CHANGHONG(SH:600839) Xi Niu Cai Jing·2025-11-19 09:54Core Insights - The global TV OEM market is experiencing a decline, with a reported shipment of approximately 30.8 million units in Q3 2025, reflecting a year-on-year decrease of 1.1% [2] - Among the top ten OEMs, only three companies achieved positive growth, while the majority faced declines, particularly leading firms MOKA, MTC, and Changhong OEM [2] Company Summaries - MOKA (茂佳) maintained its position as the leading OEM with a shipment of 4.5 million units in Q3 2025, but experienced a 7% year-on-year decline, indicating growth fatigue. The decline is attributed to weak consumer demand following the reduction of the "trade-in" policy and reduced orders from major domestic brand clients [5] - MTC (兆驰) faced a significant drop in shipments, with 3.5 million units shipped in Q3 2025, marking a 21.3% year-on-year decrease, the largest among leading firms. The decline is primarily due to heavy reliance on the North American market and the impact of sudden tariff policies [5] - Changhong OEM (长虹) reported shipments of 2.9 million units in Q3 2025, down 8% year-on-year. The decline is linked to weak domestic demand and challenges in the Eastern European market due to geopolitical tensions and economic slowdown [6] Industry Overview - The overall slowdown in the TV OEM market is attributed to multiple factors, including geopolitical risks, economic uncertainties, and tariff policy impacts, which have significantly affected the stability of the TV industry and supply chain [6] - Industry forecasts suggest that the global TV OEM market growth will be limited to under 1% for the year, a substantial decrease from the 5.7% growth rate in 2024. However, the upcoming 2026 FIFA World Cup is anticipated to create significant commercial opportunities for the global TV market [6]