TCL科技: 2025年第三季度报告（英文版）
来源：证券之星
2025-11-14 19:13:40
Third Quarter 2025 Report of TCL Technology Group Corporation
Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2025-091
TCL 科技集团股份有限公司
TCL Technology Group Corporation
Third Quarter 2025 Report
October 2025
Third Quarter 2025 Report of TCL Technology Group Corporation
Content
Third Quarter 2025 Report of TCL Technology Group Corporation
Section I Important Notices and Definitions
The Board of Directors (or the “Board”), the directors, 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 Third 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.
Third Quarter 2025 Report of TCL Technology Group Corporation
Definitions
Term Refers to Definition
The “Company”, the “Group”,
Refers to TCL Technology Group Corporation
“TCL TECH.”, or “we”
Reporting Period, Q3 2025 Refers to The period from July 1, 2025 to September 30, 2025.
TCL CSOT Refers to TCL China Star Optoelectronics Technology Co., Ltd.
TCL Zhonghuan Renewable Energy Technology Co., Ltd., a majority-owned
TZE Refers to subsidiary of the Company listed on the Shenzhen Stock Exchange (stock code:
Zhonghuan Advanced Refers to Zhonghuan Advanced Bandaoti Technology Co., Ltd.
Moka Technology Refers to Moka International Limited
Tianjin Printronics Circuit Corp., a majority-owned subsidiary of the Company
TPC Refers to
listed on the Shenzhen Stock Exchange (stock code: 002134.SZ)
Highly Information Industry Co., Ltd., a holding subsidiary of the Company
Highly Refers to
listed on the National Equities Exchange and Quotations
t1 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at TCL CSOT
t2 Refers to The generation 8.5 (or G8.5) TFT-LCD (oxide) production line at TCL CSOT
t3 Refers to The generation 6 (or G6) LTPS-LCD panel production line at Wuhan CSOT
The generation 6 (or G6) flexible LTPS-AMOLED panel production line at
t4 Refers to
Wuhan CSOT
t5 Refers to The generation 6 (or G6) new display production line at Wuhan CSOT
The generation 11 (or G11) new TFT-LCD display production line at Shenzhen
t6 Refers to
CSOT
The generation 11 (or G11) new ultra high definition display production line at
t7 Refers to
Shenzhen CSOT
t8 Refers to The generation 8.6 (or G8.6) printed OLED production line at TCL CSOT
The generation 8.6 (or G8.6) new oxide display production line at Guangzhou
t9 Refers to
CSOT
t10 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at Suzhou CSOT
t11 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at Guangzhou CSOT
t12 Refers to The generation 5.5 (or G5.5) printed OLED production line at Wuhan CSOT
RMB Refers to Renminbi
Third Quarter 2025 Report of TCL Technology Group Corporation
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
From the beginning of
Q3 2025 Change the year to the end of Change
the reporting period
Operating revenue (RMB) 50,383,422,256 17.71% 135,943,426,753 10.50%
Net profits attributable to
the company’s 1,163,292,951 119.44% 3,046,792,403 99.75%
shareholders (RMB)
Net profits attributable to
the company's
shareholders after non- 870,128,672 412.11% 2,428,864,120 233.33%
recurring gains and losses
(RMB)
Net cash generated from
— — 33,836,602,144 53.80%
operating activities (RMB)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return Increase by 1.14 Increase by 2.81
on equity (%) percentage points YoY percentage points YoY
September 30, 2025 December 31, 2024 Change
Total assets (RMB) 381,651,399,603 378,251,915,923 0.90%
Owner’s equity
attributable to the
company’s shareholders
(RMB)
(II) Non-recurring profit and loss items and amount
Applicable □Not applicable
Unit: RMB
Amount from the beginning
Amount in the
Item of the year to the end of the
Reporting Period
Reporting Period
Gains and losses on disposal of non-current assets (inclusive of impairment
allowance write-offs)
Public grants charged to current gains 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 gains and losses)
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 -324,671 18,121,040
liabilities, except for the effective hedging business related to the company’s
normal business operations
Third Quarter 2025 Report of TCL Technology Group Corporation
Reversal of provision for impairment of receivables that have been
- 27,615,955
individually tested for impairment
Non-operating income and expenses other than the above 107,857,362 234,747,572
Less: Amount affected by income tax 59,626,561 144,380,375
Amount affected by equity of minority shareholders (net of tax) 202,525,096 579,113,054
Total 293,164,279 617,928,283
Details of other profit and loss items that meet the definition of non-recurring profits and losses:
□Applicable Not applicable
The Company has no other profit and loss items that meet the definition of non-recurring profits and losses.
Notes on non-recurring profit and loss items that are 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
Applicable □Not applicable
Increase/decrease
Balance Sheet items Ending balance Beginning balance Reason for change
ratio (%)
Mainly due to the
Held-for-trading financial increase in low-risk
assets wealth management
investments
Mainly due to the
Capital reserves 14,897,640,925 10,553,081,163 41.2
share issuance
Increase/decrease
Cash Flow Statement items Current balance Prior balance Reason for change
ratio (%)
Mainly due to the
increase in proceeds
Net cash generated from
operating activities
commodities and
rendering of services
Third Quarter 2025 Report of TCL Technology Group Corporation
Section III Management Discussion and Analysis
I. Overall Operating Performance of the Company During the Reporting Period
Since the beginning of the year, global economic and trade uncertainties have not only
persisted but intensified, amid a rapid reshaping of the international landscape and a fundamental
overhaul of globalization rules. The intertwining trends of anti-globalization, regionalization, and
localization ushered China's manufacturing sector into a new phase, presenting both opportunities
and challenges. In the face of external challenges, the Company affirmed its leadership strategy, and
focused on advanced manufacturing centered around displays, new energy photovoltaics, and other
silicon materials, with a view to improving operational resilience and promoting high-quality and
sustainable growth.
In the first three quarters of 2025, the Company realized RMB 135.9 billion in operating
revenue, representing a 10.5% increase YoY. Net profit attributable to shareholders reached RMB
Specifically, the net profit attributable to shareholders of the listed company in the third quarter was
RMB 1.16 billion, an increase of 33.6% QoQ. As of the end of the Reporting Period, the
Company’s asset-liability ratio was 67.6%, an increase of 2.7 percentage points from the beginning
of the year. This increase was primarily due to significant new investments made during the year,
the substantial acquisition of the minority stake in CSOT G11 line from the Shenzhen public fund,
and losses in the photovoltaic business. The Company will manage its asset-liability ratio within a
reasonable range by enhancing operating efficiency and securing appropriate equity and debt
financing, all while providing robust support for its business growth.
II. Operating Performance of the Company’s Core Businesses During the Reporting Period
The Company honed in advanced manufacturing, with displays, new energy photovoltaics, and
other silicon materials at its core, and was committed to achieving the strategic goal of global
leadership.
(I) Display Business
The third quarter witnessed a continued improvement in the global panel market, buoyed by
recovering demand and stabilizing prices, signaling an industry-wide recovery. On the demand side,
Third Quarter 2025 Report of TCL Technology Group Corporation
multiple application segments experienced synchronized growth. TV brands actively built up
inventory for year-end promotions, driving a recovery in demand for large-sized panels. The
notebook market saw sustained positive momentum, supported by domestic "old-for-new" subsidy
policies and the replacement cycle overseas. Meanwhile, steady growth in global automobile sales
provided solid support for in-car display demand. On the supply side, the industry chain maintained
a strategy of production based on demand, which precisely calibrated output to market needs. This
discipline preserved a dynamic supply-demand equilibrium and laid a solid foundation for the
sector's long-term sustainability.
For the first three quarters, TCL CSOT achieved cumulative operating revenue of RMB 78.01
billion, an increase of 17.5% YoY; net profit was RMB 6.1 billion, up 53.5% YoY; and net profit
attributable to shareholders of TCL TECH. was RMB 3.9 billion, an increase of 41.9% YoY.
Capitalizing on its scale and cost leadership, the Company harnessed the industry recovery to drive
superior operational and financial outcomes—through product mix optimization, deeper business
integration, and operational refinement—significantly boosting earnings and cementing its global
competitive edge in the display industry.
