ANNUALREPORT 2021
March 2022
Driving High-Quality Development with Innovation as the
Engine
Chen Yanshun, Chairman of BOE
Time flies, and a new year has once again begun. On behalf of all staff at BOE, I would like
to express our most sincere gratitude and heartfelt respect to all our shareholders who have
been following, accompanying and supporting us along this journey.
For BOE, the year 2021 witnessed both progress and accomplishments. In the face of the
ever-changing international political and economic situation and unpredictable industrial
environment, after striving with resolute fortitude, BOE successfully achieved the best
business performance since the Company’s incorporation. As a result, our annual revenue
exceeded RMB200 billion for the first time, reaching RMB219.31 billion, an increase of
61.79% year-on-year, with net profit attributable to the Company as the parent reaching
RMB25.831 billion, an increase of 412.96% year-on-year. In terms of mainstream
semiconductor Display Devices business, our market share in the five major application areas
of mobile phones, tablet devices, laptop PCs, monitors and televisions continued to rank first
in the world. In addition, in December we achieved the milestone of successfully shipping 10
million flexible AMOLED products in a single month. Meanwhile, our IoT Innovation
business also continued to make breakthroughs, with annual revenue exceeding RMB28.379
billion, a significant year-on-year increase, with outstanding development achievements in
innovative devices, smart terminals, system solutions, Intelligent Car Networking, Smart
Retail, Industrial IoT and other areas. Finally, in 2021, BOE was awarded the Fourth China
Quality Award and ranked among the top 500 global brands of Brand Finance for the first
time, further enhancing its brand reputation and influence.
Since its incorporation, BOE has adhered to the business philosophy of innovation-driven
high-quality development, and continued to stimulate organizational vitality through
innovation, so as to build and deepen its global competitive advantage. These achievements
could not have been made without our unwavering “three insistences” in innovation.
Insisting on technology and product innovation to serve the public with technology. Over
the years, through respecting technology, BOE has continued to maintain high investment in
R&D. In 2021, the Company’s R&D expenses exceeded RMB10 billion for the first time, an
increase of 31.72% year-on-year. BOE has also insisted on the global patent layout strategy of
“quality-orientation while developing quantity and quality simultaneously.” We have ranked
among the top 10 in international patent applications for six consecutive years, and among the
top 20 global organizations granted US patents for four consecutive years, at number 11 in
2021. Last year, we officially launched the first technology brand in China’s semiconductor
display industry, which not only marks a material milestone in the development of China’s
semiconductor display industry, but also ushers in a new era of “technology + branding.” This
is expected to lead the industry, customers and consumers into a new “visual world” that is
brilliant, as well as perceptible and tangible.
Insisting on management innovation to optimize business operations by digital means.
Digital technology is rapidly accelerating, and has become a key technological force in
driving economic and social development. Based on the strategic need to support the rapid
development of the enterprise by digital means, BOE has integrated internal resources and
created a special professional organization to promote the Company’s digital transformation
and ensure the effective implementation of the digital transformation work, while also
continuously investing resources in digitalization at the Company level. Aiming at the
construction of “a digital, visual BOE,” we vigorously improve our digital management level
and spare no effort to promote our efficient digital operation by building an end-to-end
procedure system, optimizing operation mechanism, strengthening IT system support, and
revitalizing data assets.
Insisting on model innovation to create an industry model of value creation. Throughout
its development, BOE has been actively exploring the innovation and optimization of
business model and corporate structure, and is committed to maximizing operational
efficiency with the most effective development model for our feedback shareholders and
society as a whole. In 2021, for the Internet of Things (IoT) era, we proposed a development
strategy of the “Screen-Connected IoT”. This signifies our commitment to maximize our core
competencies accumulated in the semiconductor display field over the years, seize the
industrial opportunity of the ubiquitous presence of screens in the digital era, and continue to
enhance our value creation capability by integrating addit
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