TCL科技：2025年一季度報告（英文版）.PDF

1、First Quarter 2025 Report of TCL Technology Group Corporation 1 Stock Code:000100 Stock Abbr.:TCL TECH.Announcement No.:2025-024 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 First Quarter 2025 Report April 2025 First Quarter 2025 Report of TCL Technology Group Corporation 2 Content Sect

2、ion I Important Notices and Definitions.3 Section II Key Financial Information.5 Section III Management Discussion and Analysis.7 Section IV Shareholder Information.11 Section V Other Significant Events.13 Section VI Quarterly Financial Statements.14 First Quarter 2025 Report of TCL Technology Group

3、 Corporation 3 Section I Important Notices and Definitions The 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 that this quarterly report

4、is factual,accurate,and complete,and shall be jointly and severally liable for any misrepresentations,misleading statements,or material omissions therein.Mr.Li Dongsheng,the person-in-charge of the Company,Ms.Li Jian,the person-in-charge of financial affairs(Chief Financial Officer),and Ms.Jing Chun

5、mei,the person-in-charge of the financial department,hereby guarantee that the financial statements in this Report are factual,accurate,and complete.All of the Companys directors attended the Board meeting for the review of this First Quarter 2025 Report.The future plans,development strategies or ot

6、her forward-looking statements mentioned in this Report shall NOT be considered as promises of the Company to investors.Therefore,investors are kindly reminded to pay attention to possible investment risks.This Report has not been audited.This Report has been prepared in both Chinese and English.Sho

7、uld there be any discrepancies or misunderstandings between the two versions,the Chinese version shall prevail.First Quarter 2025 Report of TCL Technology Group Corporation 4 Definitions Term Refers to Definition The“Company”,the“Group”,“TCL”,“TCL TECH.”,or“we”Refers to TCL Technology Group Corporat

8、ion Reporting Period Refers to The period from January 1,2025 to March 31,2025.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

9、code:002129.SZ)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%larger than the conventional M2 RMB Refers to Renminbi First

10、Quarter 2025 Report of TCL Technology Group Corporation 5 Section II Key Financial Information(I)Key accounting data and financial indicators Indicate whether there is any retrospectively adjusted or restated datum in the table below Yes No Q1 2025 Q1 2024 Change(%)Operating revenue(RMB)40,075,565,8

11、88 39,908,458,083 0.42%Net profits attributable to the companys shareholders(RMB)1,012,576,836 239,970,389 321.96%Net profits attributable to the companys shareholders after non-recurring gains and losses(RMB)957,668,832 70,716,493 1254.24%Net cash generated from operating activities(RMB)12,074,907,

12、584 6,596,505,932 83.05%Basic earnings per share(RMB/share)0.0545 0.0129 322.48%Diluted earnings per share(RMB/share)0.0539 0.0128 321.09%Weighted average return on equity(%)1.91%0.45%Increase by 1.46 percentage points YoY March 31,2025 December 31,2024 Change(%)Total assets(RMB)400,157,984,128 378,

13、251,915,923 5.79%Owners equity attributable to the companys shareholders(RMB)53,556,630,796 53,167,609,357 0.73%(II)Non-recurring profit and loss items and amount Applicable Not applicable Unit:RMB Item Amount in the Reporting period Gains and losses on disposal of non-current assets(inclusive of im

14、pairment allowance write-offs)-2,549,517.00 Public grants charged to current profits and losses(except for public grants that are closely related to the Companys daily operations,comply with national policies,are granted based on determined standards,and have a continuous impact on the Companys prof

15、its or losses)169,863,779.00 The profits or losses generated from changes in fair value arising from financial assets and financial liabilities held by non-financial enterprises and the profits or losses from the disposal of such financial assets and financial liabilities,except for the effective he

16、dging business related to the Companys normal business operations 140,442.00 Non-operating income and expenses other than the above 12,738,995.00 Less:Amount affected by income tax 26,154,177.00 Amount affected by equity of minority shareholders(net of tax)99,131,518.00 Total 54,908,004.00 Details o

