Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2026-012
TCL 科技集团股份有限公司
TCL Technology Group Corporation
ANNUAL REPORT 2025
(Summary)
March 2026
Seizing Development Opportunities in a Dynamic Landscape
ANNUAL REPORT 2025 Chairman's Statement
has continued to intensify, and geopolitical competition has profoundly disrupted the layout of
global industrial chains. Meanwhile, a new round of technological revolution—spearheaded by
artificial intelligence—is reshaping industrial logic and competitive paradigms with
unprecedented reach and complexity. Against this challenging external environment, the
Company has always anchored itself to the strategic goal of "Global Leadership", focusing on the
three core business pillars—displays, new energy photovoltaics, and other silicon materials. Our
operating revenue achieved RMB 184.06 billion, representing an increase of 11.7% YoY; net
profit attributable to shareholders of the listed company reached RMB 4.52 billion, up 188.8%
YoY; and net cash flow from operating activities amounted to RMB 44.02 billion, up 49.1% YoY,
indicating the steady growth of our operating efficiency and ongoing enhancement of our core
competitiveness.
TCL CSOT's display business delivered high-quality growth, with significantly improved
profitability. During the Reporting Period, TCL CSOT recorded revenue of RMB 105.24 billion
and net profit of RMB 8.01 billion. The Company further consolidated its competitive advantages
in large-size TV and commercial displays. The Company's market share in medium-size LCD
products—including notebooks, tablets, automotive displays, and professional displays—rose
notably, achieving breakthroughs in both scale and profitability. Small-size products were
strategically positioned in the mid-to-high-end market, with operational performance improving at
an accelerated pace. Meanwhile, the Company actively expanded its M-LED business. During the
same period, TCL CSOT further strengthened the integration and deployment of its core assets.
The Generation 8.6 t9 factory achieved full-capacity production; the acquisition of LGD
Guangzhou’s Generation 8.5 factory (t11) was completed. The Company also acquired minority
stakes in the Generation 11 t6 and t7 projects held by Shenzhen state-owned capital, thereby
boosting profitability. In addition, the Generation 5.5 printed OLED line (t12) was expanded to
support mass production and delivery, while construction kicked off for the Generation 8.6
printed OLED production line (t8). The investment in industrial ecosystem projects laid the
foundation for sustainable development. The Company believes that as the global display industry
landscape undergoes restructuring, Chinese enterprises have solidified their advantages in the
LCD sector. Looking ahead, competition in the industry will focus on new display technologies
and materials, such as OLED and M-LED. Through continuous technological innovation to
enhance the competitiveness of its LCD products, TCL CSOT has consolidated its leading
advantages in large-size displays and strengthened its competitiveness in medium and small-size
panels, thus forming a relative competitive edge in the LCD sector. Meanwhile, the Company has
built differentiated competitiveness in printed OLED. Moving forward, TCL CSOT is committed
to striving for a leading position in the global display industry.
Moka Technology strengthened business synergy with TCL CSOT, further consolidating its
leading position in the global TV ODM sector with a market share of 14.5%. It continued to
expand its monitor ODM business, increasing its market share to 7.9% and establishing a second
growth curve. Meanwhile, the Company actively advanced the development of its commercial
display business. The annual revenue reached RMB 21.73 billion, up 5.9%.
The Chinese photovoltaic industry continues to grapple with intense "involutionary"
competition, as product prices remain under persistent downward pressure, posing significant
operational challenges for the entire industry. During the Reporting Period, TZE’s photovoltaic
business recorded revenue of RMB 22.725 billion, representing a YoY decrease of 0.28%, with
revenue stabilizing in the second half of the year. During the Reporting Period, TZE made every
effort to consolidate the competitiveness of its crystal and wafer production, accelerate the
development of its cell and module business, improve its industrial chain layout, actively expand
its global presence, and enhance operating performance. Guided by the strategy of "Resolving
Crises Through Development and Seeking Opportunities in Overcoming Difficulties", TZE
pursued mergers and acquisitions to strengthen its capabilities and enhance industrial chain
competitiveness. The Company believes that the global energy transition toward clean energy will
continue to drive growth in overseas photovoltaic markets, while technological progress will
generate new market demand. We are confident in continuously improving our relative
competitiveness during the industry downward, optimizing our industrial layout, achieving
restorative growth this year, and improving our operating performance.
