证券代码：002129 证券简称：TCL 中环 公告编号：2025-031 TCL 中环新能源科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、基本情况 特此公告 4、住所：天津新技术产业园区华苑产业区（环外）海泰东路 12 号 5、法定代表人：王彦君 6、注册资本：肆拾亿零肆仟叁佰壹拾壹万伍仟柒佰柒拾叁元人民币 7、成立日期：1988 年 12 月 21 日 8、经营范围：半导体材料、半导体器件、电子元件的制造、加工、批发、零售；电子仪器、设 备整机及零部件制造、加工、批发、零售；房屋租赁；经营本企业自产产品及技术的出口业务和本 企业所需的机械设备、零配件、原辅材料及技术的进口业务；太阳能电池、组件的研发、制造、销 售，光伏发电系统及部件的制造、安装、销售；光伏电站运营。（依法须经批准的项目，经相关部 门批准后方可开展经营活动） TCL 中环新能源科技股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开第七届董事 会第十四次会议和第七届监事会第十次会议，于 2025 年 9 月 ...

Core Viewpoint - TCL Zhonghuan reported a decline in revenue for the first three quarters of 2025, but showed improvement in the third quarter with significant year-on-year growth in revenue and a reduction in net losses [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 21.572 billion yuan, a year-on-year decrease of 4.48% [1] - The net loss attributable to shareholders for the first three quarters was 5.777 billion yuan, showing a reduction in losses compared to the previous year [1] - In the third quarter, the company recorded operating revenue of 8.174 billion yuan, representing a year-on-year increase of 28.34% [1] - The net loss attributable to shareholders in the third quarter was 1.534 billion yuan, also reflecting a reduction in losses year-on-year [1] Business Segments - The new energy photovoltaic business generated sales revenue of 16.01 billion yuan, with a quarter-on-quarter improvement of 22% [1] - The semiconductor materials business shipped 907 million square inches (MSI) and achieved operating revenue of 4.24 billion yuan, marking a year-on-year growth of 28.7% [1]

