京东方A：2020年公开发行可续期公司债券(面向合格投资者)(第三期)(疫情防控债)发行结果公告

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百度2020年第三季度财报

Baidu Announces Third Quarter 2020 ResultsBEIJING, China, November 16, 2020– Baidu, I nc. (NASDAQ: BIDU) (“Baidu” or the “Company”), a leading search engine, knowledge and information centered Internet platform and AI company, today announced its unaudited financial results for the third quarter ended September 30, 20201.“Our revenue growth turned positive in the third quarter with many advertising verticals turning around, putting Baidu in a good position to further benefit from a recovery in the Chinese economy. The vibrant mobile ecosystem that Baidu has built in the last few years sets a strong foundation for us to grow our non-advertising business.” said Robin Li, Co-founder and CEO of Baidu. “Our new AI businesses saw healthy growth in the third quarter, particularly from cloud, where we are differentiating with AI solutions.”“Our team executed in the third quarter with top line growth, resilient profitability and strong cash flow, a testament to the durability of Baidu’s business, despite China experiencing a second wave of COVID-19 in July. Our focus on differentiating Baidu with open-platform, in-app search and new AI businesses has enabled Bai du Core’s adjusted EBITDA margin to reach 46% in the third quarter,” said Herman Yu, CFO of Baidu. “We also executed on our capital allocation strategy by selling down equity investments and continuing to execute on our share repurchase plan.”Financial HighlightsBaidu, Inc.(In millions except per ADS, Q3 Q2 Q3unaudited)2019 2020 2020YOY QOQRMB RMB RMB US$Total revenues 28,080 26,034 28,232 4,158 1% 8%Operating income 2,355 3,644 6,156 907 161% 69% Operating income (non-GAAP) 23,691 5,605 7,636 1,125 107% 36%Net income (loss) to Baidu (6,373) 3,579 13,678 2,015 - 282% Net income to Baidu (non-GAAP) 24,387 5,082 6,988 1,029 59% 38%Diluted earnings (loss) per ADS (18.37) 10.31 39.79 5.86 - 286% Diluted earnings per ADS (non-GAAP) 212.61 14.73 20.35 3.00 61% 38%Adjusted EBITDA 25,116 7,015 9,073 1,336 77% 29% Adjusted EBITDA margin 18% 27% 32% 32%1Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the exchange rate in effect as of September 30, 2020 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.2 Non-GAAP measures are defined in Non-GAAP Financial Measures section. Also see the table captioned “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details.Baidu CoreQ3 Q2 Q3(In millions, unaudited)2019 2020 2020YOY QOQRMB RMB RMB US$Total revenues 21,010 18,926 21,379 3,149 2% 13%Operating income 5,191 4,966 7,404 1,090 43% 49% Operating income (non-GAAP) 26,224 6,482 8,505 1,253 37% 31%Net income (loss) to Baidu Core (4,287) 4,424 14,368 2,116 - 225% Net income to Baidu Core (non-GAAP) 26,310 5,656 7,486 1,103 19% 32%Adjusted EBITDA27,525 7,771 9,822 1,447 31% 26% Adjusted EBITDA margin 36% 41% 46% 46%Other HighlightsCorporate•Baidu received an ESG rating of BB from MSCI and an ESG risk score of 21.5 from Sustainalytics, reflecting the progress the Company has made through ESG policy changes and improved disclosure on corporate governance.•Baidu World was held virtually in September 2020 in partnership with CCTV, reaching an audience of over 60 million. This year’s theme centered on the “Intelligence of Everything,”highlighting how Baidu AI products and solutions can improve everyday life and empower enterprises and the public sector to do more and do better in the areas of cloud computing, smart transportation and autonomous driving.•Baidu entered into definitive agreements to raise financing for its Smart Living Group (“SLG”) at a post-money valuation of approximately RMB 20 billion, or US$2.9 billion, in September 2020. The transaction is expected to be completed in the fourth quarter of 2020, and Baidu is expected to be a super majority shareholder.•Baidu completed a bond offering of US$950 million in October 2020, consisting of US$650 million of 1.720% notes due 2026 and US$300 million of 2.375% notes due 2030, theproceeds from which are expected to be used to repay certain existing indebtedness. •Baidu returned US$596 million to shareholders in the third quarter of 2020, bringing the cumulative share repurchase over the last two years to approximately US$2.0 billion.Mobile Ecosystem•Baidu App’s daily active users (“DAUs”) reach ed 206 million and its monthly active users (“MAUs”) reached 544 million in September 2020.•The massive reach of Baidu App, along with other products in the Company’s product portfolio, is attracting a wide range of knowledge and information-centric videos, including live and short videos. Topical live streaming, such as Wander Planet and Who to Support, grew eight folds sequentially.•Publishers are sharing more originals on Baijiahao (“BJH”) accounts, to take advantage of Baidu’s large scale and easy sharing of content across Baidu family of apps. BJH accounts reached 3.6 million, up 52% year over year, in September 2020.•App developers are adopting Baidu Smart Mini Programs (“SMP s”) to provide users with native-app like experience on Baidu, without having to download the host apps. The number of SMPs grew three folds, and SMP monthly active users on Baidu App reached 355 million, up 22% year over year, in September 2020.•Site merchants are switching to Managed Page as the landing page for their search results to improve marketing effectiveness, resulting in Managed Page revenue reaching almost 1/3 of Baidu Core’s online marketing services revenue in the third quarter of 2020.DuerOS•DuerOS first-party monthly voice queries reached 2.7 billion, up 65% from last year, and DuerOS total monthly voice queries reached 5.3 billion in September 2020.•Xiaodu Smart Display ranked #1 in smart display shipments globally, and Xiaodu smart speakers ranked #1 in smart speaker shipments in China for the second quarter of 2020,according to market research firms IDC, Strategy Analytics and Canalys.•The DuerOS skills store, offering 4,300 skills in wide ranging genres, including education, video, online game and live streaming, is supported by a developer community of 45,000. •Xiaodu Smart Earphones was introduced in September 2020, allowing users to navigate DuerOS skills using its voice assistant and hear instant language translation. Xiaodu Smart Earphones broaden the use case of the Xiaodu voice assistant from home, auto and hotel to anywhere with mobile.Cloud, AI Services & AI Platform•Baidu partners with Postal Savings Bank of China (“PSBC”), a top consumer bank in China with 40,000 branches nationwide, to provide Baidu AI PaaS, which can be trained to provide better credit risk management by leveraging Baidu’s advanced AI capabilities, such as big data and natural language processing.•Baidu partners with the Economic and Technological Development Zone in Guiyang,a major national data center hub in China,to provide its AI PaaS platform that will be made available to the 400+ enterprises across 10 industries located in the economic development zone.Baidu’s AI PaaS can help businesses improve their operations and do more through advanced AI, including deep learning, blockchain and computer vision,•Baidu’s AI open platform built on Baidu Cloud offers over 270 AI capabilities, attracting a developer community of over 2 million.