Core Viewpoint - TCL Electronics Holdings Limited anticipates a significant increase in adjusted net profit for the fiscal year 2025, projecting between HKD 2.33 billion and HKD 2.57 billion, representing a growth of 45% to 60% compared to the same period in 2024 [2] Group 1: Performance Drivers - The substantial growth in performance is attributed to two main driving factors [2] - Firstly, TCL Electronics adheres to its strategic approach of "brand-led value, deepening global operations, technology-driven, and vitality above all," continuously advancing its "globalization" and "mid-to-high-end" development [2] - The group's global business has achieved quality growth, with overall profitability steadily enhancing, particularly in the large-size display business, which maintains a leading market position, and the mid-to-high-end strategy showing significant results [2] - The internet business continues to maintain high profitability levels, while the scale of innovative business is also expanding [2] Group 2: Supply Chain and Operational Efficiency - Secondly, the company has strengthened its leading layout advantages in global supply chains and channels, enhancing its agility in responding to global operational risks [2] - By actively improving AI digital capabilities, operational efficiency has further increased, leading to a significant reduction in expense ratios [2] - Additionally, organizational adjustments around global operations have been made to enhance the global talent cultivation and management system, supported by an equity incentive plan to boost team morale, contributing to performance improvement [2] Group 3: Future Outlook - Looking ahead, TCL Electronics expresses its commitment to exploring cutting-edge AI technologies and will steadfastly advance its "globalization" and "mid-to-high-end" development strategies [2] - The company aims to continuously enhance its global brand value and commercial value while accelerating the globalization of its operations [2]

Core Viewpoint - The article emphasizes the resilience of the Chinese economy amidst challenges, highlighting the importance of innovation and global opportunities for private enterprises in China [3]. Group 1: Economic Resilience and Challenges - The current economic environment is warmer compared to the previous year, with negative factors being gradually digested, showcasing the resilience of the Chinese economy [3]. - The past few decades of rapid economic growth have led to challenges that require reflection on whether companies overestimated their capabilities and competitiveness [5]. Group 2: Innovation and Product Development - The era of relying on a single successful strategy is over; companies must focus on innovation and enhancing product quality to improve competitiveness [6]. - The hospitality sector, exemplified by the Atlantis Hotel in Sanya, has seen improved occupancy rates and pricing, indicating strong consumer demand for high-quality products despite a backdrop of consumption downgrade [6]. Group 3: Importance of Technology and ESG - Emphasis on technological innovation as a new engine for private enterprise development, with a call for investment in foundational research and key technologies [6]. - The significance of ESG (Environmental, Social, and Governance) initiatives and green technology development is highlighted as a global consensus and a substantial market opportunity [6]. Group 4: Globalization and International Opportunities - Despite domestic market challenges, globalization remains a key focus, with companies encouraged to build global capabilities and perspectives [8]. - The example of Fosun's global operations, with overseas revenue reaching 46.67 billion yuan in the first half of 2025, illustrates the potential of Chinese enterprises in the global market [8]. Group 5: Competitive Landscape and Future Directions - Chinese private enterprises, particularly in emerging sectors like AI and biotechnology, are becoming globally competitive, with significant price differentials in international markets [9]. - The new era of globalization involves not just product exports but also the allocation of innovative resources globally and participation in setting international standards [9].

