用8年把SQD X11L推向天花板，TCL做对了什么。 成为引领者，用Mini LED改写LCD的故事走向；还是在对OLED的追随中陷入被动，重复历史的宿命？ 这是一代中国显示人，用了近十年时间，回答的终极命题。 故事的开始，发生在2017年的拉斯维加斯CES展，那一年，对OLED的崇拜甚嚣尘上。 LG展台前，10款最新OLED电视一字排开，占据了核心目光。W系列77英寸LG SIGNATURE OLED电 视，凭借壁画式设计，斩获了2017 CES最佳创新奖。 转身不远处，则是已经把LCD产线尽数甩卖提上日程的三星。借助其最新发布的折叠屏手机以及苹果手 机OLED供应商的身份，三星精准卡位了小尺寸OLED。 参展的一众终端电视厂商的研发负责人，扎堆围在韩企展台，笔记本中记满了OLED的技术参数。 但一时看好的，就是正确的吗？ 至少对TCL来说，答案是否定的。 与OLED狂热形成鲜明对比：同一时间的TCL，选择延续LCD的路线深耕Mini LED，并在这个无人区里 打造属于TCL的一代机皇产品。 因为，Mini LED无论技术上限、成本控制，乃至尺寸大小整体表现优于OLED。而唯一的不足则是，做 出这个满足所 ...

Core Viewpoint - TCL has successfully positioned its SQD X11L Mini LED television as a market leader by choosing to focus on Mini LED technology instead of following the OLED trend, demonstrating a long-term vision and commitment to innovation [6][20][61]. Group 1: Historical Context and Decision Making - The journey began at the 2017 CES, where OLED technology was highly praised, leading many companies to pursue it, while TCL opted to continue developing LCD technology with a focus on Mini LED [4][6][7]. - TCL's decision to invest in Mini LED was seen as a challenging yet correct path, as it allowed the company to leverage existing LCD supply chains and avoid the pitfalls associated with OLED technology [20][17]. - The internal debate at TCL regarding the future direction highlighted the contrast between the established OLED path and the uncertain Mini LED route, with the latter requiring significant R&D investment [12][13][14]. Group 2: Technical Development and Breakthroughs - TCL faced three major challenges in developing Mini LED technology: achieving extreme contrast, brightness, and color accuracy [22][24]. - The company established the Pangu Laboratory to address these challenges, focusing on system-level solutions and optimizing the entire production process from materials to final products [27][29]. - TCL's Mini LED technology achieved a significant milestone with the release of the X11G Max, featuring 20,736 backlight zones, which set a new industry standard [29][60]. Group 3: Industry Impact and Future Prospects - The launch of the X11L SQD-Mini LED television marked a pivotal moment for TCL, showcasing its ability to lead in display technology and shift the narrative from following to leading in the industry [61][62]. - The advancements made by TCL not only highlight the company's technical capabilities but also signify a broader transformation within the Chinese display industry, moving towards self-sufficiency and innovation [61][62]. - Looking ahead, TCL is poised to continue exploring new technologies and solutions, with a structured R&D roadmap in place to guide future developments [63].

Core Insights - The company participated in the 2025 Shenzhen Listed Companies Investor Online Reception Day, addressing key investor concerns regarding industry trends, strategic planning, overseas expansion, and financial optimization [1][2]. Industry Trends - The traditional lighting sector faces intensified competition, while emerging fields such as automotive lighting and Mini/Micro LED are expected to drive growth due to technological advancements and expanded applications. The industry is shifting from scale expansion to high-quality, high-value development [3]. Strategic Planning - The company aims to enhance revenue and net profit through a dual strategy: optimizing product structure by focusing on high-margin clients and markets, and implementing lean production and cost control measures [4]. Overseas Expansion - The company plans to invest in a manufacturing facility in Thailand to address the complexities of global trade and meet the demands of customers in Europe, North America, and Southeast Asia, thereby strengthening supply chain resilience and core competitiveness [5]. Financial and Operational Optimization - To tackle rising inventory and decreasing cash flow, the company will utilize data-driven demand forecasting and improve production efficiency. It has established partnerships with leading brands like TCL and Konka in the Mini LED backlight television sector and is deepening collaborations in the automotive display field [6]. Additional Insights - The company’s production in Changzhou is operating normally, with capacity utilization adjusted based on market demand. Mini/Micro LED remains a long-term growth focus, with continued investment despite project delays due to industry conditions. The company specializes in LED packaging and solutions, without venturing into CPO, PCB, or IC design and manufacturing [6]. - Governance improvements have been made in response to regulatory communications, ensuring normal operations are unaffected [6].

