Core Viewpoint - The Chinese M&A market in the first half of 2025 shows a significant trend of "decreased volume but increased value," with a total of 3,531 disclosed M&A events, a year-on-year decrease of 3.92%, while the transaction scale reached approximately 798.3 billion RMB, an increase of about 1.86% [1]. Group 1: Market Overview - In the first half of 2025, the Chinese M&A market disclosed 3,531 events, a decrease of 3.92% year-on-year, with a total transaction scale of approximately 798.3 billion RMB, an increase of 1.86% year-on-year [3]. - The top three regions for M&A activity were Shanghai (154.8 billion RMB, down 35.36%), Tianjin (143.9 billion RMB, up 76.95%), and Guangdong (132.0 billion RMB, down 41.56%) [6]. - The leading industries for M&A transactions were technology hardware and equipment (161.8 billion RMB, up 256.04%), materials (88.8 billion RMB, up 63.97%), and public utilities (74.0 billion RMB, up 196.55%) [9]. Group 2: M&A Transaction Types - Agreement acquisitions accounted for the largest share of M&A events, totaling 318.8 billion RMB, representing 37.96% of the overall scale; external absorption mergers followed with 145.5 billion RMB (17.33%); and capital increase M&A events totaled 104.4 billion RMB (12.43%) [11]. - Strategic cooperation M&A events totaled 185.2 billion RMB, making up 23.18% of the total transaction scale, while horizontal integration and privatization accounted for 113.6 billion RMB (14.22%) and 55.3 billion RMB (6.92%), respectively [13]. Group 3: M&A Scale Distribution - Transactions between 1 billion and 10 billion RMB accounted for the highest proportion of total transaction amounts at 36.06%, while transactions exceeding 10 billion RMB accounted for 34.46% [14]. - The top three M&A transactions by scale included: 1. Haiguang Information's acquisition of 100% of Zhongke Shuguang's shares for 115.967 billion RMB [18][20] 2. New Hope's subsidiary acquiring 65.89% of New Hope Energy for 55.297 billion RMB [19][20] 3. Xiangcai's merger with Dazhihui for 17.213 billion RMB [22][27]. Group 4: Financial Advisor Rankings - The top financial advisors by transaction scale based on the first announcement date in the first half of 2025 were: 1. CITIC Securities with 198.198 billion RMB [30] 2. CICC with 118.977 billion RMB [30] 3. China Post Securities with 115.967 billion RMB [30]. Group 5: Legal and Accounting Firms - The leading law firm by transaction scale was Guofeng Law Firm with 56.577 billion RMB [37]. - The top accounting firm was Zhongxi CPA with 57.248 billion RMB [40].

Investment Rating - The report assigns a "Buy" rating to the company, TCL Technology [6][78]. Core Views - TCL Technology is positioned as a global leader in semiconductor display and photovoltaic sectors, with significant investments and acquisitions enhancing its competitive edge [2][10]. - The semiconductor display business is experiencing substantial revenue growth and profitability improvements, while the photovoltaic segment is expected to recover [4][59]. Summary by Sections 1. Semiconductor Display and Photovoltaic Leadership - TCL Technology focuses on core business development in semiconductor displays and renewable energy, aiming for global leadership [10]. - TCL Huaxing is a leading player in the semiconductor display market, with significant investments and production capacity [2][25]. 2. Semiconductor Display Business Performance - The company achieved a revenue of 1,043 billion yuan in 2024 for its semiconductor display business, marking a 25% year-on-year increase, with a net profit of 62.3 billion yuan [4][19]. - TCL Huaxing ranks second globally in TV panel shipments, with a leading market share in large-size panels [25][29]. - The company is expanding its product offerings in mid-size and small-size displays, achieving significant market shares in various segments, including esports monitors and LTPS technology [3][38]. 3. Photovoltaic Business Outlook - TCL Zhonghuan, the photovoltaic arm, is the global leader in silicon wafer shipments, with a projected output of 125.8 GW in 2024, reflecting a 10.5% increase [59][71]. - The photovoltaic segment is expected to improve as industry conditions stabilize, with a revenue forecast of 284 billion yuan in 2024 [64][71]. 4. Financial Projections and Investment Recommendations - The report forecasts revenues of 1,848.61 billion yuan, 2,017.89 billion yuan, and 2,192.17 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 61.57 billion yuan, 90.78 billion yuan, and 104.21 billion yuan [4][74]. - The company's valuation is considered low compared to peers, justifying the "Buy" rating based on projected earnings growth and market position [78].