The Company's core businesses achieved major breakthroughs across multiple fronts,
demonstrating a positive trend of “steady progress in the large-sized segment, rapid growth in the
small- and medium-sized segment, and comprehensive blossoming in emerging areas,” showcasing
developmental resilience and growth potential. In the third quarter, the Company maintained its
competitive edge in the large-sized segment (including TV and commercial displays), with market
share increasing by 5 percentage points year-on-year to 25%, achieving global leadership in
comprehensive competitiveness and EBITDA margin. The small- and medium-sized display
business has become the Company's core growth engine, achieving major breakthroughs across all
segments: In IT, MNT sales volume grew 10% year-over-year, maintaining our leadership in the
gaming monitor segment, while NB sales surged 63% YoY, demonstrating strong momentum; in
mobile terminals, LCD smartphone panel shipments increased 28% YoY, with market share rising
by 4 percentage points to 14%; in tablets, we captured a 13% market share, a significant increase of
display panel shipment business grew 47% YoY, and our market share expanded by 3 percentage
points to 11% and in specialty displays, this business continues its rapid growth, with widespread
Third Quarter 2025 Report of TCL Technology Group Corporation
applications in medical, e-paper, and smart projection fields, establishing itself as a critical pillar for
our diversified growth.
During the reporting period, the Company made steady progress in integrating the t11
production line, achieving gains in quality and efficiency through operational refinement. By
leveraging supply chain synergies and optimizing production processes, t11 significantly reduced its
unit cost compared to pre-acquisition levels, maintained high capacity utilization, and enhanced
both operational efficiency and profitability. Meanwhile, t11 and the t9 line deepened their
collaborative development, establishing a complementary business structure based on differentiated
technical profiles and market focuses. In the monitor segment, this translates to t9 targeting the
high-end market while t11 serves mainstream demand, further unlocking capacity synergies.
Meanwhile, the OLED business (t4, G6 line) maintained stable operation, with flexible OLED
smartphone shipments steadily ranking fourth globally. The product mix continued to improve, with
the proportion of high-end model shipments increasing.
During the Reporting Period, TCL CSOT continued to advance the industrialization process in
two cutting-edge technologies: printed OLED and Micro LED. The existing G5.5 printed OLED
production line (t12) was steadily ramping up its capacity from 3K to 9K pieces per month, with
both product yield and quality showing continuous improvement. Medical display products have
been steadily shipped. In addition, t12 is being promoted to NB and MNT customers and is
expected to achieve mass production in the first half of next year. In late October, the Company
officially commenced construction of the world's first high-generation printed OLED production
line (t8 project). This breakthrough signals that Chinese display companies now have the potential
to leapfrog competitors and achieve leadership in high-generation OLED technology. This will
accelerate the adoption of these advanced displays in mid-to-high-end monitors, laptops, and
automotive dashboards, positioning China as a dominant force in the global display market.
The Company's key strategic priority, Micro LED (MLED), will enter a stage of mass
production and achieve stable delivery by year-end. The AR glasses market has developed at a
dramatically quicker-than-expected rate, with global shipments projected to hit 100 million units by
capacity planning, comprehensively enhance its core competitiveness in high-performance, full-
scenario display solutions, and actively seize the major strategic opportunity presented by the
Third Quarter 2025 Report of TCL Technology Group Corporation
industry's explosive growth.
During the reporting period, TCL CSOT continued to advance its global strategy and achieved
notable progress in the localization of its overseas operations. In the Indian market, doubled growth
in large-size TV sales—driven by an expanded product portfolio and broader mainstream customer
reach—fueled continuous operational improvements at the local module factory. The Indian
government's tax reform in September is set to accelerate the shift toward larger screen sizes. The
Company is actively optimizing its production layout and enhancing capacity flexibility to further
consolidate its leading position in the regional market. In Vietnam, the new module factory is in its
final dash toward mass production. Having successfully passed all key customer audits and with
sample certification on track, it is expected to begin batch shipments in the fourth quarter,
positioning itself as a new engine for overseas business growth.
(II) Silicon Materials Business
Guided by its "Lead at Home, Compete Globally" strategy, the Company’s silicon materials
business delivered strong performance from the start of the year to the end of the Reporting Period:
shipments hit 907 MSI, operating revenue totaled RMB 4.24 billion, a year-on-year increase of
portfolio and advanced technology, the Company serves key customers both domestically and
internationally, maintaining a leading overall competitive edge in the domestic industry. The
Company will continue to enrich its product mix and customer structure to enhance market
competitiveness and influence.
(III) New Energy Photovoltaics Business
In the first half of the year, prices across the photovoltaic industry’s main chain fluctuated,
spurred by a rush in end-user installations. As efforts to curb industry involution intensified,
upstream prices rebounded from July to September—a trend that gradually rippled through to the
wafer segment, driving recovery in overall industry profitability. The Company's new energy
photovoltaic business is actively implementing anti-involution requirements by upholding a strategy
of measured integration and global expansion. This approach is designed to solidify our competitive
edge in crystal and wafer production, bolster our capabilities in cells and modules, expand our
overseas market presence, and ultimately enhance profitability. From the beginning of the year to
Third Quarter 2025 Report of TCL Technology Group Corporation
the end of the Reporting Period, the Company's new energy photovoltaic business achieved sales
revenue of RMB 16.01 billion, with a QoQ improvement of 22% in the third quarter.
The Company's photovoltaic materials business optimized its operational strategy, increasing
the proportion of high-efficiency and high-value-added products. It reduced silicon costs through
supply chain management and improved material usage capability, and continuously lowered
manufacturing costs by driving down power consumption, improving production efficiency, and
implementing a series of R&D projects. As of the end of September, non-silicon costs had
decreased by over 40% compared to the beginning of the year. The profitability of the photovoltaic
materials business improved significantly in the third quarter.
During the Reporting Period, the product capability of the Company's photovoltaic cell and
module business further improved. A brand matrix centered on SUNPOWER, TCL Solar, and TZE
was established, and the product and customer structure was further optimized. Half-cell and BC
modules gradually ramped up volume, with BC product efficiency reaching 25%. The Company has
established strategic cooperation with several major central state-owned enterprises, and is
accelerating its breakthroughs in the distributed market, with rapid shipment growth in overseas
markets such as the Middle East, Latin America, Australia and New Zealand.
The Company will continue to refine its globalization strategy, with overseas operations in the
Philippines, the Middle East, and elsewhere progressing as planned. The Company's controlled
subsidiary, Maxeon, remained in a phase of transformation and adjustment, which had a negative
impact on the Company's financial performance. To address operational challenges and align with
business strategy, the Company has deepened organizational transformation and process
optimization centered on markets and customers, to establish an agile and efficient response
mechanism and accelerate efficiency improvements. Meanwhile, the Company is closely
monitoring opportunities for industry consolidation during the cyclical trough to address
shortcomings and enhance competitiveness.
(IV) Non-core business
The Company’s non-core businesses satisfied its operating budgets and maintained healthy
growth. Moka Technology specializes in the ODM business for intelligent display terminal products
such as TVs, monitors, and commercial displays, and is the world's largest TV ODM manufacturer.
Third Quarter 2025 Report of TCL Technology Group Corporation
In the first three quarters, Moka Technology achieved revenue of RMB 16.86 billion, an increase of
points to 14.3%, ranked first globally. The monitor ODM business grew rapidly, with shipment
volume increasing 21% YoY and market share rising 1.4 percentage points to 8.2%, securing fourth
place globally.
Facing a severe and complex external environment, the Company will embrace the spirit of
“Embarking on the Voyage and Pressing Ahead Against All Odds.” By adhering to the operational
philosophy of “Strategic Leadership, Innovation-Driven, Advanced Manufacturing, and Global
Operations”, the Company will seize the historic opportunities presented by the upgrade of the
advanced manufacturing industry and the transformation of the global energy structure to achieve
sustainable high-quality development and advance toward global leadership.
Third Quarter 2025 Report of TCL Technology Group Corporation
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 preferred shareholders with
Total number of ordinary shareholders by the end of
the Reporting Period
Reporting Period (if any)
Shareholdings of top 10 shareholders of ordinary shares (excluding the lending of shares under refinancing)
Number of Shares in pledge, marked or
Name of Shareholding Number of restricted frozen
Nature of shareholder
shareholder percentage shares held ordinary
Status Number
shares held
Not
Li Dongsheng 0
applicable
Ningbo Jiutian Domestic
Liancheng Equity individual/Domestic general 6.09% 1,266,680,807 674,839,554
Investment legal entity In pledge 169,320,637
Partnership (Limited
Partnership)
Shenzhen Major
Industrial Not
Public legal entity 4.74% 986,292,106 986,292,106 0
Development Phase applicable
I Fund Co., Ltd.
Hong Kong
Not
Securities Clearing Foreign legal entity 4.54% 945,065,947 0 0
applicable
Company Ltd.