郭广昌认为，"一招鲜吃遍天"的时代已经过去了，未来只有靠创新，用更大的精力和时间去打造好产品，在深化产品力上下功夫，提升企业的能力和竞争力 才是核心。 在如今的经济转型期，如何应对挑战，以及未来的发力方向，是众多浙商企业共同关注的话题。 "今年的冬天没有去年那么冷，无论是天气还是我们的经济，都更暖和了一些。很多负面因素都在被逐渐消化，再次证明中国经济有极大韧性。" 在18日举行的第九届世界浙商上海论坛暨2025上海市浙江商会年会上，复星国际董事长郭广昌分享了他对宏观经济、民营企业创新与全球化机遇等的思考。 如往年一样，浙商年会聚集了众多院士专家、技术先锋和民营企业家。在如今的经济转型期，如何应对挑战，以及未来的发力方向，是浙商企业们共同关注 的话题。 "一招鲜吃遍天"时代已过去 "过去几十年中国的经济发展，总体上来说是顺风顺水、高速发展的，所以这几年遇到一些挑战和困难，加之外部环境的改变，大家有不适应的感觉，这很 正常。"郭广昌说，但我们也要反思，在以前一切都顺风顺水的时候，是否高估了自己的能力，也高估了自己企业的竞争力？是否过分相信当年的运气，太 过相信物业会持续升值？再加上自己的内功不强，底盘不够扎实，现 ...

(ii) 集团持续强化自身在全球供应链及渠道的领先布局优势，增强全球经营风险的敏捷应对能力。本集 团积极完善AI数字化能力，经营效率进一步提升带动费用率有效下降。同时，本集团围绕全球经营进 行组织调整，完善全球人才培养管理体系，并通过股权激励方案提升团队士气，进一步牵引本集团业绩 提升。 TCL电子表示，未来，集团将不断探索AI新场景前沿技术，坚持"全球化"和"中高端化"发展，持续提升 全球品牌价值及商业价值，加快全球化经营进程。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：1月18日，TCL电子发布2025年度业绩盈喜预告。 公告披露，TCL电子预期集团2025年度的经调整归母净利润约在23.3亿至25.7亿港元之间，与2024年同 期相比，将录得约45%至60%的增长。 经调整归母净利润预期大幅增长的主要原因为： (i) 集团秉持"品牌引领价值、深化全球经营、科技驱动、活力至上"的战略方针，坚持"全球化"和"中高 端化"发展。本集团全球业务实现有质量增长，整体盈利能力持续增强，其中大尺寸显示业务持续保持 市场领先地位且中高端化成效显着，互联网业务维持高盈利水平 ...

Core Viewpoint - The forum emphasizes the resilience, innovation, and aspirations of Zhejiang merchants amidst the waves of the Chinese economy, highlighting the importance of maintaining a competitive edge through innovation and market economy principles [3][13]. Economic Outlook - The current economic climate is warmer compared to the previous year, with negative factors gradually being digested, indicating the resilience of the Chinese economy [3][4]. - There is optimism for 2026, with expectations for significant growth and opportunities for businesses to excel [3][4]. Innovation and Competitiveness - The strength of China's economy is attributed to its market economy and the resilience of private enterprises, particularly in emerging sectors like AI, robotics, and biomedicine [4][14]. - Fosun's biopharmaceutical platform, Fuhong Hanlin, is set to achieve breakthroughs with multiple products expected to reach global markets by 2025, showcasing strong global competitiveness [4][14]. Globalization Strategy - Fosun is committed to globalization, with operations in over 40 countries and regions, and overseas revenue reaching 46.67 billion yuan, accounting for 53% of total revenue in the first half of 2025 [18]. - The company aims to leverage China's capabilities and resources to enhance its global presence and competitiveness [18]. Consumer Market Insights - The Chinese consumer market, with over a billion people, presents continuous opportunities, emphasizing the need for companies to enhance product quality and innovation [16][17]. - Fosun's ventures in tourism and consumer products have received positive market feedback, with high occupancy rates and successful product launches [16][17].

