TCL 科技集团股份有限公司 2025 年度跟踪评级报告 TCL 科技集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0400 号 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 6 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据 ...

Industry - The attractiveness of US assets is declining globally due to high foreign exchange hedging costs, leading investors to prefer their own country's bonds for better returns [1] - The US Treasury market is facing challenges from a deteriorating budget outlook and trade tensions, with foreign investors showing caution despite not fearing a default [1] - In the Hong Kong IPO market, 29 companies have listed this year, with 27 through IPOs, raising a total of HKD 77.346 billion, nearing last year's total [2] - Chinese investment banks are becoming dominant players in the Hong Kong IPO scene, with over half of the underwriting firms being Chinese, marking a shift from foreign banks [2] - A total of 171 companies have submitted applications to list on the Hong Kong Stock Exchange, with 145 currently in the hearing process [2] - In the electronics sector, 30 companies are expected to see net profit growth exceeding 50% this year, with significant interest from institutional investors [3] - The North American electronics industry's capital expenditures are expected to exceed forecasts, prompting domestic companies to follow suit [3] Company - Circle, the first stablecoin company, saw its stock surge 122.58% on its first day of trading on the NYSE, closing at USD 83.23, a 168.5% increase [4] - Circle's market capitalization exceeded USD 18 billion on its debut, with trading volume reaching approximately 46 million shares [4] - Controversy surrounds Kelun Pharmaceutical's ergothioneine capsules, with accusations of being a "fake drug" from a prominent academic, leading to a significant stock price increase for the company [5] - Following the death of its founder, Wahaha Group is undergoing a "de-Wahaha" transformation, with over 15 companies in its system ceasing operations and facing quality control issues [6]

Core Viewpoint - The Export-Import Bank of China, led by Chairman Chen Huaiyu, is strengthening support for TCL in response to its operational needs and recent market conditions, aiming to enhance business cooperation and contribute to national strategic goals and high-quality economic development [1] Group 1 - The meeting took place on June 5, where Chen Huaiyu and TCL's founder and chairman, Li Dongsheng, discussed financial tool recommendations tailored to TCL's business characteristics [1] - The Export-Import Bank is committed to providing targeted support to TCL, focusing on its urgent needs [1] - The collaboration aims to create a win-win scenario for both the bank and TCL, enriching business cooperation opportunities [1]

Core Viewpoint - The OLED technology is expanding its market share due to its self-emissive, high contrast, and lightweight advantages, primarily in small-sized applications like smartphones. However, the large-sized market faces slow growth due to cost and capacity constraints. The mid-sized market, including monitors, laptops, tablets, and automotive displays, is experiencing renewed competition driven by consumer demand for high-quality displays. TrendForce forecasts an 80.6% annual increase in OLED display shipments by 2025, with overall market penetration rising to 2% and potentially reaching 5% by 2028 [1][2]. Group 1 - TrendForce predicts that the penetration rate of OLED displays in the overall market will increase significantly, with a forecasted shipment growth of 80.6% by 2025 [1]. - The mid-sized display market is becoming increasingly competitive as consumers seek higher display quality, leading to new market dynamics [1][2]. - Companies like TCL Huaxing and Visionox are developing new technologies such as ViP and printed OLED to differentiate themselves from traditional FMM OLED technologies [2][3]. Group 2 - TCL Huaxing plans to introduce its self-developed printed OLED products into the medical display market by the end of 2024, showcasing a complete product line at the SID Display Week in May 2025 [2][3]. - The printed OLED technology aims to overcome limitations of FMM and vacuum environments, improving material usage efficiency and reducing investment costs by approximately 25% compared to similar vapor-deposited products [3][4]. - Despite challenges in yield, pixel density, and reliability, printed OLED panels have achieved a resolution of 326 PPI, meeting the needs of laptops and monitors [3][4]. Group 3 - Visionox is actively promoting its ViP technology, which utilizes lithography to achieve pixel graphic design, eliminating FMM limitations and supporting high aperture ratios and various pixel arrangements [4][5]. - A comparison of different OLED technologies highlights that printed OLED has lower equipment investment costs and is expected to achieve mass production by the end of 2024, while still facing yield challenges [5][7]. - The industry is moving towards more flexible and cost-effective OLED solutions, with non-vapor deposition technologies gaining traction [7].

