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1、Full Text of the Annual Report 2024 of TCL Technology Group Corporation 1 TCL 科技集團股份有限公司科技集團股份有限公司 TCL Technology Group Corporation ANNUAL REPORT 2024 April 2025 Full Text of the Annual Report 2024 of TCL Technology Group Corporation 2 Embark on the Voyage and Press Ahead Against All Odds ANNUAL REP
2、ORT 2024 Chairmans Statement In 2024,due to the complex international economic situation and the acceleration of global supply chain restructuring,numerous uncertainties occurred to the corporate development.Faced with a complex external environment,the Company consistently maintained strategic reso
3、lve,concentrating on the three core businesses that include display,new energy photovoltaic and other silicon materials.By dedicating to our own business,the Company aimed to enhance its relative competitiveness.In 2024,the Company achieved an operating revenue of RMB 164.8 billion,with a net profit
4、 attributable to shareholders of the listed companies of RMB 1.56 billion and an operating cash flow of RMB 29.5 billion,demonstrating overall stable operations.TCL CSOT maintained a basic balance between supply and demand within the industry for its display business and seized new business opportun
5、ities brought by the trend towards larger-sized products and the expansion of AI applications for continuing to optimize its development strategy,business and product structure,enhancing its relative competitiveness and actively improving its global layout.For display business,the Company achieved a
6、n annual operating revenue of RMB 104.3 billion and a net profit of RMB 6.23 billion,showing significant year-on-year improvement.The competitiveness of LCD product business achieved a leading position,with the market share of TV products firmly ranked in top two globally,and that of commercial disp
7、lay products ranked in the top three worldwide.The Company acquired LGDs LCD panel and module factory in Guangzhou,thus further strengthening its competitiveness in the LCD industry.The small and medium-sized display business grew rapidly,with market share in monitors rising to the second globally,a
8、nd that in gaming monitors and LTPS laptops and tablets ranked first worldwide.The competitiveness of flexible OLED business was enhanced,with optimized product structure and significant improvements in performance.The Company will strive to enhance its competitiveness in the NB,vehicle-mounted devi
9、ces,and specialized display businesses,and actively design the layout of MLED.This year,the Company is confident in maintaining the rapid growth in its display business,and further improving operational benefits.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 3 Global install
10、ation of new energy photovoltaic devices continues to grow,but competition across all segments of the Chinese industrial chain has intensified,with a mismatch between supply and demand at the market and leading to losses across the entire industry.TZEs photovoltaic business is impacted by the downtu
11、rn in the industry cycle,coupled with deviations in its own operational strategy,shortcomings in its business structure and some errors in making decisions on business operation,resulting in a deterioration of business operation performance.During the reporting period,the Company achieved an operati
12、ng revenue of RMB 28.4 billion at a year-on-year decline by 52%;and the net profit attributable to shareholders was RMB-9.82 billion.The Company is striving to transform its business philosophy,optimize its organizational processes,advance business transformation and reshape its core competencies.In
13、 the first quarter of 2025,TZEs operating performance showed sequential improvement and the Company is confident in achieving its growth targets for the year.During the reporting period,Zhonghuan Advanced achieved a 30%revenue growth while expanding its market share.The Company remains committed to
14、strengthening its competitive edge in the global silicon materials industry.The Company sustained robust operations and made steady progress in other business segments.In 2024,the Company invested RMB 8.87 billion in R&D,accounting for 5.4%of the operating revenue.TCL CSOT,focusing on the research i
15、n new display technology and materials,achieved breakthroughs in printed OLED technology,materials and equipment.Leveraging the opportunities presented by industrial technology upgrading,TZE has established a new BC cooperation ecosystem by commercializing intellectual property and patents.During th
16、e Reporting Period,the Company filed 433 new PCT patent applications and 2,582 new invention patent applications.The adjustment in the global economic and trade landscape has significantly impacted business operations.While the effects on display businesses and other silicon materials businesses are
17、 expected to remain largely manageable,the new energy photovoltaic sector is likely to face more substantial challenges.The Company is adjusting its global industrial layout,strengthening core capabilities to tackle challenges.Looking ahead,the Company aims to achieve global leadership by pursuing a
18、 strategy of innovation-driven development in advanced manufacturing,and worldwide operations.By focusing Full Text of the Annual Report 2024 of TCL Technology Group Corporation 4 on core businesses and enhancing relative competitiveness,we will embark on the voyage and press ahead against all odds.
19、The Company remains committed to delivering shareholder value.For 2024,the Board of Directors has proposed a cash dividend of RMB 0.50 per 10 shares,enabling all shareholders to benefit from the increase in the Companys value.We are sincerely grateful for the long-term trust and support of all share
20、holders!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!April 27,2025 Full Text of the Annual Report 2024 of TCL Technology Group Corporation 5 Part I Important Notes,Table of Contents and Definitions T
21、he Board of Directors(or the“Board”),the Supervisory Committee as well as the directors,supervisors and senior management of TCL Technology Group Corporation(hereinafter referred to as the“Company”)hereby guarantee the factuality,accuracy and completeness of the contents of this Report and its summa
22、ry,and shall be jointly and severally liable for any misrepresentations,misleading statements or material omissions therein.Mr.Li Dongsheng,the Chairman of the Board,Ms.Li Jian,the person-in-charge of financial affairs(Chief Financial Officer),and Ms.Jing Chunmei,the person-in-charge of the financia
23、l department,hereby guarantee that the financial statements carried in this Report are factual,accurate,and complete.All the Companys directors attended the Board meeting for the review of this Report and its summary.The future plans,development strategies or other forward-looking statements mention
24、ed in this Report and its summary shall NOT be considered as promises of the Company to investors.Investors and related persons shall maintain sufficient awareness of risks and understand the differences between plans,forecasts and commitments.Therefore,investors are kindly reminded to pay attention
25、 to possible investment risks.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 RMB0.5(including tax)based on the total number of outstanding shares of 18,779,080,767,without bonus shares
26、 or shares converted from capital reserve.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.Full Text of the Annual Report 2024 of TCL Technology Group Corporati
27、on 6 Table of Contents Part I Important Notes,Table of Contents and Definitions.5 Part II Corporate Information and Key Financial Information.9 Part III Management Discussion and Analysis.14 Part IV Corporate Governance.48 Part V Environmental and Social Responsibility.75 Part VI Significant Events.
28、84 Part VII Changes in Shares and Information about Shareholders.101 Part VIII Preferred Shares.110 Part IX Bonds.111 Part X Financial Report.119 Full Text of the Annual Report 2024 of TCL Technology Group Corporation 7 Documents Available for Reference (I)The financial statements signed and stamped
29、 by the person-in-charge of the Company,the Chief Financial Officer,and person-in-charge of the financial department.(II)The original of the auditors report with the seal of the accounting firm,and signed and stamped by CPAs.(III)The originals of all company documents and announcements that were dis
30、closed to the public during the Reporting Period.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 8 Definitions Term Refers to Definition The“Company”,the“Group”,“TCL”,“TCL TECH.”,or“we”Refers to TCL Technology Group Corporation The“Reporting Period”,“current period”Refers to
31、The period from January 1,2024 to December 31,2024.TCL CSOT Refers to TCL China Star Optoelectronics Technology Co.,Ltd.TZE Refers to TCL Zhonghuan Renewable Energy Technology Co.,Ltd.,a majority-owned subsidiary of the Company listed on the Shenzhen Stock Exchange(stock code:002129.SZ)Zhonghuan Adv
32、anced Refers to Zhonghuan Advanced Bandaoti Technology Co.,Ltd.Moka Technology Refers to Moka International Limited TPC Refers to Tianjin Printronics Circuit Corp.,a majority-owned subsidiary of the Company listed on the Shenzhen Stock Exchange(stock code:002134.SZ)Highly Refers to Highly Informatio
33、n Industry Co.,Ltd.,a holding subsidiary of the Company listed on the National Equities Exchange and Quotations Suzhou CSOT Refers to Suzhou China Star Optoelectronics Technology Co.,Ltd.t4 Refers to The generation 6(or G6)flexible LTPS-AMOLED panel production line at Wuhan CSOT t9 Refers to The gen
34、eration 8.6(or G8.6)new oxide display production line at Guangzhou CSOT GW Refers to Gigawatt,power unit for solar cells,1GW=1,000 megawatts G12 Refers to 12-inch ultra-large DW-cut solar monocrystalline silicon square wafer,size:44,096mm,diagonal line:295mm,side length:210mm,with its size 80.5%larg
35、er than the conventional M2 RMB Refers to Renminbi Full Text of the Annual Report 2024 of TCL Technology Group Corporation 9 Part II Corporate Information and Key Financial Information I.Corporate Information Stock name TCL TECH.Stock code 000100 Stock abbreviation before change(if any)-Place of lis
36、ting Shenzhen Stock Exchange Company name in Chinese TCL 科技集團股份有限公司 Abbr.TCL 科技 Company name in English(if any)TCL Technology Group Corporation Abbr.in English(if any)TCL TECH.Legal representative Li Dongsheng Place of registration TCL TECH.Building,17 Huifeng Third Road,Zhongkai Hi-Tech Development
37、 District,Huizhou City,Guangdong Province.Zip code 516001 Historical changes in the Companys place of registration-Office address TCL TECH.Building,17 Huifeng Third Road,Zhongkai Hi-Tech Development District,Huizhou City,Guangdong Province.Zip code 516001 Company website https:/ address II.Contact I
38、nformation 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.0755-33311666 Email address III.Media for Information Disclosure and Place Where This Report is Lodged Stock exchange website for p
39、ublication of this Report Shenzhen Stock Exchange http:/ Media and website for publication of this Report Securities Times,China Securities Journal,Shanghai Securities News,Securities Daily,as well as (http:/)Place where this Report is lodged Capital Market Department of TCL Technology Group Corpora
40、tion Full Text of the Annual Report 2024 of TCL Technology Group Corporation 10 IV.Changes to Company Registered Information Unified Social Credit Code 91441300195971850Y Changes in main business activities of the Company since going public 1.In 2019,the Company focused on display devices by selling
41、 smart terminal businesses such as consumer electronics and household appliances and related supporting businesses.2.In 2020,the Company acquired 100%equity of Tianjin Zhonghuan Electronics through public delisting,shaping a business structure that focused on display,and new energy photovoltaics.Cha
42、nges of controlling shareholder since incorporation Not applicable V.Other Information The independent audit firm hired by the Company Name RSM China(LLP)Office address Suite 1001-1 to 1001-26,10th floor,No.22 Fuchengmenwai St,Xicheng Dist.,Beijing,China Name of signing accountants Chen Zefeng,Chen
43、Zhihao The independent sponsor hired by the Company to exercise constant supervision over the Company in the Reporting Period Applicable Not applicable The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period Applicable Not appl
44、icable VI.Key Accounting Data and Financial Indicators Indicate whether there is any retrospectively adjusted or restated datum in the table below Yes No 2024 2023 2024-Over-2023 Change 2022 Operating revenue(RMB)164,822,832,863 174,366,657,015-5.47%166,552,785,829 Net profits attributable to the co
45、mpanys shareholders(RMB)1,564,109,407 2,214,935,302-29.38%261,319,451 Net profits attributable to the companys shareholders after non-recurring gains and losses(RMB)298,355,801 1,021,080,065-70.78%-2,698,210,800 Net cash generated from operating activities(RMB)29,526,569,404 25,314,756,105 16.64%18,
46、426,376,609 Basic earnings per share(RMB/share)0.0842 0.1195-29.54%0.0174 Diluted earnings per 0.0833 0.1179-29.35%0.0168 Full Text of the Annual Report 2024 of TCL Technology Group Corporation 11 share(RMB/share)Weighted average return on equity(%)2.95 4.27 Decrease by 1.32 percentage points YoY 0.
