Core Viewpoint - TCL Technology has successfully completed a significant acquisition, enhancing its position in the display business by acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor, bringing its total ownership to 84.2105% [1][4][5] Group 1: Acquisition Details - The acquisition of Shenzhen Huaxing Semiconductor was valued at 115.62 billion yuan, with 72.03 billion yuan paid in cash and 43.59 billion yuan through the issuance of new shares [4] - The company will issue approximately 986 million new shares, which are set to be listed on July 10 [4] - Following the transaction, Shenzhen Major Industry Development Fund will become a major shareholder with a 4.99% stake, while the chairman's shareholding will be diluted from 6.74% to 6.40% [4] Group 2: Strategic Focus - TCL Technology is focusing on three core business areas: semiconductor display, new energy photovoltaic, and semiconductor materials, with the semiconductor display business becoming a primary revenue source [1][5] - The company aims to strengthen its core competitiveness in the semiconductor display industry through this acquisition, reinforcing its leading position [5] Group 3: Financial Performance - In the first quarter of 2025, TCL Technology reported a net profit attributable to shareholders of 9.58 billion yuan, marking a year-on-year increase of 1254.24% [2][11] - The company achieved a revenue of 401.19 billion yuan in the first quarter of 2025, a slight increase of 0.43% year-on-year [11] Group 4: Market Position - TCL Technology has established itself as a leader in the global display market, particularly in large-size panels, holding the number one market share for TV panels over 98 inches [9][11] - The company has invested over 260 billion yuan in its semiconductor display business, establishing a strong global presence with multiple high-generation panel lines and module factories [10]

Performance Forecast - The company expects revenue for the first half of 2025 to be between 82.6 billion and 90.6 billion yuan, representing a growth of 3% to 13% compared to 80.224 billion yuan in the same period last year [1] - The net profit attributable to shareholders is projected to be between 1.8 billion and 2 billion yuan, showing an increase of 81% to 101% from 995 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 1.5 billion and 1.65 billion yuan, a significant rise of 168% to 195% from 559 million yuan last year [1] - Basic earnings per share are expected to be between 0.0969 yuan and 0.1077 yuan, compared to 0.0535 yuan in the same period last year [1] Business Segments - The semiconductor display business is anticipated to achieve a net profit exceeding 4.6 billion yuan in the first half of 2025, with a year-on-year growth of over 70% [1] - The large-size display sector is benefiting from an optimized supply-side structure and stable product prices, leading to increased demand [1] - The mid-size segment is seeing significant growth in IT product sales and revenue, with continuous improvement in profitability [1] - The small-size OLED business is successfully implementing a high-end strategy, supplying differentiated products to major clients [1] Strategic Developments - The company is enhancing its display business layout and product structure to consolidate competitive advantages and improve profitability [1] - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronic Semiconductor Technology Co., Ltd. was completed on July 1, 2025, further strengthening the company's competitive position [1] - TCL Zhonghuan is facing challenges due to price declines and inventory impairments, with an expected net loss of 1.2 billion to 1.35 billion yuan for the first half of 2025 [1] - Despite challenges, TCL Zhonghuan is focused on strategic implementation, operational improvements, cost control, and organizational changes to maintain positive operating cash flow [1]