Group 1 - JVCKENWOOD has launched the industry's first in-vehicle central control display using Mini LED technology, named "彩速导航" MDV-MX12F [1] - This is the first time JVCKENWOOD has publicly adopted Mini LED backlight solutions in its vehicle navigation systems, developed in collaboration with Longteng Optoelectronics [1] - The Mini LED display solution provided by Longteng Optoelectronics features high brightness, high contrast, and high reliability [1] Group 2 - Longteng Optoelectronics, established in 2005 and located in Kunshan Development Zone, is a leading manufacturer of LCD panels in China [4] - The company has focused on display technology innovation and has a comprehensive material support system, actively entering the Mini LED field with products covering automotive, laptops, and e-sports applications [4] - In the first three quarters of this year, Longteng Optoelectronics achieved revenue of 1.903 billion yuan, a year-on-year decrease of 27.85%, with a net profit attributable to shareholders of -180 million yuan [4] - For the first half of the year, the company's revenue was 1.289 billion yuan, a year-on-year decrease of 27.91%, with a net profit of -152 million yuan, showing slight improvement compared to the previous year [4] - The company indicated that the decline in revenue was influenced by changes in the international trade environment and global supply chain restructuring, leading to stable but low prices for display products amid intense market competition [4] - To address these challenges, Longteng Optoelectronics is accelerating its layout in emerging areas such as AI, ESG, and low-altitude economy, promoting new display technologies like full-color electronic paper and 3D displays, and speeding up the construction of overseas production bases to enhance global supply chain flexibility and operational resilience [4]

Investment Rating - The investment rating for Hisense Visual (600060) is "Buy" [1] Core Views - The company achieved a revenue of 42.83 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 5.36%, and a net profit attributable to shareholders of 1.629 billion yuan, up 24.28% year-on-year [2] - The company's main business is experiencing steady growth, with a focus on optimizing and upgrading product structure, particularly in the smart display terminal and new display businesses [3][4] - The gross profit margin has improved, with a gross margin of 15.66% for the first three quarters of 2025, an increase of 0.84 percentage points year-on-year [4] - The company is advancing its global layout and high-end strategy, enhancing its core competitiveness through technology-driven product innovation [5] - The profit forecast has been adjusted, with expected revenues of 63.1 billion, 69.1 billion, and 74.7 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 2.53 billion, 2.80 billion, and 3.10 billion yuan for the same years [6] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 15.6 billion yuan, a year-on-year increase of 2.70%, and a net profit of 573 million yuan, up 20.25% year-on-year [2] - The company’s gross profit margin for Q3 2025 was 14.44%, an increase of 0.51 percentage points year-on-year [4] Business Growth - The smart display terminal business is growing steadily, with a domestic retail market share increase of 1.2 percentage points to 30.1% in the first three quarters of 2025 [3] - The new display business has seen significant revenue growth, particularly in commercial display and laser business, with commercial display revenue increasing by over 149% [3] Profitability and Forecast - The company’s net profit margin for the first three quarters of 2025 was 3.80%, an increase of 0.58 percentage points year-on-year [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.94, 2.15, and 2.37 yuan respectively [6]

