证券代码：002668 证券简称：TCL智家 公告编号：2025-045 广东 TCL 智慧家电股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会不存在否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开情况 （一）召开时间：2025 年 11 月 18 日（星期二）15:30 （二）召开地点：广东省中山市南头镇南头大道中 59 号 2 楼 A1（公司会议室） （三）召开方式：现场结合网络 （四）召集人：广东 TCL 智慧家电股份有限公司（以下简称"公司"）董事 会 （五）主持人：董事长彭攀先生 （六）本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股 东大会规则》《深圳证券交易所股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的有关规定。 二、 会议出席情况 （一）股东出席的总体情况 通过现场和网络投票的股东 162 人，代表股份 493,928,319 股，占上市公司 有表决权股份总数的 48.0348%。 其中 ...

北京市汉坤（深圳）律师事务所 关于 法律意见书 汉坤（证）字[2025]第 33198-2-O-1 号 中国深圳市福田区中心四路 1-1 号嘉里建设广场第三座 20 层 518048 电话：(86 755) 3680 6500；传真：(86 755) 3680 6599 北京 上海 深圳 香港 海口 武汉 新加坡 纽约 硅谷 www.hankunlaw.com 北京市汉坤（深圳）律师事务所 广东 TCL 智慧家电股份有限公司 2025 年第一次临时股东大会的 关于广东 TCL 智慧家电股份有限公司 2025 年第一次临时股东大会的 法律意见书 汉坤（证）字[2025]第 33198-2-O-1 号 致：广东 TCL 智慧家电股份有限公司 北京市汉坤（深圳）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"TCL 智家"或"公司"）的委托，指派本所律师出 席公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）进行法律见证。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》等有关法律、 ...

Market Overview - The white goods sector experienced a decline of 1.0% on November 18, with major stocks like Deep Konka leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the white goods sector showed varied performance, with the following notable changes: - Snow Qi Electric: Closed at 14.38, up 0.14% - Gree Electric: Closed at 40.11, down 0.20% - Midea Group: Closed at 77.40, down 0.68% - Haier Smart Home: Closed at 26.34, down 0.87% - Deep Konka A: Closed at 5.38, down 2.89% [1] Capital Flow - The white goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 385 million yuan [1] - Detailed capital flow for specific stocks includes: - Deep Konka A: Net outflow of 55.04 million yuan from institutional investors, with a retail net inflow of 43.96 million yuan [2] - TCL Smart Home: Net outflow of 20.99 million yuan from institutional investors, with a retail net inflow of 15.50 million yuan [2] - Gree Electric: Net outflow of 3.94 million yuan from institutional investors, with a retail net inflow of 32.46 million yuan [2]

Market Overview - The white goods sector experienced a decline of 1.08% on November 17, with TCL leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Aokema (600336) saw a closing price of 7.81, with an increase of 1.43% and a trading volume of 448,800 shares [1] - TCL Smart Home (002668) closed at 10.95, down 2.06%, with a trading volume of 184,300 shares [1] - Midea Group (000333) closed at 78.42, down 1.02%, with a trading volume of 261,100 shares and a transaction value of 2.05 billion [1] - Gree Electric (000651) closed at 40.19, down 1.06%, with a trading volume of 366,400 shares [1] Capital Flow Analysis - The white goods sector experienced a net outflow of 549 million from institutional investors, while retail investors saw a net inflow of 360 million [1] - Aokema had a net inflow of 13.01 million from institutional investors, while TCL Smart Home had a net outflow of 39.56 million [2] - Haier Smart Home (600690) experienced a net outflow of 40.86 million from institutional investors [2]

Core Insights - Thailand is emerging as a new hub for Chinese home appliance manufacturers, driven by structural adjustments in global supply chains and the need for cost optimization and market restructuring [1][2][4]. Group 1: Major Developments - Chinese home appliance giants such as Haier, Hisense, and Oma are establishing significant production bases in Thailand, competing with Japanese and Korean brands [1][2]. - Haier's air conditioning industrial park in Chonburi, Thailand, has a planned annual capacity of 6 million units and is the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [1]. - Hisense's HHA smart manufacturing industrial park in Thailand aims for an annual production capacity of 12 million units by 2030, with an expected annual output value exceeding 100 billion Thai Baht [2]. Group 2: Advantages of Thailand - Thailand's geographical location offers strategic advantages, being centrally located in Southeast Asia and connected to major trade routes, including the deep-water port of Laem Chabang [5]. - The cost advantage in Thailand includes lower labor costs, with the minimum monthly wage being approximately 77% of that in China, alongside a skilled workforce [6]. - Tax incentives, such as a 5% low tax rate for high-end manufacturing, further enhance Thailand's attractiveness for foreign investment [6]. Group 3: Industry Trends - The success of the "Thailand model" is evident not only in the home appliance sector but also in the automotive industry, with Chinese electric vehicle exports to Thailand increasing significantly [7][8]. - The evolution of Chinese home appliance companies is marked by a shift from merely exporting products to building comprehensive capabilities, including R&D and supply chain management [10][13]. - Localized product development has led to increased market share for Chinese brands in Thailand, with Haier's market share in air conditioning rising from 13.1% in 2018 to 21% in 2023 [10][11]. Group 4: Future Outlook - The ongoing structural changes in global supply chains are prompting Chinese companies to seek production bases in third countries like Thailand to mitigate trade barriers and tariffs [11][15]. - The transition from product output to capability output signifies a new phase in China's manufacturing narrative, with a focus on integrating local market needs into product development [16].

