TCL Central was exposed to internal shocks after its CEO resigned: personnel changes, production cuts, and employees working 12 days a week and taking 24 days off

News from this site on August 16. On August 2, TCL Central announced that CEO Shen Haoping resigned, citing "due to work needs and personal energy considerations." TCL boss Li Dongsheng will temporarily take over the CEO duties, and will be in accordance with relevant regulations. Provides for the completion of procedures related to the appointment of a new CEO. According to a report by Sina Finance yesterday, sources revealed that there are signs of turbulence within Central, and a personnel "replacement" in the middle and senior management is brewing, as well as a change in the previous attitude of operating at full capacity. TCL Central insiders also said that there are indeed some changes in the start-up. Compared with before, the operating rate has dropped by 5%-10%, but this is an operation under normal production scheduling adjustments.

TCL Central Factory employees were arranged to take time off Arrange alternate days off, adopting a 12-day work and 24-day rest model.People close to TCL Central said that the company has requested to reduce the silicon wafer operating rate to 75% to reduce inventory.

2. Communication between Central and TCL personnel

Recently, TCL personnel entered Central and interviewed some people. It is suggested that you can resign voluntarily.

3. Reason for Shen Haoping’s resignation

People in the photovoltaic industry believe that Shen Haoping’s resignation may be due to the reason for this year’s 1 Market judgment errors in ~2 quarter led to Zhonghuan's aggressive full-capacity production, resulting in billions of silicon wafer inventories and huge price losses caused by price fluctuations in the silicon wafer market.

4. TCL Central operating data

TCL Central’s revenue in the first quarter of 2024 was 9.933 billion yuan, down year-on-year 43.62%; loss of 879 million yuan.

Revenue in 2023 will be 59.146 billion yuan, a year-on-year decrease of 11.74%; net profit attributable to the parent company will be 3.416 billion yuan, a year-on-year decrease of 49.9%.

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