•Baidu Translate, an AI cloud service leveraging Baidu’s advanced natural language processing, speech and vision processing technologies, supports over 200 languages andprocesses over 100 billion bites a day, attracting a developer community of 400,000.Apollo•Baidu partners with the city of Guangzhou, Guangdong to provide smart transportation solutions to improve traffic efficiency, air pollution and road safety.•Apollo Go robotaxi is now opened to the public in Beijing, becoming the third city following Changsha, Hunan and Cangzhou, Hebei. Apollo Go rides may be ordered from Baidu Maps or Apollo Go app.•Baidu was granted China’s first driverless test permit in Changsha.iQIYI•iQIYI subscribers reached 104.8 million in September 2020, and membership revenue was up 7% y ear over year. iQIYI’s large subscriber base further strengthens iQIYI’s foundation to produce entertainment blockbuster originals.Third Quarter 2020 ResultsTotal revenues reached RMB 28.2 billion ($4.16 billion), increasing 1% year over year.Revenue from Baidu Core reached RMB 21.4 billion ($3.15 billion), increasing 2% year over year. Online marketing revenue from Baidu Core was RMB 18.4 billion ($2.72 billion), which was basically flat from last year. Non-online marketing revenue from Baidu Core reached 2.9 billion ($434 million), increasing 14% year over year, primarily driven by the growth of cloud services.Cost of revenues was RMB 12.8 billion ($1.89 billion), decreasing 22% year over year, primarily due to a decrease in content costs, traffic acquisition costs and costs of goods sold.Selling, general and administrative expenses were RMB 4.7 billion ($692 million), increasing 1% year over year.Research and development expenses were RMB 4.6 billion ($673 million), decreasing 3% year over year.Operating income was RMB 6.2 billion ($907 million) and operating margin was 22%. Baidu Core operating income was RMB 7.4 billion ($1.09 billion) and Baidu Core operating margin was 35%.Non-GAAP operating income was RMB 7.6 billion ($1.13 billion), and non-GAAP operating margin was 27%. Non-GAAP Baidu Core operating income was RMB 8.5 billion ($1.25 billion), and non-GAAP Baidu Core operating margin was 40%.Total other income was RMB 8.9 billion ($1.31 billion), compared to total other loss of RMB 9.5 billion in Q3 2019. Total other income in Q3 2020 included fair value gain of RMB 9.0 billion from long-term investments.Income tax expense was RMB 1.6 billion ($239 million), compared to RMB 934 million in Q3 2019.Net income attributable to Baidu was RMB 13.7 billion ($2.02 billion), and diluted earnings per ADS was RMB 39.79 ($5.86). Net income attributable to Baidu Core was RMB 14.4 billion ($2.12 billion).Non-GAAP net income attributable to Baidu was RMB 7.0 billion ($1.03 billion), and non-GAAP net margin was 25%. Non-GAAP diluted earnings per ADS amounted to RMB 20.35 ($3.00). Non-GAAP net income attributable to Baidu Core was RMB 7.5 billion ($1.10 billion), and non-GAAP net margin for Baidu Core was 35%.Adjusted EBITDA was RMB 9.1 billion ($1.34 billion) and adjusted EBITDA margin was 32%. Adjusted EBITDA for Baidu Core was RMB 9.8 billion ($1.45 billion) and adjusted EBITDA margin for Baidu Core was 46%.As of September 30, 2020, cash, cash equivalents, restricted cash and short-term investments were RMB 146.0 billion ($21.50 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 138.5 billion ($20.41 billion). Free cash flow was RMB 6.3 billion ($925 million), and free cash flow excluding iQIYI was RMB 8.3 billion ($1.22 billion).For more information on the adoption of ASU 2019-02 beginning January 1, 2020, in accordance with the new accounting standard, please see explanation under “Non-GAAP Financial Measures”.Financial GuidanceFor the fourth quarter of 2020, Baidu expects revenues to be between RMB 28.6 billion ($4.2 billion) and RMB 31.3 billion ($4.6 billion), representing a growth rate of -1% to 8% year over year, which assumes that Baidu Core revenue will grow between -1% and 10% year over year.The above forecast reflects Baidu’s current and preliminary view, which is subject to substantial uncertainty.Conference Call InformationBaidu's management will hold an earnings conference call at 8:15 PM on November 16, 2020, U.S. Eastern Time (9:15 AM on November 17, 2020, Beijing Time).Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.For pre-registration, please click /registration/event/2876397. It will automatically direct you to the registration page of "Baidu Q3 2020 Earnings Conference Call", where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter "2876397".In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.Additionally, a live and archived webcast of this conference call will be availableat .A replay of the conference call may be accessed by phone at the following number until November 24, 2020:International: +61 2 8199 0299Passcode: 2876397About BaiduBaidu, Inc. is a leading search engine, knowledge and information centered Internet platform and AI company. The Company’s mission is to make the complicated world simpler through technology. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Currently, ten ADSs represent one Class A ordinary share.ContactsInvestors Relations, Baidu, Inc.Tel: +86-10-5992-8888Email:ir@Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for the fourth quarter of 2020, quotations from management in this announcement, as well as Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number offactors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition f or online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.Non-GAAP Financial MeasuresTo supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding not only non-cash charges, but also other items that are infrequent or unusual in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s h istorical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.Non-GAAP operating income represents operating income excluding share-based compensation expenses and amortization and impairment of intangible assets resulting from business combinations.Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, fair value change of long-term inv estments, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per shares, adjusted for related income tax effects, are also excluded.Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, which is adjusted for accretion for the redeemable non-controlling interests, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.Free cash flow represents net cash provided by operating activities less capital expenditures. Starting from January 1, 2020, Baidu adopted ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which reclassifies cash outflows for costs incurred to acquire licensed contents from investing activities to operating activities. To increase comparability, 2019 free cash flow has been retrospectively adjusted to include cash outflows of acquisition of licensed copyrights, which is presented on the same basis as 2020 and going forward.For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.”Baidu, Inc.Condensed Consolidated Statements of Income (Loss)(In millions except for share, per share (or ADS) information, unaudited)Three Months EndedSeptember 30,June 30,September 30,September 30,2019202020202020RMB RMB RMB US$(2) Revenues:Online marketing services20,43417,68820,2012,975 Others7,6468,3468,0311,183 Total revenues 28,08026,03428,2324,158 Costs and expenses:Cost of revenues(1)16,37813,13412,8151,886 Selling, general and administrative(1)4,6574,4174,700692 Research and development(1)4,6904,8394,561673 Total costs and expenses25,72522,39022,0763,251 Operating income2,3553,6446,156907 Other income (loss):Interest income1,6871,3121,297191 Interest expense(788)(820)(755)(111) Foreign exchange income (loss), net2955(271)(40) Gain (loss) from equity method investments(729)(1,732)(546)(80) Other income (loss), net(9,683)1,5519,1691,351 Total other income (loss), net(9,484)3668,8941,311 Income (loss) before income taxes(7,129)4,01015,0502,218 Income tax expense9341,2221,618239 Net income (loss)(8,063)2,78813,4321,979 Net loss attributable to noncontrolling interests(1,690)(791)(246)(36) Net income (loss) attributable to Baidu(6,373)3,57913,6782,015 Earnings per ADS (1 Class A ordinary share equals 10 ADSs):-Basic(18.37)10.3440.21 5.92 -Diluted(18.37)10.3139.79 5.86 Earnings per share for Class A and Class B ordinary shares:-Basic(183.74)103.44402.0659.22 -Diluted(183.74)103.06397.8858.60 Weighted average number of Class A and Class B ordinary shares outstanding:Basic 34,793,15434,377,65833,982,54733,982,547 Diluted34,793,15434,505,61734,339,43834,339,438 (1) Includes share-based compensation expenses as follows:Cost of revenues701088112 Selling, general and administrative33655040360 Research and development8101,188930137 Total share-based compensation expenses1,2161,8461,414209 (2) All translations from RMB to U.S. dollars are made at a rate of RMB 6.7896 to US$1.00, the exchange rate in effect as of September 30, 2020 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.Baidu, Inc.Condensed Consolidated Balance Sheets(In millions except for share information, unaudited)December 31,September 30,September 30,201920202020RMB RMB US$ ASSETSCurrent assets:Cash and cash equivalents33,44318,4232,713 Restricted cash99666999 Short-term investments112,924126,87618,687 Accounts receivable, net7,4167,0461,038 Amounts due from related parties1,5941,307193 Other current assets, net9,1898,8311,301 Total current assets165,562163,15224,031 Non-current assets:Fixed assets, net18,31117,1542,527 Licensed copyrights, net6,2876,062893 Intangible assets, net1,6002,033299 Goodwill18,25021,7763,207 Long-term investments, net69,41081,28911,973 Amounts due from related parties3,5643,639536 Deferred tax assets, net2,193804118 Operating lease right-of-use assets7,3329,6481,421 Produced content, net4,3555,517813 Other non-current assets4,4523,668540 Total non-current assets135,754151,59022,327 Total assets301,316314,74246,358LIABILITIES AND EQUITYCurrent liabilities:Short-term loans2,6183,804560 Accounts payable and accrued liabilities32,70131,5924,653 Customer deposits and deferred revenue11,06212,1851,795 Deferred income52916324 Long-term loans, current portion7377,5061,106 Notes payable, current portion5,219--Amounts due to related parties2,2311,747257 Operating lease liabilities2,2834,636683 Total current liabilities57,38061,6339,078 Non-current liabilities:Deferred income17578 Deferred revenue1,00960990 Amounts due to related parties3,8463,689543 Long-term loans7,80462892 Notes payable38,09043,9176,468 Convertible senior notes12,29712,3071,813 Deferred tax liabilities3,2733,319489 Operating lease liabilities4,4864,607679 Other non-current liabilities29931647 Total non-current liabilities71,12169,44910,229 Total liabilities128,501131,08219,307 Redeemable noncontrolling interests1,1091,248184 EquityTotal Baidu shareholders' equity163,599176,29125,965 Noncontrolling interests8,1076,121902 Total equity171,706182,41226,867Total liabilities, redeemable noncontrolling interests,and equity301,316314,74246,358Baidu, Inc.Selected Information(In millions except for per ADS information, unaudited)Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Total revenues21,010 7,397(327)28,08018,9267,412(304)26,03421,379 7,188 (335) 28,2323,149 1,059 (50) 4,158YOY 2%(3%)1% QOQ13%(3%)8%Costs and expenses: Cost of revenues (1)8,502 8,176(300)16,3786,5556,834(255)13,1346,728 6,363 (276) 12,815991937(42)1,886Selling, general and administrative (1)3,320 1,350 (13) 4,657 3,230 1,196 (9) 4,417 3,354 1,364 (18) 4,700 494 201 (3) 692 Research and development (1)3,997 703 (10) 4,690 4,175 664 - 4,839 3,893 671 (3) 4,561 574 99 - 673 Total costs and expenses 15,819 10,229 (323) 25,725 13,960 8,694 (264) 22,390 13,975 8,398 (297)22,076 2,059 1,237 (45) 3,251YOYCost of revenues(21%)(22%)(22%)Selling, general and administrative 1%1%1% Research and development (3%)(5%)(3%) Cost and expenses (12%)(18%)(14%)Operating income (loss)5,191(2,832)(4)2,3554,966(1,282) (40)3,6447,404(1,210)(38)6,156 1,090(178)(5)907YOY 43%(57%)161% QOQ49%(6%)69%Operating margin25%(38%)8%26%(17%)14%35%(17%)22% Add: total other income (loss),net (8,657) (827)- (9,484)507(141) - 3668,827 67 - 8,894 1,30110- 1,311Less: income tax expense918 16- 934 1,206 16 - 1,222 1,599 19 - 1,618 236 3 - 239 Less: net income (loss) attributable to NCI (97)13(1,606)(3)(1,690)(157) 3 (637)(3)(791)264 13 (523)(3)(246) 39 2 (77)(3)(36) Net income(loss) attributable to Baidu (4,287) (3,688)1,602(6,373)4,424(1,442) 5973,57914,368 (1,175) 48513,6782,116 (173) 722,015YOY -(68%)- QOQ225%(19%)282%Net margin(20%)(50%)(23%)23%(19%)14%67%(16%)48%Non-GAAP financial measures:Operating income (loss) (non-GAAP)6,224(2,529)3,6916,482(837)5,6058,505(831)7,636 1,253(123)1,125YOY 37%(67%)107% QOQ31%(1%)36%Operating margin (non-GAAP)30%(34%)13%34%(11%)22%40%(12%)27%Net income (loss) attributable to Baidu (non-GAAP)6,310(3,394)4,3875,656(956)5,0827,486(830)6,9881,103(123)1,029YOY 19%(76%)59% QOQ32%(13%)38%Net margin (non-GAAP)30%(46%)16%30%(13%)20%35%(12%)25%Adjusted EBITDA 7,525(2,405)5,1167,771(716)7,0159,822(711)9,0731,447(106)1,336YOY 31%(70%)77% QOQ26%(1%)29%Adjusted EBITDA margin36%(33%)18%41%(10%)27%46%(10%)32%(1) Includes share-based compensation as follows:Cost of revenues 25 45 70 49 59 108 29 52 81 4 8 12 Selling, general and administrative 207 129 336 331 219 550 187 216 403 28 32 60 Research and development 749 61 810 1,102 86 1,188 846 84 930 125 12 137 Total share-based compensation 981 235 1,2161,4823641,8461,0623521,414157 52 209(2) Relates to intersegment eliminations and adjustments(3) Relates to the net loss attributable to iQIYI noncontrolling interestsThree months ended September 30, 2019 (RMB)Three months endedJune 30, 2020 (RMB)Three months endedSeptember 30, 2020 (RMB)Three months endedSeptember 30, 2020 (US$)。

