[三季报]TCL科技(000100):2025年第三季度报告（英文版）
原标题:TCL科技:2025年第三季度报告（英文版） October2025 Content SectionIImportantNoticesandDefinitions.............................................................3 SectionIIKeyFinancialInformation........................................................................5 SectionIIIManagementDiscussionandAnalysis....................................................7SectionIVShareholderInformation........................................................................13 SectionVOtherSignificantEvents..........................................................................15 SectionVIQuarterlyFinancialStatements.............................................................16 SectionIImportantNoticesandDefinitions The Board of Directors (or the “Board”), the directors, and seniormanagementofTCLTechnologyGroupCorporation(hereinafterreferredtoasthe“Company”)herebyguaranteethatthisquarterlyreportisfactual,accurate,andcomplete,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatements,ormaterialomissionstherein. Mr.LiDongsheng,theperson-in-chargeoftheCompany,Ms.LiJian,theperson-in-chargeoffinancialaffairs(ChiefFinancialOfficer),andMs.JingChunmei,theperson-in-chargeofthefinancialdepartment,herebyguaranteethatthefinancialstatementsinthisReportarefactual,accurate,andcomplete.AlloftheCompany’sdirectorsattendedtheBoardmeetingforthereviewofthisThirdQuarter2025Report. The future plans, development strategies or other forward-lookingstatementsmentionedinthisReportshallNOTbeconsideredaspromisesoftheCompanytoinvestors.Therefore,investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. ThisReporthasnotbeenaudited.ThisReporthasbeenpreparedinboth ChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. Definitions
(I)Keyaccountingdataandfinancialindicators Indicatewhetherthereisanyretrospectivelyadjustedorrestateddatuminthetablebelow□Yes?No
?Applicable□Notapplicable
TheCompanyhasnootherprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitsandlosses.Notesonnon-recurringprofitandlossitemsthatarelistedintheExplanatoryAnnouncementNo.1onInformationDisclosurefor CompaniesOfferingTheirSecuritiestothePublic—Non-RecurringGain/LossshallbeusedtodefineRecurringGain/Lossitems □Applicable?Notapplicable TheCompanydoesnothaveanynon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformation DisclosureforCompaniesOfferingTheirSecuritiestothePublic—Non-RecurringGain/Lossthataredefinedasrecurringprofitand lossitems. (III)Changesofkeyaccountingdataandfinancialindicatorsandreasonstherefor?Applicable□Notapplicable
I.OverallOperatingPerformanceoftheCompanyDuringtheReportingPeriodSince the beginning of the year, global economic and trade uncertainties have not onlypersistedbutintensified,amidarapidreshapingoftheinternationallandscapeandafundamentaloverhaulofglobalizationrules.Theintertwiningtrendsofanti-globalization,regionalization,andlocalizationusheredChina'smanufacturingsectorintoanewphase,presentingbothopportunitiesandchallenges.Inthefaceofexternalchallenges,theCompanyaffirmeditsleadershipstrategy,andfocusedonadvancedmanufacturingcenteredarounddisplays,newenergyphotovoltaics,andothersiliconmaterials,withaviewtoimprovingoperationalresilienceandpromotinghigh-qualityandsustainablegrowth. Inthefirstthreequartersof2025,theCompanyrealizedRMB135.9billioninoperatingrevenue,representinga10.5%increaseYoY.NetprofitattributabletoshareholdersreachedRMB3.05billion,surging99.8%YoY,whileoperatingcashflowgrew53.8%YoYtoRMB33.84billion.Specifically,thenetprofitattributabletoshareholdersofthelistedcompanyinthethirdquarterwasRMB 1.16 billion, an increase of 33.6% QoQ. As of the end of the Reporting Period, theCompany’sasset-liabilityratiowas67.6%,anincreaseof2.7percentagepointsfromthebeginningoftheyear.Thisincreasewasprimarilyduetosignificantnewinvestmentsmadeduringtheyear,thesubstantialacquisitionoftheminoritystakeinCSOTG11linefromtheShenzhenpublicfund,andlossesinthephotovoltaicbusiness.TheCompanywillmanageitsasset-liabilityratiowithinareasonable range by enhancing operating efficiency and securing appropriate equity and