编号：2025-09 | 投资者关系活 | 特定对象调研 ☐分析师会议 | | | | --- | --- | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | | 动类别 | ☐新闻发布会 ☐路演活动 | | | | | ☐现场参观 | | | | | ☐其他 | | | | 参与单位名称 | 中金公司汤亚玮、张沁仪、薛逸宁，安和投资颜泽巢、汤翰森，Point72 | | | | 及人员姓名 | 宋星琦，广州资产韦寒冰、李婷钰、李丹、杨世恒，兴业证券颜晓晴、 | | | | | 王雨晴，昆仑保险张厚泽 | | | | 时间 | 2025 年 7 月 16 日-7 月 18 日 | | | | 地点 | 现场及线上会议 | | | | 上市公司接待 | 董事会秘书温晓瑞、投资者关系主管王珮璇 | | | | 人员姓名 | | | | | | | | 1、公司2025年一季度经营情况介绍？ | | | 答：公司致力于成为全球领先的智慧家电企业，坚定推进全球化战 | | | | 投资者关系活 | | 略，以 AI 智慧家电为发展方向，通过科技创新全面实现各家电产品互联 | | | 绍 | 健 ...

Core Viewpoint - TCL Smart Home has initiated a lawsuit against its subsidiary, Aoma Refrigerator, to invalidate certain provisions in the company's articles of association, indicating a long-standing power struggle within the company [1][3][25]. Group 1: Legal Dispute - TCL Smart Home filed a lawsuit in June 2025, claiming that specific clauses in Aoma Refrigerator's articles of association are invalid, particularly those that require a supermajority for electing or replacing directors when control changes [3][5]. - The contested clause was established during the transitional period of TCL's acquisition of Aoma from 2020 to 2023, aimed at preventing new shareholders from interfering with management [5][27]. - The lawsuit reflects TCL's intent to eliminate governance obstacles and facilitate future capital operations, including potential fundraising or spin-offs [25][28]. Group 2: Historical Context - TCL began acquiring shares in Aoma in January 2021, eventually becoming the largest shareholder by March 2021, with a 24.05% stake, while Aoma's original management saw their control diminish [7][8]. - Aoma's management employed various tactics to resist TCL's influence, including rejecting proposals to appoint non-independent directors [5][7]. - The power struggle culminated in TCL successfully placing its executives on Aoma's board, marking a shift from external to internal control [8][19]. Group 3: Financial Performance - Aoma Refrigerator has been a significant revenue contributor for TCL, with refrigerator and freezer sales accounting for 84.49% of TCL's total revenue in 2024 [9][10]. - In 2024, Aoma's revenue reached approximately 15.51 billion yuan, reflecting a 19.45% increase from the previous year [10][22]. - Aoma's net profit for 2024 was approximately 1.02 billion yuan, a 29.58% increase year-on-year, indicating a strong recovery and operational efficiency [22]. Group 4: Strategic Importance - Aoma Refrigerator is positioned as a key asset for TCL, with a strategic focus on high-quality ODM (Original Design Manufacturer) services and a strong export presence, particularly in Europe [9][11]. - The company has maintained a competitive edge through rigorous quality control and efficient production processes, contributing to its status as a leading exporter of refrigerators [11][19]. - TCL's control over Aoma is seen as essential for leveraging its distribution network and enhancing operational synergies within the home appliance sector [21][30].

证券代码：002668 证券简称：TCL 智家 公告编号：2025-032 广东 TCL 智慧家电股份有限公司 近日，公司通过京东网司法拍卖平台获悉，上述株信睿康持有的 3,500 万股 公司股票将于 7 月 22 日 10 时至 2025 年 7 月 23 日 10 时被深圳中院以起拍价 详见深圳中院京东网司法拍卖平台（https://paimai.jd.com/308865438）上公示的相 关信息。现将第二次拍卖的主要情况公告如下： 关于持股 5%以上股东部分股份被第二次司法拍卖的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 是否为控 一次拍卖起拍价的 80%）进行第二次司法拍卖。 变更过户等环节，拍卖结果仍存在不确定性。公司将持续关注该事项的进展，按 照法律法规及时履行信息披露义务。 份司法拍卖成功与否不会导致公司控制权发生变更，不会对公司治理结构及持续 经营产生影响。 一、股东所持公司股份被司法拍卖的基本情况 广东 TCL 智慧家电股份有限公司（简称"公司"）股东武汉株信睿康科技 有限责任公司（简称"株信睿康"）因合同纠纷， ...