Core Viewpoint - Multiple A-share listed companies have released their performance forecasts for the first half of 2025, indicating significant profit increases for several companies, while others are facing substantial losses [1][2]. Performance Forecast Summary - **North Rare Earth**: Expected net profit growth of 1883%-2015% year-on-year, driven by increased production and sales of rare earth metals and related products [2]. - **Muyuan Foods**: Anticipated net profit growth of 1130%-1190% year-on-year, attributed to higher pig sales compared to the same period last year [2]. - **TCL Zhonghuan**: Projected net loss of 4-4.5 billion yuan due to declining demand in the supply chain and continuous price drops [2]. - **Xianda Co.**: Expected net profit growth of 2443%-2835% year-on-year, benefiting from implemented management measures [2]. - **Jin'an Guoji**: Forecasted non-net profit growth of 4700%-6300% year-on-year, with increased production and slight price recovery in copper-clad laminates [2]. - **TCL Technology**: Expected net profit growth of 81%-101% year-on-year, with semiconductor display business projected to exceed 4.6 billion yuan in net profit, up over 70% [2]. - **Wohua Pharmaceutical**: Anticipated net profit growth of 234%-378% year-on-year, due to adaptation to market changes and effective cost control measures [2]. - **Orient Precision**: Expected net profit growth of 120%-160% year-on-year, driven by revenue growth in packaging and watercraft equipment sectors [2]. - **Yonghe Co.**: Projected net profit growth of 126%-148% year-on-year, supported by rising refrigerant prices and product structure optimization [2]. - **Morning Light Bio**: Expected net profit growth of 102%-132% year-on-year, with recovery in cottonseed business and growth in other product lines [2]. - **New Beiyang**: Anticipated net profit growth of 100%-120% year-on-year, driven by rapid sales growth in intelligent logistics equipment [2]. - **Gan Li Pharmaceutical**: Expected net profit growth of 101%-114% year-on-year, benefiting from significant revenue increase and refined expense management [2]. - **Zhiwei Intelligent**: Projected net profit growth of 63%-99% year-on-year, with strong demand in intelligent computing business and increased orders [2]. - **Torch Electronics**: Expected net profit growth of 50%-70% year-on-year, with improving industry conditions in electronic components [2]. - **Hongta Securities**: Anticipated net profit growth of 45%-55% year-on-year, focusing on differentiated asset allocation and improving asset quality [2].

TCL科技：预计2025年上半年营业收入826亿元-906亿元，同比增长3%-13%。归属于上市公司股东的净 利润18亿元-20亿元，同比增长81%-101%。 ...

Core Viewpoint - TCL Technology expects a significant increase in net profit for the first half of 2025, driven by strong performance in its semiconductor display business [1] Financial Performance - The company forecasts operating revenue between 82.6 billion and 90.6 billion yuan, representing a year-on-year growth of 3% to 13% [1] - Net profit attributable to shareholders is projected to be between 1.8 billion and 2 billion yuan, indicating a year-on-year increase of 81% to 101% [1] - After excluding non-recurring gains and losses, the net profit attributable to shareholders is expected to be between 1.5 billion and 1.65 billion yuan, reflecting a year-on-year growth of 168% to 195% [1] Business Segments - The growth in performance is primarily attributed to the semiconductor display business, which is expected to generate over 4.6 billion yuan in net profit, marking a year-on-year increase of over 70% [1] - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd. is anticipated to enhance the company's competitive advantage [1]

证券代码：000100 证券简称：TCL 科技 公告编号：2025-064 TCL 科技集团股份有限公司 2025 年半年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日—2025 年 6 月 30 日（以下简称"报告 期内"） | 项目 | 2025 年 1 月 1 日-2025 年 6 月 30 日 | 上年同期 | | --- | --- | --- | | 营业收入 | 亿元 收入：826 亿元-906 | 收入：802.24 亿元 | | | 比上年同期增长：3%-13% | | | 归属于上市公司股 | 盈利：18 亿元-20 亿元 | 亿元 盈利：9.95 | | 东的净利润 | 比上年同期增长：81%-101% | | | 扣除非经常性损益 后归属于上市公司 | 盈利：15 亿元-16.5 亿元 | 亿元 盈利：5.59 | | 股东的净利润 | 比上年同期增长：168%-195% | | | 基本每股收益 | 盈利：0.0969 元/股-0.1 ...

Group 1 - The photovoltaic ETF fund (159863.SZ) has increased by 5.08%, with major components such as Sungrow Power (up 8.98%), Longi Green Energy (up 6.08%), Tongwei Co. (up 10.00%), Daqo New Energy (up 14.84%), and TBEA Co. (up 3.02%) [1] - There are rumors that silicon material does not have a guiding price and cannot be sold below their full cost, with policies reiterating "supply-side expectations rising" [1] - The photovoltaic industry is currently undergoing a clearing process that can be categorized into financial, policy, and technical clearings, with expectations of challenges in domestic demand in Q3 and an anticipated increase in polysilicon production in July [1] Group 2 - Zhongyi Securities' strategy team notes that the current market environment is similar to the end of 2014, with investors having accumulated profit effects in the industry, and policy expectations stabilizing [1] - China Post Securities highlights that the photovoltaic industry has been officially named for "involution-style" competition, with leading photovoltaic glass companies planning to collectively reduce production by 30% starting in July [2] - The Ministry of Industry and Information Technology has signaled stronger regulatory measures, requiring companies to report cost prices and planning to impose heavy penalties on low-price sales, indicating an escalation in industry governance [2]

