Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2024-017
TCL 科技集团股份有限公司
TCL Technology Group Corporation
ANNUAL REPORT 2023
(Summary)
April 28, 2024
Amid rapids we beat the waves and sail steadily to reach far
ANNUAL REPORT 2023 Chairman's Statement
Amidst a tightening financial environment, intensifying geopolitical conflicts, and rapid
restructuring of global supply chain, the world economy slowed down in 2023. In the wake of
opportunities amid challenges, the economic restructuring brought new impetus to the transformation
and upgrading of the technology industry, and the evolving global energy landscape further
highlighted the importantly strategic position of the new energy industry.
With the strategic goal of becoming a global leading technology conglomerate, the Company
pivoted on the development of high-tech, long-cycle, and capital-intensive businesses, strengthened
the leading edge of its core businesses in display and new energy photovoltaics. Under the backdrop
of a complex operating environment, the Company cemented its foundation, enhanced risk
management capabilities, pursued extreme cost efficiency, and drove development through
technology innovation. In 2023, the Company achieved a revenue of RMB174.367 billion, up 4.69%
year on year; net profits of RMB4.781 billion, up 167.37% year on year; net profit attributable to
shareholders of the listed company of RMB2.215 billion, up 747.60% year on year; and net operating
cash flow of RMB25.315 billion.
During the Reporting Period, the sales of display at user-end market remained sluggish. On the
supply side, the industry structure continued to optimize, competition tended to be benign, and the
prices of major products rebounded amid stabilization. The Company's display business kept
optimizing business strategies, and continued to implement the high-end strategy, with a stable
growth in the market share of major products. TCL CSOT remained top 2nd globally by its market
share of TV products, while its market share of e-sports monitors and LTPS tablet products ranked
first globally. The t9 production line, positioned at mid-sized IT and vehicle-mounted display
products, started serial production and shipments, and the proportion of OLED high-end product
shipments rose quickly. During the Reporting Period, the display business achieved a revenue of
RMB83.655 billion, with a year-on-year increase of 27.26%, and a net profit of negative RMB7
million, with a year-on-year improvement of RMB7.618 billion, among which a net profit of
RMB3.441 billionwasrecordedinthesecondhalfof2023,indicatingsteadilyimprovingprofitability.
In 2023, the global new energy photovoltaic industry and corporate development embarked on
a new pattern. Affected by the capacity centrally released alongside the industrial chain, the supply
and demand was unbalanced, with significant decline of product prices, and some low-efficient
capacity faced the pressure of elimination. Overall, the industry structure was expected to be
optimized. During the Reporting Period, TZE recorded a revenue of RMB59.146 billion, down by
11.74% year on year. Under the influence of the decreasing product price, loss from investees,
provision for impairment loss and other factors, TZE reported a year-on-year decrease of 44.88% in
net profit to RMB3.899 billion throughout the year. In the face of challenges, TZE maintained its
strategic resolve and strengthened its competitiveness. On the one hand, it leveraged its differentiated
advantages in G12, N-type silicon wafers, shingle components and intelligent manufacturing, and
accelerated industry integration through technological innovation so as to pass through industrial
cycles and achieve a sustained growth. On the other hand, TZE actively evaluated and explored the
feasibility on localized manufacturing (e.g. the United States, Europe, and the Middle East) in key
countries or regions around the world, and promoted the operational improvement of Maxeon to
effectively use its patented technology and unique advantagesin overseas markets with entry barriers.
TZE continued to facilitate its efforts to develop photovoltaic business and localized manufacturing
on the international arena, seized the global opportunities for the development of the new energy
industry, and achieved a sustainable growth.
During the Reporting Period, the Company sustained robust operations and made steady
progress in other business segments.
The Company has always emphasized research and development (R&D) investments in cutting-
edge technologies and commercial application, with a focus on innovation to drive business
transformation and upgrading. During the Reporting Period, the Company invested RMB10.309
billion in R&D, accounted for 5.91% of the Company's revenue. In 2023, the Company filed 590 new
PCT applications, in total of 15,331 applications applied. Nota
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