28, TCL Central (002129. SZ) released the Third Quarter Report of 2025. The announcement shows that from January to September 2025, TCL Central realized business income of 21 billion 572 million yuan ; Net profit attributable to shareholders of listed companies-5 billion 777 million yuan , an increase of 4.70% over the previous year ; Among them, the net return to the mother in the third quarter was-1.534 billion yuan , an improvement of 34% annually and 49% year-on-year . At present, the company has achieved three consecutive quarter-on-quarter increase in operating income, accelerated improvement in net profit, showing a significant positive trend in operating results.
In the first half of the year, affected by the rush to install in the terminal market, the price of the photovoltaic industry chain fluctuated. With the deepening of anti-involution work, the upstream price of the industrial chain further rebounded in the third quarter, gradually transmitted to the silicon wafer sector, and the industrial profit has been restored.
Faced with the severe situation and complex changes, TCL Central has shown strong development resilience. The company actively implements the requirement of "anti-involution", adheres to the strategy of moderate integration and globalization , consolidates the competitive advantage of crystal wafer business, and strengthens the shortcomings of battery component business. Open up overseas markets and continuously improve profitability. In the third quarter of 2025, the sales revenue of TCL Zhonghuan's new energy photovoltaic business has improved by 22% .
Business expansion has achieved remarkable results. Lean management has boosted profitability and improved
the photovoltaic materials sector. TCL Zhonghuan has optimized its operation strategy, increased the proportion of high-efficiency and high value-added products, and continued to promote the reduction of material and manufacturing costs. Through supply chain management, material capacity improvement, power consumption reduction, production efficiency improvement and a series of R & D projects, by the end of September, TCL Central achieved a non-silicon cost reduction of more than 40% compared with the beginning of the year , and improved profi tability through cost optimization. The profitability of the company's photovoltaic materials business improved significantly in the third quarter. The business of photovoltaic
cells and components has also made important breakthroughs, forming a new "internal driving energy" for the sustainable development of TCL Central. The company promotes the continuous improvement of product strength and differentiated competitiveness, and gradually increases the quantity of half-chip and BC components, with the efficiency of BC products reaching 25% ; Through the establishment of a brand matrix with SUNPOWER, TCL Solar and TCL Central as the core, the product and customer structure will be further optimized. It is worth mentioning that TCL Zhonghuan has carried out strategic cooperation with a number of major customers of central state-owned enterprises, accelerated breakthroughs in the domestic distributed market, and rapid growth in shipments from overseas markets such as the Middle East, Latin America, Australia and New Zealand.
At the same time, TCL Zhonghuan continues to improve its globalization strategy, and its overseas business is progressing step by step as planned. With the market and customers as the core, TCL Zhonghuan has continuously deepened organizational reform and process optimization, established an agile and efficient response mechanism, and accelerated the improvement of efficiency. Since 2025, TCL Central's performance and operating conditions have shown a continuous improvement trend,
giving full play to the exemplary role of leading enterprises and helping the industry move towards a new stage
of high-quality development. This is not only a demonstration of the enterprise's own business resilience, but also an important signal that the photovoltaic industry is gradually returning to rational competition and the long-term trend is good .
At the critical stage of the development of the photovoltaic industry, TCL Zhonghuan said that the company adheres to the principle of "strategic traction, innovation-driven, advanced manufacturing, global operation ", and will play an exemplary role in leading enterprises, flexible production on demand, and promote industrial integration and healthy development of the industry; At the same time, the company will pay close attention to the industrial integration opportunities at the bottom of the cycle, make up for the shortcomings, and constantly enhance its competitiveness.
This series of measures clearly demonstrate TCL Zhonghuan's strategic determination to effectively promote the clearance of backward production capacity and the optimal allocation of resources in the industry while achieving its own sustainable development through the integration of superior resources, and set up a high-quality development model from low-price competition to technology leadership, from scale expansion to value creation.
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