Core Viewpoint - TCL Technology has completed the transfer of 21.5311% equity in Shenzhen Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd. for a transaction price of 11.562 billion yuan, enhancing its control in the semiconductor display industry [1][3]. Group 1: Company Overview - Shenzhen Huaxing Semiconductor primarily engages in the production, processing, and sales of large-sized TFT-LCD display devices, with a focus on TFT-LCD display devices and semiconductor display supporting materials [2]. - The company operates two panel factories in Shenzhen, utilizing G11 generation line technology, with glass substrate dimensions of 3370mm × 2940mm, achieving a high glass utilization rate of over 90% [2]. Group 2: Financial Performance - In 2022 and 2023, Shenzhen Huaxing Semiconductor achieved operating revenues of 16.703 billion yuan and 21.902 billion yuan, respectively. For the first ten months of 2024, the operating revenue reached 19.821 billion yuan, with a net profit of 2.149 billion yuan [2][3]. - The financial data for the first ten months of 2024 shows an operating profit of 239.631 million yuan and a total profit of 239.366 million yuan, indicating a significant improvement compared to previous years [3]. Group 3: Shareholding Structure - Prior to the transfer, TCL Technology controlled 62.6794% of Shenzhen Huaxing Semiconductor through TCL Huaxing and its subsidiaries. After the transfer, TCL's shareholding increased to 84.2105% [3]. - The remaining shares were held by the Major Industry Fund (32.2967%) and Samsung Display (5.0239%) [3]. Group 4: Strategic Implications - The completion of this transaction is expected to strengthen TCL Technology's core business, enhance its profitability, and improve its competitive position in the semiconductor display industry [3].

Core Viewpoint - The panel industry is experiencing growth driven by tariff stocking and national subsidy policies, while companies are diversifying their technology and application layouts to prepare for future developments [2][19]. Group 1: Company Investments and Projects - Huike is the most active panel manufacturer in new display project construction, with multiple projects entering various stages, including a total investment of 80 billion yuan for an electronic paper display module project and 50 billion yuan for an intelligent manufacturing complex [3][4]. - BOE is advancing multiple projects, including the world's first 6-inch Micro LED production line, with an annual production capacity of 24,000 Micro LED wafers and 45,000 Micro LED pixel devices [6][7]. - TCL Huaxing is strengthening its LCD business through acquisitions, including the purchase of LGD's Guangzhou 8.5-generation line, with a total investment of approximately 254 billion yuan [8][9]. - LG Display is focusing on OLED technology, with a significant investment of 1.26 trillion won (approximately 66.56 billion yuan) for an OLED panel factory in South Korea [11][12]. - Hefei Guoxian is constructing the world's first 8.6-generation AMOLED production line with a total investment of 550 billion yuan [13]. - Deep Tianma has completed the mass production of its new 8.6-generation display panel production line with a total investment of 330 billion yuan [14][15]. Group 2: Future Growth Potential - OLED technology is expected to dominate the small-size panel market, with an estimated shipment of 3.4 million OLED display panels in 2025, a 69% increase from 2024 [19]. - Mini LED backlight technology is projected to see significant growth in the TV market, with shipments expected to exceed 11.5 million units in 2025, accounting for 6% of the global TV market [19]. - Micro LED technology is still in its early stages, with an estimated market value of 27.9 million USD in 2024, expected to grow to 740 million USD by 2029 as technology advances [20]. - The electronic paper technology is anticipated to gain traction in various applications due to its unique advantages, such as low power consumption and lightweight design [19]. Group 3: Overall Industry Trends - Panel manufacturers are solidifying their LCD technology while investing heavily in OLED, Mini LED, Micro LED, and electronic paper technologies to enhance their competitive edge in the future display industry [21]. - The investment in OLED technology is the highest among panel manufacturers, followed by LCD, MLED, and electronic paper [21].

