[年报]京东方Ｂ(200725):2022年年度报告（英文版）
原标题:京东方Ｂ:2022年年度报告（英文版） Upon the past of a fruitful year, we are now standing at a new beginning. 2022 was not an easy year. Despite all those severe and unprecedented challenges, everyone at BOE has continued forging ahead with diligence and fortitude, actively overcoming external challenges like economic downturns and market fluctuations. As a result, BOE has achieved above-average operating results industry-wide. During the year, BOE recorded operating revenue of RMB178.41 billion, with a net profit attributable to BOE shareholders of RMB7.55 billion. This is indicative of a significant improvement in the resilience of its operations amid a downturn in the industry. There have been steady and rising shipments of mainstream LCD applications throughout the year. The shipment area in five application domains, namely smartphones, tablet PCs, laptops, monitors, and TVs, continued to rank first globally, while the market share in innovative application fields like tiled display screens and vehicle-mounted products also ranked first in the world. Flexible AMOLEDs continued to maintain a growing momentum and even achieved further breakthroughs in terms of shipment volume, with an 30% increase. Under the strategic guidance of “Screen-Connected IoT”, BOE also achieved a series of outstanding results in the business of Internet of Things (IoT) transformation. The revenue of system solutions increased by more than 41%, and the revuenue of sensing business, MLED business, smart medical industry business increased by over 41%, nearly 85% and over 19%, respectively.Also, multiple benchmark projects were created successfully in various segment application scenarios related to IoT, including smart industrial parks, smart finance, and visual arts. During the course of its development, BOE’s goal is to pursue high-quality growth. With continuous exploration, BOE has constantly been making the focus of its high-quality development clear and definite. Use Strategic Guidance to Drive High-quality Development BOE has put in place a “1+4+N+Ecosystem” business development structure by centring on the development strategy of “Screen-Connected IoT” and by further improving its pattern of development. "1" represents semiconductor display, which is the core capacity and quality resources accumulated by BOE, as well as the source and origin of the Company's transformation and development. "4" is a high-potential channel and direction of development selected based on BOE's core competence and value chain extension, as well as the four main fronts of the Company's IoT transformation, namely the IoT Innovation business, the Sensor business, the MLED business and the Smart Medical Engineering business. "N" refers to the subdivided application scenarios of IoT that are continuously explored and cultivated by BOE, as well as the specific focus of the Company's IoT transformation development. And “Ecosystem” is an industrial ecological development circle constructed by the Company in collaboration with many partners and by aggregating the resources of the industrial chain and ecosystem chain. Enhance Core Capacity with Innovation as the Driving Force BOE has always insisted on having technology serve the public through technological and product innovation. So far, BOE has already independently applied for a total of over 80,000 patents, of which more than 28,000 are related to OLED. This has effectively strengthened the core patent portfolio and continuously improved the patent attack and defence system. In 2022, BOE ranked 11th worldwide in terms of the number of patents granted by the US according to IFI, and it has also been among the global top 20 for five consecutive years. With a total of 1,884 PCT patent applications, BOE ranked 7th worldwide in terms of the number of PCT patent applications submitted to the World Intellectual Property Organization, and it has been among the global top 10 for seven consecutive years. Meanwhile, BOE has been adhering to the dual drivers of “technology + brand” and deepening its promotion of the three technology brands ADS PRO, f-OLED, and α-MLED on the customer end. Currently, the relevant products have won orders from eight brand customers, while many other new products have made their global debut. BOE continues to lead the industry and build a leading edge with a strong technology presence. Build a Strong Team to Win in the Competition Talent is the key to a successful business. BOE is consistently strengthening its talent management as well as its incentive mechanism, and it is always striving to fully mobilize the enthusiasm, initiative, and creativity of its talented personnel at all levels through mechanisms such as its professional manager system, contract-based appraisal, equity incentives, and incubation of innovation. Meanwhile, BOE is also always taking a global view and doing its best to not only gather outstanding talented personnel in the industry, but also train its talent through systematic training projects that span every BOE employee’s entire career. Moreover, by continuously strengthening and improving its talent selection, training, deployment and retention system, BOE is continuing to build a high- level team of talent that will promote the Company’s stable and high-quality development over the long term. BOE upholds the development principle of “market orientation, internationalization and professionalization” and strives to globalize its operations. Among the talented