Core Viewpoint - TCL Technology announced on September 2 that the demand for large-sized LCD panels is expected to show a stable upward trend, driven by various applications beyond traditional televisions, including interactive whiteboards, signage, and conference screens [1] Group 1: Market Demand - The demand for large-sized LCD panels is primarily driven by the area of demand, which is influenced by terminal sales and average size [1] - Although global television terminal sales have remained stable, the average size of televisions has been steadily increasing [1] - The average size of televisions in the domestic market has exceeded 60 inches, while the global average has just surpassed 50 inches [1] Group 2: Growth Potential - There is significant growth potential for large-sized LCD panels in educational, commercial, and conference scenarios [1] - The long-term demand for TV panels is expected to continue growing due to the expanding average size [1] - The company anticipates that its large-sized business will continue to enhance profitability as supply and demand relationships improve [1]

Group 1 - The core viewpoint is that TCL Technology sees a steady growth trend in the demand for large-size LCD panels, driven by various applications beyond traditional televisions, including interactive whiteboards, signage, and conference screens [1] - The company emphasizes that there is significant growth potential for large-size LCD panels in educational, commercial, and meeting scenarios [1] - Overall, the demand for large-size LCD panels is expected to show a stable upward trend [1]

Group 1: Financial Performance - The company achieved a revenue of 85.6 billion CNY in the first half of 2025, representing a year-on-year growth of 6.7% [2] - Net profit attributable to shareholders reached 1.88 billion CNY, a significant increase of 89.3% year-on-year [2] - Operating cash flow amounted to 27.3 billion CNY, showing a remarkable growth of 115.9% [2] Group 2: Semiconductor Display Business - The global retail demand for LCD TVs remained stable, with a focus on large-size panels driven by national subsidy policies [2] - TCL Huaxing reported a revenue of 50.43 billion CNY, up 14.4% year-on-year, and a net profit of 4.32 billion CNY, reflecting a 74.0% increase [2] - The company continues to optimize its business and product structure, enhancing its competitive advantage in the semiconductor display industry [2] Group 3: Semiconductor Wafer Business - The company achieved a revenue of 2.74 billion CNY in the semiconductor wafer segment, marking a year-on-year increase of 38.2% [2] - The company is confident in maintaining growth in the second half of the year, bolstered by improved product quality and stable supply to major domestic integrated circuit manufacturers [2] Group 4: New Energy Photovoltaic Business - The photovoltaic business reported a revenue of 9.87 billion CNY, down 28.0% year-on-year, with crystalline wafer revenue declining by 7.1% [2] - The company aims to enhance its competitive position and navigate through the industry cycle by improving operational conditions [2] Group 5: Future Demand and Market Outlook - Demand for TV panels is expected to rebound in the second half of the year, driven by major shopping events [3] - The long-term demand for large-size LCD panels is projected to grow steadily, supported by increasing average screen sizes [4] Group 6: Production and Operational Updates - The T9 production line is operating at high capacity, with a strong demand for various products [6][7] - The T11 production line, acquired from LGD, is expected to contribute positively to the company's performance as operational efficiencies improve [5] Group 7: Cash Flow and Capital Expenditure - The company reported a net operating cash flow of 27.3 billion CNY, primarily from TCL Huaxing [10] - Future capital expenditures are expected to decline, with a focus on increasing ownership stakes in panel production lines and managing financial costs [11] Group 8: Industry Trends and Pricing - The photovoltaic industry is experiencing a recovery in pricing, with a focus on maintaining healthy price levels across the supply chain [11]