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：2025-032 | 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 | 国联基金：郑玲、戎凯、杨大志 | | 时间 | 2025 年 12 月 2 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 | | | 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 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 | | | 求前移，全年出货量、出货面积均有望实现增长；但受新兴市 | | 投资者关系活动主要内 | 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 | | 容介绍 | 阶段性放缓。 | | | IT 产品受换机需求带动，全年出货量有望实现较快增长， | | | ...

Group 1: Industry and Market Overview - In 2025, the total shipment volume and area of LCD products are expected to see slight year-on-year growth, driven by demand for small-sized TVs in emerging markets, while large-sized TV growth may slow temporarily [1][2] - IT product shipments, particularly for notebooks (NB) and tablet PCs (TPC), are projected to experience rapid growth due to replacement demand [2] - The average utilization rate in the industry is expected to rise in Q3 but fall below 80% in Q4, leading to a differentiated pricing outlook for LCD products [2] Group 2: Product Performance and Trends - For the first three quarters of 2025, the revenue structure of display devices is as follows: TV products (28%), IT products (37%), LCD mobile and other products (12%), and OLED products (23%) [5] - The global shipment volume of OLED products is anticipated to grow in 2025, although the overall market remains oversupplied [3][4] Group 3: Future Outlook and Capital Expenditure - The capital expenditure is expected to decline after peaking in 2025 due to significant investments in the Chengdu 8.6 generation OLED production line, with further spending focused on maintenance and innovative projects from 2027 onwards [6] - The company plans to utilize cash flow for minority shareholder equity buybacks, particularly in the context of improving cash flow and decreasing capital expenditures [7]