2021-08-30-深交所-京东方Ｂ_2021年半年度报告（英文版）_264页_2mb

报告摘要

BOE 2021 Interim Report Summary

Core Content Overview

This document is the Interim Report 2021 of BOE Technology Group Co., Ltd., published in August 2021. It provides an overview of the Company's financial performance, business operations, industry development, market position, core competitiveness, and key financial data for the first half of 2021. The report is prepared in accordance with Chinese Accounting Standards for Business Enterprises (CAS) and is available in both Chinese and English, with the Chinese version taking precedence in case of discrepancies.

Main Points

1. Important Notes and Definitions

The Board of Directors, Supervisory Committee, and senior management guarantee the factuality, accuracy, and completeness of the report.
The report includes key financial information and definitions of terms such as:
- BOE: BOE Technology Group Co., Ltd. and its consolidated subsidiaries.
- LCD: Liquid Crystal Display.
- AMOLED: Active-matrix Organic Light Emitting Diode.
- Microdisplay: Microdisplay technology.
- Mini-LED: Submillimeter Light Emitting Diode.
- VR/AR: Virtual Reality / Augmented Reality.
- 3C: Computer, Communication, and Consumer Electronics.
- DIC AWARD: Display Innovation China Award.

2. Corporate Information

Stock name: BOE-A, BOE-B
Stock code: 000725, 200725
Stock exchange: Shenzhen Stock Exchange
Company name in Chinese: 京东方科技集团股份有限公司
Abbreviation: 京东方
Company name in English: BOE TECHNOLOGY GROUP CO., LTD.
Abbreviation: BOE
Legal representative: Mr. Chen Yanshun

3. Key Financial Information

Operating revenue (H1 2021): RMB 107,285,327,026.00, up 89.04% year-on-year.
Net profit attributable to shareholders (H1 2021): RMB 12,762,024,968.00, up 1,023.96% year-on-year.
Net cash from operating activities (H1 2021): RMB 32,745,188,339.00, up 237% year-on-year.
Total assets (30 June 2021): RMB 435,476,169,633.00, up 2.64% from the end of 2020.
Equity attributable to shareholders (30 June 2021): RMB 111,945,985,236.00, up 8.39% year-on-year.

4. Accounting Data Differences

No differences were noted between CAS and IFRS or Foreign Accounting Standards for the reporting period.

5. Exceptional Gains and Losses

Total exceptional gains and losses for H1 2021: RMB 1,100,408,196.00
Non-operating income: RMB 28,677,012.00
Reversed impairment allowances: RMB 12,706,456.00
Fair-value changes in financial assets: RMB 46,230,279.00
Income tax effects: RMB -124,486,027.00
Non-controlling interests effects (net of tax): RMB -136,239,846.00

6. Market Position and Business Performance

Display business:
- Operating revenue increased by 18% year-on-year.
- Sales area increased by 45%.
- Market share of LCD smartphones, tablet PCs, laptops, monitors, and TVs remained world-leading.
- Innovative application devices saw 66% growth in sales area.
- Market share of electronic paper displays maintained above 60%.
- 3C product sales increased by 38%.
Sensor and Solution business:
- Medical imaging sales increased by 51%.
- Products such as FPXD, digital microfluidic chips, and fingerprint identification systems are in mass production and shipped to global medical device companies.
MLED business:
- Rapid development, with significant market share growth.
- Successfully mass-produced the world's first backlit 75-inch four-piece chip-on-glass product.
- World's first glass-based active P0.9 direct display product is ready for mass production.
Intelligence System and Innovation business:
- Four series of smart whole products, with sales volume more than double year-on-year.
- Comprehensive management platform for smart outlets built and applied in key projects.
Smart Medical Engineering business:
- OASIS Hospital saw 86% increase in outpatients and 55% increase in discharges.
- Hefei Hospital increased outpatients by 131% and discharges by 123%.
- Smart medical care solutions implemented in Beijing, Chengdu, and other cities.
- Regenerative medicine cell storage increased significantly.

7. Key Performance Drivers

Market conditions:
- Domestic economy recovery, online economy growth, and digital transformation opportunities.
- Overseas contactless economy drives demand for display panels.
Company's operating capability:
- "1+4+N" BG structure promotes IoT innovation.
- Continuous product and capacity optimization.
- Lean management and operational efficiency improvements.
Digital transformation:
- BOE is building a "digital, visual BOE".
- Implemented end-to-end digital management system to enhance organizational vitality and IT support.

8. Core Competitiveness

Excellent management team:
- Strong leadership and strategic vision.
- Enabled the Company to grow and lead in the semiconductor display industry.
Improved technology innovation system:
- Stable investment in technology R&D.
- Active layout of forward-looking technology.
Abundant patents and innovation achievements:
- Over 4,500 new patent applications in 2021.
- Invention patents exceed 90%, and overseas patents exceed 33%.
- Participated in the formulation of 36 external technical standards.
- Won awards such as SID Best Technology Demonstration and DIC AWARD International Gold Award.
Leading lean management and operational efficiency:
- Optimized production lines and improved operation efficiency.
- Multiple Gen-8.5 and Gen-10.5 LCD production lines achieved record monthly output.
Digital transformation:
- All key digital transformation projects are progressing orderly.

Key Financial Data Changes

Item	H1 2021 (RMB)	H1 2020 (RMB)	Change (%)	Main Reason
Operating revenue	107,285,327,026.00	56,751,329,065.00	89.04%	Industry growth, price increases, new capacity, consolidation changes
Cost of sales	73,745,889,031.00	47,153,846,668.00	56.39%	Increase in operating revenue
Selling expense	2,295,502,342.00	1,450,825,484.00	58.22%	Increase in operating revenue
Administrative expense	4,030,423,338.00	2,517,596,650.00	60.09%	Increase in operating revenue
Finance costs	1,758,296,231.00	1,204,359,858.00	45.99%	New projects and consolidation changes
Income tax expense	2,260,425,038.00	495,807,024.00	355.91%	Increase in profit
R&D expense	5,929,786,929.00	3,924,151,095.00	51.11%	Strengthened R&D efforts
Net cash from operating activities	32,745,188,339.00	9,716,675,534.00	237.00%	Higher operating profit
Net cash from investing activities	-21,314,532,961.00	-14,576,688,249.00	-	Increased construction and investment
Net cash from financing activities	-12,633,974,318.00	5,848,629,767.00	-316.02%	Repurchase of non-controlling interests and decrease in bond issuance
Net increase in cash and cash equivalents	-1,723,109,268.00	1,336,418,453.00	-228.93%	N/A

Conclusion

BOE Technology Group Co., Ltd. achieved remarkable growth in the first half of 2021, with operating revenue and net profit rising sharply. The Company has maintained a strong market position in the display sector and is actively pursuing digital transformation and innovation across multiple business segments. The "1+4+N" BG structure and lean management have played a crucial role in enhancing operational efficiency and core competitiveness. BOE continues to lead in technology innovation and patent development, with notable achievements in display technology, sensor systems, and smart medical engineering.