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Electronic Technology

BOE Technology Group Co., Ltd.

Company Background

BOE Technology Group is China's largest liquid crystal display panel maker. BOE Technology's biggest competitor in the domestic market is TCL. BOE was established in 1993, following the reorganization of a state-owned vacuum tube plant in Beijing. The company has factories in Beijing, Hefei, Chongqing and other cities. It also has research and development centers in the U.S. and Japan.


BOE mainly produces LCD panels for flat-screen TVs, large monitors and smartphones. Its strength is in LCD panels for smartphones and tablets, a segment in which it holds the largest market share in the world.


The company has rapidly improved its technological capabilities and is building plants to produce the world's first 10.5-generation large panels. It also makes high-definition 8K displays.


BOE has strong fundraising ability, thanks to its backing from the Beijing city government, and is investing heavily in new plant construction, research and development. It is expanding its business in the following areas: LCD panels, displays and lighting technology and health care -- mostly "smart medicine" and hospital management employing information technology.


A state-run entity owned by the Beijing municipal government is BOE's largest shareholder with over 10% of its outstanding shares. The company has an employee stock ownership plan and was among the first state-owned companies to introduce a performance-based compensation system. With other Chinese manufacturers increasing investment to boost production of LCD panels, intensifying competition is a source of concern.


Business Summary

BOE Technology Group Co., Ltd. provides intelligent interface products and services for information interaction and human health as an Internet-of-Things company. It operates through three segments, namely Display Device and Sensor Device Business, Smart System Business, and Healthcare Service Business. Display Device and Sensor Device Business segment offers display, senor, and application solutions. Smart System Business segment provides intelligent manufacturing services, Internet-of-Things solutions, and a digital art Internet-of-Things platform. Healthcare Service Business segment offers a mobile healthcare Internet-of-Things platform and smart healthcare services. The company was founded on April 9, 1993 and is headquartered in Beijing, China.

Financial Highlights

Dec 2021 CNYUSD
Gross Profit58,996.25M9,147.61M
Operating income35,587.52M5,517.99M
Income before tax33,374.60M5,174.87M
Net income25,266.10M3,917.61M
Diluted EPS0.700.10
Dividends Per Share0.210.03
Total Assets449,726.98M70,563.67M
Total liabilities226,437.74M35,528.84M
Total equity142,925.54M22,425.49M
Operating cash flow62,450.58M9,683.22M
Currency in CNYCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 93,092.09M 96,330.25M 115,198.48M 134,473.66M 217,885.59M
Gross Profit 22,553.21M 17,915.99M 14,931.42M 21,835.69M 58,996.25M
Operating income 10,784.97M 4,927.40M -95.17M 6,178.87M 35,587.52M
Income before tax 9,740.90M 4,136.21M 303.72M 5,648.42M 33,374.60M
Net income 7,567.68M 3,435.12M 1,918.64M 5,035.62M 25,266.10M
EBITDA 22,729.49M 18,844.72M 18,891.79M 28,741.68M 70,335.67M
Diluted EPS 0.21 0.09 0.05 0.14 0.70
Dividends Per Share 0.06 0.03 0.02 0.12 0.21
Total Assets 256,108.74M 304,020.00M 340,491.46M 424,750.19M 449,726.98M
Total liabilities 149,562.52M 181,483.63M 197,229.37M 247,106.23M 226,437.74M
Total equity 84,809.81M 85,849.38M 95,058.12M 103,276.76M 142,925.54M
Operating cash flow 26,381.50M 26,040.09M 26,176.46M 39,330.88M 62,450.58M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 13,774.64M 14,557.97M 16,671.62M 19,482.62M 33,784.07M
Gross Profit 3,337.15M 2,707.56M 2,160.88M 3,163.56M 9,147.61M
Operating income 1,595.83M 744.65M -13.77M 895.19M 5,517.99M
Income before tax 1,441.34M 625.08M 43.95M 818.34M 5,174.87M
Net income 1,119.77M 519.13M 277.66M 729.56M 3,917.61M
EBITDA 3,363.23M 2,847.92M 2,734.03M 4,164.11M 10,905.84M
Diluted EPS 0.03 0.01 0.00 0.02 0.10
Dividends Per Share 0.00 0.00 0.00 0.01 0.03
Total Assets 39,328.73M 44,280.99M 48,881.15M 64,948.49M 70,563.67M
Total liabilities 22,967.21M 26,433.37M 28,314.36M 37,784.98M 35,528.84M
Total equity 13,023.62M 12,504.09M 13,646.60M 15,792.03M 22,425.49M
Operating cash flow 3,903.61M 3,935.32M 3,788.28M 5,698.28M 9,683.22M

Valuation Measures

Dec 2021
Operating margin16.33%
Profit margin11.59%

Key executives

  • Chairman: Yan Shun Chen
  • Co-Vice Chairman & Chief executive Officer: Xiao Dong Liu
  • President & Director: Wenbao Gao
  • Co-Chief Operating Officer & EVP: Xiang Jun Yao
  • Chief Technology Officer: Xiaoguang Xu


  • Beijing State-Owned Assets Supervision & Administration (14.1%)
  • Hefei Jianxiang Investment Co. Ltd. (1.8%)
  • City of Fuqing (1.4%)
  • BOE Technology Group Co., Ltd. (1.3%)
  • Caitong Fund Management Co., Ltd. (1.1%)
  • GF Fund Management Co., Ltd. (0.8%)
  • Chongqing Yuzi Optoelectronics Industry Investment Co. Ltd. (0.8%)
  • Beijing Econ & Tech Dev Area State-Owned Assets Mgmt Office (0.7%)
  • China Investment Corp. (Investment Management) (0.6%)
  • Norges Bank Investment Management (0.6%)

Contact Details

  • Website:
  • Address: 12 Xihuan Middle Road, Economic-Technological Dev Area, Beijing, 100176, China
  • Phone: +86.10.64366264

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Last Updated on 1 Jul, 2022

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