TCL科技：2025年年度报告（英文版）

ANNUALREPORT2025 March2026 SeizingDevelopmentOpportunitiesinaDynamicLandscape ANNUALREPORT2025Chairman'sStatement 2025sawacceleratedrestructuringoftheglobaleconomiclandscape.Tradeprotectionismhascontinuedtointensify,andgeopoliticalcompetitionhasprofoundlydisruptedthelayoutofglobalindustrialchains.Meanwhile,anewroundoftechnologicalrevolution—spearheadedbyartificialintelligence—is reshaping industrial logic and competitive paradigms withunprecedentedreach 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—including notebooks,tablets,automotive displays,and professional displays—rosenotably,achieving breakthroughs in both scale and profitability.Small-size products werestrategicallypositionedinthemid-to-high-endmarket,withoperationalperformanceimprovingatanacceleratedpace.Meanwhile,theCompanyactivelyexpandeditsM-LEDbusiness.Duringthesameperiod,TCLCSOTfurtherstrengthenedtheintegrationanddeploymentofitscoreassets.TheGeneration 8.6 t9 factory achieved full-capacity production;the acquisition of LGDGuangzhou’sGeneration8.5factory(t11)wascompleted.TheCompanyalsoacquiredminoritystakesintheGeneration11t6andt7projectsheldbyShenzhenstate-ownedcapital,therebyboostingprofitability.Inaddition,theGeneration5.5printedOLEDline(t12)wasexpandedtosupportmassproductionand delivery,while construction kickedofffor theGeneration 8.6 printedOLEDproductionline(t8).Theinvestmentinindustrialecosystemprojectslaidthefoundationforsustainabledevelopment.TheCompanybelievesthatastheglobaldisplayindustrylandscapeundergoesrestructuring,ChineseenterpriseshavesolidifiedtheiradvantagesintheLCDsector.Lookingahead,competitionintheindustrywillfocusonnewdisplaytechnologiesandmaterials,such as OLED and M-LED.Through continuoustechnological innovationtoenhancethe competitiveness of its LCD products,TCL CSOT has consolidated its leadingadvantagesinlarge-sizedisplaysandstrengtheneditscompetitivenessinmediumandsmall-sizepanels,thusformingarelativecompetitiveedgeintheLCDsector.Meanwhile,theCompanyhasbuiltdifferentiatedcompetitivenessinprintedOLED.Movingforward,TCLCSOTiscommittedtostrivingforaleadingpositionintheglobaldisplayindustry. MokaTechnologystrengthenedbusinesssynergywithTCLCSOT,furtherconsolidatingitsleadingpositionintheglobalTVODMsectorwithamarketshareof14.5%.ItcontinuedtoexpanditsmonitorODMbusiness,increasingitsmarketshareto7.9%andestablishingasecondgrowthcurve.Meanwhile,theCompanyactivelyadvancedthedevelopmentofitscommercialdisplaybusiness.TheannualrevenuereachedRMB21.73billion,up5.9%. TheChinese photovoltaic industry continues to grapple with intense"involutionary"competition,asproductpricesremainunderpersistentdownwardpressure,posingsignificantoperationalchallengesfortheentireindustry.DuringtheReportingPeriod,TZE’sphotovoltaicbusinessrecordedrevenueofRMB22.725billion,representingaYoYdecreaseof0.28%,withrevenuestabilizinginthesecondhalfoftheyear.DuringtheReportingPeriod,TZEmadeeveryeffortto consolidate the competitiveness of its crystal and wafer production,accelerate thedevelopmentofitscellandmodulebusiness,improveitsindustrialchainlayout,activelyexpanditsglobalpresence,andenhanceoperatingperformance.Guidedbythestrategyof"ResolvingCrisesThrough Development and Seeking Opportunities in Overcoming Difficulties",TZEpursuedmergers and acquisitions to strengthen its capabilities and enhance industrial chaincompetitiveness.TheCompanybelievesthattheglobalenergytransitiontowardcleanenergywillcontinuetodrivegrowthinoverseasphotovoltaicmarkets,whiletechnologicalprogresswillgeneratenew market demand.We are confident in continuously improving our relativecompetitivenessduring the industry downward,optimizing our industrial layout,achieving restorativegrowththisyear,andimprovingouroperatingperformance. DuringtheReportingPeriod,ZhonghuanAdvancedremainedcommittedtoits"LeadatHome,CompeteGlobally"development strategy.Its siliconmaterialsbusiness generated anoperatingrevenue of RMB 5.71 billion,a year-on-year increase of 21.7%.Leveragingindustry-leadingoperationalefficiencyandperformance,thebusinessrankedfirstinChinabyrevenue.Zhonghuan Advanced's business covers major domestic customers,and itscomprehensivecompetitivenessisattheforefr