申万宏源证券承销保荐有限责任公司 关于 TCL 科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金之部分限售 股份解除限售上市流通的核查意见 （一）注册批复情况 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"独 立财务顾问"）作为 TCL 科技集团股份有限公司（以下简称"TCL 科技"、"上 市公司"）发行股份及支付现金购买资产并募集配套资金（以下简称"本次交易"） 的独立财务顾问，根据《上市公司重大资产重组管理办法》《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等有关规定，对上市公司本次交易新增股份部分解除限售并上市流通 的事项进行了审慎核查，并出具核查意见如下： 一、本次解除限售的股份取得的基本情况 本次解除限售股份的上市类型为本次交易募集配套资金之新增限售股份上 市流通。 2025 年 6 月 27 日，上市公司收到中国证券监督管理委员会下发的《关于同 意 TCL 科技集团股份有限公司发行股份购买资产并募集配套资金注册的批复》 （证监许可〔2025〕1326 号），同意上市公司发行股份募集配套资金不超过 4,35 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2026-011 TCL 科技集团股份有限公司 关于发行股份及支付现金购买资产并募集配套资金之部分限售 股份解除限售上市流通的提示性公告 TCL 科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次申请上市流通的限售股份为 TCL 科技集团股份有限公司（以下简称 "公司"）在发行股份及支付现金购买资产并募集配套资金（以下简称"本次交 易"）中向特定对象发行股份募集配套资金新增的股份，本次解除限售的股东共 计 16 名，解除限售的股份数量为 1,035,489,574 股，约占公司目前总股本的 4.9781%。 2、本次申请上市流通的限售股份于 2025 年 8 月 22 日在深圳证券交易所上 市，本次解除限售的 16 名股东发行时承诺的限售期限为新增股份上市之日起 6 个月，本次限售股份上市流通日为 2026 年 2 月 24 日。 一、本次解除限售的股份取得的基本情况 本次解除限售股份的上市类型为本次交易募集配套资金之新增限售股份上 市流通。 （一）注册批复情况 2025 ...

Core Viewpoint - TCL Huaxing showcases its advanced display technology at the "TCL Edelweiss Land" Winter Olympics themed exhibition in Milan, emphasizing its role as a global Olympic partner and its commitment to enhancing the viewing experience through innovative display solutions [1][3][16]. Group 1: Display Technology Innovations - TCL Huaxing presents various XR products aimed at upgrading the viewing and interactive experience during the Winter Olympics, highlighting the event as a premier platform for display technology [5][9]. - Notable products include the Varjo VR with a 3.59-inch display at 1512 PPI and dual 8K screens, and the PICO 4 Ultra with a 2.56-inch display at 1200 PPI, both designed to provide immersive experiences with high resolution and wide field of view [7][9]. Group 2: Green and Low-Power Solutions - In line with the Olympic emphasis on sustainability, TCL Huaxing focuses on low-power display solutions, such as electronic paper displays and ultra-low power art screens, to ensure reliable performance in high-frequency event environments [10][13]. - The ultra-low power 85-inch art screen achieves an impressive energy efficiency rating, consuming only 1 kWh over three days of static display, showcasing TCL Huaxing's commitment to green technology [11][13]. Group 3: Quality and Content Expression - TCL Huaxing is expanding the boundaries of content expression for the Winter Olympics by introducing high-quality display products like the 27-inch 4K 120Hz printed OLED desktop display and the world's first printed OLED foldable portable display [14][16]. - These innovations aim to enhance the visual experience across various applications, from event broadcasting to public displays, ensuring consistent quality and reliability [14][16]. Group 4: Brand Values and Future Vision - The APEX brand by TCL Huaxing integrates values such as pleasant display experiences, visual health, sustainability, and future imagination into real-world applications, setting a standard for quality displays [16]. - As a recognized global partner of the International Olympic Committee, TCL Huaxing aims to leverage technological innovation to further enhance its display solutions across sports, culture, and public spaces [16].

Group 1 - The Winter Olympics in Milan showcases numerous Chinese brands, highlighting China's sports development and cultural confidence [1] - Chinese snow sports equipment is gaining international recognition, with over 70% of carbon fiber ski poles used in competitions coming from Fujian-based company BIER [1] - Chinese companies like Anta, Li Ning, and Peak are prominently featured in the opening ceremony, generating significant social media engagement [1] Group 2 - The manufacturing upgrade is evident, with TCL providing ultra-high-definition screens that perform well in low temperatures, enhancing the viewing experience [2] - Alibaba Cloud, as a global Olympic partner, utilizes powerful computing and AI algorithms to create immersive viewing experiences for audiences [2] - Chinese companies are offering comprehensive, efficient solutions for the Olympics, contributing to innovation and smart development in various sectors [4] Group 3 - BYD's modern showroom in Milan attracts attention, reflecting the growing presence of Chinese electric vehicles in Europe, a key market for the automotive industry [4] - By 2025, China's electric vehicle exports are projected to reach 2.615 million units, indicating a doubling year-on-year and supporting the global automotive industry's green transition [4] - The Winter Olympics serves as a platform for Chinese brands to demonstrate their economic vitality and innovation to the world [4]

