On August 27, BOE Technology Group Co., Ltd.(stock code: 000725, referred to as BOE A) released its 2025 semi-annual report. During the reporting period, relying on the 1+4+N + ecological chain business architecture, BOE's core semiconductor display business grew steadily, while emerging businesses such as Internet of Things innovation, MLED, and sensing blossomed at multiple points, achieving dual growth in revenue and profits, further consolidating The leading position in the industry.
Revenue and profit growth, and profitability has been significantly improved. From January to June 2025, the global supply chain continued to fluctuate and industry competition pressure was high. However, BOE relied on the optimization and adjustment of product structure and the effective release of technology premiums, and its core financial data has been significantly improved year-on-year., showing growth resilience.
Net profit growth exceeded 40%, and profit quality continued to be optimized
operating income
: BOE achieved revenue of 101.278 billion yuan in the first half of the year, a year-on-year increase of 8.45%. Among them, the semiconductor display business is the mainstay, with revenue reaching 84.332 billion yuan, a year-on-year increase of 8.10%, accounting for 83.27% of total revenue. At the same time, the performance of high value-added businesses was very outstanding. The revenue of the sensing business was 224 million yuan, a year-on-year surge of 36.80%; the revenue of the MLED business was 4.347 billion yuan, a year-on-year increase of 7.76%, becoming an important engine driving revenue growth. 
net profit of parent company
: It reached 3.247 billion yuan, a significant increase of 42.15% year-on-year; net profit attributable to the parent company after deducting non-recurring gains and losses was 2.282 billion yuan, a year-on-year increase of 41.45%. The growth rate is basically in sync with net profit, which indicates that the profit growth mainly comes from the main business, and the profit quality is solid and reliable.
Assets and cash flow: Stable structure, abundant capital reserves
asset size
: Total assets at the end of the period were 425.801 billion yuan, a slight decrease of 0.97% from the end of the previous year, but net assets attributable to shareholders of listed companies reached 132.991 billion yuan, a year-on-year increase of 0.04%. The asset-liability ratio was 52.27%, a slight decrease of 0.16 percentage points year-on-year.
cash flow
: The net cash flow from operating activities was 22.736 billion yuan. Although it dropped by 8.61% year-on-year, it was still at an adequate level, providing strong financial support for technology research and development and production capacity expansion. The net cash flow from investment activities was-21.225 billion yuan, mainly due to the increased investment in the acquisition and construction of long-term assets (such as high-generation display production lines, MLED R & D facilities, etc.), reflecting the company's firm long-term investment in future technology layout.
The core business is stable and rising, and the breakthroughs in emerging tracks are accelerating. Adhering to the screen IoT strategy, BOE is consolidating its leading position in the semiconductor display industry, while accelerating its entry into the Internet of Things segment, forming a two-wheel drive with solid core business and growth of emerging businesses. Good pattern.
Semiconductor shows: Technology premium appears, and high-end products lead the market share
As a global leader in the field of semiconductor displays, BOE continues to optimize its product structure, focusing on high-end, large size, and high refresh rate directions, transforming technological advantages into market competitiveness.
technological breakthroughs
: In the LCD field, BOE has accelerated the upgrade of UB Cell, Oxide, and LTPS technologies. It launched the world's highest 2117 PPI VR display product and won the 2025 SID PCA Award; the 4K-H UB Cell G.3 product won the 2025 ICDT Best Innovative Display Gold Medal. The oled field has also achieved fruitful results, breaking through the minimum size technology and obtaining customer mass production authorization. The vehicle-mounted splicing scroll product has won the CES Innovation Awards 2025 Honorary Award. Its excellent image quality and innovative design have been highly praised by the industry.
market performance
: Shipments of flexible OLED products have further increased year-on-year, and many brand launches have been equipped with BOE OLED screens. The supply of large size TV panels and high-brush game display panels is stable, fully meeting the world's leading brand customers'trade-in policies and high-end terminal stocking needs, and the market share of core products ranks among the top in the world.
Emerging business: multi-point flowering, high-growth track contribution increased
During the reporting period, the four emerging tracks deployed by BOE accelerated the implementation of IoT innovation, sensing, MLED, and smart medical workers, becoming the second curve of performance growth.
