TCL 科技集团股份有限公司 2025 年面向专业投资者公开发行科技 创新公司债券（数字经济）（第一期） 信用评级报告 编号：CCXI-20254822D-01 TCL科技集团股份有限公司 2025 年面向专业投资者公开发行科技创新公司 债券（数字经济）（第一期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 12 月 9 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 ...

2025 年度 TCL 科技集团股份有限公司 信用评级报告 声 明 2025 年度 TCL 科技集团股份有限公司 信用评级报告 编号：CCXI-20244701M-01 跟踪评级安排 中诚信国际信用评级有限责任公司 2024 年 12 月 25 日 * [14] M. C. 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 ...

股票简称：TCL 科技 股票代码：000100 中信证券股份有限公司 （住所：广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） TCL科技集团股份有限公司 （住所：广东省惠州仲恺高新区惠风三路 17 号 TCL 科技大厦） 2025 年面向专业投资者公开发行科技创新公司债券 （数字经济）（第一期）募集说明书 | 发行人： | 科技集团股份有限公司 TCL | | --- | --- | | 牵头主承销商、簿记管理 人、债券受托管理人： | 中信证券股份有限公司 | | 联席主承销商： | 中国国际金融股份有限公司、国泰海通证券股份有限公 司、申万宏源证券有限公司 | | 本期债券发行金额： | 不超过人民币 20 亿元（含 20 亿元） | | 增信措施情况： | 无 | | 信用评级结果： | 主体 AAA/品种一 A-1/品种二 AAA | | 信用评级机构： | 中诚信国际信用评级有限责任公司 | 牵头主承销商、簿记管理人、债券受托管理人 （住所：北京市朝阳区建国 门外大街 1 号国贸大厦 2 座 联席主承销商 （住所：上海市浦东新区自 由贸易试验区商城路 618 中国国际金融股份有限公司 ...

TCL科技集团股份有限公司 广东省惠州仲恺高新区惠风三路 17 号 TCL 科技大厦 TCL 科技集团股份有限公司 2025 年面向专业投资者公 开发行科技创新公司债券（数字经济）（第一期） 发行公告 牵头主承销商、簿记管理人、债券受托管理人 中信证券股份有限公司 （住所：广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 中国国际金融股份有限公 司 （住所：北京市朝阳区建 国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 联席主承销商 国泰海通证券股份有限公司 申万宏源证券有限公司 （住所：上海市浦东新区自 由贸易试验区商城路 618 号） （住所：上海市徐汇区 长乐路 989 号世纪商贸 广场 45 层） 3、根据《证券法》等相关规定，本期债券仅面向专业投资者中的机构投资 者发行，普通投资者和专业投资者中的个人投资者不得参与发行认购。本期债券 上市后将被实施投资者适当性管理，仅专业投资者中的机构投资者参与交易，普 通投资者和专业投资者中的个人投资者认购或买入的交易行为无效。 4、经中诚信国际综合评定，公司主体信用等级为 AAA，评级展望为稳定， 本期债券品种一信用等级为 A-1，品种二 ...

Core Viewpoint - TCL is focusing on practical applications of AI in consumer electronics, emphasizing the need for real-world utility over theoretical concepts, aiming to enhance user experience through innovative products [2][4]. Group 1: AI Applications in Consumer Electronics - TCL's AI-driven air conditioning system utilizes millimeter-wave radar to monitor sleep patterns and adjust temperatures accordingly, enhancing user comfort [4]. - The AI washing machine can identify fabric types and dirt levels, creating customized washing plans, allowing users to wash different types of clothes together without hassle [6]. - The AI refrigerator features deep freezing capabilities and molecular magnetic freshness technology, extending the freshness of food for up to 100 days [8]. Group 2: B2B Innovations and Research - TCL has established a significant presence in the AI sector, with 47 research centers and nearly 120,000 patents, positioning itself as a leader in the manufacturing industry [11]. - The company is developing its proprietary large models to address industry-specific challenges, enhancing operational efficiency and reducing delivery response times by 30% [11][12]. - In the chemical industry, TCL is leveraging AI for rapid material design and evaluation, significantly improving production efficiency and reducing costs [14][16]. Group 3: Market Position and Future Prospects - TCL is set to showcase its "screen universe" at the upcoming Milan Winter Olympics, providing a range of AI-enabled products to enhance the event experience [16]. - The company's commitment to integrating AI across its product lines positions it favorably in a competitive market, potentially leading to increased market share and profitability [11][12].

