[一季报]TCL科技(000100):2025年一季度报告（英文版）

 时间：2025年05月19日 22:11:10 中财网

原标题:TCL科技:2025年一季度报告（英文版）

Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2025-024 TCL科技集团股份有限公司 TCL Technology Group Corporation






First Quarter 2025 Report

April 2025

Content


Section I Important Notices and Definitions ................................................................................... 3
Section II Key Financial Information .............................................................................................. 5
Section III Management Discussion and Analysis .......................................................................... 7
Section IV Shareholder Information .............................................................................................. 11
Section V Other Significant Events ................................................................................................ 13
Section VI Quarterly Financial Statements ................................................................................... 14


Section I Important Notices and Definitions
The Board of Directors (or the "Board"), the Supervisory Committee as well as the directors, supervisors and senior management of TCL Technology Group Corporation (hereinafter referred to as the "Company") hereby guarantee that this quarterly report is factual, accurate, and complete, and shall be jointly and severally liable for any misrepresentations, misleading statements, or material omissions therein.
Mr. Li Dongsheng, the person-in-charge of the Company, Ms. Li Jian, the person-in-charge of financial affairs (Chief Financial Officer), and Ms. Jing Chunmei, the person-in-charge of the financial department, hereby guarantee that the financial statements in this Report are factual, accurate, and complete. All of the Company's directors attended the Board meeting for the review of this First Quarter 2025 Report.
The future plans, development strategies or other forward-looking statements mentioned in this Report shall NOT be considered as promises of the Company to investors. Therefore, investors are kindly reminded to pay attention to possible investment risks.
This Report has not been audited. This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Definitions


　Refers toDefinition
The “Company”, the “Group”, “TCL”, “TCL TECH.”, or “we”Refers toTCL Technology Group Corporation
Reporting PeriodRefers toThe period from January 1, 2025 to March 31, 2025.
TCL CSOTRefers toTCL China Star Optoelectronics Technology Co., Ltd.
TZERefers toTCL Zhonghuan Renewable Energy Technology Co., Ltd., a majority-owned subsidiary of the Company listed on the Shenzhen Stock Exchange (stock code: 002129.SZ)
GWRefers toGigawatt, power unit for solar cells, 1GW = 1,000 megawatts
G12Refers to12-inch ultra-large DW-cut solar monocrystalline silicon square wafer, size: 44,096mm2, diagonal line: 295mm, side length: 210mm, with its size 80.5% larger than the conventional M2
RMBRefers toRenminbi


Section II Key Financial Information
(I) Key accounting data and financial indicators
Indicate whether there is any retrospectively adjusted or restated datum in the table below □Yes ?No


　Q1 2025Q1 2024Change (%)
Operating revenue (RMB)40,075,565,88839,908,458,0830.42%
Net profits attributable to the company’s shareholders (RMB)1,012,576,836239,970,389321.96%
Net profits attributable to the company's shareholders after non- recurring gains and losses (RMB)957,668,83270,716,4931254.24%
Net cash generated from operating activities (RMB)12,074,907,5846,596,505,93283.05%
Basic earnings per share (RMB/share)0.05450.0129322.48%
Diluted earnings per share (RMB/share)0.05390.0128321.09%
Weighted average return on equity (%)1.91%0.45%Increase by 1.46 percentage points YoY
　March 31, 2025December 31, 2024Change (%)
Total assets (RMB)400,157,984,128378,251,915,9235.79%
Owner's equity attributable to the company's shareholders (RMB)53,556,630,79653,167,609,3570.73%

(II) Non-recurring profit and loss items and amount
? Applicable □ Not applicable

