Key Findings
BOE expects a “double drop” in both volume and price for flexible AMOLED panels in 2026, driven by rising memory costs that suppress consumer electronics demand. To counter this cyclical downturn, the company is accelerating three “second curve” growth drivers: the ramp-up of 8.6-generation (8.6G) AMOLED production, the development of glass-based advanced packaging, and the commercialization of perovskite photovoltaics.
Technical Details
- Glass Core Substrates: BOE has completed the full process flow for glass-based packaging, including high-aspect-ratio TGV (Through Glass Via) drilling, deep-hole copper filling, and high-density routing. The company has produced and sampled 24-layer (11-2-11) substrates exceeding 100×100mm, which passed reliability tests including TCB 1000 cycles, UHAST, BHAST, HTSL, and LTSL.
- Perovskite Solar Cells: Development is proceeding across rigid, flexible, and tandem routes. Efficiency records reached 27.94% in glovebox tests, 21.39% on experimental lines, and 20.11% on mid-pilot lines (120×240cm), with flexible components hitting 16.6%. A 200kW outdoor demonstration base began operation in April 2026.
- 8.6G AMOLED: The production line, which first lit up on December 30, 2025, officially began mass production in Chengdu on June 17, 2026, targeting mid-sized OLEDs for laptops and tablets.
Background and Context
Industry data supports BOE’s cautious outlook; Omdia lowered 2026 smartphone AMOLED shipment forecasts to 778 million units (a 7% year-on-year decline). Meanwhile, CINNO Research predicts 6.7-inch flexible OLED prices will drop to $18 by Q3 2026. In response, BOE is shifting from an expansion phase to a maturity phase, noting that total depreciation and capital expenditures will begin to decrease relative to 2025 levels.
Significance and Outlook
By integrating TGV glass substrates and high-efficiency perovskites, BOE is transitioning from a panel manufacturer to a platform-based technology enterprise. The company maintains a shareholder return plan for 2025–2027, pledging annual cash dividends of at least 35% of net profit and annual share buybacks of no less than 1.5 billion yuan.
Source: https://finance.sina.com.cn/tech/roll/2026-10-16/doc-inivmiip8371716.shtml
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