Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 198.38 billion yuan for 2024, representing a year-on-year growth of 13.66%. The net profit attributable to shareholders was 5.32 billion yuan, up 108.97% year-on-year, aligning with previous forecasts. The net operating cash flow reached 47.74 billion yuan, a 24.64% increase year-on-year, with free cash flow exceeding 15 billion yuan, significantly up from 9 billion yuan in 2023 and 7 billion yuan in 2022 [2][6]. - The company announced a shareholder return plan for the next three years, committing to distribute cash dividends of no less than 35% of the net profit attributable to shareholders each year, along with a minimum buyback of 1.5 billion yuan annually, with potential mid-term profit distributions when conditions permit [2][6]. Financial Performance Summary - For Q4, the company achieved a revenue of 54.65 billion yuan, a year-on-year increase of 13.79% and a quarter-on-quarter increase of 8.55%. The net profit attributable to shareholders for Q4 was 2.01 billion yuan, up 32.01% year-on-year and 96.30% quarter-on-quarter. The strong performance in Q4 was driven by domestic market demand stimulated by government policies and increased demand from North American clients [12]. - The company continues to advance its "1+4+N+ecosystem" strategy, with significant innovations in technology and new products. High-end LCD solutions and OLED products have seen substantial sales growth, and the company has established a strong presence in various segments, including smart finance and IoT [12]. - The company expects to reach a peak in depreciation in the upcoming quarters, with a gradual decline anticipated starting in 2028. The current price-to-book (PB) ratio is 1.1X, indicating a high margin of safety for investors [12]. Earnings Forecast - The projected earnings per share (EPS) for the company are 0.22 yuan, 0.32 yuan, and 0.42 yuan for the years 2025, 2026, and 2027, respectively, corresponding to price-to-earnings (PE) ratios of 17.54, 11.99, and 9.08 [12].

Revenue and Profitability - Revenue for Q1 2025 reached ¥50.60 billion, an increase of 10.27% compared to ¥45.89 billion in the same period last year[10] - Net profit attributable to shareholders was ¥1.61 billion, up 64.06% from ¥983.81 million year-over-year[10] - Net profit excluding non-recurring items increased by 126.56% to ¥1.35 billion from ¥596.69 million in the previous year[10] - Basic and diluted earnings per share rose by 33.33% to ¥0.04 from ¥0.03 in the same quarter last year[10] - The company's net profit for the current period reached CNY 1,937,100,202, a significant increase from CNY 482,832,354 in the previous period, representing a growth of approximately 302%[27] - Operating profit for the current period was CNY 2,276,922,522, compared to CNY 586,275,541 in the previous period, indicating an increase of about 287%[27] - The total comprehensive income for the current period was CNY 1,999,731,822, compared to CNY 426,810,950 in the previous period, marking a substantial increase[27] - The basic and diluted earnings per share for the current period were both CNY 0.04, up from CNY 0.03 in the previous period[27] Cash Flow and Financial Position - Operating cash flow decreased by 15.32% to ¥13.74 billion from ¥16.23 billion year-over-year[10] - The company reported a net cash flow from operating activities of CNY 13,743,795,736, down from CNY 16,230,705,070, a decrease of about 15.3%[28] - Cash and cash equivalents at the end of the period totaled CNY 58,625,508,109, an increase from CNY 55,354,016,874 in the previous period[29] - The company's cash and cash equivalents decreased to ¥71.14 billion from ¥74.25 billion, a decline of approximately 2.84%[23] - Investment activities resulted in a net cash outflow of CNY 7,053,920,138, an improvement compared to the previous period's outflow of CNY 9,402,643,984[29] - The company raised CNY 2,774,085,800 from investments, a significant increase from CNY 333,442,000 in the previous period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥420.21 billion, a decrease of 2.27% from ¥429.98 billion at the end of the previous year[10] - Current assets totaled ¥139,807,054,902, a decrease from ¥143,387,455,374, showing a decline of about 2.0%[24] - Non-current assets amounted to ¥280,406,128,568, down from ¥286,590,766,167, representing a decrease of approximately 2.5%[24] - Total liabilities decreased to ¥212,912,178,189 from ¥225,432,049,797, indicating a reduction of about 