During the Reporting Period, Zhonghuan Advanced remained committed to its "Lead at
Home, Compete Globally" development strategy. Its silicon materials business generated an
operating revenue of RMB 5.71 billion, a year-on-year increase of 21.7%. Leveraging industry-
leading operational efficiency and performance, the business ranked first in China by revenue.
Zhonghuan Advanced's business covers major domestic customers, and its comprehensive
competitiveness is at the forefront of the industry, while it is actively expanding overseas. The
Company will seize opportunities from China's industry's high-quality development, continue to
expand our business scale, optimize product mix, improve process and technical capabilities,
increase basic R&D investment, enhance AI and digital operating systems, and achieve high-
quality development.
During the Reporting Period, Tianjin Printronics Circuit and Highly maintained stable
operations across their core businesses, while their financial and investment segments continued
to generate steady earnings.
Technological innovation is the fundamental strategic support for the Company to cope with
uncertainties and build long-term competitive advantages. During the Reporting Period, the
Company invested RMB 9.54 billion in R&D and filed 3,327 new invention patent applications,
including 221 PCT applications, with both the quantity and quality of patents improved. The
Company independently developed the "X-Intelligence" large model for the display industry,
deeply integrating artificial intelligence into intelligent manufacturing, process optimization, and
R&D processes, laying a solid foundation for operational efficiency improvement and product
competitiveness. The Company will continue to advance the digitalization of the photovoltaic
industry and introduce AI applications to enhance our competitiveness. The Company will also
continuously explore breakthroughs in frontier technologies while strengthening our basic
research, and elevate artificial intelligence to a strategic priority, thus fully empowering product
innovation, intelligent manufacturing, and global operations, and enhancing our sustainable
development capabilities.
Looking ahead to 2026, the Company will continue to anchor itself on the goal of "Global
Leadership" and uphold the business philosophy of "Strategic Guidance, Innovation-Driven,
Advanced Manufacturing, and Global Operations". We will consolidate and further enhance the
competitive advantages of our display business to drive overall performance. Meanwhile, we will
support TZE in strengthening its capabilities and addressing gaps in its photovoltaic business to
improve operating results. We will also back the accelerated development of Zhonghuan
Advanced’s silicon material business, while ensuring steady growth across our remaining
business segments. The Company is confident in continuing to achieve overall performance
growth this year.
The Company remains committed to delivering shareholder value through steady dividend
distribution. For 2025, the Board of Directors has proposed a cash dividend of RMB 0.90 per 10
shares, enabling all shareholders to share in the Company's value growth. We are sincerely
grateful for the long-term trust and support of all shareholders! Our heartfelt gratitude goes to all
our partners for working with us! We extend our deepest thanks to all the employees for their
diligent efforts!
March 26, 2026
Part I Important Notes
This summary is based on the full text of the 2025 Annual Report of TCL Technology Group Corporation. To
obtain a full picture of the operating results, financial position, and future development plans of the Company,
investors should carefully read through the annual report released on the media designated by the China
Securities Regulatory Commission.
This Report and its summary have been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Independent auditor’s modified opinion
□Applicable Not applicable
Profit distribution plan or plan to convert capital reserve into share capital approved by the Board of Directors
Applicable □Not applicable
Any share capital converted from capital reserve or not
□Yes No
The profit distribution plan approved by the meeting of the Board of Directors is as follows: For every 10 shares
held, shareholders will receive a cash dividend of RMB 0.9 (including tax) based on the total share capital of
Board-approved final cash and/or stock dividend plan for preferred shares
□Applicable Not applicable
Part II Corporate Information
Stock name TCL TECH. Stock code 000100
Place of listing Shenzhen Stock Exchange
Contact information Board Secretary
Name Liao Qian
Office address 10/F, Tower G1, International E Town, TCL Science Park, 1001 Nanshan
District, Shenzhen, Guangdong Province, China
Tel. 0755-3331 1666
Email address ir@tcl.com
For a detailed discussion of the Company's business, please refer to Part IV, "Report of the Board of Directors," hereof.
