"The two core technologies in the current display industry are LCD (Liquid Crystal Display) and OLED (Organic Light-Emitting Diode). I can be proud to say that Chinese mainland display enterprises have taken a leading position in the global LCD industry, with top Chinese companies such as BOE holding a dominant share of the global market," said Chen Yanshun, Chairman of BOE, to Observers Net during the 2025 BOE Investor Day.
This is the second time BOE has held the "Investor Day" event after one year. The chairmen of three listed companies, including Chen Yanshun, Chairman of BOE, Gao Wenbao, Vice Chairman of BOE and Chairman of BOE Jingdian, and Zhang Zhaohong, Chairman of BOE Huacan, gathered in Shanghai to discuss the future direction with investors and industry partners from the dimensions of technology, market, and industrial chain collaboration.
Chen Yanshun told Observers Net that the global display industry is entering a period of re-balancing, continuously adjusting and optimizing. On one hand, the supply side is entering the era of stock, and on-demand production has become an industry consensus, while demand-side inventory is accelerating its de-stocking. On the other hand, the industry structure is being reshaped, and the industry is gradually shifting from "scale and market share" competition to "high profit, high technology, and high value-added" competition.
He analyzed that LCD will remain the mainstream application technology in the display industry for the medium to long term, while the high-end segments of OLED are also constantly breaking through. Among them, the demand structure of LCD is continuously optimized, and the trend of large-sized TVs is unstoppable; the shipment share of foldable screens in OLED continues to increase, and in the mid-size markets of IT and automotive, more opportunities will be presented. At the same time, from the perspective of technical trends, emerging display technologies represented by Mini/Micro LED will inject innovation vitality and development momentum into the industry's development.
Regarding its own development, in recent years, BOE has proposed the theory of "the Nth Curve" for enterprise dimensional development under the guidance of the "Screen of Everything" strategy. It focuses on building new business growth poles around three advantages: display technology, glass-based processing capability, and large-scale integrated intelligent manufacturing capability. It is laying out areas such as perovskite photovoltaic devices and glass-based packaging, continuously cultivating "future businesses" that support the company's growth.
"We believe that these new businesses not only represent the future of BOE but also reflect the new development trend of China's technology industry. Currently, all businesses are progressing in an orderly manner. In the field of glass-based packaging, we have established experimental lines and formed a project team for advanced glass-based packaging, achieving sample production. In the perovskite field, we have already built glove boxes, experimental lines, and the largest pilot line in the industry. Within just 38 days, we successfully produced the first 2.4×1.2m pilot line sample in the industry, marking an important step forward in the industrialization of perovskite," said Chen Yanshun to Observers Net.
As the global automotive business platform of BOE, BOE Jingdian achieved a revenue of over 10 billion yuan in 2024, and its shipments and shipment area in the automotive display field have reached the number one globally. In 2024, the overseas revenue of the company accounted for 38% of total revenue, showing double-digit growth year-on-year. Currently, the platform projects of European and Japanese/Korean customers are continuously breaking through, including the transparent OLED super-large display project of joint venture car manufacturers. Additionally, the direct procurement platform project of European car manufacturers is proceeding smoothly.
"In the future, the company will further strengthen its investment and layout in the overseas market, continuously improve product quality and technological innovation capabilities, to meet the increasingly diversified and high-end demands of overseas customers, and continue to consolidate and expand the overseas market share," said Gao Wenbao, Executive Director and Chairman of BOE Jingdian.
Aside from the business progress of BOE and its listed companies, the company's shareholder returns and capital operations plan are also the focus of attention. Observers Net learned that the focus of BOE's capital strategy is shifting from scale expansion to creating shareholder value. In 2025, it may face a 'double peak' in capital expenditure and depreciation, after which BOE is expected to enter a channel of improved profitability. The improvement in the certainty of profitability creates favorable conditions for returning value to shareholders.
In 2024, BOE achieved revenue of 198.381 billion yuan, up 13.66% year-on-year; net profit attributable to shareholders was 5.323 billion yuan, up 108.97% year-on-year; and non-recurring net profit was 3.837 billion yuan, up 706.60% year-on-year. Among them, the revenue from display device business reached 165 billion yuan, an increase of 12.55% year-on-year. The company maintained the number one global shipment volume of five main application display panels in the LCD field, and the shipment volume of flexible OLED ranked second globally, with approximately 140 million pieces shipped throughout 2024, and a growth of about 40% in the shipment of foldable products. The gross margin of the display device business increased to 12.75%, rising more than four percentage points from 8.21% in 2023.
"In the future, we will continue to increase our return to shareholders," said Chen Yanshun. BOE launched a three-year shareholder return plan this year, aiming to return value to investors through continuous, stable, and predictable methods. Since the beginning of the year, BOE has completed the cancellation of inventory shares worth about 1 billion yuan, launched the 2025 A-share share repurchase plan, and initiated the repurchase, and completed the 2024 annual profit distribution.
In terms of capital operations, BOE is conducting industry integration by acquiring high-quality assets such as the Chengdu and Nanjing production lines of Zhongdian Panda, and investing in the production lines of Caihong Optoelectronics. Second, for innovative businesses, it is creating professional development platforms through acquisition or incubation for independent listing, such as previously acquiring BOE Jingdian (0710.HK) as a vehicle display platform, and acquiring Hua Can Optoelectronics (300323.SZ) as an MLED industry chain platform. This year, it also incubated Energy Technology (874526.NQ),挂牌 on the New Third Board as an energy Internet of Things platform. Third, it is repurchasing minority interests in Wuhan BOE to further enhance control over high-quality production lines and improve the parent company's equity.
"The purpose of our capital operations is, on one hand, to effectively promote the healthy and orderly development of the display industry through industry integration; on the other hand, to enhance the company's overall strength by vertically integrating upstream and downstream high-quality assets or independently incubating and listing them. Meanwhile, we hope that through capital operations, we can enhance the shareholder equity of listed companies and share more development dividends with shareholders," said Chen Yanshun.
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