Ge Long Hui A P P·2025-09-02 09:48Core Viewpoint - TCL Smart Home reported a net profit of 638 million yuan for H1 2025, representing a year-on-year increase of 14.15%, while Q2 net profit was 337 million yuan, up 0.78% [1] Financial Performance - H1 2025 net profit: 638 million yuan (+14.15%) [1] - Q2 2025 net profit: 337 million yuan (+0.78%) [1] Business Development - Q2 profitability faced short-term pressure, but cost efficiency improved [1] - Overseas self-owned brand sales increased by 66% year-on-year, indicating product structure optimization [1] Industry Position - The company is a leading player in the refrigeration sector, outpacing industry growth [1] - TCL's black electrical brand is expected to enhance the competitiveness of its self-owned white electrical brands in international markets [1] Capacity Expansion - Active progress in capacity construction, with the Oma refrigerator project achieving an annual production capacity of 2.8 million high-end frost-free refrigerators [1] - Completion of the Hefei home appliance supporting factory and plans for a new production base in Thailand, adding 1.4 million refrigerator and 300,000 freezer units, which may effectively mitigate trade risks [1] Future Outlook - Anticipation for the air conditioning business to further enhance performance [1] - Maintained "Buy" rating for the stock [1]