year-on-year increase. The proportion of models in the 500-1,000 segment decreased, while other segments saw growth [7]. - The fastest growth was observed in the 300-500 segment, with average launch prices dropping by over 30%. Mid-range models in the 2,000-3,000 segment also saw an 18.2% price decline [7]. Future Outlook - The rapid increase in Mini LED TV penetration is attributed to advancements in upstream supply chain cost control, production scale, and technology improvements in light control and color performance [8]. - Future development will focus on enhancing user experience through refined light control and image quality algorithms, alongside innovative and personalized product definitions to better integrate into diverse living scenarios [8].

Industry Overview - The LCD industry is shifting from competition based on scale and market share to a focus on high-profit applications, high-value products, advanced technology, and high-value brands, driving high-quality development [2] - The average utilization rate of the LCD industry has been recovering since November 2024, maintaining above 80% in Q1 2025, with adjustments made in response to demand fluctuations [3] Market Demand and Pricing - The demand-side inventory has accelerated reduction, leading to a healthier industry inventory and a return to normal demand rhythms [1] - LCD TV panel prices increased from January to March 2025 due to strong terminal demand, but are expected to stabilize in May as procurement demand cools [4] Production and Capital Expenditure - The 8.6 generation AMOLED production line in Chengdu began equipment installation four months ahead of schedule, transitioning to operational phase [5] - The company anticipates approximately 38 billion in depreciation for 2024, with an increase expected due to the completion of high-generation line depreciation and new project solidification [7] - Future capital expenditures will focus on semiconductor display business and strategic planning, including investments in IoT innovation, sensors, MLED, and smart medical engineering [8]

Core Viewpoint - The domestic TV market in China experienced growth in both volume and price in Q1 2025, with Mini LED TV penetration reaching 25.0% [1]. Group 1: Global LCD TV Panel Shipment Trends - The report outlines the trend of global LCD TV panel shipments from Q1 2022 to Q2 2025 (E) [2]. Group 2: LCD TV Panel Price Monthly Changes - It details the monthly price changes of LCD TV panels from April 2024 to April 2025 (E) [2]. Group 3: Domestic OLED TV Sales - The sales situation of domestic OLED TVs from Q1 2023 to Q1 2025 is analyzed [2]. Group 4: Quarterly Sales Volume Trends - The report provides insights into the quarterly sales volume trends of the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 5: Quarterly Sales Revenue Trends - It discusses the quarterly sales revenue trends of the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 6: Monthly Average Price Trends - The report covers the monthly average price trends of the domestic TV market from January 2024 to March 2025 [2]. Group 7: Brand Sales Volume Ranking - The sales volume ranking of brands in the domestic TV market for Q1 2025 and year-on-year comparisons are presented [2]. Group 8: Brand Sales Revenue Ranking - The sales revenue ranking of brands in the domestic TV market for Q1 2025 and year-on-year comparisons are included [2]. Group 9: Sales Volume Share by Size - The report analyzes the sales volume share trends by size segments in the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 10: Average Price Trends by Size - It discusses the average price trends by size segments in the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 11: Mini LED TV Sales Situation - The sales situation of Mini LED TVs in the domestic market is detailed [2].

Group 1: LCD Industry Demand and Pricing - The demand for LCD TVs is strong due to the "old-for-new" policy in the domestic market and inventory buildup in overseas markets, with an average screen size of 51.6 inches globally in 2024, up by 1.1 inches year-on-year [1] - In China, the average screen size for LCD TVs is projected to be 65.8 inches in 2024, an increase of 3.4 inches year-on-year [1] - LCD TV panel prices have been rising since January 2025, with expectations for continued increases in March 2025 due to strong terminal demand [2] - The average utilization rate in the LCD industry has been above 80% since November 2024, indicating a recovery in production capacity [2] Group 2: Flexible AMOLED Business Progress - The company shipped approximately 140 million flexible AMOLED panels in 2024, showing a significant year-on-year growth and an improved product structure with a higher proportion of high-end products [3] - The company is actively expanding into automotive and IT sectors for mid-size innovative applications to capture market opportunities [3] Group 3: Production Line Developments - The 8.6-generation AMOLED production line project was initiated in March 2024 and is expected to achieve mass production by the end of 2026, enhancing the company's competitiveness in the semiconductor display industry [4] - The overall depreciation for the company is expected to slightly increase in 2024 due to new production lines, with fluctuations in depreciation anticipated in 2024 and 2025, followed by a potential decrease starting in 2026 [5] Group 4: Capital Expenditure and Strategic Focus - The company plans to repurchase minority shareholder equity based on operational performance and cash flow, with future capital expenditures aligned with strategic planning [5] - The focus of future capital expenditures will be on the semiconductor display business and extending the value chain into IoT innovations, sensors, MLED, and smart medical engineering [5]