Adjusted Profit Attributable to Owners of the Parent Surges 54.5% Year-on-Year to HK$2.24 Billion

Global Business Continues to Grow, with Strong Operating Performance in International Markets

Results Highlights

• TCL Electronics firmly implemented its dual-drive strategy of "Globalisation" and "Mid-to-High-End Premiumisation", achieving strong growth in operating performance. For the first three quarters of 2026, the Group recorded total revenue of HK$95.79 billion, representing a year-on-year increase of 15.7%. Adjusted profit attributable to owners of the parent increased by 54.5% year-on-year to HK$2.24 billion.
• Display Business: For the first three quarters of 2026, revenue from the Display Business increased by 19.1% year-on-year to HK$62.38 billion, while gross profit increased by 38.4% year-on-year to HK$11.51 billion. Further product mix optimisation in international markets continued to enhance profitability. In particular, international shipments of TCL Mini LED TVs recorded rapid year-on-year growth of 94.5%, driving a 4.4-percentage-point year-on-year increase in the gross profit margin of the Large-Sized Display business in international markets to 19.0%.
• Internet Business: For the first three quarters of 2026, revenue from the Internet Business increased by 28.2% year-on-year to HK$2.70 billion. The proportion of the higher-margin international internet business with its share of total Internet Business revenue increased to over 50%. This drove a 4.6-percentage-point year-on-year increase in the overall gross profit margin of the Internet Business to 60.9%, continuing to contribute high-quality earnings.
• Innovative Business: For the first three quarters of 2026, revenue from the Innovative Business increased by 8.5% year-on-year to HK$30.68 billion. Among its businesses, the Photovoltaic Business maintained resilient growth amid industry headwinds, with revenue increasing by 11.8% year-on-year to HK$18.18 billion.
• Strategic Development: The Company acquired the TCL air-conditioning business for a total consideration of HK$5.61 billion. The transaction was completed on 2 November 2026, and the acquired business was consolidated into the Company's financial statements, marking a significant step towards the comprehensive implementation of its "All-category Smart Device" strategy.

HONG KONG, Nov. 13, 2026 /PRNewswire/ -- TCL Electronics Holdings Limited ("TCL Electronics" or the "Company", 01070.HK) today announced its unaudited results for the first three quarters of 2026, covering the nine months ended 30 September 2026. During the reporting period, the Company firmly implemented its dual-drive strategy of "Globalisation" and "Mid-to-High-End Premiumisation" and actively deepened cooperation with global channels, achieving strong growth in operating performance. For the first three quarters of 2026, the Company recorded total revenue of HK$95.79 billion, representing a year-on-year increase of 15.7%. Gross profit increased by 29.5% year-on-year to HK$16.26 billion, while gross profit margin increased by 1.8 percentage points year-on-year to 17.0%. The overall expense^[1] ratio was 11.9%. Driven by both improved operating efficiency and the realisation of economies of scale, adjusted profit attributable to owners of the parent increased by 54.5% year-on-year to HK$2.24 billion.

In terms of strategic development, the Company continued to advance industrial synergies, the integration of core assets and the optimisation of its business structure. On 31 March 2026 (after trading hours), the Company entered into a transaction framework agreement with Sony in relation to the home entertainment business. The two parties proposed to establish a joint venture to jointly build a new global home entertainment ecosystem, providing important strategic support for the expansion into the mid-to-high-end market. In addition, on 15 July 2026 (after trading hours), the Company announced its proposed acquisition of the TCL air-conditioning business for a total consideration of HK$5.61 billion. The transaction was completed on 2 November 2026, and the relevant business has been consolidated into the Company's financial statements since the completion date, laying an important foundation for the Company to comprehensively implement its "All-category Smart Device" strategy. On 24 August 2026, the Company announced that it was considering the spin-off and separate listing of its photovoltaic business through a distribution in specie. The Company will comprehensively and prudently evaluate the various impacts of implementing this proposal from the perspective of maximising the interests of all shareholders. Looking ahead to the full year of 2026, the Company is confident that it will achieve sustained and steady growth through firm execution of its strategies.

Continued Enhancement of Global Brand Strength, with Significant Improvements in Profitability of Mid-to-High-End and Large-Sized TVs in International Markets

Underpinned by continued enhancement of its global brand strength, efficient channel expansion and ongoing product mix optimisation, the Company's Display Business recorded revenue of HK$62.38 billion, representing a year-on-year increase of 19.1%, and gross profit of HK$11.51 billion, representing a year-on-year increase of 38.4%. Gross profit margin increased by 2.6 percentage points year-on-year to 18.5%. Benefitting from the continued increase in the proportion of mid-to-high-end and large-sized TVs, revenue from the TCL TV business increased by 16.7% year-on-year to HK$52.03 billion, while gross profit margin increased by 3.2 percentage points year-on-year to 19.5%.

