of August 30, TCL Central released a record of investor relations activities.
The content shows that on August 28, TCL Central held the 2026 Investor Open Day in Shenzhen, Guangdong Province, with the participation of the company's chairman, vice chairman, CEO, CFO, secretary and related industry leaders. At the meeting, the management systematically explained the business situation and future development strategy of TCL Central in the first half of the year, and responded to the company's business plan, industry outlook and other issues of concern to investors. In mid-January
this year, TCL Central announced that it would acquire a new energy source. After more than five months, on July 2, TCL Central announced the formal completion of a strategic acquisition of a new energy source. Since the third quarter of 2026, TCL Central has incorporated a new energy into the consolidated statement.
At the same time, TCL Zhonghuan also announced the technical transformation of several bases across the country, involving battery capacity of 20 GW and component capacity of 25 GW, all of which have been upgraded from TOPCon technology to BC technology.
In this exchange, the follow-up actions of the acquisition of a new energy and technological transformation and the focus of TCL Central's work in the second half of the year have become one of the key topics of concern.
In this regard, TCL Zhonghuan said: "The integration of the acquisition of a new energy has been successfully completed, and the two sides have completed the integration of production, operation, marketing and other links, and are now working by a unified team." For the focus of work in the second half of the year, "the company has made clear three major directions: first, the silicon wafer sector will focus on introducing X series products to improve the performance and yield of export silicon wafers in downstream batteries and components, so as to enhance market competitiveness and accelerate the development of external customers;"; Secondly, integrate social resources through strategic cooperation in the battery sector, relying on high-quality TOPCon battery suppliers to make up for the 50% capacity gap between battery and component ring savings; Thirdly, facing the growth demand of BC component business, the company will accelerate the transformation of production capacity to support the large-scale development of BC technology route.
At this exchange meeting, Li Dongsheng, chairman of TCL Central, reviewed the company's development and business changes in the past three years. Li Dongsheng said frankly that in the second half of 2023, the photovoltaic industry entered a downward cycle, and TCL Central once faced challenges such as a relatively single business structure, operating efficiency to be improved, and a relatively low proportion of overseas business. "It is not too much to say at that point that (TCL) Central is in crisis."
Faced with the change of industry trend, TCL Central has also changed its business philosophy. The company believes that the competition in the photovoltaic industry is not only a single link of capacity competition, but also a comprehensive competition of technology, cost, product, market and globalization capabilities. Based on this judgment, TCL Zhonghuan decided to accelerate the integrated layout and continuously improve the business capabilities of batteries and components.
It is understood that in the first half of 2024, the shipment ratio of TCL Zhonghuan silicon wafers, batteries and modules will be 21:0:1, and the revenue ratio will be 3.7: 0:1; in the first half of 2026, the shipment ratio of the above three links will be 7:0:1, and the revenue ratio will be 1:0:1. The company plans to achieve the capacity target of 4:1:2 in the first half of 2027.
In this regard, investors asked about the performance of the company's differentiation advantage in the process of promoting the integration strategy. TCL Zhonghuan answered three points, " First, BC battery technology has core patents and technology accumulation , and has established a new process route, which is expected to be verified in the market competition in the next six months to one year;"; Second, the competitiveness of the component side is outstanding , 20GW5 battery and 25GW component technical renovation projects are all implemented according to the first-class energy efficiency standards, with high technical threshold and strong enforcement; Third, the company has rapidly built up an overseas business system to promote the proportion of overseas sales revenue to continue to increase.
In addition, when asked about the sustainability of the recent price rise of photovoltaic silicon wafers and the timing of profit repair in the silicon wafer sector, TCL Zhonghuan said: The long-term trend of silicon wafer prices and profit repair mainly depend on the relationship between supply and demand, and there are many short-term factors. Domestically, under the requirement of anti-involution, the recent price of silicon wafers has been repaired in early August, which is mainly reflected in the silicon material and silicon wafer links, and will be transmitted to the battery and component links and the terminal demand landing. In the overseas market, the demand is expected to grow in the second half of the year, mainly driven by the adjustment of overseas policies. In the
first half of this year, TCL Zhonghuan realized an operating income of 14.31 billion yuan, an increase of 6.8% over the previous year; realized a net profit loss of 3.204 billion yuan, an improvement of 24.5% over the previous year; and a net profit loss of 3.899 billion yuan, an improvement of 12.89% over the previous year.
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