TCL科技：公司2025年上半年实现经营现金流净额273亿元

Core Insights - TCL Technology announced that it expects to achieve a net operating cash flow of 27.3 billion yuan in the first half of 2025, primarily driven by cash flow contributions from TCL Huaxing [1] - The company reported that TCL Zhonghuan has maintained positive operating cash flow despite being at the bottom of the industry cycle [1] - The rapid growth in operating cash flow for TCL Huaxing is attributed to significant profitability growth despite high depreciation, along with improvements in inventory turnover and accounts receivable management [1] Financial Performance - TCL Technology's capital expenditures are on a declining trend as both the display and photovoltaic industries have passed their investment peaks, indicating a stable growth in future free cash flow [1] - The company plans to increase its equity stake in certain panel production lines to enhance parent company profits [1] - Management of the debt-to-asset ratio is a priority, with a focus on reducing financial costs [1] Shareholder Returns - The company has a long-standing commitment to shareholder returns and will continue to implement a proactive dividend strategy [1]