Huizhou Investment Not
Public legal entity 2.58% 535,767,694 0 0
Holding Co., Ltd. applicable
China Securities
Not
Finance Corporation Domestic general legal entity 1.97% 410,554,710 0 0
applicable
Limited
Industrial and
Commercial Bank
Fund, wealth management Not
of China - Huatai- 1.70% 353,779,710 0 0
product, etc. applicable
Pinebridge CSI 300
ETF
Not
UBS AG Foreign legal entity 1.34% 277,717,184 243,467,933 0
applicable
China Construction
Fund, wealth management Not
Bank - Efund - CSI 1.24% 257,151,252 35,741,235 0
product, etc. applicable
Wuhan Optics
Valley Industrial Public legal entity 1.20% 249,848,896 0 In pledge 124,000,000
Investment Co., Ltd.
Shareholdings of top 10 non-restricted ordinary shareholders (excluding the lending of shares under refinancing and restricted shares
held by senior management)
Type and quantity of shares
Name of shareholder Number of non-restricted shares held Type of
Quantity
shares
RMB-
denominated
Hong Kong Securities Clearing Company Ltd. 945,065,947 945,065,947
ordinary
shares
Li Dongsheng RMB-
denominated
Ningbo Jiutian Liancheng Equity Investment 591,841,253
ordinary 591,841,253
Partnership (Limited Partnership) shares
RMB-
denominated
Huizhou Investment Holding Co., Ltd. 535,767,694 535,767,694
ordinary
shares
Third Quarter 2025 Report of TCL Technology Group Corporation
RMB-
denominated
China Securities Finance Corporation Limited 410,554,710 410,554,710
ordinary
shares
RMB-
Industrial and Commercial Bank of China - Huatai- denominated
Pinebridge CSI 300 ETF ordinary
shares
RMB-
denominated
Wuhan Optics Valley Industrial Investment Co., Ltd. 249,848,896 249,848,896
ordinary
shares
RMB-
Bank of China Limited - Huatai-Pinebridge CSI denominated
Photovoltaic Industry ETF ordinary
shares
RMB-
China Construction Bank - Efund - CSI 300 ETF denominated
Initiated ordinary
shares
RMB-
Perseverance Asset Management Partnership
denominated
(Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin 206,800,000 206,800,000
ordinary
Fund
shares
Among 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
Note on the above shareholders’ associations or concerted actions Dongsheng holds 899,786,071 shares and Ningbo Jiutian
Liancheng Equity Investment Partnership (Limited
Partnership) holds 366,894,736 shares, representing
shareholder of the Company.
At the end of the Reporting Period, Wuhan Optics Valley
Explanation of the top 10 ordinary shareholders participating in Industrial Investment Co., Ltd., among the shareholders
securities margin trading (if any) above, held certain shares of the Company through a credit
security account.
Participation of shareholders holding more than 5%, the top 10 shareholders, and the top 10 non-restricted shareholders in the lending
of shares under the refinancing business
□Applicable Not applicable
Change in the top 10 shareholders and the 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
Third Quarter 2025 Report of TCL Technology Group Corporation
Section V Other Significant Events
Unit: RMB'0,000
Ending contractual
Gain/loss amount as % of the
Beginning amount Ending amount
in the Company’s ending net
Type of contract asset
Reporting
Contractual Transaction Contractual Transaction Period Contractual Transaction
amount limit amount limit amount limit
Total 5,336,655 203,469 5,134,532 199,041 28,973 41.50 1.61
Accounting policies and specific accounting principles
for hedging business during the Reporting Period and a
No significant change
description of whether there have been significant
changes from those of the previous reporting period
During the Reporting Period, the fair value change of the hedged items
resulted in a loss of RMB 97.71million, the settlement of matured forward
Description of actual profits and losses during the
foreign exchange contracts generated a gain of RMB 258.48million, and
Reporting Period
the valuation of outstanding forward foreign exchange contracts lead to
gain of RMB 128.96million.
During 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
Description of the hedging effect 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.
Applicable □Not applicable
I. Implementation status of share issuance and cash payment to purchase assets and raise supporting funds in 2025
Supporting Funds (Draft) and related documents, according to which the Company proposed to acquire a 21.5311% equity interest in
Shenzhen China Star Optoelectronics Bandaoti Display Technology Co., Ltd. held by Shenzhen Major Industrial Development Phase
I Fund Co., Ltd., through shares issuance and cash payment.
Purchase Assets and Raise Supporting Funds (CSRC Permit [2025] No.1326) issued by the China Securities Regulatory Commission
(CSRC).
indicating that the subject assets had been transferred and registered under the Company's name.
For details of the above, please refer to the relevant announcements released by the Company on designated media.
Third Quarter 2025 Report of TCL Technology Group Corporation
Section VI Quarterly Financial Statements
(I) Financial statements
Prepared by: TCL Technology Group Corporation
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary assets 20,224,631,366 23,007,772,733
Settlement reserves
Funds on loan
Held-for-trading financial assets 24,345,975,511 16,560,971,113
Derivative financial assets 59,086,672 172,488,618
Notes receivable 132,546,071 189,852,988
Accounts receivable 25,981,194,923 22,242,152,687
Receivables financing 1,415,781,853 831,407,255
Prepayments 2,345,996,461 2,090,491,922
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract provisions receivable
Other receivables 3,674,963,268 4,723,140,548
Including: Interests receivable
Dividends receivable 675,118,675 675,118,675
Financial assets purchased under sale-back
agreement
Inventories 21,141,468,643 17,594,133,395
Including: Data resources
Contract assets 387,645,137 395,116,789
Held-for-sale assets
Non-current assets due within one year 1,448,125,219 849,705,941
Other current assets 8,213,437,143 6,716,208,634
Total current assets 109,370,852,267 95,373,442,623
Non-current assets:
Loans and advances to customers
Debt investments 582,299,281 147,271,738
Other debt investments
Long-term receivables 119,524,707 443,741,405
Long-term equity investments 24,265,865,599 24,595,634,142
Investments in other equity instruments 412,376,934 387,850,846
Other non-current financial assets 2,804,454,719 2,225,199,823
Investment property 560,133,255 612,733,509
Fixed assets 166,429,063,963 170,512,009,105
Construction in progress 19,841,159,897 23,580,503,161
Productive biological assets
Oil and gas assets
Right-of-use assets 6,372,228,055 6,697,687,926
Intangible assets 18,560,203,772 18,117,467,463
Including: Data resources
Development costs 1,537,561,058 1,831,444,027
Including: Data resources
Goodwill 11,962,253,652 11,159,705,297
Third Quarter 2025 Report of TCL Technology Group Corporation
Long-term deferred expenses 2,662,263,140 2,163,456,812
Deferred income tax assets 2,715,639,509 2,486,427,319
Other non-current assets 13,455,519,795 17,917,340,727
Total non-current assets 272,280,547,336 282,878,473,300
Total assets 381,651,399,603 378,251,915,923
Current liabilities:
Short-term borrowings 8,815,334,532 8,193,283,100
Borrowings from the Central Bank 91,666,344 600,925,595
Borrowing funds 500,052,778
Held-for-trading financial liabilities 261,219,141 232,405,610
Derivative financial liabilities 61,410,021 248,845,063
Notes payable 7,480,410,204 7,107,842,242
Accounts payable 35,838,156,892 29,347,615,057
Advances from customers 5,312,101 2,688,530
Contract liabilities 1,997,537,592 1,969,271,038
Financial assets sold under repurchase
agreements
Customer deposits and deposits from other
banks and financial institutions
Funds for brokering securities transactions
Funds for brokering securities underwriting
Employee compensation payable 4,626,671,664 4,188,236,860
Taxes and levies payable 1,385,585,187 1,206,097,922
Other payables 18,649,666,079 20,072,070,113
Including: Interests payable
Dividends payable 13,248,764 13,131,367
Service charges and commissions payable
Reinsurance accounts payable
Held-for-sale liabilities
Non-current liabilities due within one year 33,598,571,876 36,224,483,112
Other current liabilities 1,590,407,622 1,484,914,785
Total current liabilities 115,090,656,907 111,056,333,182
Non-current liabilities:
Insurance contract provisions
Long-term borrowings 123,534,083,925 116,815,131,219
Bonds payable 6,557,139,250 6,488,620,429
Including: Preferred shares
Perpetual bonds
Lease liabilities 6,233,896,008 6,334,785,779
Long-term payables 1,429,607,345 1,994,811,580
Long-term employee compensation
payable
Estimated liabilities 227,893,429 249,217,532
Deferred income 2,664,621,413 1,014,891,072
Deferred income tax liabilities 2,143,325,702 1,544,449,080
Other non-current liabilities 28,652,175 27,508,246
