广东 TCL 智慧家电股份有限公司简式权益变动报告书 广东 TCL 智慧家电股份有限公司 简式权益变动报告书 上市公司名称：广东TCL智慧家电股份有限公司 股票上市地点：深圳证券交易所 股票简称：TCL智家 股票代码：002668 信息披露义务人：武汉株信睿康科技有限责任公司 住所：湖北省武汉东湖新技术开发区关山二路特1号国际企业中心2栋5层02室 AA-04（自贸区武汉片区） 通讯地址：湖北省武汉市武昌区中北路217号天风大厦2号楼7楼702室 股份变动性质：持股减少（由于司法强制执行导致持股比例减少至5%以下） 签署日期：2025 年 7 月 24 日 1 / 15 广东 TCL 智慧家电股份有限公司简式权益变动报告书 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突； 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人在广东 TCL 智慧家电股份有限公司中拥 有权益的股份变动情况； 截至本报告书签署之日，除本报告书披露的信息外，上述信息披露义务人 没有通过任何其他方式增加或减少其在 ...

Financial Performance - In Q1 2025, the company achieved revenue of 4.6 billion RMB, a year-on-year increase of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders reached 302 million RMB, up 33.98%, with 15 consecutive quarters of double-digit year-on-year growth [2] - The net cash flow from operating activities was 578 million RMB, reflecting a year-on-year growth of 33.33% [3] Market Position - According to third-party data, the company’s Oma refrigerator ranks second or third in export market share [2] - In 2024, the export sales of Oma refrigerators to France and Brazil increased by over 100%, significantly outpacing industry growth [2] - The company has maintained its position as the leading exporter of refrigerators from China to Europe for 17 consecutive years [3] Product Development - The company launched the TCL Ice Kirin series refrigerators, featuring advanced technologies such as deep freezing at -40°C and new molecular preservation technology [3] - The TCL AI Super Tube Washing Machine achieved a wash ratio of 1.31, utilizing the TCL Fuxi AI model for enhanced user experience [3] Expansion Plans - The company plans to establish a production base in Southeast Asia, with an initial investment of up to 80 million RMB for a cold cabinet production line, expected to add 300,000 units of annual capacity [3] - The second phase of the Southeast Asia project includes purchasing land for a new refrigerator production line, with an investment budget of up to 600 million RMB, aiming for an additional 1.4 million units of annual capacity [3] Dividend Policy - The company currently has negative retained earnings and does not meet the profit distribution conditions as per the Company Law and Articles of Association [4] - The company is committed to enhancing profitability and will actively consider returning value to shareholders once conditions are met [4] Business Strategy - The company focuses on AI smart home appliances and aims to become a global leader in this sector [5] - There are no current plans to expand into air conditioning, as the main business remains in refrigerators, freezers, and washing machines [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [3][4][10] Core Views - The home appliance retail sales in June showed a strong growth trend, exceeding 30% year-on-year, driven by high temperatures boosting air conditioning demand [1][15] - The export value of home appliances continued to decline by 8% in June, with washing machines and vacuum cleaners showing good growth [1][40] - The ongoing high temperatures in northern China are expected to further stimulate air conditioning demand [1][52] Summary by Sections 1. Market Performance - In June, the retail sales of home appliances grew by 32.4% year-on-year, significantly outperforming the overall retail sales growth of 4.8% [1][16] - Major categories such as air conditioners, washing machines, and small kitchen appliances showed positive retail performance, with air conditioner online and offline sales increasing by 20.8% and 37.5% respectively [1][16] 2. Export Performance - The export value of home appliances decreased by 7.8% year-on-year in June, with significant declines in air conditioners (23.5%), refrigerators (9.1%), and televisions (16.2%) [1][40] - In contrast, washing machines and vacuum cleaners saw export growth of 10.4% and 12.8% respectively, indicating resilience in these segments [1][40] 3. Temperature Impact on Demand - The average maximum temperature in major cities in China reached 32.1°C from July 1 to 20, which is 1.0°C higher than the same period in previous years, creating favorable conditions for air conditioning sales [1][52] - The penetration rate of air conditioners in northern regions remains low compared to the national average, suggesting significant growth potential as demand increases due to high temperatures [1][52] 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [2][10][12]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [3][4][10]. Core Views - The home appliance retail sales in China continued a strong growth trend, with June showing a year-on-year increase of over 30%. The demand for air conditioners is expected to rise due to persistent high temperatures in northern China [1][15]. - The export value of home appliances decreased by 8% in June, with washing machines and vacuum cleaners showing good growth, while major appliances like air conditioners, refrigerators, and televisions faced significant declines [1][40]. - The ongoing high temperatures in northern China are likely to stimulate demand for air conditioners, as the penetration rate in these regions remains low compared to the national average [1][52]. Summary by Sections 1. Market Performance - In June, the retail sales of home appliances increased by 32.4% year-on-year, significantly outperforming the overall retail sales growth of 4.8% [1][16]. - The online and offline retail sales of air conditioners grew by 20.8% and 37.5% respectively, while washing machines saw over 15% growth [1][16]. 2. Export Performance - The export value of home appliances fell by 7.8% in June, with air conditioner exports declining by 23.5% and television exports down by 16.2% [1][40]. - In contrast, washing machine exports increased by 10.4% and vacuum cleaner exports rose by 12.8%, indicating resilience in small appliances [1][40]. 3. Weather Impact on Demand - The average maximum temperature in major cities in China reached 32.1°C in July, which is 1.0°C higher than in previous years, creating favorable conditions for air conditioner sales [1][52]. - The low penetration rate of air conditioners in northern regions, such as Liaoning and Shanxi, suggests significant potential for growth as demand increases with rising temperatures [1][52]. 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [2][3][10].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.6 billion CNY, a year-on-year increase of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders reached 302 million CNY, up 33.98% year-on-year, with 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities was 578 million CNY, reflecting a year-on-year growth of 33.33% [2] Group 2: Global Expansion Strategy - The company aims to become a global leader in smart home appliances, focusing on AI-driven products and global market expansion [2] - Plans to establish a new production base in Southeast Asia, with an expected additional capacity of 1 to 1.4 million units per year [3] - The strategy includes increasing market share in emerging and mid-to-high-end markets through international exhibitions and sports marketing [2] Group 3: Brand and Sales Strategy - The sales contribution from the self-owned brand platform is currently less than 20%, primarily leveraging existing channels for maximizing efficiency [4] - The company is focused on enhancing product quality and R&D capabilities, with no immediate plans to change the sales channel model [4] Group 4: Dividend and Shareholder Value - The company has not declared dividends due to negative retained earnings, but plans to reward investors once conditions are met [5] - The company acknowledges investor expectations and aims to enhance shareholder value through continuous improvement in profitability [5] Group 5: Business Development - The company currently specializes in refrigerators, freezers, and washing machines, with no plans to expand into air conditioning at this time [6] - Future business development will continue to align with the AI smart home appliance direction [6] Group 6: Stakeholder Engagement - The decision not to repurchase shares from minority shareholders of Oma Refrigerator is based on the belief that maintaining current equity arrangements will effectively motivate management and benefit all stakeholders [7]

