证券代码：000100 证券简称：TCL 科技 公告编号：2025-090 TCL 科技集团股份有限公司 2025 年第五次临时股东会决议公告 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 10 月 27 日（星期一）下午 14:30； 7、本次会议的召开符合《公司法》《深圳证券交易所股票上市规则》及《TCL 科技集 团股份有限公司章程》的规定。 三、会议的出席情况 股东（代理人）共计 5,163 人，代表股份 4,815,671,319 股，占有表决权总股 份的 23.3474 %（截至股权登记日，公司总股本为 20,800,862,447 股，其中公司已回 购的库存股份数量为 174,747,985 股，该等股份不享有表决权）。 其中，现场投票的股东（代理人） 13 人，代表股份 1,866,475,668 股，占有 表决权总股份的 9.0491 %；通过网络投票的股东共计 5,150 人，代表股份 2,949,195,6 ...

北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2025年第五次临时股东会的法律意见书 北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2025年第五次临时股东会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 t m = 5 m YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI'AN 致:TCL 科技集团股份有限公司 嘉源(2025)-04-757 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年第五次临时股东会(以下简称"本次股东会")进行见证,并 依法出具本法律意见书。 为出具本法律意见 ...

Core Viewpoint - The article discusses the evolution of Head-up Display (HUD) technology in smart cockpits, highlighting the increasing interest in Micro LED technology due to its high brightness and contrast, which meets the growing demands of automotive displays [2][3][4]. Group 1: Evolution of HUD Technology - HUD technology originated in military aircraft to provide pilots with critical information without looking down [3]. - The introduction of HUD in the automotive sector faced challenges due to high manufacturing costs and limited product maturity [3]. - Recent advancements in smart cockpits and ADAS have increased the need for HUDs to display various information, making them essential for safety and information access [3][4]. - The evolution of HUDs includes transitions from traditional C-HUD to W-HUD, AR-HUD, and P-HUD, with increasing requirements for brightness, contrast, and reliability [3][4]. Group 2: Micro LED Technology - Micro LED technology is characterized by high brightness, contrast, and transparency, making it suitable for AR-HUD and P-HUD applications in vehicles [4]. - The demand for Micro LED HUDs is driven by the need for better integration of virtual and real information in automotive settings [4]. Group 3: Panel Manufacturers' Involvement - Major panel manufacturers such as TCL, BOE, and others are rapidly entering the Micro LED HUD market, launching new products and technologies [5][15]. - The competition among panel manufacturers is intensifying as they aim to establish a foothold in the emerging HUD technology market [5][15]. Group 4: Product Highlights - TCL has introduced a 10.25-inch Micro LED HUD with a brightness of 20,000 nits in 2023 and plans to launch a 14.3-inch version by 2025 [6][7]. - BOE has launched a 6.2-inch RGB Micro LED HUD with a brightness of 30,000 nits and a monochrome version with a peak brightness of 300,000 nits [8]. - Other manufacturers like Deepinma and Innolux are also developing high-brightness Micro LED HUD products, emphasizing high resolution and contrast [10][13]. Group 5: Market Dynamics and Financial Performance - The automotive display market is seen as a stable and profitable sector compared to the volatile consumer electronics market, with high reliability and long certification cycles [15][16]. - Deepinma reported a revenue of 17.475 billion yuan in the first half of the year, with a 27% growth in automotive display revenue [16][17]. - BOE's automotive display business achieved a revenue of 6.245 billion HKD, reflecting a 9% increase year-on-year [16][17]. Group 6: Strategic Shifts in the Panel Industry - The panel industry is transitioning from traditional LCD technologies to advanced solutions like Micro LED, driven by the need for higher value-added products [18][20]. - The restructuring of the automotive supply chain allows panel manufacturers to engage directly with automakers, enhancing their competitive position [19][20]. - Manufacturers are investing in Micro LED production lines to prepare for future market demands [21]. Group 7: Future Outlook - Micro LED HUDs are expected to first appear in high-end vehicles before becoming more accessible in mid-range models as technology matures and costs decrease [22]. - The article emphasizes the importance of overcoming technical challenges in the Micro LED industry, such as high costs and yield rates, to succeed in the automotive display market [22].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and Midea Group, while Budweiser Asia is rated "Neutral" [1]. Core Insights - In September, total retail sales of consumer goods in China reached 4.1971 trillion yuan, reflecting a year-on-year increase of 3.0%. Excluding automobiles, retail sales amounted to 3.7260 trillion yuan, up 3.2% year-on-year [6][7]. - Pop Mart reported a significant revenue growth of 245%-250% in Q3, with domestic revenue increasing by 185%-190% and overseas revenue by 365%-370% [6][7]. - Haidilao launched its first sushi restaurant in Hangzhou, focusing on diverse dining options and achieving high customer turnover [6][7]. - Midea Group plans to invest at least 50 billion yuan in R&D over the next three years, targeting advanced technologies [6][7]. - TCL Huaxing's 8.6-generation printed OLED production line commenced construction, with a total investment of approximately 29.5 billion yuan [6][7]. Weekly Performance Summary - Top performers in the F&B sector included Chagee (+8.5%), Xiaocaiyuan (+5.8%), and Yum China (+5.3%). In the home appliance sector, Sanhua (+12.3%), Roborock (+7.7%), and Haier Smarthome (+5.4%) showed strong performance [2][7]. - Underperformers included Helens (-5.7%), Mixue Group (-8.1%), and Guming (-10.1%) in the F&B sector, while Pop Mart experienced a decline of -16.3% in the trendy toy industry [2][7].

