Group 1 - The Guangdong Quality Products Exhibition aims to establish a new platform for integrated domestic and foreign trade, focusing on connecting production and sales for exhibitors [3][6] - The exhibition will adopt a "showcase-sales integration" model to create precise matching scenarios for domestic and foreign buyers, promoting Guangdong's quality manufacturing [3][6] - The event will take place from September 12 to 14 at the Guangzhou Import and Export Fair Complex, featuring five major exhibition areas and over 1,000 exhibitors [9][4] Group 2 - A total of 2,175 professional buyers have been invited, including 1,682 from within the province, 336 from outside, and 157 from overseas, with notable companies like Walmart and Amazon participating [6][9] - The exhibition will feature a "Star Carnival Concert" with six popular artists, enhancing brand exposure through a combination of live performances and product displays [6][7] - Attendees will benefit from special dining vouchers and exclusive discounts during the exhibition, aimed at boosting consumer engagement [10][12] Group 3 - The event is positioned as a practical platform for the "dual circulation" strategy, facilitating the transition of foreign trade products to domestic sales channels [14] - The exhibition is expected to attract over 100,000 professional visitors and consumers, highlighting its significance in promoting Guangdong's manufacturing capabilities [7][9] - The press conference served as both an information release and a confidence-building event, emphasizing the importance of quality and brand in domestic sales [12][14]

Group 1 - TCL Smart Home (SZ 002668) announced that on September 4, 2025, it will accept investor research from Guotou Securities and others, with company representatives participating in the meeting [1] - For the first half of 2025, TCL Smart Home's revenue composition shows that industrial revenue accounts for 99.28%, while other businesses account for 0.72% [1] - As of the report date, TCL Smart Home has a market capitalization of 11.3 billion yuan [2]

Core Viewpoint - TCL Smart Home reported stable growth in performance for the first half of 2025, achieving a revenue of 9.476 billion yuan, a year-on-year increase of 5.74%, and a net profit attributable to shareholders of 638 million yuan, a year-on-year increase of 14.15% [1] Group 1: Financial Performance - In the first half of 2025, TCL Smart Home achieved a revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74% [1] - The net profit attributable to shareholders reached 638 million yuan, marking a year-on-year increase of 14.15%, continuing a trend of positive growth for 16 consecutive quarters [1] - Operating cash flow was 1.371 billion yuan, showing a significant year-on-year increase of 74.48% [1] - The gross margin for the home appliance segment improved by 0.6 percentage points to 23.33% due to strong sales of mid-to-high-end products [1] Group 2: Overseas Business Development - TCL Smart Home's overseas revenue from its own brand grew by 66.18% in the first half of 2025, with regions like Southeast Asia, Latin America, and the Middle East seeing over 70% growth [2] - The company has maintained its position as the top exporter of refrigerators in China for 16 consecutive years and in Europe for 17 years [2] - Overseas market revenue reached 7.247 billion yuan, reflecting a year-on-year increase of 8.99% [2] Group 3: Production Capacity and Strategy - The company reported that its production capacity utilization is at a reasonable level, with plans to enhance capacity through new projects [3] - A new production base in Thailand is expected to add 1.4 million units of refrigerator capacity and 300,000 units of freezer capacity [3] - The company aims to focus on AI smart appliances and global expansion to become a leading player in the smart home appliance sector [3] Group 4: Product Innovation and Competitiveness - TCL Smart Home is focusing on creating standout products, such as the "Ice Kirin" series of deep-freezing refrigerators, which won the AWE 2025 Innovation Award [4] - The company launched the "Big Eye Cute·AI Super Cylinder" washing machine, achieving a wash ratio of over 1.31, enhancing its market position [4] - The introduction of advanced technologies and innovative designs is expected to increase the revenue share of the super cylinder washing machines by over 8 percentage points [4]

