# BOE Technology Group (000725.SHE)

Canonical: https://gigainvestors.com/s/000725.SHE

Analysis as of: 2026-10-16T07:34:23.421Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 5.05 per share; close as of 2026-10-15.

Estimated value: low CNY 6.69 per share, central CNY 9.00 per share, high CNY 10.35 per share. Buy at or below the central value CNY 9.00 per share. Valuation as of 2026-10-16T07:34:23.421Z; scenarios are not confidence intervals.

Expected annual return: 16.8% at the stated quote. About 16.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 1.08×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.10×

- FY2018: 0.04×

- FY2019: 0.00×

- FY2020: 0.04×

- FY2021: 0.16×

- FY2022: -0.00×

- FY2023: 0.01×

- FY2024: 0.02×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.3%

- ROIC, second-lowest year: 0.2%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 15.2%

- Recent gross margin (lower of latest and 3-year median): 13.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 26.1%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.5%

- FY2017: 7.1%

- FY2018: 2.0%

- FY2019: 0.2%

- FY2020: 2.7%

- FY2021: 18.1%

- FY2022: -0.0%

- FY2023: 0.6%

- FY2024: 2.5%

- FY2025: 4.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 65B

- Net income, five-year total: CNY 47B

- Return on incremental invested capital: 5.0%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -1.1 pp

- Working capital / revenue, final three-year average: 12.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 1.65×

- FY2023: 4.83×

- FY2024: 1.68×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.0% vs 2.5%

- Per-share earnings: 0.05 to 0.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.2%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: CNY 55B

- Cumulative retained earnings: CNY 39B

- Diluted shares, 10-year annual growth: -1.2%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.5%

- Per-share value change: CNY 0.09

- Per-share value, starting three-year median: CNY 0.05

- Per-share value, ending three-year median: CNY 0.14

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 15B

- Cumulative net income, 10 years: CNY 67B

- ROIC, first three-year median: 2.0%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.05

- FY2017: CNY 0.22

- FY2018: CNY 0.10

- FY2019: CNY 0.05

- FY2020: CNY 0.13

- FY2021: CNY 0.71

- FY2022: CNY 0.20

- FY2023: CNY 0.07

- FY2024: CNY 0.14

- FY2025: CNY 0.16

### accounting: pass

- Sloan accruals: -9.8%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.34×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.0%

- FY2017: -7.5%

- FY2018: -7.3%

- FY2019: -7.1%

- FY2020: -8.1%

- FY2021: -8.1%

- FY2022: -8.4%

- FY2023: -8.5%

- FY2024: -9.9%

- FY2025: -9.8%

## Holders

## Price story

Down 42% since Jun 2026 · sales +3.1%

Story as of 2026-10-16T10:00:00.389Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.5% a year for ten years

### Sales · FY2024–2025

sales +3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 69B 

- FY2017: CNY 94B 

- FY2018: CNY 97B 

- FY2019: CNY 116B 

- FY2020: CNY 136B 

- FY2021: CNY 221B 

- FY2022: CNY 178B 

- FY2023: CNY 175B 

- FY2024: CNY 198B 

- FY2025: CNY 205B 

### Gross margin · FY2025

gross margin 15.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.7% 

- FY2017: 21.9% 

- FY2018: 18.0% 

- FY2019: 12.4% 

- FY2020: 16.7% 

- FY2021: 27.2% 

- FY2022: 7.8% 

- FY2023: 10.2% 

- FY2024: 13.5% 

- FY2025: 15.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are CNY 204.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2025: revenue 204590222888; grossProfit 31988178877; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000725.SHE: BOE Technology Group Company Limited operates display, Internet of Things (IoT) innovation, sensor, and MLED, smart medicine engineering, and other business in Mainland China and internationally. The Display Business segment designs and manufactures display devices, including TFT-LCD, AMOLED, micro displays, and other intelligent interface devices. Its IoT Innovation Business segment designs integrated manufacturing models for system solutions; smart terminal products, such as tablets, laptops, displays, televisions, low-power consumption, IoT, 3D displays, etc.; and IoT solutions. The Sensor Business segment offers X-ray flat panel detector backboards, intelligent dimming windows and dimming system solutions, consumer electronics and industrial application solutions, packaging carriers, and other products. Its MLED Business segment provides Mini-LED backlight products for TV, display, laptop, car, and other fields, as well as Mini/Micro-LED display products for the usage of outdoor, commercial, transparent, special, and other display applications. The Smart Medicine and Engineering Business segment offers professional services and solutions in healthcare, intelligent rehabilitation, and medical-engineering integration products. Its Others segment provides software-hardware fusion and system integration solutions for intelligent internet of vehicles, industrial interconnection, and other industries. The company was founded in 1993 and is headquartered in Beijing, the People's Republic of China. BOE Technology Group Company Limited operates as a subsidiary of Beijing Electronics Holdings Co., Ltd.

