TCL科技:2025年第三季度报告（英文版）

Third Quarter 2025 Report of TCL Technology Group Corporation

Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2025-091

TCL科技集团股份有限公司

TCL Technology Group Corporation

Third Quarter 2025 Report

October 2025

1Third Quarter 2025 Report of TCL Technology Group Corporation

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 ..................13

Section V Other Significant Events ................. 15

Section VI Quarterly Financial Statements ...........16

2Third Quarter 2025 Report of TCL Technology Group Corporation

Section I Important Notices and Definitions

The Board of Directors (or the “Board”) the directors and senior

management of TCL Technology Group Corporation (hereinafter referred to as

the “Company”) hereby guarantee that this quarterly report is factual accurate

and complete and shall be jointly and severally liable for any misrepresentations

misleading statements or material omissions therein.Mr. Li Dongsheng the person-in-charge of the Company Ms. Li Jian the

person-in-charge of financial affairs (Chief Financial Officer) and Ms. Jing

Chunmei the person-in-charge of the financial department hereby guarantee

that the financial statements in this Report are factual accurate and complete.All of the Company’s directors attended the Board meeting for the review

of this Third Quarter 2025 Report.The future plans development strategies or other forward-looking

statements mentioned in this Report shall NOT be considered as promises of the

Company to investors. Therefore investors are kindly reminded to pay attention

to possible investment risks.This Report has not been audited. This Report has been prepared in both

Chinese and English. Should there be any discrepancies or misunderstandings

between the two versions the Chinese version shall prevail.

3Third Quarter 2025 Report of TCL Technology Group Corporation

Definitions

Term Refers to Definition

The “Company” the “Group”

“TCL TECH.” or “we” Refers to TCL Technology Group Corporation

Reporting Period Q3 2025 Refers to The period from July 1 2025 to September 30 2025.TCL CSOT Refers to TCL China Star Optoelectronics Technology Co. Ltd.TCL Zhonghuan Renewable Energy Technology Co. Ltd. a majority-owned

TZE Refers to subsidiary of the Company listed on the Shenzhen Stock Exchange (stock code:

002129.SZ)

Zhonghuan Advanced 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 Companylisted on the Shenzhen Stock Exchange (stock code: 002134.SZ)

Highly Refers to Highly Information Industry Co. Ltd. a holding subsidiary of the Companylisted on the National Equities Exchange and Quotations

t1 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at TCL CSOT

t2 Refers to The generation 8.5 (or G8.5) TFT-LCD (oxide) production line at TCL CSOT

t3 Refers to The generation 6 (or G6) LTPS-LCD panel production line at Wuhan CSOT

t4 Refers to The generation 6 (or G6) flexible LTPS-AMOLED panel production line atWuhan CSOT

t5 Refers to The generation 6 (or G6) new display production line at Wuhan CSOT

t6 Refers to The generation 11 (or G11) new TFT-LCD display production line at ShenzhenCSOT

t7 Refers to The generation 11 (or G11) new ultra high definition display production line atShenzhen CSOT

t8 Refers to The generation 8.6 (or G8.6) printed OLED production line at TCL CSOT

t9 Refers to The generation 8.6 (or G8.6) new oxide display production line at GuangzhouCSOT

t10 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at Suzhou CSOT

t11 Refers to The generation 8.5 (or G8.5) TFT-LCD production line at Guangzhou CSOT

t12 Refers to The generation 5.5 (or G5.5) printed OLED production line at Wuhan CSOT

RMB Refers to Renminbi

4Third Quarter 2025 Report of TCL Technology Group Corporation

Section II Key Financial Information

(I) Key accounting data and financial indicators

Indicate whether there is any retrospectively adjusted or restated datum in the table below

□Yes□No

From the beginning of

Q3 2025 Change the year to the end of Change

the reporting period

Operating revenue (RMB) 50383422256 17.71% 135943426753 10.50%

Net profits attributable to

the company’s 1163292951 119.44% 3046792403 99.75%

shareholders (RMB)

Net profits attributable to

the company's

shareholders after non- 870128672 412.11% 2428864120 233.33%

recurring gains and losses

(RMB)

Net cash generated from

——3383660214453.80%

operating activities (RMB)

Basic earnings per share

0.0590106.29%0.160495.37%

(RMB/share)

Diluted earnings per share

0.0581106.03%0.158495.07%

(RMB/share)

Weighted average return Increase by 1.14 Increase by 2.81

2.14%5.68%

on equity (%) percentage points YoY percentage points YoY

September 30 2025 December 31 2024 Change

Total assets (RMB) 381651399603 378251915923 0.90%

Owner’s equity

attributable to the

609297644435316760935714.60%

company’s shareholders

(RMB)