5.5%[25] - Total equity increased to ¥207,301,005,281 from ¥204,546,171,744, reflecting a growth of approximately 1.4%[25] - The company reported a decrease in short-term borrowings to ¥1,362,284,584 from ¥1,563,317,166, a decline of about 12.8%[25] Operational Metrics - Total operating revenue for the current period reached ¥50,598,933,939, an increase from ¥45,887,570,444 in the previous period, representing a growth of approximately 15.5%[26] - Total operating costs increased to ¥48,191,222,879 from ¥44,896,545,276, reflecting a rise of about 5.8%[26] - Operating costs specifically rose to ¥42,616,968,993, up from ¥39,802,900,543, indicating an increase of approximately 7.0%[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 1,081,604, including 1,051,184 A-share shareholders[16] - The number of restricted shares eligible for release is 89,096,540, accounting for 0.2367% of the total share capital[20] - The company plans to repurchase part of its public shares to enhance earnings per share and convey growth confidence[21] Governance and Compliance - The company has completed the election of the new board and supervisory committee members[19] - The company has not identified any related party transactions among the top ten shareholders[18] - The company will not exercise the renewal option for its corporate bonds, opting for full repayment instead[18] Financial Performance Indicators - The weighted average return on equity increased to 1.21%, up from 0.76% year-over-year[10] - Financial expenses increased by 104% due to reduced foreign exchange gains during the reporting period[14] - Investment income rose by 75% primarily due to increased income from associates[14] - The company’s goodwill remained stable at ¥653,575,022, unchanged from the previous period[24] - The deferred income tax assets rose to ¥739,009,081 from ¥694,888,275, an increase of approximately 6.3%[24] - The company reported an increase in trading financial assets to ¥3.20 billion from ¥3.12 billion, a rise of about 2.00%[23] - The company’s prepayments decreased to ¥513.60 million from ¥634.48 million, a decline of approximately 19.06%[23] - Accounts receivable decreased to ¥33.25 billion from ¥36.34 billion, representing a reduction of about 8.56%[23] - Inventory increased to ¥25.36 billion from ¥23.31 billion, reflecting a growth of approximately 8.77%[23]

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-034 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-034 | 京东方科技集团股份有限公司 关于回购公司社会公众股份事项前十名股东和 前十名无限售条件股东持股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司(以下简称"公司")于 2025 年 4 月 18 日召开的第十一届董事会第四次会议审议通过了《关于回购公司 部分社会公众股份的议案》（内容详见公司于 2025 年 4 月 22 日披露 的《关于回购公司部分社会公众股份方案的公告》，公告编号：2025- 029）。 | 7 | 福清市汇融创业投资集团有限公司 | 538,599,640 | 1.43% | | --- | --- | --- | --- | | 8 | 中国建设银行股份有限公司－易方达沪深 | 485,542,623 | 1.29% | | | 300 交易型开放式指数发起式证券投 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-033 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-033 | 京东方科技集团股份有限公司 1、本次解除限售的激励对象共计667人，解除限售的限制性股票数量 为89,096,540股，占公司当前总股本的0.2367%。 2、本次解除限售的限制性股票上市流通日为2025年4月29日（星期二）。 京东方科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第十一届董事会第四次会议和第十一届监事会第二次会议，会 议审议通过了《关于 2020 年股票期权与限制性股票激励计划授予的限制 性股票第三个解除限售期解除限售条件成就以及首次授予的股票期权第 三个行权期达到行权条件的议案》。公司 2020 年股票期权与限制性股票激 励计划（以下简称"本次激励计划"）第三个解除限售期解除限售条件已 经成就，根据 2020 年第二次临时股东大会的授权，董事会按照相关规定 为符合解除限售条件的 667 名激励对象办理了解除限售事宜，现将有 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is positioned as a global leader in the semiconductor display industry, with a robust business structure that includes a focus on IoT innovation and a comprehensive "1+4+N" ecosystem [1][4]. - The LCD business is expected to benefit from increasing average TV sizes and government subsidies, leading to a price recovery in the market [2]. - The OLED segment is experiencing growth across multiple fields, with a significant increase in market share and product optimization [3]. - The company is projected to achieve substantial revenue growth in the coming years, with expected revenues of 2159.96 billion, 2395.66 billion, and 2640.58 billion yuan for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Overview - The company has been deeply involved in the display industry for over 30 years, establishing itself as a global leader in semiconductor displays [1]. - It operates multiple manufacturing bases across China and has subsidiaries in 20 countries, providing a comprehensive service network [1]. LCD Business - The global average size of TV panels is projected to reach 51.5 