Core Viewpoint - TCL Technology emphasizes the importance of shareholder rights and actively responds to shareholder concerns through cash dividends, information disclosure, and multi-channel communication [1] Group 1: Acquisition Details - In the first half of 2025, the company will complete the acquisition of 100% equity in LG Display (China) Co., Ltd. and LG Display (Guangzhou) Co., Ltd., integrating them under the name T11 with a production capacity of 180k units per month [1] - The contribution of this acquisition to the company's operating performance is gradually becoming evident [1] Group 2: Strategic Benefits - The acquisition is expected to enhance the company's ability to leverage scale and industrial synergy [1] - It will also enrich the semiconductor display production line technology, deepen international customer strategic cooperation, and improve long-term profitability [1]

证券日报网讯 TCL科技（000100）11月3日在互动平台回答投资者提问时表示，t8项目发布会旨在向市 场及合作伙伴传递公司技术布局与发展信心。公司始终坚持精益管理原则，将持续优化资源配置，确保 资金使用效率。 ...

证券日报网讯 TCL科技11月3日在互动平台回答投资者提问时表示，关于员工持股计划，其实施严格遵 循监管规则及公司制度，旨在建立长效激励机制、促进员工与公司共同发展，进而提升公司业绩和股东 回报。相关详情可查阅公司已披露的公告。公司管理层对公司未来的发展充满信心。公司将继续勤勉尽 责，坚持稳健经营，努力提升公司的投资价值，以优异业绩回报广大投资者的信任与支持。 （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11月3日在互动平台回答投资者提问时表示，公司始终秉持科学合理的薪酬管理 体系，公司会综合考虑多方面因素，严格遵循公司治理相关规定及内部决策流程，确保符合公司整体利 益和股东价值。 ...

Core Viewpoint - Both BOE and TCL Technology have shown positive financial performance in recent quarters, with significant year-on-year growth in revenue and net profit, indicating a recovery in the display industry and potential for future growth [2][7]. BOE - In the first three quarters of this year, BOE achieved a cumulative revenue of 154.55 billion yuan, a year-on-year increase of 7.53%, and a net profit of 4.60 billion yuan, up 39.03% [2]. - The revenue composition of BOE's display business includes TV products (28%), IT products (37%), LCD mobile phones and others (12%), and OLED products (23%) [2]. - For LCD products, BOE anticipates a slight growth in total shipment volume and area by 2025, with TV product shipments expected to grow, although the trend towards larger sizes may slow temporarily due to increased demand for smaller TVs in emerging markets [3]. - In the OLED segment, BOE's third-quarter shipments reached approximately 40 million units, with expectations for double-digit growth for the year, and aims to exceed 71 million units in the first half of 2025, a year-on-year increase of 7.5% [5]. - Capital expenditures are expected to peak in 2025 due to significant investments in the Chengdu 8.6-generation OLED production line, with a substantial decrease anticipated starting in 2027 as new production lines are not planned [6]. TCL Technology - In the first three quarters of this year, TCL Technology reported a cumulative revenue of 135.9 billion yuan, a year-on-year increase of 10.5%, and a net profit of 3.05 billion yuan, up 99.8% [7]. - TCL Huaxing achieved a revenue of 78.01 billion yuan, a year-on-year increase of 17.5%, and a net profit of 6.1 billion yuan, up 53.5% [7]. - In the large-size segment, TCL Technology expects inventory levels to normalize in the fourth quarter, with potential production adjustments based on supply and demand dynamics [9]. - The acquisition of LG Display's Guangzhou 8.5-generation LCD production line has been successfully integrated, enhancing TCL's production capacity and competitive edge [9]. - In the medium-size segment, TCL's T9 production line is expected to improve profitability through product structure optimization and operational efficiency [10]. - In the IT sector, TCL reported a 10% year-on-year increase in MNT sales and a 63% increase in NB sales, indicating strong demand in this area [10]. - Depreciation costs are expected to peak in 2025, with a significant decrease anticipated starting in 2026 as older production lines complete their depreciation [10].

