Core Insights - The collaboration between Intel and TCL Huaxing is deepening to meet the rising demand for gaming monitors, with a focus on enhancing user experience and market presence in the esports sector [2][4]. Group 1: Collaboration and Innovation - Intel aims to partner with a wide range of ecosystem partners, including TCL Huaxing, to cater to the needs of esports players and enhance its investment in the esports market [2]. - The collaboration includes joint development of green all-in-one technology and sponsorship of esports events, utilizing TCL Huaxing's screens for competitions [2][3]. - Both companies plan to drive continuous innovation in gaming monitors through technology complementarity, focusing on AI to enhance display experiences [2][3]. Group 2: Industry Standards and User Experience - Intel and TCL Huaxing intend to promote standardization in the esports industry, including display resolutions, to adapt to the rapidly maturing market [3]. - The gaming experience is viewed as a comprehensive one, requiring collaboration across the entire industry chain to optimize user experience [3][4]. - The partnership aims to enhance immersive experiences in gaming, addressing the need for high-quality displays and stable frame rates [3][4]. Group 3: Market Growth and Demand - The esports monitor market is experiencing rapid growth, with TCL Huaxing holding the global market share and shipment volume for esports monitors for three consecutive years [4][5]. - The overall retail market for monitors in mainland China saw a total sales volume of 6.42 million units in the first half of 2025, marking a year-on-year increase of 29.7% [6]. - Factors driving the growth of the esports monitor market include the development of the esports industry, decreasing prices, improved product performance, and expanded application scenarios [6]. Group 4: Future Plans - TCL Huaxing plans to continue developing a range of esports products to meet global consumer demands across various devices [6]. - The company aims to leverage diverse technologies to enrich and expand the esports display segment, facilitating new growth opportunities [6].

Core Insights - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn boosts the panel industry [2][4] - Major panel manufacturers are focusing on esports and high-end displays, with TCL's CEO highlighting a significant growth in the retail market for esports monitors and gaming laptops [2][4] - The esports monitor retail market is expected to grow by 34% year-on-year, while the gaming laptop market is projected to grow by 15% in the first half of the year [2][4] Market Trends - In Q1 2024, China's esports monitor shipments reached 2.58 million units, a 56% year-on-year increase, with high-end 4K monitors seeing a 71.5% increase [4] - The global esports monitor market is projected to reach approximately $11.35 billion by 2025, with a compound annual growth rate (CAGR) of about 6.6% until 2035 [5] Panel Industry Dynamics - Despite the recovery in esports demand, the overall panel industry is undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [7] - The third quarter is expected to see a rebound in demand, driven by traditional sales peaks and government policies, with a projected 3-4% increase in TV panel shipments compared to Q2 [7] - The industry is witnessing a healthy inventory level, which, along with recovering demand, is anticipated to stabilize panel prices [7] Technological Innovations - The trend towards larger sizes and technological innovations, such as Mini LED TVs, is expected to drive growth, with a projected 4.2% increase in global large-size panel shipment area by 2025 [8] - The introduction of high-refresh-rate OLED monitors by brands like ASUS and MSI indicates a strong consumer demand for high-end products [4] Supply Chain Strategy - The company emphasizes a dual approach to supply chain management, balancing domestic and global partnerships to enhance resilience [9] - The current domestic material localization rate exceeds 50%, with a strategy to strengthen both domestic and global supply chain capabilities [9]

