Core Insights - TCL Technology reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 135.9 billion yuan, a year-on-year growth of 10.5%, and net profit attributable to shareholders at 3.05 billion yuan, up 99.8% [1] - The strong performance is primarily driven by the panel business, which generated 78.01 billion yuan in revenue, a 17.5% increase, and a net profit of 6.1 billion yuan, reflecting a 53.5% year-on-year growth [1][2] Business Performance - The panel business shows a positive trend with large-size panels maintaining a leading market share of 25% in the TV and commercial display sectors, while small and medium-sized panels are experiencing rapid growth [2] - In the IT sector, monitor sales increased by 10%, and notebook panel sales surged by 63%. In the mobile terminal sector, LCD smartphone panel shipments rose by 28%, and the tablet panel market share increased to 13%, ranking second globally [2] Production and Technology - The company is advancing its capacity integration and technology layout, with the T11 production line achieving significant cost reductions through refined operations, while the T9 line focuses on high-end markets [2] - The T4 (G6 generation) OLED line is operating steadily, with the flexible OLED smartphone market maintaining the fourth position globally, and the proportion of high-end model shipments is continuously improving [2][3] Innovation and Market Expansion - TCL Huaxing is accelerating the commercialization of cutting-edge technologies such as printed OLED and Micro LED, with the 8.6-generation printed OLED production line recently commencing construction [3] - The company has seen significant success in expanding overseas markets, particularly in India, where large-size TV products have doubled in growth, and a new module factory in Vietnam is expected to contribute to overseas business growth in the fourth quarter [3] Future Outlook - Industry experts believe that TCL Technology is entering a new phase of high-quality development, benefiting from a recovering industry trend and the gradual release of technological dividends, with new businesses like printed OLED and Micro LED entering a critical customer validation period [3]

证券代码：000100 证券简称：TCL 科技 公告编号：2025-095 TCL 科技集团股份有限公司 2025 年前三季度计提资产减值准备的公告 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、误导性陈述或重大遗漏。 一、本次计提资产减值准备情况概述 （一）资产减值准备计提情况 根据《企业会计准则》《深圳证券交易所股票上市规则》相关规定，为了更加 真实、准确地反映 TCL 科技集团股份有限公司（以下简称"公司"）截至 2025 年 9 月 30 日的财务状况和资产价值，公司对合并报表范围内各类资产进行了全面清查 和减值测试，基于谨慎性原则，对截至 2025 年 9 月 30 日存在减值迹象的相关资产 计提相应的减值准备。经测试，具体情况如下： 单位：千元 | 项目 | 期初余额 | 本年增加 | 本年减少 | | 汇率及其 | 期末余额 | | --- | --- | --- | --- | --- | --- | --- | | | | | 转回 | 转销或核销 | 他变动 | | | 坏账准备 | 828,490 | 69,095 | 49,287 | 24 ...

（2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向公司股东提供网络形式的投票平台，公司股东可 以在网络投票时间内通过上述系统行使表决权。 公司股东只能选择现场投票（现场投票可以委托他人代为投票）或网络投票中 的一种表决方式，如同一表决权通过现场、交易系统或互联网投票系统重复进 行表决的，以第一次投票结果为准。 证券代码：000100 证券简称：TCL 科技 公告编号：2025-093 TCL 科技集团股份有限公司 关于召开 2025 年第六次临时股东会的通知 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、召开会议的基本情况 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1、股东会届次：2025 年第六次临时股东会； | | | | | | | | 2、召集人：TCL 科技集团股份有限公司董事会； | | | | | | | | 3、会议召开的合法性、合规性情况：本次股东会会议的召开符合上 ...

