BOE Tech­nol­ogy bets big on in­ter­net of things

China Daily (USA) - - BUSINESS - By FAN FEIFEI in Wuhan fan­feifei@chi­nadaily.com.cn

BOE Tech­nol­ogy Group Co Ltd plans to ramp up its ef­forts in the in­ter­net of things sec­tor by uti­liz­ing dis­play, sen­sor, ar­ti­fi­cial in­tel­li­gence and big data tech­nolo­gies, as well as work­ing with part­ners in com­put­ing, stor­age, soft­ware and other re­lated equip­ments to build an in­dus­try ecosys­tem.

The Bei­jing-based tech­nol­ogy com­pany is trans­form­ing from a semi­con­duc­tor dis­play man­u­fac­turer to an IoT tech­nol­ogy and ser­vice provider, putting its fo­cus on dis­play and sen­sor de­vices, smart sys­tems and health­care ser­vices.

“We are po­si­tion­ing BOE as an IoT com­pany pro­vid­ing in­tel­li­gent in­ter­face prod­ucts and ser­vices for in­for­ma­tion in­ter­ac­tion and hu­man health,” said Wang Dong­sheng, founder and chair­man of BOE at its In­no­va­tion Part­ner Con­fer­ence on Tues­day in Wuhan, Hubei prov­ince.

Wang said to­tal rev­enue of the global IoT mar­ket will reach $27.6 tril­lion in 2030 from $1.1 tril­lion this year, and said the firm will con­tinue to work with en­ter­prises in the IoT sec­tor to pro­mote both hard­ware and soft­ware in­no­va­tion, cov­er­ing the fields of health­care, dig­i­tal art and in­tel­li­gent re­tail.

“R&D spend­ing now ac­counts for no less than 7 per­cent of our rev­enue. More­over, we at­tach im­por­tance to patent ap­pli­ca­tions. Our new patent ap­pli­ca­tions reached 7,570 last year, and the num­ber is ex­pected to sur­pass 8,000 this year,” said Wang.

The com­pany has also signed a strate­gic co­op­er­a­tion agree­ment with e-com­merce gi­ant Alibaba Group Hold­ing Ltd and SAP SE on build­ing a new re­tail ecosys­tem, mark­ing an­other step in its en­deavor to open up its ap­pli­ca­tion and tech­nol­ogy plat­form.

Chen Yan­shun, CEO of BOE, said the com­pany’s turnover would dou­ble every three years and reach 300 bil­lion yuan ($45.2 bil­lion) by 2022.

“We will ex­pand our ap­pli­ca­tions from tra­di­tional fields such as smart­phones, tablets, PCs, tele­vi­sion and other dis­play de­vices to new prod­ucts like ve­hi­cle dis­plays, elec­tronic tags, wear­able de­vices, vir­tual real­ity and aug­mented real­ity,” said Chen.

BOE has ac­cel­er­ated its lay­out in the IoT field this year. It has launched a smart, in­ter­ac­tive shop­ping ter­mi­nal to­gether with In­tel Corp, and de­vel­oped brand-new IoT so­lu­tions to­gether with China Mo­bile Com­mu­ni­ca­tions Corp.

BOE re­ported op­er­at­ing rev­enue of 69.4 bil­lion yuan dur­ing the first nine months of this year, a year-on-year growth of 51.41 per­cent and a net profit of nearly 6.5 bil­lion yuan dur­ing the pe­riod.

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