TCL科技：2025上半年归母净利润增长89.3%，经营现金流增长115.9%

Core Insights - TCL Technology Group Co., Ltd. reported a revenue of 85.6 billion yuan for the first half of 2025, marking a year-on-year increase of 6.7% [1] - The net profit attributable to shareholders reached 1.88 billion yuan, reflecting a significant year-on-year growth of 89.3% [1] - Operating cash flow surged to 27.3 billion yuan, up 115.9% compared to the previous year [1] Semiconductor Display Business - TCL's subsidiary, TCL Huaxing, achieved a revenue of 50.43 billion yuan, a year-on-year increase of 14.4% [1] - The net profit for TCL Huaxing was 4.32 billion yuan, up 74% year-on-year, with net profit attributable to TCL Technology shareholders increasing by 51% to 2.63 billion yuan [1] - The company maintained a competitive advantage in the LCD sector, achieving a market share of 24%, an increase of 4 percentage points year-on-year [1] OLED Business - The OLED segment continued to grow, with sales volume increasing by 8.7% year-on-year, supported by the T4 factory in Wuhan [1] - TCL ranked fourth globally in flexible OLED smartphone shipments and maintained a top three position in foldable product shipments [1] Acquisitions and Strategic Moves - The company completed the acquisition of LGD's Guangzhou panel and module factory, enhancing operational performance from Q2 onwards [2] - The acquisition of a 21.53% stake in Shenzhen Huaxing Semiconductor has been finalized, expected to boost net profit attributable to shareholders [2] Other Business Segments - The semiconductor silicon wafer business reported a revenue of 2.74 billion yuan, a year-on-year increase of 38.2% [2] - TCL Zhonghuan's photovoltaic business generated 9.87 billion yuan in revenue during the same period [2] - The company’s other business segments achieved healthy growth, with Maojia Technology, the largest TV OEM globally, reporting a revenue of 10.39 billion yuan, up 16% year-on-year [2] Future Outlook - TCL Technology aims to leverage strategic guidance, innovation, advanced manufacturing, and global operations to navigate complex external environments and capitalize on opportunities in technology manufacturing and global energy transition [2]