Investment Rating - The report maintains an "Outperform" rating for the home appliance industry, specifically focusing on the Mini LED segment [2]. Core Insights - The Mini LED technology is positioned as a core driver of transformation in the black electrical appliance sector, with significant advancements in display technology and market penetration expected [16][17]. - The report highlights a shift in consumer preferences towards larger screen sizes and superior picture quality, which Mini LED technology addresses effectively [21][34]. - The competitive landscape is evolving, with domestic brands leveraging cost advantages and government subsidies to enhance market share both locally and internationally [6][49]. Summary by Sections 1. Mini LED as the Core Driver of Black Electrical Transformation - Mini LED technology represents the third generation of display technology, competing with OLED and other emerging technologies [18]. - The performance of Mini LED displays, particularly in brightness and longevity, positions it favorably against OLED, which excels in flexibility and contrast [21][22]. - The global sales of Mini LED TVs are projected to surpass those of OLED TVs for the first time in 2024, with a significant increase in market penetration expected [22][24]. 2. Building High Barriers in the Mini LED Supply Chain - The report discusses the optimization of the Mini LED backlight industry and the advantages of high-generation panel layouts, which strengthen the competitive position of domestic manufacturers [2.1][2.2]. - The cost of 65-inch Mini LED backlight modules is expected to decrease significantly from $150 in 2023 to a range of $80-100 by 2025, enhancing profitability for domestic suppliers [2.3]. - The report emphasizes the importance of the supply chain's evolution, with key players like 聚飞光电 and 京东方 showing strong revenue growth and margin improvements [2.4][54]. 3. Domestic Brands Expanding Internationally with Mini LED - Chinese brands are strategically entering high-value markets in the U.S. and Europe, capitalizing on the mismatch in supply and demand for high-end televisions [3.1][3.2]. - The report notes that the average size of televisions in China is expected to exceed the global average by 11.3 inches by 2025, indicating a strong trend towards larger displays [5]. - The competitive dynamics are shifting, with Chinese brands like TCL and Hisense aggressively expanding their presence in emerging markets while traditional Korean brands adopt a more conservative approach [5][6]. 4. Market Dynamics and Consumer Preferences - The report identifies a significant shift in consumer purchasing criteria, with an increasing focus on picture quality and size rather than just price [41]. - The penetration of Mini LED technology is driven by a cycle of price reduction and increased demand, which is expected to continue as production costs decrease [46][49]. - The sales data from 京东 indicates a substantial increase in the market share of Mini LED TVs, reflecting the successful implementation of competitive pricing strategies by brands like 小米 [46][49].

在全球彩电市场整体销量微跌的情况下，2025年中国头部企业的市场份额继续逆势上扬，TCL、海 信"双雄"在全球彩电市场的份额进一步逼近三星。 刚从国外出差回来的TCL电子（01070.HK）董事、CEO张少勇12月26日向第一财经记者表示，TCL在欧 洲、美国的品牌指数都在提升。2020年之前他们在全球的产品落后于日韩厂商，只保持成本优势，卖低 价产品；2021年后他们把供应链效率驱动规模增长的战略，调整为品牌价值引领规模增长的战略，从追 求绝对成本优势到追求产品领先、技术领先，同时保持成本相对优势。"这样的战略调整是我们增长的 引擎。" 全球供应链布局应对挑战 2025年，关税政策多变给中国、东南亚等彩电制造基地造成扰动，关税影响了零售终端的售价，使消费 成本增加，也影响了部分彩电消费需求。 TCL、海信在稳定北美市场和提升欧洲市场份额的同时，借助越南、巴西、墨西哥等地产能和全球供应 链布局，扩大东南亚、拉美、中东非等新兴市场份额，并应对美国关税变化带来的挑战。 群智咨询（Sigmaintell）数据显示，2025年全球电视出货量预计为2.21亿台，同比下降0.7%；TCL电视 出货量预计达3041万台，同 ...

