申万宏源证券承销保荐有限责任公司 关于 TCL 科技集团股份有限公司本次交易相关 内幕信息知情人买卖股票情况的自查报告之核查意见 TCL 科技集团股份有限公司（以下简称"上市公司"或"TCL 科技"）拟发 行股份及支付现金购买深圳市重大产业发展一期基金有限公司持有的深圳市华 星光电半导体显示技术有限公司 21.5311%股权，并拟向不超过 35 名符合条件的 特定对象发行股票募集配套资金（以下简称"本次交易"）。 申万宏源证券承销保荐有限责任公司（以下简称"本公司"）作为上市公司 本次交易的独立财务顾问，根据《中华人民共和国证券法》《上市公司重大资产 重组管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》《监管规则适用指引——上市类第 1 号》等有关法律、法规 及规范性文件的规定，对相关主体自《TCL 科技集团股份有限公司发行股份及 支付现金购买资产并募集配套资金报告书（草案）》（以下简称"《重组报告书》"） 公告前六个月起至《重组报告书》披露日之前一日止（2024 年 9 月 3 日至 2025 年 3 月 3 日，以下简称"自查期间"或"核查期间"）买卖 TCL ...

定焦One . 深度影响创新。 来源 | 定焦One 作者 | 李唐 编辑 | 魏佳 商业世界的反转，永远都来得猝不及防。 日前，松下控股在一场面向媒体、投资者和分析师的经营改革说明会上宣布进行重大战略调整，计划解散旗下家电子公司"松下电器株式会社"，并将电视 机业务列为"问题业务"考虑出售或退出。消息一出，"松下官宣放弃电视机业务"相关词条冲上微博热搜，引发大量关注。也许是因为舆论发酵程度远超想 象，松下很快便发布公告澄清"解散"实为"重组"，并表示对于电视机业务是出售或退出尚未做出任何决定。 以下文章来源于定焦One ，作者定焦One团队 根据知名市场机构TrendForce的最新报告，去年三季度三星以17.6%的占有率排名全球电视机市场第一，紧随其后的是TCL、海信、LG和小米，整体上 呈"中韩双雄争霸"的格局，榜单前列早已看不到松下等日系品牌的身影。 近期，市场研究公司Omdia的数据显示，2024年中国三大电视品牌TCL、海信和小米的出货量份额之和达到了31.3%，超过了三星电子和LG电子的28.4%。 这是中国电视制造商首次在市场份额上超过韩国。特别是在75英寸及以上的大屏电视市场，中国品牌的出货 ...

Core Insights - The collaboration between JD.com and TCL has resulted in the launch of the energy-efficient SE series air conditioner, addressing consumer demands for energy savings, comfort, and health [1][6] - The SE series air conditioner has achieved impressive sales of 100,000 units within two months and has received over 50,000 reviews with zero negative feedback, highlighting its market acceptance [1] - The air conditioner features TCL's AI energy-saving technology, which can save up to 217 kWh annually, and its performance exceeds national energy efficiency standards [1] Product Features - The SE series includes a fifth-generation 58°C high-temperature self-cleaning function, ensuring deep cleaning for a healthier user experience [2] - The air conditioner is equipped with a large diameter non-uniform flow fan and an optimized air duct system, enabling rapid cooling and heating in 30 seconds and 60 seconds, respectively [1] Service and Support - JD.com has established itself as a leader in home appliance installation services, offering a "same-day purchase and installation" service for the SE series air conditioner, significantly reducing wait times for consumers [4] - The professional support from JD.com's installation services has helped TCL maintain its top position in the "Home Appliance Brand Experience Competitiveness" ranking on JD.com [5] Future Outlook - The partnership between JD.com and TCL aims to set new benchmarks for innovation in the home appliance industry, focusing on product quality, service excellence, and mutual benefits for consumers [6]

