1)1H25TCL全球TV出货量1346万台，同比+7.6%;全球以出货量计市占率14.2%，同比+0.9ppt;以出货额 计市占率13.2%，同比+1.1ppt;均居于TOP3。2)公司坚持提升产品结构拉动盈利改善，1H25公司Mini LED出货量137万台，同比+176%;国内、海外彩电业务毛利率19.4%/14.4%，分别同比+1.7ppt/+0.1ppt。 3)公司2Q25Bestbuy等渠道占比提升拉动1H25北美TCL品牌TV出货均价同比+2.6%，Mini LED出货量占 比+6ppt，该行预期北美市场盈利端有所改善。4)欧洲和新兴市场进一步聚焦渠道拓展，1H25TCL品牌 TV出货量分别同比+13.3%/+17.9%，明显高于行业平均水平。 中金发布研报称，TCL电子(01070)彩电全球竞争力强、盈利持续改善，光伏业务有望保持高增，上调 2025/2026年盈利预测14%/16%至23.34亿/27.62亿港元。当前股价对应10.1x/8.6x2025/2026年P/E。维持跑 赢行业评级，基于盈利上调，该行上调目标价7.3%至11.8港元，对应12.7x/10.8x2025/2026年P ...

智通财经APP获悉，中金发布研报称，TCL电子(01070)彩电全球竞争力强、盈利持续改善，光伏业务有 望保持高增，上调2025/2026年盈利预测14%/16%至23.34亿/27.62亿港元。当前股价对应10.1x/8.6x 2025/2026年P/E。维持跑赢行业评级，基于盈利上调，该行上调目标价7.3%至11.8港元，对应 12.7x/10.8x 2025/2026年P/E。 中金主要观点如下： 1H25业绩略高于该行预期 公司公布1H25业绩：收入547.77亿港元，同比+20.4%;归母净利润10.9亿港元，同比+67.8%;经调整后归 母净利润10.6亿港元，同比+62.0%。公司业绩略高于该行预期，主要由于创新业务(尤其是光伏板块)收 入规模和利润持续高增，超过该行预期。 3)国补周期中品牌竞争呈现明显马太效应，TCL彩电作为市场龙头份额持续提升，1H25内销零售额份额 23.2%，同比+1.4ppt，公司全品类营销业务收入同比+1.1%。 公司自2H23以来核心业务全球规模和盈利持续提升，经营效率和竞争力不断增强 在海外市场，公司不仅寻求硬件领域的规模突破，在互联网业务部分持续推进TCL C ...

公告称，截至2025年6月30日止六个月，集团核心业务规模实现有质量增长，产品及渠道结构显著优 化，创新业务保持快速扩张，推动整体收入同比增长；毛利同比增长。集团始终聚焦极致成本管理，着 力打造效率竞争优势。通过积极推进数字化转型与自动化智能化升级，集团生产制造及物流仓储运营效 率得到显著提升，叠加精准营销策略的持续落地，2025年上半年集团整体费用率较去年同期下降1.0个 百分点至11.5%。在规模领先优势及中高端战略成效的双重驱动下，集团盈利能力显著提升，2025年上 半年除税后利润同比增长60.5%至10.48亿港元，经调整归母净利润同比增长62.0%至10.60亿港元。 中金发布研报指出，TCL电子业绩略高于中金预期，主要由于创新业务(尤其是光伏板块)收入规模和利 润持续高增，超过该行预期。TCL电子自2H23以来核心业务全球规模和盈利持续提升，经营效率和竞 争力不断增强。在海外市场，公司不仅寻求硬件领域的规模突破，在互联网业务部分持续推进TCL Channel升级，提升系统和软件的变现能力。尽管短期全球TV市场需求或较难看到明显改善，但该行认 为公司仍可实现稳健增长。 消息面上，8月22日，TCL电 ...

消息面上，8月22日，TCL电子发布截至2025年6月30日止六个月业绩，收入547.77亿港元，同比增加 20.41%；毛利83.66亿港元，同比增加15.99%；归母净利润10.9亿港元，同比增加67.78%；每股基本盈 利45.14港仙。 智通财经APP获悉，TCL电子(01070)绩后涨超7%，截至发稿，涨4.48%，报9.8港元，成交额3423.52万 港元。 中金发布研报指出，TCL电子业绩略高于中金预期，主要由于创新业务(尤其是光伏板块)收入规模和利 润持续高增，超过该行预期。TCL电子自2H23以来核心业务全球规模和盈利持续提升，经营效率和竞 争力不断增强。在海外市场，公司不仅寻求硬件领域的规模突破，在互联网业务部分持续推进TCL Channel 升级，提升系统和软件的变现能力。尽管短期全球TV市场需求或较难看到明显改善，但该行认 为公司仍可实现稳健增长。 公告称，截至2025年6月30日止六个月，集团核心业务规模实现有质量增长，产品及渠道结构显著优 化，创新业务保持快速扩张，推动整体收入同比增长；毛利同比增长。集团始终聚焦极致成本管理，着 力打造效率竞争优势。通过积极推进数字化转型与自动化智 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]

