ANNUALREPORT 2022
April 2023
Message to Our Shareholders
Upon the past of a fruitful year, we are now standing at a new beginning.
2022 was not an easy year. Despite all those severe and unprecedented challenges, everyone at BOE
has continued forging ahead with diligence and fortitude, actively overcoming external challenges
like economic downturns and market fluctuations. As a result, BOE has achieved above-average
operating results industry-wide. During the year, BOE recorded operating revenue of RMB178.41
billion, with a net profit attributable to BOE shareholders of RMB7.55 billion. This is indicative of a
significant improvement in the resilience of its operations amid a downturn in the industry. There
have been steady and rising shipments of mainstream LCD applications throughout the year. The
shipment area in five application domains, namely smartphones, tablet PCs, laptops, monitors, and
TVs, continued to rank first globally, while the market share in innovative application fields like tiled
display screens and vehicle-mounted products also ranked first in the world. Flexible AMOLEDs
continued to maintain a growing momentum and even achieved further breakthroughs in terms of
shipment volume, with an 30% increase.
Under the strategic guidance of “Screen-Connected IoT”, BOE also achieved a series of outstanding
results in the business of Internet of Things (IoT) transformation. The revenue of system solutions
increased by more than 41%, and the revuenue of sensing business, MLED business, smart medical
industry business increased by over 41%, nearly 85% and over 19%, respectively.Also, multiple
benchmark projects were created successfullyin various segment application scenarios related to IoT,
including smart industrial parks, smart finance, and visual arts.
During the course of its development, BOE’s goal is to pursue high-quality growth. With continuous
exploration, BOE has constantly been making the focus of its high-quality development clear and
definite.
Use Strategic Guidance to Drive High-quality Development
BOE has put in place a “1+4+N+Ecosystem” business development structure by centring on the
developmentstrategyof“Screen-ConnectedIoT”andbyfurtherimprovingitspatternofdevelopment.
"1" represents semiconductor display, which is the core capacity and quality resources accumulated
by BOE, as well as the source and origin of the Company's transformation and development. "4" is a
high-potential channel and direction of development selected based on BOE's core competence and
value chain extension, as well as the four main fronts of the Company's IoT transformation, namely
the IoT Innovation business, the Sensor business, the MLED business and the Smart Medical
Engineering business. "N" refers to the subdivided application scenarios of IoT that are continuously
explored and cultivated by BOE, as well as the specific focus of the Company's IoT transformation
development. And “Ecosystem” is an industrial ecological development circle constructed by the
Companyin collaboration with manypartners and byaggregatingtheresources of theindustrial chain
and ecosystem chain.
Enhance Core Capacity with Innovation as the Driving Force
BOE has always insisted on having technology serve the public through technological and product
innovation. Sofar, BOEhas alreadyindependentlyappliedfor a total ofover 80,000patents, of which
more than 28,000 are related to OLED. This has effectivelystrengthened the core patent portfolio and
continuously improved the patent attack and defence system. In 2022, BOE ranked 11th worldwide
in terms of the number of patents granted by the US according to IFI, and it has also been among the
global top 20 for five consecutive years. With a total of 1,884 PCT patent applications, BOE ranked
7th worldwide in terms of the number of PCT patent applications submitted to the World Intellectual
Property Organization, and it has been among the global top 10 for seven consecutive years.
Meanwhile, BOE has been adhering to the dual drivers of “technology + brand” and deepening its
promotion of the three technology brands ADS PRO, f-OLED, and α-MLED on the customer end.
Currently, the relevant products have won orders from eight brand customers, while many other new
products have made their global debut. BOE continues to lead the industry and build a leading edge
with a strong technology presence.
Build a Strong Team to Win in the Competition
Talent is the key to a successful business. BOE is consistentlystrengthening its talent management as
well as its incentive mechanism, and it is always striving to fully mobilize the enthusiasm, initiative,
and creativity of its talented personnel at all levels through mechanisms such as its professional
manager system, contract-based appraisal, equity incentives, and incubation of innovation.
Meanwhile, BOE is also always taking a global view and doing its best to not onlygather outstanding
talented personnel in the industry, but
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