TCL Mini LED TVs maintained rapid growth for the first three quarters of 2026, with global shipments increasing by 57.9% year-on-year and their share of total shipments rising by 6.1 percentage points year-on-year to 17.5%. In particular, shipments in international markets increased by 94.5% year-on-year, driving a 4.4-percentage-point year-on-year increase in the gross profit margin of the TV business in international markets to 19.0%. The Company continued to expand its global channel footprint and deepen the development of key channels. These efforts helped TCL TV rank among the top three globally in sales revenue, maintain its second-place ranking globally in shipment volume, and retain its position as the world's No. 1 brand in TCL Mini LED TV shipments^[2]. TCL X11L SQD-Mini LED TV was named one of TIME magazine's "Best Inventions of 2026" in the United States, making it the only Chinese television product selected in this category and further demonstrating the Company's leading position in premium display technology.

In the Small-and-Medium-Sized Display business, the Company adhered to the strategy of "prioritising efficiency and focusing on key markets" and continued to deepen its presence in key channels in Europe and the United States. Leveraging differentiated products such as NXTPAPER eye-care display technology, the business achieved growth against the market trend, with both revenue and gross profit outperforming the industry as a whole. For the first three quarters of 2026, revenue from the Small-and-Medium-Sized Display business increased by 32.2% year-on-year to HK$9.32 billion.

International Internet Business Contributes to High-Quality Earnings, While Photovoltaic Business Achieves Substantive Progress in the European Market

During the Reporting Period, the Company's Internet Business recorded revenue of HK$2.70 billion, representing a year-on-year increase of 28.2%. Among its businesses, the expansion of the higher-margin international internet business continued to accelerate, with its share of Internet Business revenue increasing by 17.0 percentage points year-on-year. This drove a 4.6-percentage-point year-on-year increase in the overall gross profit margin of the Internet Business to 60.9%, continuing to contribute high-quality earnings. In international markets, leveraging its scale advantages, the Company continued to deepen cooperation with internet giants such as Google, Roku and Netflix. The content application TCL Channel continued to undergo iterative upgrades in terms of content richness, user experience and monetisation efficiency. As at the end of September 2026, TCL Channel had a cumulative user base of 56.99 million.

In the Innovative Business, for the first three quarters of 2026, the Company recorded revenue of HK$30.68 billion, representing a year-on-year increase of 8.5%. Among its businesses, the Photovoltaic Business maintained resilient growth amid industry headwinds, with revenue increasing by 11.8% year-on-year to HK$18.18 billion. The business focused on key countries in Europe in international markets and made substantive progress in advancing integrated energy solutions combining photovoltaics, energy storage and heating, leveraging the brand influence of SunPower.

For the first three quarters of 2026, the Company continued to promote the synergistic development of its All-Category Marketing business and improve the layout of its smart device product portfolio. Revenue increased by 3.3% year-on-year to HK$10.95 billion. Meanwhile, in August 2026, the Company launched TCL AiMe, an AI companion and caregiving robot, further enriching its all-scenario smart ecosystem and opening up new growth opportunities in the emerging consumer electronics sector.

-     Ends     -

About TCL Electronics

TCL Electronics Holdings Limited (01070.HK, incorporated in the Cayman Islands with limited liability) has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since November 1999. Its business scope covers display business, innovative business, and internet business. Guided by the business philosophy of "Strategy Guidance, Innovation Driven, Advanced Manufacturing and Global Operation", TCL Electronics actively embraces transformation and innovation and focuses on breaking into the mid-to high-end global market, and strives for an all-category layout for the "Smart IoT Ecosystem". Dedicated to providing users with all-scenario smart healthy living experiences, TCL Electronics aims to become a leading global intelligent terminal enterprise. TCL Electronics is included in the list of eligible shares for the Shenzhen-Hong Kong Stock Connect. It is a constituent stock of the Hang Seng Stock Connect Hong Kong Index, the Hang Seng Composite LargeCap & MidCap Index, the Hang Seng Composite MidCap Index and the "Hang Seng SCHK Electronics Theme Index". Since 2018, the Company has been awarded an ESG rating of A by Hang Seng Indexes Company for several consecutive years.

For more information, please visit TCL Electronics' investor relations website at http://electronics.tcl.com.

經調整歸母淨利潤同比升54.5%至22.4億港元

全球業務規模增長持續 國際市場經營業績表現強勁

業績亮點

• TCL電子堅定落實「全球化」與「中高端化」雙輪驅動戰略，經營業績實現強勁增長。2026年首三季度收入同比增長15.7%至957.9億港元，經調整歸母淨利潤同比增長54.5%至22.4億港元。
• 顯示業務：2026年首三季度，顯示業務收入同比增長19.1%至623.8億港元，毛利同比增長38.4%至115.1億港元。國際市場產品結構優化進一步提升盈利能力，其中TCL Mini LED TV國際市場出貨量錄高速同比增長達94.5%，帶動大呎吋顯示業務國際市場毛利率同比提升4.4個百分點至19.0%。
• 互聯網業務：2026年首三季度，互聯網業務收入同比增長28.2%至27.0億港元，其中更高毛利的國際互聯網業務佔整體互聯網業務收入比重超五成，帶動互聯網業務整體毛利率同比增長4.6個百分點至60.9%，持續貢獻高質量盈利。
• 創新業務：2026年首三季度，創新業務收入同比增長8.5%至306.8億港元。其中，光伏業務在行業逆風中保持韌性增長，收入同比增長11.8%至181.8億港元。
• 戰略發展：公司以總代價56.1億港元收購TCL空調業務，於2026年11月2日完成交割並納入公司合併財務報表，全面推進「全品類智能終端」佈局。

