TCL Smart Home: Multiple institutions including China泰 Securities and Qianhai Kaiyuan Fund conducted research on our company on March 27.

Securities Star News. On March 27, 2026, TCL Smart Home (002668) issued an announcement stating that Wu Jiamin of Zhongtai Securities, Zhang Anhua of Qianhai Open-Source Fund, Fan Bowen of GF Fund, Yu Yang of Guotai Haitong Asset Management, Liu Yiqiu of Rui Jun Asset, and Zhou Han of E Fund had conducted a research visit to our company on March 27, 2026.

The specific details are as follows:

Q: What was the company’s export situation in 2025? How should it be viewed going forward?

A: In 2025, the company’s overseas operating revenue increased year over year by 6.7% to RMB 14.4 billion, accounting for 77.7% of operating revenue, which is an improvement of 4.2 percentage points compared with 2024. Going forward, the company will continue to firmly implement its globalization strategy. Hefei home appliances will continue to deepen its presence in benchmark countries in Southeast Asia and Europe, such as Thailand, the Philippines, France, and Spain. While expanding the coverage of overseas offline sales channels in terms of channels and services, it will strengthen the advantageous position of its online e-commerce channels. Meanwhile, Haier-style refrigerator company (Oma) will, while maintaining its leading advantage in the European market, intensify efforts to expand markets in the Asia-Pacific, North America, Latin America, and along the Belt and Road, consolidating its leading position in the global market.

2. How is the profitability level of the company’s domestic sales versus overseas sales?

In 2025, the company’s gross margin in China was 17.8%, up 2.5 percentage points year over year. The overseas gross margin reached 27.4%, up 1.5 percentage points year over year. The company continuously improves product competitiveness by increasing R&D investment, while the sales share of mid-to-high-end products continues to rise, driving the continued enhancement of profitability for both domestic and overseas sales. Going forward, the company will also further expand overseas sales revenue through its globalization strategy, thereby improving the company’s overall profitability level.

3. What was the company’s dividend situation in 2025? What changes can be expected in the future?

From 2021 to 2025, the company’s operating revenue grew from RMB 10.122 billion to RMB 18.531 billion in 2025; net profit attributable to shareholders of listed companies increased from a loss of RMB 0.80 billion to a profit of RMB 1.123 billion. As of the end of 2025, the company had achieved double-digit year-on-year growth in net profit attributable to shareholders of listed companies for 4 consecutive years. Both the parent company statement and the consolidated statement’s undistributed profits have turned positive, laying a solid foundation for the company to implement profit distribution and strengthen shareholders’ confidence.

In 2025, the parent company’s undistributed profits at the beginning of the year were -RMB 344 million. After covering the losses, the company extracted RMB 49 million of statutory surplus reserve at 10.00%. At the end of 2025, the parent company’s profits available for distribution were RMB 442 million. The total dividend amount under the company’s 2025 profit distribution proposal was RMB 221 million. If this proposal is approved by the shareholders’ meeting and implemented, then the total profit distribution amount will account for 50% of the parent company’s undistributed profits at the end of the 2025 financial year.

The company attaches great importance to providing reasonable investor returns while taking into account the company’s sustainable development. It strictly complies with regulatory requirements and the “Articles of Association,” and adheres to the principles of continuous, stable, and transparent profit distribution. Going forward, considering factors such as profitability level, cash flow, and development funding needs, the board of directors will formulate a plan and submit it to the shareholders’ meeting for deliberation. While safeguarding long-term development, it will actively return value to all shareholders. The future dividend plan will be subject to legal and compliant information disclosure. Please stay tuned for subsequent announcements.

4. What is the capital expenditure situation for the company’s Thailand production base at present?

The company’s Thailand production base project is planned to be invested using its own funds of no more than RMB 680 million, to add 300,000 units/year of freezer cabinet capacity and 1.4 million units/year of refrigerator capacity. In 2025, the investment amount was RMB 87.2 million, accounting for 15.1% of the cumulative project investment. Of these, the 300,000 units/year freezer cabinet capacity at the Thailand production base was completed and put into operation at the beginning of the year. Next, the company will actively推进 the construction of the second phase of the Thailand production base project and gradually improve and完善 the supply chain to further meet global market demand.

5. Could the situation in the Middle East cause an increase in the company’s raw material prices and consequently affect the company’s operations?

A tense situation in the Middle East may have some impact on the prices of raw materials such as plastics. However, it has not caused any major impact on the company’s operations to date. The company’s raw material inventory and production and operating conditions are normal, and it maintains good cooperation relationships with its major raw material suppliers, benefiting from certain scale advantages in raw material procurement. The company will closely monitor market developments and, through measures such as technological improvements, optimization of production processes, and lean management, enhance its scale-effect advantages to reduce the related impact brought about by rising raw material prices.

TCL Smart Home (002668) principal business: R&D, production, and sales of household refrigerators, freezer cabinets, and washing machines.

TCL Smart Home’s 2025 annual report shows that in the reporting period, the company’s main operating revenue was RMB 18.531 billion, up 0.93% year over year. Net profit attributable to the parent company was RMB 1.123 billion, up 10.22% year over year. Non-GAAP net profit was RMB 1.122 billion, up 12.47% year over year. Of this, in the fourth quarter of 2025, the company’s single-quarter main operating revenue was RMB 4.185 billion, down 5.21% year over year; single-quarter net profit attributable to the parent company was RMB 146 million, down 24.81% year over year; single-quarter non-GAAP net profit was RMB 180 million, down 3.37% year over year. The liabilities-to-assets ratio was 68.91%, investment income was RMB 18.5561 million, financial expenses were -RMB 65.4344 million, and gross margin was 25.23%.

Over the most recent 90 days, a total of 3 institutions have issued ratings for this stock: 1 rated it “Buy” and 2 rated it “Increase Holdings.”

The following are detailed earnings forecast information:

The above content has been compiled by Securities Star from publicly available information and generated by an AI algorithm (cybersecurity record No. 310104345710301240019). It does not constitute investment advice.