debtfinancing,allwhileprovidingrobustsupportforitsbusinessgrowth.II.OperatingPerformanceoftheCompany’sCoreBusinessesDuringtheReportingPeriodTheCompanyhonedinadvancedmanufacturing,withdisplays,newenergyphotovoltaics,andothersiliconmaterialsatitscore,andwascommittedtoachievingthestrategicgoalofgloballeadership. (I)DisplayBusiness Thethirdquarterwitnessedacontinuedimprovementintheglobalpanelmarket,buoyedbyrecoveringdemandandstabilizingprices,signalinganindustry-widerecovery.Onthedemandside,multiple application segments experienced synchronized growth. TV brands actively built upinventory for year-end promotions, driving a recovery in demand for large-sized panels. Thenotebookmarketsawsustainedpositivemomentum,supportedbydomestic"old-for-new"subsidypoliciesandthereplacementcycleoverseas.Meanwhile,steadygrowthinglobalautomobilesalesprovidedsolidsupportforin-cardisplaydemand.Onthesupplyside,theindustrychainmaintainedastrategyofproductionbasedondemand,whichpreciselycalibratedoutputtomarketneeds.Thisdisciplinepreservedadynamicsupply-demandequilibriumandlaidasolidfoundationforthesector'slong-termsustainability. Forthefirstthreequarters,TCLCSOTachievedcumulativeoperatingrevenueofRMB78.01billion,anincreaseof17.5%YoY;netprofitwasRMB6.1billion,up53.5%YoY;andnetprofitattributabletoshareholdersofTCLTECH.wasRMB3.9billion,anincreaseof41.9%YoY.Capitalizingonitsscaleandcostleadership,theCompanyharnessedtheindustryrecoverytodrivesuperioroperationalandfinancialoutcomes—throughproductmixoptimization,deeperbusinessintegration,andoperationalrefinement—significantlyboostingearningsandcementingitsglobalcompetitiveedgeinthedisplayindustry. The Company's core businesses achieved major breakthroughs across multiple fronts,demonstratingapositivetrendof“steadyprogressinthelarge-sizedsegment,rapidgrowthinthesmall-andmedium-sizedsegment,andcomprehensiveblossominginemergingareas,”showcasingdevelopmentalresilienceandgrowthpotential.Inthethirdquarter,theCompanymaintaineditscompetitiveedgeinthelarge-sizedsegment(includingTVandcommercialdisplays),withmarketshare increasing by 5 percentage points year-on-year to 25%, achieving global leadership incomprehensive competitiveness and EBITDA margin. The small- and medium-sized displaybusinesshasbecometheCompany'scoregrowthengine,achievingmajorbreakthroughsacrossallsegments:InIT,MNTsalesvolumegrew10%year-over-year,maintainingourleadershipinthegamingmonitorsegment,whileNBsalessurged63%YoY,demonstratingstrongmomentum;inmobileterminals,LCDsmartphonepanelshipmentsincreased28%YoY,withmarketsharerisingby4percentagepointsto14%;intablets,wecaptureda13%marketshare,asignificantincreaseof6percentagepointsYoY,elevatingourglobalrankingfromfifthtosecond;inautomotive,thedisplaypanelshipmentbusinessgrew47%YoY,andourmarketshareexpandedby3percentageapplicationsinmedical,e-paper,andsmartprojectionfields,establishingitselfasacriticalpillarforourdiversifiedgrowth. During the reporting period, the Company made steady progress in integrating the t11production line, achieving gains in quality and efficiency through operational refinement. Byleveragingsupplychainsynergiesandoptimizingproductionprocesses,t11significantlyreduceditsunitcostcomparedtopre-acquisitionlevels,maintainedhighcapacityutilization,andenhancedboth operational efficiency and profitability. Meanwhile, t11 and the t9 line deepened theircollaborativedevelopment,establishingacomplementarybusinessstructurebasedondifferentiatedtechnicalprofilesandmarketfocuses.Inthemonitorsegment,thistranslatestot9targetingthehigh-end market while t11 serves mainstream demand, further unlocking capacity synergies.Meanwhile,theOLEDbusiness(t4,G6line)maintainedstableoperation,withflexibleOLEDsmartphoneshipmentssteadilyrankingfourthglobally.Theproductmixcontinuedtoimprove,withtheproportionofhigh-endmodelshipmentsincreasing. DuringtheReportingPeriod,TCLCSOTcontinuedtoadvancetheindustrializationprocessintwocutting-edgetechnologies:printedOLEDandMicroLED.TheexistingG5.5printedOLEDproductionline(t12)wassteadilyrampingupitscapacityfrom3Kto9Kpiecespermonth,withbothproductyieldandqualityshowingcontinuousimprovement.Medicaldisplayproductshavebeensteadilyshipped.Inaddition,t12isbeingpromotedto