47、52 The end of 2024 The end of 2023 Change The end of 2022 Total assets(RMB)378,251,915,923 382,859,086,727-1.20%359,996,232,668 Net assets attributable to shareholders of the listed company(RMB)53,167,609,357 52,921,867,086 0.46%50,678,520,477 The net profit before or after the deduction of non-recu
48、rring gains and losses in the latest three accounting years,whichever is lower,is negative and the audit report of the latest year shows the Companys ability to continue as a going concern Yes No The audited pre-tax profit,net profit and net profit after deducting non-recurring gains and losses of t
49、he Company in the latest fiscal year,whichever is lower,is negative Yes No Item 2024 2023 Operating revenue(RMB)164,822,832,863 174,366,657,015 Operating revenue deduction(RMB)4,795,039,761 5,497,051,513 Operating revenue after deduction(RMB)160,027,793,102 168,869,605,502 The total share capital at
50、 the end of the last trading session before the disclosure of this Report:Total share capital at the end of the last trading session before the disclosure of this Report(share)18,779,080,767 Fully diluted earnings per share based on the latest total share capital above:Dividends paid for preference
51、shares-Interest on perpetual bonds paid(RMB)-Fully diluted earnings per share based on the latest total share capital above(RMB/share)0.0833 VII.Accounting Data Differences under China Accounting Standards for Business Enterprises(CAS)and International Financial Reporting Standards(IFRS)and Foreign
52、Accounting Standards 1.Differences in Net Profits and Equity under CAS and IFRS Applicable Not applicable There is no difference in net profits and net assets between the financial statements prepared in accordance with International Accounting Standards(IAS)and Chinese Accounting Standards(CAS)for
53、the Reporting Period of the Company.2.Differences in Net Profits and Equity under CAS and Foreign Accounting Standards Applicable Not applicable There is no difference in net profits and net assets between the financial statements prepared in accordance with foreign accounting standards and Chinese
54、Accounting Standards(CAS)for the Reporting Period of the Company.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 12 3.Reasons for Accounting Data Differences Above Applicable Not applicable VIII.Major Financial Indicators by Quarter Unit:RMB Q1 Q2 Q3 Q4 Operating revenue 39,9
55、08,458,083 40,315,278,879 42,804,760,985 41,794,334,916 Net profits attributable to the companys shareholders(RMB)239,970,389 755,241,144 530,108,230 38,789,644 Net profits attributable to the companys shareholders after non-recurring gains and losses 70,716,493 488,040,568 169,910,967-430,312,227 N
56、et cash generated from operating activities 6,596,505,932 6,036,215,781 9,367,992,823 7,525,854,868 Indicate whether any of the quarterly financial data in the table above or their summations differs materially from what has been disclosed in the Companys quarterly or interim reports.Yes No IX.Non-R
57、ecurring Gains and Losses Applicable Not applicable Unit:RMB Item 2024 2023 2022 Gains and losses on disposal of non-current assets(inclusive of impairment allowance write-offs)143,159,409 275,255,225 1,757,838,745 Public grants charged to current gains and losses(except for public grants that are c
58、losely related to the Companys daily operations,comply with national policies,are granted based on determined standards,and have a continuous impact on the Companys gains and losses)2,614,019,013 2,764,042,905 1,322,782,937 The profits or losses generated from changes in fair value arising from fina
59、ncial assets and financial liabilities held by non-financial enterprises and the profits or losses from the disposal of such financial assets and financial liabilities,except for the effective hedging business related to the Companys normal business operations 4,832,618-114,258,710-127,233,837 Rever
60、sal of provision for impairment of receivables that have been individually tested for impairment 62,761,876 22,894,255 37,745,528 Non-operating income and expenses other than the above 857,484,211 228,994,235 758,599,650 Less:Amount affected by income tax 507,096,990 603,197,886 244,386,076 Amount a
61、ffected by equity of minority shareholders(net of tax)1,909,406,531 1,379,874,787 545,816,696 Total 1,265,753,606 1,193,855,237 2,959,530,251 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
62、and loss items that meet the definition of non-recurring profits and losses.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 13 Notes on non-recurring profit and loss items that are listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Th
63、eir Securities to the PublicNon-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 Securit
64、ies to the PublicNon-Recurring Gain/Loss that are defined as recurring profit and loss items.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 14 Part III Management Discussion and Analysis I.Company-related Industry Outlook During the Reporting Period Global political unpredic
65、tability and volatility persisted in 2024,as geopolitical tensions had not yet subsided,and industry and supply chain restructuring was still intensifying.Meanwhile,high interest rates and inflation worldwide continued to have an impact on global economic growth.In the face of a challenging external
66、 environment,the Company was steadfast in its long-term strategy,focusing on three key business pillars:displays,new energy photovoltaics,and other silicon materials.This was in order to improve operational resilience and promote high-quality and sustainable growth.In 2024,the Company achieved an op
67、erating revenue of RMB 164.8 billion,net profits attributable to shareholders of listed companies of RMB 1.56 billion,and a net operating cash flow of RMB 29.5 billion,increasing by 16.6%YoY.There were key factors affecting the Companys performance:During the reporting period,the supply-side structu
68、re of the display industry continued to optimize,the demand-side trended towards larger sizes,and the exploration of AI applications drove the growth of panel demand and added value,further improving the industrys supply-demand relations.As a result,the overall prices of mainstream products were hig
69、her than those in the same period last year.By actively optimizing business strategies and operational structures,the Companys display business achieved a record annual revenue of RMB 104.3 billion,increasing by 25%YoY,along with a net profit of RMB 6.23 billion,increasing by RMB 6.24 billion compar
70、ed to 2023.The industry downturn had a negative impact on TZEs photovoltaic industry,since the concentrated release of production capacity in the sector caused long-term price drops across key products in the industry chain,in combination with strategic misalignment,structural deficiencies in the bu
71、siness model,and incorrect operational decision-making,these contributed to a marked deterioration in business performance.TZEs reported annual revenue of RMB 28.4 billion,and impacted net profit of TCL TECH.attributable to the parent company amounted to RMB-2.94 billion.As a more stable and balance
72、d competitive landscape forms,driven by industry self-discipline,leading to a leveling out and recovery of product prices,TZE has proactively revamped its business philosophy,optimized organizational processes,advanced its operational transformation,and rebuilt core competencies.TZEs operating perfo
73、rmance has Full Text of the Annual Report 2024 of TCL Technology Group Corporation 15 achieved a quarter on quarter improvement.The Company has strengthened its proprietary technology portfolio,synergistically integrated AI with industrial automation systems,and elevated end-to-end operational effic
74、iency across advanced manufacturing processes by adopting technological innovations as the main driver.In 2024,the Company invested RMB 8.87 billion in R&D,accounting for 5.4%of the operating revenue.The Company has strengthened its position as a leader in the display industry by accelerating the de
75、velopment of MLEDs(Micro/Mini-LEDs),and achieving mass production of inkjet printed OLEDs,which leads the industry commercialization.Meanwhile,it has obtained the second-highest number of patents worldwide(2,913 filed patents)in quantum dot display technologies,covering both fundamental materials an
76、d process advancements.The Company has continuously led autonomous technological innovations and the accumulation of process know-how in the new energy photovoltaic field.The Company is well-positioned to capitalize on opportunities in new technology iterations by upgrading photovoltaic materials to
77、 N-type and large-size formats,and creating a BC cooperative ecosystem through the commercialization of intellectual property and patents.Focusing on the integration of artificial intelligence and advanced manufacturing innovation,the Company has systematically improved efficiency,benefits,and compr
78、ehensive competitiveness by comprehensively utilizing various AI technologies such as machine vision and large models to reshape R&D design,production manufacturing,and operational processes.Optimize the layout of production capacity and product structure to consolidate scale advantages and industry
79、 status.The Companys display business has optimized both production capacity and product structure,enabling downstream brand customers to develop multiple flagship products across the consumer electronics,automotive,and home appliance sectors.During the reporting period,the Company ranked second glo
80、bally in terms of TV panel shipments,second in monitor panel shipments,first in LTPS laptop and LTPS tablet shipments,third in LTPS vehicle-mounted device shipments area,and fourth in flexible OLED smartphone panel shipments.As of the reporting period,the Companys business of new energy photovoltaic
81、s increased monocrystalline production capacity to 190GW,with photovoltaic material product shipments reaching approximately 125.8GW,an increase of 10.5%YoY,and obtaining a silicon wafer market share of 18.9%,ranked first in the industry.Deepen the global operating system,actively explore global mar
82、kets,and improve the Full Text of the Annual Report 2024 of TCL Technology Group Corporation 16 global industrial layout.In the display business,the Company actively established an overseas sales and service network,expanding its global market presence by deepening customer collaboration.The Company
83、 created localized service ecosystems to further seize global market opportunities by utilizing foreign module production bases to integrate regional capacity.For the new energy photovoltaic business,the Company firmly carried forward a globalization strategy,actively evaluated and explored industri
84、al opportunities in key countries or regions worldwide to enhance global production and sales capabilities as well as brand image.The Company consistently improves its comparative competitive edge,maximizes synergies across essential components,and creates a globally dominant industry flywheel by ad
85、hering to long-term strategic guidance and utilizing its business scale and market position.The Companys large-size display business fully utilized the technical advantages of G11 high-generation lines,increasing the proportion of ultra-large,ultra-high-definition,and high-refresh-rate products.With
86、 the help of the synergistic integration of Oxide,LTPS,and A-Si technologies,as well as a wide portfolio of products,the medium-sized display business constantly improved its layout,securing a leading position and rapidly growing its market share.The Company concentrated on premium OLED solutions an
87、d customized offers for strategic clients of small-sized displays.The Companys new energy photovoltaic business strengthened its cost moat through large-scale intelligent manufacturing of crystal wafers,expanded its product portfolio of solar modules while revitalizing its brand,improved its busines
88、s layout,and collaborated with strategic partners to jointly build a sustainable development ecosystem for the industry.II.Main Businesses of the Company During the Reporting Period The Company focused on the development of the core business of displays and new energy photovoltaics and other silicon
89、 materials,and was committed to achieving the strategic goal of global leadership.TCL TECH.Display New energy photovoltaics and other silicon materials Industrial finance and investment Others TCL CSOT Moka Technology Zhonghuan Photovoltaics Zhonghuan Advanced TCL Finance TCL Capital Highly TPC Full