Core Insights - OLED technology is expanding its market share due to advantages like self-emission, high contrast, and lightweight design, primarily in small-sized applications such as smartphones. However, large-sized market penetration is slow due to cost and capacity constraints [1] - The mid-size market, including monitors, laptops, tablets, and automotive displays, is experiencing renewed competition as consumers seek high-end display effects [1] - TrendForce forecasts that OLED display shipments will grow by 80.6% annually by 2025, with overall market penetration reaching 2%, and potentially challenging 5% by 2028 [1] Group 1: Market Dynamics - TCL Huaxing is set to mass-produce medical-grade printed OLED displays, while Visionox is expected to introduce ViP technology in its new production line [2] - Printed OLED technology aims to overcome limitations of FMM and vacuum environments, enhancing material usage efficiency and reducing equipment investment costs by approximately 25% compared to similar vapor-deposited products [2] - Despite challenges in yield, pixel density, and reliability, printed OLED panels have achieved a resolution of 326 PPI, meeting the needs of laptops and monitors [2] Group 2: Technological Innovations - TCL Huaxing is balancing technological innovation and mass production by supplying high-end smartphones and flagship laptops with FMM OLED while gradually introducing printed OLED for medical and gaming displays [2] - By the end of 2024, TCL Huaxing will begin small-scale production of 21.6-inch medical printed OLED displays, marking a significant step into commercial application [2] - Visionox is actively promoting its proprietary ViP technology, which utilizes lithography to achieve pixel graphics, freeing itself from FMM's size and resolution constraints [3] Group 3: Comparative Analysis - A comparison of OLED technologies shows that printed OLED has lower equipment investment costs and high material usage efficiency, while FMM OLED is more established but has higher costs [4] - The pixel density of ViP OLED can reach 1700-2000 PPI, significantly higher than the approximately 326 PPI of printed OLED, indicating a trade-off between technology maturity and performance [4] - The market is expected to see a shift towards more flexible and cost-effective OLED solutions as non-vapor deposition technologies gain traction [3][4]

Core Viewpoint - The article discusses the intense price competition in the Chinese television market during the "6.18" shopping festival, highlighting the impact of government subsidies and consumer preferences for larger, high-efficiency TVs. The competition is characterized by significant price drops, with some products being sold at prices comparable to their panel costs, leading to concerns about profit margins for manufacturers [1][2][4][5]. Group 1: Market Trends and Sales Performance - The average price of televisions during the "6.18" festival has decreased by over 10% compared to last year's "Double Eleven" sales, particularly for large-sized TVs [2][4]. - Sales of large-screen TVs (75 inches and above) have surged, with TCL, Hisense, and Xiaomi leading in sales rankings [1]. - The overall sales revenue in the domestic TV market is expected to grow by approximately 15% year-on-year during "6.18" due to the influence of government subsidies [6]. Group 2: Consumer Preferences and Product Trends - Consumers are increasingly opting for high-quality, larger TVs, with Mini LED technology gaining popularity [8][10]. - The market is seeing a shift towards energy-efficient and high-end products, with over 90% of sales attributed to high-efficiency TVs [8]. - The promotion period for "6.18" has been extended from five weeks to six weeks, indicating a strategic shift by e-commerce platforms to capture more sales [5]. Group 3: Competitive Strategies of Major Brands - Major brands like TCL and Hisense are focusing on product differentiation and technological innovation rather than solely competing on price [8][10]. - TCL has introduced a diverse range of products across different price segments, leveraging both government and corporate subsidies to boost sales [8]. - Hisense is emphasizing smart, large-screen, and energy-efficient TVs, aiming to attract consumers looking for value [9][10]. Group 4: Supply Chain and Panel Pricing - The price competition in the TV market is supported by stable panel prices, with manufacturers like BOE and TCL focusing on high-value products [13]. - Liquid crystal panel prices have remained stable, but there are concerns that if TV sales do not meet expectations, it could lead to adjustments in panel procurement and pricing strategies [13][14]. - Panel manufacturers are advised to maintain rational production levels and avoid excessive price competition to stimulate demand for larger TVs [14].

