北京市嘉源律师事务所 关于广东 TCL 智慧家电股份有限公司 2024 年年度股东大会的 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 e Unters Fr YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · · 州 GUANGZHOU · 西安 XI'AN 致:广东 TCL 智慧家电股份有限公司 北京市嘉源律师事务所 关于广东 TCL 智慧家电股份有限公司 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-172 北京市嘉源律师事务所(以下简称"本所")接受广东TCL智慧家电股份有 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》")、《上市公司股东大会规则》(以下简称"《股东大会规则》") 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《广东TCL智慧家电股份有限公司章程》(以下简称"《公司章程》")的 有关规定,指派本所律师对公司2024年年度股东大会(以下简称"本次股东大会") 进行见证,并依法出具 ...

证券代码:002668 答:公司 2024年销管研费用率 10.9%,同比下降 0.7%,主要为收入 上升带来的规模效应影响;财务费用率-0.8%,同比下降 0.1%,主要因本 期美元升值影响,汇兑收益有所增加。 证券简称:TCL 智家 广东 TCL 智慧家电股份有限公司 投资者关系活动记录表 编号: 2025-04 | ▽特定对象调研 | □分析师会议 | | --- | --- | | 投资者关系活□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 | | | 参与单位名称国信证券王兆康、国信证券邹会阳、申万菱信游彤煦、富国基金樊博文、 | | | 及人员姓名 | 国投瑞银张宇初、银河基金陆帅坤 | | 时间 | 2025年3月27日、2025年3月28日 | | 线上会议 地点 | | | 上市公司接待 | 董事会秘书 温晓瑞女士、证券事务代表 吴鑫、投资者关系主管 王珮璇 | | 人员姓名 | | | 1. | 公司 2024 年经营情况介绍? | | | 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 ...

证券代码:002668 证券简称:TCL 智家 广东 TCL 智慧家电股份有限公司 投资者关系活动记录表 答:2024年,公司自有品牌业务海外收入同比增长 51%。TCL 冰箱 和洗衣机积极走出国门,在泰国、菲律宾、法国等国家实现主流渠道覆 盖,且在中高端细分市场表现亮眼。根据第三方数据,合肥家电在泰国 的洗烘一体机市场中稳居前二,而在菲律宾滚筒市场,合肥家电稳居第 一。在品牌建设方面,子公司合肥家电积极参与国际重要展会,并通过 与欧洲杯、美洲杯等多支明星球队合作,运用体育营销策略,进一步提 升 TCL 品牌冰箱和洗衣机在全球范围内的品牌认知度和市场地位。 6. 请介绍一下奥马冰箱在海外各区域的市占率情况? 答:根据第三方数据,奥马冰箱已实现连续 16年中国冰箱出口全球 总量第一,连续17年中国冰箱出口欧洲第一;在中国冰箱冷柜出口前十 的国家中,奥马冰箱已在日本、英国、法国、意大利、加拿大等市场出 口市占率位居第一,在德国、巴西、澳大利亚等市场出口市占率位居第 二或第三。2024年奥马冰箱出口法国、巴西销量同比增速超 100%,远超 行业增速:出口加拿大、意大利销量增速亦高于行业水平。 7. 公司为什么不回购 ...

| | 特定对象调研 ☐分析师会议 | | --- | --- | | 投资者关系活 | ☐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 | 中信建投马王杰、中信建投翟延杰、交银施罗德基金孔祥睿、汇丰晋信基 | | 及人员姓名 | 金蔡宁悦、华泰柏瑞基金凌一童、广发基金张溢、银华基金韩天鸿 | | 时间 | 2025 年 3 月 24 日 、2025 年 3 月 25 日 | | 地点 | 线上会议 | | | 董事会秘书 温晓瑞女士 | | 上市公司接待 人员姓名 | 证券事务代表 吴鑫 | | | 投资者关系主管 王珮璇 | | | 1. 请问公司海外市场拓展如何？ | | 投资者关系活 | 答：近年来，公司坚定实施全球化战略，加力拓展全球市场。2024 年， | | 动主要内容介 | 公司海外市场收入达 134.95 亿元，同比增长 31.82%，尤其海外自有品牌 | | 绍 | 收入增长迅猛，增速高达 51%。 | | | 请问公司2024年经营性现金流量净额同比下降的原因是什么？ 2. | | | 答：截至 ...

| | ☐特定对象调研 ☐分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活 | ☐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 | 参与调研的机构及人员为：线上参与公司 年度业绩说明会的投资者 2024 | | | | 及人员姓名 | 及媒体 | | | | 时间 | | | 2025 年 3 月 20 日 15:00-16:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | | | 独立董事 刘宁女士 | | | | 总经理兼财务总监 王浩先生 | | | | | 董事会秘书 温晓瑞女士 | | | | | 答：尊敬的投资者，您好！2024 年，公司实现营业收入 | | | | | 同比增长 20.96%；实现归属于上市公司股东的净利润 亿元，同比 | | | | 绍 | | | | | | 提供优质的产品及服务，同时大力开拓海外市场，全面推进智能工厂及数 | | | | | 字化建设 ...