Core Viewpoint - TCL Technology reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong operational performance and market demand [1] Financial Performance - In Q3 2025, TCL achieved operating revenue of 50.383 billion yuan, representing a year-on-year increase of 17.71% [1] - The net profit attributable to shareholders for the same period was 1.163 billion yuan, showing a remarkable year-on-year growth of 119.44% [1] - Basic earnings per share for Q3 2025 were 0.059 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, TCL's operating revenue reached 135.943 billion yuan, reflecting a year-on-year increase of 10.50% [1] - The net profit attributable to shareholders for the first three quarters was 3.047 billion yuan, with a year-on-year growth of 99.75% [1] - Basic earnings per share for the first three quarters were 0.1604 yuan [1]

本议案已经公司董事会审计委员会审议通过。 二、会议以 11 票赞成，0 票弃权，0 票反对审议并通过《关于境外全资子公 司境外发行债券并由公司提供担保的议案》 为优化融资结构、拓宽融资渠道、降低融资成本、节省财务费用，公司拟通 过境外全资子公司 TCL Technology Capital Limited 作为发行主体，在境外发行总 额不超过 20 亿人民币（含 20 亿人民币）或等值其他币种的境外债券，并由公司 为前述境外债券发行提供担保。 详情请见与本决议公告同日发布在指定信息披露媒体上的公司《关于境外全 资子公司境外发行债券并由公司提供担保的公告》。 证券代码：000100 证券简称：TCL 科技 公告编号：2025-092 TCL 科技集团股份有限公司 第八届董事会第十六次会议决议公告 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。 TCL 科技集团股份有限公司（以下简称"上市公司"或"公司"）第八届董 事会第十六次会议于 2025 年 10 月 27 日以邮件形式发出通知，并于 2025 年 10 月 30 日以通讯方式召开。本次 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2025-094 TCL 科技集团股份有限公司 关于境外全资子公司境外发行债券并由公司提供担保的公告 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。 为优化融资结构、拓宽融资渠道、降低融资成本、节省财务费用，TCL 科 技集团股份有限公司（以下简称"公司"）拟通过境外全资子公司 TCL Technology Capital Limited 作为发行主体，在境外发行总额不超过 20 亿人民币（含 20 亿人 民币）或等值其他币种的境外债券，并由公司为前述境外债券发行提供担保，具 体内容如下： | 项目 | 内容 | | --- | --- | | 发行主体 | TCL Technology Capital Limited | | 发行品种 | 境外债券 | | 发行规模 | 发行总额不超过 20 亿人民币（含 20 亿人民币）或等值其他币种，可在授 | | | 权有效期内采取一次或分期发行，具体分期、每期发行额度等将提请股东 | | | 会授权董事会或董事会授权人士在上述总额度范围内视 ...

