BOE Technology Group Co Ltd

On October 9, BOE and OnePlus jointly launched the fourth-generation Oriental Screen, which will debut on the upcoming OnePlus 16 flagship phone. The screen uses BOE's f-OLED high-end flexible display technology and adopts industry-leading new-generation luminescent materials. It is the industry's first screen to achieve a global ultra-high refresh rate of 165Hz through full-chain hardware, 185Hz in specific scenarios such as esports, and to comply with dynamic clarity standards. Previously, BOE, OPPO, OnePlus and others jointly released the group standard 'Test Method for Dynamic Clarity of Ultra-High-Definition OLED Display Devices'. The fourth-generation Oriental Screen is the first OLED phone screen mass-produced under this dynamic clarity standard after its release. According to the introduction, the fourth-generation Oriental Screen improves picture continuity by 47%, reduces afterimages by 52%, increases display speed by 35%, shortens control time by 11.1 milliseconds, and improves control speed by 25%. In terms of ultra-low power consumption, it is equipped with the first 22-nanometer display driver chip and the first touch chip customized for OnePlus. Compared with the previous generation, brightness increases by 10% while power consumption decreases by 15%. BOE currently has three mass-produced sixth-generation flexible OLED production lines and one mass-produced 8.6-generation OLED production line. According to Omdia data, its flexible OLED shipments have long ranked first domestically and second globally.

Nvidia is evaluating glass substrate packaging solutions and working with German equipment maker SCHMID and other companies to advance related equipment development. It also hopes panel makers in South Korea, Japan, and elsewhere can complete glass substrate development within two years. SCHMID disclosed in its earnings call that it is jointly developing glass substrate equipment with core companies in the supply chains of Nvidia, Intel, and AMD, but technical difficulties remain in the metallization step for through-glass vias, and customer certification has not yet been completed. According to TrendForce analysis, TSMC's CoPoS will focus on 310 by 310 millimeter substrate sizes in the near term. 2026 is a critical verification period for equipment and material suppliers, pilot production is expected in 2027, and formal mass production will begin in the second half of 2028. Li Wenqi, general manager of Shanghai Yibu Semiconductor, said TSMC originally planned to start mass production this year, but recent information shows it has been postponed to 2028. Domestically, BOE Chairman Chen Yanshun said the company is preparing to invest in a mass production line for semiconductor glass substrate carriers. Its 20-layer large-size glass substrate sample has passed six semiconductor-grade reliability tests and has been sent to leading domestic AI chip makers. Lens Technology's wholly owned subsidiary Lens International signed a memorandum of cooperation with Intel. Woge Optoelectronics' Hubei Phase One production line with annual capacity of 100,000 square meters of through-glass via substrates will complete certification with multiple customers in the first half of 2026 and enter small-batch supply. Triumph Science and Technology is investing 150 million yuan in Bengbu to build a pilot line for advanced packaging glass with through-glass vias. TCL Technology is investing 500 million yuan to establish Shenzhen Yunqi New Materials, in which it holds a 51 percent stake. On the equipment side, Delphi Laser's panel-level glass substrate via equipment has already begun shipping. S.C New Energy Technology's dedicated bubble cleaning equipment for through-glass via glass substrates and fully automatic hole-filling electroplating equipment have completed full-process testing and begun shipping.