(1) Key accounting data and financial indicators in the past three years
Indicate whether there is any retrospectively adjusted or restated datum in the table below
□Yes □No
Operating revenue
(RMB)
Net profits attributable
to the company’s 4,516,783,411 1,564,109,407 188.78% 2,214,935,302
shareholders (RMB)
Net profits attributable
to the company's
shareholders after non- 2,896,878,481 298,355,801 870.95% 1,021,080,065
recurring gains and
losses (RMB)
Net cash generated from
operating activities 44,021,698,580 29,526,569,404 49.09% 25,314,756,105
(RMB)
Basic earnings per share
(RMB/share)
Diluted earnings per
share (RMB/share)
Weighted average return Increased by 5.03
on equity (%) percentage points YoY
The end of 2025 The end of 2024 Change The end of 2023
Total assets (RMB) 372,738,314,312 378,251,915,923 -1.46% 382,859,086,727
Net assets attributable to
shareholders of the listed 61,432,756,524 53,167,609,357 15.55% 52,921,867,086
company (RMB)
(2) Main accounting data by quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 40,075,565,888 45,484,438,609 50,383,422,256 48,119,963,803
Net profits attributable
to the company's 1,012,576,836 870,922,616 1,163,292,951 1,469,991,008
shareholders (RMB)
Net profits attributable
to the company's
shareholders after non- 957,668,832 601,066,616 870,128,672 468,014,361
recurring gains and
losses
Net cash generated
from operating 12,074,907,584 15,199,073,810 6,562,620,750 10,185,096,436
activities
Indicate whether any of the quarterly financial data in the table above or their summations differs materially from what has been
disclosed in the Company's quarterly or interim reports.
□Yes No
(1) Table of the total number of ordinary shareholders and preferred shareholders with resumed voting rights as well as
shareholdings of the top ten shareholders
Unit: share
Total number
Total number of preferred
Total number of preferred
Total number of of ordinary shareholders
shareholders with resumed
ordinary shareholders with resumed
voting rights at the month-
shareholders by 582,581 at the month- 582,032 voting rights by 0 0
end prior to the disclosure
the end of the end prior to the end of the
of this Report (if any) (see
reporting period the disclosure reporting
Note 8)
of this Report period (if any)
(see Note 8)
Shareholdings of ordinary shareholders with more than 5% or the top 10 shareholders of ordinary shares (excluding the lending of shares under
refinancing)
Number of Shares in pledge, marked
Increase/decrea Number of Number of
shares held at or frozen
Name of Nature of Shareholding se during the restricted non-restricted
the end of the
shareholder shareholder percentage Reporting ordinary ordinary
Reporting Status Number
Period shares held shares held
Period
Not
Li Dongsheng 0
applicable
Ningbo Jiutian Domestic
Liancheng Equity individual/Dom
Investment estic general
Jiutian 169,320,637
Partnership legal entity
Liancheng
(Limited
Partnership)
Hong Kong
Securities Foreign legal Not
Clearing entity applicable
Company Ltd.
Shenzhen Major
Industrial
Public legal Not
Development 4.74% 986,292,106 986,292,106 986,292,106 0 0
entity applicable
Phase I Fund Co.,
Ltd.
Huizhou
Public legal Not
Investment 2.58% 535,767,694 0 0 535,767,694 0
entity applicable
Holding Co., Ltd.
China Securities
Domestic
Finance Not
general legal 1.97% 410,554,710 0 0 410,554,710 0
Corporation applicable
entity
Limited
Industrial and
Commercial
Fund, wealth
Bank of China - Not
management 1.65% 343,431,410 19,237,040 0 343,431,410 0
Huatai- applicable
product, etc.
Pinebridge CSI
Foreign legal Not
UBS AG 1.44% 299,241,401 209,055,233 243,467,933 55,773,468 0
entity applicable
Wuhan Optics
Valley Industrial Public legal
Investment Co., entity
Ltd.
China
Construction Fund, wealth
Not
Bank - Efund - management 1.18% 245,825,052 22,190,787 35,741,235 210,083,817 0
applicable
CSI 300 ETF product, etc.
Initiated
Strategic investor or general legal
Among the aforementioned shareholders, Shenzhen Major Industrial Development Phase I Fund Co., Ltd.,
entity becoming top-10 ordinary
UBS AG and other investors became the Company’s top 10 shareholders due to their subscription of the
shareholders due to private
newly issued shares by the Company during the Reporting Period.
placement of new shares (if any)
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
Note on the above shareholders’
Action. Mr. Li Dongsheng holds 899,786,071 shares and Ningbo Jiutian Liancheng Equity Investment
associations or concerted actions
Partnership (Limited Partnership) holds 366,894,736 shares, representing 1,266,680,807 shares in total and
becoming the largest shareholder of the Company.
