证券代码：148804.SZ 证券简称：24TCLK4 证券代码：148803.SZ 证券简称：24TCLK3 证券代码：148683.SZ 证券简称：24TCLK2 证券代码：148600.SZ 证券简称：24TCLK1 中信证券股份有限公司 关于 取消监事会及监事 的 临时受托管理事务报告 债券受托管理人 2025 年 9 月 1 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《TCL 科技集团股份有限公司 2022 年面向专业投资者公开发行公司债 券受托管理协议》等相关规定、公开信息披露文件、TCL 科技集团股份有限公 司（以下简称"发行人"）出具的相关说明文件以及提供的相关资料等，由本次 公司债券受托管理人中信证券股份有限公司（以下简称"中信证券"）编制。 TCL科技集团股份有限公司 本报告仅对公司债券受托的有关事项进行说明，不构成针对公司债券的任何 投资建议。投资者应对相关事宜做出独立判断，而不应将本报告中任何内容据以 作为中信证券所作的承诺或声明。 自修订后的《公司章程》经公司股东大会审议通过生效之日起，公司《监事 会议事规则》即行废止，公司监事会将停止履职，公 ...

Group 1 - Hisense officially announced as the global official sponsor for the 2026 World Cup, marking its third sponsorship after the 2018 and 2022 World Cups [2] - Haier Europe signed long-term strategic partnerships with Liverpool FC and Paris Saint-Germain, becoming their global official partner [2] - Midea Group entered a long-term cooperation agreement with FC Barcelona, with its logo to appear on the team's match and training jerseys starting from the 2026/2027 season [2] Group 2 - TCL signed as a global partner for the Olympics, reflecting a trend of Chinese home appliance companies increasing their sponsorship of international sports events [3] - Midea's overseas revenue reached 107.2 billion yuan in the first half of 2025, a 17.7% year-on-year increase, with OBM revenue accounting for over 45% of its smart home business overseas [2] - Hisense's sponsorship of the 2025 FIFA Club World Cup aims to enhance its brand presence in five major overseas regions, contributing to a 70% overall revenue growth and a 156% increase in brand value by 2024 [3] Group 3 - TCL has been involved in top-tier sports and entertainment IP for over 30 years, utilizing a "global localization" marketing strategy across various sports [4] - TCL's partnership with the Olympics will provide comprehensive technical, product, and service support in smart terminals and display panels [4] - The company aims to create an immersive viewing experience for global audiences through innovative display technology [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 85.56 billion yuan for the first half of 2025, representing a year-on-year growth of 6.65%. The net profit attributable to shareholders was 1.883 billion yuan, up 89.26% year-on-year, while the net profit excluding non-recurring items reached 1.559 billion yuan, marking a 178.96% increase. Operating cash flow was 27.274 billion yuan, reflecting a growth of 115.9% [2][6] - The report highlights a significant potential for dividend increases due to a clear upward trend in dividend yield, as capital expenditures decrease and the profit statement recovers. The stock price has already reflected the temporary drag from the photovoltaic business, indicating substantial room for long-term valuation increases [2][12] Business Segment Summary - In the semiconductor display segment, TCL Huaxing achieved a revenue of 50.43 billion yuan, a year-on-year increase of 14.4%, with a net profit of 4.32 billion yuan, up 74.0%. This segment contributed 2.63 billion yuan to the net profit attributable to TCL Technology, a 51% increase year-on-year. The display business showed strong performance in the second quarter, driven by high growth in niche markets such as NB, automotive, and mobile [12] - The semiconductor silicon wafer business reported a revenue of 2.74 billion yuan, a year-on-year increase of 38.2%. In the renewable photovoltaic segment, TCL Zhonghuan's revenue was 9.87 billion yuan, down 28.0% year-on-year, with crystalline wafer revenue at 5.77 billion yuan, a 7.1% decrease quarter-on-quarter [12] - Other businesses, primarily TV OEM, generated a revenue of 10.39 billion yuan, a year-on-year increase of 16%, maintaining the global leading position in TV OEM volume [12] Financial Projections - The company is projected to have earnings per share (EPS) of 0.29, 0.45, and 0.52 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 15.23, 9.72, and 8.35 [12][18]

