Analysis of TCL Zhonghuan's Overseas Business Proportion and Internationalization Progress

Based on the latest information I have retrieved, below is a systematic analysis of

's overseas business proportion and internationalization progress.

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Region	Operating Revenue	Proportion	YoY Change
Domestic Sales	RMB 24.91 billion	87.65%	-52.81%
Export	RMB 3.509 billion	12.35%	-44.80%
Total	RMB 28.419 billion	100%	-51.95%

Year	Export Proportion	Export Revenue	YoY Growth Rate
2023	10.75%	RMB 6.357 billion	-
2024	12.35%	RMB 3.509 billion	-44.80%

:

• In 2024, TCL Zhonghuan’s export business proportion increased from 10.75% to 12.35%,
  up 1.6 percentage points YoY
  [0][1]
• Although the export value declined due to the downward cycle of the photovoltaic industry, the export proportion increased against the trend, indicating that the overseas market is more resilient than the domestic market
• The company’s export tax refund cash flow accounts for approximately 5% of operating cash flow, and the export tax refund amount reached RMB 1.268 billion in 2024[2]

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TCL Zhonghuan has currently established

worldwide, covering:

Region	Main Products/Business
Malaysia	Photovoltaic crystal wafer manufacturing
Philippines	Photovoltaic wafer production
Mexico	Supporting North American market
Saudi Arabia	Core base in the Middle East
Others (to be expanded)	Continuously exploring emerging markets

• Investment Scale
  : $2.08 billion (equivalent to approximately RMB 15 billion)
• Partners
  : RELC, a subsidiary of the Public Investment Fund (PIF) of Saudi Arabia, and Vision Industries
• Project Capacity
  : 20GW photovoltaic crystal wafers
• Strategic Significance
  : It will become
  the first local photovoltaic crystal wafer project in Saudi Arabia
  , and is currently
  the largest crystal wafer factory overseas
  [3][4]
• Latest Progress
  : Investor communications in January 2026 showed that the overseas project is “progressing as planned”[5]

Li Dongsheng, founder of TCL, clearly stated:

“TCL Zhonghuan’s investment in building a new energy photovoltaic crystal wafer factory in Saudi Arabia is an important step for TCL’s B-side business going global. The globalization of B-side business is driven by the industrial upgrading of Chinese technology manufacturing enterprises themselves, and is also one of the future trends for Chinese enterprises to go global.”[3]

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Driver	Specific Impact
Avoiding Trade Barriers	The United States launched anti-dumping and countervailing investigations on photovoltaic products from four Southeast Asian countries, promoting capacity transfer to the Middle East
Saudi Vision 2030	Saudi Arabia aims to reach 100-130GW of renewable energy installed capacity by 2030, with new energy accounting for 50%
Resource Endowment Advantages	The Middle East is rich in solar resources (annual radiation >2000 kWh/m²), making it naturally suitable for photovoltaic projects
Geographical Advantage	Saudi Arabia is located at the intersection of Europe, Asia and Africa, and can radiate major global markets

Challenge	Description
Bottom of Industry Cycle	Prices in the photovoltaic industry chain remain low, with a net loss of RMB 10.8 billion in 2024
Overcapacity Pressure	Global wafer capacity utilization is under pressure, and the industry’s supply-demand imbalance persists
Policy Uncertainty	The photovoltaic export tax refund policy will be canceled in April 2026, and enterprises need to increase product added value

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TCL Zhonghuan clarified its strategic direction in its 2024 annual report:

• Strengthen crystal wafer competitiveness
  : reach 200GW of capacity by the end of Q1 2025, with a market share of over 55% for 210 large-size products in overseas sales[6]
• Accelerate the development of battery and module business
  : module capacity reaches 24GW, with 1.9GW shipped in Q1, a YoY increase of 19%
• Enhance internationalization and global operations
  : optimize overseas business layout and global marketing capabilities

The company expects to achieve significant operational improvement in 2026, and the smooth progress of overseas projects will be one of the key supporting factors.

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:

• [0] Regional revenue data from TCL Zhonghuan’s 2024 Annual Report
• [1] TCL Zhonghuan Investor Relations Activity Record (April 2025)
• [2] Photovoltaic industry export tax refund statistics (9fzt.com)
• [3] Exclusive interview with Li Dongsheng: “Building a Global TCL”
• [4] Yicai: “TCL Zhonghuan Expects Q4 2025 Net Loss to Increase by Over 50% QoQ; Overseas Projects Still Progressing Steadily”
• [5] TCL Zhonghuan 2025 Performance Forecast and Investor Communication Minutes

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1. TCL Zhonghuan New Energy Technology Co., Ltd. 2024 Annual Report: http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESZ_STOCK/2025/2025-4/2025-04-26/11011386.PDF
2. TCL Zhonghuan Investor Relations Activity Record (April 29, 2025): https://file.finance.qq.com/finance/hs/pdf/2025/04/29/1223412862.PDF
3. Li Dongsheng: “Building a Global TCL”: https://m.shenkexin.com/news/info-learning-13483.html
4. Going Global to the Middle East: When the Rush Returns to Calm Rationality: https://www.cbndata.com/information/293575
5. Yicai: “TCL Zhonghuan Expects Q4 2025 Net Loss to Increase by Over 50% QoQ; Overseas Projects Still Progressing Steadily”: https://finance.sina.com.cn/roll/2026-01-14/doc-inhhhhqr8358285.shtml
6. Oriental Fortune Research Report on TCL Zhonghuan: https://emweb.eastmoney.com/PC_HSF10/ResearchReport/Index?type=web&code=SZ002129