(II) Non-recurring profit and loss items and amount

□Applicable □Not applicable

Unit: RMB

Amount from the beginning

Amount in the

Item of the year to the end of the

Reporting Period

Gains and losses on disposal of non-current assets (inclusive of impairment

5493233134871106

allowance write-offs)

Public grants charged to current gains and losses (except for public grants that

are closely related to the Company's daily operations comply with national

3928509141026066039

policies are granted based on determined standards and have a continuous

impact on the Company's gains and losses)

The profits or losses generated from changes in fair value arising from

financial assets and financial liabilities held by non-financial enterprises and

the profits or losses from the disposal of such financial assets and financial -324671 18121040

liabilities except for the effective hedging business related to the company’s

normal business operations

5Third Quarter 2025 Report of TCL Technology Group Corporation

Reversal of provision for impairment of receivables that have been

-27615955

individually tested for impairment

Non-operating income and expenses other than the above 107857362 234747572

Less: Amount affected by income tax 59626561 144380375

Amount affected by equity of minority shareholders (net of tax) 202525096 579113054

Total 293164279 617928283

Details of other profit and loss items that meet the definition of non-recurring profits and losses:

□Applicable□Not applicable

The Company has no other profit and loss items that meet the definition of non-recurring profits and losses.Notes on non-recurring profit and loss items that are listed in the Explanatory Announcement No. 1 on Information Disclosure for

Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss shall be used to define Recurring Gain/Loss items

□Applicable□Not applicable

The Company does not have any non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information

Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss that are defined as recurring profit and

loss items.(III) Changes of key accounting data and financial indicators and reasons therefor

□Applicable □Not applicable

Balance Sheet items Ending balance Beginning balance Increase/decreaseratio (%) Reason for change

Mainly due to the

Held-for-trading financial 24345975511 16560971113 47.0 increase in low-riskassets wealth management

investments

Capital reserves 14897640925 10553081163 41.2 Mainly due to theshare issuance

Cash Flow Statement items Current balance Prior balance Increase/decreaseratio (%) Reason for change

Mainly due to the

Net cash generated from increase in proceeds

operating activities 33836602144 22000714536 53.8 from the sale ofcommodities and

rendering of services

6Third Quarter 2025 Report of TCL Technology Group Corporation

Section III Management Discussion and Analysis

I. Overall Operating Performance of the Company During the Reporting Period

Since the beginning of the year global economic and trade uncertainties have not only

persisted but intensified amid a rapid reshaping of the international landscape and a fundamental

overhaul of globalization rules. The intertwining trends of anti-globalization regionalization and

localization ushered China's manufacturing sector into a new phase presenting both opportunities

and challenges. In the face of external challenges the Company affirmed its leadership strategy and

focused on advanced manufacturing centered around displays new energy photovoltaics and other

silicon materials with a view to improving operational resilience and promoting high-quality and

sustainable growth.In the first three quarters of 2025 the Company realized RMB 135.9 billion in operating

revenue representing a 10.5% increase YoY. Net profit attributable to shareholders reached RMB

3.05 billion surging 99.8% YoY while operating cash flow grew 53.8% YoY to RMB 33.84 billion.

Specifically the net profit attributable to shareholders of the listed company in the third quarter was

RMB 1.16 billion an increase of 33.6% QoQ. As of the end of the Reporting Period the

Company’s asset-liability ratio was 67.6% an increase of 2.7 percentage points from the beginning

of the year. This increase was primarily due to significant new investments made during the year

the substantial acquisition of the minority stake in CSOT G11 line from the Shenzhen public fund

and losses in the photovoltaic business. The Company will manage its asset-liability ratio within a

reasonable range by enhancing operating efficiency and securing appropriate equity and debt

financing all while providing robust support for its business growth.II. Operating Performance of the Company’s Core Businesses During the Reporting Period

The Company honed in advanced manufacturing with displays new energy photovoltaics and

other silicon materials at its core and was committed to achieving the strategic goal of global

leadership.(I) Display Business

The third quarter witnessed a continued improvement in the global panel market buoyed by

recovering demand and stabilizing prices signaling an industry-wide recovery. On the demand side