京东方A资产负债表分析2022-03

京东方A存货增速与预收账款增速，最新数据为14.9%
京东方A账面现金及增速，最新数据为29.8%
京东方A长期股权投资及增速，最新2022-03数据为70.9%
京东方A投资性房地产及增速，最新数据为-3.24%
京东方A交易性金融资产及增速，最新数据为157%
京东方A固定资产占净资产比例，最新2022-03数据为148%
京东方A商誉及占净资产比例，最新2022-03数据为0.76%
京东方A少数股东权益比例，最新数据为33%
京东方A权益乘数，最新数据为3.06
京东方A负债期限结构，最新2022-03数据为44.9%
京东方A流动比率，最新2022-03数据为1.63
京东方A速动比率，最新2022-03数据为1.33
京东方A预收+合同负债及增速，最新2022-03数据为14.9%
京东方A应付账款票据及增速，最新数据为10.1%
京东方A总资产周转率，最新2022-03数据为0.49
京东方A流动资产周转率，最新2022-03数据为1.42
京东方A固定资产周转率，最新2022-03数据为0.97
京东方A存货周转率，最新数据为8.38
京东方A存货占净资产比例，最新2022-03数据为222-03数据为21.9%
京东方A现金占净资产比例，最新2022-03数据为61.2%
京东方A在建工程及与固定资产比例，最新数据为16%
京东方A无形资产及占总资产比例，最新2022-03数据为2.4%
京东方A资产负债表分析
九雾数据
京东方A资产负债率，最新2022-03数据为51.2%
京东方A净资产及环比，最新数据为4.47%
京东方A固定资产及增速，最新2022-03数据为-3.04%

公告书之上市公司公告解读25讲

上市公司公告解读25讲【篇一：我国上市公司公告解读和分析】目录信息披露信息披露作用 (1)基本义务 (2)披露信息 (3)内容与格式 (4)披露媒体 (5)公告审查 (5)常见问题 (6)为何上市公司要进行详尽的信息披露？ .......6 披露的信息可以在何处查找？ ....................7提前公告的信息可靠吗？ (7)市场上对上市公司新闻报道或市场传闻公司的信息是否算公司的信息披露？ ....................8 上市公司所有的重要动态信息都必须公告吗？ ..............................................................9 上市公司召开新闻发布会，或公司答记者问算不算信息披露？ . (10)1我可以就公司公告咨询哪些公司负责人？ .. 11 我可以随时查阅公司公告吗？ (11)投资者通过哪些渠道可以获得上市公司信息披露公告？ ............................................... 12 公司信息披露是否可以刊登在任何一家报刊或网站媒体？ .. (12)信息披露出现错误怎么办？ ..................... 13 哪些信息的披露需作“事前审查”？ (13)中国证监会指定信息披露的报刊或网站主要有哪些？ (14)暂停上市的公司也要公告吗？ (15)定期报告年度报告 (16)中期报告 (17)季度报告 (17)临时报告董事会、监事会、股东大会决议公告 (18)2关注要点 ............................................... 18 公告时间 ............................................... 20公告形式 (20)对外（含委托）投资公告 (21)关注要点 ............................................... 21 公告内容 ............................................... 22 注意事项 (22)收购、出售资产公告 (23)公告要求 ............................................... 24 公告内容 ............................................... 26关注要点 (28)重大购买、出售、置换资产公告 (29)公告要求 ............................................... 29 公告时间 (30)关联交易公告 (30)公告要求 ............................................... 31 关注要点 ............................................... 32 注意事项 ............................................... 33 公告时间 (34)提示公告 (35)重大诉讼、仲裁事项公告 (36)【篇二：第二讲上市公司公告阅读】第二讲阅读上市公司公告第一节上市公司信息披露一、上市公司信息披露义务（3个方面）： 1 ．及时披露所有对上市公司股票价格可能产生重大影响的信息；2 ．确保信息披露的内容真实、准确、完整而且没有虚假、严重误导性陈述或重大遗漏。

20物美04：2020年面向合格投资者公开发行公司债券(第三期)票面利率公告

物美科技集团有限公司2020年面向合格投资者
公开发行公司债券（第三期）票面利率公告
物美科技集团有限公司（以下简称“发行人”或“公司”）于2019年1月22日收到中国证券监督管理委员会出具的《关于核准物美控股集团有限公司向合格投资者公开发行公司债券的批复》（证监许可[2019]107号），核准公司向合格投资者公开发行面值总额不超过83亿元的公司债券。

物美科技集团有限公司2020年面向合格投资者公开发行公司债券（第三期）（以下简称“本期债券”）发行规模为不超过10亿元，发行价格为每张人民币100元。

本期债券包括两个品种，品种一为3年期，在第1年末、第2年末附发行人调整票面利率选择权、赎回选择权和投资者回售选择权；品种二为3年期，在第2年末附发行人调整票面利率选择权、赎回选择权和投资者回售选择权。

