BOE Technology Group Co.,Ltd. (BOE) recently saw significant stock price fluctuations following its collaboration announcement with Corning. The company has clarified that its emerging businesses are unlikely to contribute to performance within the next 2-3 years.
Recently, BOE Technology staged a classic case of expectation gaming in the capital markets. Stimulated by news of its collaboration with Corning and potential entry into NVIDIA's supply chain, its stock price hit the daily limit for two consecutive trading days. However, the company promptly issued an abnormal volatility announcement, explicitly warning that emerging businesses would find it difficult to contribute to performance in the short term.
From an operational perspective, BOE Technology delivered a stable report card for 2025—revenue returned to the scale of 200 billion yuan, with both revenue and net profit achieving double-digit growth. Entering the first quarter of this year, the company continued its growth momentum. Regarding institutional sentiment, institutions are bullish on BOE's core display business and have given positive evaluations of the development potential of its emerging businesses, such as perovskite and glass-based packaging.
BOE Technology's collaboration with Corning ignited its stock price, but the company stated that emerging businesses are unlikely to contribute to performance within 2-3 years.
On May 21, BOE Technology disclosed an "Announcement on Signing a Memorandum of Cooperation with Corning Incorporated." The announcement indicated that BOE Technology, the world's largest display panel manufacturer, and Corning, a global leader in specialty glass and ceramic materials, intend to collaborate based on complementary strengths. The cooperation will focus on key areas such as glass-based packaging substrates, foldable glass, perovskite glass substrates, and optical interconnect-related applications, jointly exploring technologies and market opportunities with commercial potential. This memorandum took effect upon signing by authorized representatives of both parties and is valid for three years.
In this announcement, BOE Technology outlined the progress of its related business areas. Regarding the glass-based packaging substrate business, the company invested 993 million yuan in 2024 to build a glass-based packaging substrate pilot line. Samples have been sent to some domestic customers, with some having passed conceptual certification and entered the technical testing phase. As of now, mass production has not been achieved, and this business has not generated revenue from mass production. The yield rate of the pilot line has not reached mass production levels, and the timing for achieving this remains highly uncertain.
In the foldable screen business, the company has been producing foldable products since 2019, successfully introducing them to multiple global brand customers, and has achieved stable mass production and supply.
In the perovskite business, since 2024, the company has established three major platforms: a glove box (25mm*25mm), an experimental line (300mm*300mm), and a pilot line (1200*2400mm). It employs parallel development of rigid/flexible/tandem component technology routes, with a total investment of nearly 1 billion yuan across these three R&D platforms. The company is currently continuing related product technology development and conducting lifespan validation work with relevant domestic customers. The productization process is currently focused on the implementation of demonstration and validation projects; mass production revenue has not yet been achieved, and the timing for this remains highly uncertain.
In the optical interconnect business, a subsidiary of the company invested in building a MicroLED chip production line in 2023. Currently, the subsidiary's MicroLED optical interconnect chips have produced related samples and been sent to customers. As of now, this business has not generated sales revenue, and the timing for this remains highly uncertain.
On May 21, the day the announcement was disclosed, BOE Technology's stock price hit the daily limit. One market expectation was that BOE Technology might enter NVIDIA's supply chain, with its emerging businesses like glass-based packaging substrates holding significant development potential.
Prior to this, on May 6, NVIDIA and Corning reached a cooperation agreement. NVIDIA will invest $500 million to obtain equity subscription rights in Corning, and Corning has committed to increasing its U.S. optical connectivity manufacturing capacity tenfold and boosting fiber production by over 50%. Corning will build three new advanced manufacturing plants dedicated to supporting NVIDIA's optical connectivity solutions. The two companies jointly stated that modern AI workloads require thousands of NVIDIA GPUs to operate in coordination, creating unprecedented scale demands for high-performance optical fibers, connectors, and photonic components. CNBC reported, citing analysts, that NVIDIA is likely planning to replace the traditionally used copper cables in its AI rack-level systems with Corning's optical fibers. BOE Technology's collaboration with companies like Corning is expected to provide a new technological path of "glass-based advanced packaging + optical interconnect."
