Core Viewpoint - The article discusses the price forecast for display panels in November 2025, indicating a general downward adjustment in television panel prices, while monitor panel prices are expected to remain stable, and slight decreases are anticipated for some laptop panels [2][5][9]. Television Panel Price Forecast - The average price for 65-inch television panels is projected to be $168, down by $3 from the previous month, representing a decrease of 1.8%. The lowest price is expected to be $162, and the highest $171 [5]. - The average price for 55-inch television panels is expected to be $121, down by $2, a decrease of 1.6%. The lowest price is projected at $114, and the highest at $124 [5]. - The average price for 43-inch television panels is forecasted at $63, down by $1, a decrease of 1.6%. The lowest price is expected to be $61, and the highest $65 [5]. - The average price for 32-inch television panels is anticipated to be $34, down by $1, a decrease of 2.9%. The lowest price is projected at $33, and the highest at $35 [5]. Monitor Panel Price Forecast - The average price for 27-inch IPS monitor panels is expected to remain stable at $63, with a lowest price of $57.6 and a highest price of $65.8 [6]. - The average price for 23.8-inch IPS monitor panels is projected to be $49.9, with a lowest price of $47.1 and a highest price of $51.4 [7]. Laptop Panel Price Forecast - The average price for 17.3-inch TN laptop panels is expected to be $38.1, down by $0.1, a decrease of 0.3%. The lowest price is projected at $37.5, and the highest at $39.6 [9]. - The average price for 15.6-inch Value IPS laptop panels is anticipated to be $40.1, down by $0.1, a decrease of 0.2%. The lowest price is expected to be $38.4, and the highest at $41.7 [9]. - The average price for 14.0-inch TN laptop panels has stabilized at $26.9 since July 2024, with a lowest price of $26.4 and a highest price of $28.1 [9]. - The average price for 11.6-inch TN laptop panels has also stabilized at $25.1 since July 2024, with a lowest price of $24.2 and a highest price of $26.5 [9].

Core Insights - TCL Technology reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 135.9 billion yuan, a year-on-year growth of 10.5%, and net profit attributable to shareholders at 3.05 billion yuan, up 99.8% [1] - The company achieved a net profit of 1.16 billion yuan in Q3 alone, reflecting a quarter-on-quarter increase of 33.6% and a year-on-year increase of 119% [1] Business Performance - The display business showed a strong recovery, with TCL Huaxing achieving a revenue of 78.01 billion yuan in the first three quarters, a year-on-year increase of 17.5%, and a net profit of 6.1 billion yuan, up 53.5% [2] - The market share for large-size displays increased by 5 percentage points to 25%, while the small-size business experienced explosive growth, with notebook panel sales soaring by 63% and mobile terminal LCD shipments rising by 28% [2] Technological Advancements - The company is advancing in cutting-edge display technologies, with the G5.5 production line capacity increasing from 3K/month to 9K/month, and plans for mass production of Micro LED by the end of the year [3] - The launch of the world's first high-generation printed OLED production line marks a significant milestone for TCL in the global display technology landscape [3] Solar Business Development - The solar business showed improvement, with sales revenue reaching 16.01 billion yuan in the first three quarters, reflecting a 22% quarter-on-quarter improvement [4] - The company is focusing on high-efficiency and high-value-added products, with non-silicon costs decreasing by over 40% since the beginning of the year [4] Other Business Segments - The company’s other business segments also performed well, with Maojia Technology, the largest TV OEM globally, achieving revenue of 16.86 billion yuan, a year-on-year increase of 10% [5] - The display OEM business grew rapidly, with shipment volume increasing by 21% and market share rising to 8.2% [5] Market Outlook - In the fourth quarter, panel prices are expected to stabilize due to upcoming sports events, and the "anti-involution" policy is anticipated to further boost the solar industry, leading to enhanced profitability across TCL's main businesses [6]

