IoT warship accelerates BOE to embark on a new journey of high-quality growth

Since its establishment in 1993, BOE has undergone a milestone transformation almost every ten years since it embarked on its entrepreneurial journey towards marketization, specialization and internationalization.

In 2003, BOE entered the field of liquid crystal display and took the initiative to take on the important task of breaking the ice and pioneering the domestic display industry. In 2013, it firmly launched the strategic transformation of the Internet of Things and stretched out its "horizon" vines to touch everything. Whether it is based on strong self-drive, profound insight, or outstanding creativity, it reflects BOE's ambition, perseverance and courage as an industry leader, and also writes an epic picture of the display industry in China and the world.

Great companies never stop. After breaking the "small number of screens" dilemma in China, rewriting the global display industry landscape, and firmly taking the top spot in the industry, this 29-year-old giant has once again reached a new node - a critical stage for comprehensively promoting the transformation of the Internet of Things, and embarking on a new journey of high-quality growth.

The transformation logic of the Internet of Things display giant

Almost ten years ago, BOE saw the huge potential of cutting-edge technologies such as cloud computing and artificial intelligence in promoting change. With the support of these technologies, the Internet of Things will no longer be "flowers in the mirror" or "the moon in the water", but will truly become a powerful driving force for the industrial revolution and digital economy.

IDC data shows that the global IoT market size will reach US$754.28 billion in 2021 and is expected to reach US$1.2 trillion in 2025. It is predicted that the size of China's IoT market will exceed US$300 billion in 2025, accounting for 26.1% of the global market, ranking first in the world. The explosive growth of IoT segmented scenarios is seen as the core driving force and new blue ocean for the further development of the display industry in the future.

In addition, driven by companies such as BOE, the competitive dynamics of the semiconductor display industry will focus more on the progressive leap from scale growth to high-quality development, which is also the core logic behind BOE's continuous efforts to promote the transformation to the Internet of Things in recent years.

Therefore, for BOE, choosing to enter the Internet of Things is both an environmental trend and a rigid need for its own development.

Today, BOE has firmly occupied the position of a giant in global display device shipments, accounting for 25% of the world's total shipments. Currently, one out of every four screens in the world comes from BOE. The global leader status in the display field is also BOE's "natural advantage gene" in the field of IoT innovation.

Therefore, based on the advantages of the screen, empowering the myriad application scenarios of the Internet of Things is what BOE needs to do to find its own "second curve" of leapfrog growth and promote the healthy development of the industry. It is also a value extension and a natural move at a new historical development node.

Display companies transforming into the Internet of Things is a road that no one has ever taken before. BOE's exploration in this "no man's land" has both value creation and industry leadership. While setting a benchmark, it also points out the direction for the development of the display industry.

In recent years, BOE has taken "deepening the Internet of Things" as its main development line and continued to deepen its layout in the Internet of Things.

In 2016, BOE clarified the IoT attributes of the enterprise and proposed the IoT development strategy of "open both ends, chip, screen, gas/device and integration". From 2017 to 2020, it successively proposed value propositions and viewpoints such as "IoT Development Stage 1.0 Theory" and "Smart Navigation as the Value Embodiment of IoT Transformation" to guide the enterprise's IoT transformation practice exploration.

In 2021, BOE released the "Screen Internet of Things" strategy, clearly positioning the company's brand as a global innovative company in the Internet of Things field, marking BOE's entry into a new stage of development in the Internet of Things transformation.

Accelerating transformation and opening up a new journey of high-quality growth

Comprehensively promote the transformation of the Internet of Things and accelerate the implementation of "Screen Internet of Things", providing strong support for BOE to "cross" the panel industry cycle and achieve stable growth. In the past year, despite the overall pressure on the industry, BOE still delivered a brilliant answer.

Judging from the most intuitive financial report, BOE achieved revenue of 163.278 billion yuan in the first three quarters of 2021, a year-on-year increase of 72%; net profit was 20 billion yuan, a year-on-year increase of 708%, and its profitability level is far ahead of the industry.

The "double-high" growth of the two key indicators of revenue and profit reflects the significant improvement in the scale and quality of BOE's development. The industry generally believes that after 28 years of technological accumulation and brand sedimentation, BOE is about to enter a new stage of high growth.

At the end of last year, BOE officially launched the first technology brand in China's semiconductor display field, adding a strong stroke to its rapid development in the past year.

As the first technology brand in China's display field, BOE is leading the Chinese display industry to create a new era of "technology + brand" dual value drive. OLED has achieved global customer breakthroughs, continues to lead 8K display technology innovation and application, the international standard of flexible display has been officially approved by IEC, won the China Quality Award, and made it to the top 500 global brand value list and the top 10 consumer electronics brands of CES 2022... All of these have become its shining footnotes.

The reason behind BOE's ability to stick to the right path and achieve surprising results is that it attaches great importance to innovation-driven development. It always respects technology and persists in innovation, and continues to promote high-quality technological innovation.

The 2021 annual statistical report recently released by patent service agency IFI Claims shows that BOE ranks 11th in the world in the US patent authorization rankings, rising two places and entering the global top 20 for the fourth consecutive year. As of 2021, BOE has accumulated more than 70,000 independent patent applications. Among the annual new patent applications, more than 90% are invention patents and 35% are overseas patents. Among them, patent applications in the fields of OLED, sensing, artificial intelligence, big data, etc. account for more than 50%, covering the United States, Europe, Japan, South Korea and other countries and regions.

Driven by the "Screen-IoT" IoT transformation strategy, BOE's IoT innovation capabilities have been continuously improved, and its business has achieved breakthroughs and rapid development. Today, BOE's innovative technologies have been fully applied to flexible displays, 8K ultra-high-definition displays, as well as smart retail, smart finance, smart car networking, smart parks, smart education and many other fields.