TCL、海信与三星在全球彩电市场的出货量份额差距已分别缩小至2.2个和2.7个百分点。 在全球彩电市场整体销量微跌的情况下，2025年中国头部企业的市场份额继续逆势上扬，TCL、海信"双雄"在全球彩电市场的份额进一步逼近三星。 今年全球和中国彩电市场的增长都是承压的，海外市场关税增加了消费成本，国内市场"国补"的效应减弱。洛图科技（RUNTO）的数据也显示，2025年全 球彩电市场出货量预计为2.06亿台，同比减少0.7%；其中，中国彩电市场零售量预计为2782万台，同比减少9.7%，零售额预计为1108亿元，同比减少7.8%。 但是彩电市场中结构升级的机会明显，尤其是Mini LED电视的出货量有两位数的增长。据洛图科技的数据，2025年Mini LED电视全球出货量将同比增长 57.8%至1239万台、市占率达6%，尤其是在中国的出货量将同比大幅增长92.7%至802万台、市占率达23.9%。Mini LED电视已经成为中高端电视的主流产 品。 TCL、海信在全球彩电市场逆势增长，正是因为把握了这一机会。奥维睿沃（AVC Revo）的数据显示，Mini LED与85英寸及以上电视在2024-2025年出货 ...

2025年全球TV出货与终端零售市场备货节奏有一定的错位，一季度受中国国补强预期以及北美关税政策扰动，品牌出货强劲;二季度品牌严格进行库存管 理出货同比下滑，三季度在库存管理后需求恢复正常，四季度虽终端大促表现不佳，但受世界杯备货及半导体器件价格上涨提前拉货推动出货量超预期。 根据群智咨询数据显示，2025年全球出货量预计为2.21亿台，同比下降0.7%。 展望2026年，虽然世界杯赛事拉动，北美退税季及印度消费税改对需求有一定支撑，但受存储芯片等半导体价格飙涨带来生产成本压力陡增等因素影响， 预计全球TV市场全年出货量同比下降0.6%。然而成本压力有望转化为产品结构升级的推动力，带动平均尺寸恢复增长，预计2026年全球TV出货面积同比 增长2.3%。 三星(Samsung)：供应链减负+高端创新强化竞争力 品牌策略：从"规模扩张"转向"价值提升"，差异化路径构建壁垒 面对成本上升、利润下滑的现状，全球TV市场Top10品牌群凭借供应链韧性、全球化布局、产品技术实力、品牌并购等综合优势，积极扩张市场份额，群 智咨询数据显示，全球TV市场Top10品牌群出货量有望在2026年实现同比1.7%的增长。分品牌来看： ...

CINNO Research产业资讯，韩国延世大学物理系李延珍教授研究团队与LG显示合作，在全球范围内首次探明了大尺寸OLED电视量产必需的核心材料氟 化镁（MgF₂）的实际工作原理。 这项研究因成功解决了产业界长期悬而未决的根本性难题而备受认可，相关成果已发表于材料领域国际权威期刊《先进功能材料》（Advanced Functional Materials，影响因子18.5）。 氟化镁因具有成本低廉且工艺稳定性优异的突出优势，长期被广泛用作OLED面板的空穴注入层材料。但它作为典型的绝缘体，在需要注入电荷的空穴注 入层中究竟如何助力性能提升，学术界与产业界此前均未能给出明确解释。这导致生产现场只能在不明原理的情况下反复试错，以此来优化工艺，存在着 明显局限性。 为攻克这一难题，研究团队结合光电子能谱分析与理论计算，对氟化镁与有机半导体混合时发生的相互作用展开研究。结果首次发现，被认定为绝缘体的 氟化镁会出现从有机分子中夺取电子的基态电荷转移现象。在此过程中，氟化镁可充当强效p型掺杂剂，使空穴浓度提升至原有水平的50倍以上，而这正 是大幅提高OLED效率的核心关键。 研究团队同时探明，氟化镁与有机物混合后不会 ...

