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]

Group 1: Macro Insights - August PMI for manufacturing and non-manufacturing sectors showed a slight recovery, but manufacturing PMI remains in contraction territory [9] - Supply and demand both improved, with supply rebounding more significantly, driven by the pharmaceutical and electronics sectors [9] - The price index continued to rebound, indicating a narrowing decline in PPI, while inventory trends showed divergence [9] Group 2: Banking Sector Performance - In H1 2025, listed banks reported a revenue growth of 1.0% and a net profit growth of 0.8%, both turning positive compared to Q1 2025 [32] - Different types of banks showed varied performance, with state-owned banks improving significantly due to increased asset growth [32] - The overall banking sector is expected to benefit from expansionary policies aimed at stabilizing economic growth [34] Group 3: White Wine Industry Analysis - The white wine sector reported a revenue of 2414.2 billion yuan in H1 2025, a year-on-year decline of 0.8%, with net profit at 946.3 billion yuan, down 1.2% [28] - High-end and sub-high-end wines showed resilience, while regional wines faced significant declines [28] - The industry is undergoing a supply-side adjustment, with companies focusing on destocking and maintaining prices [30] Group 4: Energy Sector Developments - The energy sector is expected to experience a shift towards marketization, with significant growth in renewable energy installations [38] - The anticipated changes in electricity pricing are expected to reverse current pessimistic market expectations [38] - Companies with resilient earnings in the energy sector, such as Baoneng Energy and Huaneng International, are recommended for investment [38] Group 5: Home Appliance Industry Insights - The home appliance sector is witnessing a mixed performance, with companies like Midea Group maintaining stable profitability despite short-term pressures from tariffs [3][5] - The market for shared massage services is growing, with leading companies like LeMoba showing strong revenue and profit growth [25] - The overall home appliance market is characterized by competitive pressures and the need for companies to innovate and expand their service offerings [25]

Investment Rating - The report maintains a "Buy" investment rating for TCL Smart Home (002668.SZ) [5] Core Views - TCL Smart Home reported a total revenue of 9.476 billion yuan for H1 2025, representing a year-on-year increase of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [1] - The net profit margin for TCL Hefei improved to 3.09%, an increase of 1.75 percentage points year-on-year, while the net profit margin for Oma refrigerators was 15.52%, down 0.23 percentage points year-on-year [1] - The main business showed steady growth, with revenue from refrigerators and washing machines increasing by 5.71% and 5.98% year-on-year, respectively [1] - The overseas self-branded business experienced rapid growth, with revenue increasing by 66.18% year-on-year, and the overseas business revenue for Hefei home appliances grew by 27.19% year-on-year [1] Financial Performance Summary - In Q2 2025, the company achieved a gross margin of 24.20%, a decrease of 1.15 percentage points year-on-year, and a net margin of 12.72%, down 0.78 percentage points year-on-year [2] - Operating cash flow for Q2 2025 was 793 million yuan, a significant increase of 125.11% year-on-year, with cash received from sales of goods amounting to 4.807 billion yuan, up 13.41% year-on-year [2] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.15 billion, 1.27 billion, and 1.39 billion yuan, reflecting year-on-year growth rates of 12.8%, 10.7%, and 9.4%, respectively [2] Financial Metrics - For 2025, the projected revenue is 19.462 billion yuan, with a year-on-year growth rate of 6.0% [4] - The projected net profit for 2025 is 1.15 billion yuan, with a year-on-year growth rate of 12.8% [4] - The latest diluted EPS is expected to be 1.06 yuan per share for 2025 [4] - The projected P/E ratio for 2025 is 10.1 times, and the P/B ratio is 3.2 times [4]

Investment Rating - The investment rating for TCL Smart Home is maintained at "Buy-A" with a target price of 12.43 CNY per share, reflecting a 6-month outlook [5][4]. Core Views - TCL Smart Home reported a revenue of 9.48 billion CNY for the first half of 2025, representing a year-over-year increase of 5.7%, and a net profit attributable to shareholders of 640 million CNY, up 14.2% year-over-year [1]. - The company continues to experience growth in overseas sales, with a year-over-year increase of 9.0% in the first half of 2025, driven by strong performance in Southeast Asia, Latin America, and the Middle East [2]. - Domestic sales faced challenges, declining by 3.6% year-over-year in the first half of 2025, influenced by national subsidies and intense online price competition [2]. - The company is focusing on enhancing product competitiveness through R&D and launching high-end products, which is expected to improve revenue growth in the future [2]. Financial Performance Summary - In Q2 2025, TCL Smart Home achieved a revenue of 4.88 billion CNY, a year-over-year increase of 2.4%, and a net profit of 340 million CNY, up 0.8% year-over-year [1]. - The net profit margin for Q2 was 6.9%, slightly down by 0.1 percentage points year-over-year, primarily due to a decrease in gross margin and changes in foreign exchange losses [3]. - Operating cash flow for Q2 increased significantly to 790 million CNY, a year-over-year rise of 125.1%, attributed to improved cash collection capabilities [3]. - The company is projected to have earnings per share (EPS) of 1.04 CNY, 1.15 CNY, and 1.28 CNY for the years 2025, 2026, and 2027 respectively [4].

智通财经APP讯，TCL智家(002668.SZ)发布2025年半年度报告，该公司营业收入为94.76亿元，同比增 长5.74%。归属于上市公司股东的净利润为6.38亿元，同比增长14.15%。归属于上市公司股东的扣除非 经常性损益的净利润为6.23亿元，同比增长11.51%。基本每股收益为0.59元。 2025年以来，面对市场不利形势，公司持续开拓拉美、中东非等市场，深度挖掘并开拓更多本地优质客 户资源，新兴市场销售占比取得较大提升，确保了公司销量实现稳健增长。同时，公司借助TCL成为奥 林匹克全球合作伙伴的契机，加大自有品牌业务推广力度，海外自有品牌业务同比增速达66%，东南 亚、拉美和中东等区域均实现70%以上的增长。 ...