Core Viewpoint - TCL showcased its innovations in smart terminals, semiconductor displays, and renewable energy at IFA 2025, emphasizing its role as a global partner of the Olympics by creating a winter sports-themed exhibition area [1][3]. Group 1: Product Innovations - TCL introduced the fourth-generation Q10L Pro LCD TV and the world's largest 115-inch QD-Mini LED TV, focusing on visual health with features like eye protection and energy efficiency [3]. - The company presented a flagship smartphone and tablet with anti-glare, non-reflective, and flicker-free display technology, marking a significant advancement in visual health products [3]. - In the home appliance sector, TCL launched the C7 fresh air air conditioner, featuring an "AI sleep" function that utilizes innovative radar technology to enhance sleep quality [5][6]. Group 2: AI and Interactive Experiences - TCL's latest AI/AR glasses, including the world's smallest mass-produced full-color MicroLED waveguide AR glasses, attracted significant attention at the event [8]. - The company created an immersive experience with the AiMe robot, allowing users to engage with cutting-edge technology in a winter sports-themed environment [8]. Group 3: Market Position and Growth - TCL has been active in the European market for over 20 years, successfully transitioning from high-end markets in Europe and the US to a global presence [8]. - The company has seen continuous growth in overseas sales of its products, including TVs, air conditioners, refrigerators, and AR glasses, driven by innovation and deep consumer insights [8].

Group 1: Event Overview - The 2025 IFA (International Consumer Electronics Fair) is being held in Berlin from September 5 to 9, showcasing a wide range of smart, digital, and sustainable solutions for home, travel, and lifestyle [1] - IFA is one of the largest and most comprehensive consumer electronics exhibitions in the world, with over 100 years of history [1] Group 2: Company Highlights - TCL has participated in IFA for 15 consecutive years, presenting a winter Olympic-themed exhibition and showcasing its leading products in large screen displays, QD-Mini LED, AI technology, and a full range of smart terminal solutions [1] - TCL introduced the TCL NXTHOME future lifestyle area and the groundbreaking sustainable material TCL ECORA, defining a "sustainable" future lifestyle [1] - TCL's AI platform, Honghu Turing, empowers various products like air conditioners, refrigerators, and washing machines, enhancing user experience with smarter and more intuitive AI capabilities [1] Group 3: Other Exhibitors - Hisense showcased its latest technological innovations under the theme "AI Your Life," including smart living and energy solutions, and introduced the next-generation RGB-Mini LED TV U7S Pro [2] - Hisense also presented AI applications in various fields, including AI air, AI laundry, AI cuisine, AI energy, and AI services, along with a new smart energy exhibition area [2] - DJI displayed its core consumer and agricultural drones, along with handheld and professional imaging products, emphasizing its role in the digital and intelligent transformation of various industries [3] - Hertz introduced its innovative "no-suction cleaning technology" and aims to create a complete cleaning ecosystem, changing user perceptions of home care [3][4]

Group 1 - TCL showcased its three major industries: smart terminals, semiconductor displays, and new energy photovoltaics at the IFA 2025, marking its 15th consecutive year at the event [1] - The company introduced a winter Olympic-themed exhibition, highlighting its role as a global Olympic partner and featuring numerous "Olympic-level" technology products [1][5] - The focus of TCL's presentation was on health, comfort, and future smart product technologies, demonstrating the upgrade of Chinese consumer electronics towards intelligence and high-end quality [1] Group 2 - In response to the market trend of consumption upgrading, TCL launched several health-oriented products, including the fourth-generation Q10L Pro LCD TV and the world's largest 115-inch QD-Mini LED TV [2] - TCL's advanced display technology brand APEX integrates visual health and green low-carbon goals into the entire product development process, enhancing the quality of visual experiences [2] - The company introduced the TCL Ice Kirin refrigerator, which uses original molecular magnetic preservation technology to extend the freshness of fruits and vegetables by up to 15 days [3] Group 3 - TCL's AI innovations include the latest AI/AR glasses and the world's first split-type AI companion robot, AiMe, providing immersive experiences for users [4] - TCL has established a strong presence in the European market, ranking second globally in TV shipments with 13.46 million units in the first half of 2025, and leading among Chinese brands [4] - The company reported a significant increase in shipments of its Mini LED TVs and air conditioners in Europe, with growth rates of 91% and 31.7% respectively [4] Group 4 - TCL's partnership with the Olympic Games was formalized in February, and the company is leveraging this relationship to enhance its brand visibility and showcase its technological advancements at the IFA [5] - The integration of Olympic spirit with Chinese manufacturing is a key theme for TCL at the IFA, aiming to present a blend of technology and cultural values [5]