Investment Rating - The report assigns a "Buy" rating for TCL Technology with a target price of 5.93 CNY, based on its strong market position and growth potential in the semiconductor display and photovoltaic sectors [9]. Core Insights - TCL Technology is a global leader in semiconductor displays and photovoltaic silicon wafers, with a strong profitability outlook driven by government subsidy policies and strategic share buybacks [1][2]. - The company has shown significant revenue growth, with a projected revenue of 802.24 billion CNY for the first half of 2024, representing a year-on-year increase of 192.28% in net profit [1][36]. - The company is well-positioned to benefit from the ongoing demand for large-sized TV panels and the recovery of the OLED market, as well as the anticipated rebound in the photovoltaic industry [3][5][6]. Summary by Sections Company Overview - TCL Technology focuses on semiconductor displays and renewable energy, aiming to become a leading high-tech industrial group globally. The company has a strong market presence in TV panels and flexible OLEDs, ranking among the top in the industry [16][17]. Semiconductor Display Business - The semiconductor display segment is TCL's primary business, contributing 47.98% of total revenue in 2023. The company has seen a 40.39% year-on-year increase in revenue for this segment in the first half of 2024, with net profit improving significantly [27][29][36]. - The large-size panel market is benefiting from government subsidies, which are expected to drive demand and stabilize prices. TCL's market share in TV panels remains strong, with a focus on high-generation production lines [3][4]. Photovoltaic Business - The photovoltaic segment, while facing short-term challenges due to supply-demand imbalances, is expected to recover as the industry undergoes a restructuring phase. TCL's market share in photovoltaic silicon wafers is the highest in the industry [6][30]. - The company is committed to technological innovation and cost reduction to enhance its competitive edge in the photovoltaic sector [6][30]. Financial Performance - TCL Technology's financial health has improved, with a significant increase in operating income and net profit. The company reported a net profit of 9.95 billion CNY in the first half of 2024, marking a substantial increase from the previous year [1][36]. - The company has maintained a stable expense ratio while increasing its R&D investment, which reached 103.09 billion CNY in 2023, representing 5.91% of its revenue [42][44].

Investment Rating - The report assigns a "Buy" rating for TCL Technology with a target price of 5.93 CNY, reflecting a positive outlook for the company's performance in the coming years [9]. Core Insights - TCL Technology is positioned as a global leader in semiconductor display and photovoltaic silicon wafer industries, with strong profitability and growth potential. The company reported a significant increase in revenue and net profit for the first half of 2024, driven by its semiconductor display business [1][7]. - The company is actively pursuing share buybacks and strategic acquisitions to enhance shareholder value and strengthen its market position [2]. - Government subsidy policies are expected to stimulate demand for large-sized TVs, benefiting TCL's sales and market share [3]. Summary by Sections Company Overview - TCL Technology focuses on semiconductor display and new energy photovoltaic sectors, aiming to become a leading high-tech enterprise globally. The company has a strong market presence, with TCL Huaxing ranking second in global TV panel shipments and TCL Zhonghuan leading in photovoltaic silicon wafer market share [1][16]. Semiconductor Display Business - The semiconductor display segment is TCL's primary business, contributing 47.98% to total revenue in 2023. The company achieved a revenue of 498.77 billion CNY in the first half of 2024, marking a 40.39% year-on-year increase [27][29]. - The large-sized panel market is experiencing growth due to government incentives, with TCL Huaxing maintaining a strong competitive position [3][29]. Photovoltaic Business - The photovoltaic segment accounted for 33.92% of TCL's total revenue in 2023. Despite facing short-term challenges due to supply-demand imbalances, TCL Zhonghuan is expected to benefit from long-term market growth [30][36]. - The company is focusing on cost reduction and efficiency improvements to enhance its competitive edge in the photovoltaic industry [30]. Financial Performance - TCL Technology's financial performance has shown significant improvement, with total revenue increasing from 766.77 billion CNY in 2020 to 1743.67 billion CNY in 2023. The net profit for the first half of 2024 reached 9.95 billion CNY, a 192.28% increase year-on-year [32][34]. - The company has maintained a stable gross margin, with the semiconductor display business achieving a gross margin of 18.80% in the first half of 2024 [36][39]. Future Outlook - The report forecasts revenue growth for TCL Technology, estimating revenues of 1694.57 billion CNY, 1956.04 billion CNY, and 2172.38 billion CNY for 2024, 2025, and 2026, respectively. The net profit is projected to reach 16.88 billion CNY in 2024 [7][8].

