Core Viewpoint - TCL Technology Group expects a year-on-year increase in performance for the fiscal year 2025, focusing on sustainable high-quality development in its core businesses of semiconductor displays, new energy photovoltaics, and semiconductor materials [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with anticipated growth compared to the previous year [2]. - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies in the data content as of now [3]. Group 2: Reasons for Performance Changes - TCL Huaxing is implementing a leading strategy, achieving over 100 billion yuan in revenue and exceeding 8 billion yuan in net profit, with operating cash flow exceeding 40 billion yuan, indicating high-quality growth [4]. - The company completed the acquisition of 100% of LG Display (China) Co., Ltd., enhancing its capacity layout for large and medium-sized LCD panels [4]. - TCL Zhonghuan achieved over 5.7 billion yuan in revenue, maintaining its leading position in the domestic semiconductor materials sector [4]. Group 3: Business Operations - The company is experiencing significant fluctuations in the photovoltaic industry but is committed to innovation and global strategies to improve profitability [5]. - The TV OEM business has solidified its industry-leading position, while the display OEM business is growing rapidly, expanding into high-value-added product areas [5]. - Other business segments are performing steadily and continue to contribute to overall revenue [6].

| 项目 | 2025年1月1日-2025年12月31日 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东 的净利润 | 盈利:42.1 亿元—45.5 亿元 | 盈利:15.64 亿元 | | | 比上年同期:上升 169%―上升 191% | | | 扣除非经常性损益后 归属于上市公司股东 | 盈利：28.9 亿元—32.0 亿元 | 盈利: 2.98 亿元 | | 的净利润 | 比上年同期:上升 869%―上升 973% | | | 基本每股收益 | 盈利: 0.2174 元—0.2350 元 | 盈利:0.0842 元/股 | 报告期内， TCL华星营业收入突破1,000亿元，净利润超80亿元 ，经营性现金流净额超400亿 元，实现高质量增长。TV和商显等大尺寸产品保持竞争优势，稳固经营基本盘； 在中小尺寸产品领域，规模快速增长，竞争力持续提高。报告期内，公司完成对原乐金显示（中 国）有限公司（t11）100%股权收购，完善了大、中尺寸LCD面板的产能布局；收购深圳市华星 光电半导体显示技术有限公司（t6t7）部分少数股权，增厚公司归母利润；扩建G5.5代印刷 OLED ...

TCL华星坚持领先战略，夯实增长动能，锻造经营韧性，经营效益持续向好，营业收入突破1,000亿 元，净利润超80亿元，经营性现金流净额超400亿元，实现高质量增长。TV和商显等大尺寸产品保持竞 争优势，稳固经营基本盘；在中小尺寸产品领域，规模快速增长，竞争力持续提高。报告期内，公司完 成对原乐金显示（中国）有限公司（t11）100%股权收购，完善了大、中尺寸LCD面板的产能布局；收 购深圳市华星光电半导体显示技术有限公司（t6t7）部分少数股权，增厚公司归母利润；扩建G5.5代印 刷OLED产线（t12），建设全球首条高世代印刷OLED产线（t8），推动印刷OLED技术的商业化进 程，为未来显示技术升级奠定基础。 中环领先坚持"国内领先，全球追赶"战略，巩固半导体材料领域国内领先地位。全年实现营业收入超57 亿元，营收及出货量继续稳居国内第一。受光伏产业链各环节过剩影响，TCL中环正经历光伏产业的剧 烈波动，公司秉持"在发展中解决问题，在克服困难中找到机会"的信念，坚持产品技术创新和全球化战 略，推进组织变革，改善盈利能力。具体详见TCL中环于同日发布的《2025年度业绩预告》。茂佳科技 持续扩大领先优势，T ...

Group 1: Financial Performance - In 2024, the company achieved revenue of 58.53 billion, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 2.25 billion, up 7.2% year-on-year [1] - For Q4 2024, the company reported revenue of 17.88 billion, a significant year-on-year increase of 24.3%, and a net profit attributable to shareholders of 0.94 billion, up 100.1% year-on-year [1] - The overall gross margin for 2024 was 15.7%, a decrease of 0.6 percentage points year-on-year, while Q4 gross margin improved to 16.4%, a year-on-year decrease of 0.3 percentage points [2] Group 2: Business Segments - The television segment generated revenue of 46.63 billion in 2024, reflecting a year-on-year growth of 13.0%, with the company maintaining a leading position in the market [1] - The new display business reported revenue of 6.77 billion, a year-on-year increase of 3.9%, with significant growth in overseas markets, where revenue increased by 63% year-on-year [1] Group 3: Market Position and Strategy - The company holds a market share of 29.8% in domestic sales and 26.3% in volume, leading the industry, with notable increases in Mini LED retail market share [1] - The company is expected to benefit from national subsidies and major sporting events, which will drive channel expansion and market share growth [2] Group 4: Future Outlook - The company forecasts net profit attributable to shareholders of 2.63 billion, 2.93 billion, and 3.26 billion for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 16.9%, 11.6%, and 11.1% [2] - The current stock price corresponds to a PE valuation of 11, 10, and 9 times for the years 2024, 2025, and 2026 [2]