Core Insights - The article discusses TCL's recruitment strategy for 2025, highlighting its focus on attracting talent across various fields, including R&D, smart manufacturing, IT, finance, and marketing, with a significant emphasis on campus recruitment targeting graduates from 2025 to 2026 [2][3][4]. Recruitment Strategy - TCL's recruitment will primarily focus on fresh graduates from both domestic and international universities, with job locations spanning cities in China and abroad, including Poland, the USA, and Vietnam [2][3]. - The company is particularly interested in candidates with strong English skills, as many positions may involve overseas assignments [2][3]. Company Overview - TCL operates through two main industrial groups, TCL Industries and TCL Technology, covering sectors such as smart terminals, semiconductor displays, and renewable energy [3][4]. - In 2024, TCL's R&D investment reached 8.87 billion, with a cumulative investment exceeding 60 billion over the past six years, employing over 20,000 R&D personnel and holding more than 110,000 patents [3][4]. Corporate Culture and Values - TCL emphasizes a corporate culture that values accountability and collaboration, aiming to attract self-driven and cooperative individuals [6][18]. - The company has a strong commitment to employee training, maintaining investment in training programs even during financial downturns, reflecting its dedication to developing a capable workforce [6][19][22]. Diversity and Inclusion - The proportion of female managers in TCL's middle and senior management has steadily increased, reaching 21% in 2024, showcasing the company's commitment to diversity [18]. - Nearly half of the job openings are available to liberal arts graduates, indicating a balanced approach to hiring across different academic backgrounds [18]. Challenges and Adaptations - TCL has faced challenges in internationalization, learning from past acquisitions that did not meet expectations, and has since focused on improving cross-cultural management and talent development [12][14]. - The company has adapted its recruitment strategies to align with the evolving expectations of younger job seekers, emphasizing the importance of growth opportunities and a supportive work environment [14][26].

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - TCL Technology reported a revenue of 136.065 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.50%. The net profit attributable to shareholders reached 3.047 billion yuan, up 99.75% year-on-year, while the net profit excluding non-recurring items was 2.429 billion yuan, showing a significant increase of 233.33% [4][5] - In Q3 2025, the company achieved a revenue of 50.403 billion yuan, a year-on-year increase of 17.69% and a quarter-on-quarter increase of 10.67%. The net profit attributable to shareholders for the quarter was 1.163 billion yuan, up 119.44% year-on-year and 33.57% quarter-on-quarter [4][5] Summary by Sections Core Business Performance - The semiconductor display business generated 78.01 billion yuan in revenue for the first three quarters of 2025, a growth of 17.5% year-on-year, with a net profit of 6.1 billion yuan, up 53.5% year-on-year. The net profit attributable to TCL Technology's shareholders was 3.9 billion yuan, an increase of 41.9% [5] - The company maintained a competitive advantage in large-size displays, with a market share increase of 5 percentage points to 25%. In the small and medium-sized segments, significant progress was made, with IT sector MNT sales growing by 10% and notebook sales surging by 63% [5] OLED and Semiconductor Materials - The OLED business remains stable, with the flexible OLED mobile market ranking fourth globally. The G5.5 printed OLED production line is ramping up capacity from 3K/month to 9K/month, with continuous improvements in product yield and quality [6] - The semiconductor materials business achieved a revenue of 4.24 billion yuan in the first three quarters of 2025, a year-on-year growth of 28.7%, positioning the company as the largest and most comprehensive semiconductor materials enterprise in China [6] New Energy and Photovoltaic Business - The new energy photovoltaic business generated sales revenue of 16.01 billion yuan in the first three quarters of 2025, with a quarter-on-quarter improvement of 22%. The company is optimizing its product and customer structure and has established strategic partnerships with several major state-owned enterprises [7][8] Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 4.54 billion, 9.07 billion, and 12.04 billion yuan, respectively, with corresponding EPS of 0.22, 0.44, and 0.58 yuan. The PE ratios for these years are projected to be 19.65, 9.84, and 7.41 times [9]

Group 1 - The core point of the article is that Xinbo Co., Ltd. plans to invest $1.5 million to establish a wholly-owned subsidiary in Singapore, aiming to enhance its international competitiveness and expand overseas markets in the fields of new energy and other sectors [2][3] - As of October 16, 2025, Xinbo Co., Ltd. shares closed at 16.47 yuan, down 2.31%, with a turnover rate of 2.29% and a trading volume of 37,900 shares, resulting in a transaction amount of 62.81 million yuan [1] - On the same day, the net outflow of main funds was 1.07 million yuan, while speculative funds saw a net inflow of 5.27 million yuan, and retail investors experienced a net outflow of 4.19 million yuan [1][3] Group 2 - The investment in Singapore will be funded by the company's own funds or self-raised funds, and the registration of the subsidiary has been completed [2] - The business scope of the new subsidiary includes import and export services related to new energy photovoltaic, new energy vehicle components, rail transit, medical environmental protection, electronic appliances, system windows, and energy-saving buildings [2] - This investment does not constitute a related party transaction or a major asset restructuring, and it is expected to have no significant impact on the company's financial status for the current year [2]

Investment Overview - The company plans to invest $1.5 million to establish a subsidiary, "New Era International Industries Private Limited," in Singapore to enhance its international market presence and competitiveness in the aluminum industry [2][3] - The investment will be funded through the company's own or self-raised funds [4] Investment Target Details - The subsidiary will have a registered capital of $500,000 and will focus on the import and export of products related to new energy photovoltaics, new energy vehicle components, rail transit, medical environmental protection, electronic appliances, system windows, and energy-saving buildings [5][6] Purpose and Impact of Investment - The investment aims to strengthen the company's international competitiveness in the new energy photovoltaic and new energy vehicle components markets, aligning with its long-term development strategy [6][7] - The establishment of the subsidiary is expected to facilitate better access to international markets and enhance service to global customers, positively impacting the company's future growth [7] Regulatory Compliance - The investment has been approved by the chairman and does not require further approval from the board of directors or shareholders, complying with relevant regulations [3][6]