香港2026年11月13日 /美通社/ -- TCL電子控股有限公司（「TCL電子」或「公司」，01070.HK）今天公佈截至2026年9月30日首三季度未經審核業績。報告期內，公司堅定落實「全球化」與「中高端化」雙輪驅動戰略，積極深化全球渠道合作，經營業績實現強勁增長。2026年首三季度，公司實現總收入957.9億港元，較去年同期增長15.7%。毛利實現同比增長29.5%至162.6億港元，毛利率同比提升1.8個百分點至17.0%；整體費用^[1]率為11.9%；在運營效率提升及規模效應顯現的雙重推動下，經調整歸母淨利潤同比增長54.5%至22.4億港元。 

戰略發展方面，公司持續推進產業協同佈局、核心資產整合與業務架構優化。於2026年3月31日（交易時段後）與索尼就家庭娛樂領域簽訂交易框架協議，雙方擬設立合資公司，共建全球家庭娛樂新生態，為拓展中高端市場帶來重要戰略支撐。此外，2026年7月15日（交易時段後），公司宣佈擬以總代價56.1億港元收購TCL空調業務，該交易於2026年11月2日完成交割，相關業務自交割日起納入公司合併財務報表，為公司全面推進「全品類智能終端」佈局墊下重要基礎。2026年8月24日，公司公告正考慮透過實物分派方式分立光伏業務並獨立上市，公司將從全體股東利益最大化的角度，全面審慎評估落實該方案帶來的各項影響。展望2026年全年，公司有信心透過堅定的戰略執行，實現持續的穩健增長。

全球品牌力持續提升，國際市場中高端及大呎吋TV盈利能力大幅提升

依託全球品牌力持續提升、渠道高效拓展及產品結構不斷優化，公司顯示業務收入同比增長19.1%至623.8億港元，毛利同比增長38.4%至115.1億港元，毛利率同比提升2.6個百分點至18.5%。受益於中高端及大呎吋TV佔比持續提升，TCL TV業務收入同比增長16.7%至520.3億港元，毛利率同比提升3.2個百分點至19.5%。

TCL Mini LED TV維持高速增長，2026年首三季度全球出貨量同比增長57.9%，出貨量佔比同比上升6.1個百分點至17.5%；其中國際市場出貨量同比增長94.5%，帶動TV業務國際市場毛利率同比提升4.4個百分點至19.0%。公司繼續擴大全球渠道佈局並深化重點渠道發展，推動TCL TV全球銷售額排名全球前三，出貨量排名保持全球第二，TCL Mini LED TV出貨量穩居全球第一位^[2]。TCL X11L SQD-Mini LED TV入選美國《時代》週刊「2026 年度最佳發明」，為該類別中唯一入選的中國電視產品，進一步印證公司在高端顯示技術領域的領先地位。

中小呎吋顯示業務方面，公司堅持「效益優先、聚焦重點市場」策略，深耕歐美重點渠道，憑藉NXTPAPER護眼顯示等差異化產品實現逆勢增長，收入與毛利表現均優於行業整體；2026年首三季度，中小呎吋顯示業務收入同比增長32.2%至93.2億港元。

國際互聯網業務貢獻高質量盈利，光伏業務歐洲市場取得實質性進展

2026年首三季度，公司互聯網業務收入同比增長28.2%至27.0億港元。其中，更高毛利的國際互聯網業務擴張持續加速，其收入佔互聯網業務收入的佔比同比提升17.0個百分點，帶動互聯網業務整體毛利率同比增長4.6個百分點至60.9%，持續貢獻高質量盈利。國際市場方面，公司憑藉規模優勢，持續深化與Google、Roku及Netflix等互聯網巨頭合作，內容聚合應用TCL Channel在內容豐富度、用戶體驗及變現效率方面持續迭代升級。截至2026年9月底，TCL Channel累計用戶達5,699萬。

創新業務方面，2026年首三季度收入同比增長8.5%至306.8億港元。其中，光伏業務在行業逆風中保持韌性增長，收入同比增長11.8%至181.8億港元。國際市場聚焦歐洲重點國家，依託SunPower品牌影響力推進光伏、儲能及供熱一體化綜合能源解決方案，取得實質性進展。

2026年首三季度，公司持續推進全品類營銷業務的協同發展，完善智能終端產品矩陣佈局，收入同比增長3.3%至109.5億港元。同時，公司於2026年8月推出AI陪育機器人TCL AiMe，進一步豐富全場景智能生態佈局，在新興消費電子賽道打開新的增長空間。