Investment Rating - The investment rating for the basic chemical industry is optimistic (maintained) [1] Core Views - The PTA industry is experiencing severe losses, but there is potential for a positive turnaround due to limited future capacity expansion and high industry concentration [5][27] - The domestic PTA industry's effective capacity has increased from 46.69 million tons in 2019 to 84.27 million tons in 2024, with an average annual compound growth rate of 12.5% [21][23] - The industry concentration ratio (CR7) for PTA has reached 76%, indicating that leading companies have significant pricing power, which supports industry self-discipline and a potential recovery [22][27] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 1.11% this week, with 75.6% of the 545 tracked chemical stocks showing weekly gains [17] - The CCPI (China Chemical Product Price Index) increased by 0.23% to 3885 points [20] PTA Industry Analysis - The PTA industry is projected to add 8.7 million tons of new capacity in 2025, with major contributions from companies like Dongfang Shenghong, Sanfangxiang, and Xin Fengming [5][21] - As of late October 2025, the PTA price spread has fallen below 100 yuan, indicating significant industry losses [25][27] Key Product Tracking - The inventory days for polyester filament yarn have significantly decreased, indicating improved market conditions [29][30] - The domestic urea market price has stabilized at 1596 yuan/ton, with a cautious outlook due to supply-demand pressures [45] Recommended and Beneficiary Stocks - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Xin Fengming, and Tongkun Co., among others [5][27] - Beneficiary stocks include Hengyi Petrochemical, Sanfangxiang, and Dongfang Shenghong [5][27]

Core Insights - The company has successfully implemented a digital transformation in its production line, enhancing efficiency and product quality through the use of artificial intelligence [2][3]. Group 1: Digital Transformation - The company has transformed its production line by integrating a "digital brain" that manages thousands of devices and pipelines, allowing for real-time monitoring and defect correction without human intervention [2][3]. - The digital transformation project was initiated in 2021 to reduce costs and improve competitiveness, involving a team of experienced engineers and the development of specialized algorithms [3]. Group 2: Performance Improvements - The implementation of AI has led to an increase in product quality, with the good product rate rising from 95% to 98% [3]. - Operational costs have decreased by 7.74%, and overall labor productivity has increased by 123.91% [3]. - The production cycle for liquid crystal panels has been reduced from seven to eight days to just four days due to the digital enhancements [3].

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2023, focusing on the formulation of the 15th Five-Year Plan for national economic and social development, emphasizing the modernization of the national governance system and capabilities [1] - The meeting provided strong confidence and motivation for the development of the private economy, encouraging entrepreneurs to fully implement the new development concept and contribute to high-quality development [1][3] - TCL's founder and chairman, Li Dongsheng, highlighted the importance of the meeting in guiding future economic and social development goals, which will inject strong momentum into China's high-quality economic growth [1][3] Group 2 - The meeting's communiqué emphasized accelerating high-level technological self-reliance and innovation, which will enhance the role of enterprises in technological innovation and stimulate their innovative vitality [3] - TCL has invested over 60 billion yuan in R&D over the past six years, with more than 110,000 patent applications, achieving significant breakthroughs in key technologies [3] - The communiqué also called for the activation of various business entities and the improvement of market-oriented resource allocation mechanisms, which will boost the confidence and determination of private enterprises [3][4] Group 3 - The communiqué proposed expanding high-level opening-up and creating a win-win cooperation landscape, which aligns with TCL's global strategy and local operations [4] - Over the past five years, TCL's overseas revenue has grown at an average annual rate of over 19%, contributing to the dual circulation development pattern [4] - TCL aims to continue driving innovation and exploring new paths for globalization, contributing to China's modernization efforts [4]

