Interim report
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Third Quarter 2025 Report of TCL Technology Group Corporation 1 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
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Third Quarter 2025 Report of TCL Technology Group Corporation 2 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
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Third Quarter 2025 Report of TCL Technology Group Corporation 3 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.
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Third Quarter 2025 Report of TCL Technology Group Corporation 4 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. TZE Refers to TCL Zhonghuan Renewable Energy Technology Co., Ltd., a majority-owned subsidiary of the Company listed on the Shenzhen Stock Exchange (stock code: 002129.SZ) Zhonghuan 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 Company listed on the Shenzhen Stock Exchange (stock code: 002134.SZ) Highly Refers to Highly Information Industry Co., Ltd., a holding subsidiary of the Company listed 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 at Wuhan 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 Shenzhen CSOT t7 Refers to The generation 11 (or G11) new ultra high definition display production line at Shenzhen 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 Guangzhou CSOT 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
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Third 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 Q3 2025 Change From the beginning of the year to the end of the reporting period Change Operating revenue (RMB) 50,383,422,256 17.71% 135,943,426,753 10.50% Net profits attributable to the company’s shareholders (RMB) 1,163,292,951 119.44% 3,046,792,403 99.75% Net profits attributable to the company's shareholders after non- recurring gains and losses (RMB) 870,128,672 412.11% 2,428,864,120 233.33% Net cash generated from operating activities (RMB) — — 33,836,602,144 53.80% Basic earnings per share (RMB/share) 0.0590 106.29% 0.1604 95.37% Diluted earnings per share (RMB/share) 0.0581 106.03% 0.1584 95.07% Weighted average return on equity (%) 2.14% Increase by 1.14 percentage points YoY 5.68% Increase by 2.81 percentage points YoY September 30, 2025 December 31, 2024 Change Total assets (RMB) 381,651,399,603 378,251,915,923 0.90% Owner’s equity attributable to the company’s shareholders (RMB) 60,929,764,443 53,167,609,357 14.60% (II) Non-recurring profit and loss items and amount Applicable □Not applicable Unit: RMB Item Amount in the Reporting Period Amount from the beginning of the year to the end of the Reporting Period Gains and losses on disposal of non-current assets (inclusive of impairment allowance write-offs) 54,932,331 34,871,106 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 policies, are granted based on determined standards, and have a continuous impact on the Company's gains and losses) 392,850,914 1,026,066,039 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 -324,671 18,121,040
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Third Quarter 2025 Report of TCL Technology Group Corporation 6 Reversal of provision for impairment of receivables that have been individually tested for impairment - 27,615,955 Non-operating income and expenses other than the above 107,857,362 234,747,572 Less: Amount affected by income tax 59,626,561 144,380,375 Amount affected by equity of minority shareholders (net of tax) 202,525,096 579,113,054 Total 293,164,279 617,928,283 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/decrease ratio (%) Reason for change Held-for-trading financial assets 24,345,975,511 16,560,971,113 47.0 Mainly due to the increase in low-risk wealth management investments Capital reserves 14,897,640,925 10,553,081,163 41.2 Mainly due to the share issuance Cash Flow Statement items Current balance Prior balance Increase/decrease ratio (%) Reason for change Net cash generated from operating activities 33,836,602,144 22,000,714,536 53.8 Mainly due to the increase in proceeds from the sale of commodities and rendering of services
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Third Quarter 2025 Report of TCL Technology Group Corporation 7 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,
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Third Quarter 2025 Report of TCL Technology Group Corporation 8 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 fronts, demonstrating a positive trend of “steady progress in the large-sized segment, rapid growth in the small- 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
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Third Quarter 2025 Report of TCL Technology Group Corporation 9 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
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Third Quarter 2025 Report of TCL Technology Group Corporation 10 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
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Third Quarter 2025 Report of TCL Technology Group Corporation 11 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.
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Third Quarter 2025 Report of TCL Technology Group Corporation 12 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 operational philosophy of “Strategic Leadership, Innovation-Driven, Advanced Manufacturing, and Global Operations”, 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.