Core Viewpoint - TCL Zhonghuan reported a significant improvement in its third-quarter performance, with a notable increase in revenue while reducing net losses compared to the previous year [1] Financial Performance - Third-quarter revenue reached 8.174 billion yuan, marking a year-on-year increase of 28.34% [1] - Net loss for the third quarter was 1.534 billion yuan, an improvement from a loss of 2.998 billion yuan in the same period last year [1] - For the first three quarters, total revenue was 21.572 billion yuan, reflecting a year-on-year decline of 4.48% [1] - Cumulative net loss for the first three quarters was 5.777 billion yuan, compared to a loss of 6.061 billion yuan in the previous year [1] Industry Context - The photovoltaic industry experienced price fluctuations in the main supply chain due to terminal market demand [1] - From July to September, upstream prices rebounded, positively impacting the profitability of the silicon wafer segment [1] - The company is actively implementing "anti-involution" strategies, focusing on moderate integration and globalization to strengthen its competitive edge in the crystalline silicon wafer business [1] Business Strategy - The company aims to enhance its battery module capabilities and expand its overseas market presence to improve profitability [1] - Year-to-date, the company's photovoltaic business generated sales revenue of 16.01 billion yuan, with a quarter-on-quarter improvement of 22% in the third quarter [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥8,173,514,396.21, an increase of 28.34% compared to the same period last year[5] - The net profit attributable to shareholders was -¥1,534,294,056.87, a decrease of 48.82% year-on-year[5] - The net cash flow from operating activities was ¥632,482,344.14, down 75.31% year-to-date[9] - For the period ending September 2025, the company achieved revenue of RMB 21.572 billion, a year-on-year decrease of 4.48%[15] - The net profit attributable to shareholders was RMB -5.777 billion, an increase of 4.70% year-on-year, with a third-quarter net profit of RMB -1.534 billion, improving by RMB 0.802 billion quarter-on-quarter[15] - Total operating revenue for the third quarter was CNY 21.57 billion, a decrease of 4.48% from CNY 22.58 billion in the previous year[32] - Net loss for the period was CNY 6.57 billion, compared to a net loss of CNY 6.48 billion in the same period last year[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥123,122,820,241.68, a decrease of 1.97% from the end of the previous year[5] - The company's equity attributable to shareholders decreased by 18.69% to ¥25,131,707,789.31 compared to the end of the previous year[5] - The company's total assets decreased to CNY 123.12 billion from CNY 125.60 billion, a decline of 1.98%[30] - Total liabilities increased to CNY 83.09 billion, up from CNY 79.13 billion, reflecting a rise of 4.93%[30] - The equity attributable to shareholders of the parent company decreased to CNY 25.13 billion from CNY 30.91 billion, a drop of 18.67%[30] Cash Flow - The company's long-term equity investments decreased from CNY 1.39 billion to CNY 1.33 billion during the reporting period[28] - The company reported a decrease in cash and cash equivalents from CNY 12.82 billion to CNY 9.95 billion during the reporting period[28] - Operating cash inflow for the current period was $21.41 billion, an increase from $20.22 billion in the previous period, representing a growth of approximately 5.9%[34] - Net cash flow from operating activities decreased to $632.48 million, down from $2.56 billion in the previous period, a decline of about 75.3%[34] - Cash inflow from investment activities totaled $21.05 billion, compared to $23.85 billion in the prior period, reflecting a decrease of approximately 11.7%[34] - Cash inflow from financing activities was $12.37 billion, down from $14.86 billion in the previous period, a decrease of about 16.8%[35] - Cash and cash equivalents at the end of the period stood at $8.89 billion, slightly down from $8.96 billion at the end of the previous period[35] Expenses and Costs - The sales expenses for the year-to-date increased by 38.10% to ¥434,936,846.78, primarily due to the addition of new subsidiaries and increased sales scale[9] - The company experienced a 553.73% increase in income tax expenses, amounting to ¥71,472,046.73 year-to-date[9] - The company reported a 106.69% increase in asset disposal income, totaling ¥2,617,467.5 year-to-date[9] - Research and development expenses increased to CNY 644.26 million, up 19.5% from CNY 539.00 million year-over-year[32] Business Operations and Strategy - The new energy photovoltaic business generated sales revenue of RMB 16.01 billion, with a 22% quarter-on-quarter improvement in the third quarter[16] - The semiconductor materials business achieved a revenue of RMB 4.24 billion, a year-on-year increase of 28.7%, with a total shipment of 907 MSI[17] - The company is focusing on global market expansion, with significant growth in shipments to the Middle East, Latin America, and Australia/New Zealand markets[17] - The company aims to enhance its competitive edge through organizational transformation and process optimization, responding efficiently to market demands[17] - The company plans to leverage its leading position in the industry to support healthy development and integration within the photovoltaic sector[18] - The company will continue to innovate and optimize its business model to ensure financial health and sustainable development[18] Sustainability and Recognition - The company aims to enhance its sustainable development practices and has joined the Global Solar Industry Sustainability Alliance (GSSA) to promote responsible supply chain construction[23] - The company's G12 crystal products received a carbon footprint certificate, demonstrating superior carbon emissions performance compared to similar products[24] - The company successfully delivered a 21.6MW photovoltaic project for the Hefei Metro, expected to reduce carbon emissions by approximately 16,970 tons annually[24] - The company was recognized as one of the "Top 500 Global New Energy Enterprises" for 2025 and included in the S&P Global's inaugural "Tier 1" component manufacturer list[22] Employee and Stock Information - The 2023 employee stock ownership plan did not meet key performance indicators, resulting in 14,391,980 shares reverting to the company[20] - The company's registered capital increased from CNY 4,042,669,215 to CNY 4,043,115,773 due to stock option incentive plan adjustments[25] Miscellaneous - The impact of exchange rate changes on cash and cash equivalents was a positive $28.46 million, contrasting with a negative impact of $34.78 million in the previous period[35] - The third quarter financial report was not audited, indicating that the figures may be subject to further review[36]

TCL中环公告，第三季度营收为81.74亿元，同比增长28.34%；净利润亏损15.34亿元，下降48.82%。前 三季度营收为215.72亿元，下降4.48%；净利润亏损57.77亿元，增长4.70%。 ...

Core Viewpoint - The solar cell industry in China is experiencing significant growth, with a reported production increase of 16.8% year-on-year as of August 2025, indicating a robust market trend and investment potential in this sector [1]. Industry Summary - As of August 2025, China's solar cell (photovoltaic cell) production reached 69.86 million kilowatts, reflecting a year-on-year growth of 16.8% [1]. - Cumulative production from January to August 2025 totaled 547.32 million kilowatts, also showing a cumulative growth of 16.8% [1]. - The report by Zhiyan Consulting outlines the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031, emphasizing the importance of market insights for investment decisions [1]. Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), and TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129) [1].