personnel who have made important contributions to the Company’s high-quality development, there are nearly 400 foreign experts as well as over 2,600 overseas employees. Sketch Out a Bright Future with Green Practices Throughout the course of its development, BOE has actively been practicing the concept of green and low-carbon development, which includes reducing carbon emissions in an orderly manner by promoting carbon neutrality pilot projects and using clean energy, as well as boosting its unified planning and effective implementation of peak carbon emissions and eventual carbon neutrality. In 2022, BOE established and improved its carbon emission management system and defined the target and path for peak carbon emissions and eventual carbon neutrality. In the future, BOE will implement further measures for achieving peak carbon emissions, develop its path toward carbon neutrality, and ensure the orderly implementation of its “peak carbon emissions and carbon neutrality” strategy “in three steps”. Meanwhile, BOE will also continue to practice the development concept of “Creating a Better Future Together”, and to continue making contributions toward building a peaceful, stable, prosperous, and beautiful home for all. 2023 marks the 30th anniversary of the founding of BOE. Looking back on the past, BOE people have used their entrepreneurial enthusiasm and dreams to lead China’s semiconductor display industry in achieving progress from “0” to “1”, and have helped the industry lead the world by achieving epoch-making breakthroughs. And looking ahead to the future, BOE people will seek to fully implement the “Screen-Connected IoT” development strategy through an even more energetic fighting spirit and to keep making progress toward becoming “a global leader in the IoT innovation sector”. I would like to express my heartfelt gratitude to all our shareholders for accompanying us all the way along. And we look forward to your continuous support as we continue on the journey to be the most respected company on earth! Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Mr. Chen Yanshun, the Company’s legal representative, Mr. Gao Wenbao, President, Ms. Yang Xiaoping, Chief Financial Officer, and Mr. Teng Jiao, head of the financial department (equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Report are factual, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Any plans for the future and other forward-looking statements mentioned in this Report shall NOT be considered as absolute promises of the Company to investors. Investors, among others, shall be sufficiently aware of the risk and shall differentiate between plans and forecasts and promises. The Board has approved a final dividend plan for the Reporting Period. Based on 37,668,177,369 shares, a cash dividend of RMB0.61 (tax inclusive) per 10 shares is to be distributed to all the shareholders, with no bonus issue from either profit or capital reserves. This Report and its summary have been prepared in Chinese and translated into English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail. Table of Contents Part I Important Notes, Table of Contents and Definitions ........................................................... 4 Part II Corporate Information and Key Financial Information ................................................... 9 Part III Management Discussion and Analysis ............................................................................. 14 Part IV Corporate Governance ...................................................................................................... 43 Part V Environmental and Social Responsibility .......................................................................... 73 Part VI Significant Events ............................................................................................................... 81 Part VII Share Changes and Shareholder Information ............................................................... 97 Part VIII Preferred Shares ............................................................................................................ 109 Part IX Bonds ................................................................................................................................. 110 Part X Financial Statements ......................................................................................................... 115 Documents Available for Reference (I) The financial statements signed and sealed by the Company’s legal representative, President, Chief Financial Officer and head of the financial department (equivalent to financial manager); (II) The original of the Independent Auditor’s Report sealed by the CPA firm and signed and sealed by the certified public accountants; (III) The originals of all the documents and announcements that the Company disclosed on www.cninfo.com.cn during the Reporting Period; and (IV) This Report disclosed in other securities markets. All the above mentioned documents are available at the Board Secretary’s Office of the Company. Chairman of the Board (signature): Mr. Chen Yanshun Date of the Board’s approval of this Report: 31 March 2023 Definitions
Part II Corporate Information and Key Financial Information I Corporate Information
The independent audit firm hired by the Company:
? Applicable □ Not applicable
□ Applicable ? Not applicable VI Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. ? Yes □ No Reason for retrospective restatement: Change of accounting policy.
