Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2025-024
TCL科技集团股份有限公司
TCL Technology Group Corporation
First Quarter 2025 Report
April 2025
Content
Section 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
Section I Important Notices and DefinitionsThe Board of Directors (or the "Board"), the Supervisory Committee as wellas the directors, supervisors and senior management of TCL Technology GroupCorporation (hereinafter referred to as the "Company") hereby guarantee thatthis quarterly report is factual, accurate, and complete, and shall be jointly andseverally liable for any misrepresentations, misleading statements, or materialomissions therein.
Mr. Li Dongsheng, the person-in-charge of the Company, Ms. Li Jian, theperson-in-charge of financial affairs (Chief Financial Officer), and Ms. JingChunmei, the person-in-charge of the financial department, hereby guaranteethat the financial statements in this Report are factual, accurate, and complete.
All of the Company's directors attended the Board meeting for the review ofthis First Quarter 2025 Report.
The future plans, development strategies or other forward-lookingstatements mentioned in this Report shall NOT be considered as promises of theCompany to investors. Therefore, investors are kindly reminded to pay attentionto possible investment risks.
This Report has not been audited. This Report has been prepared in bothChinese and English. Should there be any discrepancies or misunderstandingsbetween the two versions, the Chinese version shall prevail.
Definitions
| Term | Refers to | Definition |
| The “Company”, the “Group”, “TCL”, “TCL TECH.”, or “we” | Refers to | TCL Technology Group Corporation |
| 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 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 |
Section II Key Financial Information(I) Key accounting data and financial indicatorsIndicate whether there is any retrospectively adjusted or restated datum in the table below
□Yes ?No
| Q1 2025 | Q1 2024 | Change (%) | |
| Operating revenue (RMB) | 40,075,565,888 | 39,908,458,083 | 0.42% |
| Net profits attributable to the company’s shareholders (RMB) | 1,012,576,836 | 239,970,389 | 321.96% |
| Net profits attributable to the company's shareholders after non-recurring gains and losses (RMB) | 957,668,832 | 70,716,493 | 1254.24% |
| Net cash generated from operating activities (RMB) | 12,074,907,584 | 6,596,505,932 | 83.05% |
| Basic earnings per share (RMB/share) | 0.0545 | 0.0129 | 322.48% |
Diluted earnings per share(RMB/share)
| 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 | 378,251,915,923 | 5.79% |
| Owner's equity attributable to the company's 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 impairment 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 Company's daily operations, comply with national policies, are granted based on determined standards, and have a continuous impact on the Company's profits 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 hedging business related to the Company’s 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 of other profit and loss items that meet the definition of non-recurring profits and losses:
□Applicable ?Not applicable
The Company has no other profit and loss items that meet the definition of non-recurring profits and losses.
Notes on non-recurring profit and loss items that which is listed in the Explanatory Announcement No. 1 on Information Disclosurefor Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss shall be used to define Recurring Gain/Loss items.
□Applicable ?Not applicable
The Company does not have any non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on InformationDisclosure for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss that are defined as recurring profit andloss items.(III) Changes of key accounting data and financial indicators and 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 | 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 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 financing activities during the Reporting Period |
Section III Management Discussion and Analysis
Unprecedented volatility has been brought on since the year's beginning by growing geopoliticalcomplexity and a fundamental reorganization of international economic relations. The resurgence ofinflationary pressures worldwide has further compounded economic uncertainties worldwide. TheCompany's three main businesses—display, new energy photovoltaics, and other silicon materials—remain its primary emphasis despite external challenges. The Company include improved operationalresilience, 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, surging 322%YoY, while operating cash flow grew 83% YoY to RMB 12.1 billion.Main factors affect the Company's performance: During the reporting period, the supply-sidepattern of the display industry remained stable and orderly, with the trend toward larger sizes andincreasing demanded area driven by national subsidy policies. Industry utilization rates and prices ofmainstream products were better than those in the same period last year. The Company activelyoptimized its commercial strategies and business structure for its display business, achieving thehighest quarterly revenue and net profit in the past three years. In the first quarter, the supply-demandratio in the photovoltaic industry improved, with prices along the industry chain stabilizing andrebounding. TZE actively implemented industry self-regulation and resolutely advanced business andorganizational transformation, the operation of the main business sectors has significantly improved.