2020年6月3日，发行人和簿记管理人在网下向合格投资者进行了票面利率询价，本期债券品种一的询价区间为2.6%-3.6%，本期债券品种二的询价区间为3.4%-4.4%。

根据网下合格投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品种一的票面利率为3.60%，品种二不发行。

发行人将按上述票面利率于2020年6月4日和2020年6月5日面向合格投资者网下发行，具体认购方法请参见2020年6月2日刊登在深圳证券交易所网站（）、巨潮资讯网（）上的《物美科技集团有限公司2020年面向合格投资者公开发行公司债券（第三期）发行公告》。

特此公告。

（本页以下无正文）
1。

2020.7.31机构龙虎榜、(2)

A股复盘今天的关键词是——V了，硬了。

你赚钱了，就是牛市。

群友淡泊宁静说她每天心路历程就是：怎么不涨？涨了怎么不涨停？涨停了明天会不会核按钮？为什么不多买点？就这样循环…这属于韭菜内循环吗？本周两市累计净流出704.28亿元，较上周大幅减少近1900亿元。

本周4个板块主力资金净流入额为正，分别为电子、休闲服务、食品饮料和采掘板块；资金净流出额最多的是医药生物板块，全周净流出106.62亿元；其次是国防军工板块，净流出91.56亿元。

电子板块全周资金净流入95.06亿元，有逾1/3流入了中芯国际-U，占34.21亿，其次为立讯精密和歌尔股份，分别净流入13.77亿、10.42亿元。

0、央行2020年二季度末，金融机构人民币各项贷款余额165.2万亿元，同比增长13.2%1、杠杆资金融资余额周四比周三+63.45亿。

助涨助跌。

2、北向资金整个七月，北向资金呈现大进大出的趋势。

7月净买入103.92亿元，为连续第4个月净买入，有3次流入超百亿元，都在月头，分别是7月2日（171.15亿元）、7月3日（131.94亿元）和7月6日（136.52亿元），这三个交易日上证综指均大幅上涨；有2个交易日净流出超百亿元，分别为7月14日的173.84亿元和7月24日的163.57亿元。

北向资金-19.03亿元（沪股通-28.15亿，深股通+9.12亿）。

前十大成交股中，净买入额居前三的是宁德时代、恒瑞医药、隆基股份，分别获北向资金净买入5.83亿元、3.86亿元、2.90亿元。

净卖出额居前三的分别是格力电器、中国中免、中国平安，净卖出金额分别为10.85亿元、6.18亿元、4.18亿元。

3、机构龙虎榜共34只个股出现了机构的身影，有22只股票呈现机构净买入，12只个股呈现机构净卖出。

当天机构净买入前三的股票分别是北方华创、林洋能源、康华生物，净买入金额分别是4.9亿元、2.47亿元、1.77亿元。

当天机构净卖出前三的股票分别是鄂武商A、瑞普生物、西藏药业，净卖出金额分别是1.05亿元、9577万元、7098万元。

白马股领跌!京东方A两天跑了50亿!A股4天流出825亿主力资金

白马股领跌！京东方A两天跑了50亿！A股4天流出825亿主力资金撰稿：许伟雄今天又是投资者关灯吃面的日子。

23日，沪指低开低走，收盘重挫2.29%，创出今年以来最大单日跌幅，同时跌穿60日均线，深市三大股指均重挫超过3%，两市近3000只股票下跌。

从本周的走势来看，沪指前三天均收阳线，但是今天一根阴线已经把3天的涨幅基本吞没。

中小板指与创业板指的走势类似，周初两天走强，昨天与今天比较弱势，总体来看，沪强深弱比较明显。

【逾176亿主力资金出逃】周四，共有66只个股的大单资金净流出额超过亿元，合计共净流出资金176.53亿元。

其中，京东方A（32.86亿元）、格力电器（9.50亿元）、中国平安（8.91亿元）、科大讯飞（7.50亿元）、亨通光电（6.37亿元）、中兴通讯（6.26亿元）、青岛海尔（5.43亿元）、伊利股份（3.81亿元）、美的集团（3.26亿元）和大族激光（3.01亿元）等10只个股的大单资金净流出额更是超过3亿元。

可以看出，主力资金主要出逃的个股是以京东方A、格力电器等白马蓝筹股和科大讯飞、中兴通讯等前期涨幅巨大的科技股。

11月23日大单资金净流出额超过亿元的个股：如果从一周的资金情况来看，本周四天时间，大单资金呈现净流出的个股超过2400只，主力资金净流出金额达825.18亿元。

其中，京东方A、中国平安、科大讯飞、中兴通讯等4只个股本周的大单资金净流出额均超过10亿元。

本周至今大单资金净流出额前20名：【两天逾50亿主力资金出逃京东方A】不管怎么看，京东方A的出逃资金都占了很大的分量。

京东方A本周先扬后抑，周一周二两天大单资金净流入额合计超过20亿元，但是周三资金突然集体出逃，当天大单资金净流出额高达23.2亿元，而周四，主力资金出逃更甚，单日大单资金净流出额高达32.86亿元。

周四，京东方A收盘下挫6.48%，本周累计跌幅1.94%。

分析人士认为，白马蓝筹股的下跌主要是由于从前期一致看多转变到近日的看法分歧，投资者对于现阶段的白马蓝筹股行情有所疑惑，导致资金出逃，而出逃的预期由过于一致，导致了连锁反应。

募集说明书英文

募集说明书英文篇一：瓮福集团有限责任公司XX年第一期短期融资券募集说明书瓮福（集团）有限责任公司XX年度第一期短期融资券募集说明书注册金额：人民币 10亿元发行金额：人民币 5亿元发行期限：366天担保情况：无担保信用评级机构：中诚信国际信用评级有限责任公司发行人主体长期信用等级：AA级本期短期融资券信用等级：A-1级发行人：瓮福（集团）有限责任公司主承销商及簿记管理人：中国工商银行股份有限公司联席主承销商：国家开发银行股份有限公司二〇一五年四月声明本公司发行本期短期融资券已在中国银行间市场交易商协会注册，注册不代表交易商协会对本期短期融资券的投资价值做出任何评价，也不代表对本期短期融资券的投资风险做出任何判断。