Core Insights - TCL Technology reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 135.943 billion yuan, a year-on-year growth of 10.50%, and net profit attributable to shareholders at 3.047 billion yuan, up 99.75% [2] - The company's operating cash flow also saw a substantial increase, reaching 33.837 billion yuan, a growth of 53.80% year-on-year [2] - The growth in performance is primarily driven by the semiconductor display business, TCL Huaxing, which achieved a revenue of 78.01 billion yuan, marking a 17.5% increase, and a net profit of 6.1 billion yuan, up 53.5% [2][3] Business Segments - The small and medium-sized display business has emerged as a core growth engine for TCL Technology, with notebook panel sales surging by 63% and monitor sales increasing by 10% year-on-year [3] - In the mobile terminal sector, LCD smartphone panel shipments grew by 28%, and the tablet panel market share rose from fifth to second globally, reaching 13% [3] - The automotive display segment saw a 47% increase in shipment area, while TCL Huaxing's market share in the TV and commercial display market improved by 5 percentage points to 25% [3] Technological Advancements - The company is advancing its production line integration and technology layout, with significant cost reductions following the acquisition of the T11 production line and enhanced collaboration with the high-end T9 line [3] - The world's first high-generation printed OLED production line (T8 project) has commenced construction, and the G5.5 printed OLED line (T12) is steadily increasing capacity [3] - Micro LED technology is expected to achieve mass production and stable delivery by the end of this year [3] Other Business Areas - The new energy photovoltaic business generated sales revenue of 16.01 billion yuan in the first three quarters, with improved profitability in the third quarter compared to the second [4] - However, the company's subsidiary Maxeon is undergoing a transformation phase, negatively impacting overall performance [4] - The semiconductor materials business reported revenue of 4.24 billion yuan, a year-on-year increase of 28.7%, while the smart display terminal OEM business (Maojia Technology) achieved revenue of 16.86 billion yuan, up 10% [5] Financial Metrics - As of the end of the reporting period, TCL Technology's debt-to-asset ratio stood at 67.6%, an increase of 2.7 percentage points from the beginning of the year, attributed to significant new investments and losses in the photovoltaic business [5]

Core Insights - TCL Technology reported a revenue of 135.943 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 10.50% [1] - The net profit attributable to shareholders reached 3.047 billion yuan, showing a significant year-on-year growth of 99.75% [1] Financial Performance - In Q3, TCL Technology achieved a revenue of 50.383 billion yuan, which is a year-on-year increase of 17.71% [2] - The net profit attributable to shareholders for Q3 was 1.163 billion yuan, reflecting a year-on-year growth of 119.44% [2] Business Segments - The strong growth in the panel business is the primary driver of TCL Technology's performance [2] - TCL Huaxing's cumulative revenue for the first three quarters reached 78.01 billion yuan, with a year-on-year increase of 17.5% [2] - The net profit for TCL Huaxing was 6.1 billion yuan, up 53.5% year-on-year [2] - The net profit attributable to TCL Technology's shareholders was 3.9 billion yuan, representing a year-on-year growth of 41.9% [2] Market Position and Growth Drivers - In the large-size segment, the company's market share in the TV and commercial display market has increased to 25% [3] - The small and medium-sized business has become a core growth engine, with notebook panel sales surging by 63% [3] - The area of vehicle display shipments grew by 47% year-on-year [3] Future Developments - TCL Huaxing has commenced construction of the 8.6-generation printed OLED production line [3] - The existing G5.5-generation printed OLED production line is steadily increasing its capacity from 3K/month to 9K/month [3] - Medical display products have stabilized in shipments, with mass production expected in the first half of next year [3] - Micro LED technology is anticipated to achieve mass production and stable delivery by the end of this year [3]

Financial Performance - TCL Technology Group reported a revenue of 135.9 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.5% [1] - The net profit attributable to shareholders reached 3.05 billion yuan, showing a significant increase of 99.8% year-on-year [1] - The core panel business, TCL Huaxing, contributed 78.01 billion yuan in revenue and 6.1 billion yuan in net profit, with year-on-year growth rates of 17.5% and 53.5% respectively [1] Business Segments - The display business exhibited balanced and rapid growth, with the TV and commercial display market share increasing to 25%, maintaining a leading global profit level [1] - In the IT product line, notebook panel sales surged by 63%, and monitor sales grew by 10% year-on-year [1] - In mobile terminals, the market share of tablet panels rose to second globally, while LCD mobile panel shipments increased by 28% [1] - The automotive display sector also experienced rapid growth [1] Technological Advancements - TCL Technology is accelerating the commercialization of advanced display technologies, with the construction of the 8.6 generation printed OLED production line recently commenced [2] - The G5.5 generation printed OLED production line is steadily increasing capacity, with products already applied in the medical display field, and mass production expected in the first half of next year [2] - The company’s Micro LED technology is set to achieve mass production and stable delivery by the end of this year, positioning it to seize opportunities in the new display technology cycle [2] Global Expansion - TCL Technology's capacity layout and globalization strategy are progressing steadily, with the t11 and t9 production lines forming a complementary structure covering mainstream and high-end markets [2] - In the overseas market, the TV large-size products in India have doubled in growth, and a new module factory in Vietnam is expected to start bulk shipments in the fourth quarter, providing new growth points for overseas business [2]

