[年报]TCL科技(000100):2025年年度报告摘要（英文版）
(Summary) March2026 SeizingDevelopmentOpportunitiesinaDynamicLandscape ANNUALREPORT2025Chairman'sStatement 2025sawacceleratedrestructuringoftheglobaleconomiclandscape.Tradeprotectionismhascontinuedtointensify,andgeopoliticalcompetitionhasprofoundlydisruptedthelayoutofglobalindustrialchains.Meanwhile,anewroundoftechnologicalrevolution—spearheadedbyartificial intelligence—is reshaping industrial logic and competitive paradigms withunprecedented reach and complexity. Against this challenging external environment, theCompanyhasalwaysanchoreditselftothestrategicgoalof"GlobalLeadership",focusingonthethreecorebusinesspillars—displays,newenergyphotovoltaics,andothersiliconmaterials.OuroperatingrevenueachievedRMB184.06billion,representinganincreaseof11.7%YoY;netprofitattributabletoshareholdersofthelistedcompanyreachedRMB4.52billion,up188.8%YoY;andnetcashflowfromoperatingactivitiesamountedtoRMB44.02billion,up49.1%YoY,indicatingthesteadygrowthofouroperatingefficiencyandongoingenhancementofourcorecompetitiveness. TCLCSOT'sdisplaybusinessdeliveredhigh-qualitygrowth,withsignificantlyimprovedprofitability.DuringtheReportingPeriod,TCLCSOTrecordedrevenueofRMB105.24billionandnetprofitofRMB8.01billion.TheCompanyfurtherconsolidateditscompetitiveadvantagesinlarge-sizeTVandcommercialdisplays.TheCompany'smarketshareinmedium-sizeLCDproducts—includingnotebooks, tablets, automotivedisplays, and professional displays—rosenotably, achieving breakthroughs in both scale and profitability. Small-size products werestrategicallypositionedinthemid-to-high-endmarket,withoperationalperformanceimprovingatanacceleratedpace.Meanwhile,theCompanyactivelyexpandeditsM-LEDbusiness.Duringthesameperiod,TCLCSOTfurtherstrengthenedtheintegrationanddeploymentofitscoreassets.The Generation 8.6 t9 factory achieved full-capacity production; the acquisition of LGDGuangzhou’sGeneration8.5factory(t11)wascompleted.TheCompanyalsoacquiredminoritystakesintheGeneration11t6andt7projectsheldbyShenzhenstate-ownedcapital,therebyboostingprofitability.Inaddition,theGeneration5.5printedOLEDline(t12)wasexpandedtosupportmassproductionanddelivery,whileconstructionkickedofffortheGeneration8.6printedOLEDproductionline(t8).Theinvestmentinindustrialecosystemprojectslaidthefoundationforsustainabledevelopment.TheCompanybelievesthatastheglobaldisplayindustrylandscapeundergoesrestructuring,ChineseenterpriseshavesolidifiedtheiradvantagesintheLCDsector.Lookingahead,competitionintheindustrywillfocusonnewdisplaytechnologiesandmaterials,suchasOLEDandM-LED.Throughcontinuoustechnologicalinnovationtoenhance thecompetitiveness of itsLCD products, TCL CSOThas consolidated its leadingadvantagesinlarge-sizedisplaysandstrengtheneditscompetitivenessinmediumandsmall-sizepanels,thusformingarelativecompetitiveedgeintheLCDsector.Meanwhile,theCompanyhasbuiltdifferentiatedcompetitivenessinprintedOLED.Movingforward,TCLCSOTiscommittedtostrivingforaleadingpositionintheglobaldisplayindustry. MokaTechnologystrengthenedbusinesssynergywithTCLCSOT,furtherconsolidatingitsleadingpositionintheglobalTVODMsectorwithamarketshareof14.5%.ItcontinuedtoexpanditsmonitorODMbusiness,increasingitsmarketshareto7.9%andestablishingasecondgrowthcurve.Meanwhile,theCompanyactivelyadvancedthedevelopmentofitscommercialdisplaybusiness.TheannualrevenuereachedRMB21.73billion,up5.9%.The Chinese photovoltaic industry continues to grapple with intense "involutionary"competition,asproductpricesremainunderpersistentdownwardpressure,posingsignificantoperationalchallengesfortheentireindustry.DuringtheReportingPeriod,TZE’sphotovoltaicbusinessrecordedrevenueofRMB22.725billion,representingaYoYdecreaseof0.28%,withrevenuestabilizinginthesecondhalfoftheyear.DuringtheReportingPeriod,TZEmadeeveryeffort toconsolidatethecompetitiveness ofitscrystal and waferproduction, acceleratethedevelopmentofitscellandmodulebusiness,improveitsindustrialchainlayout,activelyexpanditsglobalpresence,andenhanceoperatingperformance.Guidedbythestrategyof"ResolvingCrises Through Development and Seeking Opportunities in Overcoming Difficulties", TZEpursued mergers and acquisitionstostrengthen itscapabilities andenhanceindustrial chaincompetitiveness.TheCompanybelievesthattheglobalenergytransitiontowardcleanenergywillcontinuetodrivegrowthinoverseasphotovoltaicmarkets,whiletechnologicalprogresswillgenerate new market demand. We are confident in continuously improving our relativecompetitiveness during the industry downward, optimizing our industrial layout, achievingrestorativegrowththisyear,andimprovingouroperatingperformance.DuringtheReportingPeriod,ZhonghuanAdvancedremainedcommittedtoits"LeadatHome,CompeteGlobally"developmentstrategy.ItssiliconmaterialsbusinessgeneratedanoperatingrevenueofRMB5.71billion,ayear-on-yearincreaseof21.7%.Leveragingindustry-leadingoperationalefficiencyandperformance,thebusinessrankedfirstinChinabyrevenue.Zhonghuan Advanced's business covers major domestic customers, and its comprehensivecompetitivenessisattheforefrontoftheindustry,whileitisactivelyexpandingoverseas.TheCompanywillseizeopportunitiesfromChina'sindustry'shigh-qualitydevelopment,continuetoexpandourbusinessscale,optimizeproductmix,improveprocessandtechnicalcapabilities,increasebasicR&Dinvestment,enhanceAIanddigitaloperatingsystems,andachievehigh-qualitydevelopment. During the Reporting Period, Tianjin Printronics Circuit and Highly maintained stableoperationsacrosstheircorebusinesses,whiletheirfinancialandinvestmentsegmentscontinuedtogeneratesteadyearnings. TechnologicalinnovationisthefundamentalstrategicsupportfortheCompanytocopewithuncertainties and build long-term competitiveadvantages. During the Reporting Period, theCompanyinvestedRMB9.54billioninR&Dandfiled3,327newinventionpatentapplications,including221PCTapplications,withboththequantityandqualityofpatentsimproved.TheCompanyindependentlydevelopedthe"X-Intelligence"largemodelforthedisplayindustry,deeplyintegratingartificialintelligenceintointelligentmanufacturing,processoptimization,andR&Dprocesses,layingasolidfoundationforoperationalefficiencyimprovementandproductcompetitiveness.TheCompanywillcontinuetoadvancethedigitalizationofthephotovoltaicindustryandintroduceAIapplicationstoenhanceourcompetitiveness.TheCompanywillalsocontinuously explore breakthroughs in frontier technologies while strengthening our basicresearch,andelevateartificialintelligencetoastrategicpriority,thusfullyempoweringproductinnovation, intelligent manufacturing, and global operations, and enhancing our sustainabledevelopmentcapabilities. Lookingaheadto2026,theCompanywillcontinuetoanchoritselfonthegoalof"GlobalLeadership" and uphold thebusiness philosophyof"Strategic Guidance, Innovation-Driven, AdvancedManufacturing,andGlobalOperations".Wewillconsolidateandfurtherenhancethe competitiveadvantagesofourdisplaybusinesstodriveoverallperformance.Meanwhile,wewill supportTZEinstrengtheningitscapabilitiesandaddressinggapsinitsphotovoltaicbusinessto improve operating results. We will also back the accelerated development of Zhonghuan Advanced’s silicon material business, while ensuring steady