Core Viewpoint - TCL Electronics has demonstrated strong revenue and profit growth in the first half of 2025, outperforming the overall market due to its global supply chain strategy and product structure enhancement [4]. Financial Performance - In the first half of 2025, TCL Electronics achieved revenue of HKD 54.777 billion, a year-on-year increase of 20.4% [4]. - The net profit attributable to shareholders reached HKD 1.048 billion, marking a significant year-on-year growth of 67.8% [4]. - The display business, primarily driven by television sales, grew by 10.9% to HKD 33.419 billion, with a gross margin increase of 0.5 percentage points to 15.9% [4]. Market Trends - The global television industry saw a slight year-on-year shipment increase of 0.1%, while the Chinese market benefited from a trade-in subsidy policy, resulting in a 10.9% increase in retail sales [4]. - TCL's global television shipments rose by 7.6% to 13.46 million units, securing a top two position globally [4]. Product Development - TCL's Mini LED television shipments surged by 176.1% to 1.37 million units, indicating a strong demand for advanced display technologies [4]. - The company is focusing on expanding its mid-to-high-end product matrix and enhancing its capabilities in new business areas [5]. Global Strategy - TCL has established overseas production bases in Vietnam, Mexico, Brazil, Poland, and Pakistan, allowing for flexible supply chain management with an annual production capacity exceeding 30 million units [4]. - In North America, while shipments decreased by 7.3%, there was an improvement in product structure; in Europe, brand television shipments increased by 13.3%, and in emerging markets, shipments grew by 17.9% [4]. Innovation and New Business - TCL's innovative business segment reported a revenue increase of 42.4% to HKD 19.875 billion, with solar energy business revenue growing by 111.3% to HKD 11.136 billion [5]. - The company has launched new products such as XR glasses and AI-enabled devices, aiming to create new growth points [5].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In Q2 2025, the public fund allocation ratio for the home appliance sector decreased by 15.4% to a market value of 99.56 billion yuan, with a public fund allocation ratio of 3.85%, down by 0.72 percentage points [9] - Among the sub-sectors, the black appliance segment saw an increase in public fund allocation, while the white and small appliances experienced declines [12] - TCL Electronics expects a net profit of approximately 950 million to 1.08 billion HKD for H1 2025, representing a year-on-year growth of 45% to 65% due to its focus on globalization and high-end product development [16][17] -泉峰控股 anticipates a net profit of approximately 90 million to 100 million USD for H1 2025, reflecting a 50% year-on-year increase driven by revenue growth and contributions from high-margin brands [18] Summary by Sections 1. Weekly Topic: Q2 2025 Home Appliance Sector Fund Allocation - The public fund holding market value for the home appliance sector was 99.56 billion yuan, down 15.4% [9] - The allocation ratios for sub-sectors were as follows: white appliances (3.05%), small appliances (0.30%), black appliances (0.20%), appliance components (0.26%), kitchen and bathroom appliances (0.02%), and lighting equipment (0.01%) [12] 2. Key Company Announcements - TCL Electronics projects a significant increase in net profit for H1 2025, driven by advancements in high-end display technologies and improved product competitiveness [16] -泉峰控股 expects a substantial profit increase due to growth in its proprietary brand business and favorable currency effects [18] 3. Data Tracking 3.1 Raw Material Data - LME copper price increased by 1.3% and aluminum price by 2.5% as of July 25, 2025 [19] 3.2 Shipping Rates and Exchange Rates - The CCFI composite index decreased by 3.24% as of July 25, 2025, with a slight decline in the USD to RMB exchange rate [24] 3.3 Real Estate Data - In the first half of 2025, the sales area of commercial housing decreased by 3.5%, with significant declines in construction and new starts [26]

Core Viewpoint - The company anticipates a significant increase in adjusted net profit for the first half of 2025, projecting between 950 million to 1.08 billion HKD, representing a year-on-year growth of 45% to 65% compared to the same period in 2024 [1] Group 1: Global Market Performance - The company is capitalizing on the global trend towards larger screens, with a 7.6% year-on-year increase in global TV shipments, totaling 13.46 million units, maintaining a top two position globally [1] - TCL's Mini LED TV shipments reached 1.37 million units, a substantial increase of 176.1% year-on-year, securing the top global position with a market share increase of 6.6 percentage points to 10.8% [1] - In the international market, TCL TV shipments grew by 8.7% year-on-year, with shipments of 75-inch and larger TVs increasing by 57.9%, raising their market share by 2.5 percentage points to 8.1% [2] Group 2: Regional Market Insights - In the Chinese market, TCL TV shipments grew by 3.5% year-on-year, with the TCL brand specifically seeing a 10.2% increase, maintaining a top two retail position [3] - The company achieved a 13.2% year-on-year increase in shipments of 75-inch and larger TVs in China, with their market share rising by 3.1 percentage points to 36.3% [3] - TCL's Mini LED TV shipments in China surged by 154.2% year-on-year, with a market share increase of 12.7 percentage points to 20.9% [3] Group 3: Operational Efficiency and Strategy - The company is enhancing operational efficiency through digital transformation, automation, and optimized supply chain management, leading to a reduction in overall expense ratios [3] - The company is focusing on a dual-brand strategy with "TCL + Thunderbird" to penetrate the mid-to-high-end market segment [3] - The company aims to expand its global market share in the black goods sector while improving the proportion of high-end products in its portfolio [4]