Core Viewpoint - The global display panel market in October 2023 is characterized by "demand contraction, supply regulation, and price stabilization" as manufacturers adopt a "production on demand" strategy to mitigate risks from declining demand [1][2]. Monitor Panel Market - The demand side shows a significant weakening due to the end of the "Double Eleven" and "Black Friday" stocking periods, leading to cautious inventory management among major brands [2]. - Supply side adjustments are being made as manufacturers strictly implement "production on demand" strategies to counteract the cyclical decline in demand [2]. - The MNT panel market is expected to maintain a dynamic balance due to structural supply constraints and low inventory levels among panel manufacturers, which suppresses downward price pressure [2]. - Mainstream specifications for Monitor OC and LCM panels are predicted to maintain stable prices, with minor adjustments for some high-end specifications [2]. Notebook Panel Market - The notebook panel market has entered a seasonal downturn, with overall demand gradually weakening and increased downward pressure on prices [3]. - Brand inventory levels have risen significantly post-peak stocking, leading to a weakened overall demand trend despite varied shipment strategies [3]. - The supply side remains adequate due to high capacity allocation for G8.x generation lines, but rising core component prices and supply chain shifts are pushing cost pressures onto panel prices [3]. - Price competition in the mainstream notebook panel market is expected to intensify, with specific price changes noted for various panel types [3][4].

Core Viewpoint - The global panel market experienced a price stabilization in Q3 2025, with TV panel prices halting their decline, while monitor and laptop panel prices remained stable. This stability was influenced by manufacturers' capacity control strategies and brand preparations for the year-end sales season, although uncertainties remain for Q4 due to ongoing supply-demand dynamics [2][18]. TV Panels - The TV panel market reversed its previous downward trend in Q3, driven by seasonal stocking demands from brands for the year-end promotional season [3][14]. - In July, demand was weak, leading to price declines for various sizes of TV panels, with 32-inch and 43-inch panels dropping by $1, 50-inch and 55-inch by $2, and 65-inch and 75-inch by $3 [5][6]. - By August, demand increased as brands began stocking for promotions, resulting in stable prices across all sizes of TV panels [6][8]. - September saw continued price stability, supported by brand stocking activities and manufacturers planning production cuts for October to address potential demand slowdowns [8][14]. Monitor Panels - Unlike TV panels, monitor panel prices remained stable throughout Q3, despite a slight 4.7% decrease in demand [8][9]. - The lack of price decline was attributed to manufacturers' reluctance to lower prices due to existing losses on mainstream monitor panel sizes, leading to reduced supply to support price stability [9][14]. - Both brands and manufacturers reached a consensus to maintain price stability, avoiding strong demands for price reductions [9][14]. Laptop Panels - The laptop panel market showed strong demand in Q3, with a 5.1% increase in demand compared to the previous quarter, but prices remained stable [10][12]. - The stability in prices was primarily due to competition among manufacturers, who avoided price increases to maintain customer relationships and market share [12][13]. - Manufacturers anticipated a potential demand decline in Q4, leading them to prefer price stability to solidify customer relations [13][14]. Key Factors Influencing Price Trends - The primary demand driver in Q3 was the seasonal stocking by brands for year-end promotions, which helped stabilize TV panel prices [14][15]. - Manufacturers' capacity control strategies, including production adjustments and planned reductions, played a crucial role in preventing further price declines [14][15]. - Competitive dynamics in the laptop panel market limited price increases despite strong demand, as manufacturers focused on maintaining long-term customer relationships [15][18]. Outlook for Q4 - The price stability achieved in Q3 is expected to face challenges in Q4, with anticipated declines in procurement momentum for TV panels as brands complete their stocking [16][18]. - Manufacturers plan to reduce production rates in October, which may impact price stability for TV panels [16][18]. - The monitor panel market may see continued price stability for mainstream sizes, but higher-end models could face downward price pressure [16][18]. - There is a high risk of price declines for laptop panels in Q4, as demand is expected to weaken, shifting bargaining power towards brand customers [17][18].