7Third Quarter 2025 Report of TCL Technology Group Corporation

multiple application segments experienced synchronized growth. TV brands actively built up

inventory for year-end promotions driving a recovery in demand for large-sized panels. The

notebook market saw sustained positive momentum supported by domestic "old-for-new" subsidy

policies and the replacement cycle overseas. Meanwhile steady growth in global automobile sales

provided solid support for in-car display demand. On the supply side the industry chain maintained

a strategy of production based on demand which precisely calibrated output to market needs. This

discipline preserved a dynamic supply-demand equilibrium and laid a solid foundation for the

sector's long-term sustainability.For the first three quarters TCL CSOT achieved cumulative operating revenue of RMB 78.01

billion an increase of 17.5% YoY; net profit was RMB 6.1 billion up 53.5% YoY; and net profit

attributable to shareholders of TCL TECH. was RMB 3.9 billion an increase of 41.9% YoY.Capitalizing on its scale and cost leadership the Company harnessed the industry recovery to drive

superior operational and financial outcomes—through product mix optimization deeper business

integration and operational refinement—significantly boosting earnings and cementing its global

competitive edge in the display industry.The Company's core businesses achieved major breakthroughs across multiple frontsdemonstrating a positive trend of “steady progress in the large-sized segment rapid growth in thesmall- and medium-sized segment and comprehensive blossoming in emerging areas” showcasing

developmental resilience and growth potential. In the third quarter the Company maintained its

competitive edge in the large-sized segment (including TV and commercial displays) with market

share increasing by 5 percentage points year-on-year to 25% achieving global leadership in

comprehensive competitiveness and EBITDA margin. The small- and medium-sized display

business has become the Company's core growth engine achieving major breakthroughs across all

segments: In IT MNT sales volume grew 10% year-over-year maintaining our leadership in the

gaming monitor segment while NB sales surged 63% YoY demonstrating strong momentum; in

mobile terminals LCD smartphone panel shipments increased 28% YoY with market share rising

by 4 percentage points to 14%; in tablets we captured a 13% market share a significant increase of

6 percentage points YoY elevating our global ranking from fifth to second; in automotive the

display panel shipment business grew 47% YoY and our market share expanded by 3 percentage

points to 11% and in specialty displays this business continues its rapid growth with widespread

8Third Quarter 2025 Report of TCL Technology Group Corporation

applications in medical e-paper and smart projection fields establishing itself as a critical pillar for

our diversified growth.During the reporting period the Company made steady progress in integrating the t11

production line achieving gains in quality and efficiency through operational refinement. By

leveraging supply chain synergies and optimizing production processes t11 significantly reduced its

unit cost compared to pre-acquisition levels maintained high capacity utilization and enhanced

both operational efficiency and profitability. Meanwhile t11 and the t9 line deepened their

collaborative development establishing a complementary business structure based on differentiated

technical profiles and market focuses. In the monitor segment this translates to t9 targeting the

high-end market while t11 serves mainstream demand further unlocking capacity synergies.Meanwhile the OLED business (t4 G6 line) maintained stable operation with flexible OLED

smartphone shipments steadily ranking fourth globally. The product mix continued to improve with

the proportion of high-end model shipments increasing.During the Reporting Period TCL CSOT continued to advance the industrialization process in

two cutting-edge technologies: printed OLED and Micro LED. The existing G5.5 printed OLED

production line (t12) was steadily ramping up its capacity from 3K to 9K pieces per month with

both product yield and quality showing continuous improvement. Medical display products have

been steadily shipped. In addition t12 is being promoted to NB and MNT customers and is

expected to achieve mass production in the first half of next year. In late October the Company

officially commenced construction of the world's first high-generation printed OLED production

line (t8 project). This breakthrough signals that Chinese display companies now have the potential

to leapfrog competitors and achieve leadership in high-generation OLED technology. This will

accelerate the adoption of these advanced displays in mid-to-high-end monitors laptops and

automotive dashboards positioning China as a dominant force in the global display market.The Company's key strategic priority Micro LED (MLED) will enter a stage of mass

production and achieve stable delivery by year-end. The AR glasses market has developed at a

dramatically quicker-than-expected rate with global shipments projected to hit 100 million units by

2035. The Company will continue to increase technological innovation advance forward-looking

capacity planning comprehensively enhance its core competitiveness in high-performance full-

scenario display solutions and actively seize the major strategic opportunity presented by the

9Third Quarter 2025 Report of TCL Technology Group Corporation

industry's explosive growth.During the reporting period TCL CSOT continued to advance its global strategy and achieved

notable progress in the localization of its overseas operations. In the Indian market doubled growth

in large-size TV sales—driven by an expanded product portfolio and broader mainstream customer

reach—fueled continuous operational improvements at the local module factory. The Indian

government's tax reform in September is set to accelerate the shift toward larger screen sizes. The

Company is actively optimizing its production layout and enhancing capacity flexibility to further

consolidate its leading position in the regional market. In Vietnam the new module factory is in its

final dash toward mass production. Having successfully passed all key customer audits and with

sample certification on track it is expected to begin batch shipments in the fourth quarter

positioning itself as a new engine for overseas business growth.(II) Silicon Materials Business