Total non-current liabilities 142,841,176,968 134,491,838,680
Total liabilities 257,931,833,875 245,548,171,862
Owner’s equity:
Share capital 20,800,862,447 18,779,080,767
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 14,897,640,925 10,553,081,163
Less: Treasury share 1,503,652,075 919,321,508
Other comprehensive income -817,322,308 -740,458,937
Specific reserves 5,630,522 7,189,104
Third Quarter 2025 Report of TCL Technology Group Corporation
Surplus reserves 3,974,386,324 3,974,386,324
General risk reserve 8,933,515 8,933,515
Retained earnings 23,563,285,093 21,504,718,929
Total equity attributable to the owners of the
parent company
Non-controlling interests 62,789,801,285 79,536,134,704
Total owners' equity 123,719,565,728 132,703,744,061
Total liabilities and owners' equity 381,651,399,603 378,251,915,923
Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:
Li Dongsheng Li Jian Jing Chunmei
Period
Unit: RMB
Amount incurred in the Amount incurred in the
Item
current period previous period
I. Total revenue 136,064,747,889 123,131,768,609
Including: Operating revenue 135,943,426,753 123,028,497,947
Interest income 121,321,136 103,270,662
Earned premiums
Service charge and commission income
II. Total costs 135,565,833,830 124,050,215,990
Including: Operating cost 118,592,498,986 108,640,452,508
Interest expenditures 12,226,443 16,004,207
Service charge and commission expenditures
Surrender value
Net claims payment
Appropriation of net insurance liability reserve
Policy dividend expenditures
Reinsurance expenses
Taxes and levies 878,642,741 888,627,867
Sales expenses 1,808,184,948 1,395,704,389
Administrative expenses 3,440,592,336 3,121,692,041
R&D expenses 7,393,745,724 6,576,221,492
Financial expenses 3,439,942,652 3,411,513,486
Including: Interest expenses 3,720,323,168 3,734,284,335
Interest income 524,551,294 501,033,624
Add: Other income 1,767,528,756 1,334,221,454
Return on investment (losses are indicated by "-") 1,662,556,667 878,654,664
Including: Return on investment in joint ventures
and associates
Income from derecognition of financial
assets measured at amortized costs
Exchange gains (losses are indicated by "-") 504,115 421,473
Gain on net exposure hedging (losses are indicated by "-")
Gain on changes in fair value (losses are indicated by "-") 595,629,955 479,574,279
Credit impairment loss (losses are indicated by "-") -14,031,935 -15,204,947
Asset impairment loss (losses are indicated by "-") -3,372,610,477 -3,540,212,533
Asset disposal income (losses are indicated by "-") 3,069,942 40,910,222
III. Operating profit (losses are indicated by "-") 1,141,561,082 -1,740,082,769
Add: Non-operating income 46,160,074 238,237,895
Third Quarter 2025 Report of TCL Technology Group Corporation
Less: Non-operating expenses 176,001,781 102,597,065
IV. Gross profit (gross loss is indicated by "-") 1,011,719,375 -1,604,441,939
Less: Income tax expense 529,171,588 224,564,284
V. Net profits (net losses are indicated by "-") 482,547,787 -1,829,006,223
(I) Classified by continuity of operations
indicated by "-")
indicated by "-")
(II) Classification by ownership
(net losses are indicated by "-")
-2,564,244,616 -3,354,325,986
are indicated by "-")
VI. Other comprehensive income, net of tax -93,393,016 148,408,442
Other comprehensive income attributable to the owners of the
-76,863,371 166,521,886
parent company, net of tax
(I) Other comprehensive income that cannot be subsequently
-5,440,283 128,945,901
reclassified into profits and losses
plans
-10,209,048 131,124,694
reclassified into profits and losses under the equity method
instruments
(II) Other comprehensive income that may subsequently be
-71,423,088 37,575,985
reclassified into profits and losses
-37,715,578 26,476,380
profits and losses under the equity method
comprehensive income
-33,707,510 -17,537,878
statements
Other comprehensive income attributable to non-controlling
-16,529,645 -18,113,444
interests, net of tax
VII. Total comprehensive income 389,154,771 -1,680,597,781
(I) Total comprehensive income attributable to the shareholders of
the parent company
(II) Total comprehensive income attributable to non-controlling
-2,580,774,261 -3,372,439,430
interests
VIII. Earnings per share:
(I) Basic earnings per share 0.1604 0.0821
(II) Diluted earnings per share 0.1584 0.0812
Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:
Li Dongsheng Li Jian Jing Chunmei
Third Quarter 2025 Report of TCL Technology Group Corporation
Reporting Period
Unit: RMB
Amount incurred in the current Amount incurred in the previous
Item
period period
I. Net cash generated from operating activities:
Proceeds from the sale of commodities and
rendering of services
Net increase of deposits from customers, banks,
and other financial institutions
Net increase of borrowings from the Central Bank -507,189,316 -287,595,760
Net increase of borrowings from other financial
institutions
Cash received from collecting premiums for
original insurance contracts
Net cash received for reinsurance business
Net increase of deposits and investments of
policyholders
Cash received from interest, service charges and
commission
Net increase of borrowed funds from banks and
other financial institutions
Net increase of repurchase business funds
Net cash received from brokering securities
transactions
Tax and levy rebates 4,238,907,127 4,189,699,038
Cash generated from other operating activities 9,766,246,224 3,505,370,060
Sub-total of cash generated from operating activities 161,530,975,498 131,460,510,146
Payments for commodities and services 102,597,397,617 88,059,421,971
Net increase of loans and advances to customers -185,677,339 -282,990,363
Net increase of deposits with the Central Bank,
-8,624,759 -89,725,774
banks, and other financial institutions
Cash paid for claims for original insurance
contracts
Net increase of funds on loan
Cash paid for interest, service charges and
commissions
Cash paid for policy dividends
Cash paid to and for employees 10,742,521,309 9,177,134,623
Taxes and levies paid 3,919,628,352 3,746,232,645
Cash used in other operating activities 10,629,128,174 8,849,722,508
Sub-total of cash used in operating activities 127,694,373,354 109,459,795,610
Net cash generated from operating activities 33,836,602,144 22,000,714,536
II. Cash flow generated from investing activities:
Proceeds from disinvestments 80,824,235,602 52,857,913,578
Proceeds from return on investments 1,945,325,131 2,162,788,974
Net proceeds from disposal of fixed assets,
intangible assets, and other long-term assets
Net proceeds from disposal of subsidiaries and
- 35,197,323
other business units
Cash generated from other investing activities 137,527,359 480,351,646
Third Quarter 2025 Report of TCL Technology Group Corporation
Sub-total of cash generated from investment activities 83,052,444,982 55,853,945,843
Payments for the acquisition and construction of
fixed assets, intangible assets and other long-term 11,511,651,748 18,673,744,678
assets
Payments for investments 89,279,902,850 62,378,097,855
Net increase of pledged loans
Net payments for acquiring subsidiaries and other
business units
Cash used in other investing activities 561,637,645 959,825,953
Subtotal of cash used in investing activities 107,550,368,010 82,407,266,125
Net cash used in investing activities -24,497,923,028 -26,553,320,282
III. Cash flow generated from financing activities:
Capital contributions received 4,435,377,733 96,135,256
Including: Capital contributions by non-
controlling interests to subsidiaries
Borrowings raised 66,876,357,539 61,968,446,494
Cash generated from other financing activities 566,327,309 434,971,952
Sub-total of cash generated from financing activities 71,878,062,581 62,499,553,702
Cash paid for debt repayment 68,842,349,158 46,959,964,907
Cash paid for distribution of dividends and profits
or repayment of interests
Including: Dividend and Profit paid by
subsidiaries to minority shareholders
Cash used in other financing activities 10,406,415,238 2,162,527,863
Subtotal of cash used in financing activities 83,876,331,267 55,653,705,146
Net cash generated from financing activities -11,998,268,686 6,845,848,556
IV. Effect of exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents -2,469,110,474 2,266,858,066
Add: Beginning balance of cash and cash
equivalents
VI. Ending balance of cash and cash equivalents 18,392,144,402 22,263,673,226
Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:
Li Dongsheng Li Jian Jing Chunmei
(II) Adjustments to financial statement items at the beginning of the year of the first
implementation of the new accounting standards, which have been implemented since
□Applicable Not applicable
(III) Auditor's Report
Whether the Third Quarter Financial Report has been audited or not?
□Yes No
The Company's Third Quarter Financial Report has not yet been audited.