BOE held an online briefing on its 2026 interim results on September 22 during the Global Innovation Partner Conference 2026, disclosing first-half revenue of 103.1 billion yuan and net profit attributable to the parent of 5.2 billion yuan, up 1.8% and 61.6% year on year respectively. Chairman Chen Yanshun said at the meeting that the company has updated its positioning to a globally leading technology innovation company, using optoelectronic fusion technology to drive the intelligent connection of all things. In the display business, LCD panel shipments for the five major mainstream applications continued to rank first globally, while AMOLED shipments exceeded 80 million units in the first half, remaining first in China and second globally. The company's first 8.6-generation OLED production line in China began mass production in June 2026. In the innovation business, the glass-based packaging substrate pilot line has achieved fully automated equipment line connection and sample delivery, the perovskite glovebox steady-state efficiency reached 27.61%, and in the optical interconnect field the company has established a project team to tackle Micro LED optical interconnect systems and glass-based substrate CPO technology. Chen Yanshun said the display business provides about 40 billion to 50 billion yuan in operating cash flow each year, which can cover spending on LCD and OLED, innovation businesses, and investor returns. On shareholder returns, as of July 31 the company had repurchased about 86 million A-shares and about 85 million B-shares, with total payments of nearly 500 million yuan and 400 million Hong Kong dollars. Its controlling subsidiary Hefei BOE Display Technology completed a targeted capital reduction for minority shareholders, with registered capital reduced from 24 billion yuan to 17.55 billion yuan, raising BOE's shareholding from 36.67% to 50.14%.

China unveiled its 15th five-year plan for the electronic information manufacturing industry, covering the period from 2026 to 2030, aimed at strengthening domestic capabilities in semiconductors and advanced manufacturing. This sent Chinese chip and electronics stocks higher today (Sept 16) on expectations that the government will increase support for the sector. The plan targets large qualifying companies in the electronic information manufacturing industry to achieve combined revenue of more than 30 trillion yuan, or 4.4 trillion US dollars, by 2030, while aiming for industry research and development investment to rise to 3.5% of revenue. China designated integrated circuits, advanced computing, consumer electronics, basic electronics, and power electronics as priority industries. For semiconductors, the policy covers everything from chip design and manufacturing, advanced packaging and testing, to equipment and materials for semiconductor production, as well as electronic design automation. China wants to drive breakthroughs in high-end processors, memory chips, and analog chips. The move boosted stocks in the sector, with Cambricon Technologies surging 6%, while Shanghai-listed Semiconductor Manufacturing International Corp rose 4.2% and its Hong Kong-listed shares gained 4.4%. NAURA Technology rose 3.8%. Consumer electronics stocks also advanced, with Luxshare Precision up 2.7%, BOE Technology up 2.1%, and Foxconn Industrial Internet up 3.2%, while Goertek also gained. The measures come as China's technology sector draws support from investment in artificial intelligence and advanced manufacturing, with the country's industrial output in August rising 5.2% year on year, while production of industrial robots and lithium-ion batteries expanded strongly. Beijing also wants to strengthen domestic supply chains, as Chinese companies face restrictions on access to advanced semiconductors and manufacturing technology from abroad.

Lighteel Technology released its 2026 interim report. Net profit attributable to the parent in the first half fell 13% year-on-year to 110 million yuan, while operating revenue was 307 million yuan, up 5.1% year-on-year. Net profit attributable to the parent after deducting non-recurring items was 106 million yuan, down 11.9% year-on-year, and net operating cash flow was 77.1 million yuan, down 25.9% year-on-year. In the second quarter, operating revenue was 174 million yuan, up 18.2% year-on-year, and net profit attributable to the parent was 64.05 million yuan, down 2.4% year-on-year. As of the end of the second quarter, total assets were 2.583 billion yuan, up 14.9% from the end of the previous year, and net assets attributable to the parent were 2.164 billion yuan, up 13.0% from the end of the previous year. The company said its core products RedPrime, GreenHost, and RedHost materials have successfully entered BOE's 8.6-generation AMOLED production line for mass production and supply, while progress has been made in expanding overseas markets, with multiple terminal materials undergoing testing and verification. In addition, construction of the research and development center and production base is accelerating, with full production expected in 2027, and research and development of perovskite materials is also advancing steadily.