Guided by its "Lead at Home Compete Globally" strategy the Company’s silicon materials

business delivered strong performance from the start of the year to the end of the Reporting Period:

shipments hit 907 MSI operating revenue totaled RMB 4.24 billion a year-on-year increase of

28.7%. As China’s largest silicon materials enterprise boasting the most comprehensive product

portfolio and advanced technology the Company serves key customers both domestically and

internationally maintaining a leading overall competitive edge in the domestic industry. The

Company will continue to enrich its product mix and customer structure to enhance market

competitiveness and influence.(III) New Energy Photovoltaics Business

In the first half of the year prices across the photovoltaic industry’s main chain fluctuated

spurred by a rush in end-user installations. As efforts to curb industry involution intensified

upstream prices rebounded from July to September—a trend that gradually rippled through to the

wafer segment driving recovery in overall industry profitability. The Company's new energy

photovoltaic business is actively implementing anti-involution requirements by upholding a strategy

of measured integration and global expansion. This approach is designed to solidify our competitive

edge in crystal and wafer production bolster our capabilities in cells and modules expand our

overseas market presence and ultimately enhance profitability. From the beginning of the year to

10Third Quarter 2025 Report of TCL Technology Group Corporation

the end of the Reporting Period the Company's new energy photovoltaic business achieved sales

revenue of RMB 16.01 billion with a QoQ improvement of 22% in the third quarter.The Company's photovoltaic materials business optimized its operational strategy increasing

the proportion of high-efficiency and high-value-added products. It reduced silicon costs through

supply chain management and improved material usage capability and continuously lowered

manufacturing costs by driving down power consumption improving production efficiency and

implementing a series of R&D projects. As of the end of September non-silicon costs had

decreased by over 40% compared to the beginning of the year. The profitability of the photovoltaic

materials business improved significantly in the third quarter.During the Reporting Period the product capability of the Company's photovoltaic cell and

module business further improved. A brand matrix centered on SUNPOWER TCL Solar and TZE

was established and the product and customer structure was further optimized. Half-cell and BC

modules gradually ramped up volume with BC product efficiency reaching 25%. The Company has

established strategic cooperation with several major central state-owned enterprises and is

accelerating its breakthroughs in the distributed market with rapid shipment growth in overseas

markets such as the Middle East Latin America Australia and New Zealand.The Company will continue to refine its globalization strategy with overseas operations in the

Philippines the Middle East and elsewhere progressing as planned. The Company's controlled

subsidiary Maxeon remained in a phase of transformation and adjustment which had a negative

impact on the Company's financial performance. To address operational challenges and align with

business strategy the Company has deepened organizational transformation and process

optimization centered on markets and customers to establish an agile and efficient response

mechanism and accelerate efficiency improvements. Meanwhile the Company is closely

monitoring opportunities for industry consolidation during the cyclical trough to address

shortcomings and enhance competitiveness.(IV) Non-core business

The Company’s non-core businesses satisfied its operating budgets and maintained healthy

growth. Moka Technology specializes in the ODM business for intelligent display terminal products

such as TVs monitors and commercial displays and is the world's largest TV ODM manufacturer.

11Third Quarter 2025 Report of TCL Technology Group Corporation

In the first three quarters Moka Technology achieved revenue of RMB 16.86 billion an increase of

10% YoY. The TV ODM volume increased 12% YoY with market share rising 1.1 percentage

points to 14.3% ranked first globally. The monitor ODM business grew rapidly with shipment

volume increasing 21% YoY and market share rising 1.4 percentage points to 8.2% securing fourth

place globally.Facing a severe and complex external environment the Company will embrace the spirit of

“Embarking on the Voyage and Pressing Ahead Against All Odds.” By adhering to the operationalphilosophy of “Strategic Leadership Innovation-Driven Advanced Manufacturing and GlobalOperations” the Company will seize the historic opportunities presented by the upgrade of the

advanced manufacturing industry and the transformation of the global energy structure to achieve

sustainable high-quality development and advance toward global leadership.

12Third Quarter 2025 Report of TCL Technology Group Corporation

Section IV Shareholder Information

(I) Table of the total number of ordinary shareholders and the number of preferred shareholders with

resumed voting rights as well as the shareholdings of the top 10 shareholders

Unit: share

Total number of ordinary shareholders by the end of Total number of preferred shareholders with

the Reporting Period 671098 resumed voting rights by the end of the 0Reporting Period (if any)

Shareholdings of top 10 shareholders of ordinary shares (excluding the lending of shares under refinancing)

Number of Shares in pledge marked or

Name of Nature of shareholder Shareholding Number of restricted frozenshareholder percentage shares held ordinary

shares held Status Number

Li Dongsheng Notapplicable 0

Ningbo Jiutian Domestic

Liancheng Equity individual/Domestic general 6.09% 1266680807 674839554

Investment legal entity In pledge 169320637

Partnership (Limited

Partnership)