Sales and Financial Performance - In the first half of 2025, the company sold 8.89 million refrigerators and freezers, a year-on-year increase of 6.6% [2] - Washing machine sales reached 1.69 million units, with a year-on-year growth of 1.8% [2] - Total revenue for the first half of 2025 was 9.476 billion yuan, up 5.74% year-on-year [2] - Net profit attributable to shareholders was 638 million yuan, reflecting a 14.15% increase, marking 16 consecutive quarters of positive year-on-year growth [2] - Operating cash flow reached 1.371 billion yuan, a significant increase of 74.48% year-on-year [3] Market and Export Performance - Domestic sales of refrigerators and freezers in China remained flat at 29.53 million units in the first half of 2025, while exports totaled 40.48 million units, up 4.75% [2] - The company achieved 72.47 billion yuan in overseas market revenue, a year-on-year increase of 8.99% [4] - The company has maintained its position as the top exporter of refrigerators in China for 16 consecutive years and has led exports to Europe for 17 years [4] Research and Development - R&D investment in the first half of 2025 was 311 million yuan, accounting for 3.28% of total revenue, with a year-on-year growth of 9.16% [2] - The company received the "Special Award" from the China Federation of Commerce for its original molecular magnetic freshness technology [6] Product Sales and Strategy - Revenue from refrigerator and freezer business was 8.047 billion yuan, up 5.71% year-on-year, while washing machine revenue was 1.361 billion yuan, increasing by 5.98% [5] - The company is focusing on increasing the proportion of mid-to-high-end products, which has led to a 0.6 percentage point increase in overall gross margin [5] Automation and Manufacturing - The company has implemented advanced automation production lines and smart warehousing systems, significantly improving production efficiency [7] - The smart manufacturing project for high-end refrigerators with an annual production capacity of 2.8 million units has been successfully launched [7] Dividend Policy - The company currently has negative retained earnings and has not met the conditions for profit distribution as per its articles of association [8]

Financial Performance - In the first half of 2025, the company achieved revenue of 9.476 billion CNY, a year-on-year increase of 5.74% [2] - The net profit attributable to shareholders was 0.638 billion CNY, reflecting a year-on-year growth of 14.15% [2] - Operating cash flow reached 1.371 billion CNY, up 74.48% year-on-year [2] Gross Margin and Product Strategy - The gross margin for the home appliance segment increased by 0.6 percentage points to 23.33% due to strong sales of mid-to-high-end products [2] - The company plans to enhance operational efficiency and cost control while increasing R&D investment to optimize product structure and boost the proportion of mid-to-high-end products [2] Overseas Market Performance - Overseas revenue from self-owned brands grew by 66.18% year-on-year, with Southeast Asia, Latin America, and the Middle East seeing over 70% growth [4] - The company has maintained its position as the top exporter of refrigerators in China for 16 consecutive years and in Europe for 17 years [4] Production Capacity and Future Plans - Current production capacity utilization is at a reasonable level, with plans to build a production base in Thailand to add 1.4 million units of refrigerator capacity and 300,000 units of freezer capacity [5] - The company aims to expand its product range beyond refrigerators and washing machines, focusing on AI smart appliances [6] Product Innovations - The company launched the TCL "Ice Kirin" series deep-freezing refrigerator and the "Big Eye Cute AI Super Drum" washing machine, both of which received innovation awards [7] - The washing machine's revenue share increased by over 8 percentage points due to advancements in AI technology [7] Shareholder Returns and Market Position - The company is aware of investor expectations regarding dividends and will disclose plans once conditions are met [9] - Despite the stock price underperforming compared to the Shanghai Composite Index, the company is committed to high-quality development to enhance shareholder returns [9]

