Core Viewpoint - TCL Electronics (01070) announced the appointment of Mr. Song Honghai as the Deputy General Manager, effective from October 30, 2025, responsible for the group's capital market affairs [1] Group 1 - Mr. Song Honghai will take on the role of Deputy General Manager [1] - The appointment is set to begin on October 30, 2025 [1] - His responsibilities will include managing the group's capital market affairs [1]

Group 1 - The core point of the article is the appointment of Song Honghai as the Vice President of TCL Electronics, effective from October 30, 2025, where he will be responsible for the group's capital market affairs [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就本公告全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 1 董事會謹此對宋先生的任命表示熱烈歡迎。 代表董事會 TCL電子控股有限公司 主席 杜娟 TCL ELECTRONICS HOLDINGS LIMITED TCL 電子控股有限公司 （股份代號：01070） （於開曼群島註冊成立之有限公司） 委任副總經理 TCL電子控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，自2025年10月30日起，宋紅海先生（「宋先生」）獲委任為本公 司副總經理，負責本集團資本市場事務。 宋先生，1979年3月出生。他於2025年10月30日獲委任為TCL實業控股股份有限公 司（本公司的間接控股公司）資本市場部總經理。宋先生在金融領域擁有超過20年 的豐富經驗。他的職業生涯始於花旗集團（香港），擔任管理培訓生。此後，他曾 任職於多家國際及中國頭部投資銀行與金融機構，並擔任多項高級管理職務，包 括中銀國際證券有限公司董事總經理、遠東宏 ...

Core Viewpoint - TCL Electronics reported a 5.3% year-on-year increase in global TV shipments for the first three quarters of 2025, reaching 21.08 million units, with significant growth in Mini LED TV shipments and overall sales revenue [2][3]. Group 1: Global TV Shipment Data - In Q3 2025, TCL's global TV shipments reached 7.61 million units, contributing to a total of 21.08 million units for the first three quarters [2]. - Mini LED TV shipments increased by 153.3% year-on-year to 2.24 million units, accounting for 11.4% of total shipments [4][6]. - The average screen size of TCL TVs increased by 1.6 inches to 53.6 inches, with a sales price increase of 3.2% year-on-year [3]. Group 2: Market Segmentation - The share of 65-inch and larger TVs in global shipments rose to 29.0%, up from 24.3% year-on-year, with a 25.8% increase in shipments [3]. - In the international market, shipments of 65-inch and larger TVs grew by 44.6%, while 75-inch and larger TVs saw a 61.8% increase [4][5]. - In the Chinese market, despite a 4.1% decline in overall TV shipments, Mini LED TV shipments grew by 80.6%, with a market share increase to 20.6% [6]. Group 3: Revenue and Pricing Trends - Overall TV sales revenue increased by 8.7% year-on-year for the first three quarters, with a notable 14.2% increase in Q3 [2][5]. - The average selling price in the international market rose by 4.5%, with a significant increase of over 15.0% in North America due to improved product mix [5]. - In Europe, TCL TV shipments grew by 20.0% year-on-year, with Q3 growth exceeding 30% [5].

Core Viewpoint - TCL Electronics reported a 5.3% year-on-year increase in global TV shipments for the first three quarters of 2025, reaching a total of 21.08 million units [1] Group 1: Shipment Data - In Q3 2025, TCL's global TV shipments reached 7.61 million units, contributing to the total shipments for the first three quarters [1] - The total shipment volume for the first three quarters of 2025 was 21.08 million units, reflecting a year-on-year growth of 5.3% [1] Group 2: Product Performance - TCL's Mini LED TV shipments saw a significant increase of 153.3% year-on-year, totaling 2.24 million units in the first three quarters of 2025 [1] - The optimization of product structure led to an 8.7% year-on-year increase in sales revenue for TCL TVs, outpacing the growth in shipment volume [1]

Core Insights - The overseas market, particularly in Europe and North America, is a key focus for Chinese television brands, especially against strong competition from Korean and local brands [1][5] Group 1: TCL's Performance - TCL Electronics reported a global television shipment of 21.08 million units in the first three quarters of 2025, representing a year-on-year increase of 5.3% [4] - Shipments of TCL televisions sized 75 inches and above in international markets grew by 61.8%, with Mini LED television shipments increasing by 153.3% to 2.24 million units [4] - The sales revenue of TCL televisions increased by 8.7% year-on-year due to product structure optimization [4] Group 2: Market Trends - In the European market, TCL's shipments of 75 inches and above televisions increased by 138%, while Mini LED television shipments rose by 124.1% [4] - In North America, the average selling price of TCL televisions increased by over 15%, with shipments of 75 inches and above televisions growing by 34.1% and Mini LED television shipments soaring by 384.5% [4] - TCL's retail market share in the U.S. was among the top two in the first eight months of the year [4] Group 3: Challenges in the Domestic Market - In the Chinese market, TCL's television shipments declined by 4.1% year-on-year due to industry adjustments, although Mini LED television shipments increased by 80.6% [5] - The overall television market in China saw a shipment total of 23.895 million units, down 2.5% year-on-year [5] - The average television size in the Chinese market exceeds 60 inches, while the global average is still below 55 inches, indicating significant growth potential in larger sizes [5]