Core Viewpoint - The panel prices for televisions, monitors, and laptops are expected to remain stable in September 2025 according to TrendForce's latest report [2][12]. Television Panels - The average price for a 65-inch television panel is projected to be $173, with a minimum of $167 and a maximum of $176 [6]. - The average price for a 55-inch television panel is expected to be $124, with a minimum of $118 and a maximum of $127 [8]. - The average price for a 43-inch television panel is projected to be $64, with a minimum of $62 and a maximum of $65 [9]. - The average price for a 32-inch television panel is expected to be $35, with a minimum of $34 and a maximum of $36 [10]. Monitor Panels - The prices for monitor panels are also expected to remain stable [12]. - The average price for a 27-inch IPS panel is projected to be $63, with a minimum of $57.6 and a maximum of $65.8 [13]. - The average price for a 23.8-inch IPS panel is expected to be $49.9, with a minimum of $47.1 and a maximum of $51.4 [14]. Laptop Panels - The prices for laptop panels are anticipated to stay unchanged [15]. - The average price for a 17.3-inch TN panel is stable at $38.3, with a minimum of $37.7 and a maximum of $39.8 [15]. - The average price for a 15.6-inch Value IPS panel is expected to be $40.3, consistent with the previous month, with a minimum of $38.6 and a maximum of $41.9 [15]. - The average price for a 14.0-inch TN panel remains at $26.9, with a minimum of $26.4 and a maximum of $28.1 [15].

Core Viewpoint - TrendForce predicts that TV panel prices will stabilize in August 2025, while monitor and notebook panel prices will remain steady, driven by seasonal demand and inventory adjustments [4][5][6]. Panel Price Trends - TV panel prices are expected to stop declining, with strong demand for sizes below 50 inches, while demand for larger sizes (55 inches and above) remains weak, leading to a forecasted price drop of $1 for these larger panels [5][6]. - The average prices for various TV panel sizes in August are projected to hold steady, with specific sizes like 32 inches, 43 inches, and 50 inches expected to stabilize, while larger sizes may see slight declines [4][5]. Monitor Panel Insights - Demand for monitor panels has weakened entering the third quarter, with no upward price momentum observed. Most monitor panels are currently unprofitable, leading manufacturers to limit production, which may result in shortages for some mainstream sizes [6][7]. - The expectation for August is that monitor panel prices will remain stable across the board due to the current market conditions [6]. Notebook Panel Outlook - Notebook panel demand is anticipated to remain stable through August, with some brands experiencing strong demand, which enhances their bargaining power with manufacturers [7]. - The price trend for major notebook panel specifications is expected to hold steady, with any discounts dependent on the relationship between manufacturers and their clients [7].

Core Insights - The report from TrendForce indicates that by August 2025, prices for certain television panels are expected to stabilize, while prices for monitors and laptops are projected to remain unchanged [1]. Television Panels - The average price for 65-inch television panels is forecasted to be $172, a decrease of $1 or 0.6% from the previous month, with a range between $166 and $175 [4]. - The average price for 55-inch television panels is expected to be $123, down by $1 or 0.8% from the previous month, with a range between $117 and $125 [5]. - The average price for 43-inch television panels is projected to be $64, with a minimum price of $62 and a maximum of $65 [6]. - The average price for 32-inch television panels is anticipated to be $35, with a minimum price of $34 and a maximum of $36 [7]. - It is expected that prices for 43-inch and 32-inch television panels will stop declining in August [3]. Monitor Panels - The forecast indicates that prices for monitor panels will remain stable [8]. - The average price for 27-inch IPS panels is expected to be $63, with a minimum price of $57.6 and a maximum of $65.8 [9]. - The average price for 23.8-inch IPS panels is projected to be $49.9, with a minimum price of $47.1 and a maximum of $51.4 [10]. Laptop Panels - Prices for laptop panels are expected to remain unchanged across various sizes [11]. - The average price for 17.3-inch TN panels is stable at $38.3, with a minimum price of $37.7 and a maximum of $39.8 [12]. - The average price for 15.6-inch Value IPS panels is projected to be $40.3, consistent with the previous month, with a minimum price of $38.6 and a maximum of $41.9 [12]. - The average price for 14.0-inch TN panels has stabilized at $26.9, with a minimum price of $26.4 and a maximum of $28.1 [12]. - The average price for 11.6-inch TN panels has remained at $25.1, with a minimum price of $24.2 and a maximum of $26.5 [12].