17、f other profit and loss items that meet the definition of non-recurring profits and losses:Applicable Not applicable The Company has no other profit and loss items that meet the definition of non-recurring profits and losses.First Quarter 2025 Report of TCL Technology Group Corporation 6 Notes on no

18、n-recurring profit and loss items that which is listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their 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

19、 non-recurring profit and loss items listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the PublicNon-Recurring Gain/Loss that are defined as recurring profit and loss items.(III)Changes of key accounting data and financial indicators and

20、 reasons therefor Applicable Not applicable Balance Sheet items Ending balance Beginning balance Increase/decrease ratio(%)Reason for change Monetary assets 37,046,945,218 23,007,772,733 61.0 Mainly due to the increase in cash inflows from operating activities Other non-current assets 25,726,075,163

21、 17,917,340,727 43.6 Mainly due to the increase in prepayments for acquisition of equity Cash Flow Statement items Current balance Prior balance Increase/decrease ratio(%)Reason for change Net cash generated from operating activities 12,074,907,584 6,596,505,932 83.1 Mainly due to proceeds from the

22、sale of commodities and rendering of services Net cash used in investing activities -29,606,911,388 -8,965,306,457 -230.2 Mainly due to the increase in cash payments for investments Net cash generated from financing activities 20,775,743,981 5,725,648,676 262.9 Mainly due to the increase in financin

23、g activities during the Reporting Period First Quarter 2025 Report of TCL Technology Group Corporation 7 Section III Management Discussion and Analysis Unprecedented volatility has been brought on since the years beginning by growing geopolitical complexity and a fundamental reorganization of intern

24、ational economic relations.The resurgence of inflationary pressures worldwide has further compounded economic uncertainties worldwide.The Companys three main businessesdisplay,new energy photovoltaics,and other silicon materialsremain its primary emphasis despite external challenges.The Company incl

25、ude improved operational resilience,strengthened industry chain collaboration,and promoted sustainable,high-quality growth.In the first quarter,the Company realized RMB 40.1 billion in revenue,representing a 0.4%year-over-year increase.Net profit attributable to shareholders reached RMB 1.01 billion

26、,surging 322%YoY,while operating cash flow grew 83%YoY to RMB 12.1 billion.Main factors affect the Companys performance:During the reporting period,the supply-side pattern of the display industry remained stable and orderly,with the trend toward larger sizes and increasing demanded area driven by na

27、tional subsidy policies.Industry utilization rates and prices of mainstream products were better than those in the same period last year.The Company actively optimized its commercial strategies and business structure for its display business,achieving the highest quarterly revenue and net profit in

28、the past three years.In the first quarter,the supply-demand ratio in the photovoltaic industry improved,with prices along the industry chain stabilizing and rebounding.TZE actively implemented industry self-regulation and resolutely advanced business and organizational transformation,the operation o

29、f the main business sectors has significantly improved.Display business In the first quarter of 2025,the global TV retail market remained stable.The national subsidy program further accelerated the shift toward larger screens,while the global average TV size saw a 1.5+inch YoY increase.This sustaine

30、d growth in panel area demand boosted industry capacity utilization rates,lifted TV panel prices.The price of small-to-medium sized panel maintained stable.TCL CSOT leveraged its globally-leading scale benefits and operational efficiency,optimized its product structure.Benefiting from the price incr

31、eases of its main products and YoY improvements in capacity utilization,the Company achieved significant improvements in its operational First Quarter 2025 Report of TCL Technology Group Corporation 8 performance.During the reporting period,the display business generated a revenue of RMB 27.5 billio

32、n,increasing by 18%YoY;a net profit of RMB 2.33 billion,increasing by 329%YoY and 30%QoQ;and achieved a net operating cash flow of RMB 12.5 billion.In the segment of large-sized display,TCL CSOT,by leveraging the advantages of high-generation production lines,led the trend of large-sized and high-en

33、d TV panels.The Companys TV panel shipments remained stable among the top two globally,with the 65-inch and 75-inch products holding the highest global market share.Through production line upgrades,the Company continued to expand the proportion of 85-inch and ultra-large screen production capacity.T