Group 1 - The silicon energy concept sector declined by 3.16%, ranking among the top declines in concept sectors, with companies like Dongfang Risen and Wind范股份 experiencing significant drops [1][2] - Among the few gainers in the sector, Guosheng Technology, TCL Technology, and Ordos saw increases of 3.27%, 1.11%, and 0.18% respectively [1][2] Group 2 - The silicon energy concept sector experienced a net outflow of 2.505 billion yuan, with 44 stocks seeing net outflows, and 6 stocks exceeding 100 million yuan in outflows [3] - The stock with the highest net outflow was TBEA, with a net outflow of 722.84 million yuan, followed by Longi Green Energy and Dongfang Risen with net outflows of 329.28 million yuan and 297.78 million yuan respectively [3][4] - The stocks with the highest net inflows included TCL Technology, Guosheng Technology, and Yuntu Holdings, with net inflows of 385 million yuan, 43.43 million yuan, and 7.74 million yuan respectively [5]

Market Overview - The Shanghai Composite Index fell by 1.11% on December 16, with only three sectors gaining, led by retail trade, beauty care, and social services, which rose by 1.32%, 0.66%, and 0.13% respectively [1] - The sectors that experienced the largest declines were telecommunications and non-ferrous metals, with drops of 2.95% and 2.81% respectively [1] - The electronic sector also saw a decline of 1.50% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 701.17 billion yuan, with five sectors seeing net inflows [1] - The retail trade sector had the highest net inflow of 38.18 billion yuan, coinciding with its 1.32% increase [1] - The food and beverage sector had a negligible decline of 0.02% but still saw a net inflow of 3.02 billion yuan [1] Electronic Sector Performance - The electronic sector had a total of 473 stocks, with 75 stocks rising and 396 stocks falling; one stock hit the daily limit up while three stocks hit the daily limit down [2] - Among the stocks with net inflows, C Angrui-UW led with a net inflow of 9.23 billion yuan, followed by TCL Technology and Zhaosheng Micro with inflows of 3.85 billion yuan and 2.50 billion yuan respectively [2] - The sector experienced a net outflow of 116.07 billion yuan, with 39 stocks seeing outflows exceeding 1 billion yuan; the largest outflows were from Cambrian-U, Zhaoyi Innovation, and Xiangnong Chip Creation, with outflows of 9.12 billion yuan, 6.22 billion yuan, and 4.88 billion yuan respectively [2][3] Top Gainers in Electronic Sector - The top gainers in the electronic sector included C Angrui-UW with a 160.11% increase and a turnover rate of 75.28%, followed by TCL Technology and Zhaosheng Micro with increases of 1.11% and 4.62% respectively [2] - Other notable gainers included Shengyi Technology, BOE Technology Group, and Zhishang Technology, with increases of 4.04%, 0.24%, and 0.36% respectively [2] Top Losers in Electronic Sector - The largest losers in the electronic sector included Cambrian-U with a decrease of 4.35% and a turnover rate of 1.77%, followed by Zhaoyi Innovation and Xiangnong Chip Creation with declines of 3.09% and 3.44% respectively [3] - Other significant declines were seen in companies like East Mountain Precision and Heertai, which fell by 2.41% and 5.58% respectively [3]