inches in 2024, with a continued increase expected in subsequent years [2]. - The company holds a 25.2% global market share in the LCD sector, maintaining its position as the largest supplier with over 50 million units shipped [2]. OLED Business - The global OLED display panel shipment area is expected to grow at a CAGR of 15.62% from 2023 to 2027 [3]. - The company has surpassed South Korean competitors in the smartphone OLED panel market, achieving a 50.7% share in 2024 [3]. Non-Display Business - The company has developed a comprehensive business architecture centered around its display technology, extending into IoT and other innovative fields [4]. - The "1+4+N" strategy emphasizes the integration of semiconductor displays with IoT innovations, sensors, MLED, and smart medical engineering [4]. Financial Projections - The company is expected to see significant revenue growth, with projected revenues of 2159.96 billion, 2395.66 billion, and 2640.58 billion yuan for 2025, 2026, and 2027 respectively [9]. - The net profit is forecasted to reach 94.15 billion, 134.34 billion, and 155.38 billion yuan for the same years [9].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company, BOE Technology Group Co., Ltd., has established itself as a global leader in the semiconductor display industry, with a comprehensive business structure centered around semiconductor displays and extending into IoT innovations, sensors, MLED, and smart medical integration [1][16]. - The company is expected to benefit from the recovery of the panel cycle, with projected revenues of 215.996 billion, 239.566 billion, and 264.058 billion yuan for the years 2025, 2026, and 2027 respectively, alongside net profits of 9.415 billion, 13.434 billion, and 15.538 billion yuan for the same years [9][10]. Summary by Sections Company Overview - BOE was founded in April 1993 and has over 30 years of experience in the display industry, becoming a leading global enterprise with manufacturing bases across multiple countries [1][16]. - The company has a robust global service system covering major regions including Europe, America, Asia, and Africa [1]. LCD Business - The average size of global TV panels is projected to reach 51.5 inches in 2024, with BOE maintaining the largest market share in LCD shipments, accounting for 25.2% globally [2]. - The company is expected to benefit from the recovery in panel prices due to increasing demand for larger sizes and favorable domestic policies [2][9]. OLED Business - The global OLED display panel shipment area is expected to grow at a CAGR of 15.62% from 2023 to 2027, with BOE achieving a 50.7% market share in smartphone OLED panel shipments in 2024 [3]. - The company is positioned to expand its production capacity with the upcoming launch of its 8.6 generation AMOLED production line in 2026 [3]. Non-Display Business - BOE has implemented a "1+4+N" ecosystem strategy, focusing on extending its value chain through IoT innovations, sensors, MLED, and smart medical applications [4][9]. - The company aims to enhance its platform capabilities and core competitiveness by leveraging advancements in AI and big data [4]. Financial Performance - In 2024, the company reported revenues of 198.381 billion yuan, a year-on-year increase of 13.66%, and a net profit of 5.323 billion yuan, reflecting a significant recovery from previous losses [29]. - The display device business remains the primary revenue source, contributing over 80% to total revenues, with notable growth in various segments [34].

Financial Performance and Shareholder Returns - In 2024, the company plans to distribute cash dividends of 18.7 billion RMB, accounting for 35% of the net profit attributable to the parent company [3][36] - The company aims to repurchase and cancel shares worth between 15 billion to 20 billion RMB annually [3][36] - From 2015 to 2024, the company has implemented cash dividends for 10 consecutive years, totaling nearly 22 billion RMB [3][37] - The company has repurchased A shares for over 5.6 billion RMB and B shares for nearly 1 billion HKD from 2020 to 2024 [3][37] Depreciation and Cash Flow - In 2024, the company's depreciation is expected to be approximately 38 billion RMB, with an increase anticipated due to new projects being put into operation [2] - The net cash flow from investment activities remains high, projected to exceed 30 billion RMB in 2024 [5][6] Strategic Development and Market Position - The company is focusing on the "Screen and IoT" strategy, aiming