34、he shipment area for products of 65-inch and above accounted for 58%,significantly optimizing the Companys product structure.In the medium-sized display segment,the t9 production line achieved rapid capacity ramp-up with flexible production allocation.Meanwhile,the t3 and t5 lines capitalized on the

35、ir LTPS technology edge to expand the high-end product portfolio,securing mass production orders for internationally leading customers in notebooks and vehicle-mounted devices.The Company ranked as the worlds second-largest monitor panel supplier,while maintaining its dominant position as the global

36、 leader in gaming monitor market share.In the small-size display sector,the Company maintained strategic focus on mid-to-high-end markets,and continuously enhanced product competitiveness through technological innovation.The share of premium LTPO products had been steadily increasing,while its flexi

37、ble OLED smartphone panels ranked fourth globally in market share.Recently,the Company has finished the acquisition of 100%equity in LG Display(China)Co.,Ltd.and LG Display(Guangzhou)Co.,Ltd.,which has been consolidated in the statements of the 2nd quarter of 2025 and is expected to make positive co

38、ntribution to the Companys profit-making and growth.This M&A will further enhance industry concentration and build a more benign competitive ecosystem.In 2025,the Company is confident in maintaining the rapid growth in its display business,and further improving operational benefits.New energy photov

39、oltaic and other silicon material business In the first quarter of 2025,the global demand for installation of photovoltaic terminals remained steady.After the deep industry adjustment in 2024,all sectors of the photovoltaic industry realized the optimization of the competitive landscape through indu

40、stry self-discipline,First Quarter 2025 Report of TCL Technology Group Corporation 9 leading to improved supply and demand ratios in the main industrial chain and a rebound in product prices.TZE has proactively implemented industry self-regulation initiatives,driving operational excellence and effic

41、iency.This has resulted in significantly enhanced,comparably competitive positioning and substantial improvements of core business segments.During the reporting period,TZE achieved a revenue of RMB 6.1 billion,with a net profit attributable to its shareholders of RMB-1.906 billion,showing an improve

42、ment of 49%QoQ.TZE impacted net profit of TCL TECH.attributable to the parent company amounted to RMB-570 million,and achieved net operating cash flow amounting to RMB 490 million.The Company achieved 200GW for its silicon wafer production capacity by the end of the Reporting Period,kept improving t

43、he construction of the 210 ecosystem,continually raised the shipment proportion of large-sized(210 series)products,and realized the external sales market share of over 55%,continuing to consolidate the leading position for the business of photovoltaic materials.The photovoltaic materials business ha

44、s increased product competitiveness and significantly improved quarterly profitability through process optimization,improved supply chain/inventory management,improved operational efficiency,and strengthened quality-cost control.With the battery module business upgrading in technology,manufacturing,

45、products,branding,and market segments,the Company has transformed the TOPCon standard module production line and is preparing to set up a 2GW BC module production line,thus gradually forming a full-value positioning module product portfolio.The Company,for the battery module business,is gradually im

46、proving the product structure and accelerating the construction of marketing capabilities,resulting in a significant increase in the number of orders.Currently,the photovoltaic industry is still in a recovery stage where differentiation and restructuring of industry chains exist and lead to the surv

47、ival of the fittest.The Company is striving to transform its business philosophy,optimize its organizational processes,advance business transformation,and reshape its core competencies.In 2025,the Company is confident in achieving the growth in performance.Looking ahead,as an indispensable core comp

48、onent in electronic devices,display panels will continue their accelerated development by leveraging expansive global application scenarios across consumer electronics,automotive,and home appliance sectors.With the optimization of the display First Quarter 2025 Report of TCL Technology Group Corpora

49、tion 10 industry landscape and the shrink of supply-demand ratios,industry utilization rates and prices are expected to rise moderately.The Companys display business will continue to grow and improve its profitability.As the photovoltaic industry is gradually bottoming out,and the prices across the

50、supply chain are stabilized and recovering,the Company is confident in continuing to improve the operation of the new energy photovoltaic business,navigating through industry cycles steadily.By upholding the spirit of Embark on the Voyage and Press Ahead Against All Odds,and being guided by the prin

51、ciples 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 sustainable high-quality d