Core Viewpoint - The company, Xinbo Co., Ltd. (stock code: 003038), has announced the establishment of a subsidiary in Singapore with an investment of 1.5 million USD to expand its international market presence [1] Group 1: Company Expansion - The newly established subsidiary, "New Era International Industrial Private Limited," will focus on the import and export business and services related to new energy photovoltaic, new energy vehicle components, rail transit, medical environmental protection, electronic appliances, system doors and windows, and energy-saving buildings [1] - The establishment of the international strategic center in Singapore is aimed at better serving global customers and enhancing market share, aligning with the company's diversified and international development strategy [1] Group 2: Financial Performance - In the first half of 2025, the company achieved a total operating revenue of 3.996 billion CNY and a net profit attributable to the parent company of 36.8877 million CNY [1]

Group 1 - TCL Technology won the fifth China Quality Award for its quality management model of "extreme, leading, and collaborative" [2] - The China Quality Award was established in 2012 and has conducted five rounds of evaluation and recognition [2] - The founder and chairman of TCL, Li Dongsheng, emphasized that the model aims to achieve efficiency, product quality, and ecological leadership through multi-level collaboration across the entire industry chain [2] Group 2 - The integration of AI with manufacturing is increasingly important, enhancing production efficiency and product quality assurance [2] - TCL Huaxing applied AI intelligent detection systems in panel production, improving production efficiency by 70% and enhancing the process capability index (Cpk) by 11% [2] - TCL Zhonghuan utilized the Deep Blue AI model to integrate technology platforms with smart production lines, reducing manufacturing costs by 21% by the end of 2024 and improving the human-machine ratio by 12% [2] Group 3 - TCL Technology combines digital intelligence technology with manufacturing transformation to achieve flexible manufacturing with fewer personnel and higher intelligence [3] - In the semiconductor display industry, TCL's smart manufacturing maturity reached the highest level in the country, with the capacity of the Shenzhen T1 production line increased by 60% compared to the original design [3] - In the new energy photovoltaic industry, TCL's single furnace monthly output is 30% higher than the industry average, with a single operator remotely managing 384 furnace stations, exceeding the industry average [3] Group 4 - TCL Technology is actively collaborating with industry partners in the field of industrial AI, including a full-stack AI strategic partnership with Alibaba Cloud to create an intelligent hub for the semiconductor display industry [3] - The company plans to invest in building an AI computing power center, industrial large models, and AI service platforms, deeply integrating AI with production manufacturing and product technology research and development [3]

Core Insights - TCL Technology Group reported a revenue of 85.6 billion yuan for the first half of 2025, representing a year-on-year growth of 6.7% [1] - The net profit attributable to shareholders reached 1.88 billion yuan, showing a significant increase of 89.3% compared to the previous year [1] - Operating cash flow improved to 27.3 billion yuan, marking a 115.9% year-on-year increase [1] Semiconductor Display Business - TCL's subsidiary, TCL Huaxing, achieved a revenue of 50.43 billion yuan, with a year-on-year growth of 14.4% [1] - The net profit for TCL Huaxing was 4.32 billion yuan, up 74% year-on-year, while the net profit attributable to TCL Technology shareholders increased by 51% to 2.63 billion yuan [1] - The company maintained a competitive advantage in the large-size product market, achieving a market share of 24%, an increase of 4 percentage points year-on-year [1] OLED Business - The OLED segment continued to grow, with product sales increasing by 8.7% year-on-year, supported by the T4 factory in Wuhan [1] - TCL ranked fourth globally in flexible OLED smartphone shipments and maintained a top-three position in foldable product shipments [1] Acquisitions and Strategic Moves - The company completed the acquisition of LGD's Guangzhou panel and module factory, which is expected to enhance operational performance starting from Q2 [2] - The acquisition of a 21.53% stake in Shenzhen Huaxing Semiconductor has been finalized, which will contribute positively to net profit [2] Other Business Segments - The semiconductor silicon wafer business achieved a revenue of 2.74 billion yuan, reflecting a year-on-year increase of 38.2% [2] - The photovoltaic business under TCL Zhonghuan generated a revenue of 9.87 billion yuan during the same period [2] - The TV OEM business, Maojia Technology, reported a revenue of 10.39 billion yuan, growing by 16% year-on-year, maintaining its position as the global leader in TV OEM sales [2]

Group 1 - The stock price of Baida Precision reported at 10.61 yuan as of July 29, 2025, down 1.21% from the previous trading day, with a trading volume of 0.52 billion yuan [1] - Baida Precision's main business includes core components for home appliances, automotive, and the new energy photovoltaic industry, with a diversified business layout extending into the global mid-to-high-end industrial chain since its establishment in 1995 [1] - The latest announcement indicates that shareholder Hangzhou Zhonghu has completed a reduction plan, selling a total of 5.408 million shares, accounting for 2.67% of the total share capital, raising approximately 57.53 million yuan, reducing their holding to 5.7%, still making them the third-largest shareholder [1] Group 2 - The company has recently expanded into the photovoltaic sector, but has faced losses in this business due to industry environmental impacts [1] - In 2024, the company's net profit declined by over 70% year-on-year due to factors such as impairment provisions [1] - On July 29, there was a net outflow of 2.2869 million yuan in main funds [2]

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 - 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].