作为创维自研的"变色龙显示技术平台"的首款落地产品，创维壁纸电视A7F系列搭载变色龙AI画质芯片 S7，通过AI感知和识别画面内容，动态优化显示算法。 积极布局第二增长曲线 与此同时，创维集团的"第二增长曲线"——光伏，正从户用电站走向阳台级产品，试图把绿色能源真 正"嵌"入日常生活。 本报讯 （记者贾丽）近日，创维集团有限公司（以下简称"创维"）举办"创维体验中心雄安媒体开放日 暨科技新品品鉴会"，集中呈现了其在智能视听与新能源光伏领域的最新技术成果，同时宣布在雄安设 立覆盖全品类产品的"智能家电双碳生态体验中心"。此次，创维除了对外全面展示了重新定义艺术电视 画质的A7F系列壁纸电视，还发布了"开启全民光伏新时代"的阳台光伏新品——"能亮站"，传递出一个 明确信号：创维正以"技术创维，敢创敢为"为内核，深度参与中国城市未来的绿色、智能建设。 创维集团有限公司执行董事、总工程师吴伟表示，创维将以技术创新助力雄安等"未来之城"的绿色发 展。 雄安新区商务和投资促进局副局长林锦如表示，创维智能家电双碳生态雄安体验中心的落地，是创维深 度参与雄安建设迈出的关键一步，为新区的高新技术产业发展注入了新的动能。 林锦如 ...

Core Points - The company is issuing new shares at a price of 4.21 CNY per share, raising a total of approximately 4.36 billion CNY, with a net amount of about 4.30 billion CNY after expenses [2][16][17] - The total number of new shares to be issued is 1,035,489,574, and the shares will be listed on August 22, 2025, with a six-month lock-up period [2][34][35] - The issuance has been approved by the necessary regulatory bodies, including the Shenzhen Stock Exchange and the China Securities Regulatory Commission [7][30][33] Company Overview - The company is TCL Technology Group Corporation, which focuses on semiconductor display and new energy photovoltaic industries [42] - The company has experienced fluctuations in revenue and net profit, with a notable decline in the photovoltaic sector due to supply-demand imbalances [42] Issuance Details - The issuance process involved sending subscription invitations to 192 potential investors, with 43 submitting valid bids [9][12] - The final allocation of shares was made to 16 investors, ensuring compliance with regulatory requirements [12][30][32] - The funds raised will be used for specific purposes as outlined in the company's financial plans [18][19] Financial Impact - The issuance will increase the total share capital to approximately 20.80 billion shares, with public shares accounting for no less than 10% of the total [2][34] - The issuance is expected to impact key financial metrics, including earnings per share and net asset value per share, due to the increase in total shares outstanding [38][39]

Core Viewpoint - TCL has appointed freestyle skier Eileen Gu as its global brand ambassador, aligning with the company's innovative spirit and commitment to excellence [1][3]. Group 1: Brand Representation - Eileen Gu embodies the spirit of the Z generation, representing a multi-faceted identity as a professional athlete, Stanford student, and fashion model, which resonates with TCL's brand philosophy of youthfulness and diversity [3][5]. - Gu's involvement with TCL includes her role in the "Team TCL" initiative, promoting the message of courage and excellence in the lead-up to the 2026 Milan Winter Olympics [3][11]. Group 2: Corporate Social Responsibility - TCL emphasizes its commitment to women's empowerment through its "TCLforHer" initiative, which aims to support women's development and achievements, aligning with Gu's advocacy for social causes [5]. - The TCL公益基金会 has supported 3,800 rural teachers and benefited 300,000 students, showcasing the company's dedication to education and community support [5]. Group 3: Business Operations - TCL operates through two main industrial groups, focusing on smart terminals, semiconductor displays, and renewable energy, with a global presence in over 160 countries [6][8]. - TCL华星, a key part of TCL's technology group, leads the semiconductor display sector and has established 11 panel production lines and 7 manufacturing and R&D bases [8]. Group 4: Future Outlook - TCL aims to leverage its partnership with the Olympics and Eileen Gu's athletic prowess to inspire resilience and excellence across various sectors [11].