90、 Text of the Annual Report 2024 of TCL Technology Group Corporation 17(I)Display Business The retail demand for LCD TVs stayed steady worldwide in 2024.The trend toward larger screens was further fueled by international sporting events and Chinas home appliance replacement policy,which increased the
91、 average TV size by roughly 1 inch annually and maintained the surge in the demand area for panels.The orderly exit of outdated production capacity on the supply side has further optimized the industrys competitive landscape,bringing the supply-demand relationship towards equilibrium and ensuring th
92、e industrys healthy and sound development.TV panel prices experienced a mild increase in the first half of 2024,a slight decrease in the third quarter,and stabilized by the year-end,with production line utilization rates and average annual prices continuing to rise YoY.In the business of small and m
93、edium-sized displays,technological innovation drove structural growth opportunities,with trends such as AIPC,autonomous driving,and foldable screens fueling the expansion of high-end display demand.Robust demand growth was driven by the rapid adoption of flexible OLED panels in the mid-range smartph
94、one market and their expanding use in medium-sized display applications.Prices for small and medium-sized display products have remained overall stable.By leveraging its strengths in terms of scale and efficient operation,TCL CSOT has consistently optimized its business and product mix with favorabl
95、e price increases for key products,and significantly boosted operating performance.During the reporting period,the display business achieved operating revenue of RMB 104.3 billion,a year-on-year increase of 25%;net profit reached RMB 6.23 billion,improving by RMB 6.24 billion YoY;and the annual oper
96、ating cash flow increased by 36%YoY to RMB 27.4 billion.In the segment of large-sized products,TCL CSOT leveraged its advantages in terms of the capacity of high-gen production lines and client structure,and led the larger and high-end development of large-sized TV panels.Leveraging the manufacturin
97、g efficiency and process advantages of high-generation production lines,TCL CSOT has led the advancement in picture quality and energy-saving innovations for large-sized products.By collaborating with strategic customers,the Company continues to enhance the penetration rate of ultra-large and high-e
98、nd TV products.During the reporting period,the Companys product structure was continuously optimized.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 18 The proportion of TV panel product area in the sizes of 55 inches and above increased to 82%,while the proportion of those i
99、n 65 inches and above rose to 56%.Products of 85 inches and 98 inches experienced a rapid growth in volume.In addition,the Companys TV panel market share remained firmly among the top two globally,with 55-inch,65-inch,and 75-inch products ranking first worldwide.In the commercial display business,th
100、e competitiveness of products,such as interactive whiteboards and advertising machines was strengthened,with market share ranking among the top three globally.In the business of medium-sized products,TCL CSOT has diversified its business layout in IT and vehicle-mounted devices.By deepening strategi
101、c cooperation with key customers,it has enhanced product competitiveness and market share.The T9 production line remains on schedule with both capacity ramp-up and brand customer acquisition,while the 6th-generation LTPS line has accelerated its business restructuring.With the improvement of capacit
102、y layout,the Company has achieved full technology coverage in the IT display field,including A-Si,OXIDE,LTPS,and OLED,meeting customers diverse and differentiated needs.The Companys overall monitor shipment ranking has risen to the second in the world,including the gaming monitor market share which
103、is ranked first globally;The shipment volume of laptop and tablet products has shown steady growth,including that of the LTPS laptops and tablets ranked first globally;In the business of vehicle-mounted devices,the Company has seized the trend of large screens and high-end models,supplying vehicle-m
104、ounted LTPS displays to several leading car manufacturers for their high-end models,with the shipment area rising to the third globally.In the small-sized display business,TCL CSOT focuses on the high-end market,continuously optimizing its product and customer structure,with a significant increase i
105、n shipments of flexible OLED products.The Company ranks second globally in LTPS mobile panel shipments,and its market share of flexible OLED mobile panels has risen to the fourth place worldwide.The Company completed the capacity upgrade of LTPO and Tandem in the t4 production line,thus advancing th
106、e technological iteration of lower power consumption products,increasing the proportion of high-end products,with LTPO product shipments growing by 185%YoY,and the shipment share of foldable screens rising to third globally.For new technologies such as flexible OLED folding,Pol-Less low power consum
107、ption,and FIAA ultra-narrow bezels,the Company has reached an industry-leading level,supplying flagship smartphones to top-tier clients.The Company Full Text of the Annual Report 2024 of TCL Technology Group Corporation 19 drives the improvement of its small-sized display business operations through
108、 product premiumization,process optimizations,and yield enhancements.TCL CSOT drives business development through technological innovation,increasing R&D investment and product development in cutting-edge technologies such as printed OLED and MLED.TCL CSOT launched the new APEX technology brand,cont
109、inuously investing in improving display quality and reducing power consumption,with annual R&D investment exceeding RMB 7 billion.The Company had dedicated itself to original innovation in the field of cutting-edge technologies.The mass production and shipment of its 21.6-inch inkjet printed OLED me
110、dical displays marked the worlds first commercialization of this next-generation display technology under the leadership of a Chinese enterprise.The Company had also achieved notable advancements in silicon-based Micro-LEDs,Mini-LED direct displays,and Micro-LED technologies.The Company has also act
111、ively collaborated with customers to expand applications for AR glasses,Mini-LED products,and other solutions across various business sectors.TCL CSOT,actively seizing the opportunity for the transformation and upgrade brought by the AI tech revolution in the display industry,has deeply integrated A
112、I tech with manufacturing scenarios,and started moving towards a new stage of intelligent and efficient development.TCL CSOT has spearheaded the deep integration of AI technology into manufacturing operations by utilizing its network of world-class panel production lines.It now leads the industry in
113、 AI-powered intelligent manufacturing capabilities with extensive industrial data assets and proven application expertise.Currently,AI large models primarily serve the Companys R&D and manufacturing operations,while also expanding into supply chain,quality,sales,HR,and other fields.AI large models h
114、ave achieved comprehensive application from R&D design to production manufacturing,systematically enhancing the efficiency and competitiveness across the entire business chain through the integrated application of various AI algorithms.Recently,TCL CSOT has completed the acquisition of 100%equity in
115、 LG Display(China)Co.,Ltd.and LG Display(Guangzhou)Co.,Ltd.such acquisition will be included in the consolidated financial statements starting from the second quarter of 2025.Upon the completion of this transaction,TCL CSOT will achieve diverse upgrades in its display technology matrix,broaden its c
116、ustomer base,and enhance scale effects and operational efficiency through manufacturing synergy.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 20 From a long-term perspective,the global market for display terminals maintained a steady pace,and the increasing demand for large
117、r sizes will continue to fuel growth in the overall display segment.As a core upstream component of global consumer electronics,display products,benefiting from the wave of AI terminal innovation,continue to evolve and upgrade,along with the continuous expansion of the market for emerging applicatio
118、n scenarios.A clustering effect has emerged among industry leaders on the supply side.Leading enterprises build significant competitive advantages through scale economies,technological skills,financial strengths,and full-industry-chain synergies.This has generated a robust ecosystem defined by a dyn
119、amic supply-demand equilibrium.As the market returns to a rational return cycle,the profitability of major manufacturers has entered a stage of steady recovery.TCL CSOT will continue to promote the upgrading of the display industrys value chain,thus achieving improvements in both business operationa
120、l efficiency and industrial value.(II)New Energy Photovoltaic and Other Silicon Material Business In 2024,the installation of global photovoltaic terminals continued to grow.However,with the concentrated release of production capacity across the main industry chain links,the product prices continued
121、 to decline,resulting in losses across the entire industry.By the fourth quarter,industry players had jointly promoted self-regulation practices,improving competitive dynamics and stabilizing prices across the value chain.The gradual transformation from extensive scale competition to competition bas
122、ed on operational quality,efficiency,technology,and channels across the industry posed a comprehensive challenge to the Companys management efficiency,technological innovation capabilities,and product and channel capabilities.During the reporting period,TZE achieved an operating revenue of RMB 28.4
123、billion,decreasing by 52%YoY,a net profit attributable to its shareholders of RMB-9.82 billion,and a net operating cash flow of RMB 2.839 billion.The main factors affecting the Companys performance include:The core materials business experienced a shift to negative gross margins starting in the seco
124、nd quarter due to continued price declines and inventory write-downs;due to the lack of differentiated competitiveness,the cell and module business exacerbated performance fluctuations at the bottom of the industry cycle;Maxeon,the overseas subsidiary,underwent a period of transformation,during whic
125、h operational losses compounded by asset impairment further dragged down the Companys performance.In response to the challenges in the operation faced by the Full Text of the Annual Report 2024 of TCL Technology Group Corporation 21 Company,from the second half of 2024,the Company strove to shift it
126、s operational philosophy,optimized its organizational processes,advanced its business transformation,and rebuilt its core capabilities.In the first quarter of 2025,the Company has already achieved a QoQ improvement in operational performance and is confident in achieving growth in 2025.TZE will firm
127、ly keep advancing its corporate transformation,turning technological advantages into product strengths,thereby enhancing relative competitiveness.In the crystal wafer sector,by leveraging technological innovations and lean manufacturing,the Company has established a competitive edge with ongoing eff
128、orts to enhance silicon material utilization,reduce furnace costs,and increase wafer output per kilogram,which are guiding the industrys transition to N-type and larger-sized products.During the reporting period,the Companys silicon wafer shipments increased by 10.5%YoY to 125.8GW,maintaining an 18.
129、9%market share in the overall silicon wafer sector,thus maintaining its leading position in the industry;the Company is firmly advancing the trend towards larger silicon wafers,establishing a 210 ecosystem,and has shipped 60.4GW of large-sized(210 series)products.With the cell and module business po
130、sitioned with a dual-brand module strategy,the Company rebuilt the global marketing system,upgraded the capacity of Topcon and BC modules,continuously refined the product portfolio,achieved efficient product combinations,and enhanced its value creation capabilities through global industrial synergy.