52、evelopment and advancing toward a globally-leading status.First Quarter 2025 Report of TCL Technology Group Corporation 11 Section IV Shareholder Information(I)Table of the total number of ordinary shareholders and the number of preferred shareholders with resumed voting rights as well as the shareh

53、oldings of the top 10 shareholders Unit:Share Total number of ordinary shareholders by the end of the Reporting Period 734,938 Total number of preferred shareholders with resumed voting rights by the end of the Reporting Period(if any)0 Shareholdings of top 10 shareholders of ordinary shares(excludi

54、ng the lending of shares under refinancing)Name of shareholder Nature of shareholder Shareholding percentage(%)Number of shares held Number of restricted shares held Shares in pledge,marked or frozen Status Number Li Dongsheng Domestic individual/Domestic general legal entity 6.74%1,265,347,805 673,

55、839,802 Not applicable 0 Ningbo Jiutian Liancheng Equity Investment Partnership(Limited Partnership)In pledge 293,668,015 Hong Kong Securities Clearing Company Ltd.Foreign legal entity 4.34%814,486,530 0 Not applicable 0 Huizhou Investment Holding Co.,Ltd.Public legal entity 2.85%535,767,694 0 Not a

56、pplicable 0 China Securities Finance Corporation Limited Domestic general legal entity 2.19%410,554,710 0 Not applicable 0 Industrial and Commercial Bank of China-Huatai-Pinebridge CSI 300 ETF Fund,wealth management product,etc.1.64%307,325,470 0 Not applicable 0 Wuhan Optics Valley Industrial Inves

57、tment Co.,Ltd.Public legal entity 1.33%249,848,896 0 In pledge 120,070,000 Bank of China Limited-Huatai-Pinebridge CSI Photovoltaic Industry ETF Fund,wealth management product,etc.1.17%219,813,570 0 Not applicable 0 China Construction Bank-Efund-CSI 300 ETF Initiated Fund,wealth management product,e

58、tc.1.14%214,668,165 0 Not applicable 0 Perseverance Asset Management Partnership(Limited Partnership)-Gaoyi Xiaofeng No.2 Zhixin Fund Fund,wealth management product,etc.1.14%213,299,980 0 Not applicable 0 Shareholdings of top 10 non-restricted shareholders (excluding the lending of shares under refi

59、nancing and restricted shares held by senior management)First Quarter 2025 Report of TCL Technology Group Corporation 12 Name of shareholder Number of non-restricted ordinary shares held at the end of Reporting Period Share type and quantity Type Quantity Hong Kong Securities Clearing Company Ltd.81

60、4,486,530 RMB-denominated ordinary shares 814,486,530 Li Dongsheng 591,508,003 RMB-denominated ordinary shares 591,508,003 Ningbo Jiutian Liancheng Equity Investment Partnership(Limited Partnership)Huizhou Investment Holding Co.,Ltd.535,767,694 RMB-denominated ordinary shares 535,767,694 China Secur

61、ities Finance Corporation Limited 410,554,710 RMB-denominated ordinary shares 410,554,710 Industrial and Commercial Bank of China-Huatai-Pinebridge CSI 300 ETF 307,325,470 RMB-denominated ordinary shares 307,325,470 Wuhan Optics Valley Industrial Investment Co.,Ltd.249,848,896 RMB-denominated ordina

62、ry shares 249,848,896 Bank of China Limited-Huatai-Pinebridge CSI Photovoltaic Industry ETF 219,813,570 RMB-denominated ordinary shares 219,813,570 China Construction Bank-Efund-CSI 300 ETF Initiated 214,668,165 RMB-denominated ordinary shares 214,668,165 Perseverance Asset Management Partnership(Li

63、mited Partnership)-Gaoyi Xiaofeng No.2 Zhixin Fund 213,299,980 RMB-denominated ordinary shares 213,299,980 Note on the above shareholders associations or concerted actions Among the top 10 shareholders,Mr.Li Dongsheng and Ningbo Jiutian Liancheng Equity Investment Partnership(Limited Partnership)bec