Core Viewpoint - TCL Technology Group has successfully completed a significant stock issuance and cash payment for asset acquisition, marking the largest transaction in the electronic industry since 2021, with a total consideration of 11.562 billion yuan [2] Group 1: Financial Transaction Details - The total consideration for the transaction is 11.562 billion yuan, with a financing scale of 4.359 billion yuan and an issuance price of 4.21 yuan per share [2] - The transaction was underwritten by Shenwan Hongyuan, which also served as the independent financial advisor and lead underwriter [2][7] Group 2: Business Strategy and Market Position - TCL Technology, through its subsidiaries TCL Huaxing and TCL Zhonghuan, is focusing on core business development in semiconductor displays and new energy photovoltaics, aiming for global leadership [4] - In the semiconductor display sector, TCL Huaxing leads the industry in large-size products, holding the second-largest market share globally for TV products, with the largest shares in 55-inch, 65-inch, and 75-inch segments [4] - TCL Zhonghuan is establishing a technological advantage in G12 and N-type photovoltaic materials, with a projected market share of 18.9% in silicon wafers by 2024, leading the industry [4] Group 3: Competitive Advantages and Partnerships - The target company, Shenzhen Huaxing Semiconductor, operates two of the world's highest-generation LCD panel production lines, which are crucial for TCL Huaxing's 65-inch and 75-inch panels, aiming for the top market position in 2024 [4] - The target company has established long-term stable partnerships with leading global TV brands such as Samsung, Xiaomi, and LGD, enhancing its competitive edge in the large-size panel market [5] Group 4: Execution and Investor Engagement - The transaction was completed efficiently, taking only two months from acceptance to approval, with asset delivery completed by July 2025 [7] - The issuance attracted significant market interest, with a diverse and international investor base participating actively in the subscription process [7]

Group 1 - TCL Huaxing's 2025 Eagle Training Camp recruitment has successfully completed, with over 2,500 graduates hired, a 26.8% increase year-on-year [1] - The company has been conducting campus recruitment for 28 consecutive years, providing over 12,000 graduate positions from 2022 to 2025 [1] - The 2025 Eagle cohort shows a significant presence of high-end talent, with 45.17% holding master's or doctoral degrees, a 53.8% increase year-on-year, and 59.52% from globally recognized top-tier universities, a 56% increase [1] Group 2 - The employment positions for the 2025 Eagle cohort are focused on two main areas: technology research and globalization, with 68.8% of roles in technical research supporting semiconductor display, new energy photovoltaic, and intelligent manufacturing [2] - TCL has introduced 70 PhD graduates and nearly 200 graduates from top overseas universities to enhance its research and global operations teams, with overseas recruitment increasing by 24.6% year-on-year [2] - The company has developed a well-known talent cultivation system, the "Eagle System," which includes a structured training program called the "Eagle Plan" for new and high-potential talents [2]

