[年报]京东方Ｂ(200725):2024年年度报告（英文版）
原标题:京东方Ｂ:2024年年度报告（英文版） As the seasons changed, we ushered in a splendid year. The year 2024 marks the beginning of BOE's next thirty years, as well as a pivotal year for the Company to deepen its reforms. In the face of a complex and ever-changing global landscape and widespread pressure on industry operations, all BOE employees have overcome challenges and kept forging ahead. Through their hard work, the Company has achieved a fruitful year, with its performance back on a growth trajectory. Annual revenue approached RMB200 billion. Each business line also maintained strong momentum in high-quality development. In the semiconductor display business, our global shipments of LCDs and shipments across the five major application products remained number one worldwide, while we maintained global leadership in innovative markets such as automotive, retail, healthcare, and IoT. Our shipments of flexible OLEDs grew steadily, with nearly 140 million units delivered throughout the year. In the innovative business segment, our MLED business performance showed significant improvement, the sensor business saw revenue of smart windows double year-on-year, and the evaluation for top-tier hospital certification for Chengdu BOE Hospital progressed smoothly in the smart engineering medicine business. Furthermore, the "N" business continued to thrive, making breakthroughs in areas such as intelligent car networking, ultra- high-definition displays, and digital art, while also creating benchmark cases, with some businesses gaining favour in the capital market. These achievements have laid a solid foundation for BOE to build its medium- to long-term competitive edges. These successes are inseparable from BOE's ongoing, multidimensional efforts. Strategic Leadership: Adhering to Long-Termism Looking back on BOE's development journey, while the Company has encountered setbacks, it has consistently turned industry challenges into opportunities for growth. This success is due to the Company's unwavering vigilance and foresight in understanding industry trends and continuously exploring new directions for growth. In 2024, building on the continued implementation of the "Empower IoT with Display" strategy and driven by in-depth reflections on industry development practises, BOE innovatively proposed the "N Curve" theory to elevate its corporate strategy. This theory ensures that, while the core businesses remain robust, the Company continues to explore business lines that align with market demands of the "N Curve" business through the accumulation and extension of core capabilities. This approach guarantees the continuous enhancement of the Company's competitiveness while driving BOE's long-term, high-quality development and sustained success. Under the guidance of the "N Curve" theory, breakthroughs were achieved in perovskite and glass packaging businesses, presenting promising prospects for the future. Innovation-driven, Building a Solid Foundation for Development Technological innovation is the cornerstone of driving high-quality corporate development. BOE continues to invest heavily in research and development, achieving significant results. By 2024, BOE had accumulated over 100,000 independent patent applications, with over 90% of newly filed patents being invention patents and more than 33% of them filed overseas in the year. For seven consecutive years, BOE has been ranked in the top 20 of the IFI US patent authorisation list and in the top 10 of WIPO's global PCT patent applications for nine consecutive years. In terms of products and technologies, BOE successfully mass-produced and delivered the world's first "Z"-shaped three-fold screen, establishing a new form for OLED products. The UB Cell technology was iterated, launching the Black Diamond and Black Crystal products, setting the trend for high-end TVs. Several innovative achievements have been awarded national science and technology awards, in addition to industry honours from SID, CES, IFA, and others. Furthermore, BOE has actively embraced the wave of artificial intelligence technology, officially launching the "AI+" strategy and establishing an organisational mechanism to support its implementation. The Company is driving AI's innovative applications in manufacturing, product innovation, and business management, thus reinforcing the foundation for its comprehensive development. Deepening Reform, Enhancing Management Efficiency Continuous innovation within an enterprise is a critical driver for sustainable progress and maintaining a competitive edge. Since its inception, BOE has adhered to a “market-oriented, international, and professional” development approach while continually improving overall operational efficiency to maintain vitality. The Company has placed a strong focus on optimising talent management, further refining regular mechanisms for promotions, exits, and job rotations within its leadership team, thus stimulating the vitality of the management. The Company has also continued to build its organisational culture, promoting key corporate values such as "three virtues and five spirits" and "three fairness and three positions." In 2024, BOE was awarded the "Best Practise Enterprise in National Corporate Culture" title by the China Enterprise Confederation, which motivates the Company to continue leveraging corporate culture as a guiding force, striving to become a world-class enterprise. Green and Low-Carbon: Contributing to Sustainable Development Throughout its development, BOE has consistently adhered to the principles of green and sustainable growth. In 2024, the Company further clarified its green development goals, committing to achieving carbon neutrality in its operations by 2050. BOE has outlined six key action paths, including green management, green products, green manufacturing, green recycling, green investment, and green actions, aimed at building a closed-loop system for green development that spans the entire lifecycle of its business and products. To fully support the effective implementation of these sustainability initiatives, BOE has built a three-tier sustainable development organisational structure, covering governance, management, and execution levels. This structure is designed to strengthen resilience and competitiveness in the global market, support industrial upgrading, and foster high-quality development. Looking ahead, BOE will continue contributing to building a peaceful, stable, prosperous, and beautiful world through its sustainable practises. Boosting Shareholder Returns to Achieve Mutual Benefit with Shareholders Looking back on BOE's development history, it has always been inseparable from the strong support of the capital market. Sharing the value of corporate growth with investors is also a long-term goal that BOE has always pursued. As the Company's growth enters a new stage, we have launched a long- term shareholder return mechanism with cash dividends and share repurchase and retirement as the focuses, in order to truly reward shareholders through a "continuous, consistent and predictable" shareholder return policy and achieve "mutual benefit" with shareholders. As we stand at the threshold of 2025, we remain committed to maintaining our passion and aspirations, guided by lofty ambitions. We will continue deepening the “Empower IoT with Display” development strategy and set sail on a new journey. Together, we will drive BOE's high-quality development and steady progress. We look forward to continuing this journey alongside our shareholders, side by side, on the path “To Be the Most Respected Company on Earth” and witnessing BOE's thriving growth as we embrace a bright future! 