Core Insights - A new private equity fund named Shenzhen Jiutian Zhicheng Ultra HD Display Industry Private Equity Venture Capital Fund Partnership (Limited Partnership) has been established with a total investment of 2 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by TCL Technology and Shenzhen Guiding Fund Investment Co., Ltd. among others [1]

Core Insights - A new private equity fund named Shenzhen Jiutian Zhicheng Ultra HD Display Industry Private Equity Venture Capital Fund has been established with a capital contribution of 2 billion RMB [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] - Key partners in the fund include Shenzhen Guiding Fund Investment Co., TCL Technology, Shenzhen Guangming District Guiding Fund Investment Management Co., and Shenzhen Jiutian Zhicheng Management Consulting Partnership [1] Group 1 - The fund was formed as a limited partnership and is managed by Shenzhen Jiutian Zhicheng Management Consulting Partnership [2] - The establishment date of the fund is October 28, 2025, with no fixed business duration [2] - The fund is registered under the unified social credit code 91440300MA5J30QF8N and has a business registration number of 440300227255843 [2] Group 2 - The fund's primary business location is in the Phoenix Street, Dongkeng, Guangming District, Shenzhen [2] - The fund is classified under the capital market services industry [2] - The fund's general business projects are unspecified, while its licensed business projects include private equity investment, investment management, and asset management, subject to approval by relevant authorities [2]

Core Insights - Shenzhen Jiutian Zhicheng Ultra HD Display Industry Private Equity Fund has been established with a capital contribution of 2 billion RMB, focusing on private equity investment, investment management, and asset management activities [2][5]. Group 1: Fund Details - The fund is a limited partnership and is managed by Shenzhen Jiutian Zhicheng Management Consulting Partnership [2][5]. - The founding partners include Shenzhen Guiding Fund Investment Co., TCL Technology (000100), Shenzhen Guangming District Guiding Fund Investment Management Co., and Shenzhen Jiutian Zhicheng Management Consulting Partnership [2]. Group 2: Operational Information - The fund's business scope includes private equity investment, investment management, and asset management, subject to relevant approvals [5]. - The fund is registered in Shenzhen and has a business duration that extends indefinitely [5].

Core Insights - The meeting between Jiangsu's Governor Liu Xiaotao and TCL's founder Li Dongsheng highlights TCL's commitment to investing in Jiangsu and its role in advancing the province's manufacturing and technology sectors [1] Group 1: Government Initiatives - Governor Liu emphasized the importance of building a modern industrial system centered on advanced manufacturing and strengthening the real economy [1] - The government aims to enhance the international competitiveness of the integrated circuit industry and accelerate the development of the new energy industry cluster [1] - Liu expressed the intention to create a top-tier business environment and provide high-quality services to ensure successful cooperation with TCL [1] Group 2: TCL's Commitment - Li Dongsheng acknowledged Jiangsu's strong economic strength, solid industrial foundation, and favorable business environment as key reasons for TCL's focus on the region [1] - TCL plans to increase investment and accelerate the industrialization of key core technologies [1] - The company aims to actively participate in the intelligent, green, and integrated development of Jiangsu's manufacturing industry, promoting mutual benefits and shared progress [1]

Core Points - TCL Technology Group Co., Ltd. held its fifth extraordinary general meeting of shareholders in 2025 [1] - The board of directors guarantees the authenticity, accuracy, and completeness of the announcement content, ensuring no false records, misleading statements, or significant omissions [1] Summary by Sections - **Company Announcement** - The announcement is identified as the fifth extraordinary general meeting resolution for the year 2025 [1] - The date of the announcement is October 27, 2025 [1] - **Board Assurance** - The entire board of directors affirms the reliability of the announcement [1] - Emphasis on the absence of misleading information or significant omissions in the report [1]

Core Viewpoint - The restructuring case of Sunwoda Group has encountered unexpected changes, particularly with the sudden request from Saimaco Advanced Materials Co., Ltd. to postpone the creditors' meeting scheduled for October 21, 2025, due to their exclusion from the investor consortium [1][5]. Group 1: Restructuring Process - On March 20, 2025, the Ningbo Yinzhou District People's Court ruled to conduct substantial consolidation restructuring for Sunwoda Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [2] - After two rounds of selection, the restructuring investor consortium was finalized to include New Yangzi, Jiangsu New Yang Ship Investment Co., Ltd., China Orient Asset Management Co., Ltd. Shenzhen Branch, and Xiamen TCL Technology Industry Investment Partnership [2][3]. - The consortium plans to control 23.36% of Sunwoda's shares through a three-step plan [2]. Group 2: Saimaco's Exclusion - Saimaco claims they were excluded from the consortium without proper communication, despite being part of the initial selection process [5][6]. - They filed a lawsuit to declare the restructuring agreement invalid, citing that their exclusion violated the agreement terms [5][6]. - Saimaco argues that their exclusion has severely impacted their rights to benefit from the rising stock price of Sunwoda [11]. Group 3: New Yangzi's Role - New Yangzi, initially a financial investor, has shifted to a controlling role in the restructuring process, indicating a strategic pivot towards long-term operational control [13][14]. - The restructuring process has been influenced by a mysterious organizer, believed to be linked to a local asset management company, who initially facilitated the involvement of Saimaco [14]. - New Yangzi's decision to take control reflects a broader strategy to transition from financial investment to operational management in the industry [13][14].