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Third Quarter 2025 Report of TCL Technology Group Corporation 13 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 the Reporting Period 671,098 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 ordinary shares held Shares in pledge, marked or frozen Status Number Li Dongsheng Domestic individual/Domestic general legal entity 6.09% 1,266,680,807 674,839,554 Not applicable 0 Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership) In pledge 169,320,637 Shenzhen Major Industrial Development Phase I Fund Co., Ltd. Public legal entity 4.74% 986,292,106 986,292,106 Not applicable 0 Hong Kong Securities Clearing Company Ltd. Foreign legal entity 4.54% 945,065,947 0 Not applicable 0 Huizhou Investment Holding Co., Ltd. Public legal entity 2.58% 535,767,694 0 Not applicable 0 China Securities Finance Corporation Limited Domestic general legal entity 1.97% 410,554,710 0 Not applicable 0 Industrial and Commercial Bank of China - Huatai- Pinebridge CSI 300 ETF Fund, wealth management product, etc. 1.70% 353,779,710 0 Not applicable 0 UBS AG Foreign legal entity 1.34% 277,717,184 243,467,933 Not applicable 0 China Construction Bank - Efund - CSI 300 ETF Initiated Fund, wealth management product, etc. 1.24% 257,151,252 35,741,235 Not applicable 0 Wuhan Optics Valley Industrial Investment Co., Ltd. Public legal entity 1.20% 249,848,896 0 In pledge 124,000,000 Shareholdings of top 10 non-restricted ordinary shareholders (excluding the lending of shares under refinancing and restricted shares held by senior management) Name of shareholder Number of non-restricted shares held Type and quantity of shares Type of shares Quantity Hong Kong Securities Clearing Company Ltd. 945,065,947 RMB- denominated ordinary shares 945,065,947 Li Dongsheng 591,841,253 RMB- denominated ordinary shares 591,841,253Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership) Huizhou Investment Holding Co., Ltd. 535,767,694 RMB- denominated ordinary shares 535,767,694
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Third Quarter 2025 Report of TCL Technology Group Corporation 14 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 353,779,710 RMB- denominated ordinary shares 353,779,710 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 236,692,980 RMB- denominated ordinary shares 236,692,980 China Construction Bank - Efund - CSI 300 ETF Initiated 221,410,017 RMB- denominated ordinary shares 221,410,017 Perseverance Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin Fund 206,800,000 RMB- denominated ordinary shares 206,800,000 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 899,786,071 shares and Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership) holds 366,894,736 shares, representing 1,266,680,807 shares in total and becoming the largest shareholder of the Company. Explanation of the 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%, 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
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Third Quarter 2025 Report of TCL Technology Group Corporation 15 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 5,119,610 198,593 28,973 41.38 1.61 2. Interest rate swaps 314,100 9,423 14,922 448 0.12 0.00 Total 5,336,655 203,469 5,134,532 199,041 28,973 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 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, the fair value change of the hedged items resulted in a loss of RMB 97.71million, the settlement of matured forward foreign exchange contracts generated a gain of RMB 258.48million, and the valuation of outstanding forward foreign exchange contracts lead to gain of RMB 128.96million. 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 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.