TCL Technology Group Corporation
The Board of Directors
October 30, 2025
Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2025-091
TCL 科技集团股份有限公司
TCL Technology Group Corporation
Third Quarter 2025 Report
October 2025
Third Quarter 2025 Report of TCL Technology Group Corporation
Content
Third Quarter 2025 Report of TCL Technology Group Corporation
Section I Important Notices and Definitions
The Board of Directors (or the “Board”), the directors, 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 Third 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.
Third Quarter 2025 Report of TCL Technology Group Corporation
Definitions
Term Refers to Definition
The “Company”, the “Group”,
Refers to TCL Technology Group Corporation
“TCL TECH.”, or “we”
Reporting Period, Q3 2025 Refers to The period from July 1, 2025 to September 30, 2025.
TCL CSOT Refers to TCL China Star Optoelectronics Technology Co., Ltd.
TCL Zhonghuan Renewable Energy Technology Co., Ltd., a majority-owned
TZE Refers to subsidiary of the Company listed on the Shenzhen Stock Exchange (stock code:
Zhonghuan Advanced Refers to Zhonghuan Advanced Bandaoti Technology Co., Ltd.
Moka Technology Refers to Moka International Limited
Tianjin Printronics Circuit Corp., a majority-owned subsidiary of the Company
TPC Refers to
listed on the Shenzhen Stock Exchange (stock code: 002134.SZ)
Highly Information Industry Co., Ltd., a holding subsidiary of the Company
Highly Refers to
listed on the National Equities Exchange and Quotations
t1 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at TCL CSOT
t2 Refers to The generation 8.5 (or G8.5) TFT-LCD (oxide) production line at TCL CSOT
t3 Refers to The generation 6 (or G6) LTPS-LCD panel production line at Wuhan CSOT
The generation 6 (or G6) flexible LTPS-AMOLED panel production line at
t4 Refers to
Wuhan CSOT
t5 Refers to The generation 6 (or G6) new display production line at Wuhan CSOT
The generation 11 (or G11) new TFT-LCD display production line at Shenzhen
t6 Refers to
CSOT
The generation 11 (or G11) new ultra high definition display production line at
t7 Refers to
Shenzhen CSOT
t8 Refers to The generation 8.6 (or G8.6) printed OLED production line at TCL CSOT
The generation 8.6 (or G8.6) new oxide display production line at Guangzhou
t9 Refers to
CSOT
t10 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at Suzhou CSOT
t11 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at Guangzhou CSOT
t12 Refers to The generation 5.5 (or G5.5) printed OLED production line at Wuhan CSOT
RMB Refers to Renminbi
Third Quarter 2025 Report of TCL Technology Group Corporation
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
From the beginning of
Q3 2025 Change the year to the end of Change
the reporting period
Operating revenue (RMB) 50,383,422,256 17.71% 135,943,426,753 10.50%
Net profits attributable to
the company’s 1,163,292,951 119.44% 3,046,792,403 99.75%
shareholders (RMB)
Net profits attributable to
the company's
shareholders after non- 870,128,672 412.11% 2,428,864,120 233.33%
recurring gains and losses
(RMB)
Net cash generated from
— — 33,836,602,144 53.80%
operating activities (RMB)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return Increase by 1.14 Increase by 2.81
on equity (%) percentage points YoY percentage points YoY
September 30, 2025 December 31, 2024 Change
Total assets (RMB) 381,651,399,603 378,251,915,923 0.90%
Owner’s equity
attributable to the
company’s shareholders
(RMB)
(II) Non-recurring profit and loss items and amount
Applicable □Not applicable
Unit: RMB
Amount from the beginning
Amount in the
Item of the year to the end of the
Reporting Period
Reporting Period
Gains and losses on disposal of non-current assets (inclusive of impairment
allowance write-offs)
Public grants charged to current gains 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 gains and losses)
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 -324,671 18,121,040
liabilities, except for the effective hedging business related to the company’s
normal business operations
Third Quarter 2025 Report of TCL Technology Group Corporation
Reversal of provision for impairment of receivables that have been
- 27,615,955
individually tested for impairment
Non-operating income and expenses other than the above 107,857,362 234,747,572
Less: Amount affected by income tax 59,626,561 144,380,375
Amount affected by equity of minority shareholders (net of tax) 202,525,096 579,113,054
Total 293,164,279 617,928,283
Details of other profit and loss items that meet the definition of non-recurring profits and losses:
□Applicable Not applicable
The Company has no other profit and loss items that meet the definition of non-recurring profits and losses.
Notes on non-recurring profit and loss items that are 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
Applicable □Not applicable
Increase/decrease
Balance Sheet items Ending balance Beginning balance Reason for change
ratio (%)
Mainly due to the
Held-for-trading financial increase in low-risk
assets wealth management
investments
Mainly due to the
Capital reserves 14,897,640,925 10,553,081,163 41.2
share issuance
Increase/decrease
Cash Flow Statement items Current balance Prior balance Reason for change
ratio (%)
Mainly due to the
increase in proceeds
Net cash generated from
operating activities
commodities and
rendering of services
Third Quarter 2025 Report of TCL Technology Group Corporation
Section III Management Discussion and Analysis
I. Overall Operating Performance of the Company During the Reporting Period
Since the beginning of the year, global economic and trade uncertainties have not only
persisted but intensified, amid a rapid reshaping of the international landscape and a fundamental
overhaul of globalization rules. The intertwining trends of anti-globalization, regionalization, and
localization ushered China's manufacturing sector into a new phase, presenting both opportunities
and challenges. In the face of external challenges, the Company affirmed its leadership strategy, and
focused on advanced manufacturing centered around displays, new energy photovoltaics, and other
silicon materials, with a view to improving operational resilience and promoting high-quality and
sustainable growth.
In the first three quarters of 2025, the Company realized RMB 135.9 billion in operating
revenue, representing a 10.5% increase YoY. Net profit attributable to shareholders reached RMB
Specifically, the net profit attributable to shareholders of the listed company in the third quarter was
RMB 1.16 billion, an increase of 33.6% QoQ. As of the end of the Reporting Period, the
Company’s asset-liability ratio was 67.6%, an increase of 2.7 percentage points from the beginning
of the year. This increase was primarily due to significant new investments made during the year,
the substantial acquisition of the minority stake in CSOT G11 line from the Shenzhen public fund,
and losses in the photovoltaic business. The Company will manage its asset-liability ratio within a
reasonable range by enhancing operating efficiency and securing appropriate equity and debt
financing, all while providing robust support for its business growth.
II. Operating Performance of the Company’s Core Businesses During the Reporting Period
The Company honed in advanced manufacturing, with displays, new energy photovoltaics, and
other silicon materials at its core, and was committed to achieving the strategic goal of global
leadership.
(I) Display Business
The third quarter witnessed a continued improvement in the global panel market, buoyed by
recovering demand and stabilizing prices, signaling an industry-wide recovery. On the demand side,
Third Quarter 2025 Report of TCL Technology Group Corporation
multiple application segments experienced synchronized growth. TV brands actively built up
inventory for year-end promotions, driving a recovery in demand for large-sized panels. The
notebook market saw sustained positive momentum, supported by domestic "old-for-new" subsidy
policies and the replacement cycle overseas. Meanwhile, steady growth in global automobile sales
provided solid support for in-car display demand. On the supply side, the industry chain maintained
a strategy of production based on demand, which precisely calibrated output to market needs. This
discipline preserved a dynamic supply-demand equilibrium and laid a solid foundation for the
sector's long-term sustainability.
For the first three quarters, TCL CSOT achieved cumulative operating revenue of RMB 78.01
billion, an increase of 17.5% YoY; net profit was RMB 6.1 billion, up 53.5% YoY; and net profit
attributable to shareholders of TCL TECH. was RMB 3.9 billion, an increase of 41.9% YoY.
Capitalizing on its scale and cost leadership, the Company harnessed the industry recovery to drive
superior operational and financial outcomes—through product mix optimization, deeper business
integration, and operational refinement—significantly boosting earnings and cementing its global
competitive edge in the display industry.