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2023, in Beijing, focusing on the formulation of the 15th Five-Year Plan for national economic and social development [2] - The meeting emphasized the importance of adhering to and improving the socialist system with Chinese characteristics and modernizing the national governance system and capacity [2] - The session provided strategic deployments for the comprehensive construction of a modern socialist country, indicating a clear direction for future development [2] Group 2 - Guangdong private economy representatives expressed strong confidence and motivation from the Plenary Session, committing to implement the spirit of the meeting and contribute to high-quality development [3] - TCL's founder and chairman, Li Dongsheng, highlighted the significance of the meeting in the context of building a modern socialist country, summarizing major achievements during the 14th Five-Year Plan and outlining goals for the 15th Five-Year Plan [3][4] - The meeting's communiqué called for accelerating high-level technological self-reliance and innovation, emphasizing the role of enterprises in driving technological advancements and fostering new productive forces [4] Group 3 - TCL has invested over 60 billion yuan in R&D over the past six years, with more than 110,000 patent applications, including nearly 20,000 PCT patents, achieving significant breakthroughs in key technologies [4] - The company aims to continue enhancing original technology innovation and accelerate the commercialization of technological achievements while leveraging national innovation platforms [4] - The communiqué also stressed the need to invigorate various business entities and improve the market-oriented allocation of resources, which is expected to boost the confidence and determination of private enterprises [4] Group 4 - The meeting proposed expanding high-level opening-up and creating a win-win cooperation landscape, which aligns with TCL's global strategy and local operations [5] - Over the past five years, TCL's overseas revenue has grown at an average annual rate of over 19%, with export growth exceeding 15%, contributing to the dual circulation development pattern [5] - TCL's experience indicates that every 100 USD in overseas revenue generates 60 USD in industry chain exports, showcasing the interconnectedness of global operations [5] Group 5 - Looking ahead to the new journey of the 15th Five-Year Plan, TCL is committed to innovation-driven development and exploring new paths for globalization [6]

Core Viewpoint - The article discusses the career trajectory of Wang Ziru, from being a prominent figure in the tech evaluation industry to facing significant debt and controversy, and his recent move to RayNeo, a subsidiary of TCL, as a potential path for redemption [4][6][27]. Group 1: Wang Ziru's Career Journey - Wang Ziru founded ZEALER in 2012, which quickly gained recognition in the tech evaluation sector, becoming a benchmark for major brands like Huawei and Samsung, with a valuation reaching several hundred million [9][10]. - The decline of ZEALER began after a public debate with Luo Yonghao in 2014, which damaged its reputation and led to a significant loss of user trust and partnerships [10][12]. - Following ZEALER's struggles, Wang joined Gree Electric, aiming for a turnaround, but faced public scrutiny and controversy regarding his relationship with Gree's CEO, Dong Mingzhu, leading to his departure in 2024 due to mounting debt [14][17]. Group 2: RayNeo and Market Position - RayNeo, a subsidiary of TCL, focuses on AR technology and has achieved a 39% global market share in AR glasses by Q2 2025, positioning itself as a leader in the industry [21][23]. - Despite its technological advancements, RayNeo struggles with brand recognition among the general public, necessitating a strategy to break into broader consumer awareness [24][26]. - Wang Ziru's entry into RayNeo is seen as a dual opportunity for both parties: RayNeo seeks to leverage his public profile for brand exposure, while Wang aims to restore his professional reputation [22][24]. Group 3: Challenges and Opportunities - Wang Ziru's success at RayNeo hinges on his ability to convert initial public interest into tangible value, leveraging his experience in tech evaluation and market strategy [25][30]. - The collaboration is fraught with risks, including the potential for public backlash if Wang's past controversies resurface or if he fails to deliver on performance expectations [26][30]. - The AR market is projected to exceed $10 billion globally by 2025, presenting significant growth potential for RayNeo, which could benefit Wang Ziru if he successfully contributes to product development and market penetration [28][30].

Core Viewpoint - TCL Technology emphasizes its commitment to steady development in its core business and aims to create long-term value for investors through enhanced core competitiveness [1] Group 1: Business Strategy - The company is focused on implementing an employee stock ownership plan that adheres strictly to regulatory rules and internal policies, aiming to establish a long-term incentive mechanism to promote mutual growth between employees and the company [1] - TCL Technology is dedicated to shareholder returns and sharing operational results with shareholders, formulating a reasonable dividend policy while ensuring normal business operations [1] Group 2: Financial Performance - The company aims to achieve continuous profitability and stable dividends to reward shareholders [1]