Unit: RMB

ItemAmount in the Reporting period
Gains and losses on disposal of non-current assets (inclusive of impairment allowance write-offs)-2,549,517.00
Public grants charged to current profits and losses (except for public grants that are closely related to the Company's daily operations, comply with national policies, are granted based on determined standards, and have a continuous impact on the Company's profits or losses)169,863,779.00
The profits or losses generated from changes in fair value arising from financial assets and financial liabilities held by non-financial enterprises and the profits or losses from the disposal of such financial assets and financial liabilities, except for the effective hedging business related to the Company’s normal business operations140,442.00
Non-operating income and expenses other than the above12,738,995.00
Less: Amount affected by income tax26,154,177.00
Amount affected by equity of minority shareholders (net of tax)99,131,518.00
Total54,908,004.00
Details of other profit and loss items that meet the definition of non-recurring profits and losses:
□Applicable ?Not applicable
Notes on non-recurring profit and loss items that which is listed in the Explanatory Announcement No. 1 on Information Disclosure
for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss shall be used to define Recurring Gain/Loss items.
□Applicable ?Not applicable
The Company does not have any non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information
Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss that are defined as recurring profit and
loss items.
(III) Changes of key accounting data and financial indicators and reasons therefor
Balance Sheet itemsEnding balanceBeginning balanceIncrease / decrease ratio (%)Reason for change
Monetary assets37,046,945,21823,007,772,73361.0Mainly due to the increase in cash inflows from operating activities
Other non-current assets25,726,075,16317,917,340,72743.6Mainly due to the increase in prepayments for acquisition of equity
Cash Flow Statement itemsCurrent balancePrior balanceIncrease / decrease ratio (%)Reason for change
Net cash generated from operating activities12,074,907,5846,596,505,93283.1Mainly due to proceeds from the sale of commodities and rendering of services
Net cash used in investing activities-29,606,911,388-8,965,306,457-230.2Mainly due to the increase in cash payments for investments
Net cash generated from financing activities20,775,743,9815,725,648,676262.9Mainly due to the increase in financing activities during the Reporting Period


Section III Management Discussion and Analysis

Unprecedented volatility has been brought on since the year's beginning by growing geopolitical complexity and a fundamental reorganization of international economic relations. The resurgence of inflationary pressures worldwide has further compounded economic uncertainties worldwide. The Company's three main businesses—display, new energy photovoltaics, and other silicon materials—remain its primary emphasis despite external challenges. The Company include improved operational resilience, strengthened industry chain collaboration, and promoted sustainable, high-quality growth.
In the first quarter, the Company realized RMB 40.1 billion in revenue, representing a 0.4% year-over-year increase. Net profit attributable to shareholders reached RMB 1.01 billion, surging 322% YoY, while operating cash flow grew 83% YoY to RMB 12.1 billion. Main factors affect the Company's performance: During the reporting period, the supply-side pattern of the display industry remained stable and orderly, with the trend toward larger sizes and
increasing demanded area driven by national subsidy policies. Industry utilization rates and prices of
mainstream products were better than those in the same period last year. The Company actively optimized its commercial strategies and business structure for its display business, achieving the highest quarterly revenue and net profit in the past three years. In the first quarter, the supply-demand
ratio in the photovoltaic industry improved, with prices along the industry chain stabilizing and rebounding. TZE actively implemented industry self-regulation and resolutely advanced business and organizational transformation, the operation of the main business sectors has significantly improved.

Display business
In the first quarter of 2025, the global TV retail market remained stable. The national subsidy program further accelerated the shift toward larger screens, while the global average TV size saw a
1.5+ inch YoY increase. This sustained growth in panel area demand boosted industry capacity utilization rates, lifted TV panel prices. The price of small-to-medium sized panel maintained stable.
TCL CSOT leveraged its globally-leading scale benefits and operational efficiency, optimized its product structure. Benefiting from the price increases of its main products and YoY improvements
in capacity utilization, the Company achieved significant improvements in its operational performance. During the reporting period, the display business generated a revenue of RMB 27.5 billion, increasing by 18% YoY; a net profit of RMB 2.33 billion, increasing by 329% YoY and 30% QoQ; and achieved a net operating cash flow of RMB 12.5 billion. In the segment of large-sized display, TCL CSOT, by leveraging the advantages of high-generation production lines, led the trend of large-sized and high-end TV panels. The Company's TV panel shipments remained stable among the top two globally, with the 65-inch and 75-inch products holding the highest global market share. Through production line upgrades, the Company continued to expand the proportion of 85-inch and ultra-large screen production capacity. The shipment area for
products of 65-inch and above accounted for 58%, significantly optimizing the Company's product structure. In the medium-sized display segment, the t9 production line achieved rapid capacity ramp-
up with flexible production allocation. Meanwhile, the t3 and t5 lines capitalized on their LTPS technology edge to expand the high-end product portfolio, securing mass production orders for internationally leading customers in notebooks and vehicle-mounted devices. The Company ranked as the world's second-largest monitor panel supplier, while maintaining its dominant position as the
global leader in gaming monitor market share. In the small-size display sector, the Company maintained strategic focus on mid-to-high-end markets, and continuously enhanced product competitiveness through technological innovation. The share of premium LTPO products had been steadily increasing, while its flexible OLED smartphone panels ranked fourth globally in market share.
Recently, the Company has finished the acquisition of 100% equity in LG Display (China) Co., nd
Ltd. and LG Display (Guangzhou) Co., Ltd., which has been consolidated in the statements of the 2 quarter of 2025 and is expected to make positive contribution to the Company's profit-making and growth. This M&A will further enhance industry concentration and build a more benign competitive ecosystem.
In 2025, the Company is confident in maintaining the rapid growth in its display business, and further improving operational benefits.

