王成曾先后担任TCL多媒体海外业务多个管理岗位负责人、TCL集团人力资源总监等职。在2017年至 2021年间，他历任TCL电子CEO、TCL实业CEO，并于2021年8月起担任TCL科技首席运营官 （COO）。 本文自南都·湾财社 采写 | 南都·湾财社记者 严兆鑫 编辑 | 柴华 1月19日晚间，TCL科技集团股份有限公司（000100.SZ，下称"TCL科技"）发布公告称，因经营管理需 要，董事长李东生提名王成担任公司首席执行官（CEO），全面负责公司日常经营管理工作。李东生将 继续担任公司董事长，不再兼任CEO一职。公告显示，TCL科技于2026年1月19日召开董事会审议通过 了该聘任议案，王成的任期即日起生效。 继任者已为TCL效力超过28年 王成出生于1974年，是TCL内部培养起来的核心高管。公开信息显示，王成于1997年加入TCL，至今已 效力超过28年。 这份成绩单主要得益于半导体显示业务的周期性复苏。作为TCL科技的基本盘，TCL华星在2025年受益 于主流面板价格企稳回升及产能规模效应，盈利能力显著增强。此外，TCL华星近期完成了对LG Display中国（广州）基地的收购，进一步巩固了 ...

Group 1 - TCL Technology Group Co., Ltd. announced the appointment of Wang Cheng as the new CEO, effective immediately, while Li Dongsheng will continue as Chairman of the Board [2] - Wang Cheng has been with TCL for over 28 years, holding various management positions, including COO since August 2021 [2] - The leadership change is seen as a move towards modernizing corporate governance and reflects confidence in the current management team [3] Group 2 - TCL Technology expects a significant increase in net profit for 2025, projecting between 4.21 billion to 4.55 billion yuan, a year-on-year growth of 169% to 191% [3] - The net profit excluding non-recurring gains is forecasted to be between 2.89 billion to 3.20 billion yuan, representing a staggering increase of 869% to 973% year-on-year [3] - The growth is attributed to the cyclical recovery of the semiconductor display business, with TCL Huaxing benefiting from stabilized mainstream panel prices and enhanced profitability [3]

personal program and 经济观察网 程久龙 实习生 雷宇近期，湖北消费金融股份有限公司（以下简称"湖北消费金融"）迎来新一轮增资扩股。工商登记信息显示，近日，湖北消费 金融发生注册资本变更，注册资本由约13.58亿人民币增至约23.08亿人民币。经济观察网查阅股权变更信息显示，随着湖北国资旗下股东持股比例的上升， 湖北国资悄然实现了对湖北消费金融的绝对控股。 湖北消费金融股份有限公司是由原中国银保监会批准设立的全国性非银行金融机构，公司总部设于武汉。公司于2015年4月正式开业，先后于2016年、2020 年、2022年完成三轮增资扩股，截至2023年末，注册资本金10.058亿元。股东包括：湖北银行、新疆特易数科、宇信科技、TCL科技、万得信息、武商联、 武商集团。 （作者 程久龙） 此轮增资控股前，新疆特易数科信息技术有限公司（以下简称"新疆特易数科"）为湖北消费金融第一大股东，持股比例为35.48%。股权穿透显示，新疆特易 数科为北京一起买科技有限公司旗下企业，其背后的实控人为自然人股东。 而此轮增资控股前，湖北国资仅通过湖北银行持有湖北消费金融23.14%股权，为后者第二大股东。武汉 ...

