负重前行。 《投资者网》引线 | 吴微 在半导体显示面板这个典型的"强周期、重资产"赛道上，从来不缺玩家。2025年11月，惠科股份有限公司（下称"惠科股份"）更新了财务数据与招股书。与 2022年因行业周期性变化，公司出现14亿元亏损被迫终止创业板上市尝试不同，得益于TV面板需求的增长，2023年-2025年上半年，惠科股份均有大额的盈 利，2024年，惠科股份的归母净利润更是高达33亿元。 惠科股份所处的半导体显示面板市场，是个重资产投入的行业，但与京东方（000725.SZ）、深天马（000050.SZ）等主要玩家均由国资主导不同，惠科股份 是由王智勇控制的民营企业。但在企业发展的过程中，重庆、滁州、绵阳等地的地方政府为惠科股份提高了大量的支持，同时公司盈利中的很大一部分也依 赖于政府补助，因此惠科股份也形成了高达129亿元对子公司国资股东股份的回购义务。而在京东方、TCL科技（000100.SZ）等巨头夹击下的技术追赶焦 虑，正检验着惠科股份的盈利成色。 惠科股份能否跨过这道资本的龙门，或许不仅取决于面板周期的冷暖，更取决于公司能否打消监管层和市场对企业巨额"隐性债务"的顾虑，以给投资者足够 的回报预 ...

Group 1 - TCL Technology reported a revenue of 85.56 billion yuan for the first half of 2025, a year-on-year increase of 6.65%, and a net profit of 1.883 billion yuan, up 89.26% [1] - In the semiconductor display sector, TCL Huaxing achieved a revenue of 50.43 billion yuan, growing 14.4% year-on-year, with a net profit of 4.32 billion yuan, an increase of 74% [1] - BOE, another major player in the panel industry, reported a revenue of 101.278 billion yuan for the same period, a year-on-year increase of 8.45%, and a net profit of 3.247 billion yuan, up 42.15% [1] Group 2 - The industry is experiencing a shift towards high profitability, high technology, and high added value, moving away from a focus on scale and market share [2] - TCL Technology completed the acquisition of 100% equity in LG Display (China) and LG Display (Guangzhou), indicating a trend of supply-side capacity concentration and industry optimization [2] - The LCD TV panel market faced significant fluctuations in supply and demand, with a notable drop in prices and a decrease in demand during the second quarter [2] Group 3 - TCL Technology's senior vice president expects a 3% to 4% quarter-on-quarter increase in TV panel shipments in the third quarter, driven by shopping season factors, with prices expected to stabilize [3] - The industry is looking for growth opportunities in new product categories, such as foldable screens, especially with potential entry from major players like Apple [3]

Core Viewpoint - TCL Technology reported a strong performance in the first half of 2025, with revenue and net profit showing significant growth, indicating a positive trend in the semiconductor display sector and overall industry recovery [3][5]. Financial Performance - TCL Technology's revenue for the first half of 2025 reached 85.56 billion yuan, a year-on-year increase of 6.65%, while net profit was 1.883 billion yuan, up 89.26% [3]. - TCL Huaxing, a subsidiary, generated revenue of 50.43 billion yuan, marking a 14.4% increase, and net profit of 4.32 billion yuan, up 74% [3]. - BOE Technology, another major player, reported revenue of 101.278 billion yuan, a growth of 8.45%, and net profit of 3.247 billion yuan, increasing by 42.15% [5]. Industry Trends - The display industry is undergoing a transformation, with TCL Technology completing acquisitions of LG Display's subsidiaries, indicating a consolidation of supply capacity and an optimization of industry structure [6]. - The industry is shifting from a focus on scale and market share to prioritizing high profitability, advanced technology, and added value [6]. - Factors benefiting the panel industry include government subsidies stimulating consumer electronics demand, although the LCD TV panel market experienced fluctuations in supply and pricing [6][7]. Market Dynamics - The second quarter of 2025 saw a decline in LCD TV panel shipments, with 57.4 million units shipped, the lowest quarterly level since 2019, reflecting a contraction in the television market [7]. - TCL Technology anticipates a 3% to 4% increase in TV panel shipments in the third quarter due to seasonal shopping trends, with prices expected to stabilize [7]. - The industry is exploring growth opportunities in new product categories, such as foldable screens, particularly with expectations of major players like Apple entering the market [7].