Core Viewpoint - TCL Huaxing has made significant advancements in gaming display technology, showcasing its new MNT display technologies at the 2025 ChinaJoy exhibition, emphasizing the importance of player experience and evolving demands in the gaming industry [1][4]. Group 1: Technology Innovations - TCL Huaxing introduced the HVA Fast, HVA Black, and HFS Shoot display technologies, which cater to different gaming needs, achieving a response time of 1ms and offering a wide range of screen sizes from 34 inches to 57 inches [3]. - The HVA Black technology boasts an industry-leading native contrast ratio of 5000:1, providing cinematic-level color and light reproduction, and supports refresh rates of up to 500Hz [3]. - HFS Shoot technology combines high resolution, high refresh rate, and high image quality, addressing the needs of various FPS gamers while allowing for easy switching between 2D and 3D displays [3]. Group 2: Market Trends and Player Demands - The gaming display market is shifting from performance-driven to experience-oriented demands, with players seeking personalized features such as image quality, eye protection, and eco-friendliness [6]. - TCL Huaxing's APEX brand focuses on enhancing visual experiences, ensuring visual health, promoting sustainability, and fostering future innovations in display technology [6][7]. - The company aims to leverage its technological advantages in image quality, eye care, and green initiatives to meet the evolving needs of gamers and stimulate growth in the gaming display industry [7]. Group 3: Partnerships and Collaborations - TCL Huaxing collaborated with major brands like Samsung, Lenovo, ASUS, and others to showcase a variety of gaming products at ChinaJoy, highlighting the integration of its display technologies [1][6]. - The partnership with Samsung introduced new models in the Gyeonggi series, which utilize TCL Huaxing's display solutions, further solidifying its position in the gaming display market [6].

8月1日-4日，第二十二届中国国际数码互动娱乐展览会（下称"ChinaJoy2025"）开幕，作为为数不多硬 件展商之一，TCL华星携手三星、联想、华硕、TCL、AOC、飞利浦、iQOO、Acer、MSI、LG、雷鸟 等品牌合作伙伴亮相，并在展会期间发布TCL华星电竞MNT显示技术，通过分享在电竞显示技术领域 的最新突破和品牌明星电竞产品，带来"屏宇宙3.0"沉浸式体验，成为此次展会焦点之一。 HVA Fast：快响速度可以轻松实现1ms；打造34吋、40吋甚至57吋极致宽屏，结合1000R的高曲率，更 符合人眼舒适度需求，满足玩家对响应速度需求以及对视野和场景逼真的要求。 HVA Black：实现5000:1行业最高原生对比度，打造影视级逼真还原效果，准确还原每一个色彩和光 影；搭配240Hz、300Hz甚至500Hz超高刷方案，兼具细腻画质和丝滑流畅双重优势。 HFS Shoot：通过光配向工艺可同时实现高分辨率+高刷新率+高画质的"三高"优势，全面覆盖FPS游戏 各类型玩家的需求；兼顾"竞技+影音娱乐+美学设计"多维需求，一键切换高刷双模；支持一键切换 2D/3D显示，在柱透镜裸眼3D技术加持下，沉浸畅 ...

Core Viewpoint - The global esports display market continues to grow despite macroeconomic uncertainties, with TCL Huaxing leading in the esports MNT display segment, capturing a significant market share and focusing on expanding into full-scene esports displays [1][3][19]. Group 1: Market Growth and Trends - The global LCD esports monitor panel shipment is expected to reach 32.42 million units in 2024, a year-on-year increase of 12%, with TCL Huaxing's shipments projected to grow by approximately 40% [1]. - The demand for esports displays is evolving from a focus on hardware performance to a multi-dimensional approach that includes immersive experiences, eye health, and low-carbon solutions [3][19]. Group 2: Technological Advancements - TCL Huaxing's rise in the esports MNT sector is attributed to its foresight in market trends and deep understanding of user needs, having identified the potential of esports users as early as 2019 [3][5]. - The introduction of HVA technology has significantly improved response times and contrast ratios, addressing issues like motion blur and high latency in traditional displays [4][5]. Group 3: Product Innovations - During ChinaJoy 2025, TCL Huaxing unveiled new esports MNT display technologies, including HVA Fast, HVA Black, and HFS Shoot, tailored to different gaming scenarios [7][8]. - The company also showcased advancements in printed OLED technology, which offers low blue light and precise color reproduction, aimed at reducing visual fatigue for gamers [9][13]. Group 4: Strategic Vision - TCL Huaxing aims to extend its leadership beyond esports MNT displays to encompass a full ecosystem of esports display technologies across various devices, including mobile phones, tablets, and gaming TVs [11][19]. - The company is committed to maintaining a competitive edge through continuous technological upgrades and collaborative partnerships within the esports ecosystem [16][18].