投资者购买本公司本期短期融资券，应当认真阅读本募集说明书及有关的信息披露文件，对信息披露的真实性、准确性、完整性和及时性进行独立分析，并据以独立判断投资价值，自行承担与其有关的任何投资风险。

本公司董事会已批准本募集说明书，全体董事承诺其中不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性、及时性承担个别和连带法律责任。

本公司负责人和主管会计工作的负责人、会计机构负责人保证本募集说明书所述财务信息真实、准确、完整。

凡通过认购、受让等合法手段取得并持有本公司发行的本期短期融资券，均视同自愿接受本募集说明书对各项权利义务的约定。

本公司承诺根据法律法规的规定和本募集说明书的约定履行义务，接受投资者监督。

截至募集说明书签署日，除已披露信息外，无其他影响偿债能力的重大事项。

1目录第一章释义 .................................................................................................. (1)第二章投资风险提示及说明 ............................................... (4)一、与本期短期融资券相关的投资风险 (4)二、与本期短期融资券发行人相关的投资风险 (4)第三章发行条款 ............................................... ................................................... (10)一、本期短期融资券主要发行条款 (10)二、本期短期融资券发行安排 (11)三、投资者承诺................................................. ..12第四章本期短期融资券募集资金用途 ............................................... (14)一、本期短期融资券募集资金的使用 (14)二、本期短期融资券募集资金的管理 (14)三、发行人承诺................................................. ..15四、偿债保障措施.................................................15第五章发行人的基本情况 ............................................... .. (17)一、发行人基本信息 (17)二、发行人历史沿革 (18)三、发行人股权结构 (19)四、发行人控股股东及实际控制人 (20)五、发行人独立性.................................................20六、发行人主要子公司情况 (21)八、发行人董事、监事及高级管理人员 (37)九、发行人主营业务情况 (43)十、发行人主要在建项目和拟建项目 (59)十一、发行人主营业务发展规划 (62)十二、发行人所在行业状况及行业地位 (64)第六章发行人主要财务状况 ............................................... . (72)一、发行人财务报告编制及审计情况 (72)二、发行人历史财务数据 (76)三、发行人财务情况分析 (84)四、发行人主要财务指标 (99)五、发行人有息债务情况 (101)六、发行人关联交易情况 (106)七、发行人主要或有事项 (108)八、发行人金融衍生品、大宗商品期货、理财产品投资情况 (112)九、发行人海外投资情况 (112)十、直接债务融资计划 (113)十一、其他需要说明的重要事项 (113)第七章发行人资信情况 ................................................ (115)一、发行人信用评级情况 (116)二、发行人银行授信情况 (118)三、发行人债务违约记录 (119)四、发行人债务融资工具偿付情况 (119)第八章本期短期融资券信用增进 ............................................... (121)第九章税务事项 ............................................... ................................................... .122一、营业税................................................. .. (122)二、所得税................................................. .. (122)三、印花税................................................. (122)第十章信息披露 ............................................... ................................................... .123一、短期融资券发行前的信息披露 (123)二、短期融资券存续期内定期信息披露 (123)三、短期融资券存续期内重大事项披露 (123)四、短期融资券本息兑付信息披露..................................124 第十一章违约责任与投资者保护 ............................................... (125)一、违约事件................................................. (125)二、违约责任................................................. (125)三、投资者保护机制 (125)四、不可抗力................................................. (129)五、弃权................................................. .......130 第十二章本期短期融资券发行的有关机构 ............................................... .. (131)一、发行人................................................. .. (131)二、承销团................................................. .. (131)三、发行人法律顾问 (135)四、审计机构................................................. (135)五、信用评级机构 (1)36六、托管人................................................. .....136 第十三章本期短期融资券备查文件及查询地址 .. (137)一、备查文件................................................. (137)二、查询地址................................................. ...137 附录：主要财务指标计算公式 ............................................... . (139)2瓮福（集团）有限责任公司XX年度第一期短期融资券募集说明书第一章释义在本募集说明书中，除非上下文另有规定，下列词汇具有以下含义：本公司/公司/发行人/瓮福指瓮福（集团）有限责任公司集团非金融企业债务融资工具指具有法人资格的非金融企业在银行间债券市场发 /债务融资工具短期融资券本期短期融资券本次发行募集说明书发行公告人民银行交易商协会银行间市场上海清算所主承销商联席主承销商承销商行的，约定在一定期限内还本付息的有价证券指具有法人资格的非金融企业在银行间债券市场按照计划分期发行的，约定在一定期限还本付息的债务融资工具指发行额度为人民币 5亿元、期限为 366天的瓮福（集团）有限责任公司 XX年度第一期短期融资券指本期短期融资券的发行指公司为本次发行而制作的《瓮福（集团）有限责任公司 XX年度第一期短期融资券募集说明书》指公司为本次发行而制作的《瓮福（集团）有限责任公司 XX年度第一期短期融资券发行公告》指中国人民银行指中国银行间市场交易商协会指全国银行间债券市场指银行间市场清算所股份有限公司指中国工商银行股份有限公司指国家开发银行股份有限公司指与主承销商、联席主承销商签署承销团协议，接受承销团协议与本次发行有关文件约束，参与本期短期融资券簿记建档的机构1篇二：上市公司公开发行证券募集说明书关于发布《公开发行证券的公司信息披露内容与格式准则第11号――上市公司公开发行证券募集说明书》的通知证监发行字[XX]2号各上市公司、各保荐机构：为规范上市公司公开发行证券募集说明书的编制行为，现发布《公开发行证券的公司信息披露内容与格式准则第11号――上市公司公开发行证券募集说明书》，自发布之日起实施。

京东方A2020年一季度财务分析结论报告

京东方A2020年一季度财务分析综合报告京东方A2020年一季度财务分析综合报告一、实现利润分析2020年一季度实现利润为8,247.17万元，与2019年一季度的129,478万元相比有较大幅度下降，下降93.63%。

