Core Viewpoint - The unprecedented heat wave in Northeast China has led to a significant surge in air conditioning sales, with companies mobilizing engineers from various regions to meet the demand [1][2][9]. Group 1: Market Trends - In Harbin, air conditioning sales have seen a dramatic increase, with offline sales in Heilongjiang province growing by 817.68% and 438% year-on-year during specific weeks in late June and early July [2]. - TCL reported that its air conditioning sales in Northeast China increased by over ten times compared to the same period in 2024, with peak sales reaching 14 times and 15 times on July 13 and 14 respectively [3]. Group 2: Company Responses - Midea has dispatched over 700 engineers to Northeast China to assist with air conditioning installations, a move unprecedented in the industry [3][5]. - TCL has also mobilized over 650 engineers from various cities to support the installation efforts in Northeast China, indicating a coordinated response to the surge in demand [3][5]. Group 3: Installation Challenges - The thick walls in Northeast homes, often ranging from 70 to 120 centimeters, pose significant challenges for installation, requiring specialized workers to assist with drilling [5][6]. - Installation times have increased due to the wall thickness, with engineers taking up to four hours to complete tasks that would typically take one hour in other regions [6]. Group 4: Consumer Behavior - The unusual heat has led to a shift in consumer behavior, with air conditioning demand rising sharply in a region that traditionally does not see such spikes during this time of year [9][10]. - The average air conditioning ownership in Northeast provinces is significantly lower than in southern provinces, indicating potential for market growth as consumer demand increases [10].

关于 TCL 科技集团股份有限公司 2025年第三次临时股东大会的法律意见书 嘉源(2025)-04-537 北京市嘉源律师事务所(以下简称"本所")接受TCL科技集团股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》"）、《上市公司股东会规则》(以下简称"《股东会规则》")等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及 《TCL科技集团股份有限公司章程》(以下简称"《公司章程》")的有关规定, 指派本所律师对公司2025年第三次临时股东大会(以下简称"本次股东大会") 进行见证,并依法出具本法律意见书。 北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2025 年第三次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 源律师事务所 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN · 致:TCL 科技集团股份有限公司 北京市嘉源律师事务所 为 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2025-067 TCL 科技集团股份有限公司 2025 年第三次临时股东大会决议公告 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。 一、重要提示 本次会议召开期间无提案的增加、否决或变更。 二、会议召开的情况 1、现场会议召开时间：2025 年 7 月 17 日（星期四）下午 14:30； 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 7 月 17 日（星期四）上午 9:15-9:25、9:30-11:30，下午 1:00-3:00；通过深圳证券交易所互 联网投票系统进行网络投票的具体时间为 2025 年 7 月 17 日（星期四）上午 9:15 至 2025 年 7 月 17 日（星期四）下午 3:00 的任意时间； 3、现场会议召开地点：深圳市南山区中山园路 1001 号 TCL 科学园国际 E 城 G1 栋 2 楼 202 会议室； 4、召开方式：现场投票与网络投票相结合的方式； 5、召集人：TCL 科技集团股份有限公司董事会； 6、主 ...

Core Insights - The air conditioning market in Northeast China is experiencing unprecedented demand, with sales in Heilongjiang and Jilin provinces showing significant year-on-year growth rates of 817.68% and 438% respectively during late June to early July [1][4] - Major companies like Midea and TCL are mobilizing engineers from various regions to meet the surge in installation orders, with Midea dispatching over 700 engineers and TCL sending more than 650 engineers to support the Northeast [1][2] Group 1: Market Dynamics - The Northeast region has seen air conditioning orders maintain a daily growth rate exceeding ten times for over ten consecutive days, a phenomenon not observed in other regions [2][3] - TCL reported that its daily sales in the Northeast during the peak period increased by over ten times compared to the same period in 2024, with sales reaching 14 times and 15 times on specific days [1][2] Group 2: Installation Challenges - The installation of air conditioning units in Northeast China faces unique challenges due to the thick walls of local buildings, which can be 70 to 120 centimeters thick, compared to about 30 centimeters in Zhengzhou [2][3] - The time required for installation has increased significantly, with engineers needing 2 to 4 hours to drill through the thick walls, compared to 30 minutes to 1 hour in southern regions [3][4] Group 3: Weather Impact - An unusual heatwave has hit the Northeast, with temperatures exceeding 30°C starting from June 24, which is earlier and more intense than typical for the region [4][5] - The high temperatures have led to a substantial increase in air conditioning sales, contrasting with the stable performance seen in southern cities during promotional periods [4][5] Group 4: Market Penetration - Historically, the Northeast has not been a major market for air conditioning, with ownership rates significantly lower than in provinces like Jiangsu and Zhejiang [5] - As of the end of 2023, the average number of air conditioning units per hundred households in Heilongjiang was only 15.6, indicating substantial room for growth in this market [5]