Core Viewpoint - TCL Smart Home is expanding its production capacity to meet market demand and optimize its global production layout by establishing a new manufacturing base in Thailand, which will enhance its competitive advantage and risk resilience [1] Group 1: Production Capacity - The company's current production capacity is primarily located in Zhongshan and Hefei, with a high utilization rate [1] - The new production base in Thailand is expected to add 1.4 million units of refrigerator capacity and 300,000 units of freezer capacity [1] Group 2: Market Strategy - The establishment of the Thailand production base is part of the company's strategy to strengthen its competitive position in the market [1] - The completion of the Hefei home appliance supporting factory aligns with the company's efforts to enhance its manufacturing capabilities [1] Group 3: Industry Context - The announcement follows the upcoming full production of the high-end wind-cooled refrigerator smart manufacturing project by Oma, which is set to produce 2.8 million units annually starting in the first half of 2025 [1]

截至发稿，TCL智家市值为121亿元。 每经AI快讯，TCL智家（SZ 002668，收盘价：11.18元）发布公告称，2025年11月12日~14日，TCL智家 接受中信证券等投资者调研，公司董事会秘书温晓瑞等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，TCL智家的营业收入构成为：工业占比99.28%，其他业务占比0.72%。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 王晓波） ...

Sales and Revenue Performance - In Q3 2025, TCL's refrigerator and freezer sales reached 4.16 million units, a slight decrease of 4.4% year-on-year [2] - Washing machine sales totaled 1.01 million units, showing a year-on-year increase of 1.3% [2] - Total revenue for Q3 2025 was 4.869 billion CNY, down 2.3% compared to the previous year [2] Cash Flow and Inventory Management - For the first nine months of 2025, the net cash flow from operating activities was 1.93 billion CNY, an increase of 576 million CNY year-on-year [3] - As of September 2025, inventory decreased by 24.3% compared to the beginning of the year, with a reduction of 346 million CNY in the inventory of Oma refrigerators [3] Profitability and Strategic Initiatives - The net profit attributable to shareholders for the first nine months of 2025 was 977 million CNY, reflecting a year-on-year growth of 18.5% [3] - The company is actively expanding into overseas markets, particularly in the Middle East, Africa, and Latin America, achieving significant results in the UK, Brazil, and Spain [3] - Product structure optimization and the introduction of new products contributed to a 1.52% increase in gross margin [3] Research and Development - The R&D expense ratio for the first nine months of 2025 was 3.6%, a year-on-year increase of 0.1%, positioning the company among the top in the domestic appliance industry [3] Production Capacity and Future Plans - Current production capacity is primarily located in Zhongshan and Hefei, with plans to expand capacity in Thailand to enhance production efficiency [4] - The company has successfully launched a high-end refrigerator production project with an annual capacity of 2.8 million units [4] Dividend Policy - The company has not yet distributed dividends but emphasizes the importance of shareholder returns, with retained earnings meeting legal distribution conditions [5]

Market Overview - The white goods sector experienced a decline of 0.74% on November 14, with Hisense Appliances leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Aokema (600336) saw a significant increase in its closing price to 7.70, up by 5.62% with a trading volume of 668,600 shares [1] - Whirlpool (600983) closed at 10.35, up 0.78%, with a trading volume of 52,000 shares [1] - Midea Group (000333) closed at 79.23, down 0.46%, with a trading volume of 273,100 shares [1] - Gree Electric (000651) closed at 40.62, down 0.93%, with a trading volume of 351,200 shares [1] - Hisense Appliances (000921) closed at 26.74, down 1.76%, with a trading volume of 81,800 shares [1] Capital Flow - The white goods sector experienced a net outflow of 164 million yuan from institutional investors, while retail investors saw a net inflow of 129 million yuan [1] - Aokema had a net inflow of 52.74 million yuan from institutional investors, while retail investors had a net outflow of 27.33 million yuan [2] - Midea Group had a net inflow of 10.00 million yuan from institutional investors, but retail investors experienced a net outflow of 20.38 million yuan [2] - Hisense Appliances faced a net outflow of 31.43 million yuan from institutional investors, while retail investors had a net inflow of 23.60 million yuan [2]

Core Insights - The white goods sector experienced a slight increase of 0.02% on November 13, with Xueqi Electric leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Xueqi Electric (001387) closed at 14.36, with a gain of 1.06% and a trading volume of 28,100 shares, amounting to a transaction value of approximately 40.23 million yuan [1] - Haier Smart Home (600690) closed at 27.34, up 0.51%, with a trading volume of 314,000 shares and a transaction value of about 854 million yuan [1] - Midea Group (000333) closed at 79.60, with a slight increase of 0.14%, trading 333,400 shares for a total of approximately 2.64 billion yuan [1] - Gree Electric (000651) closed at 41.00, down 0.36%, with a trading volume of 441,600 shares and a transaction value of around 1.81 billion yuan [1] Capital Flow - The white goods sector saw a net outflow of 329 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 67.13 million yuan [1] - Xueqi Electric had a net inflow of 1.76 million yuan from institutional investors, while it faced a net outflow of 1.18 million yuan from speculative funds [2] - Midea Group experienced a net outflow of 41.77 million yuan from institutional investors, but saw a net inflow of 64.27 million yuan from speculative funds [2]