TCL科技：预计2025年扣非净利润同比上升869%—973%

Group 1: TCL Technology - TCL Technology expects a net profit attributable to shareholders of 4.21 billion to 4.55 billion yuan for 2025, representing an increase of 169% to 191% year-on-year [1] - The net profit, excluding non-recurring gains and losses, is projected to be 2.89 billion to 3.20 billion yuan, reflecting a significant increase of 869% to 973% year-on-year [1] - The company achieved an operating revenue exceeding 100 billion yuan and a net profit exceeding 8 billion yuan, with net operating cash flow exceeding 40 billion yuan, indicating high-quality growth [1] - TCL Huaxing maintains a competitive advantage in large-size products such as TVs and commercial displays, while experiencing rapid growth in the small and medium-size product sector [1] - The company completed the acquisition of 100% equity in the former LG Display (China) Co., Ltd., enhancing its capacity layout for large and medium-size LCD panels [1] - TCL is expanding its G5.5 generation printed OLED production line and building the world's first high-generation printed OLED production line, laying the foundation for future display technology upgrades [1] Group 2: TCL Zhonghuan - TCL Zhonghuan adheres to a "domestic leading, global catching up" strategy, consolidating its leading position in the semiconductor materials sector [2] - The company achieved operating revenue exceeding 5.7 billion yuan, maintaining its position as the top player in terms of revenue and shipment volume in China [2] - Due to the oversupply in various segments of the photovoltaic industry chain, TCL Zhonghuan is experiencing significant fluctuations but remains committed to product technology innovation and global strategies [2] - The company is actively pursuing organizational changes to improve profitability amidst challenges [2] - Miao Jia Technology continues to expand its leading advantage, with the TV OEM business solidifying its industry leadership and the display OEM business growing rapidly [2] - The company is also actively exploring high-value-added product segments such as commercial displays and gaming monitors, significantly enhancing its profitability [2]