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Third Quarter 2025 Report of TCL Technology Group Corporation 16 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 20,224,631,366 23,007,772,733 Settlement reserves Funds on loan Held-for-trading financial assets 24,345,975,511 16,560,971,113 Derivative financial assets 59,086,672 172,488,618 Notes receivable 132,546,071 189,852,988 Accounts receivable 25,981,194,923 22,242,152,687 Receivables financing 1,415,781,853 831,407,255 Prepayments 2,345,996,461 2,090,491,922 Premiums receivable Reinsurance accounts receivable Reinsurance contract provisions receivable Other receivables 3,674,963,268 4,723,140,548 Including: Interests receivable Dividends receivable 675,118,675 675,118,675 Financial assets purchased under sale-back agreement Inventories 21,141,468,643 17,594,133,395 Including: Data resources Contract assets 387,645,137 395,116,789 Held-for-sale assets Non-current assets due within one year 1,448,125,219 849,705,941 Other current assets 8,213,437,143 6,716,208,634 Total current assets 109,370,852,267 95,373,442,623 Non-current assets: Loans and advances to customers Debt investments 582,299,281 147,271,738 Other debt investments Long-term receivables 119,524,707 443,741,405 Long-term equity investments 24,265,865,599 24,595,634,142 Investments in other equity instruments 412,376,934 387,850,846 Other non-current financial assets 2,804,454,719 2,225,199,823 Investment property 560,133,255 612,733,509 Fixed assets 166,429,063,963 170,512,009,105 Construction in progress 19,841,159,897 23,580,503,161 Productive biological assets Oil and gas assets Right-of-use assets 6,372,228,055 6,697,687,926 Intangible assets 18,560,203,772 18,117,467,463 Including: Data resources Development costs 1,537,561,058 1,831,444,027 Including: Data resources Goodwill 11,962,253,652 11,159,705,297
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Third Quarter 2025 Report of TCL Technology Group Corporation 17 Long-term deferred expenses 2,662,263,140 2,163,456,812 Deferred income tax assets 2,715,639,509 2,486,427,319 Other non-current assets 13,455,519,795 17,917,340,727 Total non-current assets 272,280,547,336 282,878,473,300 Total assets 381,651,399,603 378,251,915,923 Current liabilities: Short-term borrowings 8,815,334,532 8,193,283,100 Borrowings from the Central Bank 91,666,344 600,925,595 Borrowing funds 500,052,778 Held-for-trading financial liabilities 261,219,141 232,405,610 Derivative financial liabilities 61,410,021 248,845,063 Notes payable 7,480,410,204 7,107,842,242 Accounts payable 35,838,156,892 29,347,615,057 Advances from customers 5,312,101 2,688,530 Contract liabilities 1,997,537,592 1,969,271,038 Financial assets sold under repurchase agreements Customer deposits and deposits from other banks and financial institutions 188,654,874 177,654,155 Funds for brokering securities transactions Funds for brokering securities underwriting Employee compensation payable 4,626,671,664 4,188,236,860 Taxes and levies payable 1,385,585,187 1,206,097,922 Other payables 18,649,666,079 20,072,070,113 Including: Interests payable Dividends payable 13,248,764 13,131,367 Service charges and commissions payable Reinsurance accounts payable Held-for-sale liabilities Non-current liabilities due within one year 33,598,571,876 36,224,483,112 Other current liabilities 1,590,407,622 1,484,914,785 Total current liabilities 115,090,656,907 111,056,333,182 Non-current liabilities: Insurance contract provisions Long-term borrowings 123,534,083,925 116,815,131,219 Bonds payable 6,557,139,250 6,488,620,429 Including: Preferred shares Perpetual bonds Lease liabilities 6,233,896,008 6,334,785,779 Long-term payables 1,429,607,345 1,994,811,580 Long-term employee compensation payable 21,957,721 22,423,743 Estimated liabilities 227,893,429 249,217,532 Deferred income 2,664,621,413 1,014,891,072 Deferred income tax liabilities 2,143,325,702 1,544,449,080 Other non-current liabilities 28,652,175 27,508,246 Total non-current liabilities 142,841,176,968 134,491,838,680 Total liabilities 257,931,833,875 245,548,171,862 Owner’s equity: Share capital 20,800,862,447 18,779,080,767 Other equity instruments Including: Preferred shares Perpetual bonds Capital reserves 14,897,640,925 10,553,081,163 Less: Treasury share 1,503,652,075 919,321,508 Other comprehensive income -817,322,308 -740,458,937 Specific reserves 5,630,522 7,189,104