growth across our remaining businesssegments.TheCompanyisconfidentincontinuingtoachieveoverallperformance growththisyear. TheCompanyremainscommittedtodeliveringshareholdervaluethroughsteadydividend distribution.For2025,theBoardofDirectorshasproposedacashdividendofRMB0.90per10 shares,enablingallshareholderstoshareintheCompany'svaluegrowth.Wearesincerely gratefulforthelong-termtrustandsupportofallshareholders!Ourheartfeltgratitudegoestoall ourpartnersforworkingwithus!Weextendourdeepestthankstoalltheemployeesfortheir diligentefforts!March26,2026 PartIImportantNotes Thissummaryisbasedonthefulltextofthe2025AnnualReportofTCLTechnologyGroupCorporation.Toobtainafullpictureoftheoperatingresults,financialposition,andfuturedevelopmentplansoftheCompany,investorsshouldcarefullyreadthroughtheannualreportreleasedonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission. This Report and its summary have been prepared in both Chinese and English. Should there be anydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.Independentauditor’smodifiedopinion □Applicable ?Notapplicable ProfitdistributionplanorplantoconvertcapitalreserveintosharecapitalapprovedbytheBoardofDirectors?Applicable□Notapplicable Anysharecapitalconvertedfromcapitalreserveornot □Yes ?No TheprofitdistributionplanapprovedbythemeetingoftheBoardofDirectorsisasfollows:Forevery10sharesheld,shareholderswillreceiveacashdividendofRMB0.9(includingtax)basedonthetotalsharecapitalof20,800,862,447shares,withoutbonussharesorsharesconvertedfromcapitalreserve.Board-approvedfinalcashand/orstockdividendplanforpreferredshares□Applicable ?Notapplicable PartIICorporateInformation 1.StockProfile
3.KeyAccountingDataandFinancialIndicators (1)KeyaccountingdataandfinancialindicatorsinthepastthreeyearsIndicatewhetherthereisanyretrospectivelyadjustedorrestateddatuminthetablebelow□Yes□?No
Unit:RMB
□Yes ?No 4.Sharecapitalandshareholders (1)Tableofthetotalnumberofordinaryshareholdersandpreferredshareholderswithresumedvotingrightsaswellas shareholdingsofthetoptenshareholders Unit:share
lendingofsharesundertherefinancingbusiness □Applicable ?Notapplicable Changeinthetop10shareholdersandthetop10non-restrictedshareholdersduetosecuritieslending/returningunderrefinancing ascomparedtothepreviousperiod □Applicable ?Notapplicable (2)Totalnumberofpreferredshareholdersandshareholdingsofthetop10preferredshareholders□Applicable ?Notapplicable DuringtheReportingPeriod,theCompanydidnothaveanypreferredstockshareholders.(3)DisclosureofpropertyrightsandcontrolrelationshipsbetweentheCompanyandtheactualcontrollerinblockdiagram □Applicable ?Notapplicable 5.Existingbondsonthedateofapprovalanddisclosureoftheannualreport?Applicable□Notapplicable (1)GeneralInformationonCorporateBonds
ProfessionalInvestorsin2024(PhaseIII)(Type1)haveatermof5yearsandwillexpireonJuly8,2029.Thebondsincludethe issuer'sredemptionoption,theoptiontoadjustthecouponrate,andtheinvestor'sputoptionattheendofthethirdyear.Ifthe issuer'scalloptionorinvestors'putoptionisexercised,thematuritydateoftheexercisedbondsshallbeJuly8,2027. Note2:TheSci-TechInnovationCorporateBonds(DigitalEconomy)PubliclyOfferedbyTCLTechnologyGroupCorporationto ProfessionalInvestorsin2024(PhaseII)haveatermof5yearsandwillexpireonApril11,2029.Thebondsincludetheissuer's redemptionoption,theoptiontoadjustthecouponrate,andtheinvestor'sputoptionattheendofthethirdyear.Iftheissuer’scall optionorinvestors’putoptionisexercised,thematuritydateoftheexercisedbondsshallbeApril11,2027.Note3:TheredemptionoftheSci-TechInnovationCorporateBonds(DigitalEconomy)PubliclyOfferedbyTCLTechnology GroupCorporationtoProfessionalInvestorsin2024(PhaseI)wascompletedonFebruary1,2026.(2)Thelatesttrackingratingsandratingchangesofbonds Nochange (3)KeyaccountingdataandfinancialindicatorsoftheCompanyforthepasttwoyearsasattheendoftheReportingPeriod
