Group 1 - TCL Huaxing showcased multiple display solutions at the DTC2025 conference, including Real Stripe RGB OLED mobile displays and Micro LED displays, highlighting its comprehensive technology layout in the semiconductor display industry [1] - The Real Stripe RGB OLED mobile display utilizes high-precision OLED printing technology, offering enhanced visual effects and contributing to the high-quality development of the semiconductor display industry [1] - The printed OLED production line is designed to save 300 to 400 million kilowatt-hours of electricity annually by significantly reducing vacuum processes, demonstrating its advantages in green manufacturing [1] Group 2 - Domestic OLED production capacity has surpassed 46% of the global total in the first half of this year, marking a transition from a "chip shortage" to a "strong screen and strong chain" development phase in China's display industry [2] - TCL Huaxing aims to improve resolution, material performance, and product yield while reducing costs and enhancing image quality, providing more options for terminal manufacturers [2] - The company released the "Visual Health White Paper 2.0" in collaboration with partners, detailing research on natural light display technology and its six key characteristics [2] Group 3 - After 12 years of investment and research, TCL Huaxing has established a leading advantage in key technologies within the printed OLED field and seeks to collaborate with more partners to promote its application [3]

Core Viewpoint - OLED technology is recognized as a leading display technology due to its advantages such as high contrast, wide color gamut, and flexibility. TCL Huaxing has chosen the IJP OLED (Inkjet Printed OLED) technology route, aiming to capture the mid-size market, which includes laptops, monitors, automotive displays, and tablets, where there is significant demand and willingness to pay for better performance [1][3]. Group 1: Technology and Market Positioning - IJP OLED technology can cover all sizes, from small mobile devices to large TVs, and TCL Huaxing has launched a full range of IJP OLED products [3]. - The decision to focus on mid-size applications was made after evaluating market demand and technical advantages, as the large-size market is already mature and price-sensitive [3][4]. - Mid-size applications, such as gaming displays and automotive displays, have high performance and cost requirements, making IJP OLED a suitable solution to address issues like high costs and low yield in mid-size OLED production [3][4]. Group 2: Competitive Advantages - IJP OLED technology has a resolution range that aligns well with mid-size application needs, specifically between 50 PPI and 350 PPI, which is considered the optimal range for mid-size displays [4]. - TCL Huaxing's CEO emphasized that IJP OLED has unique advantages over other OLED technologies in terms of picture quality, cost, and efficiency [10][12]. - The transition to a small molecule material system has resulted in a 2 to 3 times improvement in efficiency and compatibility with existing OLED material systems, enhancing the overall material ecosystem [12]. Group 3: Future Development and Challenges - The company aims to improve power consumption and yield rates as key targets for future development, especially for mobile products that require high efficiency [13]. - TCL Huaxing has successfully increased the yield of its G5.5 production line from single digits to 70% and plans to replicate this success on its G8.6 line [13][14]. - The company is also focused on building a self-sufficient supply chain and optimizing equipment performance through collaboration with upstream material and equipment partners [15][16].

Core Viewpoint - TCL Huaxing has established a leading advantage in key technologies for printed OLED after 12 years of continuous investment and research, aiming to promote the application of printed OLED in collaboration with partners [1][2]. Group 1: Technology Development and Challenges - TCL Huaxing has faced and overcome numerous challenges in printed OLED technology, including PPI, lifespan, power consumption, and yield, with clear solutions identified for major bottlenecks [2][10]. - The transition from polymer to small molecule material systems has opened up the material ecosystem for printed OLED, with plans for further iterations to enhance performance [3][10]. - Printed OLED technology offers advantages in picture quality, efficiency, and cost, making it competitive in the mid-size display market [4][10]. Group 2: Market Position and Strategy - The total investment of domestic panel manufacturers in production lines has reached 170 billion yuan, with competition expected to intensify as new production lines come online [3][10]. - TCL Huaxing has strategically focused on mid-size applications for printed OLED, including laptops, monitors, and automotive displays, while also planning to expand into small-size applications like mobile phones [5][6]. - The company has showcased advancements in mobile display technology, achieving a pixel density of 390 PPI, comparable to mainstream mobile resolutions [6][10]. Group 3: Key Decisions and Future Directions - Key strategic decisions include the choice of printed OLED technology, focusing on mid-size applications, and relocating production lines to enhance efficiency and integration [7][8]. - The recent launch of the Guangzhou t8 project signifies TCL Huaxing's confidence in achieving large-scale commercialization of printed OLED technology [8][10]. - Future challenges include improving power consumption and yield rates, with current yield rates on the 5.5 generation line reaching 70% and plans to replicate this success on the 8.6 generation line [10][11].