NBandMNTcustomersandisexpectedtoachievemassproductioninthefirsthalfofnextyear.InlateOctober,theCompanyofficiallycommencedconstructionoftheworld'sfirsthigh-generationprintedOLEDproductionline(t8project).ThisbreakthroughsignalsthatChinesedisplaycompaniesnowhavethepotentialtoleapfrogcompetitorsandachieveleadershipinhigh-generationOLEDtechnology.Thiswillaccelerate the adoption of these advanced displays in mid-to-high-end monitors, laptops, andautomotivedashboards,positioningChinaasadominantforceintheglobaldisplaymarket.The Company's key strategic priority, Micro LED (MLED), will enter a stage of massproductionandachievestabledeliverybyyear-end.TheARglassesmarkethasdevelopedatadramaticallyquicker-than-expectedrate,withglobalshipmentsprojectedtohit100millionunitsby2035.TheCompanywillcontinuetoincreasetechnologicalinnovation,advanceforward-lookingcapacityplanning,comprehensivelyenhanceitscorecompetitivenessinhigh-performance,full-industry'sexplosivegrowth. Duringthereportingperiod,TCLCSOTcontinuedtoadvanceitsglobalstrategyandachievednotableprogressinthelocalizationofitsoverseasoperations.IntheIndianmarket,doubledgrowthinlarge-sizeTVsales—drivenbyanexpandedproductportfolioandbroadermainstreamcustomerreach—fueled continuous operational improvements at the local module factory. The Indiangovernment'staxreforminSeptemberissettoacceleratetheshifttowardlargerscreensizes.TheCompanyisactivelyoptimizingitsproductionlayoutandenhancingcapacityflexibilitytofurtherconsolidateitsleadingpositionintheregionalmarket.InVietnam,thenewmodulefactoryisinitsfinaldashtowardmassproduction.Havingsuccessfullypassedallkeycustomerauditsandwithsample certification on track, it is expected to begin batch shipments in the fourth quarter,positioningitselfasanewengineforoverseasbusinessgrowth. (II)SiliconMaterialsBusiness Guidedbyits"LeadatHome,CompeteGlobally"strategy,theCompany’ssiliconmaterialsbusinessdeliveredstrongperformancefromthestartoftheyeartotheendoftheReportingPeriod:shipmentshit907MSI,operatingrevenuetotaledRMB4.24billion,ayear-on-yearincreaseof28.7%.AsChina’slargestsiliconmaterialsenterprise,boastingthemostcomprehensiveproductportfolioandadvancedtechnology,theCompanyserveskeycustomersbothdomesticallyandinternationally, maintaining a leading overall competitive edge in the domestic industry. TheCompany will continue to enrich its product mix and customer structure to enhance marketcompetitivenessandinfluence. (III)NewEnergyPhotovoltaicsBusiness Inthefirsthalfoftheyear,pricesacrossthephotovoltaicindustry’smainchainfluctuated,spurred by arushin end-user installations.As efforts tocurb industryinvolution intensified,upstreampricesreboundedfromJulytoSeptember—atrendthatgraduallyrippledthroughtothewafer segment, driving recovery in overall industry profitability. The Company's new energyphotovoltaicbusinessisactivelyimplementinganti-involutionrequirementsbyupholdingastrategyofmeasuredintegrationandglobalexpansion.Thisapproachisdesignedtosolidifyourcompetitiveedgeincrystalandwaferproduction,bolsterourcapabilitiesincellsandmodules,expandouroverseasmarketpresence,andultimatelyenhanceprofitability.FromthebeginningoftheyeartotheendoftheReportingPeriod,theCompany'snewenergyphotovoltaicbusinessachievedsalesrevenueofRMB16.01billion,withaQoQimprovementof22%inthethirdquarter.TheCompany'sphotovoltaicmaterialsbusinessoptimizeditsoperationalstrategy,increasingtheproportionofhigh-efficiencyandhigh-value-addedproducts.Itreducedsiliconcoststhroughsupply chain management and improved material usage capability, and continuously loweredmanufacturingcostsbydrivingdownpowerconsumption,improvingproductionefficiency,andimplementing a series of R&D projects. As of the end of September, non-silicon costs haddecreasedbyover40%comparedtothebeginningoftheyear.Theprofitabilityofthephotovoltaicmaterialsbusinessimprovedsignificantlyinthethirdquarter. DuringtheReportingPeriod,theproductcapabilityoftheCompany'sphotovoltaiccellandmodulebusinessfurtherimproved.AbrandmatrixcenteredonSUNPOWER,TCLSolar,andTZEwasestablished,andtheproductandcustomerstructurewasfurtheroptimized.Half-cellandBCmodulesgraduallyrampedupvolume,withBCproductefficiencyreaching25%.TheCompanyhasestablished