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Third Quarter 2025 Report of TCL Technology Group Corporation 18 Surplus reserves 3,974,386,324 3,974,386,324 General risk reserve 8,933,515 8,933,515 Retained earnings 23,563,285,093 21,504,718,929 Total equity attributable to the owners of the parent company 60,929,764,443 53,167,609,357 Non-controlling interests 62,789,801,285 79,536,134,704 Total owners' equity 123,719,565,728 132,703,744,061 Total liabilities and owners' equity 381,651,399,603 378,251,915,923 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 for the period from the beginning of the year to the end of the Reporting Period Unit: RMB Item Amount incurred in the current period Amount incurred in the previous period I. Total revenue 136,064,747,889 123,131,768,609 Including: Operating revenue 135,943,426,753 123,028,497,947 Interest income 121,321,136 103,270,662 Earned premiums Service charge and commission income II. Total costs 135,565,833,830 124,050,215,990 Including: Operating cost 118,592,498,986 108,640,452,508 Interest expenditures 12,226,443 16,004,207 Service charge and commission expenditures Surrender value Net claims payment Appropriation of net insurance liability reserve Policy dividend expenditures Reinsurance expenses Taxes and levies 878,642,741 888,627,867 Sales expenses 1,808,184,948 1,395,704,389 Administrative expenses 3,440,592,336 3,121,692,041 R&D expenses 7,393,745,724 6,576,221,492 Financial expenses 3,439,942,652 3,411,513,486 Including: Interest expenses 3,720,323,168 3,734,284,335 Interest income 524,551,294 501,033,624 Add: Other income 1,767,528,756 1,334,221,454 Return on investment (losses are indicated by "-") 1,662,556,667 878,654,664 Including: Return on investment in joint ventures and associates 1,150,193,541 -119,650,822 Income from derecognition of financial assets measured at amortized costs Exchange gains (losses are indicated by "-") 504,115 421,473 Gain on net exposure hedging (losses are indicated by "-") Gain on changes in fair value (losses are indicated by "-") 595,629,955 479,574,279 Credit impairment loss (losses are indicated by "-") -14,031,935 -15,204,947 Asset impairment loss (losses are indicated by "-") -3,372,610,477 -3,540,212,533 Asset disposal income (losses are indicated by "-") 3,069,942 40,910,222 III. Operating profit (losses are indicated by "-") 1,141,561,082 -1,740,082,769 Add: Non-operating income 46,160,074 238,237,895
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Third Quarter 2025 Report of TCL Technology Group Corporation 19 Less: Non-operating expenses 176,001,781 102,597,065 IV. Gross profit (gross loss is indicated by "-") 1,011,719,375 -1,604,441,939 Less: Income tax expense 529,171,588 224,564,284 V. Net profits (net losses are indicated by "-") 482,547,787 -1,829,006,223 (I) Classified by continuity of operations 1. Net profits from continuing operations (net losses are indicated by "-") 482,547,787 -1,829,006,223 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 (net losses are indicated by "-") 3,046,792,403 1,525,319,763 2. Net profit attributable to non-controlling interests (net losses are indicated by "-") -2,564,244,616 -3,354,325,986 VI. Other comprehensive income, net of tax -93,393,016 148,408,442 Other comprehensive income attributable to the owners of the parent company, net of tax -76,863,371 166,521,886 (I) Other comprehensive income that cannot be subsequently reclassified into profits and losses -5,440,283 128,945,901 1. Changes arising from remeasurement of defined benefit plans 2. Other comprehensive income that cannot be subsequently reclassified into profits and losses under the equity method -10,209,048 131,124,694 3. Changes in fair value of investments in other equity instruments 4,768,765 -2,178,793 4. Changes in fair value of the enterprise’s own credit risks 5. Others (II) Other comprehensive income that may subsequently be reclassified into profits and losses -71,423,088 37,575,985 1. Other comprehensive income that can be transferred to profits and losses under the equity method -37,715,578 26,476,380 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 - 28,637,483 6. Conversion differences in foreign currency financial statements -33,707,510 -17,537,878 7. Others Other comprehensive income attributable to non-controlling interests, net of tax -16,529,645 -18,113,444 VII. Total comprehensive income 389,154,771 -1,680,597,781 (I) Total comprehensive income attributable to the shareholders of the parent company 2,969,929,032 1,691,841,649 (II) Total comprehensive income attributable to non-controlling interests -2,580,774,261 -3,372,439,430 VIII. Earnings per share: (I) Basic earnings per share 0.1604 0.0821 (II) Diluted earnings per share 0.1584 0.0812 Legal representative: Li Dongsheng Person-in-charge of financial affairs: Li Jian Person-in-charge of the financial department: Jing Chunmei