有關TCL電子

TCL電子控股有限公司（01070.HK，於開曼群島註冊成立之有限公司），自1999年11月起於香港聯交所主板上市，業務範圍涵蓋顯示業務、創新業務以及互聯網業務。TCL電子以「戰略引領、創新驅動、先進製造、全球經營」為經營理念，積極變革創新，聚焦突破全球中高端市場，努力夯實「智能物聯生態」全品類佈局，致力為用戶提供全場景智慧健康生活，致力成為全球化經營的領先智能終端企業。TCL電子已獲納入深港通之合資格港股通股份名單，是恒生港股通指數、恒生綜合中大型股指數、恒生綜合中型股指數基準指數及恒生港股通電子主題指數成分股，並從2018年起連續多年獲得恒生指數公司授予ESG評級A。

如欲查詢更多資料，請瀏覽TCL電子投資者關係網站 http://electronics.tcl.com。

Adjusted Profit Attributable to Owners of the Parent Surges 54.5% Year-on-Year to HK$2.24 Billion

Global Business Continues to Grow, with Strong Operating Performance in International Markets

Results Highlights

• TCL Electronics firmly implemented its dual-drive strategy of "Globalisation" and "Mid-to-High-End Premiumisation", achieving strong growth in operating performance. For the first three quarters of 2026, the Group recorded total revenue of HK$95.79 billion, representing a year-on-year increase of 15.7%. Adjusted profit attributable to owners of the parent increased by 54.5% year-on-year to HK$2.24 billion.
• Display Business: For the first three quarters of 2026, revenue from the Display Business increased by 19.1% year-on-year to HK$62.38 billion, while gross profit increased by 38.4% year-on-year to HK$11.51 billion. Further product mix optimisation in international markets continued to enhance profitability. In particular, international shipments of TCL Mini LED TVs recorded rapid year-on-year growth of 94.5%, driving a 4.4-percentage-point year-on-year increase in the gross profit margin of the Large-Sized Display business in international markets to 19.0%.
• Internet Business: For the first three quarters of 2026, revenue from the Internet Business increased by 28.2% year-on-year to HK$2.70 billion. The proportion of the higher-margin international internet business with its share of total Internet Business revenue increased to over 50%. This drove a 4.6-percentage-point year-on-year increase in the overall gross profit margin of the Internet Business to 60.9%, continuing to contribute high-quality earnings.
• Innovative Business: For the first three quarters of 2026, revenue from the Innovative Business increased by 8.5% year-on-year to HK$30.68 billion. Among its businesses, the Photovoltaic Business maintained resilient growth amid industry headwinds, with revenue increasing by 11.8% year-on-year to HK$18.18 billion.
• Strategic Development: The Company acquired the TCL air-conditioning business for a total consideration of HK$5.61 billion. The transaction was completed on 2 November 2026, and the acquired business was consolidated into the Company's financial statements, marking a significant step towards the comprehensive implementation of its "All-category Smart Device" strategy.

HONG KONG, Nov. 13, 2026 /PRNewswire/ -- TCL Electronics Holdings Limited ("TCL Electronics" or the "Company", 01070.HK) today announced its unaudited results for the first three quarters of 2026, covering the nine months ended 30 September 2026. During the reporting period, the Company firmly implemented its dual-drive strategy of "Globalisation" and "Mid-to-High-End Premiumisation" and actively deepened cooperation with global channels, achieving strong growth in operating performance. For the first three quarters of 2026, the Company recorded total revenue of HK$95.79 billion, representing a year-on-year increase of 15.7%. Gross profit increased by 29.5% year-on-year to HK$16.26 billion, while gross profit margin increased by 1.8 percentage points year-on-year to 17.0%. The overall expense^[1] ratio was 11.9%. Driven by both improved operating efficiency and the realisation of economies of scale, adjusted profit attributable to owners of the parent increased by 54.5% year-on-year to HK$2.24 billion.

In terms of strategic development, the Company continued to advance industrial synergies, the integration of core assets and the optimisation of its business structure. On 31 March 2026 (after trading hours), the Company entered into a transaction framework agreement with Sony in relation to the home entertainment business. The two parties proposed to establish a joint venture to jointly build a new global home entertainment ecosystem, providing important strategic support for the expansion into the mid-to-high-end market. In addition, on 15 July 2026 (after trading hours), the Company announced its proposed acquisition of the TCL air-conditioning business for a total consideration of HK$5.61 billion. The transaction was completed on 2 November 2026, and the relevant business has been consolidated into the Company's financial statements since the completion date, laying an important foundation for the Company to comprehensively implement its "All-category Smart Device" strategy. On 24 August 2026, the Company announced that it was considering the spin-off and separate listing of its photovoltaic business through a distribution in specie. The Company will comprehensively and prudently evaluate the various impacts of implementing this proposal from the perspective of maximising the interests of all shareholders. Looking ahead to the full year of 2026, the Company is confident that it will achieve sustained and steady growth through firm execution of its strategies.