131、TZE will continue to advance its globalization strategy and,by leveraging its Industry 4.0 smart manufacturing capabilities,accelerate the local manufacturing layout in global barrier markets.In collaboration with RELC,fully owned by Saudi Arabias Public Investment Fund(PIF),and Vision Industries,th
132、e Company built the worlds largest overseas crystal wafer plant to bolster its global competitiveness.As Maxeon is facing certain operational pressures due to its own transformation and various external factors,the Company will continue to facilitate improvements in Maxeons capital structure,busines
133、s,and operations.The Company believes that the Matthew effect within the photovoltaic industry will contribute to a more optimized long-term market structure,enhance profitability,and has confidence that it can build a lasting competitive advantage in the industry downturn.Looking ahead,the display
134、panels,as information interaction carriers,are becoming more and more important,and will continue to accelerate development based on the vast application scenarios Full Text of the Annual Report 2024 of TCL Technology Group Corporation 22 of global consumer electronics,automobiles and home appliance
135、s;Benefiting from macro policies like expanding domestic demand and boosting consumption,as well as industry trends like large-sized displays and AI,the Companys display business is expected to sustain its growth and improve profitability.As the photovoltaic industry is gradually emerging from the b
136、ottom,and the prices across the supply chain are stabilizing and recovering,the Companys new energy photovoltaic business will enhance its relative competitive advantages to smoothly navigate the industry cycles.By upholding the spirit of Embark on the Voyage and Press Ahead Against All Odds,and bei
137、ng guided by the principles of Strategic Leadership,Innovation-Driven,Advanced Manufacturing and Global Operations,the Company will firmly seize opportunities presented by the trend of AI,the upgrading of technology manufacturing and the transformation of global energy structure,thus achieving susta
138、inable high-quality development and advancing toward a globally-leading status.III.Analysis of Core Competitiveness Since its establishment in 1981,TCL has consistently demonstrated resilience and adaptability,successfully navigating through various market cycles.Through a sustained exploration,refo
139、rm,and transformation,the Company,which is always standing firm at the forefront and demonstrating the audacity to pioneer,and emerged as a globally-competitive high-tech industry group.In 2018,TCL underwent its most significant corporate transformation,shifting from a diversified conglomerate to a
140、specialized business model focused on developing high-tech and capital-intensive industries with long investment cycles.Following its rebranding to TCL Technology in 2020,the Company delisted Zhonghuan Electronic in July,paving the way for its expansion into new energy photovoltaics and silicon mate
141、rials.The Company acquired Suzhou Samsung in August 2020,and successfully launched printed OLED mass production in 2024.Additionally,it secured a deal to acquire LGs Guangzhou LCD and module facility,reinforcing its position as a key player in the display sector.At present,TCL Tech has established a
142、 business structure centered on displays and new energy photovoltaics.With a well-defined development roadmap,efficient operations,and outstanding competitive advantages,the Company has been gradually improving its core competitiveness and Full Text of the Annual Report 2024 of TCL Technology Group
143、Corporation 23 sustainable development capabilities.Leading at scale:Continuously improving the business portfolios and building scale advantages By the end of the reporting period,TCL CSOT,as a preeminent global display company and a pioneer in domestic display manufacturing,has invested over RMB 2
144、60 billion to establish 9 state-of-the-art panel lines and 5 module factories,serving a diverse range of global clients.The Company has established a leading position in large-sized panels globally through both self-built production lines and strategic acquisitions.In 2024,TCL CSOT ranked second glo
145、bally in TV panel shipments,and first globally in terms of panels in the sizes of 98 inches and above.The Company has built T9 production lines targeting high-value-added mid-size products such as IT and commercial displays,achieving a full-size strategic layout.In 2024,it secured the worlds second-
146、largest market share in MNT panels and led globally in key segments such as e-sports monitors and LTPS laptops.In 2024,the Company achieved the official mass production of printed OLEDs and released the first professional display screen,further consolidating its leading position in industry technolo
147、gy.By actively improving the layout of the value chain and expanding the production capacity of self-built modules,TCL CSOT has further improved the Companys control and profitability in the value chain.TCL CSOT has passed through several industry cycles,evolving from a follower to a peer,and now a
148、leader.It has transformed from a large-size panel leader to an all-size display player,gradually expanding from panel manufacturing to comprehensive display solutions,driving the Companys high-quality development.TZE will continue to leverage its advantages in production capacity,product offerings,a
149、nd cost structure,while gradually improving its relative competitiveness and establishing its leading edge in the industry through technological innovations,manufacturing transformations,and management reforms.The Company maintains its world-leading position in photovoltaic silicon wafers by continu
150、ously upgrading its manufacturing systems to address various market demands.Simultaneously,it is expanding globally through strategic collaborations,including partnerships with RELC,which is the wholly-owned subsidiary of Saudi Arabias Public Investment Fund(PIF),and Vision Industries,to develop ove
151、rseas wafer manufacturing facilities.In terms of photovoltaic modules,the Company has taken advantage of patented technological innovations to create differentiated products,thus gradually establishing manufacturing advantages and providing Full Text of the Annual Report 2024 of TCL Technology Group
152、 Corporation 24 customers with better products.Leading in technology and ecology:Actively expanding in the broader sector,and building a first-mover advantage through ecological leadership.The Company has established a strategic foothold in core technologies(i.e.,displays and new energy photovoltaic
153、s)by capitalizing on its subsidiaries TCL CSOT and TZE.Through strategic partnerships with upstream and downstream industry players,the Company has built a robust global ecosystem for technology and innovation,and is steadily advancing its technological leadership in next-generation display technolo
154、gies,as well as G12 and N-type photovoltaic materials.The Company has applied for over 70,000 patents,and facilitated or participated in the establishment of more than 300 industry standards,underscoring its status as a preeminent high-tech enterprise.The Company has secured over 2900 patents in qua
155、ntum dot display technology,ranking second globally,which will ensure the independent and controllable development of key technologies for next-generation displays.TCL Technology has established 29 R&D centers worldwide,and has been certified with 9 national-level open innovation platforms and 33 pr
156、ovincial-level innovation platform qualifications.Leading in efficiency and management:navigating cycles with industry-leading efficiency and effectiveness Based on its scale and technological advantages,TCL Technology has achieved efficiency and benefits to maintain its industry leadership through
157、continuous management changes and IT system upgrades.TCL CSOT leverages the synergy of its twin factories to optimize production line planning and maximize capacity expansion.Through management reforms and process optimizations,TCL has strengthened end-to-end collaboration,resulting in improved over
158、all operational efficiency.By pursuing cost excellence,the Company has established an end-to-end cost advantage,resulting in continuous improvements in product quality and performance,as well as a leading competitive position in the industry.At the same time,TCL CSOT has established proven risk mana
159、gement capabilities that have been honed through multiple industry cycle fluctuations.Looking forward,TCL will make use of this core competency,and will be well-poised to navigate future uncertainties and achieve global leadership.Amidst the cyclical downturn in the new energy photovoltaic industry,
160、TZE has steadfastly adhered to its core business philosophy of digging in,and comprehensively implemented Industry Full Text of the Annual Report 2024 of TCL Technology Group Corporation 25 4.0 intelligent manufacturing systems,coupled with Operation 4.0 and Quality 4.0 management frameworks.By cont
161、inuously improving production automation,labor productivity,and operational efficiency,TZE has maintained its competitive edge in terms of efficiency and cost,thereby positioning itself to successfully navigate the industry cycle and emerge as a leading global player in the new energy photovoltaic s
162、ector.Cultural Leadership:Guided by our core values of change,innovation,accountability,and excellence,the Company is being driven to achieve industry leadership.In 2020,TCL inaugurated a new phase of corporate culture,as laid out in its strategic document The Path to Global Leadership.The Company h
163、as adopted a core mission centered around leading technology,harmonious coexistence,underpinned by the core values of change,innovation,accountability,and excellence.This cultural transformation has empowered TCL employees to embrace change,drive business optimizations and upgrades through active ex
164、ploration and innovation,and guided TCL in dedicating itself to delivering superior products and services to its valued customers through accountability and the pursuit of excellence.In the face of a complex and ever-changing external business environment,TCL employees will continue to uphold the sp
165、irit and culture of“The Path to Global Leadership”.TCL will boldly lead the way,fearlessly compete,and drive the Company to effectively respond to business changes,entering a new stage of development.IV.Analysis of Core Businesses 1.Overview In 2024,the Companys year-on-year changes in key financial
166、 information:Unit:RMB 2024 2023 Change(%)Main reason for change Operating revenue 164,822,832,863 174,366,657,015-5.47%No significant change Operating cost 145,722,435,839 149,598,593,268-2.59%No significant change Sales expenses 2,054,073,329 1,692,690,726 21.35%No significant change Administrative
167、 expenses 4,446,293,387 4,783,246,926-7.04%No significant change R&D expenses 9,433,286,566 9,522,837,963-0.94%No significant change Financial expenses 4,179,269,969 3,972,727,915 5.20%No significant change Income tax expenses 202,337,232 271,039,698-25.35%No significant change R&D investments 8,869
168、,739,644 10,308,543,529-13.96%No significant change Net cash generated from operating activities 29,526,569,404 25,314,756,105 16.64%No significant change Full Text of the Annual Report 2024 of TCL Technology Group Corporation 26 Net cash used in investing activities-26,682,007,281-40,797,054,951 34
169、.60%Mainly due to a decrease in new energy photovoltaic capital expenditure Net cash generated from financing activities-2,005,942,941 1,791,765,394-211.94%Mainly caused by a decrease in financing scale Net increase in cash and cash equivalents 864,439,716-13,678,809,131-106.32%Mainly due to a year-
170、on-year increase in net cash inflows from operating activities and a year-on-year decrease in net cash outflows from investing activities See III Management Discussion and Analysis for an analysis on the specific operating situation of the Companys main business 2.Revenue and costs(1)Breakdown of op
171、erating revenue Unit:RMB 2024 2023 Change(%)Amount As%of total revenue(%)Amount As%of total revenue(%)Total revenue 164,822,832,863 100%174,366,657,015 100%-5.47%By operating division Display business 104,254,496,685 63.25%83,654,743,374 47.98%24.62%New energy photovoltaics and other silicon materia
172、ls business 28,418,504,236 17.24%59,146,463,193 33.92%-51.95%Distribution business 31,465,203,388 19.09%30,109,528,571 17.27%4.50%Other and offsets 684,628,554 0.42%1,455,921,877 0.83%-52.98%By product category Display devices 104,254,496,685 63.25%83,654,743,374 47.98%24.62%New energy photovoltaics