New energy photovoltaic and other silicon material business In the first quarter of 2025, the global demand for installation of photovoltaic terminals remained steady. After the deep industry adjustment in 2024, all sectors of the photovoltaic leading to improved supply and demand ratios in the main industrial chain and a rebound in product prices. TZE has proactively implemented industry self-regulation initiatives, driving operational excellence and efficiency. This has resulted in significantly enhanced, comparably competitive positioning and substantial improvements of core business segments. During the reporting period, TZE achieved a revenue of RMB 6.1 billion, with a net profit attributable to its shareholders of RMB -1.906 billion, showing an improvement of 49% QoQ. TZE impacted net profit of TCL TECH. attributable to the parent company amounted to RMB -570 million, and achieved net operating cash flow amounting to RMB 490 million.
The Company achieved 200GW for its silicon wafer production capacity by the end of the Reporting Period, kept improving the construction of the 210 ecosystem, continually raised the shipment proportion of large-sized (210 series) products, and realized the external sales market share
of over 55%, continuing to consolidate the leading position for the business of photovoltaic materials.
The photovoltaic materials business has increased product competitiveness and significantly improved quarterly profitability through process optimization, improved supply chain/inventory management, improved operational efficiency, and strengthened quality-cost control. With the battery module business upgrading in technology, manufacturing, products, branding, and market segments, the Company has transformed the TOPCon standard module production line and is preparing to set up a 2GW BC module production line, thus gradually forming a full-value positioning
module product portfolio. The Company, for the battery module business, is gradually improving the product structure and accelerating the construction of marketing capabilities, resulting in a significant
increase in the number of orders.
Currently, the photovoltaic industry is still in a recovery stage where differentiation and restructuring of industry chains exist and lead to the survival of the fittest. The Company is striving
to transform its business philosophy, optimize its organizational processes, advance business transformation, and reshape its core competencies. In 2025, the Company is confident in achieving the growth in performance.

Looking ahead, as an indispensable core component in electronic devices, display panels will continue their accelerated development by leveraging expansive global application scenarios across industry landscape and the shrink of supply-demand ratios, industry utilization rates and prices are
expected to rise moderately. The Company's display business will continue to grow and improve its profitability. As the photovoltaic industry is gradually bottoming out, and the prices across the supply
chain are stabilized and recovering, the Company is confident in continuing to improve the operation
of the new energy photovoltaic business, navigating through industry cycles steadily. By upholding the spirit of "Embark on the Voyage and Press Ahead Against All Odds", and being guided by the principles of "Strategic Leadership, Innovation-Driven, Advanced Manufacturing, and Global Operations", the Company will firmly seize opportunities presented by the trend of AI, the upgrading of technology manufacturing, and the transformation of global energy structure, thus achieving sustainable high-quality development and advancing toward a globally-leading status. Section IV Shareholder Information
(I) Table of the total number of ordinary shareholders and the number of preferred shareholders with
resumed voting rights as well as the shareholdings of the top 10 shareholders Unit: Share

Total number of ordinary shareholders by the end of the Reporting Period734,938Total number of preferred shareholders with resumed voting rights by the end of the Reporting Period (if any)0　　　
Shareholdings of top 10 shareholders of ordinary shares (excluding the lending of shares under refinancing)　　　　　　
Name of shareholderNature of shareholderShareholdin g percentage (%)Number of shares heldNumber of restricted shares heldShares in pledge, marked or frozen　
　　　　　StatusNumber
Li DongshengDomestic individual/Do mestic general legal entity6.74%1,265,347,805673,839,802Not applicable0
Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership)　　　　　　
　　　　　In pledge293,668,015
Hong Kong Securities Clearing Company Ltd.Foreign legal entity4.34%814,486,5300Not applicable0
Huizhou Investment Holding Co., Ltd.Public legal entity2.85%535,767,6940Not applicable0
China Securities Finance Corporation LimitedDomestic general legal entity2.19%410,554,7100Not applicable0
Industrial and Commercial Bank of China - Huatai- Pinebridge CSI 300 ETFFund, wealth management product, etc.1.64%307,325,4700Not applicable0
Wuhan Optics Valley Industrial Investment Co., Ltd.Public legal entity1.33%249,848,8960In pledge120,070,000
Bank of China Limited - Huatai- Pinebridge CSI Photovoltaic Industry ETFFund, wealth management product, etc.1.17%219,813,5700Not applicable0
China Construction Bank - Efund - CSI 300 ETF InitiatedFund, wealth management product, etc.1.14%214,668,1650Not applicable0
Perseverance Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin FundFund, wealth management product, etc.1.14%213,299,9800Not applicable0
Shareholdings of top 10 non-restricted shareholders (excluding the lending of shares under refinancing and restricted shares held by senior management)　　　　　　