Business Enterprises issued by the Ministry of Finance. Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and after exceptional gains and losses was negative for the last three accounting years, and the latest independent auditor’s report indicated that there was uncertainty about the Company’s ability to continue as a going concern. □ Yes ? No Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and after exceptional gains and losses was negative. ? Yes □ No
1. Net Profit and Equity under CAS and IFRS □ Applicable ? Not applicable No difference for the Reporting Period. 2. Net Profit and Equity under CAS and Foreign Accounting Standards □ Applicable ? Not applicable No difference for the Reporting Period. VIII Key Financial Information by Quarter Unit: RMB
have been disclosed in the Company’s quarterly or interim reports. □ Yes ? No IX Exceptional Gains and Losses ? Applicable □ Not applicable Unit: RMB
No such cases for the Reporting Period. Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable ? Not applicable No such cases for the Reporting Period. Part III Management Discussion and Analysis I Industry Overview for the Reporting Period In the macro environment of frequent geopolitical risks and global economic downturn, inflation remained at high levels, consumer confidence and capacity continued to be low, fixed expenditure inhibited consumption upgrade, and purchasing strategies on the brand end became conservative. As a result, the semiconductor display industry saw an imbalance between supply and demand, and the industry development was under significant pressure throughout the year. The prices of mainstream semiconductor display application products declined throughout the year, and panel procurement on the brand end adopted a conservative posture. Although the overall utilisation ratio of panel factories remained relatively low, they still faced great shipment pressure. The growth engine of the consumer electronics industry shifted from traditional applications such as mobile phones, laptops, and TVs to new segmented application fields such as VR/AR and smart watches, and semiconductor display technology also gradually transformed into a development pattern with LCD as the focus and OLED and Narrow Pixel Pitch LED displays as highlights. Currently, China attaches great importance to developing the real economy, continues to promote the high-end, smart, and green development of the manufacturing industry, and accelerates the construction of China’s strength in manufacturing, product quality and digital development. IoT is one of the important infrastructures in the digital economy era. Sensors, artificial intelligence, edge computing, big data, and other technology applications are accelerating iterative development, speeding up the construction of the ecology of the Internet of Everything (IoE) and promoting the rapid development of demand-side scenarios. Supported by increasingly mature technology and growing demand for intelligence, smart screens, industrial sensors, and automotive electronics have gained first-mover advantage and the product market scale continues to expand. As the technology gradually matures and the potential for integration applications is unleashed, a variety of IoT technologies will be integrated into industry, transportation, finance, architecture, energy, and other industries and boost the rapid development of the industrial IoT, Intelligent Car Networking, smart finance, smart industrial parks, smart energy and other IoT application industries. At the 20th National Congress of the Communist Party of China, it was mentioned that we should promote the construction of a healthy China, prioritise the protection of people's health in strategic development, and improve the policies of promoting people's health. Several policies jointly encourage the research, development, and application of innovative medical devices and biomedicine, actively promote the domestic substitution of medical devices and equipment, and accelerate the construction of a health service system featuring the integration of prevention and treatment, the integration of medicine and health care, and intelligence, providing broad development prospects for innovative medical engineering products and integrated health care services for prevention and treatment. II Principal Activity of the Company in the Reporting Period BOE Technology Group Co., Ltd. is a leading IoT company providing intelligent interface products and professional services for information interaction and human health. Based on a deep understanding of the intrinsic laws of the market and practical exploration, and in order to further enhance its value creation capability, BOE has put forward the development strategy of "Screen-Connected IoT" based on its core genes and capabilities, seizing the ubiquitous growth opportunities of "screen", and fully leveraging its core advantage of "screen" to integrate screens into more market segments and application scenarios by integrating more functions and deriving more forms. By doing so, BOE will realize the user perception revolution of "screen as terminal" in the digital era, build an industrial ecology of "screen as platform and screen as system", and reshape the value growth model. At the same time, based on the strategic design of "Screen-Connected IoT", BOE will bring a new connotation to the "1+4+N+Ecosystem" development structure under the new development pattern. "1" represents semiconductor display, which is the core capacity and quality resources accumulated by BOE, as well as the source and "4" is a high-potential channel and direction of development selected based on BOE's core competence and value chain extension, as well as the four main fronts of the Company's IoT transformation, namely the IoT Innovation business, the Sensor business, the MLED business and the Smart Medical Engineering business. "N" refers to the subdivided application scenarios of IoT that are continuously explored and cultivated by BOE, as well as the specific focus of the Company's IoT transformation development. “Ecosystem” is an industrial ecological development circle constructed by the Company in collaboration with many partners and by aggregating the resources of the industrial chain and ecosystem chain. The Company's core businesses are summarized as follows: 1. The Display Devices business The Display Devices business offers integrated design and manufacturing services for devices, and is committed to providing interface devices applying TFT-LCD, AMOLED, Microdisplay and other technologies, focusing on providing customers with high-quality display devices for smartphones, tablet PCs, laptops, monitors, TVs, vehicle-mounted, electronic shelf label (ESL), industrial control, household medical applications, applications on wearable devices, whiteboards, tiled display screens, commercial devices, VR/AR devices, etc. 2. The IoT Innovation business The IoT Innovation business offers integrated design and manufacturing services for system solutions, and provides customers with competitive smart terminal products for TVs, monitors, laptops, tablets, low-power devices, IoT, 3D display, etc. Backed by AI and big data technologies, it focuses on products and services combining hardware and software, providing integrated IoT solutions for segments including smart industrial parks, smart finance, visual arts, smart public service, smart transportation, etc. 3. The Sensor business The Sensor and Solution business offers integrated design and manufacturing services for system solutions, focuses on medical biological segment, smart transportation and construction displays, consumer electronics, industrial sensors and other fields, and provides customers with design and manufacturing of sensor devices and system solution services, with specific products and solutions including back plates for flat panel X-ray detectors (FPXD), digital microfluidic chips, intelligent PDLC glass and PDLC system （未完）  |