Core Viewpoint - TCL Electronics has reported a significant increase in TV shipments and sales for the first three quarters of 2025, driven by a focus on high-end and large-screen products, particularly Mini LED TVs, which saw a remarkable growth in global shipments. Group 1: Shipment and Sales Performance - In Q3 2025, TCL's global TV shipments reached 7.61 million units, contributing to a total of 21.08 million units for the first three quarters, representing a year-on-year increase of 5.3% [1] - The sales revenue for TCL TVs grew by 8.7% year-on-year in the first three quarters, outpacing the shipment growth [1] - Mini LED TV shipments surged by 153.3% year-on-year to 2.24 million units in the first three quarters [1][3] Group 2: Product Strategy and Market Positioning - The "mid-to-high-end + large-screen" strategy has led to an increase in the proportion of large-screen products, with shipments of 65-inch and above TVs growing by 25.8% year-on-year [2] - The average size of TCL TVs increased by 1.6 inches to 53.6 inches, and the average selling price rose by 3.2% year-on-year [2] - TCL's Mini LED TV accounted for 11.4% of total shipments, up 6.7 percentage points year-on-year [3] Group 3: International Market Expansion - TCL's international TV shipments grew by 7.9% year-on-year in the first three quarters, with significant increases in large-screen and mid-to-high-end segments [4] - In the international market, shipments of 65-inch and above TVs increased by 44.6%, while 75-inch and above TVs saw a growth of 61.8% [4] - The introduction of the TCL QM9K, featuring built-in Google AI, enhances the product ecosystem and positions TCL as a leader in smart TV technology [4] Group 4: Regional Performance - In Europe, TCL TV shipments increased by 20.0% year-on-year, with significant growth in the mid-to-high-end segment [5] - North America saw a notable improvement in shipment structure, with 65-inch and above TV shipments growing by 29.1% and Mini LED TV shipments increasing by 384.5% [6] - In China, despite a 4.1% decline in overall shipments, Mini LED TV shipments grew by 80.6%, indicating strong demand for high-end products [7] Group 5: Future Outlook - The company aims to continue its dual strategy of "mid-to-high-end + globalization," enhancing brand strength and increasing R&D investment to solidify its position in the high-end market [7]

Core Insights - Wang Ziru has joined TCL's AR glasses company, Thunderbird Innovation, marking a significant career shift towards AI and AR technology [2][4][19] - Thunderbird Innovation has quickly established itself in the AR market, capturing one-third of the Chinese AR glasses sales [3][4] - Wang Ziru's career trajectory reflects a pattern of aligning with influential figures in the tech industry, including Lei Jun and Dong Mingzhu, which has facilitated his transitions [14][19] Company Overview - Thunderbird Innovation is a subsidiary of TCL, focusing on AR glasses, and has secured over 500 million in funding within three years of its establishment [3][4] - The company ranks third globally in XR device shipments, trailing behind major international players like Sony [3] Industry Context - The AR market is viewed as a potential "trillion-dollar" industry, positioning Wang Ziru's move as a strategic entry into a high-growth sector [4] - TCL, like Gree, is transitioning from traditional manufacturing to technology-driven solutions, with Thunderbird being a key part of this strategy [4][19]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [12]. Core Insights - The global TV market is experiencing a dual decline in both volume and revenue in Q2 2025, with a year-on-year shipment decrease of 2.12% to 47.09 million units and a revenue drop of 10.18% to $20.79 billion, primarily due to falling global average prices and weak demand in mature markets. However, emerging markets show resilient growth, with the Chinese market benefiting from supportive policies [4][10]. - Chinese brands are closing the gap with South Korean leader Samsung, with shipment share differences narrowing to within 3 percentage points. However, there remains a significant gap in premium pricing capabilities [8][10]. - Mini LED technology is becoming a key structural growth driver in the global TV market, with a shipment increase of 162.96% year-on-year, leading to a global penetration rate of 5.90%, dominated by Chinese brands [9][10]. Summary by Sections Market Conditions - In Q2 2025, the global TV market shows a dual decline in shipments and revenue, with shipments down 2.12% to 47.09 million units and revenue down 10.18% to $20.79 billion. The global average price fell by 8.23% to $441.49, indicating a phase of adjustment due to price sensitivity among consumers [21][24]. Competitive Landscape - The market share gap between Chinese brands and South Korean giants like Samsung is narrowing, with Samsung at 16.9%, TCL at 14.7%, and Hisense at 14.3%. However, Samsung's average price remains significantly higher at $741.91 compared to Chinese brands [8][10]. Structural Changes - Mini LED technology is rapidly gaining traction, with shipments reaching 2.78 million units in Q2 2025, a year-on-year increase of 162.96%. China's penetration rate leads globally at 14.93% [9][10]. Investment Recommendations - The report suggests that despite the current phase of adjustment in the industry, Chinese brands like TCL and Hisense are expected to continue their resilient growth, supported by emerging market demand and strategic positioning in high-end and large-screen segments [10][13].

Group 1 - The core point of the article highlights the significant increase in sales for home appliance stocks in Hong Kong, with major companies like Midea Group, TCL Electronics, Hisense Home Appliances, and Haier Smart Home showing positive stock performance [1] - As of October 14, 2023, during JD.com's 11.11 shopping festival, orders for major categories including home appliances, mobile phones, and digital products saw over 70% year-on-year growth, indicating a strong market position for these sectors [1] - The upcoming Tmall Double 11 event, starting on October 15, 2023, is expected to offer substantial discounts, further driving consumer interest in large and small home appliances [1] Group 2 - Consumer purchasing intent for major home appliances (air conditioners, refrigerators, televisions) and upgraded small appliances (robot vacuums, projectors, high-end kitchen appliances) is notably strong during the Double 11 shopping festival, which is crucial for quarterly and annual revenue growth for appliance companies [1] - The stock performance of key players in the home appliance sector includes Midea Group up by 2.5%, TCL Electronics up by 1.12%, Hisense Home Appliances up by 1.08%, Haier Smart Home up by 1.07%, and JS Global Life up by 0.55% [1]