TCL Smart Home: Roadshow on March 24, with participation from multiple institutions including Guotai Hanover Securities, Dacheng Fund, and others

Securities Star News, March 25, 2026: TCL Smart Home (002668) announced that the company held a roadshow on March 24, 2026, with participation from Guotai Haitong Securities’ Cai Wenjuan, Ye Qian, Lin Xuxi, Dacheng Fund’s Liu Xiaolin, Shanghai Kais Fund’s Zhang Yuqi, CICC Investment Group’s Xu Qiongwei, Invesco Great Wall Fund’s Chen Sizhen, and Caitong Fund’s Jiang Zhongyu.

Details are as follows:

Q: This year, the company’s net profit attributable to shareholders has achieved double-digit year-over-year growth. What is the reason for maintaining steady profitability growth?

A: The main reason for the 2025 year-over-year increase in net profit attributable to shareholders is:

On the revenue side, the company firmly implemented its globalization strategy, achieving breakthroughs in overseas markets. In 2025, overseas revenue grew by 6.7% year-over-year. Among them, Hefei Home Appliances’ overseas revenue has maintained over 40% growth for two consecutive years, and in 2025, overseas revenue accounted for over 50% for the first time; OMA refrigerators in markets such as Thailand and Mexico saw sales growth exceeding 80%, maintaining its leading position as China’s top exporter of refrigerators to Europe.

Meanwhile, enhanced product competitiveness further optimized the product structure, with gross profit margin of main business increasing by 2.3 percentage points to 25.2%. In refrigerators, Hefei Home Appliances launched the TCL Double Magnetic Fresh Refrigerator, which features double magnetic freshness technology, double deodorization technology, and double system core technologies. Coupled with industry-first new national standard Level 1 energy efficiency and 830 platform 515L high-capacity, zero-distance embedded design, it achieves professional-grade freshness and home aesthetics seamlessly; OMA’s Baby & Mother Refrigerator 520PLUS, with excellent embedding performance, freshness preservation, and temperature stability, was awarded the 2025 China Home Appliance Industry “Good Product” certification. In washing machines, the second-generation Super Drum “Big Eye Cute Super Drum,” centered on TCL Fuxi’s large model, uses multiple intelligent sensors to generate optimized washing schemes, achieving an ultra-high 1.33 cleaning ratio.

On the cost side, intelligent manufacturing and digital transformation have enabled cost reduction and efficiency improvements. By deeply integrating intelligent technology with refined operations, Hefei Home Appliances optimized processes in production management, supplier collaboration, and lean inventory management; OMA actively upgraded automated production equipment and production line architecture, promoting in-depth lean manufacturing.

Q: What are the main sales regions for the company’s refrigerator exports?

A: The company’s refrigerator export regions mainly include Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In 2025, exports to countries such as Mexico, Thailand, Russia, South Korea, Poland, and Brazil saw significant year-over-year growth.

Q: What changes have been made to the company’s marketing strategies this year?

A: In brand building, in 2025, TCL officially signed with the International Olympic Committee to become a global Olympic partner. TCL Smart Home will provide technology, products, and services support for Olympic sports through refrigerators, washing machines, and other products. Additionally, TCL refrigerators and washing machines will continue to participate in international exhibitions such as IFA in Berlin and CES, collaborating with star teams and employing sports marketing strategies to further enhance TCL’s brand recognition and market position globally, thereby increasing TCL’s brand influence.

Q: What are the company’s future dividend plans?

A: The company highly values reasonable returns for investors while ensuring sustainable development. Strictly following regulatory requirements and the Articles of Association, it adheres to the principles of continuous, stable, and transparent dividends. Future plans will be formulated by the Board of Directors based on profitability, cash flow, and development needs, and submitted for shareholder approval. While safeguarding long-term growth, the company will actively reward all shareholders. Future dividend plans will be subject to statutory information disclosure; please stay tuned for subsequent announcements.

Q: Will the US tariffs impact the company’s business?

A: The company’s US business accounts for a low proportion. The company closely monitors external environment changes and has implemented multiple measures based on actual business conditions. It will dynamically optimize response strategies to promote high-quality development.

Q: Will there be changes in the company’s main business in the future? Are there plans to explore new sectors?

A: TCL Smart Home’s current main business focuses on the R&D, manufacturing, and sales of refrigerators, freezers, and washing machines. In 2025, revenue from refrigerators and freezers accounted for 85%, and washing machines about 14%. The company will continue to deepen its core businesses in refrigerators, freezers, and washing machines. If there are relevant plans, they will be disclosed in a timely manner.

TCL Smart Home (002668) main business: R&D, manufacturing, and sales of household refrigerators, freezers, and washing machines.

According to TCL Smart Home’s 2025 annual report, the company’s main revenue was 18.531 billion yuan, up 0.93% year-over-year; net profit attributable to shareholders was 1.123 billion yuan, up 10.22%; non-recurring net profit was 1.122 billion yuan, up 12.47%. In Q4 2025, the quarterly main revenue was 4.185 billion yuan, down 5.21%; quarterly net profit attributable to shareholders was 146 million yuan, down 24.81%; quarterly non-recurring net profit was 180 million yuan, down 3.37%. The debt ratio was 68.91%, investment income was 18.556 million yuan, financial expenses were -65.544 million yuan, and gross profit margin was 25.23%.

In the past 90 days, three institutions have issued ratings on this stock: one buy, two overweight.

Detailed profit forecast information is as follows:

Margin financing and securities lending data show that in the past three months, net financing inflow was 102 million yuan, with an increase in financing balance; net securities lending inflow was 1.1295 million yuan, with an increase in securities lending balance.

The above content is compiled from public information by Securities Star, generated by AI algorithms (Wangxin Algorithm Backup No. 310104345710301240019), and does not constitute investment advice.