The Company's core businesses achieved major breakthroughs across multiple fronts,
demonstrating a positive trend of “steady progress in the large-sized segment, rapid growth in the
small- and medium-sized segment, and comprehensive blossoming in emerging areas,” showcasing
developmental resilience and growth potential. In the third quarter, the Company maintained its
competitive edge in the large-sized segment (including TV and commercial displays), with market
share increasing by 5 percentage points year-on-year to 25%, achieving global leadership in
comprehensive competitiveness and EBITDA margin. The small- and medium-sized display
business has become the Company's core growth engine, achieving major breakthroughs across all
segments: In IT, MNT sales volume grew 10% year-over-year, maintaining our leadership in the
gaming monitor segment, while NB sales surged 63% YoY, demonstrating strong momentum; in
mobile terminals, LCD smartphone panel shipments increased 28% YoY, with market share rising
by 4 percentage points to 14%; in tablets, we captured a 13% market share, a significant increase of
display panel shipment business grew 47% YoY, and our market share expanded by 3 percentage
points to 11% and in specialty displays, this business continues its rapid growth, with widespread
Third Quarter 2025 Report of TCL Technology Group Corporation
applications in medical, e-paper, and smart projection fields, establishing itself as a critical pillar for
our diversified growth.
During the reporting period, the Company made steady progress in integrating the t11
production line, achieving gains in quality and efficiency through operational refinement. By
leveraging supply chain synergies and optimizing production processes, t11 significantly reduced its
unit cost compared to pre-acquisition levels, maintained high capacity utilization, and enhanced
both operational efficiency and profitability. Meanwhile, t11 and the t9 line deepened their
collaborative development, establishing a complementary business structure based on differentiated
technical profiles and market focuses. In the monitor segment, this translates to t9 targeting the
high-end market while t11 serves mainstream demand, further unlocking capacity synergies.
Meanwhile, the OLED business (t4, G6 line) maintained stable operation, with flexible OLED
smartphone shipments steadily ranking fourth globally. The product mix continued to improve, with
the proportion of high-end model shipments increasing.
During the Reporting Period, TCL CSOT continued to advance the industrialization process in
two cutting-edge technologies: printed OLED and Micro LED. The existing G5.5 printed OLED
production line (t12) was steadily ramping up its capacity from 3K to 9K pieces per month, with
both product yield and quality showing continuous improvement. Medical display products have
been steadily shipped. In addition, t12 is being promoted to NB and MNT customers and is
expected to achieve mass production in the first half of next year. In late October, the Company
officially commenced construction of the world's first high-generation printed OLED production
line (t8 project). This breakthrough signals that Chinese display companies now have the potential
to leapfrog competitors and achieve leadership in high-generation OLED technology. This will
accelerate the adoption of these advanced displays in mid-to-high-end monitors, laptops, and
automotive dashboards, positioning China as a dominant force in the global display market.
The Company's key strategic priority, Micro LED (MLED), will enter a stage of mass
production and achieve stable delivery by year-end. The AR glasses market has developed at a
dramatically quicker-than-expected rate, with global shipments projected to hit 100 million units by
capacity planning, comprehensively enhance its core competitiveness in high-performance, full-
scenario display solutions, and actively seize the major strategic opportunity presented by the
Third Quarter 2025 Report of TCL Technology Group Corporation
industry's explosive growth.
During the reporting period, TCL CSOT continued to advance its global strategy and achieved
notable progress in the localization of its overseas operations. In the Indian market, doubled growth
in large-size TV sales—driven by an expanded product portfolio and broader mainstream customer
reach—fueled continuous operational improvements at the local module factory. The Indian
government's tax reform in September is set to accelerate the shift toward larger screen sizes. The
Company is actively optimizing its production layout and enhancing capacity flexibility to further
consolidate its leading position in the regional market. In Vietnam, the new module factory is in its
final dash toward mass production. Having successfully passed all key customer audits and with
sample certification on track, it is expected to begin batch shipments in the fourth quarter,
positioning itself as a new engine for overseas business growth.
(II) Silicon Materials Business
Guided by its "Lead at Home, Compete Globally" strategy, the Company’s silicon materials
business delivered strong performance from the start of the year to the end of the Reporting Period:
shipments hit 907 MSI, operating revenue totaled RMB 4.24 billion, a year-on-year increase of
portfolio and advanced technology, the Company serves key customers both domestically and
internationally, maintaining a leading overall competitive edge in the domestic industry. The
Company will continue to enrich its product mix and customer structure to enhance market
competitiveness and influence.
(III) New Energy Photovoltaics Business
In the first half of the year, prices across the photovoltaic industry’s main chain fluctuated,
spurred by a rush in end-user installations. As efforts to curb industry involution intensified,
upstream prices rebounded from July to September—a trend that gradually rippled through to the
wafer segment, driving recovery in overall industry profitability. The Company's new energy
photovoltaic business is actively implementing anti-involution requirements by upholding a strategy
of measured integration and global expansion. This approach is designed to solidify our competitive
edge in crystal and wafer production, bolster our capabilities in cells and modules, expand our
overseas market presence, and ultimately enhance profitability. From the beginning of the year to
Third Quarter 2025 Report of TCL Technology Group Corporation
the end of the Reporting Period, the Company's new energy photovoltaic business achieved sales
revenue of RMB 16.01 billion, with a QoQ improvement of 22% in the third quarter.
The Company's photovoltaic materials business optimized its operational strategy, increasing
the proportion of high-efficiency and high-value-added products. It reduced silicon costs through
supply chain management and improved material usage capability, and continuously lowered
manufacturing costs by driving down power consumption, improving production efficiency, and
implementing a series of R&D projects. As of the end of September, non-silicon costs had
decreased by over 40% compared to the beginning of the year. The profitability of the photovoltaic
materials business improved significantly in the third quarter.
During the Reporting Period, the product capability of the Company's photovoltaic cell and
module business further improved. A brand matrix centered on SUNPOWER, TCL Solar, and TZE
was established, and the product and customer structure was further optimized. Half-cell and BC
modules gradually ramped up volume, with BC product efficiency reaching 25%. The Company has
established strategic cooperation with several major central state-owned enterprises, and is
accelerating its breakthroughs in the distributed market, with rapid shipment growth in overseas
markets such as the Middle East, Latin America, Australia and New Zealand.
The Company will continue to refine its globalization strategy, with overseas operations in the
Philippines, the Middle East, and elsewhere progressing as planned. The Company's controlled
subsidiary, Maxeon, remained in a phase of transformation and adjustment, which had a negative
impact on the Company's financial performance. To address operational challenges and align with
business strategy, the Company has deepened organizational transformation and process
optimization centered on markets and customers, to establish an agile and efficient response
mechanism and accelerate efficiency improvements. Meanwhile, the Company is closely
monitoring opportunities for industry consolidation during the cyclical trough to address
shortcomings and enhance competitiveness.
(IV) Non-core business
The Company’s non-core businesses satisfied its operating budgets and maintained healthy
growth. Moka Technology specializes in the ODM business for intelligent display terminal products
such as TVs, monitors, and commercial displays, and is the world's largest TV ODM manufacturer.
Third Quarter 2025 Report of TCL Technology Group Corporation
In the first three quarters, Moka Technology achieved revenue of RMB 16.86 billion, an increase of
points to 14.3%, ranked first globally. The monitor ODM business grew rapidly, with shipment
volume increasing 21% YoY and market share rising 1.4 percentage points to 8.2%, securing fourth
place globally.
Facing a severe and complex external environment, the Company will embrace the spirit of
“Embarking on the Voyage and Pressing Ahead Against All Odds.” By adhering to the operational
philosophy of “Strategic Leadership, Innovation-Driven, Advanced Manufacturing, and Global
Operations”, the Company will seize the historic opportunities presented by the upgrade of the
advanced manufacturing industry and the transformation of the global energy structure to achieve
sustainable high-quality development and advance toward global leadership.
Third Quarter 2025 Report of TCL Technology Group Corporation
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 preferred shareholders with
Total number of ordinary shareholders by the end of
the Reporting Period
Reporting Period (if any)
Shareholdings of top 10 shareholders of ordinary shares (excluding the lending of shares under refinancing)
Number of Shares in pledge, marked or
Name of Shareholding Number of restricted frozen
Nature of shareholder
shareholder percentage shares held ordinary
Status Number
shares held
Not
Li Dongsheng 0
applicable
Ningbo Jiutian Domestic
Liancheng Equity individual/Domestic general 6.09% 1,266,680,807 674,839,554
Investment legal entity In pledge 169,320,637
Partnership (Limited
Partnership)
Shenzhen Major
Industrial Not
Public legal entity 4.74% 986,292,106 986,292,106 0
Development Phase applicable
I Fund Co., Ltd.
Hong Kong
Not
Securities Clearing Foreign legal entity 4.54% 945,065,947 0 0
applicable
Company Ltd.