Display business
In the first quarter of 2025, the global TV retail market remained stable. The national subsidyprogram further accelerated the shift toward larger screens, while the global average TV size saw a
1.5+ inch YoY increase. This sustained growth in panel area demand boosted industry capacityutilization 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, optimizedits product structure. Benefiting from the price increases of its main products and YoY improvementsin capacity utilization, the Company achieved significant improvements in its operational
performance. During the reporting period, the display business generated a revenue of RMB 27.5billion, increasing by 18% YoY; a net profit of RMB 2.33 billion, increasing by 329% YoY and30% 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-end TV panels. The Company's TVpanel shipments remained stable among the top two globally, with the 65-inch and 75-inch productsholding the highest global market share. Through production line upgrades, the Company continuedto expand the proportion of 85-inch and ultra-large screen production capacity. The shipment area forproducts of 65-inch and above accounted for 58%, significantly optimizing the Company's productstructure. 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 their LTPStechnology edge to expand the high-end product portfolio, securing mass production orders forinternationally leading customers in notebooks and vehicle-mounted devices. The Company rankedas the world's second-largest monitor panel supplier, while maintaining its dominant position as theglobal leader in gaming monitor market share. In the small-size display sector, the Companymaintained strategic focus on mid-to-high-end markets, and continuously enhanced productcompetitiveness through technological innovation. The share of premium LTPO products had beensteadily increasing, while its flexible 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 2
nd
quarter of 2025 and is expected to make positive contribution to the Company's profit-making andgrowth. This M&A will further enhance industry concentration and build a more benign competitiveecosystem.
In 2025, the Company is confident in maintaining the rapid growth in its display business, andfurther improving operational benefits.
New energy photovoltaic and other silicon material business
In the first quarter of 2025, the global demand for installation of photovoltaic terminalsremained steady. After the deep industry adjustment in 2024, all sectors of the photovoltaicindustry realized the optimization of the competitive landscape through industry self-discipline,
leading to improved supply and demand ratios in the main industrial chain and a rebound inproduct prices. TZE has proactively implemented industry self-regulation initiatives, drivingoperational excellence and efficiency. This has resulted in significantly enhanced, comparablycompetitive positioning and substantial improvements of core business segments. During thereporting period, TZE achieved a revenue of RMB 6.1 billion, with a net profit attributable to itsshareholders of RMB -1.906 billion, showing an improvement of 49% QoQ. TZE impacted net profitof TCL TECH. attributable to the parent company amounted to RMB -570 million, and achieved netoperating cash flow amounting to RMB 490 million.The Company achieved 200GW for its silicon wafer production capacity by the end of theReporting Period, kept improving the construction of the 210 ecosystem, continually raised theshipment proportion of large-sized (210 series) products, and realized the external sales market shareof over 55%, continuing to consolidate the leading position for the business of photovoltaic materials.The photovoltaic materials business has increased product competitiveness and significantlyimproved quarterly profitability through process optimization, improved supply chain/inventorymanagement, improved operational efficiency, and strengthened quality-cost control. With thebattery module business upgrading in technology, manufacturing, products, branding, and marketsegments, the Company has transformed the TOPCon standard module production line and ispreparing to set up a 2GW BC module production line, thus gradually forming a full-value positioningmodule product portfolio. The Company, for the battery module business, is gradually improving theproduct structure and accelerating the construction of marketing capabilities, resulting in a significantincrease in the number of orders.
Currently, the photovoltaic industry is still in a recovery stage where differentiation andrestructuring of industry chains exist and lead to the survival of the fittest. The Company is strivingto transform its business philosophy, optimize its organizational processes, advance businesstransformation, and reshape its core competencies. In 2025, the Company is confident in achievingthe growth in performance.
Looking ahead, as an indispensable core component in electronic devices, display panels willcontinue their accelerated development by leveraging expansive global application scenarios acrossconsumer electronics, automotive, and home appliance sectors. With the optimization of the display
industry landscape and the shrink of supply-demand ratios, industry utilization rates and prices areexpected to rise moderately. The Company's display business will continue to grow and improve itsprofitability. As the photovoltaic industry is gradually bottoming out, and the prices across the supplychain are stabilized and recovering, the Company is confident in continuing to improve the operationof 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 beingguided by the principles of "Strategic Leadership, Innovation-Driven, Advanced Manufacturing, andGlobal Operations", the Company will firmly seize opportunities presented by the trend of AI, theupgrading of technology manufacturing, and the transformation of global energy structure, thusachieving sustainable high-quality development and advancing toward a globally-leading status.