Continued Enhancement of Global Brand Strength, with Significant Improvements in Profitability of Mid-to-High-End and Large-Sized TVs in International Markets

Underpinned by continued enhancement of its global brand strength, efficient channel expansion and ongoing product mix optimisation, the Company's Display Business recorded revenue of HK$62.38 billion, representing a year-on-year increase of 19.1%, and gross profit of HK$11.51 billion, representing a year-on-year increase of 38.4%. Gross profit margin increased by 2.6 percentage points year-on-year to 18.5%. Benefitting from the continued increase in the proportion of mid-to-high-end and large-sized TVs, revenue from the TCL TV business increased by 16.7% year-on-year to HK$52.03 billion, while gross profit margin increased by 3.2 percentage points year-on-year to 19.5%.

TCL Mini LED TVs maintained rapid growth for the first three quarters of 2026, with global shipments increasing by 57.9% year-on-year and their share of total shipments rising by 6.1 percentage points year-on-year to 17.5%. In particular, shipments in international markets increased by 94.5% year-on-year, driving a 4.4-percentage-point year-on-year increase in the gross profit margin of the TV business in international markets to 19.0%. The Company continued to expand its global channel footprint and deepen the development of key channels. These efforts helped TCL TV rank among the top three globally in sales revenue, maintain its second-place ranking globally in shipment volume, and retain its position as the world's No. 1 brand in TCL Mini LED TV shipments^[2]. TCL X11L SQD-Mini LED TV was named one of TIME magazine's "Best Inventions of 2026" in the United States, making it the only Chinese television product selected in this category and further demonstrating the Company's leading position in premium display technology.

In the Small-and-Medium-Sized Display business, the Company adhered to the strategy of "prioritising efficiency and focusing on key markets" and continued to deepen its presence in key channels in Europe and the United States. Leveraging differentiated products such as NXTPAPER eye-care display technology, the business achieved growth against the market trend, with both revenue and gross profit outperforming the industry as a whole. For the first three quarters of 2026, revenue from the Small-and-Medium-Sized Display business increased by 32.2% year-on-year to HK$9.32 billion.

International Internet Business Contributes to High-Quality Earnings, While Photovoltaic Business Achieves Substantive Progress in the European Market

During the Reporting Period, the Company's Internet Business recorded revenue of HK$2.70 billion, representing a year-on-year increase of 28.2%. Among its businesses, the expansion of the higher-margin international internet business continued to accelerate, with its share of Internet Business revenue increasing by 17.0 percentage points year-on-year. This drove a 4.6-percentage-point year-on-year increase in the overall gross profit margin of the Internet Business to 60.9%, continuing to contribute high-quality earnings. In international markets, leveraging its scale advantages, the Company continued to deepen cooperation with internet giants such as Google, Roku and Netflix. The content application TCL Channel continued to undergo iterative upgrades in terms of content richness, user experience and monetisation efficiency. As at the end of September 2026, TCL Channel had a cumulative user base of 56.99 million.

In the Innovative Business, for the first three quarters of 2026, the Company recorded revenue of HK$30.68 billion, representing a year-on-year increase of 8.5%. Among its businesses, the Photovoltaic Business maintained resilient growth amid industry headwinds, with revenue increasing by 11.8% year-on-year to HK$18.18 billion. The business focused on key countries in Europe in international markets and made substantive progress in advancing integrated energy solutions combining photovoltaics, energy storage and heating, leveraging the brand influence of SunPower.

For the first three quarters of 2026, the Company continued to promote the synergistic development of its All-Category Marketing business and improve the layout of its smart device product portfolio. Revenue increased by 3.3% year-on-year to HK$10.95 billion. Meanwhile, in August 2026, the Company launched TCL AiMe, an AI companion and caregiving robot, further enriching its all-scenario smart ecosystem and opening up new growth opportunities in the emerging consumer electronics sector.

About TCL Electronics

TCL Electronics Holdings Limited (01070.HK, incorporated in the Cayman Islands with limited liability) has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since November 1999. Its business scope covers display business, innovative business, and internet business. Guided by the business philosophy of "Strategy Guidance, Innovation Driven, Advanced Manufacturing and Global Operation", TCL Electronics actively embraces transformation and innovation and focuses on breaking into the mid-to high-end global market, and strives for an all-category layout for the "Smart IoT Ecosystem". Dedicated to providing users with all-scenario smart healthy living experiences, TCL Electronics aims to become a leading global intelligent terminal enterprise. TCL Electronics is included in the list of eligible shares for the Shenzhen-Hong Kong Stock Connect. It is a constituent stock of the Hang Seng Stock Connect Hong Kong Index, the Hang Seng Composite LargeCap & MidCap Index, the Hang Seng Composite MidCap Index and the "Hang Seng SCHK Electronics Theme Index". Since 2018, the Company has been awarded an ESG rating of A by Hang Seng Indexes Company for several consecutive years.

 For more information, please visit TCL Electronics' investor relations website at http://electronics.tcl.com.

T. Rowe Price global equity portfolio specialist Jennifer O'Hara Martin said recent market jitters and the sharp selloff in AI stocks largely reflected investors' reassessment of valuations and expectations, rather than weakening demand. She still believed demand for AI computing power and infrastructure remains strong, while industry supply continues to be tight.

