转自：中国证券报·中证网 TCL电子持续投入高端显示与AI技术研发布局，将AI技术应用在产品、企业运营以及提升研发效率上。 TCL电子聚焦电视端AI交互，完成了"灵控桌面3.0"的升级，并在国际市场上深化与Google、Roku、 Netflix等国际互联网巨头的合作，推动海外商业模式不断突破。 此外，TCL电子也将AI技术应用在智能眼镜、陪伴机器人等新业务上，并取得了突破性进展。今年， TCL电子旗下孵化的新锐企业雷鸟创新推出了全彩AR+AI深度融合的个人信息终端——雷鸟X3 Pro AR 眼镜。8月，雷鸟创新宣布与蚂蚁集团达成战略合作，携手打造面向全球市场的数字支付融合创新解决 方案，推动AI与AR眼镜技术在本地生活、移动支付、跨境消费等场景落地。 陪伴机器人方面，TCL电子于今年年初的国际消费电子展（CES）上发布了全球首款分体式智能家居陪 伴机器人TCL AiMe。该产品集成了AI、物联网控制中枢和家庭陪伴机器人的功能，标志着TCL电子在 AI+IoT+机器人融合领域迈出了关键一步。 TCL电子表示，未来公司将秉承"战略领先、创新驱动、先进制造、全球经营"的经营理念，持续深 化"中高端+全球化"的双轮 ...

阿里官网重新归纳业务板块 8月22日，阿里巴巴官网"我们的业务"板块从六大业务集团+其他业务变更为阿里中国电商集团、阿里国 际数字商业集团、云智能集团及所有其他业务。记者了解到，此次官网业务板块划分并不代表组织架构 调整，内部汇报暂未发生变化。 点评：这次变更实际体现出了阿里过去一年对业务的重新梳理。随着内外部环境的变化，阿里对集团内 部资源的整合思路也有了新变化。一方面是电商的战场越扩越大了。新的四大业务板块划分中，阿里巴 巴电商事业群CEO蒋凡掌管了两个板块，将负责阿里电商的全盘谋划。另一方面，阿里对核心业务、非 核心业务的划分进一步明确。随着菜鸟、大文娱集团等不再单列，非核心业务独立经营的信号更凸显， 尽快实现盈利是阿里对"其他业务"的要求。 智元称现金流至少能撑三年 8月21日，智元机器人在上海举办了首届合作伙伴生态大会。智元机器人创始人兼董事长邓泰华坦言， 智元的现金流能在公司没有任何业务产生收入的情况下，支撑公司经营三年，也透露未来三年将投入数 十亿元，孵化超过50个早期项目打造产业生态。在大会上，智元还发布了一个集成二次开发能力的灵创 平台(LinkCraft)。 点评：从"坦白"现金流状况，到 ...

创新业务成为拉动营收增长的最强引擎，上半年收入同比高增42.4%至198.75亿港元。其中，光伏业务 收入同比激增111.3%至111.36亿港元 ，占公司总收入的比重已超过20% 。但该板块的毛利率也相对较 低。创新业务中的智能连接及智能家居业务收入为8.97亿港元，较去年同期的9.31亿港元有所下滑 。 与此同时，互联网业务保持高盈利水平，上半年收入同比增长20.3%至14.58亿港元，毛利率同比提升 0.5个百分点至54.4%。 成本控制方面，公司整体费用率较去年同期下降1.0个百分点至11.5%。但从绝对值看，由于业务扩张和 为提升业绩而计提奖金增加等原因，销售及分销支出同比增长4.7%，行政支出则同比增加24.3%。研发 财报显示，公司上半年整体收入同比增长20.4%至547.77亿港元；归属于母公司拥有者的净利润（"归母 净利润"）为10.90亿港元，同比大增67.8% ；经调整归母净利润则同比增长62.0%至10.60亿港元 。 然而，在盈利能力显著增强的背后，公司整体毛利率出现小幅下滑。财报显示，2025年上半年，TCL电 子毛利为83.66亿港元，同比增长16.0%，增速低于收入增速。这导致 ...

中高端与大屏化趋势显著，大尺寸显示业务盈利能力持续提升 作为TCL电子的拳头业务，电视业务在品牌影响力显著提升、全球渠道高效拓展以及产品结构持续优化 等因素的共同推动下，实现全球出货规模稳步提升，收入保持良好增长。 8月22日晚间，TCL电子控股有限公司（股票代码：01070.HK，以下简称"TCL电子"或"公司"）披露 2025年中期业绩。 整体来看，TCL电子持续深化"中高端"和"全球化"战略，全球业务实现高质量增长，产品及渠道结构明 显优化，创新业务规模保持快速扩张，今年上半年整体收入同比增长20.4%至547.8亿港元；此外，随着 数字化转型及自动化智能化升级，生产制造与物流仓储运营效率显著提升，叠加精准营销策略的持续落 地，整体费用率同比下降1.0个百分点至11.5%。 在规模领先优势及中高端战略成效的双重驱动下，TCL电子盈利能力进一步增强。公告显示，TCL电子 上半年除税后利润10.5亿港元，同比增长60.5%，经调整归母净利润10.6亿港元，同比增幅达62.0%。 TCL电子持续投入高端显示与AI技术研发布局，将AI技术应用在产品、企业运营以及提升研发效率上。 作为OTT领域的先行者，TCL电 ...