Investment Rating - The investment rating for TCL Electronics is "Buy" [1] Core Views - TCL Electronics reported a significant increase in adjusted net profit for H1 2025, with a year-on-year growth of 62% [2] - The company achieved a revenue of HKD 54.78 billion, reflecting a 20.4% increase year-on-year [2] - The adjusted net profit reached HKD 10.6 billion, marking a 62% increase compared to the previous year [2] Business Performance Summary - **Display Business**: Revenue from the large-size display segment was HKD 33.41 billion, up 10.9% year-on-year, with a gross margin of 15.6% [3] - Large-size display revenue was HKD 28.35 billion, a 9.4% increase, with a gross margin of 15.9% [3] - Mini LED TV shipments increased by 176.1% year-on-year [3] - In the Chinese market, TCL TV shipments rose by 3.5%, with a revenue increase of 4.4% to HKD 8.72 billion [3] - Internationally, TCL TV shipments grew by 8.7%, with revenue up 11.8% to HKD 19.632 billion [3] - **Internet Business**: Revenue reached HKD 1.46 billion, a 20.3% increase, with overseas revenue growing by 46.3% [3] - The gross margin for the internet business improved to 54.4% [3] - **Innovative Business**: Revenue from innovative segments was HKD 19.88 billion, a 42.4% increase, with solar business revenue soaring by 111.3% to HKD 11.14 billion [4] - Smart home and connectivity business revenue reached HKD 0.9 billion, with a gross margin of 23.6% [4] Profitability and Cost Control - The overall gross margin for H1 2025 was 15.3%, a decrease of 0.6 percentage points year-on-year [5] - The company maintained good control over expenses, with sales, management, and R&D expense ratios at 7.3%, 4.2%, and 2.1% respectively [5] - The net profit margin improved to 2.0%, an increase of 0.6 percentage points year-on-year [5] Brand and R&D Strategy - TCL is enhancing its global brand presence and increasing R&D investments to drive technological innovation and improve core brand competitiveness [6] - The company is focusing on high-end market strategies and leveraging new media marketing to boost brand visibility [6] Financial Forecast - The revenue forecast for 2025-2027 is adjusted to HKD 117.14 billion, HKD 132.94 billion, and HKD 149.22 billion respectively [8] - The expected net profit for the same period is projected at HKD 2.35 billion, HKD 2.82 billion, and HKD 3.23 billion respectively [8] - The earnings per share (EPS) are forecasted to be HKD 0.93, HKD 1.12, and HKD 1.28 for 2025-2027 [8]

2025 年 08 月 24 日 TCL 电子(01070.HK) H1 业绩高增长，全球份额进一步提升 事件：TCL 电子公布 2025 年半年度报告。公司 2025H1 实现收 入 547.8 亿港元，YoY+20.4%；实现归母净利润 10.9 亿港元， YoY+67.8%。我们认为，公司电视业务出海前景广阔，光伏业务、 全品类营销等创新业务也有望贡献成长新动力。 大尺寸显示业务增长稳健，互联网业务和光伏业务快速增长： 2025H1 公司大尺寸显示业务收入增长 9%，其中国内收入增长+4%， 海外收入增长+12%。根据公司公告，2025H1 公司在全球电视市场 的销量市占率同比+0.9pct。在国内电视市场，公司持续积极把握 国补政策拉动的中高端需求释放，在中高端市场持续突破。2025H1 公司国内 Mini LED 电视出货量增长 154%。在海外，公司持续深 化全球化品牌营销策略，不断扩大并深化重点渠道覆盖。2025H1 公司海外 Mini LED 电视出货量增长 197%。互联网业务方面，公 司以用户体验为核心，聚焦 AI 交互升级，持续深化与 Google、 Roku、Netflix 等互联网巨 ...

Core Viewpoint - TCL Electronics anticipates that AI will enhance efficiency and drive innovation, contributing to new growth trends, with the global AR and VR market expected to exceed $83 billion by 2029 [1] Financial Performance - For the first half of 2025, TCL Electronics reported total revenue of HKD 54.78 billion, a year-on-year increase of 20.4%, and gross profit of HKD 8.37 billion, up 16.0% [1] - The company's after-tax profit reached HKD 1.05 billion, a significant year-on-year growth of 60.5%, while adjusted net profit attributable to shareholders was HKD 1.06 billion, increasing by 62.0% [1] Display Business Growth - The display business revenue for the first half of 2025 was HKD 33.41 billion, reflecting a 10.9% year-on-year growth, with gross profit of HKD 5.20 billion, also up 10.9% [2] - TCL's global TV shipment reached 13.46 million units, a 7.6% increase year-on-year, maintaining a top-two position globally [2] - Mini LED TV shipments surged to 1.37 million units, marking a substantial year-on-year growth of 176.1%, solidifying TCL's leading position in this segment [2] Market Trends - The global TV market saw a slight increase in shipments by 0.1% in the first half of 2025, with a notable trend towards larger and higher-end models [4] - The domestic "trade-in" policy has effectively stimulated demand for larger and Mini LED products, contributing to a 10.9% year-on-year growth in industry retail sales [4] Innovation and New Business - TCL's innovative business segment achieved revenue of HKD 19.88 billion, a year-on-year increase of 42.4%, with gross profit rising to HKD 2.37 billion, up 25.7% [5] - The launch of new AR/XR smart glasses has significantly boosted market performance, with domestic market share surpassing 52%, a 3.4-fold increase compared to the previous year [5] Strategic Initiatives - The company is focusing on enhancing its global supply chain and logistics while promoting digital transformation to improve overall operational efficiency [6] - TCL plans to deepen its "mid-to-high-end + globalization" strategy, aiming to strengthen its market position and increase R&D investment [6] Regional Market Development - TCL has restructured its organizational setup across six major business groups, enhancing its operational efficiency in various regions [7] - There remains significant potential for market share growth in Europe, Asia-Pacific, and the Middle East, with plans to further penetrate these markets [7]