Core Viewpoint - The forum emphasizes the resilience, innovation, and aspirations of Zhejiang merchants amidst the waves of the Chinese economy, highlighting the importance of maintaining a competitive edge through innovation and market economy principles [3][13]. Economic Outlook - The current economic climate is warmer compared to the previous year, with negative factors gradually being digested, indicating the resilience of the Chinese economy [3][4]. - There is optimism for 2026, with expectations for significant growth and opportunities for businesses to excel [3][4]. Innovation and Competitiveness - The strength of China's economy is attributed to its market economy and the resilience of private enterprises, particularly in emerging sectors like AI, robotics, and biomedicine [4][14]. - Fosun's biopharmaceutical platform, Fuhong Hanlin, is set to achieve breakthroughs with multiple products expected to be globally competitive by 2025, including the world's first successful PD-1 monoclonal antibody for gastric cancer [4][14]. Globalization Strategy - Fosun is committed to globalization, with operations in over 40 countries and regions, and overseas revenue reaching 46.67 billion yuan, accounting for 53% of total revenue in the first half of 2025 [18]. - The company aims to leverage China's capabilities and resources to enhance its global presence and competitiveness [18]. Consumer Market Insights - The Chinese consumer market, with over a billion people, presents continuous opportunities, emphasizing the need for companies to enhance product quality and innovation [16][17]. - Fosun's ventures in tourism and consumer goods have seen positive market responses, with high occupancy rates in hotels and successful product launches [16][17].

经调整归母净利润预期大幅增长的主要原因为：(i)集团秉持"品牌引领价值、深化全球经营、科技驱 动、活力至上"的战略方针，坚持"全球化"和"中高端化"发展。集团全球业务实现有质量增长，整体盈 利能力持续增强，其中大尺寸显示业务持续保持市场领先地位且中高端化成效显着，互联网业务维持高 盈利水平，创新业务规模持续扩张。(ii)集团持续强化自身在全球供应链及渠道的领先布局优势，增强 全球经营风险的敏捷应对能力。集团积极完善AI数字化能力，经营效率进一步提升带动费用率有效下 降。同时，集团围绕全球经营进行组织调整，完善全球人才培养管理体系，并通过股权激励方案提升团 队士气，进一步牵引集团业绩提升。 格隆汇1月18日丨TCL电子(01070.HK)发布公告，预期集团2025年度的经调整归母净利润约在23.3亿至 25.7亿港元之间，与2024年同期相比，将录得约45%至60%的增长。 未来，集团将不断探索AI新场景前沿技术，坚持"全球化"和"中高端化"发展，持续提升全球品牌价值及 商业价值，加快全球化经营进程。 ...

Group 1: Events and Forums - The "Dubai Business Forum - China" will take place in Shenzhen on May 14, 2026, focusing on economic collaboration and investment opportunities between China and Dubai [2] Group 2: Company Developments - TikTok Shop has launched a local hosting model in four European countries, allowing merchants to stock goods in local warehouses while TikTok handles logistics [3] - Temu has introduced a local seller program in the UAE to enhance delivery efficiency and expand product offerings [3] - WeChat mini-programs are projected to surpass 5 billion uses by 2025, with significant growth in cross-border transactions [4] - ZhiYuan Robotics has opened its first overseas robot experience center in Malaysia, aligning with the country's "Industry 4.0" strategy [4] - Creality has launched a new sub-brand SPARKX at CES, integrating with Alibaba Cloud for enhanced 3D printing services [5] - Xpeng Motors plans to establish a localized supply chain team in Europe and ASEAN by 2026 to improve operational efficiency [6][7] - WeRide has deployed over 1,000 Robotaxis globally, with operations in Guangzhou, Beijing, and Abu Dhabi [7] - BYD has achieved a record high in exporting new energy buses, leading the industry for three consecutive years [7] - CATL has launched the largest overseas service center for new energy in Riyadh, providing comprehensive lifecycle services [8] - VortexInfo showcased an autonomous road cleaning robot at the Abu Dhabi Sustainability Week, focusing on smart city applications [8] Group 3: Investment and Financing - Gongye Technology has secured hundreds of millions in financing to enhance overseas sales channels [9] - Bay Measurement has completed over 100 million A+ round financing to strengthen its overseas business layout [9] - Huaxuan Sensor has completed a new round of strategic financing to accelerate global market expansion [9] - OMOWAY has raised tens of millions in Pre-A and Pre-A+ rounds to support the production and development of self-balancing electric motorcycles [10] - Haiwei Co. has received a 300 million yuan strategic investment to support lightweight component manufacturing [10] Group 4: Policies and Market Trends - Kickstarter's 2025 data shows that Chinese brands dominate the top ten popular projects, raising nearly $140 million [11] - China's high-tech product exports grew by 13.2% in 2025, with industrial robots becoming a net export product for the country [12] - The trade of AI-related products in China is expected to grow significantly, aligning with global trends [12]

