A 64-fold increase in four years! TCL Li Dongsheng May Harvest Another Photovoltaic Listed Company

When it comes to TCL Group's photovoltaic business, most people may think of TCL Central . Now, TCL Electronics has announced that it intends to split up its photovoltaic business and go public independently, and Li Dongsheng may add another photovoltaic listed company. On the evening of August

24, TCL Electronics announced that it was considering a potential plan to realize the independent listing of its photovoltaic business sector through physical distribution. The company said that the independent listing of the photovoltaic business will enable it to focus more on the global smart home appliances business sector and have a clearer strategic development direction. In addition, the potential separate listing will enable the photovoltaic business to implement an independent development strategy and broaden financing channels.

In fact, TCL's photovoltaic business has been developing for four years. On March 11,

2022, TCL Electronics released its 2021 annual report, which included photovoltaic business in its innovative business and sent a signal to enter the photovoltaic industry. As early as December 30, 2021, a company named TCL Photovoltaic Technology Co., Ltd. (hereinafter referred to as TCL Photovoltaic Technology) was established. The company belongs to TCL Industry (Note: TCL Electronics is a listed company controlled by TCL Industry), and is mainly engaged in distributed photovoltaic power plant business.

In the annual report of 2022, TCL Electronics said that it had opened up a distributed photovoltaic business track and officially operated in the second quarter of 2022, which also marked the formal entry of TCL Electronics into the photovoltaic track.

However, in a few months, the photovoltaic business of TCL Electronics has been established, which makes people think of whether there is assistance from TCL Central, another photovoltaic company of TCL Group. In this regard, TCL Electronics also admitted that it "gives full play to the group's industrial synergy advantages, cooperates with TCL Central Photovoltaic Leading Industry Chain and project operation experience, and quickly enters the photovoltaic track".

As the saying goes, "It is good to enjoy the cool by leaning on a big tree.". Relying on the mature industrial chain resources and operation accumulation of TCL Zhonghuan and the brand influence of TCL itself, TCL Electronics has made remarkable achievements in the first year of entering the distributed photovoltaic business. According to the annual report of TCL Electronics in 2022, "more than 150 new distributor channels were added and more than 120 industrial and commercial projects were signed in the year (2022). By the end of 2022, the photovoltaic business of the Group (here the Group refers to TCL Electronics and its subsidiaries) has covered 9 provinces and cities in China". In terms of performance, "the total value of photovoltaic business orders received by TCL Electronics in 2022 is HK $741 million, of which HK $328 million is recognized as of December 31, 2022".

In the next few years, the development momentum of TCL Electronics' photovoltaic business was even more unstoppable. From 2023 to 2025, the photovoltaic business revenue of TCL Electronics was HK $6.299 billion, HK $12.874 billion and HK $21.063 billion respectively, which doubled from 8% and 12% to 18.4% in 2025. Compared with 2022, the revenue of TCL's photovoltaic business increased 64 times in 2025, making it the second largest revenue sector after the display business. TCL Electronics has achieved its initial goal of "enabling the company's long-term second growth curve".

In recent years, due to frequent geopolitical conflicts, international traditional energy prices have been at a high level for a long time, resulting in higher electricity prices in overseas markets, especially in Europe. In this context, European countries are aware of the necessity and urgency of the development of new energy, and the market demand for new energy is growing rapidly.

It is worth noting that at the beginning of entering the photovoltaic industry, TCL Electronics made it clear that it should base itself on the global layout and development; When TCL Photovoltaic Technology was founded, it focused on industrial and commercial distributed and household photovoltaic . The overseas optical storage pump market is also the third core business sector of the company . In September

2023, TCL Photovoltaic Technology demonstrated the core hardware equipment of household energy storage and one-stop smart energy solutions at the International Consumer Electronics Exhibition in Berlin, Germany (referred to as 2023IFA). In response, the official website of TCL Photovoltaic Technology said, " Open the attack on overseas markets", and revealed that TCL Photovoltaic Technology will focus on household energy storage projects in European markets such as Germany, Italy and Poland. Then in January 2024, TCL Photovoltaic Technology attended the International Consumer Electronics Exhibition (CES 2024) in Las Vegas, USA, and made its first appearance in North America, aiming at the household energy market.

With the continuous appearance of TCL photovoltaic technology in overseas markets, the company's overseas business is gradually on track, not only in Italy, Spain, Germany, Poland and other nine countries and regions with liaison offices, but also opened the overseas order mode.

At the same time, a major development opportunity has come quietly. From the end of

2024 to the beginning of 2025, TCL Zhonghuan sorted out its overseas business layout. Maxeon, its overseas holding subsidiary, focused on the US market, and the equity of non-US sales subsidiaries and related tangible and intangible property rights including SunPower trademarks were stripped from Maxeon. According to the official micro-news of TCL Group, in April 2025, the overseas business of TCL Photovoltaic Technology completed the merger and acquisition of Maxeon European business, and took Lyon, France, as the European operation hub, focusing on the expansion of the European market.

In short, TCL photovoltaic technology can not only rely on the global influence of TCL brand, but also superimpose the brand effect of SunPower, a veteran photovoltaic enterprise. At the Photovoltaic Exhibition in Munich, Germany in June this year, TCL Sun Power made its debut with the dual brands of SunPower and TCL Solar. SunPower is positioned at high-end residential buildings and provides fully integrated household energy solutions. TCL Solar covers residential, industrial, commercial and wider application scenarios with high cost performance.

With the support of dual brands, the official micro article of TCL Group shows that the performance of TCL Photovoltaic Technology in the fourth quarter of 2025 set a new record; and in May of 2026, the revenue increased by 151% year-on-year.