DuringtheReportingPeriod,therewerenomaterialchangesintheCompany'sbusinessoperations,nordidanyeventsoccurthat significantlyimpactedontheCompany'soperations. PartⅣReportoftheBoard OverallOperatingPerformanceoftheCompanyDuringtheReportingPeriodIn2025,frequentinternationalgeopoliticalconflicts,asignificantriseintradeprotectionism,andoverseastariffpoliciestriggeredtherestructuringoftheglobalsupplychain.Trendsofdeglobalization,regionalization,andlocalizationoftheglobaleconomytookshape,exertingaconsiderableimpactonthedevelopmentofChina'smanufacturingindustry.Inthefaceofexternalchallenges,theCompanyfocusedonthreekeybusinesspillars,includingdisplays,newenergyphotovoltaics,andothersiliconmaterials.Wecontinuouslystrengthenedtheoperationsbarrierscharacteristicofhigh-tech,heavy-asset,andlong-cycleindustries,anchoredourleadingstrategy,andpursuedsustainablehigh-qualitydevelopment. DuringtheReportingPeriod,theCompanyachievedall-roundgrowthinrevenue,profitandoperatingcashflow.OperatingrevenueamountedtoRMB184.06billion,representingayear-on-year increase of 11.7%. Net profit attributable to shareholders reached RMB 4.52 billion,representinga188.8%increaseyear-on-year,whileoperationscashflowrose49.1%year-on-yeartoRMB44.02billion.AsoftheendoftheReportingPeriod,theCompany’sdebt-to-assetratiostoodat64.2%,adecreaseof0.7percentagepointsfromtheendofthepreviousreportingperiod;cashandcashequivalentsattheendoftheReportingPeriodwereRMB50.57billion.OperatingPerformanceoftheCompany’sCoreBusinessesDuringtheReportingPeriodTheCompanywasdeeplyengagedinleadingedgemanufacturingindustriescharacterizedbyhightechnology,heavyassets,andlongcycleswithdisplays,newenergyphotovoltaics,andothersiliconmaterialsatitscore,andcontinuouslypromotedtechnologicalinnovationandindustrialadvancementsupportingthestrategicgoalsofgloballeadership. (I)DisplayBusiness 1.TCLCSOT In2025,theglobaldisplaysindustryaccelerateditstransformationfromscalecompetitiontovalue-drivendevelopment,withprofoundadjustmentstoindustrydevelopmentlogic.Onthedemandside,supportedbyconsumersubsidypoliciesandthetrendtowardlargerproductsizes,demandsrelatingtodisplayareagrewsteadily,whileemergingapplicationssuchasautomotiveandprofessionaldisplayssawnotableacceleration.Onthesupplyside,theindustrylandscapecontinuedtooptimize.Withthewholesupplychaincommittedtodemand-basedproduction,supply-demanddynamicsmovedtowardbalance,keyproductpricesstayedresilient,aprofitrecoverymechanismtookshape,andtheindustryofficiallyenteredanewphaseofhigh-qualitydevelopment. DuringtheReportingPeriod,TCLCSOTanchoreditsstrategicgoalof"GlobalLeadership",focusedonenhancingcommercialvalue,andpromotedsignificantimprovementinoperationsquality.Forthefullyear,TCLCSOTachievedanoperatingrevenueofRMB105.24billion,anincrease of 17.4% YoY; net profit was RMB 8.01 billion, up 44.4% YoY; and net profitattributabletoshareholdersofTCLTECH.wasRMB5.36billion,anincreaseof54.4%YoY.Leveraging its global footprint, supply chain resilience, refined operations capabilities, andcontinuously optimized product mix, TCL CSOT has successfully achieved a strategictransformation from "scale expansion" to "value creation," further enhancing its overalloperationsqualityandcycle-resiliencecapability. (1)MultipleBreakthroughsAcrossBusinessSegments,DiversifiedDevelopmentPatternContinuouslyConsolidated