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].

Group 1 - The company announces that its major shareholder, Wuhan Zhuxin Ruikang Technology Co., Ltd., will have 35 million shares auctioned due to a contractual dispute, with the auction scheduled for July 22 to July 23, 2025 [1][2] - The starting price for the second auction will be set at 80% of the initial auction price, which was previously unsuccessful [1][2] - If the auction is successful, Zhuxin Ruikang's holdings will decrease to 22.5 million shares, representing 2.08% of the company's total share capital, thus no longer qualifying as a major shareholder [4] Group 2 - The company emphasizes that the outcome of the auction will not affect its control structure or ongoing operations [1][4] - The company will continue to monitor the situation closely and fulfill its disclosure obligations in accordance with legal regulations [1][4] - The company has not received any additional notifications regarding further auctions of shares held by Zhuxin Ruikang [3]

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 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][14]. Core Views - The home appliance industry is experiencing robust growth in domestic sales, driven by government subsidies and strong demand for air conditioners and robotic vacuum cleaners, with retail sales growth exceeding 15% in Q2 2025 [2][18]. - Domestic sales of major home appliances showed solid growth in May 2025, while exports faced some pressure, particularly in categories like air conditioners and refrigerators [3][35]. - The U.S. home appliance retail market remains stable despite tariff impacts, with a slight increase in inventory levels [4][41]. Summary by Sections 1. Market Performance - In the first half of 2025, domestic sales of air conditioners, range hoods, gas stoves, and robotic vacuum cleaners saw significant growth, with online and offline retail sales of air conditioners increasing by 23.0% and 15.3% year-on-year, respectively [2][18]. - The overall retail demand for home appliances is strong, with various categories showing positive growth trends [2][18]. 2. Domestic and Export Sales - In May 2025, domestic sales of home appliances such as air conditioners, refrigerators, and washing machines increased by 13.4%, 13.7%, and 15.2% year-on-year, respectively, while exports faced challenges with declines in several categories [3][35]. - The report anticipates that the export of home appliances will continue to face short-term declines, but the long-term growth potential remains strong due to competitive advantages in technology and supply chains [3][35]. 3. U.S. Market Insights - The U.S. home appliance retail sector showed a year-on-year decline of 1.2% in May 2025, with cumulative declines of 1.9% for the year [4][41]. - Inventory levels in U.S. electronic and appliance stores have slightly increased, but the inventory-to-sales ratio remains low, indicating a stable market environment [4][41]. 4. Key Company Recommendations - The report recommends several companies for investment, including Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Boss Electric in the kitchen appliances sector [5][6][14].

Core Insights - The white goods industry in China is experiencing a significant shift towards sustainability, driven by consumer preferences for energy-efficient and environmentally friendly products [1][7] - ESG (Environmental, Social, and Governance) reporting among listed white goods companies is improving, with an 80% disclosure rate, surpassing the A-share average of 45.7% [1][2] Group 1: ESG Reporting and Ratings - Among the 10 listed white goods companies, 8 have disclosed their 2024 ESG reports, indicating a strong commitment to transparency [1][2] - Companies like Haier, Hisense, and Midea have consistently received high ESG ratings (A or BBB), while some companies remain below CCC, highlighting disparities in ESG management practices [2][3] - The correlation between ESG disclosure levels and ratings suggests that comprehensive reporting enhances a company's ESG assessment [2][3] Group 2: Green Product Initiatives - The industry is witnessing a growing consumer demand for green products, with over 60% of consumers preferring energy-efficient appliances [7][8] - Companies are investing heavily in R&D for green innovations, with leading firms like Midea and Haier each spending over 10 billion yuan on R&D in 2024 [7][8] - The introduction of products with carbon footprint certifications is becoming more common, with Haier and Hisense reporting multiple certified models [8] Group 3: Waste Recycling and Management - The waste recycling system for old appliances is becoming more robust, with companies like Midea and Gree reporting significant volumes of recycled appliances [5][6] - Midea aims to recycle 50 million old appliances by 2030, while Haier and Gree have also set ambitious recycling targets [5][6] - The industry is enhancing its recycling capabilities through partnerships and improved collection services, contributing to resource reuse and environmental sustainability [4][6]