Core Viewpoint - The company is expected to achieve revenue growth in the first half of 2025, with significant increases in net profit, particularly in the semiconductor display business, while facing challenges in the solar energy sector [2][4]. Group 1: Financial Performance - The company forecasts revenue between 826 billion to 906 billion, representing a year-on-year growth of 3% to 13% [2] - The expected net profit attributable to shareholders is between 18 billion to 20 billion, showing a year-on-year increase of 81% to 101% [2] - The non-recurring net profit is projected to be between 15 billion to 16.5 billion, reflecting a year-on-year growth of 168% to 195% [2] - The semiconductor display business is anticipated to achieve a net profit exceeding 46 billion, with a year-on-year increase of over 70% [2] Group 2: Business Development - The company is optimizing its panel product structure, with a focus on large-size displays driving performance growth [3] - The supply-side landscape in the large-size display sector is improving, with stable product prices and increased demand [3] - The T9 production capacity is ramping up successfully, leading to significant growth in IT product sales and revenue [3] - The OLED high-end strategy is yielding results, with differentiated products supplied to major clients [3] - The acquisition of a 21.5311% stake in Shenzhen China Star Optoelectronics Technology Co., Ltd. has been completed, enhancing the company's competitive edge [3] Group 3: Industry Challenges - The global photovoltaic installation remains resilient, but the domestic distributed market is experiencing a short-term surge followed by a demand decline since May [4] - The industry faces operational pressures due to imbalances in supply and demand across various segments, leading to expected net losses for TCL Zhonghuan [4] - Despite challenges, TCL Zhonghuan is focusing on strategic implementation, operational improvements, cost control, and organizational changes, maintaining positive operating cash flow for the first half of 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Views - The company has shown significant improvement in display business profits, driven by optimization of panel product structure and a trend towards larger sizes, which has led to stable pricing and increased demand [2]. - The semiconductor display business is expected to achieve a net profit exceeding 46 billion yuan, reflecting a year-on-year increase of over 70% [3]. - The photovoltaic business remains under pressure, with expected net losses for TCL Zhonghuan in the range of 12 to 13.5 billion yuan due to product price declines and inventory impairments [3]. - The company continues to enhance its competitive advantage through strategic acquisitions and operational improvements, including the integration of LG Display (China) and the completion of a stake acquisition in Shenzhen Huaxing Optoelectronics [2]. Summary by Sections Financial Performance - For the first half of 2025, the company anticipates revenue between 826 billion and 906 billion yuan, representing a year-on-year growth of 3% to 13% [1]. - The net profit attributable to shareholders is projected to be between 18 billion and 20 billion yuan, marking a growth of 81% to 101% year-on-year [1]. - The adjusted net profit is expected to be between 15 billion and 16.5 billion yuan, reflecting a substantial increase of 168% to 195% year-on-year [1]. Business Segments - The large-size display segment is experiencing growth due to an optimized supply-side structure and stable pricing, while the medium-size segment benefits from increased IT product sales [2]. - The OLED business in the small-size segment has seen success through a high-end strategy, supplying differentiated products to leading customers [2]. - The photovoltaic segment is facing challenges, with a decline in demand and profitability, but the company is actively working on cost control and operational improvements [3]. Profitability and Valuation - The report adjusts the profit forecasts for 2025 and 2026, lowering the net profit estimates to 59.58 billion yuan and 83.35 billion yuan, respectively, reflecting a decrease of 24% and 15% [3]. - The projected price-to-earnings ratios for 2025 to 2027 are 15, 11, and 9 times, respectively, indicating a favorable valuation compared to the company's ongoing profitability in the display business [3].

Core Viewpoint - Both TCL Technology and Ruile New Materials expect their performance to rise in the first half of 2025, with significant growth in net profits and revenues [1][2][7]. TCL Technology - For the first half of 2025, TCL Technology anticipates revenue between 82.6 billion and 90.6 billion yuan, representing a year-on-year growth of 3% to 13% [2]. - The net profit attributable to shareholders is expected to be between 1.8 billion and 2 billion yuan, showing a year-on-year increase of 81% to 101% [2]. - The net profit after excluding non-recurring gains and losses is projected to be between 1.5 billion and 1.65 billion yuan, reflecting a growth of 168% to 195% [2]. - The semiconductor display business is expected to achieve a net profit exceeding 4.6 billion yuan, with a year-on-year increase of over 70% [3]. - The company is focusing on optimizing its display business layout and product structure to enhance competitive advantages and profitability [5]. - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd. was completed on July 1, 2025, further strengthening the company's competitive position [6]. - In the solar energy sector, TCL Technology anticipates challenges due to price declines and inventory impairments, projecting a net profit loss of 1.2 billion to 1.35 billion yuan for the first half of 2025 [6]. Ruile New Materials - Ruile New Materials expects to achieve an operating income of 806 million yuan in the first half of 2025, a year-on-year increase of 16.27% [7]. - The net profit attributable to shareholders is projected to be 162 million yuan, reflecting a year-on-year growth of 69.93% [7]. - The net profit after excluding non-recurring gains and losses is expected to be 157 million yuan, with a year-on-year increase of 80.12% [7]. - The significant growth in the pharmaceutical sector's revenue and improved product structure have contributed to the overall increase in gross margin [7].