173、 and other silicon materials 28,418,504,236 17.24%59,146,463,193 33.92%-51.95%Distribution of electronics 31,465,203,388 19.09%30,109,528,571 17.27%4.50%Other and offsets 684,628,554 0.42%1,455,921,877 0.83%-52.98%By operating segment Mainland China 109,583,287,983 66.49%119,940,276,585 68.79%-8.64%
174、Overseas 55,239,544,880 33.51%54,426,380,430 31.21%1.49%Full Text of the Annual Report 2024 of TCL Technology Group Corporation 27(including Hong Kong)Distribution method Direct sales 139,504,381,517 84.64%149,146,033,585 84.15%-6.46%Distribution 24,976,737,976 15.15%24,805,129,036 15.40%0.69%Dealer
175、 341,713,369 0.21%415,494,393 0.45%-17.76%(2)Operating division,product category,region,or sales method contributing over 10%of the revenue or operating profit Applicable Not applicable Unit:RMB Operating revenue Operating cost Gross profit margin Change in revenue year-on-year(%)Change in operating
176、 cost year-on-year(%)Change in gross profit margin year-on-year(%)By operating division Display business 104,254,496,685 84,289,589,861 19.15%24.62%15.63%6.29%New energy photovoltaics and other silicon materials business 28,418,504,236 30,999,317,595-9.08%-51.95%-34.32%-29.28%Distribution business 3
177、1,465,203,388 30,361,957,012 3.51%4.50%4.88%-0.35%By product category Display devices 104,254,496,685 84,289,589,861 19.15%24.62%15.63%6.29%New energy photovoltaics and other silicon materials 28,418,504,236 30,999,317,595-9.08%-51.95%-34.32%-29.28%Distribution of electronics 31,465,203,388 30,361,9
178、57,012 3.51%4.50%4.88%-0.35%By operating segment Mainland China 109,583,287,983 102,058,220,479 6.87%-8.64%-1.52%-6.73%Overseas(including Hong Kong)55,239,544,880 43,664,215,360 20.95%1.49%-5.00%5.40%Distribution method Direct sales 139,504,381,517 121,036,515,424 13.24%-6.46%-3.27%-2.86%Distributio
179、n 24,976,737,976 24,379,648,837 2.39%0.69%0.91%-0.21%Dealer 341,713,369 306,271,578 10.37%-17.76%-0.16%-15.79%Core business data in the recent term restated according to the changed methods of measurement that occurred in the Reporting Period Applicable Not applicable(3)Was revenue from product sale
180、s higher than service revenue?Yes No Operating division Item Unit 2024 2023 Change(%)Full Text of the Annual Report 2024 of TCL Technology Group Corporation 28 Display Sales 10,000 square meters 5,819 5,304 9.72%Production volume 10,000 square meters 5,904 5,420 8.94%Inventory 10,000 square meters 3
181、26 240 35.48%Modules and finished machines Sales 10,000 sets 2,171 1,753 23.86%Production volume 10,000 sets 2,196 1,747 25.74%Inventory 10,000 sets 85 60 41.45%Photovoltaic silicon wafers Sales 10,000 pieces 1,429,983 1,349,750 5.94%Production volume 10,000 pieces 1,448,853 1,383,530 4.72%Inventory
182、 10,000 pieces 79,221 60,351 31.27%Other silicon materials Sales Million square inches 986 634 55.34%Production volume Million square inches 1,004 659 52.45%Inventory Million square inches 67 49 38.08%Energy Sales 10,000 kWh 67,814 102,019-33.53%Production volume 10,000 kWh 67,814 102,019-33.53%Inve
183、ntory 10,000 kWh Photovoltaic modules Sales MW 7,995 7,144 11.91%Production volume MW 7,541 7,911-4.68%Inventory MW 952 1,407-32.32%Explanation of why any financial indicator in the table above registered a year-on-year change of over 30%Applicable Not applicable 1.The increase in inventory of displ
184、ays was mainly affected by the release of t9 capacity;2.The increases in modules and finished machines and output were mainly a result of growth in business scale;3.The inventory of photovoltaic silicon wafers increased by 31.27%compared to the previous year,which mainly resulted from the Companys t
185、echnological innovations,project upgrades,and enhancements of advanced production capacity.At the end of the year,the crystal production capacity reached 190GW,and the turnover of production,sales,and inventory of photovoltaic silicon wafers increased(solar silicon wafers are converted into G10 prod
186、ucts,and photovoltaic silicon wafers include some photovoltaic silicon rods for export).In addition,due to the market downturn,the product inventory increased;4.The production,sales,and inventory levels of other silicon materials all increased over 30%YoY,primarily driven by enhanced inventory turno
187、ver following business scale expansion;5.The sales volume of electric power decreased by 33.53%compared to the previous year,which mainly resulted from the disposal of some power station projects;6.The inventory of photovoltaic modules decreased by 32.32%compared to the previous year,which mainly re
188、sulted from the Full Text of the Annual Report 2024 of TCL Technology Group Corporation 29 overcapacity of the industry chain,the sharp fluctuation of product prices,the decline in operations,and the reduction of inventory.(4)Execution progress of major sales contracts and materials purchasing contr
189、acts signed during the Reporting Period Applicable Not applicable(5)Breakdown of operating costs Operating division Unit:RMB Operating division Item 2024 2023 YoY Change Amount As a%of total revenue(%)Amount As a%of total revenue(%)Display business Materials,salary,depreciation,etc.84,289,589,861 57
190、.84%72,897,897,991 48.46%15.63%New energy photovoltaics and other silicon materials business Materials,salary,depreciation,etc.30,999,317,595 21.27%47,198,849,935 31.71%-34.32%Distribution business Finished goods,etc.30,361,957,012 20.84%28,949,391,997 19.46%4.88%Others Materials,salary,depreciation
191、,etc.71,571,371 0.05%552,453,346 0.37%-87.04%Product category Unit:RMB Product category Item 2024 2023 YoY Change Amount As a%of total revenue(%)Amount As a%of total revenue(%)Display devices Materials,salary,depreciation,etc.84,289,589,861 57.84%72,897,897,991 48.46%15.6%New energy photovoltaic Mat
192、erials,salary,depreciation,etc.30,999,317,595 21.27%47,198,849,935 31.71%-34.32%Distribution of electronics Finished goods,etc.30,361,957,012 20.84%28,949,391,997 19.46%4.88%Others Materials,salary,depreciation,etc.71,571,371 0.05%552,453,346 0.37%-87.04%(6)Were there changes in the scope of consoli
193、dated financial statements for the Reporting Period?Yes No Compared with 2023,76 subsidiaries(24 newly incorporated and 52 acquired)were newly included in the consolidation scope of 2024,Full Text of the Annual Report 2024 of TCL Technology Group Corporation 30 and 10 subsidiaries(2 transferred and
194、8 de-registered)were excluded from the consolidation scope of 2024.(7)Major changes to the business scope or product or service range in the Reporting Period Applicable Not applicable(8)Major customers and suppliers Major customers Total sales of the top five customers(RMB)56,891,058,623 Total sales
195、 of the top five customers as a%of the total sales of the Reporting Period(%)34.52%Total sales of related parties among the top five customers as a%of the total sales of the Reporting Period(%)12.98%Top five customers No.Customer name Sales revenue(RMB)As a%of the total sales revenue(%)1 Customer A
196、21,401,268,280 12.98%2 Customer B 15,754,834,448 9.56%3 Customer C 11,554,233,013 7.01%4 Customer D 5,004,659,161 3.04%5 Customer E 3,176,063,722 1.93%Total-56,891,058,623 34.52%Other information about major customers:For sales transactions between the Company and its related parties,see provisional
197、 announcements disclosed by the Company on the designated platform for information disclosure.Major suppliers Total purchases from the top five suppliers(RMB)23,778,733,908 Total purchases from the top five suppliers as%of the total purchases of the Reporting Period(%)18.57%Total purchases from rela
198、ted parties among the top five suppliers as%of the total purchases of the Reporting Period(%)-Top five suppliers No.Supplier name Purchases in the Reporting Period(RMB)As a%of the total purchases(%)1 Supplier A 8,227,603,286 6.43%2 Supplier B 6,416,858,496 5.01%3 Supplier C 4,871,165,993 3.80%4 Supp
199、lier D 2,233,387,516 1.74%5 Supplier E 2,029,718,618 1.59%Total-23,778,733,908 18.57%Full Text of the Annual Report 2024 of TCL Technology Group Corporation 31 Other information about major suppliers Applicable Not applicable 3.Expenses Unit:RMB 2024 2023 Change(%)Main reason for change Sales expens
200、es 2,054,073,329 1,692,690,726 21.35%No significant change Administrative expenses 4,446,293,387 4,783,246,926 -7.04%No significant change Financial expenses 4,179,269,969 3,972,727,915 5.20%No significant change R&D expenses 9,433,286,566 9,522,837,963 -0.94%No significant change 4.R&D investments
201、Applicable Not applicable Main R&D project Purpose Progress Preset goals Anticipated impact on the future development of the Company High-quality WHVA technology Full-scale enhancement of large-format UD picture quality with improved viewing angles and expanded color spectra Realized industrial tran
202、sformation Set a benchmark for the image quality of VA display technology Continuously enhance technological competitiveness in large-sized display products Develop ultra HD 4K medium-sized products with under-display cameras Meet the technological needs of medium-sized ultra-flagship devices Realiz
203、ed industrial transformation Mass production of the worlds first 14”4K medium-sized tablets with under-display cameras Key medium-sized products subject to accelerated completion WQHD LTPO partitioned frequency display technology Achieved dynamic refresh rates in different areas with new-generation
204、EL materials for lower power consumption Realized industrial transformation The worlds first WQ dual-frequency smartphone in mass production Enhanced brand image and influence in the area of LTPO products Improvement in AI-empowered R&D capabilities Empowered R&D to improve efficiency and add value
205、through deep learning and precise training Realized industrial transformation Leveraging multimodal AI models in our R&D design workflow to drive innovation in display panel and material development Further improved R&D efficiency and product quality Development of high-performance printed QLED devi
206、ces 14 2.8K printed QLED prototype Completed the development of the worlds first 14 2.8K printed QLED prototype.Developed RGB printed devices,while streamlining the development process from materials and inks to device fabrication,resulting in the production of printed QLED display Provided assistan
207、ce in realizing the mass production of printed QLEDs.Full Text of the Annual Report 2024 of TCL Technology Group Corporation 32 prototypes.TCL CSOTs AI quality inspection and intelligent repair Established the integrated self-developed Auto Repair platform system of TCL CSOT.Gradually covered all fa
208、ctories of TCL CSOT,and expanded other internal and external projects in an orderly manner.Promoted the results in various panel factories in Suzhou,Shenzhen,Wuhan,and Guangzhou,and greatly improved the operation of repair stations.Brand effect,demonstration,and promotion Research and application of
209、 granular materials in the preparation of monocrystalline silicon.Addressed the technological barriers of granular silicon raw materials in the monocrystalline control process,reduced silicon costs,and improved product competitiveness.To address challenges in granular silicon applications,the Compan
210、y developed innovative processing techniques that enable high-quality monocrystalline silicon ingot growth.The breakthrough allows 100%granular silicon substitution for polysilicon in mass production,setting an industry benchmark for material innovation.Through improving granular silicon material qu
211、ality and innovating application,the Company successfully implemented 100%granular silicon substitution for polysilicon in crystal growth processes.Reduced the Companys silicon cost and improved product competitiveness.Developed low-carbon-footprint products to increase market share.N-type product R
212、&D project Developed silicon wafers tailored for high-efficiency N-type cells,meeting the quality requirements on the cell side and achieving industrial-scale production.Completed the development of silicon wafers for TOPCon,HJT,and XBC batteries,with 100%customer coverage and N-type products accoun
213、ting for over 80%of the overall output structure.Continued to optimize and develop N-type products,which accounted for over 95%of the overall output structure.Enhanced the core competitiveness of the Companys N-type products and increased market share.Development of the module 4.0 technology platfor
214、m Completed the development of the 4.0 product and equipment platform,achieving mass production conversion and product certification.This further enhanced the Companys product portfolio to meet diverse application scenarios and market demands.Completed the development of the full range of 4.0 produc
215、ts,with subsequent expansion into various sizes based on market demand.Completed the switchover of 4.0 technology N-type module products to increase market share.Enhanced the core competitiveness of the battery module business.R&D personnel 2024 2023 Change(%)Number of R&D employees 10,855 11,313-4.