BOE Technology Group disclosed its 2026 half-year results on August 28. During the reporting period, it achieved operating revenue of 103.1 billion yuan, up 1.8% year on year. Net profit attributable to shareholders of the listed company reached 5.2 billion yuan, a sharp year-on-year increase of 61.6%. Net profit after deducting non-recurring gains and losses was 3 billion yuan, up 31.8% year on year. In its core display business, BOE remained the global leader in shipments of the five major mainstream LCD applications. OLED shipments exceeded 80 million units, ranking first in China and second globally. China's first 8.6-generation OLED production line began mass production in June. Among other businesses, sensor business revenue surged 88% year on year, overseas revenue from MLED direct-view displays rose sharply, and the smart healthcare business grew steadily. The company is accelerating its deployment in three innovative businesses: glass-based packaging substrates, perovskite, and optical interconnect. The pilot line for glass-based packaging substrates has been connected and samples have been delivered. In terms of shareholder returns, the company repurchased about 86 million A-shares and about 85 million B-shares, paying nearly 500 million yuan and 400 million Hong Kong dollars respectively. It also completed a targeted capital reduction of minority equity in the Hefei 10.5-generation line, raising its shareholding to 50.14%.

Chongqing Yulong Optoelectronics Technology Co., Ltd.'s ChiNext IPO application was approved on August 6. The company plans to publicly issue no fewer than 43.0336 million shares and no more than 129 million new shares, representing no less than 10% and no more than 25% of the total post-issuance share capital, raising no more than 1 billion yuan. The proceeds will be directed toward three projects: the Hefei Yulong production base, the second phase of Chongqing Yulong, and supplementary working capital. Yulong Technology focuses on intelligent control cards and precision functional components for the new-type semiconductor display panel sector, having supplied over a thousand products to major domestic panel manufacturers such as BOE and Everdisplay Optronics. From 2023 to 2025, the company's operating revenues were 698 million yuan, 1.095 billion yuan, and 1.137 billion yuan, respectively, with net profits attributable to the parent company of 75.7208 million yuan, 121 million yuan, and 133 million yuan. For the first half of 2026, it expects revenue of 610 million yuan to 658 million yuan and net profit attributable to the parent company of 77 million yuan to 84 million yuan. Controlling shareholder Wang Yalong directly holds 42.3% of the shares, and together with his wife Li Hongyan, they control 74.16% of the company's equity. Wang Yalong previously took his company Lighte Optoelectronics public on the STAR Market in 2022. The company stated that its capacity utilization rate has rebounded to over 90%, and it is optimistic about the consumer electronics replacement demand driven by AI technology and the globalization opportunities for domestic panel manufacturers.

The A-share buyback wave is accelerating, with multiple industry leaders intensively disclosing progress. Panel leader BOE Technology had repurchased 500 million yuan of A-shares by July 31, reaching the lower limit of its buyback plan, taking only about half a month since the first repurchase on July 20. The company also simultaneously repurchased B-shares for 393 million Hong Kong dollars, shortly after completing a round of over 4 billion yuan in A-share buybacks at the end of May. Eye drug leader Shenyang Xingqi Pharmaceutical completed its 80 million to 100 million yuan buyback plan in just about a week, with the payment amount reaching 100 million yuan as of August 4. Innovative drug leader Hengrui Medicine had cumulatively paid 853 million yuan for buybacks as of July 31, while dental service leader Topchoice Medical's buyback amount reached 88.75 million yuan in the same period, approaching 90 percent of the 100 million yuan plan cap.