Name of shareholderNumber of non-restricted ordinary shares held at the end of Reporting PeriodShare type and quantity　
　　TypeQuantity
Hong Kong Securities Clearing Company Ltd.814,486,530RMB- denominated ordinary shares814,486,530
Li Dongsheng591,508,003RMB- denominated ordinary shares591,508,003
Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership)　　　
Huizhou Investment Holding Co., Ltd.535,767,694RMB- denominated ordinary shares535,767,694
China Securities Finance Corporation Limited410,554,710RMB- denominated ordinary shares410,554,710
Industrial and Commercial Bank of China - Huatai-Pinebridge CSI 300 ETF307,325,470RMB- denominated ordinary shares307,325,470
Wuhan Optics Valley Industrial Investment Co., Ltd.249,848,896RMB- denominated ordinary shares249,848,896
Bank of China Limited - Huatai- Pinebridge CSI Photovoltaic Industry ETF219,813,570RMB- denominated ordinary shares219,813,570
China Construction Bank - Efund - CSI 300 ETF Initiated214,668,165RMB- denominated ordinary shares214,668,165
Perseverance Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin Fund213,299,980RMB- denominated ordinary shares213,299,980
Note on the above shareholders’ associations or concerted actionsAmong the top 10 shareholders, Mr. Li Dongsheng and Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership) became persons acting in concert by signing the Agreement on Concerted Action. Mr. Li Dongsheng holds 898,453,069 shares, and Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership) holds 366,894,736 shares, representing 1,265,347,805 shares in total and becoming the largest shareholder of the Company.　　
Explanation of the top 10 ordinary shareholders participating in securities margin trading (if any)At the end of the Reporting Period, Wuhan Optics Valley Industrial Investment Co., Ltd., among the shareholders above, held certain shares of the Company through a credit security account.　　
Participation of shareholders holding more than 5%, top 10 shareholders, and top 10 non-restricted shareholders in the lending of shares
under the refinancing business
□Applicable ?Not applicable
Change in top 10 shareholders and top 10 non-restricted shareholders due to securities lending/returning under refinancing as compared
to the previous period
□Applicable ?Not applicable
(II) Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders □Applicable ?Not applicable

Section V Other Significant Events
1. Derivative investments for hedging purposes made during the Reporting Period Unit: RMB'0,000

Type of contractBeginning amount　Ending amount　Gain/loss in the Reporting PeriodEnding contractual amount as % of the Company's ending net asset　
　Contractual Transaction amount limitContractual Transaction amount limit　　　　　
　　　　　　Contractual amountTransaction limit
1. Forward forex contracts5,022,555194,0466,143,513238,88417,44046.701.82
2. Interest rate swaps314,1009,423247,1517,415　　　
　　　　　　1.880.06
Total5,336,655203,4696,390,664246,29917,44048.581.88
Accounting policies and specific accounting principles for hedging business during the Reporting Period and a description of whether there have been significant changes from those of the previous Reporting PeriodNo significant change.　　　　　　
Description of actual profits and losses during the Reporting PeriodDuring the Reporting Period, loss from changes in the fair value of hedged items amounted to RMB 7.77 million; profit from the delivery of due forward exchange contracts amounted to RMB 33.27 million, and profit from the valuation of outstanding forward exchange contracts amounted to RMB 133.36 million.　　　　　　
Description of the hedging effectDuring the Reporting Period, the Company's main foreign exchange risk exposures included exposures of assets and liabilities denominated in foreign currencies arising from business such as outbound sales, raw material procurement, and financing. The uncertain risks arising from the exchange rate fluctuations were effectively hedged by using derivative contracts with the same purchase amounts and maturities in opposite directions.　　　　　　