Huizhou Investment Not
Public legal entity 2.58% 535,767,694 0 0
Holding Co., Ltd. applicable
China Securities
Not
Finance Corporation Domestic general legal entity 1.97% 410,554,710 0 0
applicable
Limited
Industrial and
Commercial Bank
Fund, wealth management Not
of China - Huatai- 1.70% 353,779,710 0 0
product, etc. applicable
Pinebridge CSI 300
ETF
Not
UBS AG Foreign legal entity 1.34% 277,717,184 243,467,933 0
applicable
China Construction
Fund, wealth management Not
Bank - Efund - CSI 1.24% 257,151,252 35,741,235 0
product, etc. applicable
Wuhan Optics
Valley Industrial Public legal entity 1.20% 249,848,896 0 In pledge 124,000,000
Investment Co., Ltd.
Shareholdings of top 10 non-restricted ordinary shareholders (excluding the lending of shares under refinancing and restricted shares
held by senior management)
Type and quantity of shares
Name of shareholder Number of non-restricted shares held Type of
Quantity
shares
RMB-
denominated
Hong Kong Securities Clearing Company Ltd. 945,065,947 945,065,947
ordinary
shares
Li Dongsheng RMB-
denominated
Ningbo Jiutian Liancheng Equity Investment 591,841,253
ordinary 591,841,253
Partnership (Limited Partnership) shares
RMB-
denominated
Huizhou Investment Holding Co., Ltd. 535,767,694 535,767,694
ordinary
shares
Third Quarter 2025 Report of TCL Technology Group Corporation
RMB-
denominated
China Securities Finance Corporation Limited 410,554,710 410,554,710
ordinary
shares
RMB-
Industrial and Commercial Bank of China - Huatai- denominated
Pinebridge CSI 300 ETF ordinary
shares
RMB-
denominated
Wuhan Optics Valley Industrial Investment Co., Ltd. 249,848,896 249,848,896
ordinary
shares
RMB-
Bank of China Limited - Huatai-Pinebridge CSI denominated
Photovoltaic Industry ETF ordinary
shares
RMB-
China Construction Bank - Efund - CSI 300 ETF denominated
Initiated ordinary
shares
RMB-
Perseverance Asset Management Partnership
denominated
(Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin 206,800,000 206,800,000
ordinary
Fund
shares
Among 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
Note on the above shareholders’ associations or concerted actions Dongsheng holds 899,786,071 shares and Ningbo Jiutian
Liancheng Equity Investment Partnership (Limited
Partnership) holds 366,894,736 shares, representing
shareholder of the Company.
At the end of the Reporting Period, Wuhan Optics Valley
Explanation of the top 10 ordinary shareholders participating in Industrial Investment Co., Ltd., among the shareholders
securities margin trading (if any) above, held certain shares of the Company through a credit
security account.
Participation of shareholders holding more than 5%, the top 10 shareholders, and the top 10 non-restricted shareholders in the lending
of shares under the refinancing business
□Applicable Not applicable
Change in the top 10 shareholders and the 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
Third Quarter 2025 Report of TCL Technology Group Corporation
Section V Other Significant Events
Unit: RMB'0,000
Ending contractual
Gain/loss amount as % of the
Beginning amount Ending amount
in the Company’s ending net
Type of contract asset
Reporting
Contractual Transaction Contractual Transaction Period Contractual Transaction
amount limit amount limit amount limit
Total 5,336,655 203,469 5,134,532 199,041 28,973 41.50 1.61
Accounting policies and specific accounting principles
for hedging business during the Reporting Period and a
No significant change
description of whether there have been significant
changes from those of the previous reporting period
During the Reporting Period, the fair value change of the hedged items
resulted in a loss of RMB 97.71million, the settlement of matured forward
Description of actual profits and losses during the
foreign exchange contracts generated a gain of RMB 258.48million, and
Reporting Period
the valuation of outstanding forward foreign exchange contracts lead to
gain of RMB 128.96million.
During 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
Description of the hedging effect 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.
Applicable □Not applicable
I. Implementation status of share issuance and cash payment to purchase assets and raise supporting funds in 2025
Supporting Funds (Draft) and related documents, according to which the Company proposed to acquire a 21.5311% equity interest in
Shenzhen China Star Optoelectronics Bandaoti Display Technology Co., Ltd. held by Shenzhen Major Industrial Development Phase
I Fund Co., Ltd., through shares issuance and cash payment.
Purchase Assets and Raise Supporting Funds (CSRC Permit [2025] No.1326) issued by the China Securities Regulatory Commission
(CSRC).
indicating that the subject assets had been transferred and registered under the Company's name.
For details of the above, please refer to the relevant announcements released by the Company on designated media.
Third Quarter 2025 Report of TCL Technology Group Corporation
Section VI Quarterly Financial Statements
(I) Financial statements
Prepared by: TCL Technology Group Corporation
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary assets 20,224,631,366 23,007,772,733
Settlement reserves
Funds on loan
Held-for-trading financial assets 24,345,975,511 16,560,971,113
Derivative financial assets 59,086,672 172,488,618
Notes receivable 132,546,071 189,852,988
Accounts receivable 25,981,194,923 22,242,152,687
Receivables financing 1,415,781,853 831,407,255
Prepayments 2,345,996,461 2,090,491,922
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract provisions receivable
Other receivables 3,674,963,268 4,723,140,548
Including: Interests receivable
Dividends receivable 675,118,675 675,118,675
Financial assets purchased under sale-back
agreement
Inventories 21,141,468,643 17,594,133,395
Including: Data resources
Contract assets 387,645,137 395,116,789
Held-for-sale assets
Non-current assets due within one year 1,448,125,219 849,705,941
Other current assets 8,213,437,143 6,716,208,634
Total current assets 109,370,852,267 95,373,442,623
Non-current assets:
Loans and advances to customers
Debt investments 582,299,281 147,271,738
Other debt investments
Long-term receivables 119,524,707 443,741,405
Long-term equity investments 24,265,865,599 24,595,634,142
Investments in other equity instruments 412,376,934 387,850,846
Other non-current financial assets 2,804,454,719 2,225,199,823
Investment property 560,133,255 612,733,509
Fixed assets 166,429,063,963 170,512,009,105
Construction in progress 19,841,159,897 23,580,503,161
Productive biological assets
Oil and gas assets
Right-of-use assets 6,372,228,055 6,697,687,926
Intangible assets 18,560,203,772 18,117,467,463
Including: Data resources
Development costs 1,537,561,058 1,831,444,027
Including: Data resources
Goodwill 11,962,253,652 11,159,705,297
Third Quarter 2025 Report of TCL Technology Group Corporation
Long-term deferred expenses 2,662,263,140 2,163,456,812
Deferred income tax assets 2,715,639,509 2,486,427,319
Other non-current assets 13,455,519,795 17,917,340,727
Total non-current assets 272,280,547,336 282,878,473,300
Total assets 381,651,399,603 378,251,915,923
Current liabilities:
Short-term borrowings 8,815,334,532 8,193,283,100
Borrowings from the Central Bank 91,666,344 600,925,595
Borrowing funds 500,052,778
Held-for-trading financial liabilities 261,219,141 232,405,610
Derivative financial liabilities 61,410,021 248,845,063
Notes payable 7,480,410,204 7,107,842,242
Accounts payable 35,838,156,892 29,347,615,057
Advances from customers 5,312,101 2,688,530
Contract liabilities 1,997,537,592 1,969,271,038
Financial assets sold under repurchase
agreements
Customer deposits and deposits from other
banks and financial institutions
Funds for brokering securities transactions
Funds for brokering securities underwriting
Employee compensation payable 4,626,671,664 4,188,236,860
Taxes and levies payable 1,385,585,187 1,206,097,922
Other payables 18,649,666,079 20,072,070,113
Including: Interests payable
Dividends payable 13,248,764 13,131,367
Service charges and commissions payable
Reinsurance accounts payable
Held-for-sale liabilities
Non-current liabilities due within one year 33,598,571,876 36,224,483,112
Other current liabilities 1,590,407,622 1,484,914,785
Total current liabilities 115,090,656,907 111,056,333,182
Non-current liabilities:
Insurance contract provisions
Long-term borrowings 123,534,083,925 116,815,131,219
Bonds payable 6,557,139,250 6,488,620,429
Including: Preferred shares
Perpetual bonds
Lease liabilities 6,233,896,008 6,334,785,779
Long-term payables 1,429,607,345 1,994,811,580
Long-term employee compensation
payable
Estimated liabilities 227,893,429 249,217,532
Deferred income 2,664,621,413 1,014,891,072
Deferred income tax liabilities 2,143,325,702 1,544,449,080
Other non-current liabilities 28,652,175 27,508,246
Total non-current liabilities 142,841,176,968 134,491,838,680
