文/华夏ESG观察联盟 企业介绍 TCL华星于2024年成立中台级节能专项工作组，以"三峡项目"专案推动形式，开展深水节能、工艺革 新、设备汰换等共计361项节能措施，节能效益达1.25亿元，单位产能面积能耗较2023年下降5.5%；旗 下武汉基地还通过优化ArrayCVD制程，2024年累计减少NF3使用168吨，间接减3,951吨。 实践案例 2024年，TCL科技围绕气候变化风险识别与管理、节能减排、绿色智造、绿色办公、可再生能源应用等 方面开展落实降碳工作，提升气候变化应对与能源管理水平。 面对全球气候变化日益严峻的环境问题，2023年，TCL科技公开承诺"将在2030年前实现碳达峰、2050 年前实现自身运营碳中和"的双碳目标。结合外部市场环境和自身运营实际，TCL科技构建了由董事会 领导的气候变化治理体系，下设战略与可持续发展委员会，作为气候议题的最高管理机构，ESG工作委 员会则作为战略与可持续发展委员会的常设机构负责气候议题的整体统筹和推进，追踪气候目标的执行 进展。 TCL科技旗下各产业将绿色生产、绿色制造理念融入公司的日常生产运营管理。截至2024年底，TCL科 技旗下28家公司通过ISO ...

Core Viewpoint - The company reported a significant decline in revenue and increased losses in the first half of 2025, indicating ongoing challenges in the market and operational performance [4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 13.398 billion, a year-on-year decrease of 17.36%, and a net profit attributable to shareholders of -4.242 billion, with losses widening compared to the previous year [4]. - In Q2 2025, the company reported revenue of 7.297 billion, a year-on-year increase of 16.18%, but the net profit attributable to shareholders was -2.336 billion, with losses expanding both year-on-year and quarter-on-quarter [4]. Group 2: Silicon Wafer Business - The company maintained the industry's leading market share in silicon wafer shipments, but revenue from this segment decreased by 44.62% to 5.777 billion in H1 2025, with a gross margin decline of 14.50 percentage points to -23.74% [5]. - The company focused on reducing production costs through technological improvements, achieving a 40% year-on-year decrease in cost per watt and over a 20% reduction in per furnace costs [5]. - The concentration of major customers increased, ensuring a positive net cash flow from operating activities of 0.523 billion [5]. Group 3: Module Business - The company saw a quarterly increase in photovoltaic module shipments, with Q2 2025 shipments doubling compared to the previous quarter [6]. - Revenue from the module business grew by 39.22% to 3.846 billion in H1 2025, although the gross margin decreased by 6.80 percentage points to -6.20% [6]. - The company completed the capacity establishment for half-cell and bifacial (BC) technology, enhancing its product matrix and collaborating with industry partners to build a BC ecosystem [6]. Group 4: Global Strategy and Business Transformation - The company is actively promoting a global strategy, with steady progress on projects in the Middle East and a systematic review of capacity in the Philippines, positioning it as a base for global BC battery and module production [7]. - The overseas subsidiary Maxeon is focusing on the high-barrier U.S. market and is gradually transforming its business model to emphasize products, technology, brand, and channels [7]. - Maxeon's module business faced significant negative impacts due to returns from the U.S. market, and the company is working on addressing these challenges while facing uncertainties in supply chain restructuring and market acceptance [7].

2025 年 8 月 25 日 公司研究 盈利能力持续承压，Q2 组件出货量环比增长翻倍 ——TCL 中环（002129.SZ）2025 年中报点评 要点 事件：公司发布 2025 年中报，2025H1 实现营业收入 133.98 亿元，同比-17.36%， 实现归母净利润-42.42 亿元，亏损幅度同比扩大；2025Q2 实现营业收入 72.97 亿元，同比+16.18%，实现归母净利润-23.36 亿元，亏损幅度同环比均有扩大。 硅片出货市占率维持行业第一，盈利能力持续承压。 2025H1 公司持续通过技术和工艺改进降低硅片生产成本，单瓦工费实现同比下 降 40%，单炉成本下降超 20%；大客户集中度有所提高，保障经营活动现金流 净额为正（5.23 亿元）；持续完善 210 生态建设，产品出货综合市占率保持行 业第一，截至 2025H1 末 210 硅片已累计出货超 200GW。但在产品价格下跌影 响下，2025H1 公司硅片业务营业收入同比减少 44.62%至 57.77 亿元，毛利率 同比减少 14.50 个 pct 至-23.74%，盈利能力持续承压。 组件出货规模逐季提升，完成 BC 产能建制并与 ...