证券代码：002668 证券简称：TCL 智家 公告编号：2025-038 广东 TCL 智慧家电股份有限公司 关于公司持股 5%以上股东部分股份司法拍卖进展 暨完成过户登记的公告 信息披露义务人武汉株信睿康科技有限责任公司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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示 1、2025 年 9 月 1 日，公司经查询中国证券登记结算公司深圳分公司下发的定期股 东名册获悉，公司股东株信睿康此前司法拍卖的 3,500 万股公司股票（占公司总股本 3.23%）已完成过户登记手续； 2、本次过户完成后，株信睿康持有公司股份为2,250万股，占公司总股本比例2.08%， 不再为公司 5%以上股东。 一、股东所持公司股份被司法拍卖的基本情况 二、拍卖股份的过户登记情况 2025 年 9 月 1 日，公司经查询中国证券登记结算公司深圳分公司下发的定期股东名 册获悉，公司股东株信睿康此前司法拍卖的 3,500 万股公司股票（占公司总股本 3.23%） 已完成过户登记手续。本次过户登记手续完成后，株信睿康仍持有公司股份 2, ...

Core Viewpoint - The white goods sector experienced a rise of 1.75% on September 2, with Midea Group leading the gains, while the overall market indices saw declines [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3858.13, down 0.45% [1] - The Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Midea Group (000333) closed at 76.16, up 2.88%, with a trading volume of 805,900 shares and a transaction value of 6.106 billion yuan [1] - Haier Smart Home (600690) closed at 26.30, up 1.35%, with a trading volume of 737,400 shares [1] - Gree Electric Appliances (000651) closed at 41.52, up 0.27%, with a trading volume of 855,900 shares and a transaction value of 3.550 billion yuan [1] - TCL Technology (002668) closed at 10.44, up 0.10%, with a trading volume of 201,600 shares and a transaction value of 210 million yuan [1] - Whirlpool (600983) closed at 10.88, up 0.09%, with a trading volume of 37,900 shares and a transaction value of 4.124 million yuan [1] - Hisense Home Appliances (000921) closed at 25.14, down 0.12%, with a trading volume of 117,200 shares [1] - Changhong Meiling (000521) closed at 7.47, down 1.19%, with a trading volume of 160,200 shares and a transaction value of 120 million yuan [1] - Aucma (600336) closed at 6.85, down 1.44%, with a trading volume of 185,400 shares and a transaction value of 127 million yuan [1] - Xueqi Electric (001387) closed at 13.55, down 1.74%, with a trading volume of 53,000 shares [1] - Shenzhen Konka (000016) closed at 5.57, down 3.80%, with a trading volume of 730,200 shares [1] Group 3: Capital Flow - The white goods sector saw a net inflow of 3.3964 million yuan from institutional investors, while retail investors contributed a net inflow of 9.28937 million yuan [1] - There was a net outflow of 96.2902 million yuan from speculative funds in the white goods sector [1]

Core Insights - The company reported a revenue of 9.476 billion yuan for the first half of 2025, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.876 billion yuan, with a year-on-year increase of 2.36%, and a net profit of 337 million yuan, growing by 0.78% year-on-year [1] Industry Overview - The Chinese refrigerator and freezer export industry faced a 27% decline in export volume to the U.S. due to tariff disruptions, leading to an overall export growth rate slowdown to 4.8% [2] - Despite the challenges, the company's overseas business grew, with revenue reaching 7.247 billion yuan, an increase of 8.99% year-on-year, and self-owned brand revenue growing by 66%, outperforming the industry average [2] - The overall gross margin for the company's overseas business was 24.21%, showing a slight decrease of 0.06 percentage points year-on-year, indicating stable margins [2] Product Performance - The company's refrigerators and freezers generated revenue of 8.047 billion yuan, a year-on-year increase of 5.7%, with a gross margin of 25.35%, up 0.61 percentage points year-on-year [2] - The washing machine segment achieved revenue of 1.361 billion yuan, a 6.0% increase year-on-year, with a gross margin of 11.38%, up 0.87 percentage points year-on-year [2] - The company's subsidiary, Oma Refrigerator, reported revenue of 7.035 billion yuan, a 7.1% increase year-on-year, and a net profit of 1.092 billion yuan, up 5.7% year-on-year, maintaining its position as the top exporter of refrigerators in China for 16 consecutive years [2] Strategic Developments - The company plans to establish a new production base in Thailand, expected to add 1.4 million units of refrigerator capacity and 300,000 units of freezer capacity, enhancing its global capacity allocation and risk resilience [3] Valuation - The company is focused on governance optimization and white goods operations, maintaining a global strategy. EPS estimates for 2025-2027 are projected at 1.05, 1.15, and 1.26 yuan per share, respectively, with a revised PE valuation of 13x, leading to a target price of 13.65 yuan, reflecting a 7% upside [4]