### Why customers stay

Margins ranged from 10.2% to 15.6% during 2023–25; it earns 2.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2023: grossProfit / revenue = 10.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2024: grossProfit / revenue = 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2025: grossProfit / revenue = 15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); 10-year return on capital observations [[2016,0.004814729167138358],[2017,0.0710405848729065],[2018,0.0200657378588135],[2019,0.0017742422549503127],[2020,0.027092358690262584],[2021,0.1810935874012835],[2022,-0.00009175918670969629],[2023,0.005727938731206223],[2024,0.02542954950447361],[2025,0.04677566194558754]]; median 0.022747643681643556. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 27.9% of cash earnings on expansion; earns 5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2016: growth capex 20395898000; upkeep 10306717000; owner earnings 1882572000. Growth capex / owner earnings = 10.834059998767643.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2017: growth capex 35876162000; upkeep 11865739000; owner earnings 7567682000. Growth capex / owner earnings = 4.740706863739782.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2019: growth capex 30552807756; upkeep 18863090244; owner earnings 1918643871. Growth capex / owner earnings = 15.9241682199604.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2020: growth capex 21775962000; upkeep 22439373000; owner earnings 5035628000. Growth capex / owner earnings = 4.324378607792315.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2021: growth capex 1052521000; upkeep 34617425000; owner earnings 25826925947.2. Growth capex / owner earnings = 0.04075285623042211.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2022: growth capex 0; upkeep 29398245045; owner earnings 12452807753. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2023: growth capex 0; upkeep 24807796000; owner earnings 12307883700.8. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2024: growth capex 0; upkeep 34037798000; owner earnings 8957656202.8. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2025: growth capex 1594380130; upkeep 38500000865; owner earnings 5719414220.8. Growth capex / owner earnings = 0.27876633313279886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); Incremental return on capital 0.050299486907912284, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); Dividend observations: [[2016,2265069000],[2017,3852764000],[2018,5802005000],[2019,1043952000],[2020,695968000],[2021,3476074000],[2022,13789127418],[2023,8233682000],[2024,6299389000],[2025,5911538172]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); FY2025: cash repurchases 5799746718.912499 CNY.

### Are managers owners

Insiders own 17.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000725.SHE SharesStats.PercentInsiders = 17.832 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.5% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.421Z); Ten-year compound average after fade. Initial solved rate -0.04864111938667098. Price 5.05; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.039699181295823185 → FY2025 0.1562423544090514. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 2.47 per share