Core Viewpoint - The establishment of Changshu Shihehua New Materials Co., Ltd. represents a strategic partnership between Shiming Technology and TCL Technology's subsidiary, focusing on the development and sales of display photoresist color paste, enhancing competitive advantages in the display panel industry [1][2]. Company Establishments - Changshu Shihehua New Materials Co., Ltd. has a registered capital of 20 million RMB, with Shiming Technology holding 66% and TCL's subsidiary holding 34% [2]. - TCL Technology also established Wuxi Hongchuan Intelligent Technology Co., Ltd. in January 2025, focusing on artificial intelligence application software development, with a registered capital of 2 million RMB [2]. Industry Trends - The formation of new companies in the display industry during the first half of 2025 indicates a trend of focusing on niche markets, risk diversification, and market expansion among major display manufacturers [3][5]. - Companies like JDI and TCL are restructuring their operations to enhance management autonomy and decision-making agility, which is crucial for their growth in specific sectors [4][5]. Strategic Intentions - The establishment of subsidiaries allows companies to better capture market demands and optimize product upgrades, as seen with Shiming Technology's collaboration with TCL [2][5]. - The trend of forming joint ventures and subsidiaries is a strategic move to mitigate operational risks and financial pressures, as demonstrated by JDI's transfer of patent assets to newly established companies [5][6]. Market Expansion - Companies like Deep Tianma are expanding internationally by establishing subsidiaries in Thailand to enhance their global competitiveness through localized production and services [5]. - The collaboration between AU Optronics and E Ink Holdings to create a large electronic paper module production line exemplifies efforts to tap into new market opportunities [5].

Summary of Conference Call on Display Panel Industry Industry Overview - The conference focused on the global display panel industry, specifically the production of LCD and OLED panels, with a significant emphasis on China's market position and developments in the sector [1][2][3]. Key Points and Arguments - **Global LCD Panel Production**: - LCD panels account for over 90% of global display panel production, with an expected increase from 290 million square meters in 2023 to 300 million square meters by 2028 [1]. - The growth in global LCD panel production is primarily reliant on mainland China, as other countries are experiencing a decline in production capacity due to the phasing out of older lines [2]. - **Global OLED Panel Production**: - OLED panel production is projected to grow from 19.7 million square meters in 2023 to 30.7 million square meters by 2028 [2]. - In 2023, China's OLED production accounted for 22.8% of the global total, with expectations to increase to 65.9% by around 2026 [3]. - **China's LCD and OLED Production**: - China's LCD panel production is forecasted to rise from 208 million square meters in 2023 to 244 million square meters by 2028 [3]. - The production of OLED panels in China is expected to grow significantly, from 4.5 million square meters in 2023 to 22.3 million square meters by 2028 [3]. - **Market Dynamics**: - The LCD panel market in China faced a reduction in production due to a lack of demand, leading to a decrease in output by approximately 2% in 2022 compared to 2021 [4]. - Despite the challenges, companies like Huaxing Optoelectronics and BOE are expanding their production lines, with new 8.6-generation lines expected to add significant capacity [5]. - **Technological Advancements**: - The Taiwanese panel industry is facing challenges due to outdated production lines, while mainland China's modern factories are gaining a competitive edge [6]. - Companies are investing in new technologies and applications, such as microLED and advanced OLED technologies, to enhance their product offerings [7][8]. Additional Important Insights - **Market Competition**: - Japanese and Korean manufacturers are losing market share due to competitive pressures from Chinese firms, leading to the shutdown of several LCD production lines [8][9]. - The average size of LCD TV panels has seen a decline for the first time due to high inflation and changing consumer preferences, although the long-term trend remains upward [11]. - **Future Projections**: - The global market for OLED panels is expected to grow at a double-digit rate, with significant advancements in production technology anticipated [17]. - The penetration of OLED technology in smartphones has rapidly increased, reaching over 50% in 2023, while its adoption in larger devices like TVs remains limited due to high costs [18][21]. - **Consumer Trends**: - The demand for larger OLED panels is expected to grow, but the current high costs and production challenges hinder widespread adoption [23]. - The anticipated launch of Apple's OLED iPad Pro series marks a significant step in expanding OLED technology into new product categories [20]. Conclusion - The display panel industry is undergoing significant transformations, with China emerging as a dominant player in both LCD and OLED markets. The growth trajectory for OLED technology is promising, but challenges remain in terms of production costs and market acceptance, particularly in larger screen applications.