64、ame persons acting in concert by signing the Agreement on Concerted Action.Mr.Li Dongsheng holds 898,453,069 shares,and Ningbo Jiutian Liancheng Equity Investment Partnership(Limited Partnership)holds 366,894,736 shares,representing 1,265,347,805 shares in total and becoming the largest shareholder

65、of the Company.Explanation of the top 10 ordinary shareholders participating in securities margin trading(if any)At the end of the Reporting Period,Wuhan Optics Valley Industrial Investment Co.,Ltd.,among the shareholders above,held certain shares of the Company through a credit security account.Par

66、ticipation of shareholders holding more than 5%,top 10 shareholders,and top 10 non-restricted shareholders in the lending of shares under the refinancing business Applicable Not applicable Change in top 10 shareholders and top 10 non-restricted shareholders due to securities lending/returning under

67、refinancing as compared to the previous period Applicable Not applicable(II)Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders Applicable Not applicable First Quarter 2025 Report of TCL Technology Group Corporation 13 Section V Other Significant Events 1.De

68、rivative investments for hedging purposes made during the Reporting Period Unit:RMB0,000 Type of contract Beginning amount Ending amount Gain/loss in the Reporting Period Ending contractual amount as%of the Companys ending net asset Contractual amount Transaction limit Contractual amount Transaction

69、 limit Contractual amount Transaction limit 1.Forward forex contracts 5,022,555 194,046 6,143,513 238,884 17,440 46.70 1.82 2.Interest rate swaps 314,100 9,423 247,151 7,415 1.88 0.06 Total 5,336,655 203,469 6,390,664 246,299 17,440 48.58 1.88 Accounting policies and specific accounting principles f

70、or 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 Period,loss from changes in the

71、 fair value of hedged items amounted to RMB 7.77 million;profit from the delivery of due forward exchange contracts amounted to RMB 33.27 million,and profit from the valuation of outstanding forward exchange contracts amounted to RMB 133.36 million.Description of the hedging effect During the Report

72、ing 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 exchange rate fluctuations were effecti

73、vely hedged by using derivative contracts with the same purchase amounts and maturities in opposite directions.2.Other significant events during the Reporting Period Applicable Not applicable First Quarter 2025 Report of TCL Technology Group Corporation 14 Section VI Quarterly Financial Statements(I

74、)Financial statements 1.Consolidated Balance Sheet Prepared by:TCL Technology Group Corporation Unit:RMB Item Ending balance Beginning balance Current assets:Monetary assets 37,046,945,218 23,007,772,733 Settlement reserves Funds on loan -Held-for-trading financial assets 20,113,236,383 16,560,971,1

75、13 Derivative financial assets 160,776,417 172,488,618 Notes receivable 190,161,029 189,852,988 Accounts receivable 19,793,824,418 22,242,152,687 Receivables financing 780,731,499 831,407,255 Prepayments 1,934,336,781 2,090,491,922 Premiums receivable Reinsurance accounts receivable Reinsurance cont

76、ract provisions receivable Other receivables 4,760,273,792 4,723,140,548 Of which:Interests receivable Dividends receivable 675,118,675 675,118,675 Financial assets purchased under sale-back agreement Inventories 19,542,658,012 17,594,133,395 Including:Data resources Contract assets 404,081,351 395,

77、116,789 Held-for-sale assets -Non-current assets due within one year 1,802,574,291 849,705,941 Other current assets 7,552,642,215 6,716,208,634 Total current assets 114,082,241,406 95,373,442,623 Non-current assets:Loans and advances to customers Debt investments 145,710,768 147,271,738 Other debt i

78、nvestments Long-term receivables 415,445,613 443,741,405 Long-term equity investments 24,076,993,833 24,595,634,142 Investments in other equity instruments 388,314,507 387,850,846 Other non-current financial assets 2,456,164,122 2,225,199,823 Investment property 608,114,796 612,733,509 Fixed assets

79、166,115,575,455 170,512,009,105 Construction in progress 23,446,522,182 23,580,503,161 Productive biological assets Oil and gas assets Right-of-use assets 6,659,663,512 6,697,687,926 Intangible assets 18,007,727,897 18,117,467,463 Including:Data resources Development costs 1,759,459,392 1,831,444,02