MLED Business
: The direct display business cooperated with Shanghai Film Group and successfully implemented multiple super super movie hall benchmark projects; the backlight business was successfully introduced to leading brand customers, and the products have outstanding advantages in terms of highlight, high reliability and high contrast. MPD P0.6 double-sided screen product won the Best of Show Awards at InfoComm USA 2025, and its technical strength has been internationally recognized.
Sensing business
: The construction process of the glass-based advanced packaging carrier plate test line has accelerated, and Suzhou has achieved mass production of multiple models of sensing products; Smart Windows has successfully expanded vehicle-mounted application scenarios and won favorable comments from customers; the high-mobility IGZTO detector has been completed in the FPXD field. The key special products of the Ministry of Science and Technology have been released and technical barriers have been further strengthened.
IoT innovation
: The second phase of the smart terminal project in Vietnam achieved mass production ahead of schedule, accelerated global layout, and achieved a major breakthrough year-on-year in IoT terminal shipments in overseas markets. Smart all-in-one machines C100/B3/E3 and other products are equipped with BOE office agents to achieve multi-dimensional market penetration in government, enterprise, education and other scenarios.
"N Scenario Business: Deepening ecological collaboration, frequent results in subdivided fields
Focusing on N segment scenarios such as smart car connection, smart energy, industrial interconnection, and ultra-high-definition display, BOE continues to export soft and hardware integration solutions.
Smart Car Alliance
: Focus on smart cockpit HERO innovative scenarios (health, entertainment, leisure, office), work together with global partners to create an intelligent cockpit experience, and promote full-scenario solution upgrades.
smart energy
: With the BSEOS smart energy management system as the core, we provide zero-carbon comprehensive energy services around the source-network-load-storage-carbon links. In the first half of the year, 2 national standards were released/participated in the compilation and 3 national authoritative body certifications were obtained.
ultra-high definition display
: Open up the 8K ultra-high-definition video industry content production chain and achieve widespread application and popularization in smart government and enterprise, smart transportation, visual art and other scenarios. Breakthroughs have been made in the research and development of the second on-site transmission and broadcast control terminal, maintaining its leading position in the country.
Innovation and research are accelerating, patent strength leading the world in innovation are BOE's core competitiveness. During the reporting period, the company continued to increase investment in R & D, strengthen technical barriers, and was at the top level in the industry in terms of patent layout and technology transformation capabilities.
R & D investment: Focus on key technologies to assist business upgrades
During the reporting period, R & D investment reached 6.082 billion yuan, a year-on-year increase of 4.10%, focusing on fields such as display panel high-brush technology, substrate glass high-generation technology, and MLED micro-display technology. Relying on platforms such as the National Engineering Research Center for Flat Panel Display Glass Technology, we carry out industry-university-research cooperation with Xi'an JiAOTOng University and other universities to promote rapid iterative updates of technology.
Patent achievements: excellent quantity and quality, continuing to lead the industry
In the first half of the year, more than 4000 new patent applications were filed, of which invention patents accounted for more than 90% and overseas patents accounted for more than 30%. In the fields of flexible OLED, sensing, artificial intelligence, and big data, there are more than 2000 patent applications, accounting for more than 50%. The technical layout and business direction are highly consistent.
BOE's innovative strength has been widely recognized internationally: it has been ranked among the Global Top 20 in the IFI U.S. Patent Licensing Rankings for 7 consecutive years, entered the Top 10 of WIPO's Global PCT Patent Applications for 9 consecutive years, and was selected as one of Cryvia's "Top 100 Global Innovative Institutions" for 4 consecutive years. Ranked as a global top 12, consolidating its technological leadership position.
Optimize strategic layout to consolidate long-term growth During the reporting period, BOE optimized resource allocation through capital operation methods such as equity optimization, bond financing, and share repurchase, strengthened control over core businesses, and injected strong impetus into long-term development.
Equity and Financing: Focus on main businesses and optimize capital structure
Completed the transfer of 30% equity of Rainbow Optoelectronics, a holding subsidiary, and obtained funds of 4.849 billion yuan, focusing on research and development and capacity construction of high-generation businesses such as substrate glass, and further focusing on the core track of Screen IoT. After the transfer, BOE still holds 69.79% equity in Rainbow Optoelectronics, maintaining its controlling shareholder status and ensuring coordinated business development.
Shareholder return: Both repurchase and dividends demonstrate development confidence
Implementing the 2024 equity distribution, the cash dividend amount is approximately 1.87 billion yuan, accounting for % of the net profit attributable to the parent for the year in the consolidated statement.