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

站在2026年初，回望2025年，全球显示产业从单纯的规模竞争转向了更注重利润与控盘能力的价 值博弈。随着 面板 产能扩充周期的结束和行业集中度的进一步提升，供给端的调控对价格走势的 影响力显著增强。本文将回顾2025年面板价格波动的供需逻辑，并基于最新产业动态展望2026年 一季度的市场趋势。 2025年电视面板政策驱动与供给调控的博弈 电视面板作为产能消耗的主力，其价格走势在2025年呈现出明显的阶段性特征，上半年由需求和 政策驱动上涨，下半年受库存调整影响回调，年末在供给侧强力干预下企稳。 2025年上半年，市场需求表现强劲。第一季度，中国大陆市场"以旧换新"政策的实施有效激活了 终端需求，尤其是下沉市场的换机意愿明显提升。与此同时，大尺寸化趋势持续加速，消费者对 65英寸及75英寸以上产品的青睐，不仅消化了更多产能，也提振了面板厂的信心。 当时供应链端关于偏光片等关键材料可能短缺的传闻，进一步引发了品牌厂的预防性备货。这种 集中的采购需求赋予了面板厂较强的议价能力，推动各主流尺寸价格在第一季度普遍上涨。 进入第二季度后半段及第三季度，市场形势发生转变。随着"618"等促销节点结束，前期政策刺激 的边际 ...

新浪科技讯 1月22日午间消息，TCL科技日前发布公告称，公司董事会已审议通过聘任王成担任首席执 行官（CEO）的议案，全面负责公司日常经营管理工作。这意味着创始人李东生将卸下兼任的CEO职 务，仅保留董事长一职。 新浪科技讯 1月22日午间消息，TCL科技日前发布公告称，公司董事会已审议通过聘任王成担任首席执 行官（CEO）的议案，全面负责公司日常经营管理工作。这意味着创始人李东生将卸下兼任的CEO职 务，仅保留董事长一职。 王成是TCL集团的"老兵"，自1997年加入公司以来，历任多媒体海外业务负责人、集团人力资源总监、 高级副总裁等多个核心岗位，还曾担任TCL电子、TCL实业控股的CEO，自2021年8月起担任集团首席 运营官。 此次人事调整是公司经营管理的重要安排，王成凭借近30年的行业经验与对集团的深度了解，被认为能 够平稳承接管理职责。截至公告日，王成持有TCL科技26.822万股股份，不存在不符合任职资格的情 形。市场普遍认为，这一变动标志着TCL科技向专业化管理进一步迈进。（文猛） 责任编辑：韦子蓉 责任编辑：韦子蓉 王成是TCL集团的"老兵"，自1997年加入公司以来，历任多媒体海外业务负责 ...

Core Insights - TCL's acquisition of Sony's television business marks a significant shift in the global TV market, indicating the end of the dominance of Japanese brands like Sony, Sharp, and Panasonic [3][6] - The joint venture between TCL and Sony aims to enhance TCL's position in the high-end TV market and increase its global market share [4][5] Group 1: Acquisition Details - On January 20, TCL and Sony announced a memorandum of understanding to form a joint venture, with TCL holding 51% and Sony 49%, to manage Sony's home entertainment business [2] - The joint venture will take over Sony's TV and home audio systems, including R&D, design, manufacturing, sales, logistics, and customer service, while retaining the "Sony" and "BRAVIA" brands [2] Group 2: Market Impact - The merger is expected to reshape the global TV market, with TCL and Sony's combined market share potentially reaching 16.7%, surpassing Samsung and marking a historic shift in brand competition [5] - The global TV shipment volume is projected to decline slightly by 0.7% in 2025, with TCL expected to grow by 5.4%, solidifying its position as a leading brand [5] Group 3: Strategic Rationale - The acquisition allows TCL to leverage Sony's high-end technology and brand reputation, enhancing its competitive edge in the premium TV segment [4][6] - Sony's decision to divest its TV business reflects its strategic shift towards more profitable areas like OTT media platforms and content ecosystems, as it faces declining market share and sales [6][7] Group 4: Historical Context - The transition from Japanese dominance in the TV market to the rise of Chinese and Korean brands illustrates a significant evolution in the industry, with TCL emerging as a key player [6][7] - Historically, Japanese brands held nearly 40% of the global TV market share, but have struggled to maintain their position due to increased competition and technological advancements from Chinese manufacturers [7]