80、7 Including:Data resources Goodwill 11,154,744,277 11,159,705,297 Long-term deferred expenses 2,397,402,987 2,163,456,812 First Quarter 2025 Report of TCL Technology Group Corporation 15 Deferred income tax assets 2,717,828,218 2,486,427,319 Other non-current assets 25,726,075,163 17,917,340,727 Tot

81、al non-current assets 286,075,742,722 282,878,473,300 Total assets 400,157,984,128 378,251,915,923 Current liabilities:Short-term borrowings 8,183,086,307 8,193,283,100 Borrowings from the Central Bank 785,519,134 600,925,595 Borrowed funds Held-for-trading financial liabilities 330,635,763 232,405,

82、610 Derivative financial liabilities 105,606,464 248,845,063 Notes payable 5,844,713,041 7,107,842,242 Accounts payable 30,714,200,008 29,347,615,057 Advances from customers 1,818,021 2,688,530 Contract liabilities 2,178,875,980 1,969,271,038 Financial assets sold under repurchase agreements Custome

83、r deposits and deposits from other banks and financial institutions 319,730,638 177,654,155 Funds for brokering securities transactions Funds for brokering securities underwriting Employee salaries payable 4,413,021,661 4,188,236,860 Taxes and levies payable 984,392,971 1,206,097,922 Other payables

84、18,546,360,688 20,072,070,113 Of which:Interests payable Dividends payable 13,131,364 13,131,367 Service charges and commissions payable Reinsurance accounts payable Held-for-sale liabilities Non-current liabilities due within one year 42,775,335,103 36,224,483,112 Other current liabilities 1,534,75

85、6,184 1,484,914,785 Total current liabilities 116,718,051,963 111,056,333,182 Non-current liabilities:Insurance contract provisions Long-term borrowings 133,673,161,536 116,815,131,219 Bonds payable 5,485,405,569 6,488,620,429 Of which:Preferred shares Perpetual bonds Lease liabilities 6,294,008,521

86、 6,334,785,779 Long-term payables 1,769,650,592 1,994,811,580 Long-term employee compensation payable 22,268,402 22,423,743 Estimated liabilities 317,188,074 249,217,532 Deferred income 2,627,333,413 1,014,891,072 Deferred income tax liabilities 1,650,765,557 1,544,449,080 Other non-current liabilit

87、ies 36,398,479 27,508,246 Total non-current liabilities 151,876,180,143 134,491,838,680 Total liabilities 268,594,232,106 245,548,171,862 Owners equity:Share capital 18,779,080,767 18,779,080,767 Other equity instruments Of which:Preferred shares Perpetual bonds Capital reserves 9,998,788,091 10,553

88、,081,163 Less:Treasury share 876,056,712 919,321,508 Other comprehensive income -854,071,524 -740,458,937 Specific reserves 8,274,569 7,189,104 Surplus reserves 3,974,386,324 3,974,386,324 General risk reserve 8,933,515 8,933,515 First Quarter 2025 Report of TCL Technology Group Corporation 16 Retai

89、ned earnings 22,517,295,766 21,504,718,929 Total equity attributable to the owners of the parent company 53,556,630,796 53,167,609,357 Non-controlling interests 78,007,121,226 79,536,134,704 Total owners equity 131,563,752,022 132,703,744,061 Total liabilities and owners equity 400,157,984,128 378,2

90、51,915,923 Legal representative:Li Dongsheng Person in charge of financial affairs:Li Jian Person-in-charge of the financial department:Jing Chunmei 2.Consolidated Income Statement Unit:RMB Item Amount incurred in the current period Amount incurred in the previous period I.Total revenue 40,119,483,8

91、79 39,946,382,780 Including:Operating revenue 40,075,565,888 39,908,458,083 Interest income 43,917,991 37,924,697 Earned premiums Service charge and commission income II.Total costs 40,034,031,513 40,367,085,554 Of which:Operating cost 34,770,303,229 35,445,452,186 Interest expenditures 3,394,533 5,