Core Viewpoint - TCL Technology has successfully achieved mass production of its G5.5 generation printed OLED production line in Wuhan, with initial products being medical display screens, which also lays the groundwork for future G8.6 generation line production experience [2]. Group 1 - TCL Technology's G5.5 generation printed OLED production line (T12 project) has commenced mass production and delivery [2]. - The first batch of products from the G5.5 line is focused on medical display screens [2]. - The experience gained from the G5.5 line will support the upcoming G8.6 generation line (T8 project) [2].

Core Insights - Global TV shipments are projected to fall below 50 million units for the first time in history in Q3 2025, with an estimated 49.75 million units, reflecting a 4.9% year-over-year decline and a 6% quarter-over-quarter increase [1] - The decline is attributed to extended consumer purchase cycles, changes in international circumstances affecting demand, and the diminishing effects of subsidy policies in the Chinese market [1] - Despite the overall decline, a seasonal sales surge is expected in Q4 due to promotional activities in Europe and North America, as well as China's Double 11 and Double 12 shopping events, leading to an estimated 7.3% quarter-over-quarter increase in global shipments to 53.21 million units [1] Market Share and Brand Performance - The top five brands in Q3 2025 by shipment volume are Samsung, Hisense, TCL, LGE, and Xiaomi, collectively holding a market share of 64.3% [4] - Hisense regained its position as the second-largest global TV brand in Q3 2025, with shipments reaching 7.66 million units, a 9.7% quarter-over-quarter increase, and a market share of 15.4%, marking a record high for the brand [4] Size Segment Trends - The penetration rate of large-sized TVs (60 inches and above) has reached 28.2% for the first time, driven by demand in the Chinese market [5] - Samsung and Hisense lead the 65-inch and 75-inch segments with market shares of 26% and 22%, respectively, while Hisense and TCL dominate the 85/86-inch segment, each capturing nearly a quarter of the market [5] - TCL has emerged as the leader in the 98-inch market, while Hisense holds nearly half of the 100-inch market share [5] Future Market Dynamics - The growth momentum for large-sized TVs is expected to slow down as the effects of subsidy policies in China wane, with 65-inch shipments stagnating and 75-inch growth rates dropping to 13%, half of last year's figures [6] - The focus of brands is shifting from merely increasing size to upgrading product specifications, emphasizing differentiation through advanced features like RGB Mini LED, high refresh rates, and AI integration [6]

Core Insights - The global TV shipment volume in Q3 2025 was approximately 49.75 million units, marking a 6% increase quarter-over-quarter but a 4.9% decrease year-over-year, the first time it has fallen below 50 million units in the same period historically [2] - The decline is attributed to extended consumer purchase cycles, changes in international circumstances affecting demand, and the diminishing effects of subsidy policies in the Chinese market [2] - Anticipated promotions in the fourth quarter in Europe and the U.S., along with China's Double 11 and Double 12 shopping events, are expected to boost shipments to approximately 53.21 million units, a 7.3% increase from Q3 [2] - The total global TV shipment for 2025 is projected to be 195.59 million units, reflecting a year-over-year decrease of 1.2% [2] Brand Performance - The top five brands in Q3 2025 by shipment volume were Samsung, Hisense, TCL, LGE, and Xiaomi, collectively holding a market share of 64.3% [6] - Hisense regained the position of the second-largest global TV manufacturer with a shipment of 7.66 million units in Q3, a 9.7% increase quarter-over-quarter, raising its market share to 15.4%, a record high for the same period [6] Size Segment Trends - The penetration rate of large-sized TVs (60 inches and above) reached 28.2% for the first time, driven by increasing demand and subsidy policies in China [7] - Samsung and Hisense led the 65-inch and 75-inch markets with market shares of 26% and 22%, respectively [7] - TCL dominated the 98-inch market, while Hisense maintained a near 50% market share in the 100-inch segment [7] - Despite a decline in overall shipment volumes for smaller-sized TVs, Samsung retains a stable advantage in the 60-inch and above segment with a market share of 22% [7] Market Outlook - As the effects of subsidy policies in the Chinese market wane, growth in large-sized TV shipments is expected to slow significantly, with 65-inch shipments nearly stagnating and 75-inch growth rates dropping to 13%, half of the previous year's figures [8] - The focus of brands is shifting from merely increasing size to upgrading product specifications, emphasizing differentiation through advanced features such as RGB Mini LED, high refresh rates, and AI integration [8]