Group 1 - The Guangdong Quality Products Exhibition aims to establish a new platform for integrated domestic and foreign trade, focusing on connecting production and sales for exhibitors [3][6] - The exhibition will adopt a "showcase-sales integration" model to create precise matching scenarios for domestic and foreign buyers, promoting Guangdong's quality manufacturing [3][6] - The event will take place from September 12 to 14 at the Guangzhou Import and Export Fair Complex, featuring five major exhibition areas and over 1,000 exhibitors [9][4] Group 2 - A total of 2,175 professional buyers have been invited, including 1,682 from within the province, 336 from outside, and 157 from overseas, with notable companies like Walmart and Amazon participating [6][9] - The exhibition will feature a "Star Carnival Concert" with six popular artists, enhancing brand exposure through a combination of live performances and product displays [6][7] - Attendees will benefit from special dining vouchers and exclusive discounts during the exhibition, aimed at boosting consumer engagement [10][12] Group 3 - The event is positioned as a practical platform for the "dual circulation" strategy, facilitating the transition of foreign trade products to domestic sales channels [14] - The exhibition is expected to attract over 100,000 professional visitors and consumers, highlighting its significance in promoting Guangdong's manufacturing capabilities [7][9] - The press conference served as both an information release and a confidence-building event, emphasizing the importance of quality and brand in domestic sales [12][14]

Group 1 - TCL showcased its innovations at IFA 2025, marking its 15th consecutive participation in the event, and introduced a unique Winter Olympics-themed exhibition area [1][12] - The IFA exhibition is a significant platform for demonstrating consumer trends and technological advancements in Europe and globally, with TCL focusing on health, comfort, and future smart product technologies [2][3] Group 2 - In response to market trends favoring higher quality and healthier products, TCL presented several advanced products, including the Q10L Pro LCD TV and the world's largest QD-Mini LED TV [5] - TCL's innovations in health-focused technology include the AI Sleep feature in the C7 air conditioner and the magnetic freshness technology in the ice refrigerator, enhancing food preservation [7] Group 3 - TCL introduced several cutting-edge products at IFA, such as the Q10L Pro TV with advanced light control technology and the dual 4K QD-Mini LED gaming monitor [5] - The company also showcased its latest AI/AR glasses, attracting significant attention from attendees [9] Group 4 - The Winter Olympics-themed area at IFA featured interactive experiences and appearances by world champion athletes, emphasizing TCL's commitment to integrating sports and technology [12][13] - TCL's branding strategy incorporates Olympic values and aims to connect with diverse cultural backgrounds through its various initiatives [13]

Group 1 - IFA 2025 emphasizes practical innovation and sustainability, moving away from merely "stacking features" to delivering real improvements in products [2][21] - NAVEE, a high-end smart mobility brand, showcased a range of products including high-performance electric scooters and smart golf bag robots, indicating a strong understanding of user needs [5][18] - The NAVEE XT5 series electric scooter features a dual motor all-wheel drive system with a power output of 2200W*2, significantly higher than the typical 500W of competitors, allowing it to tackle steep inclines [6][10] Group 2 - The event highlights a trend towards creating comprehensive ecosystems among manufacturers, with companies like ANKER expanding their product lines beyond charging accessories to include smart home devices [22][36] - Major Chinese brands such as Hisense and TCL are leading the television market with innovative technologies like RGB-Mini LED and QD-Mini LED, setting new standards in display technology [37][48] - AI technology is a focal point at IFA 2025, with products like AI translation earbuds and AI PCs being showcased, reflecting a shift towards integrating AI into everyday devices [68][76] Group 3 - The presence of Chinese brands at IFA 2025 demonstrates their growing influence in the European market, with a focus on localizing operations and understanding consumer needs [79][82] - The event serves as a platform for various players in the industry, from established giants to startups, to showcase their innovations and respond to market demands [79][83]

Group 1 - The company has successfully raised a total of RMB 4,359,411,106.54 through the issuance of 1,035,489,574 shares, with a net amount of RMB 4,300,995,724.98 after deducting related issuance costs [2] - The funds raised have been fully utilized to pay for the acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronics Technology Co., Ltd. [4] - The company has completed the cancellation of all special accounts related to the raised funds, in accordance with relevant regulations [4] Group 2 - The company has established a special account management system for the raised funds to ensure proper usage and protect investor interests [3] - A tripartite supervision agreement was signed with the bank and independent financial advisor to oversee the management of the raised funds [3] - The cancellation of the special accounts has led to the termination of the tripartite supervision agreement [4]