216、05%As%of R&D employees(%)15.27%15.04%0.23%Education Bachelors degree and others 8,567 8,994-4.75%Full Text of the Annual Report 2024 of TCL Technology Group Corporation 33 Master 2,113 2,131-0.84%PhD 175 188-6.91%Age Under 30 years old 5,516 5,965-7.53%30-40 years old 4,649 4,696-1.00%Over 40 years
217、old 690 652 5.83%R&D investments 2024 2023 Change(%)R&D investment amount(RMB)8,869,739,644 10,308,543,529-13.96%R&D investments as%of the total revenue(%)5.38%5.91%-0.53%Capitalization amount of R&D investments(RMB)2,872,305,027 3,560,255,965-19.32%Capitalization amount of R&D investments as%of the
218、 total revenue(%)32.38%34.54%-2.15%Reasons and impacts of major changes in the composition of R&D personnel of the Company Applicable Not applicable Reasons for significant changes in R&D investment as%of the total revenue compared with the previous year Applicable Not applicable Reasons for signifi
219、cant changes in R&D investments capitalization and explanation of rationale Applicable Not applicable 5.Cash flow Unit:RMB Item 2024 2023 Change(%)Sub-total of cash generated from operating activities 183,619,379,779 155,010,648,305 18.46%Sub-total of cash used in operating activities 154,092,810,37
220、5 129,695,892,200 18.81%Net cash generated from operating activities 29,526,569,404 25,314,756,105 16.64%Sub-total of cash generated from investment activities 86,164,143,488 61,202,286,515 40.79%Subtotal of cash used in investing activities 112,846,150,769 101,999,341,466 10.63%Net cash used in inv
221、esting activities-26,682,007,281-40,797,054,951 34.60%Sub-total of cash generated from financing activities 77,793,154,885 70,023,939,233 11.10%Subtotal of cash used in financing activities 79,799,097,826 68,232,173,839 16.95%Net cash generated from financing activities-2,005,942,941 1,791,765,394-2
222、11.94%Net increase in cash and cash equivalents 864,439,716-13,678,809,131-106.32%Explanation of why related data has significant changes year-on-year Applicable Not applicable Full Text of the Annual Report 2024 of TCL Technology Group Corporation 34 Net cash generated from operating activities:pri
223、marily due to the increase in performance of the display business during the reporting period.Net cash generated from financing activities:primarily due to the decrease in scale of financing during the reporting period.Explanation of the significant difference between the net cash flow generated by
224、the Companys operating activities and the net profit of the current year during the reporting period Applicable Not applicable The large difference between the net cash flow generated by the Companys operations and the net profits of the current year is primarily caused by factors such as depreciati
225、on,amortization,and impairment of the Companys assets during the Reporting Period.V.Analysis of Non-Core Businesses Applicable Not applicable Unit:RMB Amount As%of gross profit Source Sustainability Asset impairment-6,026,733,636 152.43%Falling price of inventory write-offs in line with the market N
226、o Non-operating income 291,557,592-7.37%No Non-operating expenses 147,390,719-3.73%No VI.Analysis of Assets and Liabilities 1.Significant Changes in Asset Composition Unit:RMB The end of 2024 January 1,2024 Weight Change Main reason for change Amount As%of total assets Amount As%of total assets Mone
227、tary assets 23,007,772,733 6.08%21,924,270,872 5.73%0.36%No significant change Accounts receivable 22,242,152,687 5.88%22,003,651,259 5.75%0.13%No significant change Contract assets 395,116,789 0.10%343,907,118 0.09%0.01%No significant change Inventories 17,594,133,395 4.65%18,481,754,865 4.83%-0.18
228、%No significant change Investment property 612,733,509 0.16%911,679,154 0.24%-0.08%No significant change Long-term equity investments 24,595,634,142 6.50%25,431,271,193 6.64%-0.14%No significant change Full Text of the Annual Report 2024 of TCL Technology Group Corporation 35 Fixed assets 170,512,00
229、9,105 45.08%176,422,620,794 46.08%-1.00%Increase in depreciation of main fixed assets Construction in progress 23,580,503,161 6.23%17,000,052,457 4.44%1.79%Increase in main new capital expenditure Right-of-use assets 6,697,687,926 1.77%6,386,446,373 1.67%0.10%No significant change Short-term borrowi
230、ngs 8,193,283,100 2.17%8,473,582,304 2.21%-0.05%No significant change Contract liabilities 1,969,271,038 0.52%1,899,468,140 0.50%0.02%No significant change Long-term borrowings 116,815,131,219 30.88%117,662,208,623 30.73%0.15%No significant change Lease liabilities 6,334,785,779 1.67%5,737,287,693 1
231、.50%0.18%No significant change Higher proportion of overseas assets Applicable Not applicable Full Text of the Annual Report 2024 of TCL Technology Group Corporation 36 2.Assets and Liabilities at Fair Value Applicable Not applicable Unit:RMB Item Beginning amount Gain/loss of fair-value changes in
232、the Reporting Period Cumulative fair-value changes recorded in equity Impairment allowances established in the Reporting Period Amount purchased in the Reporting Period Amount sold in the Reporting Period Other changes Ending amount Financial assets 1.Held-for-trading financial assets(excluding deri
233、vative financial assets)26,155,683,203 368,782,486 77,016,024,323 84,145,722,407-608,596,668 18,786,170,936 2.Derivative financial assets 108,007,603 89,537,590 14,547 -25,056,575 172,488,618 3.Receivables financing 954,409,558 -123,002,303 831,407,255 4.Other debt investments 0 5.Investments in oth
234、er equity instruments 386,648,418 -208,739,165 1,202,428 387,850,846 Subtotal of financial assets 27,604,748,782 458,320,075-208,724,619 77,016,024,323 84,145,722,407-755,453,118 20,177,917,655 Total of the above 27,604,748,782 458,320,075-208,724,619 77,016,024,323 84,145,722,407-755,453,118 20,177
235、,917,655 Financial liabilities 310,042,260 21,534,084-1,637,969,695 1,591,910,457 317,524,395 695,159,977 Other changed content None Significant changes to the measurement attributes of the major assets in the Reporting Period Yes No Full Text of the Annual Report 2024 of TCL Technology Group Corpor
236、ation 37 3.Restricted Asset Rights as of the Period-End Restricted assets Carrying amount(RMB0,000)Reason for restriction Monetary assets 27,891 Deposited in the central bank as the required reserve Monetary assets 186,761 Other monetary assets and restricted bank deposits Notes receivable 6,179 End
237、orsement,and attached recourse and pledge Fixed assets 8,748,258 As collateral for loan Intangible assets 389,140 As collateral for loan Held-for-trading financial assets 47,639 Pledge Construction in progress 373,795 As collateral for loan Accounts receivable 87,914 Pledge Contract assets 8,244 Ple
238、dge Other non-current assets 32,000 Mortgaged Other non-current assets due within one year 2,000 Pledge Total 9,909,820 VII.Investments Made 1.Total Investment Amount Applicable Not applicable Total investment amount in the Reporting Period(RMB)Total investment amount in the same period last year(RM
239、B)Change(%)30,774,451,026 38,650,552,795-20.38%2.Major Equity Investments Made in the Reporting Period Applicable Not applicable 3.Major Non-Equity Investments Ongoing in the Reporting Period Applicable Not applicable Full Text of the Annual Report 2024 of TCL Technology Group Corporation 38 4.Finan
240、cial Assets Investments(1)Securities Investments Applicable Not applicable Unit:RMB0,000 Security type Stock Code Stock Abbr.Initial investment cost Accounting measurement method Beginning carrying amount Gain/loss of fair-value changes in the Reporting Period Cumulative fair-value changes recorded
241、in equity Amount purchased in the Reporting Period Amount sold in the Reporting Period Gain/loss in the Reporting Period Ending carrying amount Accounting title Funding source Stocks 300842.SZ DK Electronic Materials,Inc.2,430 Fair value 33,724 -5,193 0 0 6,042 -3,376 24,306 Other non-current financ
242、ial assets Self-funded Stocks 688469.SH UNT 26,745 Fair value 23,408 705 0 0 0 705 24,113 Other non-current financial assets Self-funded Financial bonds XS2587421681 Nanyang Commercial Bank 7,083 Measurement at amortized cost 7,251 0 0 0 415 523 7,359 Debt investments Self-funded Bonds USG9T27HAG93
243、VEDANTARESOURCES 2,388 Fair value 0 160 0 9,658 3,698 198 6,158 Held-for-trading financial assets Self-funded Bonds XS2560662541 LINKCBLTD 4,455 Fair value 6,064 -79 0 0 181 192 6,075 Held-for-trading financial assets Self-funded Bonds USG98149AG59 WYNNMACAULTD 623 Fair value 859 176 0 4,304 528 342
244、 4,978 Held-for-trading financial assets Self-funded Full Text of the Annual Report 2024 of TCL Technology Group Corporation 39 Bonds USY6142NAH18 MONGOLIAINTLBOND 3,208 Fair value 3,258 -3 0 1,553 241 303 4,872 Held-for-trading financial assets Self-funded Bonds USF2941JAA81 ELECTRICITEDEFRANCESA 2
245、,919 Fair value 4,754 -157 0 1,613 2,690 396 4,074 Held-for-trading financial assets Self-funded Bonds USG84228GE26 STANDARDCHARTEREDPLC 4,300 Fair value 0 162 0 11,469 7,869 234 3,833 Held-for-trading financial assets Self-funded Bonds XS1389118453 LI&FUNGLTD 972 Fair value 2,103 210 0 1,356 255 51
246、3 3,716 Held-for-trading financial assets Self-funded Other securities investments held at the period-end 226,342 -184,219 4,290 -19,710 434,561 502,444 16,802 132,555 -Total 281,465 -265,641 272 -19,710 464,514 524,362 16,831 222,040 -Disclosure date of the board announcement approving securities i
247、nvestments April 30,2024 Date for disclosure and announcement on approving securities investment by the general meeting(if any)May 25,2024(2)Investments in Derivative Financial Instruments 1)Derivative investments for hedging purposes made during the Reporting Period Applicable Not applicable Unit:R
248、MB0,000 Type of contract Beginning amount Ending amount Gain/loss in the Reporting Period Closing contractual amount as a percentage of the closing net assets reported by the Company(%)Contractual amount Transaction limit Contractual amount Transaction limit Contractual amount Transaction limit Full
249、 Text of the Annual Report 2024 of TCL Technology Group Corporation 40 1.Forward forex contracts 3,039,040 114,095 5,022,555 194,046 32,045 37.85 1.46 2.Interest rate swaps 407,686 12,231 314,100 9,423 2.37 0.07 Total 3,446,726 126,326 5,336,655 203,469 32,045 40.22 1.53 Accounting policies and spec
250、ific accounting principles for hedging business during the Reporting Period and a description of whether there have been significant changes from those of the previous reporting period No significant change.Description of actual profits and losses during the Reporting Period During the Reporting Per
251、iod,profit from changes in the fair value of hedged items amounted to RMB 293.25 million;losses from the delivery of due forward exchange contracts amounted to negative RMB 54.61 million,and profit from the valuation of outstanding forward exchange contracts amounted to RMB 81.81 million.Description
252、 of the hedging effect During the Reporting Period,the Companys main foreign exchange risk exposures included exposures of assets and liabilities denominated in foreign currencies arising from business such as outbound sales,raw material procurement,and financing.The uncertain risks arising from the
253、 exchange rate fluctuations were effectively hedged by using derivative contracts with the same purchase amounts and maturities in opposite directions.Funding source for derivative investment Self-funded.Analysis of risks and control measures associated with derivative investments held in the Report
254、ing Period(including but not limited to market risk,liquidity risk,credit risk,operational risk,legal risk,etc.)In order to effectively manage the exchange and interest rate risks of foreign currency assets,liabilities,and cash flows,the Company,after fully analyzing the market trends and predicting
255、 operations(including orders and capital plans),adopted forward foreign exchange contracts,options,and interest rate swaps to avoid future exchange rate and interest rate risks.As its business scale changes,the Company will adjust its exchange rate risk management strategy according to the actual ma