实现利润主要来自于内部经营业务，企业盈利基础比较可靠。

在营业收入下降的同时利润大幅度下降，经营业务开展得很不理想。

二、成本费用分析2020年一季度营业成本为2,217,400.42万元，与2019年一季度的2,178,256.37万元相比有所增长，增长1.8%。

2020年一季度销售费用为68,740.58万元，与2019年一季度的69,272.55万元相比有所下降，下降0.77%。

2020年一季度在销售费用下降的同时营业收入也有所下降，企业市场销售形势迅速恶化，应当采取措施，调整销售力量和战略。

2020年一季度管理费用为117,498.68万元，与2019年一季度的108,805.7万元相比有较大增长，增长7.99%。

2020年一季度管理费用占营业收入的比例为4.54%，与2019年一季度的4.11%相比变化不大。

但企业经营业务的盈利水平出现较大幅度下降，应当关注其他成本费用增长情况。

2020年一季度财务费用为50,963.31万元，与2019年一季度的59,212.77万元相比有较大幅度下降，下降13.93%。

三、资产结构分析与2019年一季度相比，2020年一季度存货占营业收入的比例出现不合理增长。

从流动资产与收入变化情况来看，流动资产增长的同时收入却在下降，资产的盈利能力明显下降，与2019年一季度相比，资产结构趋于恶化。

四、偿债能力分析从支付能力来看，京东方A2020年一季度是有现金支付能力的。

从企业当期资本结构、借款利率和盈利水平三者的关系来看，企业增加负债不内部资料，妥善保管第1 页共3 页。

000725京东方A2023年三季度现金流量报告

京东方A2023年三季度现金流量报告一、现金流入结构分析2023年三季度现金流入为7,094,582.36万元，与2022年三季度的8,603,820.07万元相比有较大幅度下降，下降17.54%。

企业通过销售商品、提供劳务所收到的现金为4,336,850.84万元，它是企业当期现金流入的最主要来源，约占企业当期现金流入总额的61.13%。

企业销售商品、提供劳务所产生的现金能够满足经营活动的现金支出需求，经营活动现金净增加681,561.06万元。

在当期的现金流入中，企业通过收回投资、变卖资产等大的结构性调整活动所取得的现金也占不小比重，占企业当期现金流入总额的22.37%。

表明企业正在进行投资结构调整。

企业投资结构的调整并没有对当期的经营活动带来负面影响。

二、现金流出结构分析2023年三季度现金流出为6,853,793.5万元，与2022年三季度的9,417,421.46万元相比有较大幅度下降，下降27.22%。

最大的现金流出项目为购买商品、接受劳务支付的现金，占现金流出总额的46.23%。

三、现金流动的稳定性分析2023年三季度，营业收到的现金有所减少，经营活动现金流入的稳定性下降。

2023年三季度，工资性支出有所增加，企业现金流出的刚性增加。

2023年三季度，现金流入项目从大到小依次是：销售商品、提供劳务收到的现金；收回投资收到的现金；取得借款收到的现金；收到的税费返还。

现金流出项目从大到小依次是：购买商品、接受劳务支付的现金；投资支付的现金；构建固定资产、无形资产和其他长期资产支付的现金；支付的其他与筹资活动有关的现金。

四、现金流动的协调性评价2023年三季度京东方A投资活动需要资金144,547.95万元；经营活动创造资金681,561.06万元。

投资活动所需要的资金能够被企业经营活动所创造的现金净流量满足。

2023年三季度京东方A筹资活动需要净支付资金296,224.25万元，也被经营活动所创造的资金满足。

京东方A 2019 第三季度财报

2019年第三季度报告2019年10月第一节重要提示公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。

所有董事均已出席了审议本次季报的董事会会议。

公司负责人陈炎顺先生、总裁刘晓东先生、主管会计工作负责人孙芸女士及会计机构负责人(会计主管人员)杨晓萍女士声明：保证季度报告中财务报表的真实、准确、完整。

本报告分别以中英文两种语言编制，在对中英文文本的理解上发生歧义时，以中文文本为准。

第二节公司基本情况一、主要会计数据和财务指标公司是否需追溯调整或重述以前年度会计数据√ 是□ 否追溯调整或重述原因会计政策变更会计政策变更的原因及会计差错更正的情况2018年年报根据审计调整重分类归属于上市公司股东的扣除非经常性损益的净利润。

根据财会[2018]15号的相关解读，本集团将实际收到的政府补助，无论是与资产相关还是与收益相关，在编制现金流量表时均作为经营活动产生的现金流量列报。

以上调整不影响上年度末总资产和归属于上市公司股东的净资产。

非经常性损益项目和金额√ 适用□ 不适用单位：人民币元对公司根据《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》定义界定的非经常性损益项目，以及把《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因√ 适用□不适用二、报告期末股东总数及前十名股东持股情况表1、普通股股东和表决权恢复的优先股股东总数及前10名股东持股情况表单位：股公司前10名普通股股东、前10名无限售条件普通股股东在报告期内是否进行约定购回交易□ 是√ 否公司前10名普通股股东、前10名无限售条件普通股股东在报告期内未进行约定购回交易。

2、优先股股东总数及前10名优先股股东持股情况表□ 适用√ 不适用第三节重要事项一、报告期主要财务数据、财务指标发生变动的情况及原因√ 适用□ 不适用1.在建工程较期初增加35%，主要是报告期内随新项目建设进度相应增加所致；2.短期借款较期初增加75%，主要是报告期内优化债务结构、降低财务成本所致；3.一年内到期的非流动负债较期初增加88%，主要是报告期内一年内到期长期借款转入所致；4.应付债券较期初减少96%，主要是报告期内提前兑付公司债券所致；5.研发费用同比增加75%，主要是报告期内研发投入增加所致；6.财务费用同比减少38%，主要是报告期内公司偿还账面可换股的债权，财务费用降低所致；7.资产减值损失同比增加51%，主要是根据成本与可变现净值孰低法计提存货跌价增加所致；8.投资收益同比减少71%，主要是报告期内到期理财减少所致；9.筹资活动现金流量净额同比增加38%，主要是根据新项目进度，项目公司落实投资资金所致。

京东方：重资产企业巨大利润弹性开始释放,明年内利润规模将达122亿,是2020年的3倍重资产企业

盈亚证券咨询京东方：重资产企业巨大利润弹性开始释放，明年内利润规模将达122亿，是2020年的3倍重资产企业，利润终于开始爆发京东方作为国内面板龙头，其重资产模式即将迎来业绩爆发期。