The resignation of NVIDIA (NVDA.US) CEO Jensen Huang was a company-specific event rather than a fundamental change in the outlook for AI demand, she said, adding that she is more focused on how NVIDIA's organizational and decision-making structure will be adjusted, believing the transition may require a new organizational structure rather than simply appointing a new CEO.

However, she foresaw the company's established product roadmap to remain broadly unchanged. Going forward, she will keep tab on whether the pace of product development slows, potentially giving competitors more room to seize market share.
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AASTOCKS Financial News
Website: www.aastocks.com

US President Donald Trump said former NVIDIA (NVDA.US) CEO Jensen Huang had called him and expressed remorse over the harm the scandal had caused to his family, adding that Huang was most concerned about his wife and family members.

In an interview, Trump praised Huang, saying that his achievements are incredible, and NVIDIA is simply unbelievable, adding that he believed Huang would overcome the difficulties and that he will definitely make a comeback in the end.

When asked whether Huang should resign, Trump said the key issue was whether the woman (Alice Huang) was a spy, and it was currently unclear whether her identity had been confirmed. However, if she were a spy, then Huang should resign; if she were not a spy, the situation might be different.
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AASTOCKS Financial News
Website: www.aastocks.com

Senior White House officials are discussing whether Commerce Secretary Howard Lutnick should be replaced over a spying scandal involving former NVIDIA (NVDA.US) CEO Jensen Huang, as a growing number of lawmakers criticize Lutnick for refusing to place dozens of Chinese companies on the US critical trade blacklist and question whether the government has properly supervised NVIDIA’s exports to China, Reuters, citing sources, reported.

However, a White House official said US President Donald Trump still has full confidence in Lutnick and his ability to perform his duties.

The US government had previously suspended plans to place DeepSeek, CXMT (688825.SH), and more than 100 other companies identified as national security risks on the trade blacklist.

Multiple Democratic lawmakers wrote to Lutnick, Secretary of State Marco Rubio, and White House Chief of Staff Stephen Miller, requesting that the government preserve all documents related to NVIDIA’s exports of advanced AI chips to China and the associated national security risks.
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AASTOCKS Financial News
Website: www.aastocks.com

Merger talks between SpaceX (SPCX.US) and Tesla (TSLA.US) are making progress and could be announced as early as December, Bloomberg, citing sources, reported . The boards and advisers of both companies are finalizing merger terms and governance arrangements for the combined entity.

However, sources said the two companies still need to overcome multiple hurdles before completing the transaction, including how to ring-fence Tesla operations in China.

The merger would become a major test of the political climate after the US midterm elections, with Democrats, who regained control of Congress, pledging to investigate Elon Musk's business and political activities.
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AASTOCKS Financial News
Website: www.aastocks.com

US President Donald Trump said former Apple Inc. (AAPL.US) CEO Tim Cook should replace Jensen Huang as CEO of NVIDIA (NVDA.US). Cook had stepped down as Apple CEO in September this year after serving in the role for 15 years and is currently executive chairman of Apple.

Trump said Huang had done an excellent job and now that he has resigned, only Cook could take over his position, adding that one legendary figure has replaced another legendary figure.
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AASTOCKS Financial News
Website: www.aastocks.com

• Robin Li, Co-founder and CEO of Baidu, outlined his vision for the next chapter of AI, centered on the intelligent organization, and introduced three principles of organizational evolution.
• Baidu also introduced ERNIE 5.5 Flash Preview, the latest open-weight foundation model designed for efficient inference, and two application models ERNIE Wizshot Micro-Expression and ERNIE Light Deep Thinking.
• Baidu launched Token Exchange, a neutral, transparent, and trusted marketplace connecting model service providers to customers.
• Baidu also upgraded its agent lineup, including digital human agent Baidu Yijing, the general-purpose agent DuMate, document and creative workspace KOOKO, and self-evolving agent Famou 3.0.

BEIJING, Nov. 12, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888), a leading AI company with strong internet foundation, today unveiled new offerings and upgrades across its full-stack AI portfolio spanning chips, cloud, models, and agents, designed to help enterprises transform into intelligent organizations. The new lineup includes Token Exchange, a trusted marketplace for model services; upgrades to its agents DuMate, KOOKO, Baidu Yijing, and Famou; ERNIE 5.5 Flash Preview, its latest foundation model, which balances intelligence with inference efficiency; as well as the new Tianchi 1024-card Supernode and Kunlunxin roadmap.

In his opening keynote, Robin Li, Co-founder and CEO of Baidu, described the intelligent organization as the next chapter of AI. Li explained why turning that technological progress into productivity gains means moving beyond traditional hierarchies. Just as AI needs energy to run, making full use of its capabilities requires an AI-native approach to how organizations operate. "If AI is the new electricity, then the intelligent organization is the new factory of the AI era, where productivity truly happens," Li said.