Explanation of the above
shareholders’ involvement in
entrusting/being entrusted with Not applicable
voting rights or waiving voting
rights
Explanation of repurchase accounts
among the top 10 shareholders (if Not applicable
any)
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
(2) Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders
□Applicable Not applicable
During the Reporting Period, the Company did not have any preferred stock shareholders.
(3) Disclosure of property rights and control relationships between the Company and the actual controller in block
diagram
□Applicable Not applicable
Applicable □Not applicable
(1) General Information on Corporate Bonds
Date of Outstanding Coupon
Bond name Abbr. Bond code Value date Maturity
issuance balance rate
(RMB'0,000)
Sci-Tech Innovation Corporate Bonds (Digital Economy)
December December December
Publicly Offered by TCL Technology Group Corporation to 25TCLK1 524603.SZ 150,000.00 2.24%
Professional Investors in 2025 (Phase I) (Type 2)
Sci-Tech Innovation Corporate Bonds (Digital Economy)
December December
Publicly Offered by TCL Technology Group Corporation to 25TCLDK 524602.SZ June 7, 2026 50,000.00 1.74%
Professional Investors in 2025 (Phase I) (Type 1)
Sci-Tech Innovation Corporate Bonds (Digital Economy)
Publicly Offered by TCL Technology Group Corporation to 24TCLK4 148804.SZ July 4, 2024 July 8, 2024 July 8, 2029 100,000.00 2.46%
Professional Investors in 2024 (Phase III) (Type 2)
Sci-Tech Innovation Corporate Bonds (Digital Economy)
July 8, 2029
Publicly Offered by TCL Technology Group Corporation to 24TCLK3 148803.SZ July 4, 2024 July 8, 2024 100,000.00 2.29%
(Note 1)
Professional Investors in 2024 (Phase III) (Type 1)
Sci-Tech Innovation Corporate Bonds (Digital Economy)
April 9, April 11, April 11,
Publicly Offered by TCL Technology Group Corporation to 24TCLK2 148683.SZ 150,000.00 2.69%
Professional Investors in 2024 (Phase II)
Sci-Tech Innovation Corporate Bonds (Digital Economy)
January 30, February 1, February 1,
Publicly Offered by TCL Technology Group Corporation to 24TCLK1 148600.SZ 150,000.00 2.10%
Professional Investors in 2024 (Phase I)
Payment of interests on bond issued by the Company during
The Company paid the interests on bonds as scheduled.
the Reporting Period
Note 1: The Sci-Tech Innovation Corporate Bonds (Digital Economy) Publicly Offered by TCL Technology Group Corporation to
Professional Investors in 2024 (Phase III) (Type 1) have a term of 5 years and will expire on July 8, 2029. The bonds include the
issuer's redemption option, the option to adjust the coupon rate, and the investor's put option at the end of the third year. If the
issuer's call option or investors' put option is exercised, the maturity date of the exercised bonds shall be July 8, 2027.
Note 2: The Sci-Tech Innovation Corporate Bonds (Digital Economy) Publicly Offered by TCL Technology Group Corporation to
Professional Investors in 2024 (Phase II) have a term of 5 years and will expire on April 11, 2029. The bonds include the issuer's
redemption option, the option to adjust the coupon rate, and the investor's put option at the end of the third year. If the issuer’s call
option or investors’ put option is exercised, the maturity date of the exercised bonds shall be April 11, 2027.
Note 3: The redemption of the Sci-Tech Innovation Corporate Bonds (Digital Economy) Publicly Offered by TCL Technology
Group Corporation to Professional Investors in 2024 (Phase I) was completed on February 1, 2026.
(2) The latest tracking ratings and rating changes of bonds
No change
(3) Key accounting data and financial indicators of the Company for the past two years as at the end of the Reporting
Period
Item End of the Reporting Period December 31, 2024 Change
Debt/asset ratio 64.23% 64.92% -0.69%
Net profits attributable to the
company's shareholders after
non-recurring gains and
losses (RMB'0,000)
Debt-to-EBITDA ratio 16.18% 12.85% 3.32%
Interest coverage ratio 1.04 0.18 477.78%
Cash interest coverage ratio 9.47 6.45 46.96%
EBITDA coverage ratio 7.42 5.78 28.37%
Debt repayment ratio 100% 100% 0.00
Interest repayment ratio 100% 100% 0.00
Part III Significant Events
During the Reporting Period, there were no material changes in the Company's business operations, nor did any events occur that
significantly impacted on the Company's operations.