92、895,581 Service charge and commission expenditures Surrender value Net claims payment Appropriation of net insurance liability reserve Policy dividend expenditures Reinsurance expenses Taxes and levies 235,686,109 198,854,235 Sales expenses 569,691,025 424,577,010 Administrative expenses 1,182,211,6

93、85 984,278,694 R&D expenses 2,141,488,676 2,207,454,463 Financial expenses 1,131,256,256 1,100,573,385 Including:Interest expenses 1,227,945,004 1,336,824,794 Interest income 126,151,505 208,100,403 Plus:Other income 443,667,749 332,434,076 Return on investment(losses are indicated by-)410,385,564 1

94、11,069,433 Including:Return on investment in joint ventures and associates 309,178,003 -20,350,516 Income from derecognition of financial assets measured at amortized costs Exchange gains(losses are indicated by-)54,616 7,789 Gain on net exposure hedging(losses are indicated by-)Gain on changes in f

95、air value(losses are indicated by-)264,792,963 173,603,977 First Quarter 2025 Report of TCL Technology Group Corporation 17 Credit impairment loss(losses are indicated by-)-12,143,461 -35,961,488 Asset impairment loss(losses are indicated by-)-776,773,537 -702,391,301 Asset disposal income(losses ar

96、e indicated by-)-822,549 76,453,230 III.Operating profit(losses are indicated by-)414,613,711 -465,487,058 Plus:Non-operating income 11,671,427 23,528,519 Less:Non-operating expenses 41,571,815 24,312,896 IV.Gross profit(gross loss is indicated by-)384,713,323 -466,271,435 Less:Income tax expenses 1

97、77,179,324 -132,665,572 V.Net profits(net losses are indicated by-)207,533,999 -333,605,863 (I)Classification by business continuity 1.Net profits from continuing operations(net losses are indicated by-)207,533,999 -333,605,863 2.Net profits from discontinued operations(net losses are indicated by-)

98、(II)Classification by ownership 1.Net profits attributable to the owner of the parent company 1,012,576,836 239,970,389 2.Net profit attributable to non-controlling interests -805,042,837 -573,576,252 VI.Other comprehensive income,net of tax -84,831,631 60,681,004 Other comprehensive income attribut

99、able to the owners of the parent company,net of tax -113,612,587 50,576,585 (I)Other comprehensive income that will not be reclassified to profit or loss 5,892,927 -3,386,503 1.Changes arising from remeasurement of defined benefit plans -114,396 2.Other comprehensive income that cannot be subsequent

100、ly reclassified into profits and losses under the equity method 5,829,012 -3.Changes in fair value of investments in other equity instruments 178,311 -3,386,503 4.Changes in fair value of the enterprises own credit risks 5.Others (II)Other comprehensive income that may subsequently be reclassified i

101、nto profit and losses -119,505,514 53,963,088 1.Other comprehensive income that can be transferred to profits and losses under the equity method -107,212,356 14,828 2.Changes in fair value of other debt investments 3.Amount of financial assets reclassified into other comprehensive income 4.Provision

102、s for credit impairment of other debt investments 5.Reserves for cash flow hedging -389,377 7,722,180 6.Conversion differences in foreign currency financial statements -11,903,781 46,226,080 7.Others Other net comprehensive income attributable to minority interests,net of tax 28,780,956 10,104,419 V

103、II.Total comprehensive income 122,702,368 -272,924,859 Total comprehensive income attributable to the 898,964,249 290,546,973 First Quarter 2025 Report of TCL Technology Group Corporation 18 shareholders of the parent company Total comprehensive income attributable to non-controlling interests -776,

104、261,881 -563,471,832 VIII.Earnings per share:(I)Basic earnings per share 0.0545 0.0129 (II)Diluted earnings per share 0.0539 0.0128 Legal representative:Li Dongsheng Person in charge of financial affairs:Li Jian Person-in-charge of the financial department:Jing Chunmei 3.Consolidated Cash Flow State

105、ment Unit:RMB Item Amount incurred in the current period Amount incurred in the previous period I.Net cash generated from operating activities:Proceeds from the sale of commodities and rendering of services 45,174,581,952 34,317,092,852 Net increase of deposits from customers,banks,and other financi