As BOE Technology's stock price saw a cumulative deviation of over 20% in closing prices for two consecutive trading days on May 21 and May 22, BOE Technology issued a "Stock Trading Abnormal Volatility Announcement" on May 22, once again reminding investors: 1. The company's signing with Corning is a memorandum of cooperation, representing only the current stage of cooperation intent; 2. The glass-based packaging substrate business, perovskite business, and optical interconnect business are still in the technology discussion and validation stages and have not yet entered mass production. It is expected that these businesses will not have a significant impact on the company's operating performance in the next 2-3 years; 3. As of now, the company has not yet engaged in business cooperation with NVIDIA; 4. The glass-based packaging substrate business, perovskite business, and optical interconnect business are all potential next-generation technology route options. Customers' final technology route choices and market prospects remain highly uncertain.
According to BOE Technology's 2025 annual report: In 2026, in the sensing business, the company will focus on breaking through two major tracks: glass-based packaging substrates and industrial sensing, building full-stack vertical integration capabilities from component innovation to solution integration, and providing advanced products and quality services covering smart hardware and scenario applications.
Revenue returned to 200 billion yuan, with both revenue and net profit achieving double-digit growth.
According to BOE Technology's financial report, in 2025, the company achieved operating revenue of 204.590 billion yuan, a year-on-year increase of 3.13%; net profit attributable to shareholders reached 5.857 billion yuan, a year-on-year increase of 10.03%. In the first quarter of this year, the company achieved operating revenue of 51.001 billion yuan, a year-on-year increase of 0.80%; net profit attributable to shareholders was 1.707 billion yuan, a year-on-year increase of 5.78%.
BOE Technology last achieved revenue exceeding 200 billion yuan in 2021, when its annual revenue reached 219.31 billion yuan. Although it has now returned to above 200 billion yuan, the revenue composition has undergone significant changes.
BOE Technology proposed the "Screen of Things" development strategy in 2021 and established a "1+4+N+Ecosystem" business development framework. Among these, "1" refers to the display device business; "4" refers to four main fronts: IoT innovation, sensing, MLED (fine-pitch LED display technology), and smart healthcare; "N" refers to segmented IoT application scenarios; and "Ecosystem" refers to the enabling platform for BOE Technology's innovative ecosystem collaborative development.
BOE Technology's current main businesses primarily include display devices, IoT innovation, sensing, MLED, smart healthcare, and "N" businesses. "N" businesses specifically include multiple segmented areas such as smart vehicle connectivity, smart energy, industrial interconnection, and ultra-high-definition display, providing customers with multifunctional, intelligent new experiences in segmented IoT scenarios. Among the emerging businesses, in 2025, BOE Technology's glass-based packaging substrate R&D and industrialization pilot line achieved process connectivity; perovskite photovoltaic component efficiency broke four world records.
Judging from the scale and growth trends of BOE Technology's major business revenues in 2025, the company's display device business remains the mainstay, with revenue reaching 166.417 billion yuan, a year-on-year increase of 0.86%, accounting for 81.34% of total revenue. The display device business revenue maintained growth in 2024 and 2025, but the growth rate slowed in 2025. The businesses with rapid revenue growth were sensing, IoT innovation, and MLED. In 2025, these three businesses achieved revenues of 587 million yuan, 38.949 billion yuan, and 9.316 billion yuan, respectively, with year-on-year growth rates of 52.00%, 15.14%, and 9.81%, accounting for 0.29%, 19.04%, and 4.55% of total revenue, respectively. This indicates that these new businesses are in a state of low base and high growth.
It is worth mentioning that BOE Technology's smart health services achieved revenue of 1.902 billion yuan in 2025, a year-on-year increase of 3.40%. Overall, all of BOE Technology's "1" + "4" main businesses achieved growth.
Simultaneously, the gross profit margins of BOE Technology's main products all achieved growth. According to Wind statistics, BOE Technology achieved gross profit of 31.988 billion yuan in 2025. Among these, display devices achieved gross profit of 21.499 billion yuan, a year-on-year increase of 2.14%; IoT innovation achieved gross profit of 4.550 billion yuan, a year-on-year increase of 27.07%; sensing achieved gross profit of 158 million yuan, a year-on-year increase of 93.00%; MLED achieved gross profit of 560 million yuan, a year-on-year increase of 14.27%; the loss in smart healthcare decreased from 60 million yuan in 2024 to 17 million yuan.
From the expense perspective, BOE Technology's sales, management, and financial expenses in 2025 were 2.173 billion yuan, 5.896 billion yuan, and 1.837 billion yuan, respectively, with year-on-year changes of 8.92%, -5.19%, and 50.08%. The "three expense" period expense ratio was 4.84%, a slight increase of 0.08 percentage points compared to 4.76% in 2024. This indicates that BOE Technology's overall expense control remains steady, thereby driving a steady improvement in profitability. Simultaneously, the company maintains high R&D investment, with R&D expenses of 13.837 billion yuan, a year-on-year increase of 5.44%.