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The report highlights the launch of the GB300 AI server and the anticipated growth in demand for AI infrastructure, driven by the GB200 and GB300 servers [2][10] - The foldable iPhone has entered the P1 prototype stage, which is expected to benefit the foldable screen supply chain, with an early shipment estimate of 7 million units [1][14] - The AI-PCB market is experiencing growth due to increased demand from NVIDIA AI servers and ASIC requirements [3][32] Summary by Sections Section 1: Market Trends - The foldable iPhone project by Apple is in the P1 development stage, with a potential market rebound for foldable smartphones expected in 2026 [1][14] - The GB300 AI server, launched by NVIDIA, is set to significantly enhance AI inference capabilities, with a 50-fold increase in output and a 5-fold increase in throughput [2][20] - Marvell predicts that by 2028, over half of the $500 billion data center chip expenditure will be allocated to AI acceleration, with a CAGR of 35% for the custom ASIC market [2][24] Section 2: AI-PCB Growth - The demand for AI-PCB is driven by the requirements of NVIDIA's AI servers and the growth of ASIC technology, leading to a rapid increase in the AI PCB industry's value [3][32] - The GB200 NVL72 architecture from NVIDIA raises the standards for PCB, necessitating higher layer counts and advanced materials [3][35] - The ASIC development is pushing PCB demand, with the value of AI PCBs expected to quadruple in the coming years due to increased complexity and performance requirements [3][39] Section 3: Panel Industry Overview - The overall demand for panels is slowing, with a slight decrease in prices observed in July, particularly for television panels [4][41] - TCL Technology reported a significant increase in net profit for its semiconductor display business, while facing challenges in its solar energy segment [4][46] Section 4: Investment Recommendations - The report suggests focusing on various companies within the consumer electronics sector, including industrial and electronic component manufacturers, as well as companies involved in the foldable screen supply chain [5]

Group 1: TCL and Brilliance China Automotive Project - The smart cockpit production base project between TCL Industries and Brilliance China has surpassed the halfway mark in construction [2] - This project represents TCL Group's first industrial landing in Northeast China, with a total investment of 1.4 billion RMB and a construction area of approximately 25,000 square meters [4] - The project aims to produce automotive electronic products, including vehicle display screen assemblies, smart cockpit systems, and intelligent driving domain controllers, with a projected cumulative output value exceeding 10 billion RMB over five years [4] - A joint venture was established between Brilliance's subsidiary and TCL, with each party holding a 50% stake and a total capital of 1.4 billion RMB [4] Group 2: Full Ocean G8.6 Metal Mask Project - The main structure of the Full Ocean G8.6 metal mask project has commenced, with the first pillar successfully installed [5] - The project has a total investment of 500 million RMB and will be built in two phases, with the first phase expected to be completed by June 2026 and an anticipated annual output value of 300 million RMB [7] - Full Ocean Optoelectronics focuses on the production of metal masks for OLED displays and aims to achieve a total annual output value of 600 million RMB upon full production [7] - The company has already achieved trial production of the 8.6 generation OLED FMM products as of December 2024 [7]

企查查APP显示，近日，常熟世合华新材料有限公司成立，注册资本2000万元，经营范围包含：电子专 用材料销售；新材料技术研发；新材料技术推广服务等。企查查股权穿透显示，该公司由世名科技 （300522）、TCL科技（000100）全资子公司厦门TCL科技产业投资有限公司共同持股。 ...

Group 1 - The core achievement in solar technology is the development of perovskite micro-modules by NREL and CubicPV, which have achieved a world record efficiency of 24.0% for photovoltaic conversion [1] - The performance of the photovoltaic industry is reflected in the 中证光伏产业指数 (CSI Photovoltaic Industry Index), which has seen a decline of 0.58% as of July 15, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks include 横店东磁 (9.98% increase), 科华数据 (6.85% increase), and 罗博特科 (1.75% increase), while the worst performers include 协鑫集成 (4.83% decrease) and 双良节能 (3.98% decrease) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index account for 55.39% of the index, with major companies including 阳光电源, 隆基绿能, and TCL科技 [2]