256、rket conditions and business plans.Risk analysis:1.Market risk:the financial derivatives business carried out by the Group is related to hedging and trading activities associated with the main business operations.There is a market risk associated with potential losses due to fluctuations in market p
257、rices,such as underlying interest rates and exchange rates,which affect the prices of financial derivatives;2.Liquidity risk:the derivatives business carried out by the Group is an over-the-counter transaction operated by a financial institution,and there is a risk of incurring losses due to paying
258、fees to the bank for liquidating or selling the derivatives below the buying prices;3.Performance risk:the Group conducts its derivative business based on rolling budgets for risk management,and there is a risk of performance failure due to deviation arising between the actual operating results and
259、budgets;4.Other risks:in the case of specific business operations,the failure of operational personnel to report and obtain approvals in accordance with established procedures or to accurately,promptly,and comprehensively record information related to financial derivative transactions may result in
260、potential losses or missed trading opportunities in the derivative business.Moreover,if the trading operator fails to fully understand the terms of transaction contracts or product information,the Group may face legal risks and transaction losses.Risk control measures:1.Basic management principles:t
261、he Group strictly follows the hedging principle mainly to fix costs and avoid risks.It is necessary for the financial derivatives business to align with the variety,size,direction,and duration of spot goods,and this should not involve any speculative trading.When selecting hedging instruments,only s
262、imple financial derivatives that are closely related to the main business operations and comply with the requirements of hedge accounting should be selected.Avoid engaging in complex business activities that go beyond the Full Text of the Annual Report 2024 of TCL Technology Group Corporation 41 est
263、ablished scope of operations and involve risks and pricing that are difficult to understand;2.The Group has formulated a special risk management regulation tailored to the risk characteristics of the financial derivatives business,covering all key aspects such as preemptive prevention,in-process mon
264、itoring,and post-processing.It reasonably allocates professionals for investment decision-making,business operations,and risk control as required.Personnel involved in investment are required to fully understand the risks of financial derivatives investment and strictly implement the business operat
265、ions and risk management system of derivatives.Before the holding company engages in derivative business activities,the holding company must submit detailed business reports to the competent department of the Group,including information about its internal approval,main product terms,operational nece
266、ssity,preparations,risk analysis,risk management strategy,fair value analysis,and accounting methods.Additionally,a special summary report of previously conducted operations should be submitted.Only after obtaining the opinion of the relevant professional departments within the Group may the holding
267、 company proceed with the operations.3.Relevant departments should track the changes in the open market price or fair value of financial derivatives,promptly assess the risk exposure changes of invested financial derivatives,and compile reports to the board of directors on business development;4.The
268、 financial company should actively manage and disclose in a timely manner any confirmed gains and losses as well as unrealized losses from futures and derivative transactions of listed companies.When such losses account for 10%of the audited net profits attributable to the shareholders of the listed
269、 company in the last year and exceed RMB 10 million,the financial company should make timely disclosure thereof.Changes in market prices or fair value of derivative investments in the Reporting Period(fair value analysis should include the measurement method and related assumptions and parameters)Wi
270、th the rapid expansion of overseas sales,the Company continued to follow the above rules in the operation of forward foreign exchange contracts,interest rate swap contracts,and other contracts to avoid and hedge against foreign exchange risks arising from its operations and financing.During the Repo
271、rting Period,there were profits and losses of RMB 293.25 million from changes in the fair value of hedged items and negative RMB 27.20 million from derivatives.The fair value of derivatives is determined by the real-time quoted price of the foreign exchange market,and is based on the difference betw
272、een the contractual price and the forward exchange rate quoted immediately on the foreign exchange market on the balance sheet date.Legal matters involved(if applicable)None Disclosure date of the board announcement approving the derivative investments(if any)April 30,2024 Disclosure date of the gen
273、eral meeting announcement approving the derivative investments(if any)May 25,2024 42 2)Derivative investments for speculative purposes during the Reporting Period Applicable Not applicable There were no derivative investments for speculative purposes made by the Company during the Reporting Period.5
274、.Use of the capital raised Applicable Not applicable(1)General Information about the Use of Raised Funds Applicable Not applicable Unit:RMB0,000 Year of raising Method of raising Total amount raised Net amount raised Used in the current period Total amount used Total amount of changed-purpose funds
275、during the Reporting Period Total amount of changed-purpose funds Total amount of changed-purpose funds as a%of total amount raised Total proceeds that have not been used Purpose and location of the unused amount Amount left idle for over two years 2024 Public issuance of corporate bonds 150,000 149
276、,595 149,595 149,595 Not applicable Not applicable Not applicable 0 Not applicable 0 2024 Public issuance of corporate bonds 150,000 149,595 149,595 149,595 Not applicable Not applicable Not applicable 0 Not applicable 0 2024 Public issuance of corporate bonds 200,000 199,280 199,280 199,280 Not app
277、licable Not applicable Not applicable 0 Not applicable 0 Total-500,000 498,470 498,470 498,470 Not applicable Not applicable Not applicable 0-0 Use of the Capital Raised Pursuant to the approval of the China Securities Regulatory Commission under the registration number CSRC Permit 2022 No.1561,the
278、Company is authorized to issue up to RMB 10 billion in corporate bonds to professional investors through a phased issuance.1.The net proceeds from the Sci-Tech Innovation Corporate Bonds Publicly Offered by TCL Technology Group Corporation to Professional Investors(Digital Economy)(Phase 1)in 2024 h
279、ave been fully closed on February 1,2024.On the date of this announcement,all proceeds raised have been fully utilized,and the actual use of proceeds is consistent with the intended use as stated in the prospectus.2.The net proceeds from the Sci-Tech Innovation Corporate Bonds Publicly Offered by TC
280、L Technology Group Corporation to Professional Investors(Digital Economy)(Phase 2)in 2024 were fully closed on April 11,2024.On the date of this announcement,all proceeds raised have been fully utilized,and the actual use of proceeds is consistent with the intended use as stated in the prospectus.3.
281、The net proceeds from the Sci-Tech Innovation Corporate Bonds Publicly Offered by TCL Technology Group Corporation to Professional Investors(Digital Economy)(Phase 3)in 2024 were fully closed on July 8,2024.On the date of this announcement,all proceeds raised have been fully utilized,and the actual
282、use of proceeds is consistent with the intended use as stated in the prospectus.(2)Promised Use of Raised Funds Applicable Not applicable 43(3)Change of the raised fund projects Applicable Not applicable No such cases in the Reporting Period.VIII.Sale of Major Assets and Equity Investments 1.Sale of
283、 Major Assets Applicable Not applicable The Company did not dispose of any major assets at the end of the Reporting Period.2.Sale of Major Equity Investments Applicable Not applicable IX.Principal Subsidiaries and Joint Stock Companies Applicable Not applicable Principal subsidiaries and joint stock
284、 companies with an over 10%effect on the Companys net profits Unit:RMB0,000 Company name Company Type of change Principal activity Registered capital Total assets Net assets Operating revenue Operating profit Net profits TCL China Star Optoelectronics Technology Co.,Ltd.Subsidiary Display RMB 33.08
285、billion 19,482,756 7,517,275 8,966,802 563,998 554,417 TCL Zhonghuan Renewable Energy Technology Co.,Ltd.Subsidiary New energy photovoltaics and other silicon materials business RMB 4.04 billion 12,559,753 4,647,011 2,841,850-1,113,919-1,080,645 Highly Information Industry Co.,Ltd.Subsidiary Distrib
286、ution business RMB 412 million 712,997 156,820 3,146,520 18,750 14,277 Acquisition and disposal of subsidiaries in the Reporting Period Applicable Not applicable Company name How subsidiaries were obtained or disposed of in the Reporting Period Effects on overall operations and operating performance
287、 Zhonghuan Advanced Korea Co.,Ltd.Newly established No significant effect Xian Maichi Shangpai Technology Co.,Ltd.Newly established No significant effect Tianjin Binhai Huanxu New Energy Co.,Ltd.Newly established No significant effect Yixing Huanxu New Energy Co.,Ltd.Newly established No significant
288、 effect Tianjin Huiyi Digital Technology Co.,Ltd.Newly established No significant effect 44 Yixing Huanxu Investment Management Co.,Ltd.Newly established No significant effect Shenzhen Zhixian Shijie Software Technology Co.,Ltd.Newly established No significant effect Shenzhen Zhilian Shuchuang Techn
289、ology Co.,Ltd.Newly established No significant effect Guangzhou TCL High-Tech Development Co.,Ltd.Newly established No significant effect Tianjin Jincheng Internet Technology Co.,Ltd.Newly established No significant effect Huansheng New Energy(Inner Mongolia)Co.,Ltd.Newly established No significant
290、effect Hangjinhou Banner Guangsen New Energy Co.,Ltd.Newly established No significant effect Hohhot Mingfeng New Energy Co.,Ltd.Newly established No significant effect Hangjinhouqi Yusheng New Energy Co.,Ltd.Newly established No significant effect Inner Mongolia Chenhe New Energy Co.,Ltd.Newly estab
291、lished No significant effect Heilongjiang Huanju New Energy Co.,Ltd.Newly established No significant effect Huansheng Photovoltaic Technology(Lingwu City)Co.,Ltd.Newly established No significant effect Anhui Jiaan Qixin Venture Capital Partnership(Limited Partnership)Newly established No significant
292、 effect StoryHold LLC Newly established No significant effect Pv Automation Pte.Ltd.Newly established No significant effect TCL CSOT VIETNAM COMPANY LIMITED Newly established No significant effect Yinchuan Sunpiestore Technology Co.,Ltd.Newly established No significant effect Luoyang Shangyan Techno
293、logy Co.,Ltd.Newly established No significant effect Mingsi Technology Co.,Ltd.Newly established No significant effect MOKA TECHNOLOGY VIETNAM COMPANY LIMITED Acquisition No significant effect Maxeon Solar Technologies,Ltd.and its subsidiaries Acquisition No significant effect Inner Mongolia Zhonghu
294、an Construction Management Co.,Ltd.De-registered No significant effect Jiangsu Mingjing Bandaoti Technology Co.,Ltd.De-registered No significant effect Lingwu Juyuan New Energy Co.,Ltd.De-registered No significant effect Lingwu Huishun New Energy Co.,Ltd.De-registered No significant effect Huaian Hu