2. Other significant events during the Reporting Period
□ Applicable ?Not applicable

Section VI Quarterly Financial Statements
(I) Financial statements
1. Consolidated Balance Sheet
Prepared by: TCL Technology Group Corporation

ItemEnding balanceBeginning balance
Current assets:　　
Monetary assets37,046,945,21823,007,772,733
Settlement reserves　　
Funds on loan-　
Held-for-trading financial assets20,113,236,38316,560,971,113
Derivative financial assets160,776,417172,488,618
Notes receivable190,161,029189,852,988
Accounts receivable19,793,824,41822,242,152,687
Receivables financing780,731,499831,407,255
Prepayments1,934,336,7812,090,491,922
Premiums receivable　　
Reinsurance accounts receivable　　
Reinsurance contract provisions receivable　　
Other receivables4,760,273,7924,723,140,548
Of which: Interests receivable　　
Dividends receivable675,118,675675,118,675
Financial assets purchased under sale-back agreement　　
Inventories19,542,658,01217,594,133,395
Including: Data resources　　
Contract assets404,081,351395,116,789
Held-for-sale assets--
Non-current assets due within one year1,802,574,291849,705,941
Other current assets7,552,642,2156,716,208,634
Total current assets114,082,241,40695,373,442,623
Non-current assets:　　
Loans and advances to customers　　
Debt investments145,710,768147,271,738
Other debt investments　　
Long-term receivables415,445,613443,741,405
Long-term equity investments24,076,993,83324,595,634,142
Investments in other equity instruments388,314,507387,850,846
Other non-current financial assets2,456,164,1222,225,199,823
Investment property608,114,796612,733,509
Fixed assets166,115,575,455170,512,009,105
Construction in progress23,446,522,18223,580,503,161
Productive biological assets　　
Oil and gas assets　　
Right-of-use assets6,659,663,5126,697,687,926
Intangible assets18,007,727,89718,117,467,463
Including: Data resources　　
Development costs1,759,459,3921,831,444,027
Including: Data resources　　
Goodwill11,154,744,27711,159,705,297
Long-term deferred expenses2,397,402,9872,163,456,812
Deferred income tax assets2,717,828,2182,486,427,319
Other non-current assets25,726,075,16317,917,340,727
Total non-current assets286,075,742,722282,878,473,300
Total assets400,157,984,128378,251,915,923
Current liabilities:　　
Short-term borrowings8,183,086,3078,193,283,100
Borrowings from the Central Bank785,519,134600,925,595
Borrowed funds　　
Held-for-trading financial liabilities330,635,763232,405,610
Derivative financial liabilities105,606,464248,845,063
Notes payable5,844,713,0417,107,842,242
Accounts payable30,714,200,00829,347,615,057
Advances from customers1,818,0212,688,530
Contract liabilities2,178,875,9801,969,271,038
Financial assets sold under repurchase agreements　　
Customer deposits and deposits from other banks and financial institutions319,730,638177,654,155
Funds for brokering securities transactions　　
Funds for brokering securities underwriting　　
Employee salaries payable4,413,021,6614,188,236,860
Taxes and levies payable984,392,9711,206,097,922
Other payables18,546,360,68820,072,070,113
Of which: Interests payable　　
Dividends payable13,131,36413,131,367
Service charges and commissions payable　　
Reinsurance accounts payable　　
Held-for-sale liabilities　　
Non-current liabilities due within one year42,775,335,10336,224,483,112
Other current liabilities1,534,756,1841,484,914,785
Total current liabilities116,718,051,963111,056,333,182
Non-current liabilities:　　
Insurance contract provisions　　
Long-term borrowings133,673,161,536116,815,131,219
Bonds payable5,485,405,5696,488,620,429
Of which: Preferred shares　　
Perpetual bonds　　
Lease liabilities6,294,008,5216,334,785,779
Long-term payables1,769,650,5921,994,811,580
Long-term employee compensation payable22,268,40222,423,743
Estimated liabilities317,188,074249,217,532
Deferred income2,627,333,4131,014,891,072
Deferred income tax liabilities1,650,765,5571,544,449,080
Other non-current liabilities36,398,47927,508,246
Total non-current liabilities151,876,180,143134,491,838,680
Total liabilities268,594,232,106245,548,171,862
Owner's equity:　　
Share capital18,779,080,76718,779,080,767
Other equity instruments　　
Of which: Preferred shares　　
Perpetual bonds　　
Capital reserves9,998,788,09110,553,081,163
Less: Treasury share876,056,712919,321,508
Other comprehensive income-854,071,524-740,458,937
Specific reserves8,274,5697,189,104
Surplus reserves3,974,386,3243,974,386,324
General risk reserve8,933,5158,933,515
Retained earnings22,517,295,76621,504,718,929
Total equity attributable to the owners of the parent company53,556,630,79653,167,609,357
Non-controlling interests78,007,121,22679,536,134,704
Total owner's equity131,563,752,022132,703,744,061
Total liabilities and owner's equity400,157,984,128378,251,915,923
Legal representative: Person in charge of financial affairs: Person-in-charge of the financial department: （未完）
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