strategic cooperation with several major central state-owned enterprises, and isacceleratingitsbreakthroughsinthedistributedmarket,withrapidshipmentgrowthinoverseasmarketssuchastheMiddleEast,LatinAmerica,AustraliaandNewZealand.TheCompanywillcontinuetorefineitsglobalizationstrategy,withoverseasoperationsinthePhilippines,theMiddleEast,andelsewhereprogressingasplanned.TheCompany'scontrolledsubsidiary,Maxeon,remainedinaphaseoftransformationandadjustment,whichhadanegativeimpactontheCompany'sfinancialperformance.Toaddressoperationalchallengesandalignwithbusiness strategy, the Company has deepened organizational transformation and processoptimization centered on markets and customers, to establish an agile and efficient responsemechanism and accelerate efficiency improvements. Meanwhile, the Company is closelymonitoring opportunities for industry consolidation during the cyclical trough to addressshortcomingsandenhancecompetitiveness. (IV)Non-corebusiness TheCompany’snon-corebusinessessatisfieditsoperatingbudgetsandmaintainedhealthygrowth.MokaTechnologyspecializesintheODMbusinessforintelligentdisplayterminalproductssuchasTVs,monitors,andcommercialdisplays,andistheworld'slargestTVODMmanufacturer.Inthefirstthreequarters,MokaTechnologyachievedrevenueofRMB16.86billion,anincreaseof10%YoY.TheTVODMvolumeincreased12%YoY,withmarketsharerising1.1percentagepointsto14.3%,rankedfirstglobally.ThemonitorODMbusinessgrewrapidly,withshipmentvolumeincreasing21%YoYandmarketsharerising1.4percentagepointsto8.2%,securingfourthplaceglobally. Facingasevereandcomplexexternalenvironment,theCompanywillembracethespiritof“EmbarkingontheVoyageandPressingAheadAgainstAllOdds.”Byadheringtotheoperationalphilosophy of “Strategic Leadership, Innovation-Driven, Advanced Manufacturing, and GlobalOperations”,theCompanywillseizethehistoricopportunitiespresentedbytheupgradeoftheadvancedmanufacturingindustryandthetransformationoftheglobalenergystructuretoachievesustainablehigh-qualitydevelopmentandadvancetowardgloballeadership.SectionIVShareholderInformation (I)Tableofthetotalnumberofordinaryshareholdersandthenumberofpreferredshareholderswithresumedvotingrightsaswellastheshareholdingsofthetop10shareholdersUnit:share
ofsharesundertherefinancingbusiness □Applicable ?Notapplicable Changeinthetop10shareholdersandthetop10non-restrictedshareholdersduetosecuritieslending/returningunderrefinancingas comparedtothepreviousperiod □Applicable ?Notapplicable (II)Totalnumberofpreferredshareholdersandshareholdingsofthetop10preferredshareholders□Applicable ?Notapplicable SectionVOtherSignificantEvents 1.DerivativeinvestmentsforhedgingpurposesmadeduringtheReportingPeriodUnit:RMB'0,000
?Applicable□Notapplicable I.Implementationstatusofshareissuanceandcashpaymenttopurchaseassetsandraisesupportingfundsin20251.OnMarch4,2025,theCompanydisclosedtheReportontheShareIssuanceandCashPaymenttoPurchaseAssetsandRaise SupportingFunds(Draft)andrelateddocuments,accordingtowhichtheCompanyproposedtoacquirea21.5311%equityinterestin ShenzhenChinaStarOptoelectronicsBandaotiDisplayTechnologyCo.,Ltd.heldbyShenzhenMajorIndustrialDevelopmentPhase IFundCo.,Ltd.,throughsharesissuanceandcashpayment. 2.OnJune27,2025,theCompanyreceivedtheReplyonApprovingTCLTechnologyGroupCorporation'sIssuanceofSharesto PurchaseAssetsandRaiseSupportingFunds(CSRCPermit[2025]No.1326)issuedbytheChinaSecuritiesRegulatoryCommission (CSRC). 3.OnJuly1,2025,theCompanyobtainedtheRegistrationNoticeissuedbytheShenzhenAdministrationforMarketRegulation, indicatingthatthesubjectassetshadbeentransferredandregisteredundertheCompany'sname.4.OnJuly10,2025,thenewsharesinvolvedinthisshareissuanceforassetpurchasewerelisted.5.OnAugust22,2025,thesharesissuedtospecificinvestorsinconnectionwiththeraisedsupportingcapitalwerelisted. 6.InSeptember2025,theraisedfundswerefullyutilized,andthespecialaccountforraisedfundswasclosed.Fordetailsoftheabove,pleaserefertotherelevantannouncementsreleasedbytheCompanyondesignatedmedia.SectionVIQuarterlyFinancialStatements (I)Financialstatements 1.ConsolidatedBalanceSheet Preparedby:TCLTechnologyGroupCorporation
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