Section IV Shareholder Information
(I) Table of the total number of ordinary shareholders and the number of preferred shareholders withresumed voting rights as well as the shareholdings 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 (excluding 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 | 673,839,802 | 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 applicable | 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 Investment 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, etc. | 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 refinancing and restricted shares held by senior management) | ||||||
| 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. | 814,486,530 | 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 Securities 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 ordinary 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 (Limited 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) became 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 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. | |||
Participation of shareholders holding more than 5%, top 10 shareholders, and top 10 non-restricted shareholders in the lending of sharesunder the refinancing business
□Applicable ?Not applicable
Change in top 10 shareholders and top 10 non-restricted shareholders due to securities lending/returning under refinancing as comparedto the previous period
□Applicable ?Not applicable
(II) Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders
□Applicable ?Not applicable
Section V Other Significant Events
1. Derivative investments for hedging purposes made during the Reporting Period
Unit: RMB'0,000
| Type of contract | Beginning amount | Ending amount | Gain/loss in the Reporting Period | Ending contractual amount as % of the Company's ending net asset | |||
| Contractual amount | Transaction limit | Contractual amount | Transaction 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 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 Period, loss from changes in the 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 Reporting Period, the Company's main foreign exchange risk exposures included exposures of assets and liabilities denominated in foreign currencies arising from business such as outbound sales, raw material procurement, and financing. The uncertain risks arising from the exchange rate fluctuations were effectively hedged by using derivative contracts with the same purchase amounts and maturities in opposite directions. | ||||||
2. Other significant events during the Reporting Period
□ Applicable ?Not applicable
Section VI Quarterly Financial Statements
(I) 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 | 16,560,971,113 |
| 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 contract 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 | 395,116,789 |
| 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 investments | ||
| 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 | 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 | 1,831,444,027 |
| Including: Data resources | ||
| Goodwill | 11,154,744,277 | 11,159,705,297 |
| Long-term deferred expenses | 2,397,402,987 | 2,163,456,812 |
| Deferred income tax assets | 2,717,828,218 | 2,486,427,319 |
| Other non-current assets | 25,726,075,163 | 17,917,340,727 |
| Total 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 | 232,405,610 |
| 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 | ||
| Customer 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 | 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 | 1,534,756,184 | 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 | 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 liabilities | 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 |
| Owner's 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 | 10,553,081,163 |
| 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 |
| Retained 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 owner's equity | 131,563,752,022 | 132,703,744,061 | |||
| Total liabilities and owner's equity | 400,157,984,128 | 378,251,915,923 | |||
| 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 | 40,119,483,879 | 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 | 5,895,581 |
| 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 | 1,182,211,685 | 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 | 111,069,433 |
| 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 fair value (losses are indicated by "-") | 264,792,963 | 173,603,977 |
| 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 are 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 | 177,179,324 | -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 "-") | ||
| (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 attributable 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 subsequently 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 enterprise's own credit risks | ||
| 5. Others | ||
| (II) Other comprehensive income that may subsequently be reclassified into 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. Provisions 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 |
| VII. Total comprehensive income | 122,702,368 | -272,924,859 |
| Total comprehensive income attributable to the | 898,964,249 | 290,546,973 |
| shareholders of the parent company | ||
| Total comprehensive income attributable to non-controlling interests | -776,261,881 | -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 Statement
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 financial 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 increase 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 transactions | ||
| 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 loans 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 |
| Cash paid for claims for original insurance contracts | ||
| Net increase of funds on loan | ||
| Cash paid for interest, service charges and commissions | ||
| Cash paid for policy dividends | ||
| Cash paid to and for employees | 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 operating 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 proceeds 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 | 21,931,627,871 | 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 business 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 contributions 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 activities | 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 financing activities | 283,474,003 | 652,112,281 |
| Subtotal of cash used in financing activities | 14,890,046,218 | 14,476,557,767 |
| Net cash generated from financing activities | 20,775,743,981 | 5,725,648,676 |
| IV. Effect of exchange rate changes on cash 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 financial statement items at the beginning of the year of the firstimplementation of the new accounting standards, which have been implemented since 2025
□Applicable ?Not applicable
(III) Auditor's Report
Whether the First Quarter Report has been audited or not?
□Yes ?No
The Company's First Quarter Report has not yet been audited.
TCL Technology Group CorporationThe Board of Directors
April 28, 2025