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has seen a strong increase of 2.70% as of November 3, 2025, with significant gains in constituent stocks such as Tebian Electric (600089) and Hongyuan Green Energy (603185), both rising by 10.01% [1] - The Photovoltaic ETF Fund (516180) has also risen by 2.94%, with a recent price of 0.84 yuan, and has accumulated a 6.54% increase over the past week [1] - The index reflects the overall performance of listed companies involved in the photovoltaic industry chain, selecting up to 50 representative stocks [1] Company Performance - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index as of October 31, 2025, account for 60.74% of the index, with significant players including Sunshine Power (300274) and Longi Green Energy (601012) [2] - The performance of key stocks includes: - Sunshine Power (300274): up 3.26%, weight 17.58% - Longi Green Energy (601012): up 2.61%, weight 8.38% - Tebian Electric (600089): up 10.01%, weight 7.31% - TCL Technology (000100): up 0.46%, weight 7.29% - Tongwei Co. (600438): up 1.21%, weight 4.91% - Zhengtai Electric (601877): down 0.59%, weight 2.68% - Jingcheng Machinery (300316): up 0.82%, weight 2.43% - Deyang Co. (605117): up 6.40%, weight 2.42% - TCL Zhonghuan (002129): up 2.43%, weight 2.38% - Jiejia Weichuang (300724): down 0.30%, weight 2.26% [4]

Core Insights - The global display panel industry is shifting its competitive focus towards medium-sized OLED panels, with significant investments from major players like TCL, BOE, and Visionox [1][9] Group 1: Industry Developments - TCL's T8 project, the world's first large-scale production line for 8.6-generation printed OLED, has commenced in Guangzhou with a total investment of 29.5 billion yuan and a designed monthly capacity of 22,500 glass substrates [1][5] - The combined investment in 8.6-generation OLED production lines by Samsung Display, BOE, Visionox, and TCL has reached nearly 170 billion yuan, indicating a collective push in the medium-sized OLED market [6][9] Group 2: Technological Advancements - The T8 project is expected to provide over 15% cost advantage compared to other OLED technologies due to its high material utilization rate of 90% and elimination of expensive vacuum processes [4][5] - The T8 line will integrate AI and smart manufacturing technologies, enhancing production efficiency and reducing defect rates significantly [5][10] Group 3: Market Trends - The medium-sized OLED market is projected to experience substantial growth, with compound annual growth rates of 33% for laptop OLED panels and 27% for automotive displays by 2030 [7][9] - The penetration rate of OLED in medium-sized applications is expected to rise sharply, driven by new product launches from major brands like Apple and Samsung [7][8] Group 4: Competitive Landscape - BOE and Visionox are also advancing their own 8.6-generation OLED projects, with BOE investing 63 billion yuan and Visionox focusing on its proprietary ViP technology [6][9] - The collective efforts of these companies are reshaping the global competitive landscape, moving China from a "follower" to a "leader" in the medium-sized OLED sector [1][9] Group 5: Future Outlook - The medium-sized OLED industry is expected to undergo significant transformations, with a focus on quality improvement and technological innovation over mere scale expansion [11] - The T8 project is anticipated to play a crucial role in establishing a complete domestic supply chain, enhancing the localization of materials and equipment [10][11]