TCL CSOT's display business delivered high-quality growth, with significantly improved profitability. During the Reporting Period, TCL CSOT recorded revenue of RMB 105.24 billion and net profit of RMB 8.01 billion. The Company further consolidated its competitive advantages in large-size TV and commercial displays. The Company's market share in medium-size LCD products—including notebooks, tablets, automotive displays, and professional displays—rose notably, achieving breakthroughs in both scale and profitability. Small-size products were strategically positioned in the mid-to-high-end market, with operational performance improving at an accelerated pace. Meanwhile, the Company actively expanded its M-LED business. During the same period, TCL CSOT further strengthened the integration and deployment of its core assets. The Generation 8.6 t9 factory achieved full-capacity production; the acquisition of LGD Guangzhou’s Generation 8.5 factory (t11) was completed. The Company also acquired minority stakes in the Generation 11 t6 and t7 projects held by Shenzhen state-owned capital, thereby boosting profitability. In addition, the Generation 5.5 printed OLED line (t12) was expanded to support mass production and delivery, while construction kicked off for the Generation 8.6 printed OLED production line (t8). The investment in industrial ecosystem projects laid the foundation for sustainable development. The Company believes that as the global display industry landscape undergoes restructuring, Chinese enterprises have solidified their advantages in the LCD sector. Looking ahead, competition in the industry will focus on new display technologies and materials, such as OLED and M-LED. Through continuous technological innovation to enhance the competitiveness of its LCD products, TCL CSOT has consolidated its leading advantages in large-size displays and strengthened its competitiveness in medium and small-size panels, thus forming a relative competitive edge in the LCD sect

Moka Technology strengthened business synergy with TCL CSOT, further consolidating its leading position in the global TV ODM sector with a market share of 14.5%. It continued to expand its monitor ODM business, increasing its market share to 7.9% and establishing a second growth curve. Meanwhile, the Company actively advanced the development of its commercial display business. The annual revenue reached RMB 21.73 billion, up 5.9%.

The Chinese photovoltaic industry continues to grapple with intense "involutionary" competition, as product prices remain under persistent downward pressure, posing significant operational challenges for the entire industry. During the Reporting Period, TZE’s photovoltaic business recorded revenue of RMB 22.725 billion, representing a YoY decrease of 0.28%, with revenue stabilizing in the second half of the year. During the Reporting Period, TZE made every effort to consolidate the competitiveness of its crystal and wafer production, accelerate the development of its cell and module business, improve its industrial chain layout, actively expand its global presence, and enhance operating performance. Guided by the strategy of "Resolving Crises Through Development and Seeking Opportunities in Overcoming Difficulties", TZE pursued mergers and acquisitions to strengthen its capabilities and enhance industrial chain competitiveness. The Company believes that the global energy transition toward clean energy will continue to drive growth in overseas photovoltaic markets, while technological progress will generate new market demand. We are confident in continuously improving our relative competitiveness during the industry downward, optimizing our industrial layout, achieving restorative growth this year, and improving our operating performance.

During the Reporting Period, Zhonghuan Advanced remained committed to its "Lead at Home, Compete Globally" development strategy. Its silicon materials business generated an operating revenue of RMB 5.71 billion, a year-on-year increase of 21.7%. Leveraging industry-leading operational efficiency and performance, the business ranked first in China by revenue. Zhonghuan Advanced's business covers major domestic customers, and its comprehensive competitiveness is at the forefront of the industry, while it is actively expanding overseas. The Company will seize opportunities from China's industry's high-quality development, continue to expand our business scale, optimize product mix, improve process and technical capabilities, increase basic R&D investment, enhance AI and digital operating systems, and achieve high-quality development.

During the Reporting Period, Tianjin Printronics Circuit and Highly maintained stable operations across their core businesses, while their financial and investment segments continued to generate steady earnings.

Technological innovation is the fundamental strategic support for the Company to cope with uncertainties and build long-term competitive advantages. During the Reporting Period, the Company invested RMB 9.54 billion in R&D and filed 3,327 new invention patent applications, including 221 PCT applications, with both the quantity and quality of patents improved. The Company independently developed the "X-Intelligence" large model for the display industry, deeply integrating artificial intelligence into intelligent manufacturing, process optimization, and R&D processes, laying a solid foundation for operational efficiency improvement and product competitiveness. The Company will continue to advance the digitalization of the photovoltaic industry and introduce AI applications to enhance our competitiveness. The Company will also continuously explore breakthroughs in frontier technologies while strengthening our basic research, and elevate artificial intelligence to a strategic priority, thus fully empowering product innovation, intelligent manufacturing, and global operations, and enhancing our sustainable development capabilities.

Looking ahead to 2026, the Company will continue to anchor itself on the goal of "Global Leadership" and uphold the business philosophy of "Strategic Guidance, Innovation-Driven, Advanced Manufacturing, and Global Operations". We will consolidate and further enhance the competitive advantages of our display business to drive overall performance. Meanwhile, we will support TZE in strengthening its capabilities and addressing gaps in its photovoltaic business to improve operating results. We will also back the accelerated development of Zhonghuan Advanced’s silicon material business, while ensuring steady growth across our remaining business segments. The Company is confident in continuing to achieve overall performance growth this year.

The Company remains committed to delivering shareholder value through steady dividend distribution. For 2025, the Board of Directors has proposed a cash dividend of RMB 0.90 per 10 shares, enabling all shareholders to share in the Company's value growth. We are sincerely grateful for the long-term trust and support of all shareholders! Our heartfelt gratitude goes to all our partners for working with us! We extend our deepest thanks to all the employees for their diligent efforts!