Shenzhen Major

Industrial

Development Phase Public legal entity 4.74% 986292106 986292106

Not

applicable 0

I Fund Co. Ltd.Hong Kong

Securities Clearing Foreign legal entity 4.54% 945065947 0 Not 0

Company Ltd. applicable

Huizhou Investment

Holding Co. Ltd. Public legal entity 2.58% 535767694 0

Not

applicable 0

China Securities

Finance Corporation Domestic general legal entity 1.97% 410554710 0 Not

Limited applicable

Industrial and

Commercial Bank

of China - Huatai- Fund wealth management 1.70% 353779710 0 Not

Pinebridge CSI 300 product etc. applicable

ETF

UBS AG Foreign legal entity 1.34% 277717184 243467933 Notapplicable 0

China Construction

Bank - Efund - CSI Fund wealth management Notproduct etc. 1.24% 257151252 35741235 applicable 0300 ETF Initiated

Wuhan Optics

Valley Industrial Public legal entity 1.20% 249848896 0 In pledge 124000000

Investment Co. Ltd.Shareholdings of top 10 non-restricted ordinary shareholders (excluding the lending of shares under refinancing and restricted shares

held by senior management)

Type and quantity of shares

Name of shareholder Number of non-restricted shares held Type of

shares Quantity

RMB-

Hong Kong Securities Clearing Company Ltd. 945065947 denominatedordinary 945065947

Li Dongsheng RMB-

denominated

Ningbo Jiutian Liancheng Equity Investment 591841253 ordinary 591841253

Partnership (Limited Partnership) shares

RMB-

Huizhou Investment Holding Co. Ltd. 535767694 denominatedordinary 535767694

13Third Quarter 2025 Report of TCL Technology Group Corporation

RMB-

China Securities Finance Corporation Limited 410554710 denominatedordinary 410554710

RMB-

Industrial and Commercial Bank of China - Huatai- denominated

Pinebridge CSI 300 ETF 353779710 ordinary 353779710

RMB-

Wuhan Optics Valley Industrial Investment Co. Ltd. 249848896 denominatedordinary 249848896

RMB-

Bank of China Limited - Huatai-Pinebridge CSI 236692980 denominatedPhotovoltaic Industry ETF ordinary 236692980

RMB-

China Construction Bank - Efund - CSI 300 ETF

Initiated 221410017

denominated

ordinary 221410017

Perseverance Asset Management Partnership RMB-

(Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin 206800000 denominated

Fund ordinary

206800000

Among the top 10 shareholders Mr. Li Dongsheng and

Ningbo Jiutian Liancheng Equity Investment Partnership

(Limited Partnership) became persons acting in concert by

signing the Agreement on Concerted Action. Mr. Li

Note on the above shareholders’ associations or concerted actions Dongsheng holds 899786071 shares and Ningbo Jiutian

Liancheng Equity Investment Partnership (Limited

Partnership) holds 366894736 shares representing

1266680807 shares in total and becoming the largest

shareholder of the Company.At the end of the Reporting Period Wuhan Optics Valley

Explanation of the top 10 ordinary shareholders participating in Industrial Investment Co. Ltd. among the shareholders

securities margin trading (if any) above held certain shares of the Company through a credit

security account.Participation of shareholders holding more than 5% the top 10 shareholders and the top 10 non-restricted shareholders in the lending

of shares under the refinancing business

□Applicable ?Not applicable

Change in the top 10 shareholders and the top 10 non-restricted shareholders due to securities lending/returning under refinancing as

compared to the previous period

□Applicable ?Not applicable

(II) Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders

□Applicable ?Not applicable

14Third Quarter 2025 Report of TCL Technology Group Corporation

Section V Other Significant Events

1. Derivative investments for hedging purposes made during the Reporting Period

Unit: RMB'0000

Ending contractual

Beginning amount Ending amount Gain/loss amount as % of the

in the Company’s ending netType of contract Reporting asset

Contractual Transaction Contractual Transaction Period Contractual Transaction

amount limit amount limit amount limit

1. Forward forex contracts 5022555 194046 5119610 198593 41.38 1.61

28973

2. Interest rate swaps 314100 9423 14922 448 0.12 0.00

Total 5336655 203469 5134532 199041 28973 41.50 1.61

Accounting policies and specific accounting principles

for hedging business during the Reporting Period and a

description of whether there have been significant No significant change

changes from those of the previous reporting period

During the Reporting Period the fair value change of the hedged items

Description of actual profits and losses during the resulted in a loss of RMB 97.71million the settlement of matured forward

Reporting Period foreign exchange contracts generated a gain of RMB 258.48million andthe valuation of outstanding forward foreign exchange contracts lead to

gain of RMB 128.96million.During the Reporting Period the Company's main foreign exchange risk

exposures included exposures of assets and liabilities denominated in

foreign currencies arising from business such as outbound sales raw

Description of the hedging effect material procurement and financing. The uncertain risks arising from the

exchange rate fluctuations were effectively hedged by using derivative

contracts with the same purchase amounts and maturities in opposite

directions.

