证券代码：002668 证券简称：TCL 智家 广东 TCL 智慧家电股份有限公司 投资者关系活动记录表 编号：2026-02 | | 特定对象调研 分析师会议 ☐ ☐ | | --- | --- | | 投资者关系活 | 媒体采访 业绩说明会 ☐ ☐ | | 动类别 | 新闻发布会 路演活动 | | | ☐ | | | 现场参观 ☐ | | | ☐ 其他 | | 参与单位名称 | 国泰海通证券蔡雯娟、叶倩、林叙希，大成基金刘晓琳，上海开思基金 | | 及人员姓名 | 张裕琪，中财招商投资集团徐琼薇，景顺长城基金陈思臻，财通基金蒋 | | | 中煜 | | 时间 | 2026 年 3 月 24 日、25 日 | | 地点 | 券商策略会及线上会议 | | 上市公司接待 | 证券事务代表 吴鑫 | | 人员姓名 | 投资者关系经理 周蔚恒 | | | 1. 今年公司归母净利润实现双位数同比增长，请问公司盈利能力保 | | | 持稳步增长的原因是什么？ | | 投资者关系活 | 答：2025 年公司归母净利润同比增长的主要原因是： | | 动主要内容介 | 在收入端，公司坚定实施全球化战略，实现了海外市场突破， ...

导语：海外高歌猛进，国内持续承压。 作者：市值风云 App：木鱼 花四年打个翻身仗！TCL 智家：从亏损到年赚 11 亿 2025 年，全球家电行业面临关税高企、总量趋稳的挑战。 据全国家用电器工业信息中心数据，2025 年我国家电内销市场规模 8,461 亿元， 同比微降 0.1%；海关总署数据显示，全年家电出口额 6,888.5 亿元，同比下降 3.9%。 TCL 智家（002668.SZ）交出了一份不错的 2025 年年报：全年营收 185.31 亿 元，同比增长 0.93%，归母净利润 11.23 亿元，同比增长 10.22%。 TCL 智家如何在变局中实现增长，又面临哪些挑战？ 一、差点退市，被 TCL 花 30 亿捞回来 公司前身是奥马电器，在 2018 年和 2020 年两次陷入巨额亏损的泥潭，一度沦 为"ST 股"。2021 年，TCL 家电集团通过二级市场增持和要约收购，以累计约 30.35 亿元的现金对价获得公司控制权。 李东生入主后，开始剥离金融业务、承担约 3 亿元历史隐性债务、回归冰箱主 业、收购 TCL 旗下合肥家电资产以解决同业竞争问题。2024 年 5 月，公司正式 更名为"T ...

Core Viewpoint - The global home appliance industry is facing challenges such as high tariffs and a stable overall market size by 2025, while TCL's overseas business is thriving, contrasting with its domestic struggles [4][14]. Group 1: Company Performance - In 2025, TCL achieved a revenue of 18.53 billion yuan, a year-on-year increase of 0.93%, and a net profit of 1.12 billion yuan, up 10.22% [9]. - The company’s operating cash flow was 2.55 billion yuan, with free cash flow reaching 1.76 billion yuan [9]. - The business structure includes "ODM+OBM," with a focus on both original design manufacturing and brand management [5]. Group 2: Regional Performance - Overseas business is a significant highlight, with self-owned brand overseas revenue growing by 115%, and total overseas revenue reaching 14.4 billion yuan, a 6.74% increase [11]. - Domestic revenue faced a decline of 15.2%, totaling 4.13 billion yuan, attributed to weak domestic demand and increased competition from major players [14]. Group 3: Market Dynamics - The domestic market for refrigerators and washing machines showed minimal growth, with refrigerator sales increasing by only 1.5% and washing machine sales by 7.1% [14]. - In contrast, TCL's exports to Africa and South America saw significant growth, with refrigerator exports to Africa increasing by 36.1% and to South America by 16% [13]. Group 4: Product and Technology Development - Refrigerators and freezers remain the core products, with TCL maintaining a leading position in exports, particularly in Europe [16]. - The company is focusing on high-end products, with an increase in the proportion of mid-to-high-end large capacity and air-cooled products, contributing to a gross margin increase to 25.23% [17]. Group 5: Future Outlook - TCL is expanding its production capacity with new manufacturing projects in Thailand and ongoing development in local production networks across Southeast Asia and Africa [19]. - The company aims to stabilize its basic operations through ODM while enhancing its brand presence in overseas markets [19].

Core Viewpoint - The article emphasizes the integration of artificial intelligence (AI) into various sectors, particularly in manufacturing, showcasing TCL's efforts to leverage AI for enhancing productivity and efficiency, ultimately contributing to economic growth and societal benefits [1][10]. Group 1: AI Integration in Manufacturing - The "AI+" initiative aims to transform industries by embedding AI into core manufacturing processes, particularly in semiconductor display and renewable energy sectors [4][6]. - TCL's Star Intelligence Model 3.0 is recognized as the first domain-specific large model in the display field, improving product issue analysis efficiency by 20% and material development efficiency by 30% [4][5]. - The application of AI in TCL's smart factories has led to a 300% increase in labor productivity and a reduction in chip loss rates to below 0.1% [6]. Group 2: Economic Impact and Value Creation - TCL anticipates generating over 1 billion yuan in comprehensive benefits by 2025 through the implementation of AI applications [1]. - The integration of AI has resulted in a 21% reduction in production costs by optimizing the complex crystal growth process in solar energy production [6]. Group 3: Consumer Electronics and Smart Living - TCL's AI strategy focuses on enhancing the fundamental value of consumer products, emphasizing health, comfort, and companionship [7][8]. - Innovations such as the TCL Blue Wing air conditioner and AI-powered washing machines demonstrate the shift towards proactive, user-centered technology [8][9]. - The development of AI companion robots and smart TVs aims to redefine user interaction and emotional engagement, highlighting TCL's commitment to creating a comprehensive smart home ecosystem [9][10].