Core Insights - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn boosts the panel industry [1][2] - Major panel manufacturers are actively investing in technology and capacity focused on esports and high-end displays [1][2] Group 1: Market Growth and Demand - The global esports display market is expected to grow by 34% year-on-year in retail sales this year, with gaming laptop sales projected to increase by 15% [1] - In Q1 2024, China's esports monitor shipments reached 2.58 million units, a 56% year-on-year increase, with high-end 4K monitors seeing a 71.5% increase [2] - By 2025, the global esports display market size is projected to be approximately $11.35 billion, with a compound annual growth rate (CAGR) of about 6.6% expected to reach $21.51 billion by 2035 [3] Group 2: Technological Advancements and Product Strategy - TCL Huaxing has maintained the largest global market share in esports MNT displays for three consecutive years, with one in three esports monitors using TCL Huaxing screens [2] - The company is optimizing its mid-size production lines and has completed the acquisition of LGD's Guangzhou factory, enhancing its capacity across various mainstream technologies [2] - TCL Huaxing is accelerating its development of mid-size OLED technology, focusing on printed OLED as a strategic initiative for future product commercialization [2] Group 3: Panel Pricing and Supply Chain Dynamics - Despite the recovery in esports demand, the overall panel industry is undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [4][5] - The third quarter is expected to see a rebound in panel prices and demand, driven by traditional sales peaks and government policies [4][5] - The company anticipates a 4.2% year-on-year increase in global large-size panel shipment area by 2025, with Mini LED TV shipments expected to exceed 10 million units for the first time [5] Group 4: Strategic Outlook and Supply Chain Management - The company emphasizes the importance of flexibility in technology, supply chain, and product structure to maintain competitiveness in the market [1][5] - TCL Huaxing is pursuing a dual strategy of domestic and global supply chain collaboration, with over 50% of its material sourcing being localized [5]

Core Insights - The esports market is experiencing rapid growth, significantly impacting the demand for esports monitors, which have a penetration rate of 62% in the online display market [2] - The shipment volume of esports monitors is projected to reach 2.58 million units in Q1 2025, representing a year-on-year increase of 56% [2] - Domestic manufacturers, particularly TCL Huaxing, are gaining prominence in the esports monitor sector, contributing to technological advancements and market penetration [2][5] Market Performance - In H1 2025, the total sales volume of the online retail market for displays in mainland China is expected to reach 6.42 million units, a year-on-year growth of 29.7% [3] - The sales penetration rate of esports products in traditional e-commerce channels has reached 63%, with 3.75 million units sold, marking a 40% increase [3] - The retail market for global esports monitors is anticipated to grow by 34% year-on-year this year, while the gaming laptop market is expected to grow by 15% in H1 [5] Technological Advancements - TCL Huaxing has become the global market leader in esports MNT displays, with one in three esports monitors utilizing its screens [8] - The company has introduced various display technologies, such as HVA Fast, HVA Black, and HFS Shoot, to cater to different gaming needs, enhancing performance metrics like response time and color accuracy [9][11] - The acquisition of advanced production lines has enabled TCL Huaxing to scale up production across multiple display technologies, including HVA, HFS, and IPS [13] Consumer Trends - The demand for esports monitors is shifting from performance-driven to experience-oriented, with consumers seeking personalized features such as eye care and low carbon emissions [8] - The esports display market is adapting to a wider range of applications beyond gaming, driven by technological advancements and competitive pricing [13] - The competitive landscape is intensifying, leading to a focus on performance and user experience rather than solely on price [13]