证券代码：002668 证券简称：TCL 智家 公告编号：2025-032 广东 TCL 智慧家电股份有限公司（简称"公司"）股东武汉株信睿康科技 有限责任公司（简称"株信睿康"）因合同纠纷，其持有的 3,500 万股公司股票 由广东省深圳市中级人民法院（简称"深圳中院"）于 2025 年 7 月 1 日 10 时至 2025 年 7 月 2 日 10 时止在京东网司法拍卖平台以 34,265 万元（拍卖日前 20 个 交易日的收盘价均价乘以股票数）的起拍价公开拍卖。第一次拍卖事项已如期进 行并全部流拍。详见公司于 2025 年 5 月 10 日、5 月 29 日、7 月 3 日分别在巨潮 资讯网披露了《关于持股 5%以上股东部分股份被司法裁定进行变价、拍卖、变 卖的提示性公告》（公告编号：2025-026）、《关于持股 5%以上股东部分股份被 广东 TCL 智慧家电股份有限公司 关于持股 5%以上股东部分股份被第二次司法拍卖的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 1、公司持股 5%以上股东株信睿康持有的 3,500 万股公司 ...

证券研究报告 | 2025年07月07日 家电行业周报（25 年第 27 周） 优于大市 二季度家电内销景气环比提升，海外家电零售表现稳健 本周研究跟踪与投资思考：2025H1 我国家电内销迎来较快增长，Q2 景气环 比有所上行，其中空调、油烟机、燃气灶、扫地机等零售额增长超 15%。 上半年家电零售需求向好，空调、扫地机景气最高。2025H1 受益于国补拉动， 家电内销需求延续良好增长，Q2 增速更是有所上升，显示出家电行业强大的 活力。据奥维云网数据显示，2025 年前 26 周（截至 6 月 29 日），空调线上 /线下零售额同比分别+23.0%/+15.3%，冰箱线上/线下零售额同比 -5.8%/+10.0%，洗衣机线上/线下零售额同比+9.9%/+16.8%；油烟机、燃气 灶线上线下零售额增长超 20%，洗碗机线上线下同比分别+8.8%/+22.5%；厨 房小家电线上零售明显回暖，电饭煲线上线下零售额同比+16.1%/+9.1%，空 气炸锅、搅拌机线上增长超 10%；扫地机及洗地机延续较快增长趋势，线上 零售额增长均超 40%，线下同样实现强劲增长。 5 月家电内销出货增长良好，外销有所承压。产业在 ...

在北京四元桥的苏宁易购商场里，各种最新款的冰箱、洗衣机整齐排列，能耗标识和以旧换新补贴折扣 被醒目地展示。在以旧换新政策推动下，绿色产品受到消费者青睐；同时，家电产品回收服务不断拓 展，提升了资源复用效率。 中国证券报记者统计10家申万白色家电行业上市公司ESG信息披露情况后发现，白电上市企业ESG报告 披露率达80%，但不同公司在ESG信息披露的深度和广度上存在差异，ESG评级较高的公司ESG信息披 露较为全面，ESG评级表现不佳的企业相关信息披露较为简略；公司供应链(范围三)温室气体排放数据 披露情况有待改善。 披露水平关联评级表现 记者统计的10家白色家电上市公司中，有8家披露了2024年ESG报告(包括ESG报告、社会责任报告)，报 告披露率达80%，高于A股平均披露水平(截至2025年5月末，A股上市公司ESG报告披露率为45.7%)。 但在ESG评级表现方面，这些公司存在差异。根据妙盈科技ESG评级，海尔智家（600690）、海信家电 （000921）、美的集团（000333）ESG评级较高，自2022年以来评级多为A级或BBB级，同时行业仍有 部分公司自2022年以来的ESG评级持续处于CCC级 ...

证券代码:002668 证券简称:TCL智家 == 公告编号: 2025-031 广东 TCL 智慧家电股份有限公司 关于涉及诉讼的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 特别提示: 1、诉讼阶段:一审法院已受理; 2、上市公司为原告,广东奥马冰箱有限公司为被告; 3、涉案金额:无; 4、对上市公司损益的影响:本次诉讼事项对公司本期利润或期后利润暂无 影响,本次披露的案件尚未开庭审理,后续审理及判决结果存在不确定性,公司 将就本次诉讼的进展情况及时履行信息披露义务,敬请投资者注意投资风险。 一、本次诉讼的受理情况 广东 TCL 智慧家电股份有限公司(以下简称"公司"或"上市公司") 于 2025年6月向广东省中山市第二人民法院递交了起诉控股子公司广东奥马冰箱有 限公司(以下简称"奥马冰箱")《章程》部分条款无效的诉讼材料,并于近日 按照广东省中山市第二人民法院送达的(2025)粤 2072 民初 20522 号《诉讼费 用交费通知书》完成缴费,该案件已获法院受理。 二、有关本案的基本情况 1、受理法院:广东省中山市第二人民法院; 2、原告:广东 ...