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Third Quarter 2025 Report of TCL Technology Group Corporation 20 3. Consolidated Cash Flow Statement for the period from the beginning of the year to the end of the Reporting Period 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 147,937,512,610 123,374,242,201 Net increase of deposits from customers, banks, and other financial institutions 8,905,145 574,758,778 Net increase of borrowings from the Central Bank -507,189,316 -287,595,760 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 commission 86,593,708 104,035,829 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 4,238,907,127 4,189,699,038 Cash generated from other operating activities 9,766,246,224 3,505,370,060 Sub-total of cash generated from operating activities 161,530,975,498 131,460,510,146 Payments for commodities and services 102,597,397,617 88,059,421,971 Net increase of loans and advances to customers -185,677,339 -282,990,363 Net increase of deposits with the Central Bank, banks, and other financial institutions -8,624,759 -89,725,774 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 10,742,521,309 9,177,134,623 Taxes and levies paid 3,919,628,352 3,746,232,645 Cash used in other operating activities 10,629,128,174 8,849,722,508 Sub-total of cash used in operating activities 127,694,373,354 109,459,795,610 Net cash generated from operating activities 33,836,602,144 22,000,714,536 II. Cash flow generated from investing activities: Proceeds from disinvestments 80,824,235,602 52,857,913,578 Proceeds from return on investments 1,945,325,131 2,162,788,974 Net proceeds from disposal of fixed assets, intangible assets, and other long-term assets 145,356,890 317,694,322 Net proceeds from disposal of subsidiaries and other business units - 35,197,323 Cash generated from other investing activities 137,527,359 480,351,646
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Third Quarter 2025 Report of TCL Technology Group Corporation 21 Sub-total of cash generated from investment activities 83,052,444,982 55,853,945,843 Payments for the acquisition and construction of fixed assets, intangible assets and other long-term assets 11,511,651,748 18,673,744,678 Payments for investments 89,279,902,850 62,378,097,855 Net increase of pledged loans Net payments for acquiring subsidiaries and other business units 6,197,175,767 395,597,639 Cash used in other investing activities 561,637,645 959,825,953 Subtotal of cash used in investing activities 107,550,368,010 82,407,266,125 Net cash used in investing activities -24,497,923,028 -26,553,320,282 III. Cash flow generated from financing activities: Capital contributions received 4,435,377,733 96,135,256 Including: Capital contributions by non- controlling interests to subsidiaries 137,551,931 96,135,256 Borrowings raised 66,876,357,539 61,968,446,494 Cash generated from other financing activities 566,327,309 434,971,952 Sub-total of cash generated from financing activities 71,878,062,581 62,499,553,702 Cash paid for debt repayment 68,842,349,158 46,959,964,907 Cash paid for distribution of dividends and profits or repayment of interests 4,627,566,871 6,531,212,376 Including: Dividend and Profit paid by subsidiaries to minority shareholders 33,550,665 1,003,910,923 Cash used in other financing activities 10,406,415,238 2,162,527,863 Subtotal of cash used in financing activities 83,876,331,267 55,653,705,146 Net cash generated from financing activities -11,998,268,686 6,845,848,556 IV. Effect of exchange rate changes on cash and cash equivalents 190,479,096 -26,384,744 V. Net increase in cash and cash equivalents -2,469,110,474 2,266,858,066 Add: Beginning balance of cash and cash equivalents 20,861,254,876 19,996,815,160 VI. Ending balance of cash and cash equivalents 18,392,144,402 22,263,673,226 Legal representative: Li Dongsheng Person-in-charge of financial affairs: Li Jian Person-in-charge of the financial department: 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