转自：前瞻产业研究院 行业主要上市公司：TCL科技(000100.SZ)、海信视像(600060.SH)、海尔智家(600690.SH)、创维数字 (000810.SZ)、深康佳A(000016.SZ)、四川长虹(600839.SH)、小米集团(1810.HK)等 本文核心数据：智能电视行业上市公司汇总;智能电视行业上市公司对比;上市公司业绩对比 @前瞻经济学人APP 图表2: 2024年中国智能电视行业上市公司汇总(二) | 产业链环节 | 公司简称(股票代码) | 要点 | 关联度 | | --- | --- | --- | --- | | 平台及方案 | 科大讯飞(002230.SZ) | 专业从事语音及语言、自然语言理解等人工智能核心技术 | 六十十六 | | | | 研究的国家级骨干软件企业 | | | | 商汤-W(0020.HK) | 亚洲最大的人工智能软件公司 | ★★★ | | | 华数传媒(000156.SZ) | 国内首家兼具有线网络与新媒体运营全牌照的上市公司 | 六十女女女 | | | 东方明珠(600637.SH) | 上海广播电视台(SMG)旗下统一的产业平台和资本平台 | ★★ ...

Core Viewpoint - The news highlights the performance and potential of state-owned enterprises (SOEs) in China, particularly in the context of ongoing reforms and the integration of artificial intelligence in operations, which may enhance their competitiveness and market performance [2][4]. Group 1: ETF Performance - As of April 29, 2025, the National Enterprise Win-Win ETF (159719) decreased by 0.47%, with a latest price of 1.48 yuan. Over the past week, it has seen a cumulative increase of 0.54% [1]. - The National Enterprise Win-Win ETF had a turnover of 1.2% during the trading session, with a transaction volume of 2.3576 million yuan. The average daily transaction volume over the past year was 17.9394 million yuan [1]. - The Greater Bay Area ETF (512970) increased by 0.43%, with a latest price of 1.16 yuan. Over the past year, it has accumulated a rise of 13.72% [4]. Group 2: Index and Component Stocks - The National Enterprise Win-Win ETF closely tracks the FTSE China National Enterprise Open Win-Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong. The top ten constituent stocks are predominantly "China National" stocks [4][6]. - The top ten stocks in the index include China Petroleum, China Petrochemical, China Construction, and China Mobile, with respective weightings of 15.58%, 12.33%, and 8.89% [6]. - The Greater Bay Area Development Theme Index (931000) saw a slight increase of 0.06%, with notable performers including Keda Manufacturing and Weigao Medical, which rose by 6.95% and 4.54%, respectively [4]. Group 3: Policy and Market Outlook - The State-owned Assets Supervision and Administration Commission (SASAC) is actively promoting the "AI+" initiative, focusing on integrating artificial intelligence into enterprise operations to enhance efficiency [1]. - According to Galaxy Securities, SOEs are expected to play a crucial role in China's modernization process, with ongoing reforms aimed at improving core competitiveness and operational efficiency [2]. - The market-oriented operational mechanisms of SOEs are being refined, with plans to implement performance adjustments and exit strategies for underperforming entities by 2025, which may lead to improved profitability [2].

【WitsView整理】 近日，京东方、彩虹股份、 TCL科技、 三利谱、蓝黛科技、晶合集成、路维 光电、翰博高新、康冠科技9家显示相关企业相继披露2025年第一季度报告。具体如下： 2025年第一季度，京东方实现营业收入505.99亿元，同比增长10.27%，创一季度收入历史新高； 实现归属于上市公司股东净利润16.14亿元，同比增长64.06%；扣除非经常性损益后的净利润13.52 亿元，同比增长126.56%。 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | (%) | | | 营业收入(元) | 50.598.933.939.00 | 45,887,570,444.00 | | 10.27% | | 归属于上市公司股东的净利 | 1,613,999,380.00 | 983.812.692.00 | | 64.06% | | 润(元) | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 1.351.864.713.00 | 596.689.345.00 | | 126.56 ...