在出资比例方面，TCL占51%。索尼集团将剥离曾是主力的电视业务，明确专注于游戏、音乐和电影等 娱乐业务。电视领域的品牌Sony和"BRAVIA"将保留，总部所在地和董事构成等将在今后确定…… 索尼集团1月20日宣布，将剥离电视业务，与中国电视大型企业TCL集团成立合资公司。在出 资比例方面，TCL占51%，索尼集团旗下从事电子业务的索尼占49%。索尼集团将剥离曾是 主力的电视业务，明确专注于游戏、音乐和电影等娱乐业务。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 索尼的电视业务呈现缩小态势。索尼在马来西亚和中国设有工厂，但一直在转向由电子制造 服务（EMS）代工。 索尼包括电视和家用投影机在内的2024财年（截至2025年3月)的显示器业务的营业收入为 5976亿日元，同比减少10%。2025年4～9月显示器业务营业收入的减少也成为拉低电子部 门营业收入和营业利润的主要原因。 索尼集团经历了2010年前后的业绩低迷，一直将盈利结构从电子制造商转变为综合娱乐企 业。2025财年的营业利润预期（基于持续业务） ...

Summary of Key Points Company and Industry Involved - The document discusses a joint venture between Sony and TCL, with TCL holding 51% and Sony holding 49% of the new company [1]. Core Points and Arguments 1. **Joint Venture Business Scope**: The joint venture will take over Sony's home entertainment business, operating the entire value chain for global televisions and home audio systems, including patents, technology, and brand licensing agreements, with exclusivity until March 31, 2026 [1]. 2. **Collaborative Advantages**: The joint venture aims to combine both companies' strengths in audio-visual technology, branding, display technology, and supply chain management, while continuing to use the "Sony" and "BRAVIA™" brands for products [1]. 3. **Future Impact**: The joint venture is expected to leverage TCL's cost and technology advantages from its vertical integration in the large-size and RGB mini-LED sectors, along with Sony's "BRAVIA" brand influence and XR chip image tuning technology. This is anticipated to provide TCL with incremental growth in the global high-end television market and accelerate its brand premiumization and globalization strategy [1]. Additional Important Content - **Projected Shipment Volume**: Post-acquisition, the expected shipment volume for 2025 is projected to be 34.5 million units, nearing the industry leader [2]. - **Profit Forecast**: The RGB/SQD technology is seen as a new direction for the industry, with product structure optimization and the acquisition likely to enhance gross margins and market share. The projected net profits for the company in 2025 and 2026 are estimated at HKD 2.36 billion and HKD 2.91 billion, respectively, corresponding to price-to-earnings ratios of 11.6 and 9.4, with a recommendation to buy at the current price [2].

Group 1: Live Streaming and Sales Performance - ZTE's Nubia brand experienced a significant increase in online engagement during a live stream, with online viewers doubling and sales tripling compared to daily averages [1] - OPPO reported a remarkable increase in interaction rates, follower growth, and viewing duration, with a 87% increase in viewing time compared to regular daily streams [1] - The "Guanghuo Hang Tianxia" spring promotional event saw a surge in traffic and sales for major smartphone brands, including Huawei, Vivo, OPPO, Honor, ZTE, and TCL [3] Group 2: Promotional Strategies and Consumer Engagement - Vivo's promotional strategy included substantial discounts, with potential subsidies reaching up to 2026 yuan, attracting consumers to the event [4] - The event featured a wide range of smartphone products priced between 2000 yuan and 6000 yuan, aiming to enhance consumer purchasing power [4] - The integration of live streaming with real-time consumer interaction was highlighted as a key factor in driving sales during the promotional event [4] Group 3: AI Technology and Product Innovation - AI hardware devices, including AI smartphones and toys, were prominent in the promotional event, indicating a shift towards AI-driven consumer electronics [3] - The Nubia Z80 Ultra smartphone integrates a local AI engine, allowing users to perform complex tasks through voice commands, enhancing user experience [9] - The event showcased various AI products, including health management robots and interactive AI toys, emphasizing the growing trend of emotional interaction in consumer electronics [12][10] Group 4: Global Market Expansion and Competitive Landscape - Honor's global market strategy has shown significant progress, with a projected shipment of 71 million units by 2025 and a 47% increase in overseas sales [15] - Vivo is expected to achieve global sales of 103.9 million units in 2025, with a market share of 8.2%, and has established a strong user base in India and Southeast Asia [15] - OPPO anticipates global sales of 102 million units in 2025, maintaining a competitive position in the global smartphone market with a focus on localization [17]