Core Viewpoint - TCL Electronics has achieved significant growth in a slowing global TV market, driven by a mid-to-high-end product strategy and innovative business layout, resulting in a strong financial performance for investors [1] Financial Performance - In the first half of 2025, TCL Electronics reported revenue of HKD 54.78 billion, a year-on-year increase of 20.4%, and adjusted net profit rose 62.0% to HKD 1.06 billion [1] - Overall expense ratio decreased by 1 percentage point to 11.5%, while cash and cash equivalents grew by 30.4% to HKD 11.44 billion [1] TV Business Growth - TCL's TV business maintained a strong growth momentum, with a market share increase to 15.2%, up from 13.8% year-on-year, while leading the industry with a shipment growth rate of 12.5% [1][2] - The gross margin for the TV business improved by 0.5 percentage points to 15.9%, with revenue reaching HKD 28.35 billion, a 9.4% increase year-on-year [2] Regional Performance - In the Chinese market, TCL's revenue reached HKD 8.72 billion, growing 4.4% year-on-year, with a gross margin increase of 1.7 percentage points to 19.4% [3] - In North America, TCL's Mini LED TV shipments surged by 349.6%, with a significant increase in average selling price by 12.6% [3] - In Europe, TCL's TV shipments grew by 13.3%, with a notable increase in large-size product sales [4] Internet and Innovative Business - TCL's global internet business revenue reached HKD 1.46 billion, a 20.3% increase, with a gross margin of 54.4% [6] - The innovative business segment saw a revenue increase of 42.4% to HKD 19.88 billion, with solar energy business revenue soaring by 111.3% to HKD 11.14 billion [7] Market Trends and Strategic Positioning - The Mini LED technology is experiencing rapid growth, with TCL leading the global market with a shipment increase of 176.1% [2] - The company is focusing on ecological cooperation and refined operations in the competitive distributed solar market, enhancing channel stickiness and core capabilities [8][9] Future Outlook - TCL is positioning itself as a comprehensive energy service provider, transitioning from a single equipment sales model to a dual-driven model of energy revenue sharing and operational service fees [10] - The company is leveraging its strengths in AI and IoT to capture future market opportunities in the XR and AI robot sectors, with significant sales growth in these areas [11][12]

Core Viewpoint - Shengruan Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange for the second time after its initial application expired due to a six-month deadline, having previously withdrawn its application from the Beijing Stock Exchange just three months prior [1][4]. Company Overview - Shengruan Technology, established in January 2002 and located in Dongying, Shandong Province, focuses on providing information technology services for oil and gas enterprises, government units, and small to medium-sized manufacturing companies, with business areas including smart oilfields, smart cities, and industrial internet [3]. - The company was listed on the New Third Board on August 14, 2015, with the code 833339 [3]. Audit and Financial Issues - The company has changed its auditing firms three times in five years, raising concerns about its financial controls. It faced scrutiny from regulators due to three consecutive accounting errors from 2022 to 2023, leading to retrospective adjustments of net profits by -62.24% and -15.34% [3][5]. - The company has switched its auditing firm multiple times, with the latest change occurring in January 2024 when it appointed KPMG Huazhen as its auditor for the 2024 fiscal year [4]. Financial Performance - Shengruan Technology reported revenues of approximately CNY 391 million, CNY 502 million, CNY 525 million, and CNY 31 million for the years 2022, 2023, and the first quarter of 2025, reflecting a compound annual growth rate (CAGR) of 15.96% [8]. - Net profits for the same periods were approximately CNY 38 million, CNY 54 million, CNY 59 million, and a loss of CNY 20 million, with a CAGR of 25.57% [8]. - The company's gross margin has declined from approximately 41.4% in 2022 to 24.6% in the first quarter of 2025, a decrease of 16.8 percentage points over the period [8][6]. Market Position - According to Frost & Sullivan, the Chinese smart energy solutions market grew from CNY 11.4 billion in 2018 to CNY 26.9 billion in 2023, with a projected CAGR of 17.2% from 2023 to 2028 [7]. - Shengruan Technology is the second-largest independent solution provider in the Chinese smart energy solutions market, holding a market share of 2.3% in 2024 [7]. Use of IPO Proceeds - The funds raised from the IPO will primarily be used for research and development, expansion into overseas markets, and to supplement working capital [11].

| -广告 | | --- | 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 在户用储能领域，搭载亿纬锂能电池的三晶电气最新光储充一体机，基于智慧能源管理系统，可实时优 化家庭用电策略，匹配光伏发电与储能调度，让用户享受清洁能源带来的经济与环保双重收益。在工商 业储能领域，双方为商用能源项目提供定制化解决方案，通过储能系统深度耦合可提供更高效的能源调 度与峰谷套利能力，助力企业构建绿色低碳的能源体系。 本文来源：储能前沿 。 本公众号所发表内容注明来源的，版权归原出处所有（无法查证版权的或未注明出处 的均来源于网络搜集），如有侵权请及时联系删除。转载内容只以信息传播为目的，仅供参考，不代表本号认 同其观点和立场。内容的真实性、准确性和合法性由原作者负责。 鑫椤资讯成立于2010年，主要服务于炭素、锂电、电炉钢3大行业，是中国专业产业研究和顾问公司。鑫椤资 讯以研究为中心，提供数据库、产业前瞻预测、战略咨询和媒体宣传等服务。 6 月 11 日，上海国际光伏储能展会期间，广州三晶电气股份有限公司（简称：三晶电气）与亿纬锂能 （ 300014 ）正式签署战略合作协议， ...