Core Insights - Global TV shipments in Q3 2025 decreased slightly to 52.5 million units year-on-year, primarily due to a rapid decline in one of the largest markets, China [2] - China's TV shipments fell by 11.2% year-on-year, as government subsidies that previously boosted demand are nearing depletion, and many consumers have completed their upgrades [2][3] - North America experienced a 2.3% year-on-year growth in TV shipments, indicating that consumers remain unaffected by anticipated tariffs [2] - The Asia-Pacific and Oceania regions showed strong performance with a 7.7% year-on-year increase, reflecting Chinese brands' accelerated expansion into neighboring countries to offset weak domestic demand [2] Market Dynamics - The sharp contraction in China's market highlights that recent growth was largely driven by "passive demand" from government subsidies, and future TV shipments are expected to remain low as subsidy funds dwindle [3] - Chinese brands like Hisense and TCL achieved year-on-year shipment growth of 11% and 2% respectively in Q3 2025, indicating a need for these companies to accelerate overseas expansion to maintain growth momentum [3] - The slowdown in the Chinese market has also impacted the growth rate of large-screen TVs (80 inches and above), which dropped to only 23.1% growth in Q3 2025, down from over 40% in previous quarters [3] Strategic Challenges - Chinese brands face strategic challenges as their focus on "large screen + low cost" strategies in core markets like North America and China is encountering slowdowns [4] - As the focus shifts to Europe and the Asia-Pacific (excluding China), local consumers show a preference for smaller average screen sizes, with Q3 2025 averages of 62.8 inches in China compared to only 45.5 inches in the Asia-Pacific and Oceania regions [4]