【WitsView整理】 4月29日凌晨，TCL科技公布了2024年财报。 2024年，TCL科技实现营收1,648亿元，同比下降5.47%；归属于上市公司股东净利润15.6亿元，同 比下降29.38%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 164,822,832,863 | 174,366,657,015 | -5.47% | 166,552,785,829 | | 归属于上市公司股东 | 1,564,109,407 | 2,214,935,302 | -29.38% | 261,319,451 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 298,355,801 | 1,021,080,065 | -70.78% | -2,698,210,800 | | 的净利润(元) | | | | | | 经营活动产生的现金 | 29.526,569.404 | 25.314.756.105 | 16.64% | 18.426.376.609 ...

Core Viewpoint - The panel industry experienced a strong start in Q1 2023, but overall demand is expected to decline in Q2, leading companies to adopt a production-on-demand strategy to manage uncertainty [1][5]. Group 1: Company Performance - TCL Technology reported a revenue of 104.3 billion yuan for 2024, a 25% year-on-year increase, with a net profit of 6.23 billion yuan, improving by 62.4 billion yuan [4]. - BOE Technology's Q1 2025 revenue reached 50.599 billion yuan, a 10.27% year-on-year increase, with a net profit of 1.614 billion yuan, up 64% [4]. - In 2024, BOE's revenue is projected to be 198.4 billion yuan, a 13.65% increase, with a net profit of 5.323 billion yuan, up 108.96% [4]. Group 2: Market Trends and Demand - The panel industry saw a short-term surge in demand in Q1 2023, driven by tight supply and favorable policies, but is now facing a high-level decline in demand due to tariff policy disruptions and preemptive stockpiling [5]. - The demand for IT and mobile display panels remains strong, influenced by government subsidies and rising tariffs [5]. - The price of TV panels has slightly rebounded due to the tight supply-demand balance, but is expected to stabilize as production adjusts [8]. Group 3: Strategic Moves and Investments - TCL Technology is increasing its stake in Shenzhen Huaxing Optoelectronics to 84.21% through a share issuance and cash payment totaling 11.562 billion yuan [6]. - BOE is exploring overseas market opportunities to mitigate the limited impact of tariffs on its exports to the U.S. [8]. - Both TCL and BOE are focusing on expanding their presence in emerging display technologies, including OLED and MLED [7]. Group 4: Industry Outlook - The market share of major panel manufacturers, including BOE, TCL Huaxing, and Huike, is expected to rise to 66% in the global LCD panel supply market [7]. - The industry is anticipated to undergo consolidation, with BOE open to acquiring additional stakes to enhance competitiveness [9]. - Both companies have announced dividend plans, with BOE proposing a cash distribution of no less than 35% of its net profit and TCL planning to repurchase shares worth up to 800 million yuan [9].

Industry Overview - The Chinese home audio-visual equipment manufacturing industry is entering a new development stage characterized by technological integration and scenario innovation [1][13] - The market size for this industry is projected to reach 565.8 billion yuan in 2024, reflecting a year-on-year growth of 0.91%, indicating a significant slowdown compared to pre-pandemic growth levels [1][13] Industry Characteristics - The industry is transitioning from a universal growth model to a competition cycle dominated by stock updates, with consumer demand shifting from basic functionality to quality upgrades [1][13] - There is a notable trend towards structural upgrades, driven by technological integration and scenario innovation, leading to high-end, intelligent, and scenario-based upgrades [1][13] Industry Development History - The industry has experienced four main stages: initial stage in the 1980s, rapid development in the 1990s, technological innovation and upgrade from 2000 to 2020, and a high-quality development phase from 2020 to present [4][5] Current Industry Status - In 2023, the production of combination audio systems in China was 20,600 units, a year-on-year decrease of 6.03%, attributed to economic pressures affecting consumer spending on non-essential goods [9] - The Producer Price Index (PPI) for the audio-visual equipment manufacturing industry was 98.1 at the end of March 2025, down 1.9% year-on-year, influenced by declining international oil prices and seasonal reductions in energy demand [11] Key Companies - Major players in the industry include Hisense, Skyworth, TCL, and Huawei, each leveraging technology and ecosystem integration to enhance competitiveness [15][16] - Hisense's revenue for 2024 is projected at 58.53 billion yuan, with a year-on-year growth of 9.17%, while Skyworth's revenue is expected to be 65.01 billion yuan, down 5.82% year-on-year [16][18] Future Development Trends - Technological innovation will be the core driver for industry upgrades, with advancements in display technology, audio processing, and smart interaction expected to enhance product performance [20] - The industry will actively explore emerging markets, particularly in Southeast Asia and Africa, to find new growth opportunities [21] - There will be an acceleration of industry integration, with semiconductor display technologies and 5G communication enhancing product capabilities and user experiences [23]