Industry Trends - Goldman Sachs' "2025 Global E-commerce Handbook" suggests Chinese sellers focus on ASEAN, Latin America, and the EU, as global e-commerce growth slows[1] - China's direct investment in South Africa is projected to reach $13.21 billion in 2024, shifting from traditional infrastructure to consumer goods and renewable energy[1] - Chinese automotive global market share is expected to reach 38%, with overseas sales potentially hitting 15%-20% by 2030[1] - By 2025, China's outbound model is expected to shift from single-point sales to systematic capability output, enhancing user shopping experiences[1] Top Brand News - Genki Forest has entered over 40 countries, emphasizing brand value and cultural attitudes rather than low prices[10] - Sweet Tea has opened over 200 overseas stores in two years, focusing on balancing global standards with local operations[11] - INTO YOU's overseas sales have surpassed 150 million yuan, marking a shift from product output to brand output in the beauty sector[12] - Xiangpiaopiao plans to invest $38 million in Thailand to expand in Southeast Asia amid declining domestic revenue[14]

Core Viewpoint - The automotive parts industry is expected to experience significant growth driven by the acceleration of smart and global trends, with humanoid robots entering a phase of mass production by 2026 [2][7]. Group 1: Industry Overview - In 2025, domestic wholesale vehicle sales reached 21.16 million units, a year-on-year increase of 13.3%, leading to an 8.3% increase in automotive parts revenue [2][20]. - For 2026, the wholesale vehicle sales are projected to reach 30.3 million units, a 1.0% year-on-year increase, supported by the continuation of vehicle replacement policies [2][46]. - The automotive parts sector is expected to benefit from the increasing share of domestic brands and the pressure of annual declines on profit margins, which decreased by 0.5 percentage points year-on-year [2][43]. Group 2: Investment Strategy - The investment strategy emphasizes the importance of high-quality customers, with domestic brands being prioritized over new forces and joint ventures [3][9]. - The focus is on high-growth clients such as Geely and BYD in the domestic market, and the expansion of overseas production capacity is expected to enhance revenue and profit [3][8]. - The global expansion of Chinese automotive parts is anticipated to continue, particularly in North America and Europe, driven by the increasing electrification rate [3][9]. Group 3: Product Dimensions - The smart driving sector is expected to see accelerated growth, with a projected increase in penetration rates as advanced driving technologies become more accessible to the mass market [4][39]. - Humanoid robots are entering a mass production phase in 2026, with significant advancements in AI and robotics technology expected to drive long-term growth [4][54]. - Key investment opportunities are identified in high-performance driving chips and smart cockpit controllers, which are expected to experience substantial growth [4][53]. Group 4: Financial Performance - The automotive parts sector's revenue growth is closely tied to passenger vehicle sales, with a noted increase in average selling prices (ASP) [15][20]. - The gross profit margin for the automotive parts sector was 19.4% in 2025, reflecting a slight decline due to increased pressure from OEMs [26][33]. - The net profit growth for the automotive parts sector was only 4.2% year-on-year, indicating that profit growth is lagging behind revenue growth due to pressures from OEMs [33][39]. Group 5: Future Outlook - The automotive parts industry is expected to see a shift towards smart and electric components, with a focus on intelligent driving and humanoid robots as key growth areas [2][53]. - The five-force model indicates that the industry will favor smart electric components over traditional parts, with significant growth potential in humanoid robots and low-altitude applications [53][54]. - The overall industry space is defined by the value per vehicle, vehicle sales, and product penetration rates, with a strong emphasis on high-quality customers and favorable market conditions [54].