The Political Bureau of the Communist Party of China Central Committee held a meeting on July 30, calling for deepening comprehensive reforms in capital market investment and financing, enhancing market resilience and confidence, and laying out tasks such as planning incremental policies, strengthening counter-cyclical adjustments, and boosting domestic demand. A report released the same day by the World Gold Council showed that global central banks added a net 289 tonnes to gold reserves in the second quarter, up 62 percent year-on-year. In the first half of the year, China's renewable energy generation accounted for more than 40 percent of total electricity for the first time, while electricity consumption in the charging and battery-swap services sector and the internet data services sector rose 56.9 percent and 44 percent year-on-year respectively. Data from the National Bureau of Statistics showed that the added value of the 'three new' economy reached 25.7869 trillion yuan in 2025, accounting for 18.39 percent of GDP. In the first half, China exported 5.096 million vehicles, up 65.3 percent year-on-year, of which new energy vehicle exports reached 2.355 million units, a 1.2-fold increase. The European Commission announced the launch of a tender to build up to seven AI super factories and has signed letters of intent with AMD, Nvidia and Qualcomm. Qualcomm CEO Cristiano Amon revealed plans to raise chip prices by double-digit percentages starting September 1. The Ministry of Industry and Information Technology officially established the Quantum Information Standardization Technical Committee, aiming to promote high-quality development of the quantum industry. At the corporate level, BOE Technology's glass-based packaging substrate pilot line achieved fully automated line operation; Hiron Technology plans to acquire a 55 percent stake in Sugar Box Food for 130 million yuan; Ronbay Technology plans to invest 4.723 billion yuan in a sodium-ion battery cathode material project; and Three-Circle Group announced a share buyback plan of no less than 500 million yuan and no more than 1 billion yuan.

Several A-share listed companies have disclosed share increase or buyback plans by their controlling shareholders. BOE Technology's controlling shareholder, Beijing Electronics Holdings, plans to increase its holdings by 500 million to 1 billion yuan, with no price range set. Hailiang's controlling shareholder, Hailiang Group, plans to increase holdings by no less than 600 million yuan and no more than 1 billion yuan, with a maximum increase price of 35 yuan per share, roughly double the latest closing price of 16.79 yuan per share. Chongqing Port plans to buy back shares worth 20 million to 30 million yuan, at a price not exceeding 5.96 yuan per share, while its indirect controlling shareholder, Chongqing Logistics Group, simultaneously plans to increase holdings by 20 million to 30 million yuan. Wondfo Biotech's controlling shareholder, Wang Jihua, plans to increase holdings by 20 million to 40 million yuan, with no price range set. PRET Composites' controlling shareholder, Zhou Wen, has committed not to reduce his shareholding in the next 12 months.

Zhonghong Medical announced an earnings forecast, expecting first-half 2026 net profit to increase by 2,338 percent to 3,557 percent year-on-year. In addition, Hyperstrong expects net profit for the same period to rise by 96.30 percent to 121.63 percent, while Kingsoft Office expects first-half net profit to grow by 210 percent to 264 percent. BOE Technology's controlling shareholder, Beijing Electronics Holdings, plans to increase its holdings of the company's A-shares by 500 million to 1 billion yuan. China State Construction Engineering Corporation has signed a contract for the North Kabd Wastewater Treatment Plant and supporting projects in Kuwait, with a contract value of approximately 22.4 billion yuan.

On the evening of July 28, multiple listed companies on the Shanghai and Shenzhen stock exchanges issued significant positive announcements. Zhongji Innolight's chairman and president Liu Sheng proposed that the company repurchase shares worth 4 billion to 8 billion yuan for equity incentives or employee stock ownership plans. BOE Technology's controlling shareholder, Beijing Electronics Holdings, plans to increase its shareholding by 500 million to 1 billion yuan. Kingsoft Office expects a net profit attributable to the parent company of 2.316 billion to 2.719 billion yuan in the first half of 2026, a year-on-year increase of 209.98% to 263.89%, with some external investment fund projects achieving good returns. Wanma Technology's subsidiary, Wanma Polymer, plans to invest in cable material projects in Lin'an, Hangzhou, and the West Coast of Qingdao, with a total investment of approximately 820 million yuan. Jiuzhou Yigui's wholly-owned subsidiary plans to invest in an advanced semiconductor wafer laser stealth dicing industrialization project, with a total investment not exceeding 630 million yuan. In addition, Sanyou Chemical's controlling subsidiary plans to purchase a 31% stake in Sanyou New Materials, Daimei Auto Parts plans to acquire 100% equity of Rongming Technology, Leon Technology plans to raise no more than 255 million yuan through a private placement for an artificial intelligence computing resource pool project, Yandong Microelectronics' controlling shareholder's controlling subsidiary plans to increase its shareholding by 150 million to 300 million yuan, and Hongfuhan's liquid cooling business orders are progressing steadily.