证券代码:002668 证券简称:TCL 智家 一、进展情况 2023 年 3 月 17 日,即前述股权转让工商登记完成满 36 个月,公司第五届 董事会第二十次会议审议通过了《关于公司行使回购控股子公司少数股东股权暨 发出回购股权告知函的议案》,同意公司行使回购子公司奥马冰箱的 49%股权, 并授权公司管理层向奥马冰箱少数股东发出拟回购目标股权的告知函(简称"回 购告知函"）。同时,公司就回购可能涉及的风险进行了明确提示,"奥马冰箱 1 / 4 少数股东的转让意愿、回购目标股权的价格等关键回购条件均尚未确定,本次回 购能否签署正式协议并实施完成存在重大不确定性,敬请广大投资者谨慎决策, 注意风险。"具体内容详见公司于 2023年 3 月 18 目披露的《关于公司行使回购 控股子公司少数股东股权的风险提示公告》（公告编号:2023-025）。 公告编号:2025-020 广东 TCL 智慧家电股份有限公司 关于公司行使回购控股子公司少数股东股权的进展 暨回购期满的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有虚 假记载、误导性陈述或重大遗漏。 广东 TCL 智慧家电股份有限公司(以下简称 ...

北京市嘉源律师事务所 关于广东 TCL 智慧家电股份有限公司 回购期满不实施控股子公司少数股东股权回购 之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 1 载师事务所 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:广东 TCL 智慧家电股份有限公司 嘉源(2025)-05-061 敬启者: 广东 TCL 智慧家电股份有限公司（以下简称"TCL 智家""上市公司"或"公 司")在前实际控制人控制期间,于 2020年 2 月与子公司广东奥马冰箱有限公司 (以下简称"奥马冰箱")核心管理团队的 8 位自然人及中山市国资委旗下投资机 构中山市金奥股权投资中心（有限合伙）(以下合称"少数股东")签署了《股权 转让及回购合同》,约定 TCL 智家将奥马冰箱 49%股权转让给少数股东,同时, TCL 智家对前述股权有回购权利(以下简称"少数股权回购事项")。因《股权 转让及回购合同》约定回购期届满,TCL 智家已与少数股东友好协商并达成一 致,拟不实施回购。就 TCL ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][11][12]. Core Insights - The home appliance sector is experiencing a recovery driven by government subsidy policies, with offline retail sales of major appliances showing significant growth in early 2025. Online demand for small kitchen appliances has also rebounded [1][2][16]. - In January and February 2025, the total retail sales of home appliances increased by 1.4% online and 10.2% offline year-on-year, with offline sales benefiting from the "old-for-new" subsidy policy [2][17]. - The export value of home appliances in the first two months of 2025 grew by 8% year-on-year, continuing a positive growth trend despite a high base from the previous year [3][26]. Summary by Sections Retail Performance - Offline retail sales of major appliances showed strong growth, with specific categories like air conditioners, refrigerators, and washing machines increasing by 21.4%, 5.5%, and 13.1% respectively in early 2025. Online sales for these categories varied, with some experiencing declines [2][17]. - The small kitchen appliance segment saw a notable recovery in online sales, with January showing a decline of 12.9% and February rebounding by 27.3% [2][17]. Export Trends - The export volume of home appliances reached 6.9 billion units in the first two months of 2025, marking a 9.4% increase year-on-year. The export value in RMB was 1093.9 billion, reflecting a 7.6% increase [3][26]. Company Performance - iRobot reported a significant revenue decline of 44.1% in Q4 2024, facing challenges in major markets such as the US and Europe. The company's gross margin also decreased, indicating pressure on profitability [4][31]. Market Data Tracking - The home appliance sector achieved a relative return of +0.28% this week, outperforming the broader market [5][36]. - Raw material prices for copper and aluminum increased by 1.5% and 0.2% respectively, while cold-rolled steel prices rose by 2.0% [5][37]. Investment Recommendations - The report recommends several companies within the home appliance sector, including Midea Group, Haier Smart Home, TCL Smart Home, and Gree Electric, all rated as "Outperform the Market" [6][12][50].