Group 1 - The three major indices showed mixed performance, with the Shanghai Composite Index down 0.21%, the Shenzhen Component Index up 0.15%, and the ChiNext Index up 0.29% [1] - The CSI Photovoltaic Industry Index (931151.CSI) decreased by 0.3%, while key stocks such as Kstar, Junda, JinkoSolar, Roborock, and Trina Solar saw increases of over 3% [1] - The Photovoltaic 50 ETF (516880) experienced a decline of 0.46%, but recorded a net inflow of 27.81 million yuan on the previous trading day, marking five consecutive days of net inflows totaling 159 million yuan [1] Group 2 - Tongwei's Chairman Liu Hanyuan emphasized the need for the photovoltaic industry to combat excessive competition and promote self-discipline, suggesting the establishment of a platform company to manage silicon material capacity [1] - The recent self-regulatory measures in the photovoltaic industry aim to prevent over-competition, with a focus on "silicon material storage" to address dynamic demand changes [1] - According to a recent report from Zhongtai Securities, the ongoing "anti-involution" efforts in the photovoltaic sector are releasing positive signals, indicating an upward reversal in the industry's fundamentals [2]

Core Insights - The Chinese semiconductor display industry is entering a new OLED arms race, with significant growth expected in AMOLED panel adoption across various sectors by 2030 [1] - TCL Huaxing is focusing on printed OLED technology, which is believed to be the most competitive and promising OLED technology in the medium-sized display market [3] Industry Growth Projections - The compound annual growth rate (CAGR) for AMOLED panels in laptops is projected to reach 38%, for automotive displays 26%, and for desktop monitors 15% by 2030 [1] - Overall, the total shipment volume of OLED products is expected to exceed a CAGR of 80% in the future [1] Company Strategy and Decisions - TCL Huaxing has made several strategic decisions regarding OLED technology, including the choice of printed OLED due to its potential for performance improvements and cost efficiency [4] - The company shifted its focus from large-sized to medium-sized printed OLED displays, identifying a market opportunity in the 50 to 350 PPI resolution range [4] - After the bankruptcy of its Japanese partner JOLED, TCL Huaxing opted to relocate its production line to China, enhancing its manufacturing capabilities [5] Investment and Production Capacity - TCL Huaxing recently launched the Guangzhou T8 project with an investment of approximately 29.5 billion RMB, aiming to produce 22,500 glass substrates monthly for medium-sized IT applications [5] - This project represents the world's first mass production line for G8.6 generation printed OLED technology [5] Technical Advancements - The company has overcome significant challenges in printed OLED technology, achieving a yield improvement from single digits to 70% over the past year [6][7] - Future goals include matching the power consumption of traditional OLED technologies and improving product longevity and quality to meet high-end customer demands [7] Competitive Landscape - Other domestic display manufacturers are also investing in high-generation OLED production lines, which may intensify competition between 2024 and 2028 as new capacities come online [7] - The success of TCL Huaxing and other companies will depend on their technological competitiveness and ability to meet market demands [8]