本报讯 （记者丁蓉）8月29日晚间，广东TCL智慧家电股份有限公司（以下简称"TCL智家 （002668）"）披露2025年半年报。上半年，公司在同期高基数的基础上，多措并举业绩总体实现平稳 健康增长，实现营业收入94.76亿元，同比增长5.74%；实现归属于上市公司股东的净利润6.38亿元，同 比增长14.15%。公司实现连续16个季度归属于上市公司股东的净利润同比正增长；实现经营活动现金 净流量13.71亿元，同比增长74.48%。 海外收入同比增长9% TCL在体育领域深耕细作，通过在足球、篮球、橄榄球等多个领域加速渗透全球各个市场。今年2月 份，TCL正式成为奥林匹克全球合作伙伴，成为全球12家顶级赞助商之一。借助TCL成为奥林匹克全球 合作伙伴的契机，TCL智家加大自有品牌业务推广力度，上半年海外自有品牌业务收入同比增长 66.18%，东南亚、拉美和中东等区域均实现70%以上的增长。 优化产品结构提升盈利能力 近年来，TCL智家持续加大产品研发投入，2025年上半年研发投入3.11亿元，同比增长9.16%，研发投 入占总收入的比例在本土家电企业中名列前茅；截至上半年末，公司研发团队超千人，累计取得专 ...

广东 TCL 智慧家电股份有限公司 2025 年半年度财务报告 二〇二五年八月 广东 TCL 智慧家电股份有限公司 2025 年半年度财务报告全文 2 释义项 指 释义内容 本公司/公司/TCL 智家 指 广东 TCL 智慧家电股份有限公司 TCL 家电 指 TCL 家电集团有限公司，公司控股股东 TCL 实业 指 TCL 实业控股股份有限公司，TCL 家电之控股股东 中新融泽 指 重庆中新融泽投资中心（有限合伙），TCL 家电集团有限公司之一致行动人 合肥家电 指 TCL 家用电器（合肥）有限公司 奥马冰箱 指 广东奥马冰箱有限公司 ODM 指 原始设计制造（Original Design Manufacture），产品的结构、外观、工艺均由生产商自 主开发，在客户选择下单后进行生产，产品以客户的品牌进行销售。 OBM 指 自主品牌生产（Own Branding Manufacture），即企业经营自主品牌，或者生产商自行创 立品牌，生产、销售拥有自主品牌的产品。 中国证监会 指 中国证券监督管理委员会 深交所 指 深圳证券交易所 《公司法》 指 《中华人民共和国公司法》 《证券法》 指 《中华人民共和国证 ...

①表中非经营性占用部分，关联方范围依照《股票上市规则》确定。 ②无控股股东、实际控制人的公司，存在第一大股东或第一大股东关联人非经营性占用资金的，也应填写本表非经营性占用部分。 ③2025 年半年度往来累计金额（不含利息）中，往来形成原因为采购商品、采购固定资产及接受劳务的，其金额为含税价。 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | | 上市公司核算的会计科目 2025年期初占用资金余额 2025年半年度占用累计发生金额 | | 2025年半年度占用资金的利息 | 2025年半年度偿还累计 | 2025年半年度末占用 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （不含利息） | （如有） | 发生金额 | 资金余额 | | | | 控股股东、实际控制人及其附属企业 | — | — | — | - | - | - | - | - | — | — | | 小计 | — | — | — | - | - | - | - | - | ...

证券代码：002668 证券简称：TCL智家 公告编号：2025-037 广东TCL智慧家电股份有限公司 关于举办2025年半年度业绩说明会的公告 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。 二、参加人员 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（如 遇特殊情况，参会人员可能进行调整）。 三、投资者参加方式 投 资 者 可 于 2025 年 9 月 3 日 （ 星 期 三 ） 15:00-16:00 通 过 网 址 https://eseb.cn/1r36o50J7EY 或使用微信扫描下方小程序码即可进入，参与互动交 流。投资者可于 2025 年 9 月 3 日前进行会前提问，公司将通过本次业绩说明会， 在信息披露允许范围内就投资者普遍关注的问题进行回答。 特此公告。 广东 TCL 智慧家电股份有限公司 董事会 广东 TCL 智慧家电股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日在巨潮资讯网上披露了《2025 年半年度报告》及其摘要。为便于广大投资 者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2 ...

第六届监事会第六次会议决议公告 本公司及监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。 一、监事会会议召开情况 广东 TCL 智慧家电股份有限公司（以下简称"公司"）第六届监事会第六次 会议于 2025 年 8 月 29 日（星期五）以现场结合通讯的方式召开。会议通知已于 2025 年 8 月 19 日通过邮件的方式送达各位监事。本次会议应出席监事 3 人，实 际出席监事 3 人。 会议由公司监事会主席周笑洋先生主持，公司高级管理人员列席会议。会议 召开符合有关法律法规、规章和《公司章程》的规定。出席会议的监事对相关议 案进行了认真审议并形成决议如下： 证券代码：002668 证券简称：TCL 智家 公告编号：2025-035 广东 TCL 智慧家电股份有限公司 （一）审议通过《2025 年半年度报告及其摘要》 特此公告。 广东 TCL 智慧家电股份有限公司 监事会 二、监事会会议审议情况 公司 2025 年半年度报告的编制、审议程序符合法律、行政法规的规定，报 告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导 性陈述或者重大遗漏。 表决结果：3 ...