TCL Smart Home(SZ:002668)2025-09-03 10:36Financial Performance - In the first half of 2025, the company achieved revenue of 9.476 billion CNY, a year-on-year increase of 5.74% [2] - The net profit attributable to shareholders was 0.638 billion CNY, reflecting a year-on-year growth of 14.15% [2] - Operating cash flow reached 1.371 billion CNY, up 74.48% year-on-year [2] Gross Margin and Product Strategy - The gross margin for the home appliance segment increased by 0.6 percentage points to 23.33% due to strong sales of mid-to-high-end products [2] - The company plans to enhance operational efficiency and cost control while increasing R&D investment to optimize product structure and boost the proportion of mid-to-high-end products [2] Overseas Market Performance - Overseas revenue from self-owned brands grew by 66.18% year-on-year, with Southeast Asia, Latin America, and the Middle East seeing over 70% growth [4] - The company has maintained its position as the top exporter of refrigerators in China for 16 consecutive years and in Europe for 17 years [4] Production Capacity and Future Plans - Current production capacity utilization is at a reasonable level, with plans to build a production base in Thailand to add 1.4 million units of refrigerator capacity and 300,000 units of freezer capacity [5] - The company aims to expand its product range beyond refrigerators and washing machines, focusing on AI smart appliances [6] Product Innovations - The company launched the TCL "Ice Kirin" series deep-freezing refrigerator and the "Big Eye Cute AI Super Drum" washing machine, both of which received innovation awards [7] - The washing machine's revenue share increased by over 8 percentage points due to advancements in AI technology [7] Shareholder Returns and Market Position - The company is aware of investor expectations regarding dividends and will disclose plans once conditions are met [9] - Despite the stock price underperforming compared to the Shanghai Composite Index, the company is committed to high-quality development to enhance shareholder returns [9]