TCL Electronics is one of the leading players in the global TV and mobile devices industries, and is engaged in the research and development, manufacturing and distribution of consumer electronic products. Through a new product-and-user-oriented business model that focuses primarily on a "double +" strategy which includes "smart + Internet" and "products + services" as the main direction, TCL Electronics strives to build a comprehensive ecosystem composed of smart TVs, smart commercial displays and smart mobile devices, providing users with smart and healthy living products and services, and is dedicated to becoming a global leading smart technology company.
TCL Technology Group Corporation （"TCL Technology", formerly known as "TCL Corporation"）had completed its restructuring in March 2019, and sold all of its business and assets of smart devices to TCL Industries Holdings Co., Ltd. ("TCL Holdings"). Both sides have improved the process of organization and resource allocation with their industrial characteristics respectively. After that, TCL Holdings has become the controlling shareholder of TCL Electronics. However, TCL Electronics still maintains strong business ties to TCL China Star Optoelectronics Technology Co., Ltd (CSOT, a subsidiary of TCL Technology).
2020 is a year of change, with drastic shifts in lifestyle and consumption habits, brought by the turbulent international environment and the global coronavirus disease 2019 ("COVID-19"), new opportunities brought by the reshuffling in the upstream panel industry and the rapid development of 5G and "AI x IoT" technology, all of which are leading the TV industry into the era of smart display. TCL Electronics continues to focus on smart display, vigorously promotes the "AI x IoT" strategy and strives to create an all-scenario smart healthy-living experience for its users and become a global leading smart technology company.
The Group is committed to seizing the opportunity presented by fast development of 5G and pioneering the overall smart upgrade of the display industry via actively promoting large-screen TV and smart technology. At the extraordinary general meeting of the Company held on 28 July 2020, an overwhelming majority of the shareholders voted in support for the Company’s spin-off of the TV ODM business and acquisition of the global business of TCL Communication Technology Holdings Limited ("TCL Communication") and its subsidiaries. On top of focusing on brand business and enriching product and business portfolio, the Group also strives to further develop new Internet value-added service business, offering its users an all-scenario smart display ecosystem. The ecosystem, technically driven by 5G+8K+AI, contains three key scenarios: smart home, mobile services and commercial displays.
The second quarter of 2020 saw accelerated spread of the COVID-19 pandemic and a series of black swan events in the global market. Given that, we have responded rapidly and proactively to the market changes, seized the opportunities and recorded growth against the downward trend. Benefitting from its leading positions in integrated supply chain, global channels, production capacity layout, hardware, software and content, TCL Electronics, as the brand driving force of the entire TCL display industry chain and a user-centric company, managed to expand its market share amid negative trend by shortening the time needed for balancing supply and demand, optimising the channel structures, seizing opportunities to cut costs and adjusting its model to reduce expenses.
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