Core Viewpoint - The photovoltaic sector is experiencing a significant rebound, with the leading photovoltaic ETF (516290) surging over 4% in trading volume, indicating a potential bottom reversal in the market [1] Group 1: Market Performance - The photovoltaic leading ETF (516290) saw a price increase of 4.47%, reaching 0.444, with a trading volume of 3,842 million [1] - Major component stocks of the ETF, such as Daqo New Energy, Tongwei Co., and Sungrow Power Supply, reported substantial gains, with Daqo New Energy rising over 14% and Tongwei Co. hitting the daily limit [1] Group 2: Industry Insights - In May, the newly installed capacity for photovoltaic systems reached 93 GW, marking a year-on-year increase of 388%, with a historical high of nearly 100 GW in new installations driven by a rush to install [2] - The photovoltaic industry is addressing supply-side excess, with expectations for specific measures to be implemented, which could benefit segments like silicon materials and BC battery efficiency improvements [3] Group 3: Future Outlook - The photovoltaic sector is anticipated to undergo a fundamental recovery, with positive sentiment expected to shift as new technologies and government initiatives promote market clearing [4] - The photovoltaic leading ETF (516290) is highlighted as a low-fee option in the market, with management and custody fees significantly lower than the industry average [4]

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.39%, with key stocks like Defu Technology (301511) rising by 3.57% and Huayou Cobalt (603799) by 2.92% [1] - The National Development and Reform Commission and other departments announced plans to establish over 100,000 high-power charging facilities by the end of 2027, aiming for improved service quality and technology upgrades [1] - CITIC Securities forecasts that domestic electric vehicle sales will reach 16.52 million units in 2025, with a year-on-year growth rate of 15-22% expected in 2026 [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.15%, with major stocks like Sungrow Power (300274) increasing by 1.62% [4] - The top ten weighted stocks in the photovoltaic index account for 55.39% of the total index, indicating a concentrated market [9] Group 3: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.29%, with stocks like Zhengmei Machinery (601717) rising by 2.51% [4] - The top ten weighted stocks in the automotive parts index represent 41.05% of the total index, highlighting key players in the sector [9] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.50%, with stocks like Yake Technology (002409) increasing by 4.58% [6] - The top ten weighted stocks in the new materials index account for 51.27% of the total index, showcasing significant contributors to the industry [10]

Group 1 - TCL Technology has made substantial progress in acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor, with a total transaction value of 11.562 billion yuan, combining cash and shares for payment [1][2] - The cash component of the transaction amounts to 7.203 billion yuan, with approximately 4.359 billion yuan raised through a targeted issuance to no more than 35 specific investors [1][2] - Post-transaction, TCL Technology's ownership in Shenzhen Huaxing Semiconductor will increase from 62.68% to 84.21%, enhancing control over core semiconductor display assets [1][2] Group 2 - Shenzhen Huaxing Semiconductor will become a major shareholder of TCL Technology, holding a 4.99% stake, while TCL Technology's chairman and his associates will see their stake diluted from 6.74% to 6.40% [2] - The acquisition is expected to strengthen TCL Technology's main business and enhance profitability, solidifying its competitive position in the semiconductor display industry [2] - TCL Technology focuses on three main sectors: semiconductor displays, new energy photovoltaics, and semiconductor materials, following a significant restructuring in 2018 [2] Group 3 - The semiconductor display business of TCL Technology is projected to achieve a revenue growth of 24.6% year-on-year in 2024, reaching 104.3 billion yuan, with a net profit turnaround from a slight loss to a profit of 6.23 billion yuan [3] - TCL Huaxing is the second-largest panel manufacturer in mainland China, with large-size LCD TV panels as its core strength, contributing approximately 50% of its revenue [3] - Shenzhen Huaxing Semiconductor operates the T6 and T7 factories, which are critical for producing ultra-large size displays, with significant investments in these production lines [3][4] Group 4 - Shenzhen Huaxing Semiconductor was established in June 2016 and initially fully owned by TCL Huaxing, later introducing external shareholders like the Shenzhen Major Industry Development Fund and Samsung Display [4] - Following the recent transaction, the Major Industry Fund's stake will decrease to 10.77%, while TCL Technology's total stake will rise to 84.21%, with Samsung Display retaining 5.0239% of the shares [4]