Group 1 - The 22nd China International Digital Interactive Entertainment Exhibition (ChinaJoy) opened in Shanghai, attracting over 700 companies and covering various fields such as gaming, animation, and esports hardware [2] - The esports monitor market is experiencing significant growth, with global retail market expected to grow by 34% year-on-year in 2025, while the gaming laptop retail market saw a 15% increase in the first half of the year [2] - In the domestic online market, esports monitor sales are projected to surge by 40% in the first half of 2025, with new technology products like OLED experiencing growth rates exceeding 170% [2] Group 2 - Esports demand is identified as the core driver of growth in the overall monitor market, with a projected 12.4% year-on-year growth for China's esports monitor market in 2025 [3] - High-end segments are experiencing rapid growth, with global OLED display panel shipments expected to increase by 69% in 2025 due to high acceptance among esports players [3] - Companies like TCL Huaxing hold over one-third of the global market share in esports display panels, leveraging core technologies to meet the high-performance needs of esports players [3] Group 3 - Despite strong growth in the high-end market, overall market prices are under pressure, with the average price of online monitors in China expected to drop by approximately 5% in the first half of 2025 [4] - Price declines are attributed to intense market competition and the strong supply chain control of leading factory brands, allowing for cost reductions [4] - Companies are advised to focus on performance and experience rather than solely engaging in price wars, with a strategic emphasis on technological innovation and differentiated product offerings [4]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In H1 2025, global TV shipments showed a steady performance with a year-on-year decline of 1.5%, totaling 90.8 million units, while high-end OLED TV shipments increased by 6.7% [9][10] - TCL and Hisense are maintaining their market share expansion, with TCL's global shipments reaching 13.4 million units, up 6.3% year-on-year, and Hisense's shipments at 13.1 million units, up 2.6% year-on-year [10] Summary by Sections Weekly Topic: Global TV Shipment Performance - The global TV shipment growth rate for H1 2025 showed a trend of high growth followed by a decline, with Q2 2025 shipments down by 3.5% year-on-year [9] - Mini-LED TV shipments continued to perform well, with a year-on-year increase of 82.9% in Q1 2025, and an expected annual growth of 50% to reach 11.56 million units [9] Company Announcements - Hisense reported H1 2025 revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% [15] Data Tracking - Raw material prices showed fluctuations, with copper prices down by 2.6% and aluminum prices down by 4.2% as of August 1, 2025 [17] - The CCFI composite index for shipping rates decreased by 2.3% as of August 1, 2025 [23]

Core Insights - The global digital entertainment event ChinaJoy 2025 opened in Shanghai, showcasing TCL Huaxing's comprehensive esports display solutions in collaboration with partners like Samsung and Lenovo [1] Group 1: Company Developments - TCL Huaxing's CEO Zhao Jun highlighted that mid-sized OLED will be a significant industrial opportunity in the coming years, with a strategic focus on printed OLED technology for various applications [3] - The company aims to address traditional OLED challenges such as high costs, low yield, and limited form factors through printed OLED technology, with the first showcase being a medical display [3] - TCL Huaxing entered the esports display market in 2019 and has since become a leader, with its screens accounting for one in three esports displays globally from 2022 to 2024 [4] Group 2: Market Trends - The rise of foldable smartphones presents new opportunities for panel manufacturers, with TCL Huaxing continuously developing related technologies for future products [4] - There has been a decline in production capacity utilization for large TV displays since Q2, attributed to preemptive customer stocking in Q1, leading to a temporary drop in panel prices [4][5] - A forecast for Q3 indicates a 3-4% increase in TV panel shipments compared to Q2, driven by seasonal demand and inventory adjustments [5] Group 3: Industry Outlook - The panel industry has seen a shift from high volatility to more stable operations, with manufacturers adjusting production rates based on demand to avoid inefficient price competition [5] - TCL Huaxing has been exploring production strategies since 2022, transitioning from full production to demand-based manufacturing, which is expected to benefit the industry and the company in the long term [5]