295、anxin New Energy Co.,Ltd.De-registered No significant effect Zhangjiakou Zhonghuan Qixin Enterprise Management Service Co.,Ltd.De-registered No significant effect Ningxia Hongmao New Energy Co.,Ltd.De-registered No significant effect Tianjin Zhonghuan Zhongda Technology Co.,Ltd.De-registered No sign
296、ificant effect Ningxia Huanneng New Energy Co.,Ltd.Transferred No significant effect Tianjin Binhai New Area Huanju New Energy Co.,Ltd.Transferred No significant effect Explanation of Principal Subsidiaries and Joint Stock Companies:None 45 X.Structured Bodies Controlled by the Company Applicable No
297、t applicable XI.Prospects Focusing on the high-tech manufacturing sector,TCL TECH.accelerates its growth by capitalizing on strategic opportunities created by Chinas high-quality economic development.Backed by strong strategic resources,improved organizational efficiency,and a presence in high-growt
298、h markets,the Company solidifies its industry leadership with promising long-term prospects.With a strategic focus on displays and new energy photovoltaics,TCL is building core assets in the global technology industry.Since spinning off its consumer-end business in 2019 and repositioning itself as a
299、 global technology industry group,the Company has built long-term competitive advantages by focusing on core elements and critical growth drivers within the display and technology sectors,leveraging both organic growth and strategic M&A.As a global leader in the display industry,the Company drives m
300、arket growth through continuous technological innovation and a comprehensive product portfolio spanning all size categories.These strategic initiatives have cemented the Companys competitive advantage on the global stage.Through its acquisition of TZE,the Company has strategically entered the new en
301、ergy photovoltaic industry,establishing a foothold in sustainable development.Since its institutional reform in 2021,TZE has optimized its capital structure,further stimulated its organizational vitality,and continuously improved its operation and management efficiency,as well as risk resistance.Dri
302、ven by two core business engines,the Company has established a foundation for long-term profitability across industry cycles.With the two major business development cycles complementing each other,the Company has enhanced its resilience against external macroeconomic shifts and industry fluctuations
303、.Effectively implementing major strategic initiatives to achieve the goals of 2025s strategic planning This year,the Companys overall efforts will be guided by the Global Leadership Strategy,implementing the working policy of strategic guidance,innovation-driven development,advanced manufacturing,an
304、d global operations,and will continue to improve its relative competitiveness.With 46 a 43-year solid foundation,TCL is ready to embrace the future,build on its momentum,honor its legacy,and explore new frontiers for high-quality growth.XII.Communications with the Investment Community,such as Resear
305、ch,Inquiries,and Interviews Applicable Not applicable Time of reception Location Manner of communication Type of communication party Communication party Primary focus of the discussion and materials provided Index of the main information communicated March 26,2024 Conference Room of TCL TECH.in Shen
306、zhen Onsite Institution Panyao Asset Performance and operations of TCL TECH.for the first 3 quarters in 2023 Log Sheet No.2024-001 on Investor Relations Activities dated March 26,2024 disclosed by the Company at on March 28,2024.April 30,2024 Conference Room of TCL TECH.in Shenzhen Web conferencing
307、Individuals,institutions,etc.All investors Performance and operations of TCL TECH.for the Year 2023 and the first Quarter in 2024 Log Sheet No.2024-002 on Investor Relations Activities dated March 26,2024 disclosed by the Company at on May 3,2024.May 21,2024 Conference Room of TCL TECH.in Shenzhen O
308、nsite Institution China Merchants Securities,China Securities,UBS,etc.Performance and operations of TCL TECH.for the first Quarter in 2024 Log Sheet No.2024-003 on Investor Relations Activities dated May 21,2024 disclosed by the Company at on May 21,2024.July 3,2024 Conference Room of TCL TECH.in Sh
309、enzhen Onsite Institution Greenwoods Asset Management,Aegon-industrial Fund,Ping An Securities,GF Securities,etc.Performance and operations of TCL TECH.for the first Quarter in 2024 Log Sheet No.2024-004 on Investor Relations Activities dated July 3,2024 disclosed by the Company at on July 3,2024.Au
310、gust 27,2024 Conference Room of TCL TECH.in Shenzhen Web conferencing Institution New China Asset Management,China Life,Perseverance Asset Management,Pacific Asset Management,etc.Semi-annual performance and operations of TCL TECH.in 2024 Log Sheet No.2024-005 on Investor Relations Activities dated A
311、ugust 27,2024 disclosed by the Company at on August 28,2024.October 30,2024 Conference Room of TCL TECH.Web conferencing Institution E Funds,China Life Asset Management,Performance and operations of TCL Log Sheet No.2024-006 on Investor Relations Activities dated October 47 in Shenzhen China Life Pe
312、nsion,Pacific Asset Management,etc.TECH.for the first 3 quarters in 2024 30,2024 disclosed by the Company at on October 31,2024.January-December 2024 The Companys office Investor hotline(telephone)Individuals,institutions,etc.Individuals,institutions,etc.Contents and public information,etc.,disclose
313、d by the Company-January-December 2024 The Companys office Individuals,institutions,etc.Individuals,institutions,etc.Contents and public information,etc.,disclosed by the Company XIII.Formulation and Implementation of the Rules for Market Value Management and Valuation Enhancement Plan Whether the C
314、ompany has formulated the Rules for Market Value Management Yes No Whether the Company has disclosed the valuation enhancement plan Yes No On December 27,2024,the Proposal on Formulating the Rules for Market Value Management was deliberated on and adopted at the 7th Meeting of the 8th-term Board of
315、Directors.To strengthen the Companys market value management,further standardize its market value management practices,effectively enhance the Companys investment value,increase investor returns,and protect the legitimate rights and interests of the Company,the investors and other stakeholders,the C
316、ompany has formulated the Rules for Market Capitalization Management in accordance with the Company Law,the Securities Law,the Several Opinions of the State Council on Strengthening Regulation to Prevent Risk and Promoting the High-quality Development of the Capital Market,the Administrative Measure
317、s for the Information Disclosure by Listed Companies,the Guidelines for the Regulation of Listed Companies No.10 Market Value Management,and other related provisions.The Company firmly upholds the principle of shareholder returns,taking measures to protect investor interests,especially those of mino
318、rity shareholders.It upholds ethical operations,regulatory compliance,and a focused approach to core business,ensuring prudent management.By developing advanced capabilities,the Company continuously enhances operational efficiency and quality growth.Additionally,the Company prioritizes strong invest
319、or relations,enhancing transparency and communications to ensure investment value reflects its core strengths,while proactively strengthening investor confidence.XIV.Implementation of the Joint Improvement of Quality and Investment Return Action Plan Whether the Company has disclosed the Joint Impro
320、vement of Quality and Investment Returns Action Plan Announcement.Yes No To better implement the guidance on enhancing the quality and investment value of listed companies,the Company has developed the Joint Improvement of Quality and Investment Returns Action Plan,which is based on in-depth researc
321、h on industry trends and careful consideration of our future business trajectory.In addition,the Company has disclosed the progress report on the Joint Improvement of Quality and Investment Returns Action Plan in combination with the implementation.For more details,please see the Joint Improvement o
322、f Quality and Investment Returns Action Plan and the progress report on the Joint Improvement of Quality and Investment Returns Action Plan disclosed on February 28,2024,and May 8,2024,respectively.48 Part IV Corporate Governance I.General Information of Corporate Governance Since being listed,in ac
323、cordance with the Company Law of the Peoples Republic of China(the Company Law),the Securities Law of the Peoples Republic of China(the Securities Law),the Code of Corporate Governance for Listed Companies,the Rules Governing the Listing of Shares on Shenzhen Stock Exchange,the Self-Regulatory Guide
324、lines No.1 of Shenzhen Stock Exchange for Listed Companies-Standardized Operation of Main Board Listed Companies and other relevant laws,regulations and normative documents,along with the Articles of Association of TCL Technology Group Corporation(the Articles of Association),the TCL TECH.has contin
325、ued to enhance its governance structure and strengthen its internal control system,establishing a modern governance mechanism characterized by clearly defined responsibilities and standardized operations.During the Reporting Period,the Company pushed ahead with its corporate public work in many aspe
326、cts:(I)Shareholders and general meeting In strict accordance with the provisions and requirements of the Company Law,the Securities Law,the Articles of Associations,the Rules of Procedure for General Meeting of Shareholders,and other laws,regulations and rules,the Company has standardized procedures
327、 for convening,attending,and voting at general meetings by combining in-person and online participation.This approach facilitates the exercise of shareholder rights and ensures all shareholdersparticularly small and mid-sized shareholderscan fully participate in corporate governance.(II)Directors an
328、d the Board of Directors During the Reporting Period,the structure of the Companys Board of Directors complied with the laws and regulations and the Companys actual requirements,and the members of the Board of Directors had the necessary knowledge,skills and quality to perform their duties;the Board
329、 of Directors set up four special committees,including audit,nomination,remuneration and assessment,strategy&sustainable development,to provide advice and suggestions to the Board of Directors and ensure the professionalism and efficiency of the proceedings and decisions of the Board of Directors;al
330、l directors of the Company,in strict accordance with the Company Law,the Articles of Association,the Rules of Procedure for the Board of Directors and other relevant regulations,standardized the call,convening and voting of the Board of Directors,conscientiously attended the meetings of the Board of
331、 Directors and the General Meeting,took an active part in the training of relevant knowledge,familiarized with relevant laws and regulations,and safeguarded the interests of the Company and shareholders.49(III)Supervisors and Supervisory Committee During the Reporting Period,the Companys Supervisory
332、 Committee diligently performed its duties and effectively oversaw the Companys major events,related party transactions,financial situation,directors and senior executives performance of duties by attending the General Meetings,being present at the Meetings of the Board of Directors,regularly inspec
333、ting the Companys lawful operation and financial situation,and issuing the opinions of the Supervisory Committee,thus effectively safeguarding the legitimate rights and interests of the Company and its shareholders.The call and convening for meetings of the Supervisory Committee were carried out in strict accordance with the relevant provisions of the Articles of Association and the Rules of Proce
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