Financial Performance - The company achieved operating revenue of CNY 50.38 billion in Q3 2025, representing a year-on-year increase of 17.71%[11] - Net profit attributable to shareholders reached CNY 1.16 billion in Q3 2025, a significant increase of 119.44% compared to the same period last year[11] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 870.13 million, up 412.11% year-on-year[11] - The company reported a net cash flow from operating activities of CNY 33.84 billion for the year-to-date, reflecting a growth of 53.80%[11] - The company’s basic earnings per share for Q3 2025 were CNY 0.059, an increase of 106.29% year-on-year[11] - The company’s weighted average return on equity was 2.14%, an increase of 1.14 percentage points year-on-year[11] - The company’s total equity attributable to shareholders increased by 14.60% to CNY 60.93 billion compared to the end of the previous year[11] - Total operating revenue increased to CNY 136.06 billion, up from CNY 123.13 billion, representing an increase of approximately 10.5% year-over-year[42] - Operating profit turned positive at CNY 1.14 billion, compared to a loss of CNY 1.74 billion in the previous period[42] - Net profit for the period was CNY 482.55 million, a significant recovery from a net loss of CNY 1.83 billion in the prior year[42] - The net profit attributable to the parent company shareholders was CNY 3,046,792,403, compared to CNY 1,525,319,763 in the previous period, reflecting a significant increase[43] - The total comprehensive income attributable to the parent company owners was CNY 2,969,929,032, up from CNY 1,691,841,649 year-over-year[43] - Basic earnings per share increased to CNY 0.1604 from CNY 0.0821, indicating improved profitability[43] Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 381.65 billion, a slight increase of 0.90% from the previous year[11] - Total current assets rose to CNY 109.37 billion, an increase of 14.7% from CNY 95.37 billion at the beginning of the period[40] - Total liabilities increased to CNY 257.93 billion, up from CNY 245.55 billion, reflecting a growth of approximately 5.1%[40] - Cash and cash equivalents decreased to CNY 20.22 billion from CNY 23.01 billion, a decline of about 12.1%[39] - Inventory levels increased to CNY 21.14 billion, up from CNY 17.59 billion, indicating a rise of approximately 20.5%[39] - The company's total assets reached CNY 381.65 billion, slightly up from CNY 378.25 billion, reflecting a growth of approximately 0.6%[41] - Shareholders' equity attributable to the parent company increased to CNY 60.93 billion from CNY 53.17 billion, representing a growth of about 14.6%[41] Debt Management - The company's debt-to-asset ratio increased to 67.6%, up 2.7 percentage points from the beginning of the year, primarily due to significant new investments and acquisitions[16] - The company plans to manage its debt-to-asset ratio within a reasonable range while ensuring industrial development through improved operational efficiency and prudent financing[16] Business Segments and Growth - In the third quarter, TCL Huaxing achieved a total 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% year-on-year[18] - The market share for large-size panels increased by 5 percentage points to 25%, while the small and medium-size business saw a 63% year-on-year surge in notebook sales[19] - The semiconductor materials business generated revenue of 4.24 billion yuan, reflecting a year-on-year growth of 28.7%[24] - The new energy photovoltaic business reported sales revenue of 16.01 billion yuan, with a quarter-on-quarter improvement of 22% in the third quarter[25] - The company’s other business, including OEM operations, achieved revenue of 16.86 billion yuan, a year-on-year increase of 10%[28] Operational Efficiency - The T11 production line integration has led to a significant reduction in unit costs and enhanced operational efficiency[20] - The G5.5 printed OLED production line capacity is set to increase from 3K/month to 9K/month, with stable product quality improvements[21] - The company is focusing on enhancing its product structure and optimizing supply chain management, resulting in a reduction of non-silicon costs by over 40% since the beginning of the year[25] Strategic Initiatives - The company is actively expanding its global strategy, with significant growth in the Indian market, where large-size TV products doubled in sales[22] - The Micro LED technology is expected to achieve mass production and stable delivery by the end of the year, capitalizing on the strong growth in the AR glasses market[21] Shareholder Information - The total number of common shareholders at the end of the reporting period was 671,098[31] - The largest shareholder, Ningbo Jiutian Liancheng Equity Investment Partnership, holds 6.09% of shares, totaling 1,266,680,807 shares[31] - The second-largest shareholder, Shenzhen Major Industry Development Phase I Fund, holds 4.74% of shares, totaling 986,292,106 shares[31] Derivative Investments - The company has engaged in derivative investments for hedging purposes, with a total contract amount of 5,134,532,000 RMB at the end of the reporting period, representing 41.50% of the company's net assets[36] - The company reported a loss of 9,771,000 RMB from fair value changes of hedged items during the reporting period[36] Acquisitions - The company plans to acquire a 21.5311% stake in Shenzhen Huaxing Optoelectronics Technology Co., Ltd. through a share issuance and cash payment[37] - The company received approval from the China Securities Regulatory Commission for the asset acquisition on June 27, 2025[37] - The company completed the registration of the acquired assets on July 1, 2025[37] - The company issued new shares related to the asset acquisition on July 10, 2025[37] - The fundraising for the acquisition was completed in September 2025[37] Cash Flow Management - Operating cash flow generated was CNY 33,836,602,144, compared to CNY 22,000,714,536 in the previous period, showing a strong operational performance[45] - Cash inflow from operating activities totaled CNY 161,530,975,498, up from CNY 131,460,510,146, indicating robust sales growth[44] - Cash outflow for investing activities was CNY 107,550,368,010, compared to CNY 82,407,266,125, reflecting increased investment efforts[45] - The net cash flow from financing activities was negative at CNY -11,998,268,686, compared to a positive CNY 6,845,848,556 in the previous period, indicating higher debt repayments[45] - The ending cash and cash equivalents balance decreased to CNY 18,392,144,402 from CNY 22,263,673,226, reflecting cash management challenges[45] - The company reported a total cash inflow from investment activities of CNY 83,052,444,982, significantly higher than CNY 55,853,945,843 in the previous period[45] Audit Information - The company did not undergo an audit for the third quarter financial report[46]

