Consumer Staples Author：EqualOcean News Updated 3 hours ago (GMT+8)

TCL Smart Home（TCL智家，002668.SZ）said on September 14 that the second phase of its Thailand production base has been completed and entered trial production. Designed to manufacture 1.4 million refrigerators annually, the project adds an overseas production option for a business that generates more than four-fifths of its revenue outside China.

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Located in Chonburi province, the project is being developed through subsidiary Guangdong Homa Refrigerator（广东奥马冰箱）. The second phase has an investment budget of up to CNY 600 million, covering land, factory construction, a refrigerator production line and supporting facilities.

The base’s first phase, a freezer line with annual capacity of 300,000 units, began production in early 2026. Built in leased premises with a budget of up to CNY 80 million, it has largely reached full production following trial operations and ramp-up, the company said. The refrigerator project still requires equipment commissioning, production optimization and a gradual increase in output.

The two-phase structure was adopted in June 2025, revising an earlier Southeast Asian investment plan approved that January. TCL Smart Home says the Thailand base will improve supply reliability and order responsiveness for overseas customers while strengthening its ability to respond to changes in the international trade environment.

That flexibility matters given the company’s revenue mix. Overseas revenue reached CNY 8.407 billion in the first half of 2026, up 16.01% year on year and accounting for 84.63% of total revenue. Overseas revenue from its own brands grew 77.07% over the same period.

TCL Smart Home operates both branded appliance and contract-manufacturing businesses. Its Hefei operation focuses on TCL refrigerators and washing machines, while Homa designs and manufactures refrigerators for international customers. An additional production location could support both customer delivery requirements and the company’s broader expansion abroad.

The project illustrates how Chinese appliance suppliers are adding manufacturing capacity closer to regional supply chains while continuing to serve established international customers. For an export-oriented manufacturer, the benefit lies in having more options for allocating orders and organizing production as market conditions change. The announcement does not establish that Thailand will replace the company’s Chinese manufacturing base.

The first-phase freezer line offers evidence that the company can bring Thai capacity into operation. Scaling the larger refrigerator project will require suppliers, production teams and customer orders to develop together. Its commercial contribution will depend on utilization, product quality and delivery performance as output increases—turning additional capacity into a dependable part of the company’s global supply network.

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