Investment Rating - The report assigns a "Buy" rating for TCL Technology with a target price of 5.93 CNY, based on its strong market position and growth potential in the semiconductor display and photovoltaic sectors [9]. Core Insights - TCL Technology is a global leader in semiconductor displays and photovoltaic silicon wafers, with a strong profitability outlook driven by government subsidies and strategic share buybacks [1][2]. - The company has shown significant revenue growth, with a projected revenue of 802.24 billion CNY for the first half of 2024, representing a 192.28% year-on-year increase in net profit [1][7]. - The company is well-positioned to benefit from the ongoing demand for large-sized TV panels, supported by government recycling subsidies and a recovering market [3][4]. Summary by Sections Company Overview - TCL Technology focuses on semiconductor displays and new energy photovoltaics, aiming to become a leading high-tech industrial group globally [16][17]. - The company has a strong market presence, ranking second globally in TV panel shipments and first in photovoltaic silicon wafer market share [1][17]. Semiconductor Display Business - The semiconductor display segment is TCL's primary business, contributing 47.98% of total revenue in 2023, with a significant increase in profitability due to improved market conditions [27][29]. - TCL Huaxing, the subsidiary responsible for this segment, achieved a revenue of 498.77 billion CNY in the first half of 2024, a 40.39% increase year-on-year [29][36]. Photovoltaic Business - The photovoltaic segment, while facing short-term challenges due to supply-demand imbalances, is expected to recover as the industry undergoes a restructuring phase [6][30]. - TCL Zhonghuan, the subsidiary for this segment, reported a revenue of 162.13 billion CNY in the first half of 2024, a decrease of 53.54% year-on-year, indicating current operational challenges [30][36]. Financial Performance - The company has shown a consistent improvement in financial metrics, with a significant increase in net profit and revenue over the past few years, driven by the recovery in the semiconductor display market [32][34]. - The gross margin for the semiconductor display business improved to 18.80% in the first half of 2024, reflecting better pricing and cost management [36][39]. Future Outlook - The report forecasts revenue growth for TCL Technology, estimating revenues of 1694.57 billion CNY, 1956.04 billion CNY, and 2172.38 billion CNY for 2024, 2025, and 2026 respectively [7]. - The company is expected to continue benefiting from government policies aimed at boosting consumer electronics demand, particularly in the TV panel market [3][4].

Core Viewpoint - The article discusses the recent launches of new television products by TCL and LG Electronics, highlighting their innovative features and pricing strategies in the competitive TV market [1][3]. TCL's New Product Launch - TCL has introduced the Q10L series QD-MiniLED televisions, available in four sizes: 65 inches, 75 inches, 85 inches, and 98 inches, with prices starting from 7499 yuan for the standard version and 8999 yuan for the Pro version [1]. - The Q10L series features a customized high-end material screen, eliminating black edges for an immersive viewing experience, and boasts a peak brightness of 4500 nits for the standard version and 6500 nits for the Pro version [2]. - The standard version includes 1680 local dimming zones and a professional color accuracy of ΔE < 0.99, while the Pro version has 3024 local dimming zones [2]. LG Electronics' New Product Launch - LG Electronics announced its 2025 OLED and QNED television models, set to launch globally starting March 18, focusing on user-friendly AI and enhanced picture quality [3]. - The new OLED Evo series features improved display algorithms and a new Alpha 11 processor, which enhances image quality by analyzing pixel-level details [4]. - LG's OLED screens are the first in the industry to receive UL Solutions certification for "perfect black," ensuring consistent black levels regardless of brightness or ambient light [5]. Pricing Information - In the Korean market, the pricing for LG's OLED series ranges from approximately 31,930 to 44,901 yuan for the 77-inch model and 45,899 to 64,857 yuan for the 83-inch model [7]. - The QNED series pricing includes 75-inch models priced between 15,915 and 23,398 yuan, and the 100-inch model priced at approximately 44,402 yuan [7].