Core Viewpoint - The announcement details the progress of a judicial auction involving 35 million shares held by a major shareholder, Wuhan Zhuxin Ruikang Technology Co., Ltd., which ended in failure as all shares went unsold [1][2][3]. Group 1: Auction Details - The auction was conducted with a starting price of 34.265 million yuan, calculated based on the average closing price over the previous 20 trading days multiplied by the number of shares [2]. - The auction results indicated that all shares were "unsold, no bids placed," confirming a complete failure of the auction [2][3]. - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by law [1][3]. Group 2: Shareholder Information - As of the announcement date, Zhuxin Ruikang holds a total of 57.5 million shares in the company, representing 60.87% of the shares being auctioned and 3.23% of the company's total share capital [2][3]. - The company reassured that the failure of the auction will not lead to any changes in control or governance structure [1][3]. Group 3: Future Implications - If the shares are auctioned again, the starting price will be set at 80% of the initial auction price, indicating potential for future sales [3]. - The company emphasizes that the outcome of the auction will not impact its ongoing operations or governance [1][3].

证券代码：002668 证券简称：TCL 智家 公告编号：2025-030 广东 TCL 智慧家电股份有限公司 关于持股 5%以上股东部分股份 被司法拍卖的进展公告 本公司股东武汉株信睿康科技有限责任公司保证本公告内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告的内容与股东武汉株信睿康科技有限责 任公司提供的信息一致。 特别提示 1、公司持股 5%以上股东株信睿康持有的 3,500 万股公司股票已于 2025 年 7 月 1 日 10 时至 2025 年 7 月 2 日 10 时被深圳中院以起拍价 34,265 万元（拍卖 日前 20 个交易日的收盘价均价乘以股票数）进行司法拍卖，并已全部流拍。 2、株信睿康所持有的 3,500 万股公司股票尚存在被第二次司法拍卖和后续 被处置的可能。若再次拍卖，后续可能仍涉及竞拍、流拍、缴款、股权变更过户 等环节，拍卖结果仍存在不确定性。公司将持续关注该事项的进展，按照法律法 规及时履行信息披露义务。 一、本次司法拍卖竞价结果 根据京东网络司法拍卖平台的拍卖结果，本次司法拍卖所有标的结果均显示 "已流拍，无人出价"，本次司法拍卖流 ...

Core Insights - The article highlights the success story of Oma Refrigerator, a company that has become a leading player in the global refrigerator market, selling 14 million units annually and generating revenue of 18.3 billion yuan, while remaining relatively unknown compared to giants like Haier and Midea [1][9]. Group 1: Company Background - Oma Refrigerator was founded by Cai Shier, who left his position at Rongsheng Refrigerator to pursue opportunities in the challenging European market, recognizing that high barriers to entry could provide a competitive advantage [3][4]. - The company initially gained traction by securing a significant order from Whirlpool, which recognized the quality and cost-effectiveness of Oma's products compared to local competitors [4][6]. Group 2: Business Strategy - Oma's strategy focuses on extreme cost efficiency, producing refrigerators at a lower cost than competitors by optimizing production processes and reducing mold costs by 90% [6][7]. - The company employs a "20/80 rule," concentrating on producing 20% of popular models that meet local consumer preferences, allowing it to dominate market share in countries like the UK and France [6][9]. Group 3: Financial Performance - Despite a lower gross margin of 15% compared to Haier, Oma achieved a net profit growth rate of 29.58%, demonstrating the effectiveness of its low-cost, high-volume business model [7][9]. - During the 2008 global financial crisis, while competitors were cutting back, Oma capitalized on low raw material prices by stockpiling, leading to a significant increase in export volume [8][9]. Group 4: Recent Developments - In 2021, TCL acquired a 48% stake in Oma, allowing the company to leverage TCL's distribution channels while continuing to serve as an OEM for major brands [9][10]. - Oma's overseas revenue reached 13.5 billion yuan in 2024, accounting for 73.5% of total revenue, indicating a successful expansion strategy in international markets [9][10]. Group 5: Industry Insights - The story of Oma Refrigerator challenges conventional business wisdom, emphasizing that success does not always require high-profile marketing or celebrity endorsements; instead, focusing on product quality and cost efficiency can lead to significant achievements in the global market [10].