HC Semitek's controlling subsidiary Suzhou Jingxin plans to sign a patent license agreement with controlling shareholder BOE, obtaining the right to implement MLED-related patents. The license term is 10 years, with total license fees of 52.92 million yuan, payable over 10 years. This transaction constitutes a connected transaction, has been approved by the board of directors, and does not require submission to the shareholders' meeting for approval.

A total of 12 stocks received buy ratings from institutions today, with BOE Technology and China Satellite gaining first-time coverage. According to statistics from Securities Times Data Treasure, institutions published 12 buy rating records covering 12 stocks, with BOE Technology and Han's Laser drawing the most attention. Among the 9 rating records that included target prices, 8 stocks have upside potential exceeding 20 percent. Azure Lithium Core leads with 93.31 percent upside, as Soochow Securities set a target price of 37 yuan. Capchem and Tinci Materials have upside potential of 69.88 percent and 65.75 percent respectively. In terms of performance, among the 8 stocks that disclosed first-half earnings forecasts, Tinci Materials is expected to post the highest net profit growth, surging 963.83 percent year-on-year, followed by Han's Laser and Capchem. By sector, the electrical equipment industry was the most favored, with three stocks including Capchem and Tinci Materials receiving ratings, while the electronics and machinery equipment sectors each had two stocks rated.

On July 8, several A-share companies released their half-year earnings forecasts. Among them, SDG Information expects first-half net profit to grow 881% to 1,167% year-on-year, one of the highest growth rates. Global display panel leader BOE Technology expects first-half net profit attributable to shareholders of the listed company to be between 5 billion and 5.5 billion yuan, up 54% to 69% year-on-year, with the upper end of its net profit forecast already approaching the full-year 2025 net profit total of 5.857 billion yuan. Tianfeng Securities expects first-half net profit attributable to the parent company to rise 429% to 694% year-on-year, with second-quarter net profit surging over 731 times quarter-on-quarter. In addition, companies including Guide Infrared, Maxvision Technology, Tianjin Printronics, Yachuang Electronics, Baoding Technology, Yaxiang Integration, Haisco Pharmaceutical, Zhuzhou Smelter Group, Shanghai Yashi, Cangzhou Dahua, Zhongfu Industrial, and Lubei Chemical also all expect significant first-half earnings growth.

Jingce Electronic has suspended trading starting tomorrow as it plans to acquire a partial stake in Shanghai Jingce, a move expected to constitute a major asset restructuring. In other news, Tianhao Energy plans to acquire a 100% stake in Tianhao New Energy and resume trading. Guide Infrared expects first-half net profit to grow 602% to 701% year-on-year. BOE expects first-half net profit to rise 54% to 69% year-on-year. JAC Motors, however, expects a first-half net loss of 740 million yuan, as intensifying market competition led to a year-on-year decline in sales.

On the evening of July 8, several listed companies on the Shanghai and Shenzhen exchanges released significant positive announcements. Tianhao Energy plans to acquire 100% equity of Tianhao New Energy through a combination of share issuance and cash payment, along with raising supporting funds; trading of its shares will resume on July 9. Huakang Clean, as a member of a consortium, won the bid for the second section of the Jiufengshan semiconductor manufacturing base project, with a total bid amount of 1.956 billion yuan and the company's expected share at approximately 180 million yuan. BOE Technology Group expects its first-half net profit to be between 5 billion and 5.5 billion yuan, a year-on-year increase of 54% to 69%. Shengxin Lithium Energy expects its first-half net profit to be between 1 billion and 1.2 billion yuan, turning from a loss to a profit year-on-year. Yachuang Electronics expects its first-half net profit to be between 220 million and 270 million yuan, a year-on-year increase of 439% to 561.49%. Jiangxi Copper expects its first-half net profit to be between 7.55 billion and 8.5 billion yuan, a year-on-year increase of 80.86% to 103.61%. Zhongfu Industrial expects its first-half net profit to be between 1.8 billion and 1.95 billion yuan, a year-on-year increase of 154.42% to 175.62%. CICC expects its first-half net profit to be between 7.708 billion and 8.227 billion yuan, a year-on-year increase of 78% to 90%. Jingang Photovoltaic's controlling shareholder, Ohao Group, plans to increase its shareholding in the company by no less than 100 million yuan. China Nerin Engineering signed an overseas project design and supply framework agreement worth approximately 1.123 billion yuan. Zhongrun Optics plans to invest 1 billion yuan to build a high-precision optical component research and industrialization base. Huahong Grace's acquisition of 97.4988% equity of Huali Microelectronics and the related fundraising matters have received approval and registration from the China Securities Regulatory Commission.