非经营性资金占用及其他关联资金 往来情况专项说明 TCL 科技集团股份有限公司 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 号 幢 层 至 容诚专字[2025]518Z0439 号 TCL 科技集团股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]518Z0439 号 TCL 科技集团股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了 TCL 科技集团股份有限 公司（以下简称"TCL 科技"）2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司股东 权益变动表以及财务报表附注，并于 2025 年 4 月 27 日出具了容诚审字 [2025]518Z0833 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》的要求及深圳证券交易所《深圳证券交易所上市公司 自律监管指南第 1 号——业务办理》的规定，TCL 科技管理层编制了后附的 TCL 科技 ...

2024 年度营业收入扣除情况的 专项审核报告 TCL 科技集团股份有限公司 容诚专字[2025]518Z0478 号 容诚会计师事务所(特殊普通合伙) 中国·北京 | | | | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 营业收入扣除情况的专项审核报告 | | 1-2 | | 2 | 营业收入扣除情况表 | | 1 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 号 幢 层 至 关于 TCL 科技集团股份有限公司 2024 年度营业收入扣除情况的专项审核报告 容诚专字[2025]518Z0478 号 TCL 科技集团股份有限公司全体股东： 我们接受委托，按照中国注册会计师审计准则审计了 TCL 科技集团股份有限 公司（以下简称"TCL 科技"）2024 年度财务报表，并于 2025 年 4 月 27 日出具 了容诚审字[2025]518Z0833 号的无保留意见审计报告。在此基础上我们审核了后 附的 TCL 科技管理层编制的《TCL 科技集团股份有限公司 2024 年度营业收入扣 除情况表》（以下简称营业收入扣除情况表）。 按照 ...

审计报告 TCL 科技集团股份有限公司 容诚审字[2025]518Z0833 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 1-2 | | 3 | 合并利润表 | 3 | | 4 | 合并现金流量表 | 4-5 | | 5 | 合并股东权益变动表 | 6-7 | | 6 | 母公司资产负债表 | 8-9 | | 7 | 母公司利润表 | 10 | | 8 | 母公司现金流量表 | 11-12 | | 9 | 母公司股东权益变动表 | 13-14 | | 10 | 财务报表附注 | 15- 172 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审 计 报 告 容诚审字[20 ...

涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 TCL 科技集团股份有限公司 2 司存款、贷款等金融业务汇总表 1 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 号 幢 层 至 关于 TCL 科技集团股份有限公司 涉及财务公司关联交易的存款、贷款等 容诚专字[2025]518Z0501 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 序号 内 容 页码 | | 关于 TCL 科技集团股份有限公司涉及财务公司关 | | | --- | --- | --- | | 1 | | 1-2 | | | 联交易的存款、贷款等金融业务的专项说明 | | | | TCL 科技集团股份有限公司 2024 年度涉及财务公 | | 本专项说明仅供 TCL 科技年度报告披露之目的使用，不得用作任何其他用途。 1 （此页无正文，为 TCL 科技集团股份有限公司容诚专字[2025]518Z0501 号涉 及财务公司关联交易的存款、贷款等金融业务的专项说明之签字盖章页。） 容诚会计师事务所 （特殊普通合伙） 中国注册会计师： 如实编制和对外披露汇总表，并保证其真实、准确、完整是 TCL 科技管理层 的 ...