Part Ⅳ Report of the Board
Overall Operating Performance of the Company During the Reporting Period
In 2025, frequent international geopolitical conflicts, a significant rise in trade protectionism,
and overseas tariff policies triggered the restructuring of the global supply chain. Trends of
deglobalization, regionalization, and localization of the global economy took shape, exerting a
considerable impact on the development of China's manufacturing industry. In the face of external
challenges, the Company focused on three key business pillars, including displays, new energy
photovoltaics, and other silicon materials. We continuously strengthened the operations barriers
characteristic of high-tech, heavy-asset, and long-cycle industries, anchored our leading strategy,
and pursued sustainable high-quality development.
During the Reporting Period, the Company achieved all-round growth in revenue, profit and
operating cash flow. Operating revenue amounted to RMB 184.06 billion, representing a year-on-
year increase of 11.7%. Net profit attributable to shareholders reached RMB 4.52 billion,
representing a 188.8% increase year-on-year, while operations cash flow rose 49.1% year-on-year
to RMB 44.02 billion. As of the end of the Reporting Period, the Company’s debt-to-asset ratio
stood at 64.2%, a decrease of 0.7 percentage points from the end of the previous reporting period;
cash and cash equivalents at the end of the Reporting Period were RMB 50.57 billion.
Operating Performance of the Company’s Core Businesses During the Reporting Period
The Company was deeply engaged in leading edge manufacturing industries characterized by
high technology, heavy assets, and long cycles with displays, new energy photovoltaics, and other
silicon materials at its core, and continuously promoted technological innovation and industrial
advancement supporting the strategic goals of global leadership.
(I) Display Business
In 2025, the global displays industry accelerated its transformation from scale competition to
value-driven development, with profound adjustments to industry development logic. On the
demand side, supported by consumer subsidy policies and the trend toward larger product sizes,
demands relating to display area grew steadily, while emerging applications such as automotive
and professional displays saw notable acceleration. On the supply side, the industry landscape
continued to optimize. With the whole supply chain committed to demand-based production,
supply-demand dynamics moved toward balance, key product prices stayed resilient, a profit
recovery mechanism took shape, and the industry officially entered a new phase of high-quality
development.
During the Reporting Period, TCL CSOT anchored its strategic goal of "Global Leadership",
focused on enhancing commercial value, and promoted significant improvement in operations
quality. For the full year, TCL CSOT achieved an operating revenue of RMB 105.24 billion, an
increase of 17.4% YoY; net profit was RMB 8.01 billion, up 44.4% YoY; and net profit
attributable to shareholders of TCL TECH. was RMB 5.36 billion, an increase of 54.4% YoY.
Leveraging its global footprint, supply chain resilience, refined operations capabilities, and
continuously optimized product mix, TCL CSOT has successfully achieved a strategic
transformation from "scale expansion" to "value creation," further enhancing its overall
operations quality and cycle-resilience capability.
(1) Multiple Breakthroughs Across Business Segments, Diversified Development Pattern
Continuously Consolidated
During the Reporting Period, the Company's core businesses demonstrated a development
trend of "steady progress in the large-sized segment, rapid growth in the small- and medium-sized
segment, and comprehensive blossoming in emerging applications," with competitiveness across
all business segments continuing to improve. In the large-sized display field, TV and commercial
display businesses maintained sound development, with comprehensive competitiveness and
profitability firmly ranked at global leading levels, further consolidating its position as an industry
leader. In the small and medium-sized display segment, all product lines achieved rapid growth,
with both market share and core competitiveness enhanced simultaneously. Among these, monitor
panel shipments increased by 17% year-on-year, with the overall global market share ranking
second, while the market share for gaming monitors remained first globally. Laptop panel
shipments surged 64% year-on-year, leading the industry in growth rate. Mobile phone panel
shipments rose 29% year-on-year, with global market share climbing to third. High-end OLED
product shipments saw substantial growth, and wearable products achieved large-scale mass
production. The tablet business experienced leapfrog growth, with its global market share
jumping to second. In emerging application fields, business development showed a diversified
growth trend. The automotive display shipment area increased 61% year-on-year and the market
share rose to 11%. Professional display business maintained rapid growth, with products widely
used in education, medical care, e-paper, smart projection, and other application scenarios.