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668) with a target price based on the last closing price of 10.68 [1][6]. Core Insights - TCL Smart Home reported a stable operation in Q2 2025, with significant overseas brand performance, achieving a revenue of 94.76 billion yuan in H1 2025, a year-on-year increase of 5.47%, and a net profit of 6.38 billion yuan, up 14.15% [3][4]. Summary by Sections Financial Performance - In H1 2025, TCL Smart Home's revenue was 94.76 billion yuan (+5.47%), with a net profit of 6.38 billion yuan (+14.15%) and a non-recurring net profit of 6.23 billion yuan (+11.51%). In Q2 2025, revenue was 48.77 billion yuan (+2.36%), net profit was 3.37 billion yuan (+0.78%), and non-recurring net profit was 3.29 billion yuan (-1.76%) [3][4]. Product and Market Performance - The overseas self-owned brand revenue increased by 66% year-on-year in H1 2025. Revenue from refrigerators and washing machines was 80.47 billion yuan and 13.61 billion yuan, respectively, with year-on-year growth of 5.71% and 5.98%. The external sales growth outperformed the industry average [4][5]. Profitability and Cost Management - In Q2 2025, the gross margin was 24.20% (-1.15 percentage points), influenced by intensified industry competition and exchange rate fluctuations. However, product structure optimization contributed positively to the gross margin [5][6]. Future Outlook - The company is positioned as a leader in the refrigeration sector, with ongoing capacity expansion and plans for new production bases. The forecasted net profits for 2025-2027 are 11.58 billion yuan, 12.85 billion yuan, and 13.79 billion yuan, respectively, with corresponding EPS of 1.07, 1.19, and 1.27 yuan [6][7].

Core Insights - TCL Smart Home (002668.SZ) reported a total revenue of 9.476 billion yuan for the first half of 2025, marking an increase of 515 million yuan compared to the same period last year, achieving a 3-year consecutive growth with a year-on-year increase of 5.74% [1] - The net profit attributable to shareholders reached 638 million yuan, ranking 5th among disclosed peers, with an increase of 79.15 million yuan compared to the same period last year, achieving a 4-year consecutive growth and a year-on-year increase of 14.15% [1] - The net cash inflow from operating activities was 1.371 billion yuan, ranking 5th among disclosed peers, with an increase of 585 million yuan compared to the same period last year, representing a year-on-year increase of 74.48% [1] Financial Ratios - The latest debt-to-asset ratio is 69.57%, a decrease of 3.19 percentage points from the previous quarter and a decrease of 6.11 percentage points from the same period last year [3] - The latest gross profit margin is 23.41%, ranking 4th among disclosed peers, with an increase of 0.84 percentage points from the previous quarter and an increase of 0.43 percentage points from the same period last year [3] - The latest return on equity (ROE) is 20.83%, ranking 1st among disclosed peers [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.59 yuan, ranking 5th among disclosed peers, with an increase of 0.07 yuan compared to the same period last year, achieving a 4-year consecutive growth and a year-on-year increase of 13.46% [3] - The latest total asset turnover ratio is 0.62 times, ranking 3rd among disclosed peers [3] - The latest inventory turnover ratio is 4.63 times, ranking 2nd among disclosed peers, with an increase of 0.16 times compared to the same period last year, achieving a 2-year consecutive growth and a year-on-year increase of 3.52% [3] Shareholder Information - The number of shareholders is 37,000, with the top ten shareholders holding a total of 707 million shares, accounting for 65.22% of the total share capital [3] - The largest shareholder is TCL Home Appliance Group Co., Ltd., holding 48% of the shares [3]