Summary of Hisense Visual's Earnings Call Company Overview - **Company**: Hisense Visual - **Industry**: Display Technology and Consumer Electronics Key Financial Metrics - **Revenue**: - Q1-Q3 2025: CNY 42.8 billion, up 5.36% YoY [2][4] - Q3 2025: CNY 15.6 billion, up 2.7% YoY [3] - **Net Profit**: - Q1-Q3 2025: CNY 1.63 billion, up 24.27% YoY [2][4] - Q3 2025: CNY 570 million, up over 20% YoY [3] - **Gross Margin**: - Q1-Q3 2025: Improved by 0.84 percentage points YoY [4] Business Segments Performance Smart Display Terminal Business - Revenue: CNY 34 billion, up approximately 4% YoY [5] - Gross Margin: Improved by over 1 percentage point [5] - Domestic Sales: Approximately 5.3 million units, up about 2% YoY [5] - Overseas Sales: Approximately 15.9 million units, up 2% YoY [5] New Display Business - Revenue: CNY 5.8 billion, up nearly 20% YoY [5] - Laser Product Sales: Increased by nearly 50% [5] - Commercial Display Sales: Increased by over 350% [5] Market Dynamics - **Domestic vs. Overseas Sales**: - Domestic sales slightly declined, while overseas sales grew by 10% [10] - Q3 2025: Domestic revenue growth was below 3% [10] - **Geopolitical Impact**: Middle East market declined due to geopolitical issues [2] - **Regional Growth**: - North America: Recovery in Q3 2025 with double-digit growth [11] - Southeast Asia, Africa, and India: Growth rates of 20%-30% [2] Strategic Initiatives - **Product Launches**: Over 40 mid-to-high-end products launched to counteract subsidy policy decline [6] - **Marketing Strategy**: Focus on channel cooperation to promote new products and enhance sales structure [6] - **Mini LED Technology**: - Domestic penetration increased from 16% in Q1 to nearly 20% in Q3 [4][14] - Plans to exceed 10% penetration in overseas markets by 2026 [15] Future Outlook - **2026 World Cup Marketing**: Expected to drive double-digit growth in North America, Europe, and Asia-Pacific [2][11] - **Product Development**: Continued focus on high-value new products and technology innovation [8][23] - **Investment in R&D**: Plans to maintain competitive edge through ongoing innovation in display technologies [19][23] Risks and Challenges - **Cost Control**: Need to monitor cost management as gross margins showed slight weakness in domestic sales [10] - **Investment Income Decline**: Decrease in investment income from joint ventures, particularly due to NVIDIA's performance [12][13] Additional Insights - **Government Subsidies**: Impact of subsidy policy on consumer purchasing behavior noted, with potential for self-subsidy measures [9] - **Competitive Landscape**: Increased competition in the U.S. market, particularly during key sales periods like Black Friday [17][21] This summary encapsulates the key points from Hisense Visual's earnings call, highlighting financial performance, market dynamics, strategic initiatives, and future outlook.

I know we say this every year, but in 2025, TVs are better than ever. They look better, and sometimes they even sound better. But the best part is they're still getting more affordable.I've reviewed the cream of the crop in 2025, and these four TVs are the best you can buy right now. Before I get to that, two technologies stuck out to me this year, and as far as picture quality is concerned, they have the biggest impacts on these TVs and the ones you'll buy in the future. The first is mini LED, and this use ...

Core Viewpoint - TCL Electronics reported a 5.3% year-on-year increase in global TV shipments for the first three quarters of 2025, reaching 21.08 million units, with significant growth in Mini LED TV shipments and overall sales revenue [2][3]. Group 1: Global TV Shipment Data - In Q3 2025, TCL's global TV shipments reached 7.61 million units, contributing to a total of 21.08 million units for the first three quarters [2]. - Mini LED TV shipments increased by 153.3% year-on-year to 2.24 million units, accounting for 11.4% of total shipments [4][6]. - The average screen size of TCL TVs increased by 1.6 inches to 53.6 inches, with a sales price increase of 3.2% year-on-year [3]. Group 2: Market Segmentation - The share of 65-inch and larger TVs in global shipments rose to 29.0%, up from 24.3% year-on-year, with a 25.8% increase in shipments [3]. - In the international market, shipments of 65-inch and larger TVs grew by 44.6%, while 75-inch and larger TVs saw a 61.8% increase [4][5]. - In the Chinese market, despite a 4.1% decline in overall TV shipments, Mini LED TV shipments grew by 80.6%, with a market share increase to 20.6% [6]. Group 3: Revenue and Pricing Trends - Overall TV sales revenue increased by 8.7% year-on-year for the first three quarters, with a notable 14.2% increase in Q3 [2][5]. - The average selling price in the international market rose by 4.5%, with a significant increase of over 15.0% in North America due to improved product mix [5]. - In Europe, TCL TV shipments grew by 20.0% year-on-year, with Q3 growth exceeding 30% [5].