In the latest week, BOE Technology attracted a swarm of 238 institutions for research, making it the most popular listed company for institutional research that week. Participating institutions included well-known names such as CITIC Securities, GF Securities, ICBC, China Asset Management, China Southern Asset Management, China Universal Asset Management, and JPMorgan, as well as prominent private equity firms like Greenwoods Asset Management, Hillhouse Capital, Springs Capital, Chongyang Investment, China Europe Asset Management, and Panjing Investment. During the research, BOE Technology stated that its collaboration with Corning has entered a substantive phase, with both parties set to jointly advance technological breakthroughs and commercialization in areas such as glass-based packaging substrates, optical interconnects, perovskites, and foldable glass. Since the start of this market rally, BOE Technology's share price has doubled in just over a month, with its total market capitalization reaching 307.9 billion yuan as of the close on July 3. Additionally, HC Semitek and Crystal Optoelectronics also received research visits from over 200 institutions in the past week, while Valiant Co., Ltd., Xin Guang Yi, and Beijing StarNeto Technology each attracted over 50 institutions. Looking at the overall picture for June, the electronics sector was highly favored by private equity, which conducted 455 research visits to the sector during the month, accounting for 30.21% of total research activity. The 72 electronics stocks that were researched posted an overall gain of 25.11%.

Over the past week, BOE Technology Group received 238 institutional visits, making it the most visited stock. During the meetings, the company stated that the commercialization of glass-based packaging substrates requires coordinated efforts across the industry chain, and it will continue to make breakthroughs based on customer technology needs while improving product yields. At the same time, as AI cluster scale expands and copper interconnect bandwidth approaches its limits, the company has set up a dedicated project team to advance optical interconnect technology and glass substrate CPO technology development. By the end of the first quarter, BOE Technology Group had over one million shareholders, and its stock price recently hit a more than ten-year high. The glass substrate concept is running hot, with Zhejiang Crystal-Optech also receiving over 200 institutional visits during the same period. Its optical connectivity business focuses on product layouts including filter types, silicon lenses, prisms, glass substrates, and waveguides.

The State Council has approved the '15th Five-Year Plan' for building a sports powerhouse, calling for improvements to the public service system for national fitness, reforms to the competitive sports management system, strengthened youth sports programs, and the revitalization and development of the 'three major ball sports'—football, basketball, and volleyball. Lithography giant ASML has raised its full-year revenue guidance, primarily driven by sustained demand for advanced lithography equipment related to AI chip manufacturing. The China Securities Regulatory Commission has approved the registration application of Unitree Technology for its initial public offering and listing on the STAR Market. The company's humanoid robot shipments in 2025 have already exceeded 5,500 units, ranking first globally in the industry. CSPC Pharmaceutical's holding subsidiary, Jushi Biotech, has signed an agreement with AstraZeneca to carry out strategic cooperation in the field of novel small interfering RNA drug candidates. AstraZeneca will make an upfront payment of 30 million US dollars, with potential milestone payments of up to 1.74 billion US dollars. BOE Technology Group saw a net institutional seat purchase of 1.458 billion yuan, while China Resources Microelectronics' order backlog reached a new high.