Li also laid out three principles for how organizations should evolve. The first is to break down job boundaries. With AI now enabling one person to act in multiple roles, Li said organizations will be built around tasks rather than jobs and become a network of tasks. "Jobs won't disappear, but they will converge into roughly two types: Builders, who create new things, and Sellers, who connect with people to forge emotional bonds and earn their trust," Li said. The second is to capture tacit knowledge and turn it into a shared company asset. "This is a capability that competitors can't copy, hire away, or buy. That's what a real moat looks like." The third is to design closed-loop processes. Li put forward a formula: measurability plus looping equals continuous evolution, so that "the organization becomes a system that never stops learning and evolving."

Early results at Baidu have already validated the three principles. Over the past year, the average number of daily active agents (DAA) inside Baidu rose from 5,000 to 37,000, an increase of more than 600%. Agents now complete more than 1 million tasks a week, up from 84,000. Baidu has also built 4,300 workspaces and captured more than 20,000 organizational skills. According to Li, by turning practical experience into reusable skills, organizations can build shared capabilities that benefit the entire workforce.

Foundation and Application Models Advance in Parallel: ERNIE 5.5 Flash Preview, ERNIE Wizshot Micro-Expression and ERNIE Light Deep Thinking

Baidu also released its latest-gen foundation model ERNIE 5.5 Flash Preview. With 280 billion total parameters and 14 billion parameters activated per token, the model supports a 1M context window and performs strongly in coding, 3D modeling, knowledge work, and content creation.

ERNIE 5.5 Flash Preview balances intelligence with inference efficiency. Across multiple benchmarks, including Terminal-Bench and AutomationBench, it achieved competitive scores while maintaining extremely fast decoding speed. The model API is now available on Baidu AI Cloud's Qianfan platform, and the model weights will be open-sourced by November 25. API pricing is RMB 1 per million input tokens and RMB 4 per million output tokens, with cached input at just RMB 0.04 per million tokens. The model is also available for free on OpenRouter. ERNIE 5.5 Flash Preview is optimized with ERNIE Evolve, Baidu's proprietary recursive self-improvement (RSI) technology, to boost inference efficiency and reduce cost.

Baidu also introduced two application models, the ERNIE Wizshot Micro-Expression model and the ERNIE Light Deep Thinking model, available via API on Baidu AI Cloud's Qianfan platform. The ERNIE Wizshot Micro-Expression specializes in highly expressive video creation. It processes text, images, and speech together and can support long-form text input of up to 4,000 Chinese characters. It leads the industry for podcasts and short animated dramas at half the typical cost. Originally developed for multimedia search, the ERNIE Light Deep Thinking is designed to handle complex requests and tool calls at search-scale speed. It pairs a fast-thinking model that serves users with a slow-thinking model that continuously refines it in a closed loop. It also incorporates Baidu Sparse Attention (BSA), a proprietary technology that compresses historical memory during decoding to reduce inference costs without compromising model performance.

Token Exchange: A Trusted Marketplace for Model Services

Looking at the broader market, demand for model services is growing fast. To make high-quality model services easier to find and use, Baidu launched Token Exchange, a neutral, transparent, and trusted marketplace that connects AI model providers with customers. Customers can compare model services side by side, with clear pricing and performance data, and access them in one place. Quality providers, in turn, gain a channel to access more customers. Li described it as an exchange for foundation models, where businesses and individuals can easily find, buy, and use trusted model tokens.

Token Exchange rests on two pillars of trust: verification and credit rating. To verify each resource, it compares model fingerprints and tests capability, performance, and availability. To rate each provider, it runs regular spot checks and monitors calls end to end in real time. One month in, Token Exchange has onboarded more than 100 model resources and now handles a daily average of more than 50 million calls and over 700 billion tokens. 

Over time, Token Exchange is expected to help put underused compute to work and make the AI and foundation model ecosystem healthier and more efficient.

Baidu Yijing, DuMate, KOOKO, and Famou: Agent Upgrades Put the Intelligent Organization to Work

At the event, Baidu Yijing, the hyper-realistic digital human agent, introduced short animated drama creation covering concept, script, storyboard, and final cut, turning a single idea into a finished production in one stop. With one-click localization, creators can then take their dramas to global audiences. Built on Baidu's proprietary video generation model, production costs are just RMB 0.2 per second of video.

Baidu's general-purpose agent DuMate has been upgraded to serve as the unified gateway to Baidu's full range of specialized agents, and Baidu has fully opened its Harness engine and Agent API. Over the past quarter, DuMate became the fastest-growing general-purpose agent. The DuMate team also put the three principles of organizational evolution into practice: it has iterated more than 160 times in six months, with 90% of its code and 50% of its external communication materials generated by DuMate.

KOOKO, the global AI-powered platform for documents and creative workflows, brings together publicly available information, professional databases, and users' own content to help research, write, and create high-quality artifacts such as research reports, slide decks, and websites. Upgraded from GenFlow 3.0, KOOKO draws on 1.8 billion professional resources from Baidu Wenku and Baidu Drive, 750 million Chinese and English academic papers, and a network of millions of experts.