Core Insights - Zeiss Group is expanding its optical and optoelectronic industry presence in Guangzhou, marking the 30th anniversary of its establishment in the city with an investment exceeding 400 million yuan in the Industrial 4.0 health vision industry ecosystem [1] - TCL Huaxing has commenced construction on the world's first mass production G8.6 generation printed OLED production line, which is expected to accelerate the global market entry of printed OLED technology [3] - Visionox, a leading company in the ultra-high-definition display industry, is also expanding its operations with significant investments in new projects, including a global headquarters and smart healthcare initiatives [5] Investment and Expansion - Zeiss Group is focusing on developing AR/VR, OK lenses, and eye health products while increasing investments in Huangpu District, Guangzhou [1] - TCL Huaxing's t8 project is designed to process approximately 22,500 glass substrates monthly, aiming to establish a leading position in the high-generation AMOLED sector [3] - Visionox plans to invest 4.2 billion yuan in its global headquarters and 800 million yuan in a smart healthcare project, with expected annual output value of 10 billion yuan upon completion [5] Technological Advancements - The t8 project represents a critical breakthrough for China's OLED industry, enabling a transition from a follower to a leader in the new display sector [3] - Visionox has established a strong market presence in liquid crystal display control boards and interactive smart panels, with significant market shares reported for 2022-2024 [7] - Nika Optical has developed the world's thinnest AR optical modules, achieving a light transmittance of 98%-99% and plans to launch even thinner versions in the near future [9][10] Market Position and Strategy - Visionox's interactive smart panels have captured a significant market share, with the MAXHUB interactive smart panel achieving a 29.6% market share in the domestic IFPD conference market [7] - Nika Optical's innovations in holographic optical solutions are positioned to become the ultimate solution for AR glasses, with competitive pricing and profit margins [12] - Huangpu District has become a hub for new display enterprises, with 139 companies contributing to an industrial output value exceeding 150 billion yuan in 2024 [16][17] Policy and Support - Huangpu District has implemented supportive policies for the ultra-high-definition and new display industries, including a 10 billion yuan investment fund to support enterprise development [20][21] - The establishment of national innovation centers in Huangpu aims to address key challenges in the new display sector, enhancing the region's competitive edge [20][21]

Core Viewpoint - TCL Technology is increasing its stake in Shenzhen Huaxing Semiconductor by acquiring an additional 10.7656% equity for 6.045 billion yuan, raising its total ownership from 84.2105% to 94.9761%, marking a significant exit of Shenzhen state-owned assets from the company [1][2] Group 1: Acquisition Details - The acquisition involves TCL Technology's subsidiary, TCL Huaxing Optoelectronics, purchasing the equity from Shenzhen Major Industry Development Phase I Fund [1] - This transaction signifies the phased exit of Shenzhen state-owned assets, which previously invested 17 billion yuan from 2016 to 2019 to support the T6 and T7 production lines [1] Group 2: Financial Performance - As of the end of 2024, Shenzhen Huaxing Semiconductor reported total assets of 68.04 billion yuan and net assets of 44.85 billion yuan, with annual revenue of 24.158 billion yuan and net profit of 2.807 billion yuan [2] - In the first half of 2025, the company continued its growth trend with revenue of 12.023 billion yuan and net profit of 1.709 billion yuan, equivalent to 60.9% of the total revenue for 2024 [2] Group 3: Strategic Implications - This acquisition marks TCL Technology's second increase in stake within the year, following a previous purchase of 21.5311% equity for 11.562 billion yuan, completed in July 2025 [2] - The company reported a 10.5% year-on-year increase in revenue for the first three quarters, reaching 135.9 billion yuan, and a significant net profit increase of 99.8% to 3.05 billion yuan [2] - Industry experts suggest that TCL Technology's strengthened control over core assets may enhance its performance elasticity and profitability in the optimized semiconductor display industry landscape [2]

Group 1 - The article emphasizes the importance of expanding domestic demand as a strategic initiative, advocating for a long-term mechanism to enhance consumer spending and confidence [1] - The China Securities Regulatory Commission (CSRC) is set to implement reforms to the ChiNext board and accelerate the rollout of the "1+6" reform measures for the Sci-Tech Innovation Board, aiming to enhance market stability and promote equity public funds [2] - The State Grid Corporation of China is focusing on building a new power system and energy framework to achieve carbon peak goals [3] Group 2 - The Ministry of Commerce and five other departments have issued an action plan to promote high-quality development in the service outsourcing sector, targeting the cultivation of internationally competitive leading enterprises by 2030 [4] - The State Administration of Foreign Exchange is emphasizing macro-prudential management of the foreign exchange market to maintain the stability of the RMB exchange rate and ensure a balanced international payment [5] - The first batch of L3 autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing [6] Group 3 - There is a collective price increase trend among manufacturers of lithium iron phosphate cathode materials, expected to continue until the fourth quarter of next year [7] - The Henan Province Postal Regulations will take effect on March 1, 2026, imposing fines for unauthorized actions by express delivery companies [8] - Several companies, including Aerospace Electronics and TCL Technology, have announced significant capital investments and acquisitions, indicating active market movements [9] Group 4 - Nasdaq plans to submit a proposal to the SEC to extend trading hours for stocks and exchange-traded products from 16 to 23 hours per week [15] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double deliveries by 2027 [17] - U.S. stock indices experienced collective declines, with the Dow Jones down 0.09%, Nasdaq down 0.59%, and S&P 500 down 0.16% [18]