证券代码：000100 证券简称：TCL 科技 公告编号：2025-090 TCL 科技集团股份有限公司 2025 年第五次临时股东会决议公告 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。 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 10 月 27 日（星期一）下午 14:30； 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 5,163 人，代表股份 4,815,671,319 股，占有表决权总股 份的 23.3474 %（截至股权登记日，公司总股本为 20,800,862,447 股，其中公司已回 购的库存股份数量为 174,747,985 股，该等股份不享有表决权）。 其中，现场投票的股东（代理人） 13 人，代表股份 1,866,475,668 股，占有 表决权总股份的 9.0491 %；通过网络投票的股东共计 5,150 人，代表股份 2,949,195,6 ...

北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2025年第五次临时股东会的法律意见书 北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2025年第五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 t m = 5 m 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 嘉源(2025)-04-757 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年第五次临时股东会(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 ...

Core Viewpoint - The article discusses the evolution of Head-up Display (HUD) technology in smart cockpits, highlighting the increasing interest in Micro LED technology due to its high brightness and contrast, which meets the growing demands of automotive displays [2][3][4]. Group 1: Evolution of HUD Technology - HUD technology originated in military aircraft to provide pilots with critical information without looking down [3]. - The introduction of HUD in the automotive sector faced challenges due to high manufacturing costs and limited product maturity [3]. - Recent advancements in smart cockpits and ADAS have increased the need for HUDs to display various information, making them essential for safety and information access [3][4]. - The evolution of HUDs includes transitions from traditional C-HUD to W-HUD, AR-HUD, and P-HUD, with increasing requirements for brightness, contrast, and reliability [3][4]. Group 2: Micro LED Technology - Micro LED technology is characterized by high brightness, contrast, and transparency, making it suitable for AR-HUD and P-HUD applications in vehicles [4]. - The demand for Micro LED HUDs is driven by the need for better integration of virtual and real information in automotive settings [4]. Group 3: Panel Manufacturers' Involvement - Major panel manufacturers such as TCL, BOE, and others are rapidly entering the Micro LED HUD market, launching new products and technologies [5][15]. - The competition among panel manufacturers is intensifying as they aim to establish a foothold in the emerging HUD technology market [5][15]. Group 4: Product Highlights - TCL has introduced a 10.25-inch Micro LED HUD with a brightness of 20,000 nits in 2023 and plans to launch a 14.3-inch version by 2025 [6][7]. - BOE has launched a 6.2-inch RGB Micro LED HUD with a brightness of 30,000 nits and a monochrome version with a peak brightness of 300,000 nits [8]. - Other manufacturers like Deepinma and Innolux are also developing high-brightness Micro LED HUD products, emphasizing high resolution and contrast [10][13]. Group 5: Market Dynamics and Financial Performance - The automotive display market is seen as a stable and profitable sector compared to the volatile consumer electronics market, with high reliability and long certification cycles [15][16]. - Deepinma reported a revenue of 17.475 billion yuan in the first half of the year, with a 27% growth in automotive display revenue [16][17]. - BOE's automotive display business achieved a revenue of 6.245 billion HKD, reflecting a 9% increase year-on-year [16][17]. Group 6: Strategic Shifts in the Panel Industry - The panel industry is transitioning from traditional LCD technologies to advanced solutions like Micro LED, driven by the need for higher value-added products [18][20]. - The restructuring of the automotive supply chain allows panel manufacturers to engage directly with automakers, enhancing their competitive position [19][20]. - Manufacturers are investing in Micro LED production lines to prepare for future market demands [21]. Group 7: Future Outlook - Micro LED HUDs are expected to first appear in high-end vehicles before becoming more accessible in mid-range models as technology matures and costs decrease [22]. - The article emphasizes the importance of overcoming technical challenges in the Micro LED industry, such as high costs and yield rates, to succeed in the automotive display market [22].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and Midea Group, while Budweiser Asia is rated "Neutral" [1]. Core Insights - In September, total retail sales of consumer goods in China reached 4.1971 trillion yuan, reflecting a year-on-year increase of 3.0%. Excluding automobiles, retail sales amounted to 3.7260 trillion yuan, up 3.2% year-on-year [6][7]. - Pop Mart reported a significant revenue growth of 245%-250% in Q3, with domestic revenue increasing by 185%-190% and overseas revenue by 365%-370% [6][7]. - Haidilao launched its first sushi restaurant in Hangzhou, focusing on diverse dining options and achieving high customer turnover [6][7]. - Midea Group plans to invest at least 50 billion yuan in R&D over the next three years, targeting advanced technologies [6][7]. - TCL Huaxing's 8.6-generation printed OLED production line commenced construction, with a total investment of approximately 29.5 billion yuan [6][7]. Weekly Performance Summary - Top performers in the F&B sector included Chagee (+8.5%), Xiaocaiyuan (+5.8%), and Yum China (+5.3%). In the home appliance sector, Sanhua (+12.3%), Roborock (+7.7%), and Haier Smarthome (+5.4%) showed strong performance [2][7]. - Underperformers included Helens (-5.7%), Mixue Group (-8.1%), and Guming (-10.1%) in the F&B sector, while Pop Mart experienced a decline of -16.3% in the trendy toy industry [2][7].