to integrate more functionalities into displays and expand into various application scenarios [7][8] - The company has established a "1+4+N+Ecosystem" development framework, emphasizing semiconductor display as the core capability [8][9] - The company is actively pursuing high-potential areas such as IoT innovation, sensing, MLED, and smart medical engineering [9][10] Market Trends and Product Development - The global automotive display panel shipment is expected to reach 230 million units in 2024, with a year-on-year growth of 6.3% [31] - The company aims to produce 1.7 billion OLED units in 2025, up from 1.4 billion in 2024 [32] - The company has successfully launched Micro LED products, achieving high brightness and contrast ratios, and plans to continue expanding this technology [28][55] Risk Management and Market Adaptation - The company has a robust risk management mechanism to address potential market challenges, including a dedicated team for monitoring risks [26][34] - The direct export to the US is minimal, thus limiting the impact of US tariffs on the company's operations [19][24] Innovation and Future Outlook - The company is committed to advancing technologies such as Micro LED and exploring new applications in the healthcare sector [28][55] - The company is optimistic about the future of the semiconductor display industry, focusing on sustainable growth and technological advancements [47]

Group 1: Industry and Market Overview - The international trade environment's uncertainty is affecting North American market demand, while domestic demand is stimulated by the "trade-in" policy, accelerating the trend towards larger LCD TVs and upgrading product structures to mid-to-high end [1][2] - Panel manufacturers are adhering to a "demand-driven production" strategy, adjusting production line utilization rates based on market demand, leading to a healthy inventory level in the industry [1][2] Group 2: Company Performance - In 2024, the company achieved a revenue of CNY 198.38 billion, representing a year-on-year growth of 13.66% [5] - The company maintains its leading position in the semiconductor display field, with global first-place shipments in five application areas: smartphones, tablets, laptops, monitors, and TVs [3] - R&D investment reached CNY 13.2 billion in 2024, a 16% increase year-on-year, accounting for nearly 7% of revenue [5] Group 3: Shareholder Returns - From 2015 to 2024, the company has implemented cash dividends for ten consecutive years, totaling nearly CNY 22 billion [6] - The company plans to distribute at least 35% of the net profit attributable to the parent company as cash dividends annually from 2025 to 2027 [7] - In 2024, the company intends to distribute CNY 1.87 billion in cash dividends, which is 35% of the consolidated net profit [7] Group 4: Product and Technology Innovations - The company has launched the world's first foldable screen and continues to lead in high-end TV innovations with its UB Cell technology [3][4] - As of 2024, the company has filed over 100,000 patents, with more than 90% being invention patents [3] Group 5: Future Outlook and Challenges - The average utilization rate of the LCD industry has been above 80% since Q1 2025, but is expected to be adjusted based on demand fluctuations [9] - The company aims to achieve a shipment target of 170 million flexible AMOLED units in 2025, building on a shipment of approximately 140 million units in 2024 [10]

京东方科技集团股份有限公司 2024 年度董事会工作报告 2024 年，京东方科技集团股份有限公司（以下简称"公司"）董事 会严格遵守《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《深圳证券交易所股 票上市规则》（以下简称"《股票上市规则》"）等法律法规、部门规章、 规范性文件及《京东方科技集团股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，认真履行股东大会赋予的职责，规范运作， 科学决策，积极推动公司各项业务发展。现将董事会工作汇报如下： 一、2024 年经营情况概述 2、物联网创新 深耕细分市场，行业影响力显著提升。智慧终端业务，TV 终端 中标客户高色域及低能效电视产品；MNT 终端 Gaming、QHD+、Mini LED 高端产品销量创历史新高；TPC 终端进入核心客户平板 ODM 资 1 源池，海外业务获取 Google MADA 资质；办公教育类 e-Note 产品实 现整机自研突破；IoT 终端交互白板与拼接屏等细分领域出货量保持 第一。系统方案业务，智慧金融已累计为全国 31 个省市区的 4,500+ 银行网点提供全方位 ...

第十一届监事会关于追溯调整财务报表的专项说明 一、本次追溯调整的概述 京东方科技集团股份有限公司（以下简称"公司"）根据中华人民共 和国财政部于 2024 年 12 月 6 日发布的《企业会计准则解释第 18 号》 （以下简称"《准则解释第 18 号》"）的要求变更不属于单项履约义务 的保证类质量保证的会计处理，采用追溯调整法对 2023 年财务报表相 关项目进行调整。 京东方科技集团股份有限公司 二、上述会计政策变更对本公司的影响 公司根据《准则解释第 18 号》对因不属于单项履约义务的保证类 质量保证产生的预计负债进行会计核算时，借记"主营业务成本"、"其 他业务成本"等科目，贷记"预计负债"科目，并在"营业成本"和"其他流 动负债"、"一年内到期的非流动负债"、"预计负债"等项目列示。 公司自 2024 年 1 月 1 日起执行，采用追溯调整法对 2023 年财务 报表相关项目进行调整，此变更对公司财务状况和经营成果无重大影 响。 三、上述会计政策变更对财务报表影响 《准则解释第 18 号》对合并资产负债表和现金流量表无影响，对 2024 年合并利润表影响如下： | | 采用变更后会计政策增加 | 单位 ...