- 2016-11: CNY 2.90 per share

- 2016-12: CNY 2.86 per share

- 2017-01: CNY 3.41 per share

- 2017-02: CNY 3.27 per share

- 2017-03: CNY 3.44 per share

- 2017-04: CNY 4.03 per share

- 2017-05: CNY 3.86 per share

- 2017-06: CNY 4.16 per share

- 2017-07: CNY 3.95 per share

- 2017-08: CNY 3.83 per share

- 2017-09: CNY 4.40 per share

- 2017-10: CNY 6.22 per share

- 2017-11: CNY 5.34 per share

- 2017-12: CNY 5.79 per share

- 2018-01: CNY 6.08 per share

- 2018-02: CNY 5.66 per share

- 2018-03: CNY 5.32 per share

- 2018-04: CNY 4.32 per share

- 2018-05: CNY 4.12 per share

- 2018-06: CNY 3.54 per share

- 2018-07: CNY 3.76 per share

- 2018-08: CNY 3.41 per share

- 2018-09: CNY 3.15 per share

- 2018-10: CNY 2.75 per share

- 2018-11: CNY 2.78 per share

- 2018-12: CNY 2.63 per share

- 2019-01: CNY 2.56 per share

- 2019-02: CNY 4.07 per share

- 2019-03: CNY 3.90 per share

- 2019-04: CNY 3.82 per share

- 2019-05: CNY 3.44 per share

- 2019-06: CNY 3.44 per share

- 2019-07: CNY 4.05 per share

- 2019-08: CNY 3.66 per share

- 2019-09: CNY 3.75 per share

- 2019-10: CNY 3.57 per share

- 2019-11: CNY 3.90 per share

- 2019-12: CNY 4.54 per share

- 2020-01: CNY 4.73 per share

- 2020-02: CNY 4.90 per share

- 2020-03: CNY 3.71 per share

- 2020-04: CNY 3.76 per share

- 2020-05: CNY 3.71 per share

- 2020-06: CNY 4.67 per share

- 2020-07: CNY 4.67 per share

- 2020-08: CNY 5.50 per share

- 2020-09: CNY 4.91 per share

- 2020-10: CNY 4.73 per share

- 2020-11: CNY 5.41 per share

- 2020-12: CNY 6.00 per share

- 2021-01: CNY 6.18 per share

- 2021-02: CNY 6.09 per share

- 2021-03: CNY 6.27 per share

- 2021-04: CNY 7.33 per share

- 2021-05: CNY 6.32 per share

- 2021-06: CNY 6.24 per share

- 2021-07: CNY 5.74 per share

- 2021-08: CNY 5.82 per share

- 2021-09: CNY 5.05 per share

- 2021-10: CNY 4.91 per share

- 2021-11: CNY 4.82 per share

- 2021-12: CNY 5.05 per share

- 2022-01: CNY 4.85 per share

- 2022-02: CNY 4.70 per share

- 2022-03: CNY 4.31 per share

- 2022-04: CNY 3.80 per share

- 2022-05: CNY 3.79 per share

- 2022-06: CNY 3.94 per share

- 2022-07: CNY 3.89 per share

- 2022-08: CNY 3.70 per share

- 2022-09: CNY 3.27 per share

- 2022-10: CNY 3.34 per share

- 2022-11: CNY 3.58 per share

- 2022-12: CNY 3.38 per share

- 2023-01: CNY 3.98 per share

- 2023-02: CNY 4.17 per share

- 2023-03: CNY 4.44 per share

- 2023-04: CNY 4.02 per share

- 2023-05: CNY 3.97 per share

- 2023-06: CNY 4.09 per share

- 2023-07: CNY 4.23 per share

- 2023-08: CNY 4.01 per share

- 2023-09: CNY 3.86 per share

- 2023-10: CNY 3.92 per share

- 2023-11: CNY 3.87 per share

- 2023-12: CNY 3.90 per share

- 2024-01: CNY 3.60 per share

- 2024-02: CNY 3.99 per share

- 2024-03: CNY 4.06 per share

- 2024-04: CNY 4.36 per share

- 2024-05: CNY 4.08 per share

- 2024-06: CNY 4.09 per share

- 2024-07: CNY 3.94 per share

- 2024-08: CNY 3.86 per share

- 2024-09: CNY 4.47 per share

- 2024-10: CNY 4.67 per share

- 2024-11: CNY 4.30 per share

- 2024-12: CNY 4.39 per share

- 2025-01: CNY 4.46 per share

- 2025-02: CNY 4.31 per share

- 2025-03: CNY 4.15 per share

- 2025-04: CNY 3.84 per share

- 2025-05: CNY 3.80 per share

- 2025-06: CNY 3.99 per share

- 2025-07: CNY 4.04 per share

- 2025-08: CNY 4.23 per share

- 2025-09: CNY 4.16 per share

- 2025-10: CNY 4.06 per share

- 2025-11: CNY 3.86 per share

- 2025-12: CNY 4.21 per share

- 2026-01: CNY 4.37 per share

- 2026-02: CNY 4.48 per share

- 2026-03: CNY 3.91 per share

- 2026-04: CNY 4.08 per share

- 2026-05: CNY 5.11 per share

- 2026-06: CNY 8.68 per share

- 2026-07: CNY 5.51 per share

- 2026-08: CNY 6.01 per share

- 2026-09: CNY 5.72 per share

- 2026-10: CNY 5.35 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.24 per share, central CNY 2.32 per share, high CNY 2.43 per share

- FY2017: low CNY 2.84 per share, central CNY 2.98 per share, high CNY 3.16 per share

- FY2018: low CNY 2.52 per share, central CNY 2.72 per share, high CNY 2.91 per share

- FY2019: low CNY 2.82 per share, central CNY 3.32 per share, high CNY 3.61 per share

- FY2020: low CNY 3.28 per share, central CNY 3.85 per share, high CNY 4.17 per share

- FY2021: low CNY 5.42 per share, central CNY 6.73 per share, high CNY 7.49 per share

- FY2022: low CNY 3.39 per share, central CNY 3.70 per share, high CNY 4.07 per share

- FY2023: low CNY 4.87 per share, central CNY 5.36 per share, high CNY 6.01 per share

- FY2024: low CNY 5.23 per share, central CNY 5.78 per share, high CNY 6.51 per share

- FY2025: low CNY 6.54 per share, central CNY 8.81 per share, high CNY 10.14 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:08.368Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.