Market Overview - The optical and optoelectronic sector experienced a decline of 1.65% on October 30, with Tengjing Technology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the optical and optoelectronic sector included: - *ST Hengjiu: Closed at 6.11, up 4.98% with a trading volume of 247,200 shares and a turnover of 149 million yuan [1] - ST Changfang: Closed at 2.27, up 2.25% with a trading volume of 147,600 shares and a turnover of 33.54 million yuan [1] - Huichuangda: Closed at 35.89, up 2.13% with a trading volume of 77,300 shares and a turnover of 275 million yuan [1] - Major decliners included: - Eagle View Technology: Closed at 117.60, down 11.60% with a trading volume of 118,100 shares and a turnover of 1.471 billion yuan [2] - Longli Technology: Closed at 19.37, down 7.72% with a trading volume of 131,300 shares and a turnover of 259 million yuan [2] - Hebitai: Closed at 3.26, down 6.59% with a trading volume of 3.8122 million shares and a turnover of 1.263 billion yuan [2] Capital Flow - The optical and optoelectronic sector saw a net outflow of 1.434 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.226 billion yuan [2] - Specific stock capital flows included: - TCL Technology: Net inflow of 159 million yuan from institutional investors, with a net outflow of 17.2 million yuan from retail investors [3] - Su Da Weige: Net inflow of 105 million yuan from institutional investors, with net outflows from both retail and speculative investors [3] - Wanrun Technology: Net inflow of 49.84 million yuan from institutional investors, with a net outflow from speculative investors [3]

Core Viewpoint - TCL Technology's stock has shown fluctuations with a recent increase of 2.11%, while the company has experienced a year-to-date decline of 12.65% in stock price [1] Financial Performance - For the first half of 2025, TCL Technology reported a revenue of 856.62 billion yuan, marking a year-on-year growth of 6.67%, and a net profit attributable to shareholders of 18.84 billion yuan, which represents a significant increase of 89.26% compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders for TCL Technology was 686,400, a decrease of 6.61% from the previous period, while the average number of circulating shares per person increased by 7.06% to 26,366 shares [2] - The company has cumulatively distributed 146.83 billion yuan in dividends since its A-share listing, with 24.91 billion yuan distributed over the last three years [3] Stock Market Activity - As of October 30, 2023, TCL Technology's stock price was 4.35 yuan per share, with a total market capitalization of 904.84 billion yuan. The stock has seen a trading volume of 10.78 billion yuan and a turnover rate of 1.39% [1] - The net inflow of main funds was 1.32 billion yuan, with significant buying activity from large orders [1]

Group 1 - The photovoltaic sector is experiencing a rise despite the overall market decline, with the Photovoltaic 50 ETF (516880) increasing by over 1% [1] - Key stocks in the photovoltaic sector, such as Arctech, GoodWe, and Sungrow, have seen significant price increases, with Arctech rising over 11% and GoodWe over 10% [1] - GoodWe's Q3 2025 report shows a substantial revenue increase of 25.30% year-on-year, reaching 6.194 billion yuan, and a net profit surge of 837.57%, amounting to 81.12 million yuan [1] Group 2 - The A-share market is benefiting from multiple favorable factors, including a national emphasis on technological self-reliance and modern industrial system construction, which provides a clear investment path [2] - The market's risk appetite has been significantly boosted, creating a favorable external environment for the A-share market, with expectations of a steady upward trend [2] - Short-term investment opportunities are suggested in sectors such as photovoltaic equipment, energy metals, grid equipment, and securities [2]