Core Insights - TCL Electronics reported a revenue of 54.78 billion HKD for the first half of 2025, marking a year-on-year increase of 20.4% and an adjusted net profit of 1.06 billion HKD, up 62.0% [1] - The company's television business remains its flagship, with global TV shipments increasing by 7.6% to 13.46 million units, driven by a significant 176.1% growth in Mini LED TV shipments [1][2] - In the domestic market, TCL's strategic focus on mid-to-high-end products, combined with the national "old-for-new" policy, led to a 3.5% increase in TV shipments, with a notable 10.2% growth in TCL brand TV shipments [1] Domestic Market Performance - TCL's large-size display business in the domestic market saw a revenue increase of 4.4% to 8.72 billion HKD, with a gross margin improvement of 1.7 percentage points to 19.4% [1] - The domestic market's Mini LED TV shipments surged by 154.2%, with the shipment share rising by 12.6 percentage points to 21.2% [1] International Market Expansion - TCL is expanding its global production capacity, with manufacturing bases established in multiple countries, achieving an annual production capacity exceeding 30 million units [2] - Internationally, TCL TV shipments grew by 8.7%, with Mini LED TV shipments increasing by 196.8%, raising the shipment share by 4.9 percentage points to 7.7% [2] - The international market revenue for large-size displays increased by 11.8% to 19.63 billion HKD, with a gross margin improvement of 0.1 percentage points to 14.4% [2] Technological Advancements - TCL continues to invest in high-end display and AI technology, launching ultra-high-definition services on TV terminals and expanding its global market reach through TCL Channel, which has over 39.3 million users [2] - The company is also applying AI technology to new business areas such as smart glasses and companion robots, with the launch of a new version of AR+AI glasses in collaboration with Ant Group [2]
大尺寸显示业务助力 TCL电子上半年归母净利润增长超六成