Core Viewpoint - The competition in the television market is driven by price wars, with a focus on large screens, energy efficiency, and smart features, leading to structural upgrades in the industry [4][9]. Group 1: Market Trends - The television market is experiencing a price war, with significant price reductions observed, such as a 30% decrease in minimum prices compared to last year [6][11]. - The promotion of large-sized televisions (75 inches and above) is prominent, with brands like TCL, Hisense, and Xiaomi leading in sales [4][5]. - The introduction of high-efficiency televisions is becoming mainstream, with over 90% market share during the promotional period [7][9]. Group 2: Sales Performance - During the "6.18" sales event, the sales of large-screen televisions and artistic TVs saw a year-on-year increase of over 20 times [4]. - The overall sales revenue in the domestic television market is expected to grow by approximately 15% this year, driven by government subsidies [7][8]. - Some regions reported a 12.9% increase in television sales during the promotional period, while others showed average performance [4][5]. Group 3: Competitive Strategies - Major brands are focusing on product differentiation and quality improvements rather than solely competing on price [8][9]. - TCL is promoting a combination of government and corporate subsidies to boost sales and average prices, while also offering a range of products from 32 inches to 115 inches [8]. - Hisense is emphasizing the launch of new laser TVs and Mini LED televisions to attract consumers [9]. Group 4: Supply Chain Dynamics - Panel manufacturers are adopting a "production based on demand" strategy, shifting focus from scale competition to high-value products [10][11]. - The stability of liquid crystal panel prices is crucial for maintaining profitability in the television market, with potential challenges if sales do not meet expectations [11]. - Companies are advised to innovate in product offerings and avoid falling into aggressive price competition to stimulate consumer demand [11].

转自：新华财经 6月3日，中国工商银行股份有限公司票据营业部及广东分行与供应链金融科技平台简单汇合作，成功为 TCL空调器（九江）有限公司办理了财务公司承兑供应链票据有限追索服务的全国首单贴现业务。 工商银行与TCL集团合作，率先落地供应链财票有限追索服务的贴现业务。作为我国消费电子与半导体 制造业龙头，TCL集团年票据签发量超千亿元，本次申请贴现的TCL空调器（九江）有限公司，所属行 业为家用空气调节器制造，是专精特新中小企业，通过有限追索服务，不仅获得了工商银行高效优质的 票据融资支持，还实现了应收票据科目的终止确认，和被追索风险的彻底释放，有效压降"两金"、降低 资产负债率、优化财务报表。 此次落地市场首单供应链财票有限追索服务贴现业务，是工商银行践行金融工作政治性、人民性，助力 国家重点战略发展的又一有力实践。今年以来，工商银行票据营业部持续推出"星火燎原"计划、"票聚 链通"行动和一系列创新产品与服务工具，积极发挥票据支持"两重"发展和供应链金融的优势效能，写 实写好"五篇大文章"。下一步，工商银行票据营业部将继续充分运用有限追索服务等创新工具，更好服 务实体经济高质量发展。（邓侃） 编辑：李一帆 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2025-051 TCL 科技集团股份有限公司 TCL 科技集团股份有限公司 董事会 2025 年 6 月 3 日 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 5 月 31 日，公司暂未实施本次股份回购 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2025-050 TCL 科技集团股份有限公司 关于 2024 年员工持股计划额度归属的公告 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。 TCL 科技集团股份有限公司（以下简称"公司"）于 2024 年 5 月 30 日召开 第八届董事会第二次会议和第八届监事会第二次会议、并于 2024 年 6 月 17 日召 开 2024 年第一次临时股东大会，审议通过了《关于的议案》等相关议案，同意公司实施 2024 年员工持股 计划（以下简称"2024 年持股计划"）。具体内容详见公司在指定信息披露媒体 发布的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号—主板上市公司规范运作》等相关规定，现将公司 2024 年持股计划实施进展情况公告如下： 一、公司业绩指标完成情况 根据 2024 年持股计划规定，本期持股计划下标的股票归属至持有人的公司 关键业绩指标为 2024 年归母净利润较 2023 年增长率及 2023 年归母净利润 ...