Core Viewpoint - Qianzhao Optoelectronics reported significant revenue and profit growth in Q3 2025, driven by advancements in key technology areas such as Mini LED, Micro chips, and gallium arsenide solar cells [2][3]. Financial Performance - In Q3 2025, the company achieved revenue of 1.007 billion yuan, a year-on-year increase of 65.8% [3]. - The net profit attributable to shareholders was 18.72 million yuan, up 56.01% year-on-year [3]. - For the first three quarters of 2025, total revenue reached 2.750 billion yuan, reflecting a growth of 46.36% [2][3]. - The net profit attributable to shareholders for the same period was 87.95 million yuan, marking an 80.17% increase [2][3]. - The non-recurring net profit for the first three quarters was 38.60 million yuan, up 59.24% [2][3]. Business Segments - In the Mini LED backlight sector, the company launched its self-developed high-performance RGB-Mini LED backlight chip, leveraging Hisense's unique RGB three-dimensional color control technology, which has become a key revenue driver [4]. - In the Micro chip segment, the Micro MIP chip has received mass production certification from leading display industry players, accelerating its commercialization [5]. - The Micro COG chip, used in large screens and wearable devices, has achieved significant technological breakthroughs and is currently pursuing international customer certifications [5]. - As a leading supplier of gallium arsenide solar cells in China, the company's products are widely used in commercial aerospace, maintaining the highest shipment volume in the domestic market [5].

Company Overview - 聚灿光电科技股份有限公司 specializes in the research, production, and sales of full-color compound optoelectronic semiconductor materials, with key products including blue-green light and GaAs-based red-yellow GaN epitaxial wafers and chips [2][3] - The company has invested nearly 1 billion yuan to establish a large-scale LED R&D and production base in Suqian, Jiangsu Province [2] Product and Market Position - The company operates in the upstream of the LED industry chain, producing high-value-added products for applications in lighting, backlighting, and displays, including general lighting, plant lighting, automotive lighting, and wearable devices [2][3] - The market share of LED lighting in various sectors, including civil, commercial, and automotive lighting, is continuously increasing [2] Financial Performance - In Q3, the company's net profit growth doubled compared to the first three quarters, driven by a shift in product structure towards high-end products like Mini LED and automotive lighting, alongside improved production efficiency [4] - The red-yellow light project has achieved a monthly output exceeding 50,000 pieces, with some processes surpassing 80,000 pieces, indicating significant revenue growth [5][6] Market Share and Competitive Landscape - The company's market share increased from 6.59% in 2021 to 8.52% in 2024, positioning it among the top players in the domestic market [8][9] - The company has transitioned from a single blue-green light chip supplier to a full-color chip supplier, covering three core application areas: lighting, backlighting, and displays [10][11] Strategic Development - Over the past eight years since its IPO, the company has transformed its strategic layout, expanding from a small-scale production base to a modern, large-scale factory in Suqian [10] - Monthly production capacity has increased from 250,000 pieces to 2 million pieces, representing a nearly 7-fold growth [11] Financial Metrics - Revenue has grown nearly 5 times from 600 million yuan at the time of listing to an expected figure this year, while asset scale has increased from 1.3 billion yuan to 5.2 billion yuan, a nearly 3-fold increase [11][12] - The company has optimized its customer structure, with nearly 60% of sales now coming from listed companies, and has maintained a leading position in accounts receivable turnover days [12] Future Outlook - The company anticipates continued growth in performance as the modern production base in Suqian enhances full-color product capacity and optimizes product structure [12]