Core Insights - The photovoltaic industry is expected to reach a cyclical turning point in the second half of 2025 after over two years of deep adjustments, driven by national policies aimed at curbing "involution" competition and promoting orderly development [1][2][3] - The industry is showing signs of reversing its previous difficulties, with prices along the supply chain rebounding, improved profitability for companies, and a strong recovery in secondary market indices [1][5] - The current phase presents a rare historical investment opportunity characterized by a triple bottom in profitability, holdings, and valuation within the photovoltaic sector [1][4] Industry Overview - Since 2020, the domestic photovoltaic industry has rapidly expanded, establishing a leading global position, with cumulative installed capacity exceeding 400 GW by the end of 2023, accounting for over one-third of the global market share [2] - The industry faced severe challenges, including overcapacity leading to price drops and international trade barriers, resulting in a significant price war that compressed overall industry profits [2][3] Policy Developments - The Chinese government has actively intervened since last year to address the chaotic competition in the photovoltaic sector, with multiple policy signals aimed at promoting orderly development and preventing "involution" [2][3] - Key policy measures include the establishment of a fund of approximately 70 billion yuan to acquire outdated polysilicon capacity, which is expected to help the industry return to a reasonable capacity range [3] Market Performance - The photovoltaic sector has begun to recover, with significant price rebounds observed in polysilicon and photovoltaic components, indicating a positive trend in profitability [3][5] - As of November 17, 2025, the China Photovoltaic Industry Index has increased by 36.94% year-to-date, outperforming the Shanghai Composite Index by 17.88% [5] Financial Metrics - In 2024, the photovoltaic industry's overall revenue fell to 12,473.23 billion yuan, with a net profit loss of 20.59 billion yuan, reflecting a year-on-year decline of 13.83% and 20.59% respectively [5][6] - By the third quarter of 2025, the photovoltaic sector's revenue grew by 8% year-on-year, with net profit increasing by 1495%, indicating a significant recovery [6] Investment Opportunities - The current market conditions present a unique opportunity for investment, with the photovoltaic sector at a cyclical low in profitability, institutional holdings, and valuation [6] - The launch of the Huaxia Photovoltaic ETF (515370) on November 18 provides investors with a convenient tool to gain exposure to leading companies across the entire photovoltaic supply chain [1][7]

4、召开方式：现场投票与网络投票相结合的方式； 5、召集人：TCL科技集团股份有限公司董事会； 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。 一、重要提示 本次会议召开期间无提案的增加、否决或变更。 二、会议召开的情况 1、现场会议召开时间：2025年11月17日（星期一）下午14:30； 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为2025年11月17日（星期 一）上午9:15-9:25、9:30-11:30，下午1:00-3:00；通过深圳证券交易所互联网投票系统进行网络投票的 具体时间为2025年11月17日（星期一）上午9:15至2025年11月17日（星期一）下午3:00的任意时间； 3、现场会议召开地点：深圳市南山区中山园路1001号TCL科学园国际E城G1栋2楼202会议室； 6、主持人：公司董事朱伟女士； 7、本次会议的召开符合《公司法》《深圳证券交易所股票上市规则》及《TCL科技集团股份有限公司 章程》的规定。 三、会议的出席情况 股东（代理人）共计3,464人，代表股份5,074,520,634股 ...