Baidu Famou, a self-evolving agent designed to address complex operational challenges across industries, has been upgraded to version 3.0. Combining an agent platform with forward-deployed engineer (FDE) services, it takes direct responsibility for continuously optimizing final business results in real production systems. Its customers now span 25 of China's 41 industrial categories.

Cloud and Chips Strengthen the Foundation as Apollo Go Expands Globally

At the event, Baidu AI Cloud launched the Tianchi 1024-card Supernode, an all-optical interconnect supernode built for high-speed data transmission. Kunlunxin, Baidu's AI chip business, also announced a major roadmap update: the Kunlunxin M100 inference chip has shipped as planned and delivers exceptional cost-effectiveness, while the flagship M300 is expected to ship in 2027 with a major leap in computing power, memory, and interconnection. "We believe inference will be the primary driver of sustained long-term growth in the AI chip market," Li said.

"Embodied AI is now at a stage comparable to where autonomous driving stood in 2016," Li said. Apollo Go, Baidu's autonomous ride-hailing service, now covers 28 cities worldwide and has logged more than 350 million autonomous kilometers, including over 240 million in fully driverless mode. It has launched fully driverless commercial operations in Abu Dhabi and Dubai, and partnered with CAR Inc. in Hainan to pioneer the world's only driverless car rental model.

Li said intelligent organizations will open three major opportunities: asset-light operations, new competitive moats, and the creation and discovery of new markets. "So now is the moment to drive the intelligent evolution of organizations," he said.

"Baidu is ready to work with everyone to rethink, redesign, and recreate the organization," Li said. "Let us take the initiative in organizational transformation and win the future through intelligent evolution."

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.

Media Contact:
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HONG KONG, Nov. 12, 2026 /PRNewswire/ -- Presented by TME live and ELF ASIA, with FWD Insurance, Visa, Trip.com Group, Klook and Samsung as joint sponsors, BIGBANG 2026-2027 WORLD TOUR < XX : COSMOS > IN HONG KONG will take the stage at Kai Tak Stadium, Hong Kong, China, on November 13, 14, 15 and 17. Tickets sold out almost immediately after going on sale, with the exclusive priority pre-sale for SVIP users on TME's QQ Music, JOOX and Kugou Music.

In response to the overwhelming enthusiasm of fans at home and abroad, TME, together with YG Entertainment and partners, is extending the "COSMOS" universe from the stage across all of Hong Kong, with a series of immersive fan experiences running throughout the concert period.

Starting from November 9, the Hong Kong stop, the final stop of the BIGBANG 20th Anniversary Memorial Space, will open at The Peak Galleria, together with a Hong Kong-exclusive crown art installation overlooking Victoria Harbour and big screens at landmarks across the city. All photo spots are free to visit. Fans who check in can collect a BIGBANG 20th Anniversary commemorative postcard and a bonus Hong Kong-exclusive fridge magnet, and even have a chance to win official concert merchandise in a lucky draw!

On November 12 and November 14, two specially commissioned drone light shows will illuminate the night sky over Victoria Harbour, echoing the sea of crowns at the concert, while interactive installations around the venue invite fans to explore and capture memories.

To keep the experience going, the "COSMOS BIGBANG 20TH ANNIVERSARY MEDIA EXHIBITION IN HONG KONG" will open on November 18 and run until December 27. As the exhibition's first overseas stop following its run in Korea, the exhibition brings BIGBANG's 20-year musical journey to Hong Kong through immersive media art, VR, holographic projections, and interactive experiences, along with official exhibition merchandise. Step into BIGBANG's musical universe and celebrate the 20th anniversary in person!

Twenty years in the making, this musical promise welcomes V.I.P from around the world with an unprecedented, multi-dimensional immersive experience.

ABOUT BIGBANG

BIGBANG is a boy group launched by YG Entertainment in 2006. Since the release of their debut single [Bigbang], the group has grown into a top-tier global act, producing numerous hit songs such as 'Lie', 'Last Farewell', 'Haru Haru', 'FANTASTIC BABY' and 'BANG BANG BANG'.

Dominating domestic and international music charts while sweeping grand prizes at major award ceremonies, BIGBANG has earned recognition for the limitless capabilities of both the group and its individual members as musicians. In 2022, they released the digital single 'Still Life', reaffirming their commanding presence across the global music market.

Reuniting to mark their 20th debut anniversary, the group announced their legendary comeback on the stage of the 2026 Coachella Valley Music and Arts Festival in the United States. Drawing an explosive response from the crowd, BIGBANG proved that they still have what it takes. In August, they successfully kicked off their new world tour in Goyang and are set to meet fans worldwide. On August 19, their 20th debut anniversary, BIGBANG released their new digital single [BiiiG], their first new song in four years, receiving passionate love from all over the world.

ABOUT TME live

TME live is a diversified business brand centered on live performances, created by Tencent Music Entertainment Group, a leading music entertainment service provider in China. TME live creates an all-around music entertainment performance experience by combining online and offline performances, utilizing an innovative performance model and extremely fast, ultra-high-definition digital audio-visual technology.