TCL 科技集团股份有限公司（以下简称"公司"）聚焦半导体显示、新能源 光伏和半导体材料业务的核心主业发展，以全球领先为目标，坚持战略引领、创 新驱动、先进制造、全球经营，持续巩固行业地位，以实现高质量可持续发展。 基于对公司未来发展的信心，为维护公司全体股东利益，增强投资者信心，稳定 及提升公司价值，公司于 2025 年 4 月 15 日召开第八届董事会第九次会议审议通 过了《关于 2025 年回购部分社会公众股份的议案》，公司计划通过深圳证券交 易所交易系统以集中竞价交易方式回购部分公司已发行股份，回购股份的总金额 不低于人民币 7 亿元（含）且不超过人民币 8 亿元（含）。具体详见公司在指定 信息披露媒体上发布的相关公告。 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规 定，公司在回购期间应当在每个月的前三个交易日内披露截至上月末的回购进展 情况。截至 2025 年 6 月 30 日，公司暂未实施本次股份回购。 公司后续将根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号—回购股份》等相关规定并结合市场情况在回购期限内实施本次 回购方案，并及时履行信息披 ...

Core Viewpoint - AI technology is not only a revolutionary upgrade of production tools but also a core driving force for reshaping industrial forms and reconstructing production systems. The development of large model technologies, represented by ChatGPT and DeepSeek, is actively exploring how to meet the actual intelligent needs of industrial scenarios [1]. Group 1: Development of Star Intelligence X-Intelligence 3.0 - Star Intelligence X-Intelligence 3.0 is a strong reasoning model developed by TCL Huaxing, TCL Industrial Research Institute, National New Display Technology Innovation Center, and Tongyi Qianwen team, specifically for the display field. It significantly enhances reasoning capabilities compared to its predecessor, Star Intelligence 2.0 [2]. - The model is trained on the Qwen3 32B model, incorporating unique semiconductor display knowledge, allowing it to become an expert across various fields through continuous training [2]. Group 2: Technical Advantages of Star Intelligence X-Intelligence 3.0 - The model possesses stronger domain reasoning capabilities, utilizing advanced supervised reinforcement learning and extensive high-quality data for rigorous training, enabling it to handle complex logical problems and multi-step reasoning tasks more effectively than DeepSeek-R1 [5]. - Star Intelligence 3.0 has undergone a comprehensive upgrade of its semiconductor display knowledge system, covering existing fields like LCD and OLED, as well as integrating cutting-edge information from emerging areas such as printed OLED and QD-EL technology [7]. - The model features efficient learning and adaptability, with strong online learning capabilities that allow it to absorb new information in real-time and quickly integrate it into its knowledge base, thus providing timely solutions [9]. Group 3: Strategic Implications for TCL Huaxing - Star Intelligence X-Intelligence 3.0 is expected to help TCL Huaxing establish significant technological barriers in display enterprise intelligence, enhancing competitive capabilities and opening up unlimited possibilities for industrial upgrades [11]. - The model will serve as the "strongest brain" for TCL Huaxing's research and manufacturing, coordinating various AI agents for simulation, design, and process optimization, thereby improving the overall intelligence level of the company [9].

Group 1 - The core point of the news is that TCL Technology Group has successfully completed the transfer of assets in a significant restructuring project, marking a solid step towards optimizing its industrial layout and enhancing core competitiveness [2] Group 2 - The purpose of the transaction is to acquire a 21.5311% stake in Shenzhen Huaxing Semiconductor Display Technology Co., Ltd. from Shenzhen Major Industry Development Phase I Fund Co., Ltd. This acquisition aims to strengthen TCL's control over Huaxing Semiconductor and deepen its layout in the semiconductor display technology field, thereby improving overall profitability and market competitiveness [3] Group 3 - The transfer of the target assets has been officially registered under TCL Technology's name as of July 1, 2025, following the issuance of a registration notice by the Shenzhen Market Supervision Administration. This completion is a crucial step for the smooth progress of subsequent transaction processes [5] Group 4 - Although the asset transfer has been completed, there are several follow-up matters to address. TCL Technology needs to issue shares to the counterparty to pay the transaction price and handle the registration and listing of the new shares. Additionally, the company must complete the fundraising through share issuance within the validity period approved by the Securities Regulatory Commission and modify its articles of association [6]

