Core Viewpoint - TCL Technology announced on September 2 that the T9 production line has been progressing smoothly from phase one to phase two, with strong demand for various products leading to high operational capacity [1] Group 1 - The T9 product structure has been well optimized, with revenue from TV and commercial display products accounting for less than 15%, primarily focusing on medium-sized products, along with some small-sized mobile phone panels [1] - The T9 has already achieved profitability, and future profits are expected to be gradually released, aligning with the company's expectations [1]

Core Viewpoint - TCL Technology announced that most of its 8th generation production lines have completed depreciation, with a slight increase in depreciation expected in 2025 due to new capacity ramp-up from T9 Phase II [1] Summary by Relevant Sections - **Depreciation Status** - The majority of the company's 8th generation production lines have finished their depreciation [1] - A small increase in depreciation is anticipated in 2025 compared to 2024 due to new capacity coming online [1] - **Future Projections** - Starting from 2026, depreciation related to the display business is expected to decline, contributing positively to performance [1] - **Revenue Impact** - With the introduction of high-value new lines like T9, the company's revenue is projected to grow rapidly, leading to a depreciation-to-revenue ratio that is expected to be lower than last year [1]

证券日报网讯 TCL科技9月2日在互动平台回答投资者提问时表示，公司与国内科研院校一直保有紧密 合作，联合行业、科研机构和高校打造新技术开发和应用生态。 （文章来源：证券日报） ...

Group 1 - The company emphasizes the importance of shareholder suggestions and is committed to enhancing shareholder rights and interaction experiences [2] - The company plans to explore diverse methods to increase shareholder engagement based on business characteristics and shareholder needs [2]

证券日报网讯 TCL科技9月2日在互动平台回答投资者提问时表示，目前公司人员规模保持整体稳定， 未来公司会根据战略规划和业务发展情况，合理进行人员配置，并不断提升经营管理效率。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 TCL科技9月2日在互动平台回答投资者提问时表示，TCL科技高度重视人才培养，坚持 走精细化人才培养路线，不断加大对人才的投入，贯彻"以一流人才成就全球领先"的人才理念，为企业 创新发展注入新动能。 ...

Core Insights - The investment and financing activity in the 4K and 8K ultra-high-definition television industry in China has shown a declining trend, with only 2 financing events disclosed in 2024 and none in 2025 as of August 7 [2][3] Investment Activity - From 2017 to 2024, there were a total of 65 financing events in the 4K and 8K ultra-HD television industry, indicating fluctuating but overall decreasing investment activity [2] - The majority of financing rounds are concentrated in equity and strategic investments, primarily occurring post-IPO [4] - Guangdong province has the highest number of financing events, totaling 18 from 2017 to 2024, with significant activity also in Shanghai and Beijing [7][8] Sector Focus - Investment in the 4K and 8K ultra-HD television industry is primarily focused on terminal manufacturing [8] - The main investors in this sector are investment firms, with notable participants including CITIC Securities and CICC, while companies like TCL and Konka represent the industrial investors [15] Mergers and Acquisitions - The industry has seen a significant number of horizontal mergers and acquisitions as companies seek to expand their scale, reflecting a mature market [17] - Notable mergers include Huaxing Optoelectronics acquiring Guangzhou LG Display and other similar transactions aimed at horizontal integration [18] Summary of Trends - Overall, the investment and financing activities in the 4K and 8K ultra-HD television market have decreased compared to previous years, while the frequency of mergers and acquisitions has increased, indicating a shift in market dynamics [20]

Core Viewpoint - The Chinese panel industry is experiencing a recovery in the first half of 2025, with leading companies like TCL Technology and BOE achieving revenue growth and improved profits due to increased demand for large-size TVs and emerging applications like automotive and commercial displays, alongside advancements in flexible OLED, printed OLED, and MLED technologies [1][2][3]. Revenue and Profit Growth - TCL Technology reported a revenue of 85.6 billion yuan, a year-on-year increase of 6.7%, and a net profit of 1.88 billion yuan, up 89.3% [2]. - BOE achieved a revenue of 101.278 billion yuan, an 8.45% increase, with a net profit of 3.247 billion yuan, up 42.15% [3]. - Deepin Technology reversed its previous losses, reporting a revenue of 17.475 billion yuan, a 9.93% increase, and a net profit of 206 million yuan [3]. Market Dynamics - The panel market is stabilizing with improved demand and cost reductions, leading to enhanced profitability [2]. - The growth in large-size LCD production and the expansion of mid-size panels in various applications such as monitors, laptops, automotive, and mobile devices are contributing to revenue increases [2][3]. - The demand for panels is driven by the steady retail demand for TVs and the structural demand improvements in automotive, commercial, and gaming displays [3]. New Display Technologies - Companies are competing in new display technologies such as OLED, printed OLED, MLED, and Micro-LED [4]. - TCL's OLED business is growing, with an 8.7% increase in product sales, and it is expanding its printed OLED production capacity [4]. - BOE is advancing in flexible display solutions and has launched its first 8.6-generation AMOLED production line ahead of schedule [4]. Global Supply Chain and Production - TCL is establishing module factories in Vietnam and India to optimize costs and improve delivery speed to global customers [5]. - BOE's smart terminal factory in Vietnam is set to enhance its integrated industrial ecosystem [5]. - The establishment of overseas production and service networks helps mitigate trade friction and logistics volatility, enhancing the ability to secure international orders [5]. Industry Challenges - There are challenges in the industry, including potential impacts from cross-sector business operations and the cyclical fluctuations in panel prices [5]. - The third quarter is expected to see a recovery in panel supply alongside seasonal demand, with an estimated utilization rate of 86% for panel manufacturers [6].

（文章来源：证券日报） 证券日报网讯 TCL科技9月2日在互动平台回答投资者提问时表示，公司非常重视与投资者的交流互 动，积极通过网上路演、投资者热线电话、投资者交流会以及互动易平台等多种渠道和方式，与投资者 互动交流。 ...

格隆汇9月2日｜9月1日，TCL科技(000100.SZ)在机构调研时表示，广州LGD是公司收购的产线，内部 命名为t11，这条产线具备非常好的客户基础和产品序列，现在我们也在储备一些更有竞争力的新产 品，自二季度起，该产线对公司经营业绩的贡献正逐步提升。公司会持续对t11进行经营优化工作，进 一步提高效率效益，远期可以对比苏州三星(t10)产线，成为公司重要的利润来源。 ...