BOE

Jun 17 | Dolphin Research Key Watch: 🐬 Macro/Industry 1) After a citywide crackdown on 'ghost restaurants' exposed fake storefronts and license mismatches, the Shenzhen Market Supervision Bureau summoned Meituan, Taobao Flash Sale and JD. It ordered comprehensive self-inspections, removal of non-compliant merchants, and on-site verification of offline stores.

0521 | Dolphin Research Focus: Stock 1, $SpaceX(SPCX.US). SpaceX has formally filed an S-1 with the SEC to list on Nasdaq (ticker SPCX).

The implied valuation range is $1.75–2.0tn, and the deal could raise up to $75bn, potentially the largest IPO on record. Q1 2026 revenue was $4.69bn, with a net loss of $4.28bn.

Its AI biz remains in the investment phase. The company will adopt a dual-class share structure, with Elon Musk holding Class B shares...

BOE Technology (000725.SZ) posted its Q1 2026 results after the A-share close on Apr 29 (Beijing time), covering the quarter through Mar 2026. Overall results: revenue of RMB 51.0bn (+0.8% YoY).

Panel prices were slightly lower YoY (~2%), implying shipments increased YoY. $BOE(000725.SZ) reported Q1 2026 net profit of RMB 1.71bn (-12% YoY)...

Apr 1 | Dolphin Focus: 🐬 Macro/Industry: Leaders of the US and Iran signaled openness to ending hostilities, easing fears of a broader Middle East war. On the back of this, US stocks closed higher on Tue as intl crude pulled back, with WTI and Brent both down, easing inflation worries. In addition, the White House said Trump will address the nation at 9pm ET Wed (9am Beijing Thu) to provide a major update on Iran.

BOE Tech A (000725.SZ) released its Q4 and FY2025 results (to Dec 2025) after the A-share close on Mar 31, 2026 Beijing time. Key takeaways: 1) Overall results:

Q4 2025 revenue was RMB 50bn, down 8.4% YoY. Panel ASPs eased ~1% YoY, with lower shipments the primary drag.

Q4 2025 net profit attributable to shareholders was RMB 1.26bn, largely shaped by minority-interest effects. Excluding that impact...

0331 | Dolphin Focus: 🐬 Macro/Industry 1) NBS reported Mar Mfg PMI at 50.4%, up 140bps MoM and back in expansion. The non-manufacturing business activity index was 50.1%, up 60bps MoM, marking a second straight month of recovery.

BOE Technology Group Co., Ltd. (000725.SZ) released its financial report for the third quarter of 2025 (as of September 2025) after the A-share market closed on the evening of October 30, 2025, Beijing time. The key points are as follows: 1. Overall performance: BOE achieved a revenue of 53.3 billion yuan in the third quarter of 2025, an increase of 5.8% year-on-year. The significant rebound in the company's revenue was mainly driven by the recovery in panel prices. Due to relatively weak downstream demand, prices have started to stabilize, and the company's quarterly revenue remains around 50 billion yuan. BOE's net profit attributable to shareholders for the third quarter of 2025 was 1.36 billion yuan...

1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

BOE Technology Group Co., Ltd. (000725.SZ) released its Q2 and mid-year financial report for 2025 (up to June 2025) after the A-share market closed on the evening of August 27, 2025, Beijing time. The key points are as follows: 1. Overall performance: BOE achieved a revenue of 50.7 billion yuan in the second quarter of 2025, a year-on-year increase of 6.7%. The significant rebound in the company's revenue was mainly driven by the recovery in panel prices. Due to the lack of substantial improvement in downstream demand, the price increase faced resistance, and the company's recent quarterly revenue has stabilized around 50 billion yuan...

BOE (000725.SZ) released its 2024 annual financial report (as of December 2024) after the A-share market close on April 21, 2025 Beijing time. Key highlights are as follows: 1. Overall performance: Both revenue and profit rebounded. BOE achieved Q4 2024 revenue of 54.6 billion yuan, up 13.8% YoY, mainly driven by increased panel shipments. $BOE(000725.SZ) reported Q4 2024 net profit attributable to shareholders of 2.01 billion yuan, up 32% YoY. As the panel industry recovers from the bottom...

Once again, it falls back to the breakeven line