文｜新浪财经 周文猛 过去4年，TCL华 星 新增固定资产投资 达 1080 亿元 ， TCL 在 半导体 显示产业累计投资 达 2700 亿元 ， TCL 创始人、董事长李东生对中国科技制造的发展有着充分的 信心， 敢于 为未来 投资。 亲自投身科技制造业的经历，让他洞悉了这一领域发展中的痛点、难点。因此，作为全国人大代 表的李东生，几乎每年两会都会提出一项跟制造业相关的建议。 今年两会，李东生又一次围绕优化科技制造业融资环境提出建议。李东生告诉新浪财经，"5年 后，TCL华星、京东方等国内制造业企业，将不需要再依靠资本市场融资来发展，靠自身资金就 足够滚动了。但未来3年到5年，融资还是发展的一个必要条件"。 此外，围绕时下备受关注的生成式人工智能发展，李东生也提出了"加强AI深度伪造欺诈管理"的 建议。在他看来，"人工智能的发展，同样需要加以监督管理"。 5年后 有些企业将不依靠融资发展 近年来，全国人大代表、格力电器董事长董明珠一直都是全国两会上的话题人物。她一直关注民 生和经济领域的热点问题，从个税改革到制造业创新，从加强知识产权保护到提高一线工人待 遇，提出了许多备受关注的建议，并引发广泛讨论。 过 ...

"24TCLK1"债券转售实施结果公告 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。 证券代码：000100 证券简称：TCL 科技 公告编号：2025-011 债券代码：148600 债券简称：24TCLK1 TCL 科技集团股份有限公司 根据《TCL科技集团股份有限公司2024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》的约定，"24TCLK1"的债券持有人在回售登记 期内（2024年12月19日至2024年12月23日，仅限交易日）选择将其所持有的"24TCLK1" 全部或部分回售给TCL科技集团股份有限公司（以下简称"公司"或"发行人"）， 回售价格为100元/张（不含利息），回售资金发放日为2025年2月5日（2025年2月1 日为节假日，顺延至其后的第1个交易日）。 TCL 科技集团股份有限公司 董事会 2025 年 3 月 6 日 特此公告。 根据中国证券登记结算有限责任公司深圳分公司提供的数据，"24TCLK1"在回 售登记期内回售数量2,400,000张，回售金额240,000,000元。 ...

Core Viewpoint - TCL Huaxing showcases its advanced display technologies at MWC 2025, emphasizing its commitment to sustainable development, visual health, and enhanced user experience through innovative products [1][10]. APEX ZhenTu Deep Application - APEX ZhenTu brand aims to upgrade consumer visual experiences by integrating green and low-carbon concepts into display technology innovations [2]. - The world's first low-power OLED mobile screen (6.36") utilizes LTPO technology to dynamically adjust refresh rates, significantly reducing power consumption by 7.9% at 120Hz and 13.2% in partitioned mode [2]. Visual Health Focus - TCL Huaxing introduces the WQHD 120Hz LTPS circular polarized eye-care screen (6.67"), which reduces glare and enhances contrast for a clearer viewing experience [3]. - The "Moth Eye" bionic eye-care tablet (12.1") employs multiple anti-glare and anti-reflection technologies to improve visual comfort and reduce blue light exposure [4]. Enhanced Display Experience - The world's first 4K 144Hz AI tablet (13.0") features advanced AI algorithms for dynamic frequency adjustment, achieving a 21% reduction in power consumption compared to traditional solutions [7]. - The ultra-low power VR headset (2.56") combines COA technology with high-efficiency Mini LED backlighting, improving light efficiency by approximately 40% [8]. Cutting-edge Display Technology - TCL Huaxing is advancing printing OLED, QD-EL, and Mini LED technologies, showcasing products like the world's highest brightness printed QD-EL laptop screen (14") with over 85% BT2020 color gamut coverage [12]. - The first mass-produced printed OLED 4K professional display (21.6") is designed for high-end users, featuring over 99% DCI-P3 color gamut coverage [14]. Collaborative Innovations - TCL Huaxing collaborates with leading brands like Lenovo and Xiaomi to develop innovative display solutions, including the world's first under-screen camera OLED laptop screen (14") with a 98% screen-to-body ratio [16][18]. - The ultra-low power foldable screen (6.9") reduces power consumption by 30% compared to previous generations, enhancing user experience [21]. Future Directions - TCL Huaxing aims to become a global leader in display solutions by focusing on consumer experience upgrades and fostering a close ecosystem with global partners [23].