Group 1 - Ride-hailing platforms including Didi and T3 have collectively announced a reduction in commission rates to protect driver rights, with Didi lowering its maximum commission from 29% to 27% by year-end [7] - Apple is facing a lawsuit from Apple against a former employee who allegedly stole trade secrets before joining OPPO, highlighting the intense competition in the wearable technology sector [5] - Honor has launched the Magic V Flip2, expanding its presence in the foldable smartphone market, where it holds a 7.6% market share, second only to Huawei [6] Group 2 - Alibaba has restructured its business segments on its official website, reflecting a strategic realignment of its resources amid changing market conditions, with a clearer distinction between core and non-core businesses [2] - Zhiyuan Robotics claims its cash flow can sustain operations for three years without revenue, indicating a significant investment in early-stage projects to build an industrial ecosystem [3] - TCL Electronics reported a 67.8% increase in net profit for the first half of 2025, driven by a strong performance in its television business, which saw a 20.4% revenue growth [14][15] Group 3 - Jinshan Office reported a 10.12% year-on-year increase in revenue for the first half of 2025, with AI monthly active users reaching 29.51 million, up from 19.68 million in 2024 [12] - Deep Tianma achieved profitability in the first half of 2025, with a revenue increase of 9.93% and a net profit of 206 million yuan, supported by a strong position in the small and medium-sized display panel market [17] - The gaming industry is witnessing a surge in interest with the release of the new game "Black Myth: Zhong Kui," which has quickly gained popularity on social media [8]

Core Viewpoint - TCL Electronics reported a significant increase in revenue and net profit for the first half of 2025, despite a slight decline in overall gross margin due to a higher proportion of lower-margin solar business revenue [2][3]. Financial Performance - Total revenue for the first half of 2025 reached HKD 54.777 billion, a year-on-year increase of 20.4% [2]. - Net profit attributable to shareholders was HKD 1.09 billion, up 67.8% year-on-year [2]. - Adjusted net profit increased by 62.0% to HKD 1.06 billion [2]. - Gross profit was HKD 8.366 billion, reflecting a 16.0% year-on-year growth, but the overall gross margin decreased by 0.6 percentage points to 15.3% [2]. Business Segments - The display business, primarily televisions, showed stable performance with revenue growth of 10.9% to HKD 33.419 billion [2]. - Large-size display business gross margin improved by 0.5 percentage points to 15.9%, indicating the success of the "mid-to-high-end" strategy [2]. - Global TV shipments increased by 7.6% to 13.46 million units, maintaining a top-two position globally [2]. - TCL Mini LED TV shipments surged by 176.1% to 1.37 million units, ranking first globally [2]. Regional Performance - In China, TV shipments grew by 3.5%, with TCL brand TV shipments up 10.2% [3]. - Large-size display business gross margin in China improved by 1.7 percentage points to 19.4% [3]. - Internationally, TV shipments rose by 8.7%, with Europe and emerging markets growing by 13.3% and 17.9%, respectively [3]. - North American market performance was weaker, with overall TV shipments declining by 7.3% [3]. Innovation and New Business - Innovative businesses drove revenue growth, with a 42.4% increase to HKD 19.875 billion [3]. - Solar business revenue skyrocketed by 111.3% to HKD 11.136 billion, now accounting for over 20% of total revenue [3]. - Smart connection and smart home business revenue slightly decreased to HKD 0.897 billion from HKD 0.931 billion [3]. - Internet business maintained high profitability, with revenue growth of 20.3% to HKD 1.458 billion and a gross margin increase of 0.5 percentage points to 54.4% [3]. Cost Management - Overall expense ratio decreased by 1.0 percentage points to 11.5% [4]. - Sales and distribution expenses rose by 4.7%, while administrative expenses increased by 24.3% [4]. Research and Development - R&D expenses grew by 5.6% to HKD 1.154 billion, focusing on high-end display technology and AI [5]. Future Outlook - The company acknowledged uncertainties in global economic development due to trade protection policies, geopolitical issues, and exchange rate fluctuations [5]. - TCL Electronics aims to deepen its "mid-to-high-end + globalization" strategy and adhere to its long-term operational goal of achieving net profit growth exceeding revenue growth [5].