DuringtheReportingPeriod,theCompany'scorebusinessesdemonstratedadevelopmenttrendof"steadyprogressinthelarge-sizedsegment,rapidgrowthinthesmall-andmedium-sizedsegment,andcomprehensiveblossominginemergingapplications,"withcompetitivenessacrossallbusinesssegmentscontinuingtoimprove.Inthelarge-sizeddisplayfield,TVandcommercialdisplay businesses maintained sound development, with comprehensive competitiveness andprofitabilityfirmlyrankedatgloballeadinglevels,furtherconsolidatingitspositionasanindustryleader.Inthesmallandmedium-sizeddisplaysegment,allproductlinesachievedrapidgrowth,withbothmarketshareandcorecompetitivenessenhancedsimultaneously.Amongthese,monitorpanelshipmentsincreasedby17%year-on-year,withtheoverallglobalmarketsharerankingsecond, while the market share for gaming monitors remained first globally. Laptop panelshipmentssurged64%year-on-year,leadingtheindustryingrowthrate.Mobilephonepanelshipmentsrose29%year-on-year,withglobalmarketshareclimbingtothird.High-endOLEDproductshipmentssawsubstantialgrowth,andwearableproductsachievedlarge-scalemassproduction. The tablet business experienced leapfrog growth, with its global market sharejumpingtosecond.Inemergingapplicationfields,businessdevelopmentshowedadiversifiedgrowthtrend.Theautomotivedisplayshipmentareaincreased61%year-on-yearandthemarketshareroseto11%.Professionaldisplaybusinessmaintainedrapidgrowth,withproductswidelyusedineducation,medicalcare,e-paper,smartprojection,andotherapplicationscenarios.(2) In-Depth Integration of Strategic Assets, Industrial Leading Position ContinuouslyStrengthened During the Reporting Period, TCL CSOT accurately seized strategic opportunities inindustrialintegrationandcapacityupgrades,continuouslydeepeneditscoreassetintegrationandcoordinatedcapacitylayout,andfurtherstrengtheneditscorecompetitivenessintheindustry.FollowingthesuccessfulacquisitionandintegrationoftheformerLGDisplay(China)Co.,Ltd.(t11)assets,theCompanyquicklyrealizedlarge-scalemassproductionofmonitorproducts.Thesecond phase of the Guangzhou t9 project was fully commissioned, further optimizing theCompany’s medium and large-size LCD capacity layout, enabling coordinated capacitycomplementarity and technology integration, and effectively advancing industry supply-sidestructuralimprovement.ThestrategicacquisitionofminoritystakesintheG11productionlines(t6,t7)wascompleted,strengtheningcoreassetcontrolandresourceallocationefficiency.Thismoveoptimizedtheassetstructure,boostedcontributionstonetprofitattributabletoshareholdersoftheparentcompany,andprovidedamorerobustoperationsbasisfortheCompanytomitigateindustrycyclevolatility. (3) Achieving Industrialization on Two Strategic Tracks Through Continuous CoreTechnologyBreakthroughs DuringtheReportingPeriod,TCLCSOTintensifieditslayoutincutting-edgetechnologies,focusedonadvancingtheindustrializationofitstwostrategictracks—printedOLEDandMLED—andconsolidateditslong-termtechnologicalcompetitiveedge.DuringtheReportingPeriod,inthefieldofprintedOLED,theworld’sfirsthigh-generation(G8.6)printedOLEDproductionline(thet8project)officiallybrokegroundinGuangzhou,markingamilestonefortheCompanyinadvancing next-generation display technologies. The mass production expertise accumulatedthroughtheWuhanG5.5productionline(t12)haslaidasolidfoundationforthesubsequentramp-upofthet8project,whileacceleratingthemarketadoptionofprintedOLEDinmid-to-high-enddisplayapplications.IntheMLEDsector,theCompanyachievedmassproductionofMini LED P1.2COB products, establishinga completechain spanning