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]

证券代码:002668 证券简称:TCL智家 == 公告编号: 2025-031 广东 TCL 智慧家电股份有限公司 关于涉及诉讼的公告 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。 特别提示: 1、诉讼阶段:一审法院已受理; 2、上市公司为原告,广东奥马冰箱有限公司为被告; 3、涉案金额:无; 4、对上市公司损益的影响:本次诉讼事项对公司本期利润或期后利润暂无 影响,本次披露的案件尚未开庭审理,后续审理及判决结果存在不确定性,公司 将就本次诉讼的进展情况及时履行信息披露义务,敬请投资者注意投资风险。 一、本次诉讼的受理情况 广东 TCL 智慧家电股份有限公司(以下简称"公司"或"上市公司") 于 2025年6月向广东省中山市第二人民法院递交了起诉控股子公司广东奥马冰箱有 限公司(以下简称"奥马冰箱")《章程》部分条款无效的诉讼材料,并于近日 按照广东省中山市第二人民法院送达的(2025)粤 2072 民初 20522 号《诉讼费 用交费通知书》完成缴费,该案件已获法院受理。 二、有关本案的基本情况 1、受理法院:广东省中山市第二人民法院; 2、原告:广东 ...

Core Viewpoint - The announcement details the progress of a judicial auction involving 35 million shares held by a major shareholder, Wuhan Zhuxin Ruikang Technology Co., Ltd., which ended in failure as all shares went unsold [1][2][3]. Group 1: Auction Details - The auction was conducted with a starting price of 34.265 million yuan, calculated based on the average closing price over the previous 20 trading days multiplied by the number of shares [2]. - The auction results indicated that all shares were "unsold, no bids placed," confirming a complete failure of the auction [2][3]. - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by law [1][3]. Group 2: Shareholder Information - As of the announcement date, Zhuxin Ruikang holds a total of 57.5 million shares in the company, representing 60.87% of the shares being auctioned and 3.23% of the company's total share capital [2][3]. - The company reassured that the failure of the auction will not lead to any changes in control or governance structure [1][3]. Group 3: Future Implications - If the shares are auctioned again, the starting price will be set at 80% of the initial auction price, indicating potential for future sales [3]. - The company emphasizes that the outcome of the auction will not impact its ongoing operations or governance [1][3].

证券代码：002668 证券简称：TCL 智家 公告编号：2025-030 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 被司法拍卖的进展公告 本公司股东武汉株信睿康科技有限责任公司保证本公告内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告的内容与股东武汉株信睿康科技有限责 任公司提供的信息一致。 特别提示 1、公司持股 5%以上股东株信睿康持有的 3,500 万股公司股票已于 2025 年 7 月 1 日 10 时至 2025 年 7 月 2 日 10 时被深圳中院以起拍价 34,265 万元（拍卖 日前 20 个交易日的收盘价均价乘以股票数）进行司法拍卖，并已全部流拍。 2、株信睿康所持有的 3,500 万股公司股票尚存在被第二次司法拍卖和后续 被处置的可能。若再次拍卖，后续可能仍涉及竞拍、流拍、缴款、股权变更过户 等环节，拍卖结果仍存在不确定性。公司将持续关注该事项的进展，按照法律法 规及时履行信息披露义务。 一、本次司法拍卖竞价结果 根据京东网络司法拍卖平台的拍卖结果，本次司法拍卖所有标的结果均显示 "已流拍，无人出价"，本次司法拍卖流 ...

Core Insights - The article highlights the success story of Oma Refrigerator, a company that has become a leading player in the global refrigerator market, selling 14 million units annually and generating revenue of 18.3 billion yuan, while remaining relatively unknown compared to giants like Haier and Midea [1][9]. Group 1: Company Background - Oma Refrigerator was founded by Cai Shier, who left his position at Rongsheng Refrigerator to pursue opportunities in the challenging European market, recognizing that high barriers to entry could provide a competitive advantage [3][4]. - The company initially gained traction by securing a significant order from Whirlpool, which recognized the quality and cost-effectiveness of Oma's products compared to local competitors [4][6]. Group 2: Business Strategy - Oma's strategy focuses on extreme cost efficiency, producing refrigerators at a lower cost than competitors by optimizing production processes and reducing mold costs by 90% [6][7]. - The company employs a "20/80 rule," concentrating on producing 20% of popular models that meet local consumer preferences, allowing it to dominate market share in countries like the UK and France [6][9]. Group 3: Financial Performance - Despite a lower gross margin of 15% compared to Haier, Oma achieved a net profit growth rate of 29.58%, demonstrating the effectiveness of its low-cost, high-volume business model [7][9]. - During the 2008 global financial crisis, while competitors were cutting back, Oma capitalized on low raw material prices by stockpiling, leading to a significant increase in export volume [8][9]. Group 4: Recent Developments - In 2021, TCL acquired a 48% stake in Oma, allowing the company to leverage TCL's distribution channels while continuing to serve as an OEM for major brands [9][10]. - Oma's overseas revenue reached 13.5 billion yuan in 2024, accounting for 73.5% of total revenue, indicating a successful expansion strategy in international markets [9][10]. Group 5: Industry Insights - The story of Oma Refrigerator challenges conventional business wisdom, emphasizing that success does not always require high-profile marketing or celebrity endorsements; instead, focusing on product quality and cost efficiency can lead to significant achievements in the global market [10].

广东 TCL 智慧家电股份有限公司 关于调整东南亚生产基地建设方案暨项目进展的公告 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。 证券代码：002668 证券简称：TCL智家 公告编号：2025-029 一、对外投资概述 1、原建设方案概况 广东 TCL 智慧家电股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日 召开第六届董事会第五次会议，审议通过了《关于在东南亚投资新建生产基地的 议案》，同意公司或下属公司投资新建东南亚生产基地的计划，项目预计总投资 4.9 亿元，项目建设期 24 个月，预计新增冰箱产能 100 万-140 万台/年。本事项在 公司董事会审批权限内，无需提交公司股东大会审议。具体内容详见公司于 2025 年 1 月 11 日在巨潮资讯网披露的《关于在东南亚投资新建生产基地的公告》（公 告编号：2025-002）。 2、调整的主要内容 为进一步加速境外产能布局，加快拓展目标市场，加强公司抗风险能力，公 司决定调整东南亚生产基地建设方案，具体调整内容如下： | | 建设地点 | 实施主体 | 建设内容 | 建设期限 | | ...