新京报贝壳财经讯(记者陈维城)8月22日晚间，TCL电子披露2025年中期业绩显示，公司上半年收入 547.8亿港元，同比增长20.4%；经调整归母净利润10.6亿港元，同比增幅62.0%，中高端大尺寸产品出 货量贡献多。 电视业务是TCL电子的拳头业务，报告期内，TCL电视全球出货量同比增长7.6%至1346万台，其中，中 高端产品Mini LED电视全球出货量同比增长176.1%至137万台，大尺寸显示业务全球收入同比增长9.4% 至283.5亿港元，毛利率同比提升0.5个百分点至15.9%。 在国内市场，TCL电子推进中高端战略，叠加国家"以旧换新"政策，上半年TCL电视国内市场出货量同 比增长3.5%，其中TCL品牌电视出货量同比增长10.2%。TCL Mini LED电视国内市场出货量同比提升 154.2%，出货量占比同比提升12.6个百分点至21.2%。 收入方面，得益于中高端及大尺寸产品出货量的持续提升，TCL电子上半年大尺寸显示业务国内收入同 比增长4.4%至87.2亿港元，毛利率同比提升1.7个百分点至19.4%，盈利能力进一步提升。 在国际市场，TCL电子积极推进电视整机产能的全球化布局， ...

Core Viewpoint - TCL Electronics has reported a significant increase in adjusted net profit for the first half of the year, projecting between 9.5 billion to 10.8 billion HKD, representing a year-on-year growth of approximately 45% to 65% amidst a challenging consumer electronics market [1][4] Group 1: Financial Performance - TCL's expected net profit growth is attributed to its strategic focus on high-end Mini LED technology, which has driven both revenue and market share increases [1][4] - The company has achieved a global TV shipment growth of 7.6% and a 10.2% increase in brand shipments within China, outperforming the overall market [5] - Mini LED TVs have seen a remarkable 176.1% year-on-year growth in shipments, solidifying TCL's position as the global leader in this segment [5][10] Group 2: Market Trends - The trend towards larger screen sizes is evident, with 75-inch and above products now accounting for 40% of sales, a 5 percentage point increase from the previous year [6] - TCL's global shipment of TVs sized 65 inches and above has increased by 29.7%, indicating a strong consumer preference for larger displays [6][8] Group 3: Technological Innovation - TCL has positioned itself as a leader in Mini LED technology, having launched the world's first mass-produced Mini LED TV in 2019 and continuously innovating in this space [10][14] - The company has developed advanced technologies such as "万象分区" (thousand-zone partitioning) and "极影无黑边" (extreme edge without black), enhancing the visual quality of its products [11][14] Group 4: Global Strategy - TCL has established a global supply chain with 46 R&D centers and 38 manufacturing bases, allowing it to mitigate risks associated with tariffs and market fluctuations [9][18] - The company's marketing strategy includes localizing production in various countries, which helps to avoid geopolitical supply chain risks and enhances brand presence [18][20] Group 5: Competitive Advantage - TCL's vertical integration in the display industry, particularly through its subsidiary Huaxing Optoelectronics, allows for cost advantages and improved product quality [14][17] - The company's commitment to innovation and substantial R&D investment, projected at over 14 billion CNY for 2024, positions it well for future growth [16]

Group 1 - A recent survey by Nikkei Business Weekly revealed that 80% of Japanese consumers still have reservations about Chinese brands, particularly in the electronics sector due to concerns over privacy and product durability [1] - Among Japanese consumers who have purchased Chinese products, 61% indicated they would consider buying Chinese brands again, and 66% expressed no concerns about the performance and durability of these products, highlighting a significant difference in acceptance based on actual experience [1] - Chinese brands have made notable progress in the Japanese market, especially in home appliances and electronics, with Chinese brands capturing over 50% of the television market share in Japan, led by Hisense [2] Group 2 - In the white goods sector, Chinese brands like Haier and Midea have established a presence in Japan, with acquisitions of local brands contributing to their market share [2] - The smartphone market remains a challenge for Chinese brands, as they have not achieved significant breakthroughs compared to their performance in home appliances, with Apple holding over 50% market share [2] - Chinese brands are gradually entering various sectors in Japan, including automotive, beauty, and apparel, although their achievements in these areas are not as pronounced as in home appliances [3] Group 3 - The entry of Chinese brands into the Japanese market is influenced by three main market segments: low-income countries, emerging markets, and developed countries, with varying strategies for each segment [3] - The Japanese market is seen as a potential entry point for Chinese companies aiming to establish a global brand presence due to cultural and geographical proximity [3] - Among consumers under 30, the market share of Hisense and TCL televisions exceeds 50%, attributed to the younger generation's shift in consumption preferences and the price advantage of Chinese products [4]