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. Feng Qiang, Chairman of the Executive Committee, Ms. Yang Xiaoping, Chief Financial Officer, and Ms. Xu Yaxiao, 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 37,416,133,303 shares, a cash dividend of RMB0.5 (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 Message to Our Shareholders ........................................................................................................... 2 Part I Important Notes, Table of Contents and Definitions ........................................................... 5 Part II Corporate Information and Key Financial Information ................................................. 10 Part III Management Discussion and Analysis ............................................................................. 15 Part IV Corporate Governance ...................................................................................................... 44 Part V Environmental and Social Responsibility .......................................................................... 81 Part VI Significant Events ............................................................................................................... 87 Part VII Share Changes and Shareholder Information ............................................................. 104 Part VIII Preferred Shares ............................................................................................................ 115 Part IX Bonds ................................................................................................................................. 116 Part X Financial Statements ......................................................................................................... 120 Documents Available for Reference (I) The financial statements signed and sealed by the Company’s legal representative, Chairman of the Executive Committee, 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: 18 April 2025 Definitions
Part II Corporate Information and Key Financial Information I Corporate Information
The independent audit firm hired by the Company:
□ Applicable ? Not applicable The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period: □ 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.
Finance, the Group has retrospectively restated relevant financial statement items at the beginning of the year and in the same period of last year. The said changes of accounting policies have no significant impact on the Company’s financial condition and operating results. The said changes of accounting policies have no significant impact on the above key accounting data and financial indicators. 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 VII Accounting Data Differences under China’s Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards 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 Looking back at 2024, reshaping of the global landscape accelerated, and the world economy slowly recovered amid an imbalance, with significant economic growth disparities between different regions. The semiconductor display industry remained highly competitive, and companies continued to face operational pressure. Additionally, the manufacturing system accelerated its shift to emerging markets such as Southeast Asia, which caused certain disruptions to the industrial structure. Despite the complex external environment, development opportunities also emerged. The government actively implemented policies to "benefit people's livelihoods, stimulate consumption, and strengthen economic momentum," such as "reducing the reserve requirement ratio and interest rates" and "trade-in programmes," which boosted consumer confidence, stimulated domestic economic growth, and significantly enhanced demand in the end-market. On the industrial side, semiconductor display companies produced according to market demand, improving the supply-demand relationship in the industry. At the same time, there was a clear trend of upgrading to high-end displays, with the entire industry continuing to innovate across dimensions such as new materials, new technologies, and new products. This led to breakthroughs in display technologies like UHD, ultra-high-refresh, flexible OLED, Mini/Micro LED, etc., empowering smart terminal products such as consumer electronics, automotive electronics, and industrial sensors with superior performance and diverse forms, injecting new vitality into the industry. As digital technologies like AI rapidly gained popularity, the semiconductor display industry accelerated the construction of an interconnected ecosystem, continuously expanding demand-side scenarios. This further facilitated the rapid growth of various segmented application markets, including industrial IoT, intelligent car networking, smart finance, smart industrial parks, and smart energy, bringing new development opportunities for the Company. II Principal Operations of the Company in the Reporting Period (I) About the Company In constant pursuit of excellence, BOE Technology Group Co., Ltd. is an innovative IoT company dedicated to providing intelligent interface products and professional services for information interaction and human health. With “To Be the Most Respected Company on Earth” as its vision and, BOE always keeps in mind the mission of “Change Life with BOE Display Everywhere”, upholds the core values of “Integrity & Reliability, Dedication to Customers, Being People-oriented, Openness and Innovation”, as well as adheres to the business philosophy of “Doing the Right Thing, Innovation and Progress Seeking”. In pursuit of high-quality, sustainable development and guided by the strategy of “Empower IoT with Display”, BOE has been forging （未完）  |