调研速递|广东TCL智慧家电接受投资者调研，透露多项业务关键数据

Core Viewpoint - TCL Smart Home Appliances Co., Ltd. held a performance briefing on September 19, 2025, revealing significant business information and performance metrics [1] Business Data and Development Highlights - In the first half of 2025, the company's refrigerator and freezer business generated revenue of 8.047 billion yuan, a year-on-year increase of 5.71%, while the washing machine business revenue reached 1.361 billion yuan, up 5.98% [1] - The company focuses on home refrigerators and washing machines, increasing R&D investment to enhance the proportion of mid-to-high-end products, resulting in a 0.6 percentage point increase in overall gross margin [1] - The company's production capacity is primarily located in Zhongshan and Hefei, with a high utilization rate. The "annual production of 2.8 million high-end frost-free refrigerators intelligent manufacturing project" was fully operational in the first half of 2025 [1] - A new production base in Thailand is planned, expected to add 1.4 million refrigerator units and 300,000 freezer units, optimizing production layout [1] Performance Growth and ROE Changes - The company achieved revenue of 9.476 billion yuan in the first half of 2025, a year-on-year growth of 5.74%, with net profit attributable to shareholders of 638 million yuan, up 14.15%, marking 16 consecutive quarters of positive year-on-year growth in net profit [1] - The return on equity (ROE) for the first half of 2025 was 23.29% (non-annualized), a decrease compared to the previous year, mainly due to an increase of 1.1 billion yuan in net assets attributable to shareholders [1] R&D Investment and Business Expansion - R&D investment reached 311 million yuan in the first half of 2025, accounting for 3.28% of revenue, a year-on-year increase of 9.16% [1] - As of June 2025, the company had over 1,000 R&D personnel and more than 2,000 authorized patents, focusing on home appliances without involvement in air conditioning or robotics [1] Market Value Management and Dividend Planning - The company emphasizes market value management, although stock prices are influenced by various factors. Future plans include accelerating globalization strategies and increasing investment in key technologies for high-quality development [1] - Regarding dividends, the company will consider strategic, profit, and cash flow conditions to return value to investors when conditions are met [1] Litigation Progress - The company’s lawsuit with Aoma has been accepted by the court, and further developments will be disclosed in a timely manner [1]