Group 1 - The World Economic Forum's 16th Summer Davos Forum was held from June 24 to 26, focusing on "New Era Entrepreneurship" and addressing global economic challenges, China's development, and industrial transformation [1] - TCL's founder and chairman, Li Dongsheng, emphasized the importance of maintaining development strategies amid uncertainty, stating that this year has been the most unpredictable in his 40 years of business [1] - Li Dongsheng is the only representative from the technology manufacturing sector among the 14 co-chairs of the forum, advocating for a balanced global economic development model that prioritizes efficiency and fairness [1] Group 2 - TCL has been pursuing a globalization strategy since 1999, with recent efforts to establish five regional operating centers in North America, Latin America, Europe, Asia-Pacific, and the Middle East [3] - The company aims to create local entities in these regions, contributing to local economic development through job creation and tax revenue, thereby enhancing its global acceptance [3] - Currently, over 60% of TCL's total revenue comes from overseas operations, with potential for each regional center to surpass the Chinese market [3] Group 3 - The trend of Chinese home appliance and consumer electronics companies expanding overseas is evident, with significant investments directed towards emerging markets in Latin America, particularly Mexico and Brazil [4] - China's manufacturing sector has maintained its position as the world's largest since 2010, accounting for 30.2% of global manufacturing value added in 2022, highlighting its role as a key driver of industrial economic growth [4] - Li Dongsheng argues that the advantages of Chinese manufacturing should be realized through local integration into foreign economies, promoting inclusive and sustainable growth [4] Group 4 - Li Dongsheng suggests that measuring China's economic competitiveness should include GNP (Gross National Product) alongside GDP (Gross Domestic Product), emphasizing the importance of global success for Chinese enterprises [5] - The goal of establishing five TCLs overseas is to create rooted entities that foster local supply chains and service systems, contributing to both local economies and the growth of China's GNP [5] - Recent reports indicate a sustained increase in China's manufacturing sector's foreign direct investment, with a compound annual growth rate of 9.2% from 2018 to 2022, signaling a strategic shift from a "manufacturing power" to a "manufacturing strong power" [5]

Core Viewpoint - TCL Electronics reported a strong performance in Q1 2025, with global TV shipments reaching 6.51 million units, a year-on-year increase of 11.4%, and sales revenue growing by 22.3%, demonstrating the effectiveness of its "mid-to-high-end + large-screen" strategy [1] Group 1: Financial Performance - The market reacted positively to TCL Electronics' performance, with a significant increase in public fund holdings, which rose by 189.25% year-on-year to 785 million yuan, accounting for 3.60% of circulating shares [1] - TCL Electronics' stock price surged by 52.28% year-to-date, outperforming the Hang Seng Index and reaching a nearly 20-year high [1] Group 2: Global Strategy and Market Expansion - Since 2016, TCL Electronics has shifted its strategic focus to overseas markets, enhancing brand influence through local partnerships and a localized approach across various operational aspects [2] - The company has optimized its organizational structure in 2023, creating six major marketing divisions to improve decision-making efficiency and enhance global operational capabilities [2] Group 3: Product and Market Performance - In Q1 2025, TCL's international TV shipments grew by 11.6%, with significant increases in large-screen models, including a 48.5% rise in shipments of 65-inch and above TVs, and an 86.8% increase for 75-inch and above models [3] - The European market saw a 15.8% increase in TCL TV shipments, with 75-inch and above models soaring by 74.4% [3] Group 4: Emerging Markets and Competitive Position - In emerging markets, TCL's TV shipments increased by 18.8%, with 75-inch and above models doubling in growth at 100.5% [4] - In North America, TCL focused on high-end channels like BestBuy, resulting in a 79.3% increase in shipments of 75-inch and above TVs, with market share remaining strong [4] Group 5: Technological Advancements - TCL Electronics is a pioneer in Mini LED technology, with Q1 shipments increasing by 232.9% globally and 341.1% domestically, significantly enhancing its market position [6] - The company's investment in R&D has led to advancements in display technology, contributing to its competitive edge in the high-end market [6] Group 6: Strategic Initiatives and Future Outlook - The recent stock incentive plan aims to align the interests of core teams with long-term profit targets, setting ambitious growth rates for adjusted net profit from 2025 to 2027 [8] - TCL Electronics is positioned to capitalize on the global display industry upgrade, leveraging its early advantages in quantum dot and Mini LED technologies to capture high-end market share [9]