BOE Technology Group Co Ltd, a leading Chinese display panel supplier, reported that its total revenue stood at 219.3 billion yuan ($34.5 billion) last year, up 61.79 percent year-on-year, while its net profit surged 412.96 percent to a record high of 25.8 billion yuan.

The shipment of liquid crystal display or LCD screens for five mainstream products, including smartphones, tablets, laptops, monitors and televisions, ranked first across the globe. It was buoyed by innovative technologies such as 8K ultra-high-definition display technology, according to the company’s financial earnings.

BOE's R&D expenditure reached at 12.4 billion yuan in 2021. The company has stepped up efforts to supply high-end flexible organic light-emitting diodes or OLED display screens to makers of foldable smartphones and notebooks like Honor, Oppo and Asus.

According to Beijing-based market researcher Sigmaintell Consulting, BOE shipped about 60 million flexible OLED smartphone panels in 2021, up nearly 60 percent year-on-year, topping the domestic players.

BOE applied for more than 70,000 independent patents last year, with more than 50 percent of the patents from OLED, sensors, artificial intelligence and big data, covering many countries and regions such as the United States, Europe, Japan and South Korea.