Core Viewpoint - The Chinese display industry has transitioned from catching up to running ahead, with printed OLED technology being a key focus for leading the market [1] Group 1: Technology and Innovation - TCL Technology's CEO highlighted the breakthrough of the world's first small-sized OLED product using high-precision printing technology, achieving a physical resolution of 390 PPI and a visual equivalent of 490 PPI [1] - The traditional evaporation process used by competitors like Samsung and BOE has significant cost and efficiency drawbacks, with equipment costs being approximately double that of printing technology [4][11] - Printed OLED technology offers a material utilization rate of over 90%, significantly reducing raw material costs by nearly 40% compared to evaporation methods [11] Group 2: Market Dynamics - The introduction of printed OLED technology is expected to intensify competition with established players like Samsung and BOE, who have historically dominated the high-end display market [1][4] - TCL's new G8.6 generation printed OLED production line is designed to process approximately 22,500 glass substrates per month, aiming to accelerate the technology's market adoption [12] - The printed OLED technology is anticipated to expand into various high-value display applications, including mobile devices, potentially disrupting the current market share held by traditional OLED manufacturers [12][18] Group 3: Challenges and Considerations - Despite the advantages of printed OLED, challenges remain in achieving comparable power efficiency and yield rates to established evaporation technologies, particularly in high-end applications [15][17] - The industry still prioritizes display quality and stability, where evaporation technology currently holds a significant edge due to its ability to produce uniform and dense film layers [16] - Market entry barriers exist as existing products designed around evaporation screens may require significant redesign to accommodate printed OLED technology, posing a challenge for TCL in gaining traction with manufacturers [18]

Market Overview - The main board saw significant gains with stocks like Hubei Broadcasting (+10.08%), Dahua Intelligent (+10.07%), and Huasheng Tianc (+10.03%) leading the charge [1] - The ChiNext board experienced a surge, highlighted by Zhongfutong (+20.02%) and Zhongfu Information (+20.00%) [1] - The Sci-Tech Innovation board also performed well, with Tengjing Technology and Borui Data both increasing by 20.00% [1] - Active sub-industries included SW Marketing Agency (+5.20%) and SW General Software (+2.50%) [1] Domestic News - TCL Huaxing launched groundbreaking 0.28-inch full-color silicon-based Micro LED display products, achieving a resolution of 1280×720 and a pixel density of 10262 PPI, with brightness exceeding 500,000 nits [1] - Taiwan announced modifications to its strategic high-tech goods export control list, adding 18 new items, including advanced semiconductor equipment and quantum computers [1] - Domestic GPU manufacturer Feiteng reported a successful bid for 36,000 desktop computers based on its D3000 processor, holding over 90% market share in financial machines [1] - TCL Huaxing's 5.5-generation printed OLED panel production line is expected to reach a shipment volume of one million units next year [1] Company Announcements - Lingyun Guang announced the reallocation of surplus fundraising of 200.82 million yuan to other projects, including an industrial AI base [2] - Aojie Technology reported a change in shareholder equity, with Alibaba reducing its stake from 15.00% to 13.99% [2] - Tonglian Precision disclosed a plan for a share transfer involving 4,841,937 shares, representing 3.00% of total equity [2] - Shengjing Micro announced expected related party transactions totaling 14 million yuan, involving purchases and sales with a related party [2] Overseas News - According to TrendForce, the global semiconductor market faces uncertainty in 2026, with forecasts for smartphone and laptop production being downgraded [3] - Samsung and SK Hynix announced plans for significant semiconductor facility investments, with Samsung's new factory expected to be completed by 2028 [3] - The global electronic sensor market is projected to reach $41.2 billion by 2032, growing from $23.7 billion in 2024, with a CAGR of 6.65% [3] - The memory market is experiencing price increases due to reduced supply, with expectations for record high market size in Q4 [3]

北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2025年第六次临时股东会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 师事务所 YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN·香港 HONGKONG· 广州 GUANGZHOU· 西安 XI'AN 致:TCL 科技集团股份有限公司 北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2025年第六次临时股东会的法律意见书 嘉源(2025)-04-832 北京市嘉源律师事务所(以下简称"本所")接受TCL科技集团股份有限公司 (以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》"）、《上市公司股东会规则》(以下简称"《股东会规则》")等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《TCL 科技集团股份有限公司章程》(以下简称"《公司章程》")的有关规定,指派本 所律师对公司2025年第六次临时股东会(以下简称"本次股东会")进行见证,并 依法出具本法律意见书。 为出具本法律意见书,本所指派律师现 ...