Credit Brief — TCL Technology Group Corporation (TCL科技)
000100.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 李东生
- Registered address: 广东省惠州仲恺高新区惠风三路17 号TCL 科技大厦
- Office address: 广东省惠州仲恺高新区惠风三路17 号TCL 科技大厦
- Actual controller: None (stated in the filed report)
- Employees: 71,419
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 35,378.5 | 21,924.3 | 23,007.8 | 30,460.1 | 23,149.6 |
| Trading financial assets | 12,703.5 | 23,184.1 | 16,561.0 | 14,473.2 | 18,350.7 |
| Accounts receivable | 14,051.7 | 22,003.7 | 22,242.2 | 22,153.0 | 19,982.1 |
| Other receivables | 4,033.2 | 5,706.9 | 4,723.1 | 3,500.6 | 2,986.0 |
| Inventories | 18,001.1 | 18,481.8 | 17,594.1 | 18,370.7 | 22,977.5 |
| Long-term equity investments | 29,256.2 | 25,431.3 | 24,595.6 | 23,349.2 | 24,224.7 |
| Fixed assets | 132,477.7 | 176,422.6 | 170,512.0 | 165,003.2 | 157,724.4 |
| Construction in progress | 52,053.8 | 17,000.1 | 23,580.5 | 16,176.8 | 18,834.2 |
| Intangible assets | 16,783.9 | 18,419.5 | 18,117.5 | 18,467.3 | 17,879.5 |
| Total assets | 359,996.2 | 382,859.1 | 378,251.9 | 372,738.3 | 365,145.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 10,215.9 | 8,473.6 | 8,193.3 | 7,552.5 | 10,889.5 |
| Notes payable | 6,365.7 | 5,610.8 | 7,107.8 | 6,465.6 | 8,746.7 |
| Accounts payable | 26,381.9 | 29,402.5 | 29,347.6 | 32,251.9 | 34,428.4 |
| Contract liabilities | 2,336.0 | 1,899.5 | 1,969.3 | 2,009.8 | 1,994.6 |
| Other payables | 24,190.4 | 22,171.4 | 20,072.1 | 17,715.6 | 16,785.6 |
| Current portion of non-current liabilities | 10,957.3 | 24,631.7 | 36,224.5 | 30,909.8 | 29,402.2 |
| Long-term borrowings | 118,603.2 | 117,662.2 | 116,815.1 | 116,139.3 | 103,335.7 |
| Bonds payable | 12,006.9 | 9,113.8 | 6,488.6 | 7,981.9 | 9,981.9 |
| Total liabilities | 227,857.5 | 237,593.1 | 245,548.2 | 239,395.3 | 237,525.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 17,071.9 | 18,779.1 | 18,779.1 | 20,800.9 | 20,800.9 |
| Capital reserve | 12,522.8 | 10,752.1 | 10,553.1 | 14,155.7 | 13,334.5 |
| Retained earnings | 19,486.7 | 21,537.2 | 21,504.7 | 24,910.8 | 26,830.0 |
| Minority interests | 81,460.2 | 92,344.1 | 79,536.1 | 71,910.2 | 64,051.8 |
| Total equity | 132,138.8 | 145,266.0 | 132,703.7 | 133,343.0 | 127,619.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 166,632.1 | 174,446.2 | 164,962.8 | 184,210.9 | 88,686.9 |
| Cost of sales | 151,925.5 | 148,767.6 | 145,722.4 | 159,857.5 | 77,240.9 |
| Selling expenses | 1,950.5 | 1,692.7 | 2,054.1 | 2,403.6 | 1,208.3 |
| Administrative expenses | 3,540.6 | 4,783.2 | 4,446.3 | 4,601.3 | 2,352.2 |
| Finance costs | 3,422.9 | 3,972.7 | 4,179.3 | 4,769.7 | 2,334.1 |
| Investment income | 4,731.4 | 2,591.9 | 1,399.5 | 2,522.3 | 2,193.7 |
| Operating profit | 419.0 | 5,184.3 | — | 488.4 | 2,457.0 |
| Profit before tax | 1,057.1 | 5,051.8 | — | 434.6 | 2,298.5 |
| Net profit | 1,788.1 | 4,780.8 | — | 213.8 | 2,243.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.09x | 1.03x | 0.86x | 0.97x | 0.88x |
| Quick ratio | 0.89x | 0.84x | 0.70x | 0.80x | 0.68x |
| Debt-to-asset ratio | 63.3% | 62.1% | 64.9% | 64.2% | 65.0% |
| Total debt / EBITDA | 12.45x | 8.72x | 12.84x | 12.58x | 9.25x |
| EBITDA interest coverage | 518.29x | 947.31x | 591.95x | 989.76x | 7.11x |
| Gross margin | 8.8% | 14.7% | 11.7% | 13.2% | 12.9% |
| Net margin | 1.1% | 2.7% | — | 0.1% | 2.5% |
| Return on equity (ROE) | 1.4% | 3.3% | — | 0.2% | 1.8% |
| Revenue growth | — | 4.7% | -5.4% | 11.7% | -51.9% |
| Net profit growth | — | 167.4% | — | — | 949.0% |
| Receivable days | 31 | 46 | 49 | 44 | 82 |
| Cash received / revenue | 82.4% | 80.2% | 102.6% | 110.9% | 111.1% |
| Operating CF / net profit | 10.31x | 5.30x | — | 205.86x | 7.86x |
| Free cash flow | 18,426.4 | 25,314.8 | 29,526.6 | 44,021.7 | 17,622.2 |
Mechanical risk flags
- ⚠ Current ratio: 0.97 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.80 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.64 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.13 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 1,692.7 vs 2,523.7 CNY mn (deviation 32.93%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 831.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 864.4 vs 1,083.5 CNY mn (deviation 20.22%, severity mid)
Sources: 2024年年度报告.pdf p.101 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.97 「货币资金」. CF-statement figure below the balance-sheet movement by 219.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 5,704.5 vs 7,452.3 CNY mn (deviation 23.45%, severity mid)
Sources: 2025年年度报告.pdf p.97 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.93 「货币资金」. CF-statement figure below the balance-sheet movement by 1,747.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
6 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 30,460.1 | 2025年年度报告.pdf | 93 | 货币资金 | 30460060.0 (千元) |
| Total assets | 2025 | 372,738.3 | 2025年年度报告.pdf | 93 | 资产总计 | 372738314.0 (千元) |
| Accounts receivable | 2025 | 22,153.0 | 2025年年度报告.pdf | 93 | 应收账款 | 22153003.0 (千元) |
| Fixed assets | 2025 | 165,003.2 | 2025年年度报告.pdf | 93 | 固定资产 | 165003156.0 (千元) |
| Short-term borrowings | 2025 | 7,552.5 | 2025年年度报告.pdf | 94 | 短期借款 | 7552523.0 (千元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.