2. Other significant events during the Reporting Period

?Applicable □Not applicable

I. Implementation status of share issuance and cash payment to purchase assets and raise supporting funds in 2025

1. On March 4 2025 the Company disclosed the Report on the Share Issuance and Cash Payment to Purchase Assets and Raise

Supporting Funds (Draft) and related documents according to which the Company proposed to acquire a 21.5311% equity interest in

Shenzhen China Star Optoelectronics Bandaoti Display Technology Co. Ltd. held by Shenzhen Major Industrial Development Phase

I Fund Co. Ltd. through shares issuance and cash payment.

2. On June 27 2025 the Company received the Reply on Approving TCL Technology Group Corporation's Issuance of Shares to

Purchase Assets and Raise Supporting Funds (CSRC Permit [2025] No.1326) issued by the China Securities Regulatory Commission

(CSRC).

3. On July 1 2025 the Company obtained the Registration Notice issued by the Shenzhen Administration for Market Regulation

indicating that the subject assets had been transferred and registered under the Company's name.

4. On July 10 2025 the new shares involved in this share issuance for asset purchase were listed.

5. On August 22 2025 the shares issued to specific investors in connection with the raised supporting capital were listed.

6. In September 2025 the raised funds were fully utilized and the special account for raised funds was closed.

For details of the above please refer to the relevant announcements released by the Company on designated media.

15Third Quarter 2025 Report of TCL Technology Group Corporation

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 20224631366 23007772733

Settlement reserves

Funds on loan

Held-for-trading financial assets 24345975511 16560971113

Derivative financial assets 59086672 172488618

Notes receivable 132546071 189852988

Accounts receivable 25981194923 22242152687

Receivables financing 1415781853 831407255

Prepayments 2345996461 2090491922

Premiums receivable

Reinsurance accounts receivable

Reinsurance contract provisions receivable

Other receivables 3674963268 4723140548

Including: Interests receivable

Dividends receivable 675118675 675118675

Financial assets purchased under sale-back

agreement

Inventories 21141468643 17594133395

Including: Data resources

Contract assets 387645137 395116789

Held-for-sale assets

Non-current assets due within one year 1448125219 849705941

Other current assets 8213437143 6716208634

Total current assets 109370852267 95373442623

Non-current assets:

Loans and advances to customers

Debt investments 582299281 147271738

Other debt investments

Long-term receivables 119524707 443741405

Long-term equity investments 24265865599 24595634142

Investments in other equity instruments 412376934 387850846

Other non-current financial assets 2804454719 2225199823

Investment property 560133255 612733509

Fixed assets 166429063963 170512009105

Construction in progress 19841159897 23580503161

Productive biological assets

Oil and gas assets

Right-of-use assets 6372228055 6697687926

Intangible assets 18560203772 18117467463

Including: Data resources

Development costs 1537561058 1831444027

Including: Data resources

Goodwill 11962253652 11159705297

16Third Quarter 2025 Report of TCL Technology Group Corporation

Long-term deferred expenses 2662263140 2163456812

Deferred income tax assets 2715639509 2486427319

Other non-current assets 13455519795 17917340727

Total non-current assets 272280547336 282878473300

Total assets 381651399603 378251915923

Current liabilities:

Short-term borrowings 8815334532 8193283100

Borrowings from the Central Bank 91666344 600925595

Borrowing funds 500052778

Held-for-trading financial liabilities 261219141 232405610

Derivative financial liabilities 61410021 248845063

Notes payable 7480410204 7107842242

Accounts payable 35838156892 29347615057

Advances from customers 5312101 2688530

Contract liabilities 1997537592 1969271038

Financial assets sold under repurchase

agreements

Customer deposits and deposits from other

188654874177654155

banks and financial institutions

Funds for brokering securities transactions

Funds for brokering securities underwriting

Employee compensation payable 4626671664 4188236860

Taxes and levies payable 1385585187 1206097922

Other payables 18649666079 20072070113

Including: Interests payable

Dividends payable 13248764 13131367

Service charges and commissions payable

Reinsurance accounts payable

Held-for-sale liabilities

Non-current liabilities due within one year 33598571876 36224483112

Other current liabilities 1590407622 1484914785

Total current liabilities 115090656907 111056333182

Non-current liabilities:

Insurance contract provisions

Long-term borrowings 123534083925 116815131219

Bonds payable 6557139250 6488620429

Including: Preferred shares

Perpetual bonds

Lease liabilities 6233896008 6334785779

Long-term payables 1429607345 1994811580

Long-term employee compensation

2195772122423743

payable

Estimated liabilities 227893429 249217532

Deferred income 2664621413 1014891072

Deferred income tax liabilities 2143325702 1544449080

Other non-current liabilities 28652175 27508246

Total non-current liabilities 142841176968 134491838680

Total liabilities 257931833875 245548171862

Owner’s equity:

Share capital 20800862447 18779080767

Other equity instruments

Including: Preferred shares

Perpetual bonds

Capital reserves 14897640925 10553081163

Less: Treasury share 1503652075 919321508

Other comprehensive income -817322308 -740458937

Specific reserves 5630522 7189104

17Third Quarter 2025 Report of TCL Technology Group Corporation

Surplus reserves 3974386324 3974386324

General risk reserve 8933515 8933515

Retained earnings 23563285093 21504718929

Total equity attributable to the owners of the

6092976444353167609357

parent company

Non-controlling interests 62789801285 79536134704

Total owners' equity 123719565728 132703744061

Total liabilities and owners' equity 381651399603 378251915923

Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:

Li Dongsheng Li Jian Jing Chunmei

2. Consolidated Income Statement for the period from the beginning of the year to the end of the Reporting

Period

Unit: RMB

Amount incurred in the Amount incurred in the

Item

current period previous period

I. Total revenue 136064747889 123131768609

Including: Operating revenue 135943426753 123028497947

Interest income 121321136 103270662

Earned premiums

Service charge and commission income

II. Total costs 135565833830 124050215990

Including: Operating cost 118592498986 108640452508

Interest expenditures 12226443 16004207

Service charge and commission expenditures

Surrender value

Net claims payment

Appropriation of net insurance liability reserve

Policy dividend expenditures

Reinsurance expenses

Taxes and levies 878642741 888627867

Sales expenses 1808184948 1395704389

Administrative expenses 3440592336 3121692041

R&D expenses 7393745724 6576221492

Financial expenses 3439942652 3411513486

Including: Interest expenses 3720323168 3734284335

Interest income 524551294 501033624

Add: Other income 1767528756 1334221454

Return on investment (losses are indicated by "-") 1662556667 878654664

Including: Return on investment in joint ventures

1150193541-119650822

and associates

Income from derecognition of financial

assets measured at amortized costs

Exchange gains (losses are indicated by "-") 504115 421473

Gain on net exposure hedging (losses are indicated by "-")

Gain on changes in fair value (losses are indicated by "-") 595629955 479574279

Credit impairment loss (losses are indicated by "-") -14031935 -15204947

Asset impairment loss (losses are indicated by "-") -3372610477 -3540212533

Asset disposal income (losses are indicated by "-") 3069942 40910222

III. Operating profit (losses are indicated by "-") 1141561082 -1740082769

Add: Non-operating income 46160074 238237895

18Third Quarter 2025 Report of TCL Technology Group Corporation

Less: Non-operating expenses 176001781 102597065

IV. Gross profit (gross loss is indicated by "-") 1011719375 -1604441939

Less: Income tax expense 529171588 224564284

V. Net profits (net losses are indicated by "-") 482547787 -1829006223

(I) Classified by continuity of operations

1. Net profits from continuing operations (net losses are

482547787-1829006223

indicated by "-")

2. Net profits from discontinued operations (net losses are

indicated by "-")

(II) Classification by ownership

1. Net profits attributable to shareholders of the parent company

30467924031525319763

(net losses are indicated by "-")

2. Net profit attributable to non-controlling interests (net losses

-2564244616-3354325986

are indicated by "-")