106、al institutions 139,860,802 204,352,893 Net increase of borrowings from the Central Bank 184,513,784 197,084,045 Net increase of borrowings from other financial institutions Cash received from collecting premiums for original insurance contracts Net cash received for reinsurance business Net increas

107、e of deposits and investments of policyholders Cash received from interest,service charges,and commissions 35,868,326 32,922,547 Net increase of borrowed funds from banks and other financial institutions Net increase of repurchase business funds Net cash received from brokering securities transactio

108、ns Tax and levy rebates 1,289,243,738 1,232,745,372 Cash generated from other operating activities 3,616,075,374 2,995,096,129 Sub-total of cash generated from operating activities 50,440,143,976 38,979,293,838 Cash paid for commodities and services 29,627,034,445 25,276,065,192 Net increase of loan

109、s and advances to customers 118,573,900 95,339,843 Net increase of deposits with the Central Bank,banks,and other financial institutions 82,639,406 -102,445,135 First Quarter 2025 Report of TCL Technology Group Corporation 19 Cash paid for claims for original insurance contracts Net increase of fund

110、s on loan Cash paid for interest,service charges and commissions Cash paid for policy dividends Cash paid to and for employees 3,432,782,131 3,385,466,209 Taxes and levies paid 1,272,574,824 1,142,639,741 Cash used in other operating activities 3,831,631,686 2,585,722,056 Sub-total of cash used in o

111、perating activities 38,365,236,392 32,382,787,906 Net cash generated from operating activities 12,074,907,584 6,596,505,932 II.Cash flow generated from investing activities:Proceeds from disinvestments 21,212,791,964 16,290,600,367 Proceeds from return on investments 671,013,734 575,956,542 Net proc

112、eeds from disposal of fixed assets,intangible assets,and other long-term assets 3,057,210 253,835,051 Net proceeds from disposal of subsidiaries and other business units -Cash generated from other investing activities 44,764,963 23,533,065 Sub-total of cash generated from investment activities 21,93

113、1,627,871 17,143,925,025 Cash paid for the acquisition and construction of fixed assets,intangible assets,and other long-term assets 5,194,578,467 6,604,971,676 Payments for investments 45,778,264,627 19,201,612,912 Net increase of pledged loans Net payments for acquiring subsidiaries and other busi

114、ness units -15,805,873 Cash used in other investing activities 565,696,165 286,841,021 Subtotal of cash used in investing activities 51,538,539,259 26,109,231,482 Net cash used in investing activities -29,606,911,388 -8,965,306,457 III.Net cash generated from financing activities:Capital contributio

115、ns received -2,000,000 Including:Capital contributions by non-controlling interests to subsidiaries -2,000,000 Cash received from raising borrowings 35,183,666,808 19,205,366,600 Cash generated from other financing activities 482,123,391 994,839,843 Sub-total of cash generated from financing activit

116、ies 35,665,790,199 20,202,206,443 Cash paid for debt repayment 13,246,057,298 12,362,132,985 Cash paid for distribution of dividends and profits or repayment of interests 1,360,514,917 1,462,312,501 Of which:Dividend/Profit paid by subsidiaries to minority shareholders -13,294,747 Cash used in other

117、 financing activities 283,474,003 652,112,281 Subtotal of cash used in financing activities 14,890,046,218 14,476,557,767 First Quarter 2025 Report of TCL Technology Group Corporation 20 Net cash generated from financing activities 20,775,743,981 5,725,648,676 IV.Effect of exchange rate changes on c

118、ash and cash equivalents 78,850,276 52,422,141 V.Net increase in cash and cash equivalents 3,322,590,453 3,409,270,292 Plus:Beginning balance of cash and cash equivalents 20,861,254,876 19,996,815,160 VI.Ending balance of cash and cash equivalents 24,183,845,329 23,406,085,452 (II)Adjustments to fin

119、ancial statement items at the beginning of the year of the first implementation of the new accounting standards,which have been implemented since 2025 Applicable Not applicable(III)Auditors Report Whether the First Quarter Report has been audited or not?Yes No The Companys First Quarter Report has not yet been audited.TCL Technology Group Corporation The Board of Directors April 28,2025