(2) In-Depth Integration of Strategic Assets, Industrial Leading Position Continuously
Strengthened
During the Reporting Period, TCL CSOT accurately seized strategic opportunities in
industrial integration and capacity upgrades, continuously deepened its core asset integration and
coordinated capacity layout, and further strengthened its core competitiveness in the industry.
Following the successful acquisition and integration of the former LG Display (China) Co., Ltd.
(t11) assets, the Company quickly realized large-scale mass production of monitor products. The
second phase of the Guangzhou t9 project was fully commissioned, further optimizing the
Company’s medium and large-size LCD capacity layout, enabling coordinated capacity
complementarity and technology integration, and effectively advancing industry supply-side
structural improvement. The strategic acquisition of minority stakes in the G11 production lines
(t6, t7) was completed, strengthening core asset control and resource allocation efficiency. This
move optimized the asset structure, boosted contributions to net profit attributable to shareholders
of the parent company, and provided a more robust operations basis for the Company to mitigate
industry cycle volatility.
(3) Achieving Industrialization on Two Strategic Tracks Through Continuous Core
Technology Breakthroughs
During the Reporting Period, TCL CSOT intensified its layout in cutting-edge technologies,
focused on advancing the industrialization of its two strategic tracks — printed OLED and MLED
— and consolidated its long-term technological competitive edge. During the Reporting Period, in
the field of printed OLED, the world’s first high-generation (G8.6) printed OLED production line
(the t8 project) officially broke ground in Guangzhou, marking a milestone for the Company in
advancing next-generation display technologies. The mass production expertise accumulated
through the Wuhan G5.5 production line (t12) has laid a solid foundation for the subsequent
ramp-up of the t8 project, while accelerating the market adoption of printed OLED in mid-to-
high-end display applications. In the MLED sector, the Company achieved mass production of
Mini LED P1.2 COB products, establishing a complete chain spanning laboratory R&D to
large‑scale manufacturing. It acquired a controlling stake in Fujian Zhaoyuan Optoelectronics
(now renamed Huazhao Optoelectronics), realizing vertical integration of the industrial chain
covering LED epitaxial wafers, chips, and terminal modules. This has further enhanced industrial
collaboration efficiency and core technological self‑sufficiency, while unlocking new innovation
potential across optoelectronic application fields.
(4) Deepening Digital and Intelligent Transformation to Empower the Entire Value Chain
with AI
TCL CSOT accelerated the deep integration of AI technology across R&D, manufacturing,
supply chain, and operations, steadily strengthening its end-to-end value creation capabilities.
During the Reporting Period, the Company launched "X-Intelligence 3.0", the first powerful
reasoning vertical large model in the global display field, ranked 11th in the 2025 Global
Industrial Large Model List and first in the display field. To date, the model has been
implemented in product development, boosting product issue analysis efficiency by 20% and
material development efficiency by 30%. Looking ahead, TCL CSOT will further expand the
application scope of AI technologies, establish a leading edge manufacturing systems centered on
"data-driven operations plus intelligent decision-making", and build an industry-leading "AI
Factory".
(5) Continuous Improvement of Global Operations, Coordinated Enhancement of Overseas
Business and Sustainable Development
TCL CSOT continuously improved its global industrial layout, built a resilient supply chain
system, and achieved steady growth in overseas business. During the Reporting Period, supported
by local tax reforms and the trend toward larger-sized panels in the Indian market, the sales
volume of large-sized TV products doubled. The newly built module factory in Vietnam
successfully passed key customer audits, enabling IT products to enter mass production and
volume shipment, thereby further enhancing the Company's overseas delivery capacity and
customer service capabilities. On the sustainability front, TCL CSOT made steady progress in
building its ESG management system, earning several internationally recognized certifications.
These included a "Gold" rating from EcoVadis, "A-/A" ratings from CDP for Climate Change and
Water Security, and—for its Suzhou base—AWS Gold Level certification, making it the first
company in China's display industry to achieve this recognition under the International Water
Stewardship Standard.