laboratory R&D tolarge?scalemanufacturing.ItacquiredacontrollingstakeinFujianZhaoyuanOptoelectronics(nowrenamedHuazhaoOptoelectronics),realizingverticalintegrationoftheindustrialchaincoveringLEDepitaxialwafers,chips,andterminalmodules.Thishasfurtherenhancedindustrialcollaborationefficiencyandcoretechnologicalself?sufficiency,whileunlockingnewinnovationpotentialacrossoptoelectronicapplicationfields. (4)DeepeningDigitalandIntelligentTransformationtoEmpowertheEntireValueChainwithAI TCLCSOTacceleratedthedeepintegrationofAItechnologyacrossR&D,manufacturing,supplychain,andoperations,steadilystrengtheningitsend-to-endvaluecreationcapabilities.DuringtheReportingPeriod,theCompanylaunched"X-Intelligence3.0",thefirstpowerfulreasoning vertical large model in the global display field, ranked 11thin the 2025 GlobalIndustrial Large Model List and first in the display field. To date, the model has beenimplementedinproductdevelopment,boostingproductissueanalysisefficiencyby20%andmaterialdevelopmentefficiencyby30%.Lookingahead,TCLCSOTwillfurtherexpandtheapplicationscopeofAItechnologies,establishaleadingedgemanufacturingsystemscenteredon"data-driven operations plus intelligent decision-making", and build an industry-leading "AIFactory". (5)ContinuousImprovementofGlobalOperations,CoordinatedEnhancementofOverseasBusinessandSustainableDevelopment TCLCSOTcontinuouslyimproveditsglobalindustriallayout,builtaresilientsupplychainsystem,andachievedsteadygrowthinoverseasbusiness.DuringtheReportingPeriod,supportedbylocaltaxreformsandthetrendtowardlarger-sizedpanelsintheIndianmarket,thesalesvolume of large-sized TV products doubled. The newly built module factory in Vietnamsuccessfullypassedkeycustomeraudits,enablingITproductstoentermassproductionandvolume shipment, thereby further enhancing the Company's overseas delivery capacity andcustomerservicecapabilities.Onthesustainabilityfront,TCLCSOTmadesteadyprogressinbuildingitsESGmanagementsystem,earningseveralinternationallyrecognizedcertifications.Theseincludeda"Gold"ratingfromEcoVadis,"A-/A"ratingsfromCDPforClimateChangeandWaterSecurity,and—foritsSuzhoubase—AWSGoldLevelcertification,makingitthefirstcompanyinChina'sdisplayindustrytoachievethisrecognitionundertheInternationalWaterStewardshipStandard. (6)FutureDevelopmentOutlook Facingthedualdevelopmentopportunitiesfromthecyclerestructuringoftheglobaldisplayindustryandtheiterationofdisplaytechnologies,TCLCSOTwillcontinuetoanchorthestrategicgoalof"GlobalLeadership",focusonenhancingcommercialvalue,consistentlyimplementthebusinessphilosophyof"StrategicGuidance,Innovation-Driven,LeadingEdgeManufacturing,and Global Operations", and steadily improve the quality and profitability of operations.Meanwhile,theCompanywillcollaboratewithupstreamanddownstreampartnerstobuildasafe,efficient, and mutually beneficial industrial ecosystem, strengthen its long-term corecompetitiveness,anddeliversustainableandstablevalueforshareholdersandinvestors.2.MokaTechnology MokaTechnologystrengthenedbusinesssynergywithTCLCSOT,specializingintheODMbusinessforintelligentdisplayterminalproductssuchasTVs,monitors,andcommercialdisplays,andistheworld'slargestTVODMmanufacturer.In2025,MokaTechnologyachievedoperationsrevenueofRMB21.73billion,ayear-on-yearincreaseof5.9%.Amongthese,theTVODMbusinessrankedfirstgloballyforthreeconsecutiveyears,withitsmarketsharerisingby0.9percentagepointsyear-on-yearto14.5%in2025,furtherexpandingitsscale-leadingadvantage.ThemonitorODMbusinessgrewrapidly—shipmentvolumerose26%YoYandmarketshareincreased1.5percentagepointsto7.9%,securingaglobalrankoffifthandcreatingasecondgrowthcurve.MoKaTechnology,meanwhile,activelypursuedopportunitiesinthecommercialdisplaybusiness. (II)NewEnergyPhotovoltaicsBusiness