Additionally, BOE Technology's 2025 profit distribution plan shows that the company intends to distribute a cash dividend of 0.56 yuan per 10 shares to all shareholders, with a total cash dividend amount of 2.074 billion yuan.
Since the second quarter, the company has received four institutional research visits, with institutions focusing on BOE Technology's "Nth Curve."
According to Wind statistics, from the beginning of the second quarter to May 25, 33 companies in the Shenwan panel industry received institutional research visits. Among these, BOE Technology received four visits, ranking second in the industry.
BOE Technology received visits from Orient Securities and Guotai Haitong Securities on May 15. These two securities firms primarily focused on the company's product prices and innovative businesses.
Regarding LCD product prices and utilization rates, BOE Technology stated, "According to consulting agency data and analysis, driven by factors such as sports event inventory preparation, cost risk drivers, and the industry's adherence to 'production on demand,' prices for mainstream size TV products rose comprehensively from January to April 2026; with the conclusion of sports event and promotional season inventory preparation, mainstream size TV prices are expected to remain stable in May. In terms of IT, mainstream size MNT continued a slight upward trend, while NB panel prices remained stable. Regarding utilization rates, according to consulting agency data, industry utilization rates remained high in March and April, and the industry continues to practice 'production on demand' in May, with utilization rates expected to fall to around 80%."
Regarding innovative businesses, BOE Technology stated, "The company focuses on deploying innovative businesses such as perovskite photovoltaics and glass-based packaging substrates by leveraging its three core strengths accumulated over the years: display technology, glass-based processing capabilities, and large-scale integrated intelligent manufacturing capabilities. In the perovskite business, the company employs parallel development of rigid/flexible/tandem component technology routes, with continuous breakthroughs in the efficiency of the three major R&D platforms. It has achieved full-process alignment from the glove box (2.5*2.5cm) to the experimental line (30*30cm) to the pilot line (120*240cm). The efficiency of perovskite photovoltaic components has reached industry-leading levels, and the company is currently continuing to promote product lifespan validation work. In glass-based packaging substrates, the company has completed the construction of a large-panel glass substrate pilot line, produced 9-2-9 high-layer count substrate samples, and continues to conduct technology and product validation with domestic and international customers. Perovskite photovoltaics and glass-based packaging substrates, as representative businesses deployed under the company's 'Nth Curve' strategic upgrade theory, will continue to drive the company's future-oriented growth."
Guohai Securities pointed out in a recent research report that in 2025, BOE Technology's LCD sales volume reached 900.32 million square meters, a year-on-year increase of 8.3%, with shipments of the five major mainstream and automotive panels ranking first globally for many consecutive years. The company's flexible AMOLED shipments exceeded 150 million units, a year-on-year increase of 8%. In the first quarter of 2026, flexible AMOLED shipments reached 42 million units, with an annual target of 160 million units. The MLED business is an important component of BOE Technology's "1+4+N+Ecosystem" business architecture. The company, jointly with BOE Technology Huacan, is deploying the full industry chain of MLED display and non-display. In the future, the company will continue to focus on Mini/MicroLED technology iteration and upgrades, promoting the rapid development of the MLED business. Guohai Securities estimates that from 2026 to 2028, BOE Technology's revenue will be 240.770 billion yuan, 302.383 billion yuan, and 366.399 billion yuan, respectively, with year-on-year growth of 18%, 26%, and 21%. Net profit attributable to shareholders is estimated to be 7.319 billion yuan, 13.833 billion yuan, and 20.475 billion yuan, respectively, with year-on-year growth of 25%, 89%, and 48%.
Guosheng Securities, while noting BOE Technology's leading display business, further focused on the company's innovative businesses. Its research report stated that in the first quarter of 2026, unmanned sanitation vehicles equipped with BOE Technology's perovskite flexible components were delivered. The pilot line's rigid components achieved a double 85 (85°C, 85% relative humidity) lifespan breakthrough of 1000 hours, with reliability further validated. In advanced packaging, in 2025, the company's glass-based packaging substrate R&D and industrialization pilot line achieved process connectivity. In the first quarter of 2026, the company's glass-based packaging project produced 20-layer high-layer count glass substrate samples, reaching industry-leading levels. Guosheng Securities maintains a "Buy" rating.
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