(6) Future Development Outlook
Facing the dual development opportunities from the cycle restructuring of the global display
industry and the iteration of display technologies, TCL CSOT will continue to anchor the strategic
goal of "Global Leadership", focus on enhancing commercial value, consistently implement the
business philosophy of "Strategic Guidance, Innovation-Driven, Leading Edge Manufacturing,
and Global Operations", and steadily improve the quality and profitability of operations.
Meanwhile, the Company will collaborate with upstream and downstream partners to build a safe,
efficient, and mutually beneficial industrial ecosystem, strengthen its long-term core
competitiveness, and deliver sustainable and stable value for shareholders and investors.
Moka Technology strengthened business synergy with TCL CSOT, specializing 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. In 2025, Moka Technology achieved operations
revenue of RMB 21.73 billion, a year-on-year increase of 5.9%. Among these, the TV ODM
business ranked first globally for three consecutive years, with its market share rising by 0.9
percentage points year-on-year to 14.5% in 2025, further expanding its scale-leading advantage.
The monitor ODM business grew rapidly—shipment volume rose 26% YoY and market share
increased 1.5 percentage points to 7.9%, securing a global rank of fifth and creating a second
growth curve. MoKa Technology, meanwhile, actively pursued opportunities in the commercial
display business.
(II) New Energy Photovoltaics Business
During the Reporting Period, the supply-demand imbalance in the photovoltaic industry
persisted. Rush installations in the terminal market led to periodic demand fluctuations. Anti-
involution efforts drove up silicon material and wafer prices in the third quarter; however,
sluggish demand and insufficient price transmission continued. New scenarios and applications
failed to substantially improve supply-demand dynamics, resulting in intensified operations
pressure in the fourth quarter. In the face of challenges, the Company maintained its strategic
resolve, addressed business shortcomings, and continued to advance organizational reform and
operations efficiency, thereby reshaping its relative competitiveness. In 2025, the new energy
photovoltaic business of TZE achieved operating revenue of RMB 22.73 billion.
The Company's new energy photovoltaic business actively tracked industry trends, adopted a
market-driven, demand-based production model, helped restore the supply-demand balance, and
promoted the healthy development of the industry. During the Reporting Period, the Company
accelerated the implementation of the moderate integration and globalization strategies. This
approach was 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. The Company continued to pursue technological innovation while
enhancing its intellectual property protection framework for BC (Back Contact) and shingled
technologies, using both product technology and patents to foster a high-quality industrial
ecosystem. From the beginning of the year to the end of the Reporting Period, the photovoltaic
materials segment generated operating revenue of RMB 12.24 billion; the revenue of cells and
modules amounted to RMB 9.32 billion, a year-on-year increase of 60.5%.
We are confident in continuously improving the relative competitiveness of our new energy
photovoltaic business during the industry downturn, achieving restorative growth in 2026, and
improving our operations performance.
(III) Silicon Materials Business
Guided by its "Lead at Home, Compete Globally" strategy and adopting a long-term
perspective, the Company’s silicon materials business delivered strong performance during the
Reporting Period: shipments exceeded 1,200 MSI, operating revenue totaled RMB 5.71 billion, a
year-on-year increase of 21.7%, ranking first domestically in revenue while achieving industry-
leading efficiency and effectiveness. In 2025, the Company's operations efficiency improved
significantly, with customer coverage expanded to both key domestic and overseas groups, and its
comprehensive competitiveness led the domestic industry. The Company will continue to
diversify its product and customer mix, and build differentiated competitive advantages by
focusing on technology, efficiency and quality.
(IV) Non-core business
During the Reporting Period, Tianjin Printronics Circuit and Highly maintained stable
operations across their core businesses, while their financial and investment segments continued
to generate steady earnings.
Facing a severe and complex external environment, the Company will embrace the spirit of
"Forging Ahead to Conquer New Challenges". By adhering to the operational philosophy of
"Strategic Leadership, Innovation-Driven, Leading Edge Manufacturing, and Global Operations",
the Company will seize the historic opportunities presented by the advancement of the leading
edge manufacturing industry and transformation of the global energy structure to achieve
sustainable high-quality development and move toward global leadership.
TCL Technology Group Corporation
The Board of Directors
March 27, 2026