VI. Other comprehensive income net of tax -93393016 148408442

Other comprehensive income attributable to the owners of the

-76863371166521886

parent company net of tax

(I) Other comprehensive income that cannot be subsequently

-5440283128945901

reclassified into profits and losses

1. Changes arising from remeasurement of defined benefit

plans

2. Other comprehensive income that cannot be subsequently

-10209048131124694

reclassified into profits and losses under the equity method

3. Changes in fair value of investments in other equity

4768765-2178793

instruments

4. Changes in fair value of the enterprise’s own credit risks

5. Others

(II) Other comprehensive income that may subsequently be

-7142308837575985

reclassified into profits and losses

1. Other comprehensive income that can be transferred to

-3771557826476380

profits and losses under the equity method

2. Changes in fair value of other debt investments

3. Amounts of financial assets reclassified into other

comprehensive income

4. Provisions for credit impairment of other debt investments

5. Reserves for cash flow hedging - 28637483

6. Conversion differences in foreign currency financial

-33707510-17537878

statements

7. Others

Other comprehensive income attributable to non-controlling

-16529645-18113444

interests net of tax

VII. Total comprehensive income 389154771 -1680597781

(I) Total comprehensive income attributable to the shareholders of

29699290321691841649

the parent company

(II) Total comprehensive income attributable to non-controlling

-2580774261-3372439430

interests

VIII. Earnings per share:

(I) Basic earnings per share 0.1604 0.0821

(II) Diluted earnings per share 0.1584 0.0812

Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:

Li Dongsheng Li Jian Jing Chunmei

19Third Quarter 2025 Report of TCL Technology Group Corporation

3. Consolidated Cash Flow Statement for the period from the beginning of the year to the end of the

Reporting Period

Unit: RMB

Amount incurred in the current Amount incurred in the previous

Item

period period

I. Net cash generated from operating activities:

Proceeds from the sale of commodities and

147937512610123374242201

rendering of services

Net increase of deposits from customers banks

8905145574758778

and other financial institutions

Net increase of borrowings from the Central Bank -507189316 -287595760

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

86593708104035829

commission

Net increase of borrowed funds from banks and

other financial institutions

Net increase of repurchase business funds

Net cash received from brokering securities

transactions

Tax and levy rebates 4238907127 4189699038

Cash generated from other operating activities 9766246224 3505370060

Sub-total of cash generated from operating activities 161530975498 131460510146

Payments for commodities and services 102597397617 88059421971

Net increase of loans and advances to customers -185677339 -282990363

Net increase of deposits with the Central Bank

-8624759-89725774

banks and other financial institutions

Cash paid for claims for original insurance

contracts

Net increase of funds on loan

Cash paid for interest service charges and

commissions

Cash paid for policy dividends

Cash paid to and for employees 10742521309 9177134623

Taxes and levies paid 3919628352 3746232645

Cash used in other operating activities 10629128174 8849722508

Sub-total of cash used in operating activities 127694373354 109459795610

Net cash generated from operating activities 33836602144 22000714536

II. Cash flow generated from investing activities:

Proceeds from disinvestments 80824235602 52857913578

Proceeds from return on investments 1945325131 2162788974

Net proceeds from disposal of fixed assets

145356890317694322

intangible assets and other long-term assets

Net proceeds from disposal of subsidiaries and

-35197323

other business units

Cash generated from other investing activities 137527359 480351646

20Third Quarter 2025 Report of TCL Technology Group Corporation

Sub-total of cash generated from investment activities 83052444982 55853945843

Payments for the acquisition and construction of

fixed assets intangible assets and other long-term 11511651748 18673744678

assets

Payments for investments 89279902850 62378097855

Net increase of pledged loans

Net payments for acquiring subsidiaries and other

6197175767395597639

business units

Cash used in other investing activities 561637645 959825953

Subtotal of cash used in investing activities 107550368010 82407266125

Net cash used in investing activities -24497923028 -26553320282

III. Cash flow generated from financing activities:

Capital contributions received 4435377733 96135256

Including: Capital contributions by non-

13755193196135256

controlling interests to subsidiaries

Borrowings raised 66876357539 61968446494

Cash generated from other financing activities 566327309 434971952

Sub-total of cash generated from financing activities 71878062581 62499553702

Cash paid for debt repayment 68842349158 46959964907

Cash paid for distribution of dividends and profits

46275668716531212376

or repayment of interests

Including: Dividend and Profit paid by

335506651003910923

subsidiaries to minority shareholders

Cash used in other financing activities 10406415238 2162527863

Subtotal of cash used in financing activities 83876331267 55653705146

Net cash generated from financing activities -11998268686 6845848556

IV. Effect of exchange rate changes on cash and cash

190479096-26384744

equivalents

V. Net increase in cash and cash equivalents -2469110474 2266858066

Add: Beginning balance of cash and cash

2086125487619996815160

equivalents

VI. Ending balance of cash and cash equivalents 18392144402 22263673226

Legal representative: Person-in-charge of financial affairs: Person-in-charge of the financial department:

Li Dongsheng Li Jian Jing Chunmei

(II) Adjustments to financial statement items at the beginning of the year of the first

implementation of the new accounting standards which have been implemented since

2025

□Applicable□Not applicable

(III) Auditor's Report

Whether the Third Quarter Financial Report has been audited or not

□Yes□No

The Company's Third Quarter Financial Report has not yet been audited.TCL Technology Group Corporation

The Board of Directors

October 30 2025

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