Investment Rating - The investment rating for TCL Technology is "Buy" [1] Core Views - The report highlights the implementation of an employee stock ownership plan and the transfer of minority equity, which is expected to enhance long-term value [5] - The company aims for significant revenue and profit growth in 2025, with targets set at a minimum revenue of 272.92 billion and net profit of 2.96 billion [4] - The report emphasizes the stability of panel prices and the benefits from multiple production line acquisitions, which are anticipated to support consistent performance in the display business [5] Summary by Sections Employee Stock Ownership Plan - The employee stock ownership plan involves 6 senior executives and covers 3,600 employees, with total funding not exceeding 800 million [3] - The plan includes a 12-month lock-up period, with stock distribution scheduled for May 30, 2026, and subsequent selling options based on market conditions [3] Performance Targets - Key performance indicators for the plan require an average annual growth rate of at least 30% in net profit and revenue for 2024 and 2025 [4] - The company projects a revenue growth rate of at least 65.44% and a net profit growth rate of at least 89.38% for 2025 [4] Strategic Developments - The completion of minority equity transfers for the 11th generation production lines is expected to enhance the company's display business profitability [5] - The report suggests that the company's long-term value is becoming more prominent against a backdrop of stable fundamentals [5] Financial Forecasts - Revenue projections for 2025-2027 are estimated at 193.99 billion, 227.59 billion, and 269.40 billion respectively, with EPS expected to be 0.32, 0.45, and 0.62 [7] - The report anticipates a significant recovery in profitability, with net profit expected to grow from 6.04 billion in 2025 to 11.71 billion in 2027 [7]

文｜白马商评 显示面板行业近期两起并购案几乎同时有了新的进展。 6月27日，TCL科技发布公告显示，公司已经收到证监会的批文，同意其定增及收购事项。与此同时， 另一家同业公司维信诺再次更新收购方案，等候监管审核。 两家公司的收购案有诸多相似之处，都是定增募集资金收购国资股东手中的股权，且在收购前均为标的 公司的小股东。 另外，TCL科技和维信诺都是深交所上市公司，两起并购案的审核流程、办理机构都是一样的，均需通 过深交所并购重组审核委员会的审核。但TCL科技从草案提出到收到批文用时不到4个月；维信诺的方 案距离预案提出已经两年半，还在审批过程中。 无论从维信诺自身的财务状况、标的公司的财务状况和内部治理，还是交易方案本身来看，这起收购案 仍然面临诸多不确定性，能否顺利落地还是未知数。 合肥维信诺是上市公司维信诺于2018年9月发起成立的，成立后仅3个月即增加注册资本，引入了合屏公 司、芯屏基金、兴融公司三家具有合肥国资背景的股东。 增资完成后，兴融公司、芯屏基金、合屏公司在合肥维信诺的持股比例均为27.27%，维信诺持股比例 为18.18%。 当前交易，简单讲就是维信诺收购当时增资时进入合肥维信诺的三家大股东 ...

北京市嘉源律师事务所 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 标的资产过户情况的 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 TCL 科技 · 法律意见书 嘉源律师事务所 目 录 | r | 本次重组方案的主要内容 … | | --- | --- | | i í | 本次重组的授权和批准 | | lí Í | 标的资产的过户情况 | | 四、 | 本次重组的后续事项 ... | | 五、 | 结论意见 . | and with the . 草源律师事务所 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 除非另有说明,《法律意见书》《补充法律意见书(一)》《补充法律意见书(二)》 TCL 科技 · 法律意见书 嘉源律师事务所 《补充法律意见书(二)(修订稿》中使用的定义、术语和简称及作出的确认、 承诺、声明及保留适用于本法律意见书。 关于 TCL 科技集团 ...