Total liabilities 257,931,833,875 245,548,171,862
Owner’s equity:
Share capital 20,800,862,447 18,779,080,767
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 14,897,640,925 10,553,081,163
Less: Treasury share 1,503,652,075 919,321,508
Other comprehensive income -817,322,308 -740,458,937
Specific reserves 5,630,522 7,189,104
Third Quarter 2025 Report of TCL Technology Group Corporation
Surplus reserves 3,974,386,324 3,974,386,324
General risk reserve 8,933,515 8,933,515
Retained earnings 23,563,285,093 21,504,718,929
Total equity attributable to the owners of the
parent company
Non-controlling interests 62,789,801,285 79,536,134,704
Total owners' equity 123,719,565,728 132,703,744,061
Total liabilities and owners' equity 381,651,399,603 378,251,915,923
Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:
Li Dongsheng Li Jian Jing Chunmei
Period
Unit: RMB
Amount incurred in the Amount incurred in the
Item
current period previous period
I. Total revenue 136,064,747,889 123,131,768,609
Including: Operating revenue 135,943,426,753 123,028,497,947
Interest income 121,321,136 103,270,662
Earned premiums
Service charge and commission income
II. Total costs 135,565,833,830 124,050,215,990
Including: Operating cost 118,592,498,986 108,640,452,508
Interest expenditures 12,226,443 16,004,207
Service charge and commission expenditures
Surrender value
Net claims payment
Appropriation of net insurance liability reserve
Policy dividend expenditures
Reinsurance expenses
Taxes and levies 878,642,741 888,627,867
Sales expenses 1,808,184,948 1,395,704,389
Administrative expenses 3,440,592,336 3,121,692,041
R&D expenses 7,393,745,724 6,576,221,492
Financial expenses 3,439,942,652 3,411,513,486
Including: Interest expenses 3,720,323,168 3,734,284,335
Interest income 524,551,294 501,033,624
Add: Other income 1,767,528,756 1,334,221,454
Return on investment (losses are indicated by "-") 1,662,556,667 878,654,664
Including: Return on investment in joint ventures
and associates
Income from derecognition of financial
assets measured at amortized costs
Exchange gains (losses are indicated by "-") 504,115 421,473
Gain on net exposure hedging (losses are indicated by "-")
Gain on changes in fair value (losses are indicated by "-") 595,629,955 479,574,279
Credit impairment loss (losses are indicated by "-") -14,031,935 -15,204,947
Asset impairment loss (losses are indicated by "-") -3,372,610,477 -3,540,212,533
Asset disposal income (losses are indicated by "-") 3,069,942 40,910,222
III. Operating profit (losses are indicated by "-") 1,141,561,082 -1,740,082,769
Add: Non-operating income 46,160,074 238,237,895
Third Quarter 2025 Report of TCL Technology Group Corporation
Less: Non-operating expenses 176,001,781 102,597,065
IV. Gross profit (gross loss is indicated by "-") 1,011,719,375 -1,604,441,939
Less: Income tax expense 529,171,588 224,564,284
V. Net profits (net losses are indicated by "-") 482,547,787 -1,829,006,223
(I) Classified by continuity of operations
indicated by "-")
indicated by "-")
(II) Classification by ownership
(net losses are indicated by "-")
-2,564,244,616 -3,354,325,986
are indicated by "-")
VI. Other comprehensive income, net of tax -93,393,016 148,408,442
Other comprehensive income attributable to the owners of the
-76,863,371 166,521,886
parent company, net of tax
(I) Other comprehensive income that cannot be subsequently
-5,440,283 128,945,901
reclassified into profits and losses
plans
-10,209,048 131,124,694
reclassified into profits and losses under the equity method
instruments
(II) Other comprehensive income that may subsequently be
-71,423,088 37,575,985
reclassified into profits and losses
-37,715,578 26,476,380
profits and losses under the equity method
comprehensive income
-33,707,510 -17,537,878
statements
Other comprehensive income attributable to non-controlling
-16,529,645 -18,113,444
interests, net of tax
VII. Total comprehensive income 389,154,771 -1,680,597,781
(I) Total comprehensive income attributable to the shareholders of
the parent company
(II) Total comprehensive income attributable to non-controlling
-2,580,774,261 -3,372,439,430
interests
VIII. Earnings per share:
(I) Basic earnings per share 0.1604 0.0821
(II) Diluted earnings per share 0.1584 0.0812
Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:
Li Dongsheng Li Jian Jing Chunmei
Third Quarter 2025 Report of TCL Technology Group Corporation
Reporting Period
Unit: RMB
Amount incurred in the current Amount incurred in the previous
Item
period period
I. Net cash generated from operating activities:
Proceeds from the sale of commodities and
rendering of services
Net increase of deposits from customers, banks,
and other financial institutions
Net increase of borrowings from the Central Bank -507,189,316 -287,595,760
Net increase of borrowings from other financial
institutions
Cash received from collecting premiums for
original insurance contracts
Net cash received for reinsurance business
Net increase of deposits and investments of
policyholders
Cash received from interest, service charges and
commission
Net increase of borrowed funds from banks and
other financial institutions
Net increase of repurchase business funds
Net cash received from brokering securities
transactions
Tax and levy rebates 4,238,907,127 4,189,699,038
Cash generated from other operating activities 9,766,246,224 3,505,370,060
Sub-total of cash generated from operating activities 161,530,975,498 131,460,510,146
Payments for commodities and services 102,597,397,617 88,059,421,971
Net increase of loans and advances to customers -185,677,339 -282,990,363
Net increase of deposits with the Central Bank,
-8,624,759 -89,725,774
banks, and other financial institutions
Cash paid for claims for original insurance
contracts
Net increase of funds on loan
Cash paid for interest, service charges and
commissions
Cash paid for policy dividends
Cash paid to and for employees 10,742,521,309 9,177,134,623
Taxes and levies paid 3,919,628,352 3,746,232,645
Cash used in other operating activities 10,629,128,174 8,849,722,508
Sub-total of cash used in operating activities 127,694,373,354 109,459,795,610
Net cash generated from operating activities 33,836,602,144 22,000,714,536
II. Cash flow generated from investing activities:
Proceeds from disinvestments 80,824,235,602 52,857,913,578
Proceeds from return on investments 1,945,325,131 2,162,788,974
Net proceeds from disposal of fixed assets,
intangible assets, and other long-term assets
Net proceeds from disposal of subsidiaries and
- 35,197,323
other business units
Cash generated from other investing activities 137,527,359 480,351,646
Third Quarter 2025 Report of TCL Technology Group Corporation
Sub-total of cash generated from investment activities 83,052,444,982 55,853,945,843
Payments for the acquisition and construction of
fixed assets, intangible assets and other long-term 11,511,651,748 18,673,744,678
assets
Payments for investments 89,279,902,850 62,378,097,855
Net increase of pledged loans
Net payments for acquiring subsidiaries and other
business units
Cash used in other investing activities 561,637,645 959,825,953
Subtotal of cash used in investing activities 107,550,368,010 82,407,266,125
Net cash used in investing activities -24,497,923,028 -26,553,320,282
III. Cash flow generated from financing activities:
Capital contributions received 4,435,377,733 96,135,256
Including: Capital contributions by non-
controlling interests to subsidiaries
Borrowings raised 66,876,357,539 61,968,446,494
Cash generated from other financing activities 566,327,309 434,971,952
Sub-total of cash generated from financing activities 71,878,062,581 62,499,553,702
Cash paid for debt repayment 68,842,349,158 46,959,964,907
Cash paid for distribution of dividends and profits
or repayment of interests
Including: Dividend and Profit paid by
subsidiaries to minority shareholders
Cash used in other financing activities 10,406,415,238 2,162,527,863
Subtotal of cash used in financing activities 83,876,331,267 55,653,705,146
Net cash generated from financing activities -11,998,268,686 6,845,848,556
IV. Effect of exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents -2,469,110,474 2,266,858,066
Add: Beginning balance of cash and cash
equivalents
VI. Ending balance of cash and cash equivalents 18,392,144,402 22,263,673,226
Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:
Li Dongsheng Li Jian Jing Chunmei
(II) Adjustments to financial statement items at the beginning of the year of the first
implementation of the new accounting standards, which have been implemented since
□Applicable Not applicable
(III) Auditor's Report
Whether the Third Quarter Financial Report has been audited or not?
□Yes No
The Company's Third Quarter Financial Report has not yet been audited.
TCL Technology Group Corporation
The Board of Directors
October 30, 2025
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