Core Viewpoint - The article discusses the decline of Japanese television manufacturing and the rise of Chinese brands, highlighting the shift in global manufacturing dynamics and the competitive advantages of Chinese companies over their Japanese counterparts [5][8]. Group 1: Historical Context of Japanese Television Industry - The Japanese television industry experienced a golden era, dominating the global market with brands like Sony and Panasonic, which accounted for over 40% of global TV shipments in 1990 [10][12]. - Japan's manufacturing prowess was built on technological advancements and brand reputation, with significant market shares in the high-end segment during the 1980s and 1990s [14][15]. - The shift towards liquid crystal technology in the early 2000s marked a turning point, as Japanese companies failed to adapt, leading to significant losses and market share decline [16][17]. Group 2: Decline of Japanese Brands - By 2024, Japanese brands' global TV shipment share is projected to drop to 9%, down from 28% in 2010, with Panasonic's domestic market share falling from 16.8% in 2018 to 8.8% in 2024 [21][23]. - The inability to pivot from traditional technologies and the slow decision-making processes contributed to the decline of Japanese manufacturers [18][30]. - Japanese companies are now struggling to compete in high-end markets, with many having exited the consumer TV market altogether [17][34]. Group 3: Rise of Chinese Television Brands - Chinese brands have captured nearly 50% of the Japanese TV market by 2024, with Hisense leading at 25.4% market share, marking a significant shift in consumer preferences [23][25]. - Chinese companies like TCL and Xiaomi have also gained substantial market shares, leveraging technology and localization strategies to appeal to Japanese consumers [20][26]. - The global shipment share of Chinese TV brands reached 30.2% in 2024, surpassing that of South Korean competitors for the first time [21][22]. Group 4: Competitive Advantages of Chinese Brands - Chinese manufacturers have developed a complete television industry chain, enabling rapid response to market changes and cost reductions [28][30]. - Innovations such as Hisense's self-developed chips and TCL's advanced display technologies have allowed Chinese brands to outperform traditional Japanese offerings in quality [25][37]. - The ability to quickly adapt to consumer demands, such as energy efficiency standards, has given Chinese brands a competitive edge over their Japanese counterparts [30][38]. Group 5: Broader Implications for Manufacturing - The decline of Japanese manufacturing is indicative of broader trends, where efficiency, innovation speed, and market responsiveness are critical for success in global competition [38]. - The article suggests that without breaking free from path dependency and improving decision-making speed, Japanese companies may continue to lose competitiveness across various industries [39].

Core Viewpoint - The article discusses the significant shift in the global television market, highlighting the decline of Japanese brands and the rise of Chinese brands, particularly in Japan, where Chinese brands now hold nearly half of the market share [3][18][24]. Industry Overview - Japanese television brands, once dominant in the global market, have seen their global shipment share drop from 28% in 2010 to an estimated 9% in 2024 [15]. - The decline of Japanese brands is attributed to their slow adaptation to technological changes, particularly the shift to LCD technology, while competitors like Samsung and LG quickly embraced new technologies [14][12]. Market Dynamics - In 2024, Chinese television brands accounted for 30.2% of global shipments, surpassing Korean brands for the first time [20][22]. - Chinese brands, including Hisense, TCL, and Xiaomi, collectively hold a 31.3% market share, exceeding the combined total of Samsung and LG [20][22]. Competitive Strategies - Chinese brands have successfully penetrated the Japanese market by leveraging technology and localization strategies, such as optimizing products for local preferences and providing localized customer service [25][28]. - Hisense's self-developed X chip and TCL's ADS Pro technology have allowed them to meet specific Japanese consumer needs, enhancing their competitive edge [27][31]. Challenges and Opportunities - Japanese manufacturers face challenges due to their "path dependence" and slow decision-making processes, which hinder their ability to innovate and respond to market changes [16][39]. - The article suggests that for Japanese companies to regain competitiveness, they must break free from traditional practices and improve their decision-making speed [49]. Future Outlook - The shift in market dynamics indicates a broader trend of global manufacturing power moving towards China, driven by integrated supply chains and rapid innovation capabilities [50]. - The article concludes that the future of the television industry will depend on the ability of companies to adapt to changing market demands and technological advancements [48].

Financial Performance - In 2024, the company achieved operating revenue of 971.38 million yuan, a year-on-year increase of 21.56% [2][3] - The net profit attributable to shareholders was 103.02 million yuan, up 1.89% from the previous year [2][3] - The net profit after deducting non-recurring gains and losses was 92.95 million yuan, reflecting a growth of 4.01% [2][3] - Total assets reached 1.73 billion yuan, a 3.50% increase year-on-year [2][3] - Shareholder equity decreased by 3.37% to 1.36 billion yuan [2][3] Dividend Distribution - The company implemented two cash dividends in 2024: 8 yuan per 10 shares in April, totaling 91.09 million yuan, and 6.5 yuan per 10 shares in November, totaling 74.01 million yuan [2][3] Market Challenges - The international environment has become increasingly uncertain, with factors such as the U.S. elections and the Russia-Ukraine conflict affecting costs and supply chains [3][4] - The company is facing challenges in international business due to reduced purchasing willingness from overseas clients and increased logistics costs [3][4] Regional Revenue Structure - Revenue is primarily generated from Europe, Asia, and North America, with Europe being a significant market [4][5] - Approximately 80% of sales are from Europe and domestic markets, while direct exports to the U.S. account for about 10% [5][6] Response to Tariff Policies - The impact of U.S. tariffs on the company's operations is minimal due to a diversified customer base and established overseas factories [5][6] - The company has established a production base in Malaysia to mitigate tariff risks and enhance U.S. market exports [5][6] Future Business Outlook - The company aims to expand its market presence both domestically and internationally, focusing on high-quality customer relationships [6][7] - The 2025 revenue and net profit growth targets are set at 56.25% compared to 2023 [23][24] Competitive Advantages - The company has established strong relationships with major clients like Decathlon and IKEA, providing a stable order flow [12][24] - Emphasis on technology and R&D has led to advanced product design and manufacturing capabilities [13][14] - The integration of multiple manufacturing processes enhances competitiveness in the market [15][16] - Quality control measures and certifications support global market access [17][18] Production Capacity and Order Status - The company maintains a good production capacity utilization rate, with a positive trend in customer orders [26]