在面板需求旺盛，以及OLED布局顺利，出货量快速攀升背景下，民生电子团队预计，公司2022年净利润规模将达122亿。

1、面板需求旺盛，供给增加有限，行业将持续高景气2020年5月至1 2月，面板价格持续上涨，各尺寸电视面板价格平均涨幅超过65%。

供给端：韩厂退出LCD产能战略明确，延迟退出影响有限，国内未来新增LCD产能有限，产能紧张短期内不能缓解。

需求端：产品创新带来电视大屏化，预计2021年因尺寸增长带来约130 0万平方米的需求。

此外2021年举办的奥运会、欧洲杯将有力拉动面板需求。

库存端：下游电视厂商目前库存仅为4.3周，远低于5周的安全库存，预计将会加大备货，带动面板需求。

根据测算，2021年LCD仍处于供给不足状态，面板价格将维持高位运行。

京东方2020H1液晶电视面板出货量和出货面积均为全球第一，收购中电熊猫产线进一步巩固龙头地位，收购完成后全球市占率预计达到30%，叠加面板价格上行，盈利水平有望持续上升。

2、OLED布局顺利，出货量快速攀升2019年智能手机AMOLED面板出货量为4.71亿片，渗透率为30%。

DSCC预测，2026年全球AMOLED 市场规模将从2019年的304亿美元增长至600亿美元左右，CAGR为12%。

苹果2021年有望采用LTPO驱动路径，带来OLED显示屏技术持续升级。

京东方OLED产线布局顺利，三条6代线完全量产后合计产能达到14 4K/月。

产能释放带来OLED出货量的快速攀升，随着京东方产能不断释放，2023年全球市占率有望达到23%。

京东方OLED通过苹果认证，预计2021年京东方向苹果提供约1000万片OLED面板，贡献约7亿美元的营收。

3、股权激励绑定核心员工利益2020年12月21日，公司向1988名激励对象授予股票期权（行权价格5.43元），向793名激励对象授予限制性股票（授予价2.72元），股权激励对象多为核心技术人员。

京东方A：募集资金管理办法(2020年4月)

京东方科技集团股份有限公司募集资金管理办法（2020年4月）（2020年4月24日，经公司第九届董事会第十次会议审议通过）第一章总则第一条为规范京东方科技集团股份有限公司（以下简称“公司”）募集资金管理，提高募集资金的使用效率，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司证券发行管理办法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司规范运作指引》、《京东方科技集团股份有限公司章程》（以下简称“《公司章程》”）及其他有关规定，结合公司实际，特制定本办法。

第二条本办法所称募集资金是指公司通过公开发行证券（包括配股、增发、发行可转换公司债券、分离交易的可转换公司债券、公司债券、权证等）以及非公开发行证券向投资者募集并用于特定用途的资金。

公司以发行证券作为支付方式向特定对象购买资产的，按照本办法第六章执行。

第三条公司审慎使用募集资金，保证募集资金的使用与招股说明书或募集说明书的承诺相一致，不得随意改变募集资金的投向。

公司应当真实、准确、完整地披露募集资金的实际使用情况，并在年度审计的同时聘请会计师事务所对募集资金存放与使用情况进行鉴证。

第四条公司董事会应当负责建立健全募集资金管理制度，并确保该制度的有效实施。

第五条募集资金投资项目通过公司的子公司或公司控制的其他企业实施的，适用本办法。

第六条公司董事会应根据相关法律法规的规定，对募集资金投向、使用情况及时、全面的履行信息披露义务，充分保障投资者的知情权。

第二章募集资金专户存储第七条募集资金应当存放于董事会决定的专项账户（以下简称“专户”）管理，专户不得存放非募集资金或用作其它用途。

公司存在两次以上融资的，应当独立设置募集资金专户。

第八条公司在募集资金到位后一个月内与保荐机构、存放募集资金的商业银行（以下简称“商业银行”）签订三方监管协议（以下简称“协议”）。

协议至少应当包括以下内容：（一）公司应当将募集资金集中存放于专户；（二）募集资金专户账号、该专户涉及的募集资金项目、存放金额；（三）公司一次或12个月内累计从该专户中支取的金额超过5000万元或该专户总额的20%的，公司及商业银行应当及时通知保荐机构；（四）商业银行每月向公司出具银行对账单，并抄送保荐机构；（五）保荐机构可以随时到商业银行查询专户资料；（六）保荐机构的督导职责、商业银行的告知及配合职责、保荐机构和商业银行对公司募集资金使用的监管方式；（七）公司、商业银行、保荐机构的权利、义务和违约责任；（八）商业银行3次未及时向保荐机构出具银行对账单或通知专户大额支取情况，以及存在未配合保荐机构查询与调查专户资料情形的，公司可以终止协议并注销该募集资金专户；公司在上述协议签订后及时报深圳证券交易所（以下简称“深交所”）备案并公告协议主要内容。

京东方A2020年三季度财务风险分析详细报告

京东方A2020年三季度风险分析详细报告一、负债规模测算1.短期资金需求该企业经营活动不缺少资金，不需要从银行借款，不但不需要，而且可以提供805,299.19万元的资金供长期使用。

2.长期资金需求该企业长期资金需求为9,281,778.88万元，2020年三季度已有长期带息负债为10,826,927.24万元。

3.总资金需求该企业的总资金需求为8,476,479.69万元。

4.短期负债规模根据企业当前的财务状况和盈利能力计算，企业有能力偿还的短期贷款规模为6,274,253.07万元，在持续经营一年之后，如果盈利能力不发生大的变化，企业有能力偿还的短期贷款规模是6,830,299.49万元，实际已经取得的短期带息负债为2,988,492.11万元。

5.长期负债规模按照企业当前的财务状况、盈利能力和发展速度，企业有能力在2年内偿还的贷款总规模为6,552,276.28万元，企业有能力在3年之内偿还的贷款总规模为6,691,287.88万元，在5年之内偿还的贷款总规模为6,969,311.09万元，当前实际的带息负债合计为13,815,419.35万元。

二、资金链监控1.会不会发生资金链断裂从当前盈利水平和财务状况来看，该企业不存在资金缺口。

该企业偿还全部有息负债大概需要17.2个分析期。

但负债率较高，不过在下降。

短期来看，资金链断裂的风险较小。

资金链断裂风险等级为6级。

2.是否存在长期性资金缺口该企业不存在长期性资金缺口，并且长期性融资活动为企业提供2,553,244.45万元的营运资金。

3.是否存在经营性资金缺口该企业经营活动不存在资金缺口。

4.未来一年会不会出现资金问题(1).未来保持当前盈利状况本期营业利润为181,997.54万元，存货为1,626,562.17万元，应收账款为2,567,401.33万元，其他应收款为50,674.22万元，应付账款为2,534,776.77万元，货币资金为6,233,811.29万元。