Investment Rating - The investment rating for the optical and optoelectronic industry is stable, with expectations for credit quality to remain unchanged over the next 12 to 18 months [4][7]. Core Insights - The optical and optoelectronic industry is expected to maintain stable operational performance due to continuous policy support and a dynamic balance in supply and demand, leading to a slight improvement in overall credit risk [7][8]. - The industry is witnessing a structural trend towards high-end technology investments, with traditional sectors focusing on inventory consolidation [7][8]. - The competitive landscape has shifted towards a panel-dominated structure, with positive cash flow across various segments, although growth trends are diverging [7][36]. - Future upward adjustments to the industry outlook may occur if product prices rise significantly, operational cash generation improves, and high-end product penetration accelerates [7][8]. Industry Fundamentals Analysis - The industry is characterized by a focus on "cost reduction, technological breakthroughs, and demand stimulation" as key policy points, which are expected to reshape the supply-demand structure towards high-end expansion and low-end clearance [9][10]. - The panel industry is stabilizing, with a significant shift towards larger display sizes and increased penetration of OLED technology, supported by upcoming events like the World Cup [15][19]. - The global panel industry is projected to exceed $100 billion in value, with LCD technology dominating while OLED and Mini LED segments are expected to grow significantly [16][18]. Credit Performance of Industry Enterprises - The overall credit quality of the optical and optoelectronic industry is expected to remain good, with manageable short-term debt risks and a need for optimization in debt maturity structures [36][37]. - The industry is primarily driven by a few major players, particularly in the panel sector, which has seen a concentration of market share among leading companies [37][38]. Conclusion - The optical and optoelectronic industry is poised for stable growth, with a focus on high-end technology and a favorable policy environment supporting demand and supply dynamics [4][7][8].

Supply Side - The oligopoly structure has formed, with mainland Chinese manufacturers achieving absolute dominance in the LCD sector, leading to stable profitability due to cyclical weakening [2] - The reduction in supply from panel manufacturers during the Spring Festival will further support the upward trend in panel prices [3] Demand Side - The World Cup events in North America and Mexico are driving demand, while rising storage costs are accelerating the trend towards larger TV sizes, with BOM cost for storage in TVs expected to rise from 2.5-3% to 6-7% [3] - TCL Electronics' acquisition of Sony's TV division poses a challenge to Samsung's global TV leadership, with projected shipments in 2025 showing only a 1 million unit difference between TCL+Sony and Samsung [3] Upstream Panels - Mainland China's LCD panel global market share is 72%, with TCL Huaxing and BOE holding over 50% market share [4] - The depreciation peak for TCL Huaxing's panel lines has passed, releasing profit elasticity, with overall depreciation expected to decline from 2026 onwards [4] Downstream TVs - The global shipment of MiniLED TVs is expected to exceed 20 million units by 2026, with a penetration rate surpassing 10%, which will indirectly reduce panel cost proportions [5] - The combination of MiniLED technology and larger sizes is expected to alleviate cost pressures, with TCL Electronics and Hisense Visual continuing to be favored for their global strategies and technological leadership [5]

Core Viewpoint - The 2026 Winter Olympics in Milan is showcasing the increasing influence of Chinese technology and brands, positioning it as a "golden window" for Chinese manufacturing to demonstrate its technological prowess on a global stage [3]. Group 1: Chinese Technology Empowering the Olympics - Chinese companies like TCL are enhancing the Winter Olympics experience through technology, with TCL providing various products and technical support across venues [6][7]. - TCL's "Olympic Screen Universe" initiative includes the deployment of hundreds of large-screen TVs and digital signage to improve broadcasting and audience engagement [7]. - The integration of AI technology, such as Alibaba's AI model, is making this Winter Olympics the "smartest" in history, improving operational efficiency for participating countries [8][9]. Group 2: Marketing and Sponsorship by Chinese Brands - TCL has signed prominent athletes like Gu Ailing as global brand ambassadors, leveraging the Olympics to enhance its market presence [11]. - Following the success of the Beijing Winter Olympics, brands like Changhong are increasing their involvement in winter sports, partnering with international events to boost brand visibility [12]. - Various Chinese apparel brands are gaining international exposure through their sponsorship of national teams at the Winter Olympics, showcasing the potential of Chinese brands in global markets [13]. Group 3: Athlete Endorsements and Brand Strategy - Sports stars are becoming popular choices for brand endorsements, with athletes like Gu Ailing and Su Yiming representing multiple brands, enhancing their marketability [14]. - The article emphasizes the need for Chinese brands to enhance creativity in their marketing strategies, particularly in leveraging the personal stories of athletes for deeper engagement [14].

