TCL电子：2025年中期报告

目錄 2公司資料 3財務摘要 4管理層討論及分析 34中期業績 80其他資料 93釋義 Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, P.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands 20256 620256 6 20252 2820252 28慤1617 2222E5 20256 2420256 24 P.O. Box 309Ugland House, Grand CaymanKY1-1104, Cayman Islands 609907 97927 http://electronics.tcl.com 305501 *20259 19 1. Mini LEDAI 2025TV2025TV0.1%TVMini LEDTV2025Mini LED TV149.6%48075TV20.5%1,1492 TV2025MiniLED TVTV10.9%32025106.5%212GW4113GW113.3% AIAI202555020272,200100.0%5 Mini LEDAI2025 20256 3020.4%547.7716.0%83.66202561.011.5%202560.5%10.4867.8%10.9062.0%10.60 20256 3070.0%30.4%114.422017202431.8050% 202510.9%334.1911.4%51.970.515.9%2025TCL TV7.6%1,346TV8TCL Mini LED TV176.1%1379TCL TV10 GoogleRoku NetflixTCL Channel202520.3%14.580.554.4% 202542.4%198.7525.7%23.74111.3%98.5%111.3610.732025 AI 20255.6%11.54Mini LED2025LED100%Mini LED TVTV AR/XRAI2025CESTCL AiMeAR/XR2025IPAir 3s Pro XRV3 SlimAIAR+AIX3 Pro AI202561811 IP20252TCLTCL2025TCL TV1.7%9312 2. 2.1 TV2025TCL TV1,3467.6%Omdia132025TCL TV0.914.2%13.2%1.1 2025MiniLED9.4%283.5212.9%45.14TCLTV1.553.4TCLTVMini LED TV73.7%176.1%2025TCL Mini LED TV4.128.7%14 2025TV0.9%1,5272025TCLTV3.5%TCLTV10.2%154.4%87.2014.0%16.901.719.4% TVTCL TV63.51.82025TCL Mini LED TV154.2%12.621.2%2025618Mini LED TV2716 TV3,000TVMini LED 2025TCLTV8.7%11.8%196.3212.3%28.240.114.4%TCLMini LED TV196.8%4.97.7% TCLTCL TV17 •TCL2025TCLTV7.3%TCL TV17.8%1865TCL TV60.5%13.0TCL Mini LED TV349.6%6.02025TCL TV19 •2025TCLTV13.3%65TCL TV29.6%TCL Mini LED TV91.0%TCL TV20 •2025TCL TV17.9%65TCL TV45.8%TCL TV21 2.2 IDC2220251.2%12.4% TCL60NXTPAPERNXTPAPER 3.0DC7TCL NXTPAPER 11 Plus11.5NXTPAPER4.0AIAI 202521.3%45.632.7%6.27 2.3 202523 202598E60AI4K 20259.4%5.040.562025618TV24 3. TVAI 202563014.5820.3%21.5%7.940.554.4% 3.1 2025TVAIOTT3.0Mini LEDTV3 3.2 GoogleRoku NetflixTCLChannelFASTAVOD20256 30TCL Channel3,930 4. 4.1 2025 2025111.3%111.3698.5%10.7320256 302902,38028 4.2 TCLAITCLTCL20251.2%78.4282.2%17.8% 4.3 AI 20258.9713.2%3.52.1123.6% 4G5G2025K7G MAXD2 AR/XR2025IPAir 3s Pro XRV3 Slim AIAR+AIX3 Pro AI3202561852%3.425XR AICESTCL AiMeAITCL AiMeAI+IoT+AI 5. + AI TV75Mini LEDTV+Mini LEDTCL AIAIAIAIAR/XR TCL >>> 20252024 2024454.9420.4%2025547.7720256 3020246 30 2024301.3510.9%2025334.192025TCL TV9.4%283.5221.3%45.639.4%5.04 202412.1220.3%202514.58 2024139.5342.4%2025198.75111.3%111.37 202472.1316.0%202583.66202515.3%20240.6 202515.6%0.10.515.9% 202554.4%0.5 202511.9%1.6 202410.9518.3%20258.94 202438.324.7%202540.12 202418.6024.3%202523.1320252025 202410.935.6%202511.54AI 20241.7289.6%20251,78820242024 20241,00582.3%20251,833 20245.2124.8%20253.92 20246,2488.6%20256,789 20248.8261.1%202514.21 20242.2963.1%20253.73202426.0%0.3202526.3% 20246.5360.5%202510.4820246.5067.8%202510.90AI 20246.5462.0%202510.60 (i)(ii)(iii)(iv)(v) 20256 3020256 30 20256 3011,441,935,0002024123130.4%46.0%39.4%2.5%1.7%10.4% 20256 305,804,724,0001.80%5.17%1520256 3020241231 202563011,985,114,0006,220,240,0000%25 20256 30543,179,000202412 31669,910,000161,821,000202412 31107,637,000116,124,000202412 31192,282,00099,577,000202412 31400,087,00057,121,000202412314,428,000548,000202412 31 20256 30533,007,000202412 31539,899,000202412 31 20256 30 TCL SEMP Eletroeletronicos2012201320256 3037TCL SEMP Eletroeletronicos 20256 30 20256 3032,60320256 303,342,430,000 TCL202311 3202320256 302023 200820232 5202311 32023202320232008200820254 9202391,497,90020256 302023137,558,200 1. 34D2 202412 31 2202412 31 2. 202412 31 21 21 3. 18219297110283111791071 120261 1220271 13 4. TV (a)TVTVTCL TVTCL TV(b)(c)(d)TCL(e)(f) 630TVTCL TVTCL TV –2025202420252024202520242025202420252024202520242025202420252024 5. 5. 5. 6. 7. * 8. 16.5%2024 6 3016.5% 9. 20256 3020246 30 10. 11. 168,103,000 12. 309090180180 122,766,00020241231171,323,0003,251,000202412 31104,213,000 12. 20256 30548,000202412 31 (i)970,631,000202412311,649,838,000(ii)2,612,000202412 3111,927,00021,141,261,000202412 3120,938,070,000 13. 14. 20256 30202412 31 (a) (b)T C L2,914,689,000202412 311,838,914,000 (c)109,660,000202412 3199,577,000202412 31400,087,0002,855,000202412 313,468,000548,000202412 31 15. 16. 20256 30 20252 14TCL NLRadioVictoria S.A.TCL NLRadio Victoria S.A.Radio Victoria TCL Chile SpARadio Victoria TCL Chile60%Radio VictoriaTCLChile 2024 12 3160%1.3Radio Victoria TCL Chile20254%20252Radio Victoria TCL Chile 20253 31TCL Energy Solution Co., LimitedTCL Energy SolutionLUMETECHPTE.LTD.LumetechPTE.TCLLumetech PTE.TCL Energy SolutionLumetech B.V.14,157,71615,280,000119,290,000 20253 31, TCL Sunpower International PTE. Ltd.TCL SunpowerTCLTCL Energy SolutionTCL SunpowerTCL Energy Solution,20254 1106,500,00050,960,000 20254 1TCL Energy SolutionLumetech PTE.Lumetech B.V.TCL Energy SolutionLumetech B.V.9,265,26510,000,00078,071,000TCL Energy SolutionLumetech PTE.TCL Energy SolutionLumete