Core Viewpoint - TCL Zhonghuan is actively exploring merger and acquisition opportunities in the photovoltaic sector to enhance business growth and optimize industry structure [1] Group 1: Company Strategy - TCL Zhonghuan has expressed intentions to integrate assets within the photovoltaic industry, aiming to reduce unhealthy competition and restore product prices rationally [1] - The company has previously indicated during the 2024 mid-year performance briefing that it will participate in ecological construction of the industry and evaluate acquisition opportunities during industry downturns [1] - In the 2025 mid-year report, TCL Zhonghuan reiterated its focus on merger and acquisition opportunities to strengthen business weaknesses amid industry restructuring [1]

Core Viewpoint - The photovoltaic industry is experiencing a downturn, prompting companies like TCL Zhonghuan to explore mergers and acquisitions as a means to achieve growth and optimize industry structure [1][2]. Group 1: Company Strategy - TCL Zhonghuan is actively seeking merger and acquisition opportunities to strengthen its business and reduce competition in the photovoltaic sector [1][2]. - The company aims to enhance its competitive advantage in the silicon wafer business and improve the operational status of its battery and module segments through strategic restructuring [3][4]. - As of the first half of 2025, TCL Zhonghuan reported a net loss of 4.242 billion yuan, primarily due to declining product prices and challenges faced by its subsidiary Maxeon [3][4]. Group 2: Market Dynamics - The photovoltaic industry has entered an adjustment period since the fourth quarter of 2023, with many companies experiencing losses or declining performance [2]. - TCL Zhonghuan's component business achieved a revenue of 3.846 billion yuan in the first half of 2025, representing a year-on-year growth of 39.22% and accounting for 28.70% of total revenue [4].

Group 1 - The company TCL Zhonghuan (002129.SZ) has established a partnership with MAXEON, a subsidiary of Total, since 2019 to create a global manufacturing and sales network, moving beyond the capacity competition in the industry [1] - Recently, TCL Zhonghuan's subsidiary has secured a 7.63MW order for high-adaptability components in Morocco, indicating a positive return on technology and product strength [1] - The company plans to adjust its operational strategies in response to market changes, focusing on cost reduction and enhancing customer loyalty and market share to strengthen its competitive position [1] Group 2 - The company aims to achieve breakthroughs in key technologies such as BC batteries to ensure financial health and sustainable operations [1] - The industry is experiencing a trend of "anti-involution," which is expected to positively impact the company's future performance [1]

Core Viewpoint - TCL Zhonghuan's stock price dropped by 5.1% to 8.94 CNY per share, with a trading volume of 1.171 billion CNY and a turnover rate of 3.16%, resulting in a total market capitalization of 36.145 billion CNY [1] Company Overview - TCL Zhonghuan New Energy Technology Co., Ltd. is located in Tianjin New Technology Industrial Park and was established on December 21, 1988, with its listing date on April 20, 2007 [1] - The company's main business involves the semiconductor electronics information industry, semiconductor energy-saving industry, and new energy industry [1] - Revenue composition includes: photovoltaic silicon wafers 43.12%, photovoltaic modules 28.70%, other silicon materials 20.46%, others 6.95%, and photovoltaic power stations 0.76% [1] Shareholder Information - 华夏基金's 华夏沪深300ETF (510330) is among the top ten circulating shareholders of TCL Zhonghuan, having increased its holdings by 502.11 thousand shares in Q2, totaling 30.116 million shares, which represents 0.75% of circulating shares [2] - The estimated floating loss for the ETF today is approximately 14.4557 million CNY [2] - 华夏沪深300ETF was established on December 25, 2012, with a latest scale of 196.701 billion CNY, yielding 20.07% year-to-date and 23.56% over the past year [2] Fund Performance - The fund manager of 华夏沪深300ETF is Zhao Zongting, who has been in the position for 8 years and 186 days, managing assets totaling 305.809 billion CNY [3] - During his tenure, the best fund return was 119.18%, while the worst was -32.63% [3] Top Holdings - 华夏基金's 华夏中证光伏产业指数发起式A (012885) has also increased its holdings in TCL Zhonghuan by 17.1 thousand shares in Q2, holding a total of 1.4851 million shares, which accounts for 2.76% of the fund's net value [4] - The estimated floating loss for this fund today is around 712.9 thousand CNY [4] - 华夏中证光伏产业指数发起式A was established on August 17, 2021, with a latest scale of 180 million CNY, yielding 27.87% year-to-date and 29.9% over the past year [4] Fund Manager Information - The fund manager of 华夏中证光伏产业指数发起式A is Li Jun, who has been in the role for 7 years and 313 days, managing assets totaling 52.675 billion CNY [5] - The best fund return during his tenure was 110.46%, while the worst was -39.94% [5]