Core Viewpoint - TCL Technology has successfully completed a significant acquisition, enhancing its position in the display business by acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor, bringing its total ownership to 84.2105% [1][4][5] Group 1: Acquisition Details - The acquisition of Shenzhen Huaxing Semiconductor was valued at 115.62 billion yuan, with 72.03 billion yuan paid in cash and 43.59 billion yuan through the issuance of new shares [4] - The company will issue approximately 986 million new shares, which are set to be listed on July 10 [4] - Following the transaction, Shenzhen Major Industry Development Fund will become a major shareholder with a 4.99% stake, while the chairman's shareholding will be diluted from 6.74% to 6.40% [4] Group 2: Strategic Focus - TCL Technology is focusing on three core business areas: semiconductor display, new energy photovoltaic, and semiconductor materials, with the semiconductor display business becoming a primary revenue source [1][5] - The company aims to strengthen its core competitiveness in the semiconductor display industry through this acquisition, reinforcing its leading position [5] Group 3: Financial Performance - In the first quarter of 2025, TCL Technology reported a net profit attributable to shareholders of 9.58 billion yuan, marking a year-on-year increase of 1254.24% [2][11] - The company achieved a revenue of 401.19 billion yuan in the first quarter of 2025, a slight increase of 0.43% year-on-year [11] Group 4: Market Position - TCL Technology has established itself as a leader in the global display market, particularly in large-size panels, holding the number one market share for TV panels over 98 inches [9][11] - The company has invested over 260 billion yuan in its semiconductor display business, establishing a strong global presence with multiple high-generation panel lines and module factories [10]

Group 1 - TCL Technology has made substantial progress in acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor, with a total transaction value of 11.562 billion yuan, combining cash and shares for payment [1][2] - The cash component of the transaction amounts to 7.203 billion yuan, with approximately 4.359 billion yuan raised through a targeted issuance to no more than 35 specific investors [1][2] - Post-transaction, TCL Technology's ownership in Shenzhen Huaxing Semiconductor will increase from 62.68% to 84.21%, enhancing control over core semiconductor display assets [1][2] Group 2 - Shenzhen Huaxing Semiconductor will become a major shareholder of TCL Technology, holding a 4.99% stake, while TCL Technology's chairman and his associates will see their stake diluted from 6.74% to 6.40% [2] - The acquisition is expected to strengthen TCL Technology's main business and enhance profitability, solidifying its competitive position in the semiconductor display industry [2] - TCL Technology focuses on three main sectors: semiconductor displays, new energy photovoltaics, and semiconductor materials, following a significant restructuring in 2018 [2] Group 3 - The semiconductor display business of TCL Technology is projected to achieve a revenue growth of 24.6% year-on-year in 2024, reaching 104.3 billion yuan, with a net profit turnaround from a slight loss to a profit of 6.23 billion yuan [3] - TCL Huaxing is the second-largest panel manufacturer in mainland China, with large-size LCD TV panels as its core strength, contributing approximately 50% of its revenue [3] - Shenzhen Huaxing Semiconductor operates the T6 and T7 factories, which are critical for producing ultra-large size displays, with significant investments in these production lines [3][4] Group 4 - Shenzhen Huaxing Semiconductor was established in June 2016 and initially fully owned by TCL Huaxing, later introducing external shareholders like the Shenzhen Major Industry Development Fund and Samsung Display [4] - Following the recent transaction, the Major Industry Fund's stake will decrease to 10.77%, while TCL Technology's total stake will rise to 84.21%, with Samsung Display retaining 5.0239% of the shares [4]