DuringtheReportingPeriod,thesupply-demandimbalanceinthephotovoltaicindustrypersisted.Rushinstallationsintheterminalmarketledtoperiodicdemandfluctuations.Anti-involutionefforts droveupsiliconmaterial andwaferprices inthethirdquarter;however,sluggishdemandandinsufficientpricetransmissioncontinued.Newscenariosandapplicationsfailed to substantially improve supply-demand dynamics, resulting in intensified operationspressureinthefourthquarter.Inthefaceofchallenges,theCompanymaintaineditsstrategicresolve,addressedbusinessshortcomings,andcontinuedtoadvanceorganizationalreformandoperationsefficiency,therebyreshapingitsrelativecompetitiveness.In2025,thenewenergyphotovoltaicbusinessofTZEachievedoperatingrevenueofRMB22.73billion.TheCompany'snewenergyphotovoltaicbusinessactivelytrackedindustrytrends,adoptedamarket-driven,demand-basedproductionmodel,helpedrestorethesupply-demandbalance,andpromotedthehealthydevelopmentoftheindustry.DuringtheReportingPeriod,theCompanyacceleratedtheimplementationofthemoderateintegrationandglobalizationstrategies.Thisapproachwasdesignedtosolidifyourcompetitiveedgeincrystalandwaferproduction,bolsterourcapabilitiesincellsandmodules,expandouroverseasmarket presence,and ultimatelyenhance profitability. The Company continued to pursue technological innovation whileenhancingitsintellectualpropertyprotectionframeworkforBC(BackContact)andshingledtechnologies, using both product technology and patents to foster a high-quality industrialecosystem.FromthebeginningoftheyeartotheendoftheReportingPeriod,thephotovoltaicmaterialssegmentgeneratedoperatingrevenueofRMB12.24billion;therevenueofcellsandmodulesamountedtoRMB9.32billion,ayear-on-yearincreaseof60.5%.Weareconfidentincontinuouslyimprovingtherelativecompetitivenessofournewenergyphotovoltaicbusinessduringtheindustrydownturn,achievingrestorativegrowthin2026,andimprovingouroperationsperformance. (III)SiliconMaterialsBusiness Guided by its "Lead at Home, Compete Globally" strategy and adopting a long-termperspective,theCompany’ssiliconmaterialsbusinessdeliveredstrongperformanceduringtheReportingPeriod:shipmentsexceeded1,200MSI,operatingrevenuetotaledRMB5.71billion,ayear-on-yearincreaseof21.7%,rankingfirstdomesticallyinrevenuewhileachievingindustry-leadingefficiencyandeffectiveness.In2025,theCompany'soperationsefficiencyimprovedsignificantly,withcustomercoverageexpandedtobothkeydomesticandoverseasgroups,anditscomprehensive competitiveness led the domestic industry. The Company will continue todiversify its product and customer mix, and build differentiated competitive advantages byfocusingontechnology,efficiencyandquality. (IV)Non-corebusiness During the Reporting Period, Tianjin Printronics Circuit and Highly maintained stableoperationsacrosstheircorebusinesses,whiletheirfinancialandinvestmentsegmentscontinuedtogeneratesteadyearnings. Facingasevereandcomplexexternalenvironment,theCompanywillembracethespiritof"ForgingAheadtoConquerNewChallenges".Byadheringtotheoperationalphilosophyof"StrategicLeadership,Innovation-Driven,LeadingEdgeManufacturing,andGlobalOperations",theCompanywillseizethehistoricopportunitiespresentedbytheadvancementoftheleadingedge manufacturing industry and transformation of the global energy structure to achievesustainablehigh-qualitydevelopmentandmovetowardgloballeadership.TCLTechnologyGroupCorporation TheBoardofDirectors March27,2026 中财网
 |