Core Insights - The 2026 Winter Olympics in Milan and Cortina is showcasing an increasing presence of Chinese technology products, positioning it as a "golden window" for Chinese manufacturing to demonstrate its technological strength globally [1] - Chinese brands, including TCL, Alibaba, and Anta, are actively participating as sponsors, reflecting their competitive strength and aggressive marketing strategies in the global market [1] Group 1: Chinese Technology Empowerment - TCL has joined the ranks of global partners for the Winter Olympics, integrating its technology and products into the event's operations and user experience [3] - The "Snow Velvet Wonderland" exhibition by TCL at Milan's central train station features innovative products like TVs, air conditioners, and AR/AI glasses, showcasing future technology [3][4] - TCL's "Olympic Screen Universe" initiative includes providing hundreds of large-screen TVs and digital signage for broadcasting, enhancing the viewing experience for athletes and spectators [4] Group 2: AI and Smart Solutions - The Winter Olympics is noted as the "smartest" in history, with Alibaba's AI model enhancing operational efficiency for national Olympic committees across 11 countries [5] - AI technology is also being utilized for high-precision reconstruction of snowy scenes during broadcasts, improving the clarity of fast-paced sports action [5] Group 3: Sports Marketing and Brand Promotion - TCL has signed Chinese freestyle skier Gu Ailing as its global brand ambassador and is sponsoring top athletes, leveraging the Olympics to promote its brand [6] - Other Chinese brands, such as Changhong and Midea, are also increasing their presence in winter sports marketing, with Changhong partnering with the International Ski Federation [7] - Chinese apparel brands are gaining visibility, with teams from various countries wearing outfits from brands like Li Ning and Anta during the opening ceremony [8] Group 4: Athlete Endorsements - Sports stars are becoming popular choices for brand endorsements, with Gu Ailing securing numerous deals post-2022 Beijing Olympics, highlighting the effectiveness of athlete endorsements over entertainment figures [9] - The marketing strategies of Chinese brands are evolving, with a need for more creativity and storytelling in their campaigns to enhance global appeal [9]

Group 1 - TCL Edelweiss Land is a showcase for TCL's cutting-edge innovations, prominently featured at the Milano Olympic Village for the 2026 Winter Olympics [1][2] - The event is celebrated by TCL's CEO Kevin Wang and Kirsty Coventry, President of the International Olympic Committee, highlighting TCL's commitment to enhancing global audience engagement [1][2] - TCL's presence at the event includes various products and technologies, such as TCL CSOT and TCL RayNeo AR, aimed at enhancing the viewing experience for media and audiences [2][3] Group 2 - TCL has a long-standing history since its establishment in 1981, promoting the brand's motto "The Creative Life" [2] - The company emphasizes its role in the media landscape, particularly in relation to the Olympic Broadcasting Services (OBS) for the 2026 Winter Olympics [3] - TCL's marketing strategy includes the slogan "IT's your vibe," aiming to resonate with a diverse audience [3]

Core Viewpoint - TCL celebrates the opening of "TCL Edelweiss Land" in Milan, coinciding with the Milano Cortina 2026 Winter Olympics, showcasing its commitment to innovation and excellence in technology [1][7]. Group 1: Event and Exhibition - The "TCL Edelweiss Land" exhibition opened on February 5, 2026, in front of Milan's central train station, featuring over 500 square meters of TCL's latest innovations [1][8]. - The exhibition runs from February 5 to February 22, 2026, allowing visitors to engage with TCL's products and experience the brand's commitment to sustainability and creativity [8][9]. Group 2: Partnership and Technology - TCL is a global partner of the Olympic Games, providing essential technology such as televisions and digital signage to enhance the viewing experience for millions of fans [4][13]. - The company aims to transform fan experiences during the Olympics through its advanced technology, including AI-enabled air conditioning and display technology [4][10]. Group 3: Athlete Support and Community Engagement - TCL supports athletes by providing next-generation household appliances and technology that enhance their comfort and connectivity during the Olympics [5][6]. - The "It's Your Greatness" campaign encourages individuals to discover their potential, aligning with the Olympic values of inspiration and excellence [3][6]. Group 4: Leadership Statements - Kevin Wang, CEO of TCL Technology, emphasized the importance of innovation in the partnership with the Olympic Committee, highlighting shared values of excellence and community [7][9]. - Kirsty Coventry, President of the International Olympic Committee, praised TCL's global reach and commitment to bringing the Olympic spirit to communities worldwide [9].