Investment Rating - The report maintains a "Recommend" rating for TCL Smart Home, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [6][13]. Core Views - TCL Smart Home's revenue for 2024 is projected to be 18.36 billion RMB, with a year-on-year growth of 21.0%. The net profit attributable to the parent company is expected to reach 1.02 billion RMB, reflecting a 29.6% increase [3][4]. - The company has shown strong performance in overseas markets, with a 55.9% year-on-year growth in overseas business revenue, driven by a robust global strategy [3][4]. - The report highlights the improvement in profitability, with a net profit margin of 5.55% for 2024, up by 0.37 percentage points year-on-year [5]. Financial Performance Summary - For 2024, TCL Smart Home's revenue and net profit are projected to be 18.36 billion RMB and 1.02 billion RMB, respectively, with significant growth rates of 21.0% and 29.6% year-on-year [3][4]. - In Q4 2024, the company reported revenues of 4.42 billion RMB and a net profit of 194 million RMB, marking increases of 15.1% and 29.7% year-on-year [3][4]. - The company's main operational segments, including the Oma refrigerator and Hefei appliances, reported revenues of 13.41 billion RMB and 5.04 billion RMB, with respective year-on-year growth rates of 22.7% and 15.5% [3][4]. Product and Regional Performance - In 2024, revenue from refrigeration and washing machines reached 15.51 billion RMB and 2.70 billion RMB, with year-on-year growth rates of 19.5% and 33.2%, respectively [4]. - Domestic revenue slightly declined by 1.55% to 4.87 billion RMB, while overseas revenue surged by 31.82% to 13.50 billion RMB, indicating a shift towards international markets [4]. Profitability and Cost Management - The gross margin for 2024 was reported at 23.0%, a slight decrease of 0.37 percentage points year-on-year, with specific margins for refrigeration and washing machines at 25.1% and 10.4% [5]. - The report notes an optimization in expense ratios, with selling, administrative, and R&D expenses showing improvements in Q4 2024 [5]. - The net profit margin for 2024 was 5.55%, reflecting an increase in profitability compared to the previous year [5]. Future Projections - The forecast for 2025 and 2026 indicates net profits of 1.15 billion RMB and 1.30 billion RMB, respectively, with corresponding EPS of 1.06 RMB and 1.20 RMB [6][8]. - The report anticipates continued revenue growth, projecting total revenues of 20.52 billion RMB in 2025 and 22.92 billion RMB in 2026, with growth rates of 11.78% and 11.68% [8].

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) with a target price of —— yuan over the next six months [1][3]. Core Views - TCL Smart Home achieved a revenue of 18.36 billion yuan in 2024, representing a year-on-year growth of 21% [7]. - The net profit attributable to the parent company was 1.02 billion yuan, up 29.6% year-on-year, with a non-recurring net profit of 1 billion yuan, increasing by 39.8% [7]. - The company continues to see strong growth in exports, with significant contributions from its two main business units, Oma Refrigerator and Hefei Appliances, which reported revenues of 13.41 billion yuan and 5.04 billion yuan, respectively [7]. - The company is focusing on digital transformation to enhance operational efficiency and profitability, with both main units showing substantial profit growth [7]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 18,360.80 million yuan, with expected growth rates of 20.96% for 2024, 11.59% for 2025, and gradually decreasing thereafter [2][8]. - The net profit attributable to the parent company is forecasted to reach 1,019.25 million yuan in 2024, with a growth rate of 29.58% [2][8]. - Earnings per share (EPS) are expected to be 0.94 yuan in 2024, increasing to 1.39 yuan by 2027 [2][8]. Business Segments - The report highlights that the refrigerator segment sold 16.54 million units, a 17% increase, while washing machines saw a 39% increase in sales [7]. - The overseas revenue for 2024 reached 13.5 billion yuan, marking a 31.8% increase, with significant growth in exports to France and Brazil [7]. Profitability and Cost Management - The overall gross margin for 2024 is reported at 23%, with a slight decrease attributed to accounting changes [7]. - The net profit margin improved to 10.6%, reflecting a 0.4 percentage point increase year-on-year [7]. - The company has successfully reduced its expense ratios across various categories, contributing to enhanced profitability [7].