从数据来看，2025 年很难被称作一个电视行业的「好年份」。 TrendForce 发布的报告显示，今年第三季度全球电视出货量仅约 4973 万台，同比下降 4.9%，也是历年同期首度跌破 5000 万台，相比上半年同比增长 2%肯 定难看了一点。而具体到全年，多家调研机构的判断趋于一致：全球电视市场整体承压。 以 Omdia 为例，早期报告预计 2025 年全球电视出货量约 2.08 亿台，同比几乎持平（约 -0.1%）。TrendForce 的最新调查（11 月）则预计全年出货量约 1.95 亿台，同比下滑 1.2%。在消费者换机周期延长、提前透支需求以及国内市场补贴红利的逐步消退，电视市场进入了一个明显的缓冲期。 唯二的市场亮点在太平洋两岸。但今年北美市场相对稳定，但增长有限，国内市场在补贴效应退坡后回归理性，换机节奏明显放缓。 从结果来看，2025 年确实很难说是一个电视大年。但也正是在这样的背景下，今年的电视市场并非无话可说。 按照海信给出的数据，RGB-Mini LED 可以达到 100% 的 BT.2020 超高色域，比 QD-OLED 提升 6%以上，比 QD-Mini LED 提升 16%以 ...

Core Insights - LG Electronics has appointed a new CEO, Ryu Jae-cheol, to strengthen its core competitiveness amid significant performance challenges, replacing the previous CEO, Jo Seong-jin [2] - The company is facing declining revenue and profits, with Q3 2025 revenue reported at 21.87 trillion KRW, a 1.4% decrease year-on-year, and operating profit down 8.4% to 688.9 billion KRW [2] - The Media Solutions (MS) division, responsible for TVs and displays, reported an operating loss of 302.6 billion KRW, contrasting sharply with the profitability of other divisions [2] Financial Performance - LG Electronics' overall revenue for Q3 2025 was 21.87 trillion KRW, down 1.4% from the previous year, while operating profit decreased by 8.4% to 688.9 billion KRW [2] - The MS division's losses are attributed to increased marketing expenses and one-time restructuring costs, alongside pressures from weak global demand and rising logistics costs [3] Market Position - LG Electronics' market share in the global TV segment has declined to 11.7%, ranking fourth behind Samsung, Hisense, and TCL, with a gap of 3.2 percentage points from TCL [4] - The global TV shipment volume for Q3 2025 was approximately 49.75 million units, with LG's market share significantly reduced from a peak of 18.5% in 2021 [4] Competitive Landscape - In the OLED segment, LG's growth has stagnated, with a mere 0.2% increase in OLED TV shipments to 1.3 million units in the first half of the year, while Samsung's shipments surged by 49.3% [5] - LG faces increasing competition in the MiniLED TV market, where TCL and Hisense hold over 50% market share, posing a significant challenge to LG's high-end offerings [5] - The company's presence in the Chinese consumer electronics market is diminishing, with local brands dominating and LG's mobile business already exited, leading to challenges in maintaining market share and brand visibility [5]

屋漏偏逢连夜雨！最近5年以来的中国彩电市场，不只是遭遇了电视机产品的"量跌价连降"，更让众多彩电企业痛苦的是"越来 越多新老用户都在加速抛弃电视机"，选择其他的娱乐方式和产品。 最新数据显示：2025年第三季度中国彩电市场零售量615万台，同比下降12.1%；零售额252亿元，同比下降8.1%。今年前三季度 中国彩电市场零售量、零售额分别为1991万台、814亿元，同比下跌2.9%、增长2.1%。奥维云网还预测，2025年中国彩电全渠道 零售额规模预计1208亿元，同比下降5%；零售量规模预计达2892万台，同比下降6%。 不过，从前三季度不足2千万台的出货量，要在今年四季度取得近900万台的出货量，对于市场上的众多彩电厂商而言，难度不 小。这还意味着，短短几年时间，彩电在中国市场的零售量，已经从高光时期的超5千万台，一路下跌之后，如今则直接失守 3000万台，未来是否会一步步跌破2500万台、2000万台，并不意外。 电视，对于中国家庭和消费者来说，如今最大的生存困局，不只是在市场上彻底"卖不动"，关键还在于家庭里"看不上"。不管 是液晶电视、OLED电视，还是激光电视、投影电视，最终都在遭遇一个挑战：与显 ...

Core Viewpoint - The article discusses the trend of RGB-Mini LED TVs in the market, highlighting the introduction of new models by Hisense and TCL, and the implications of size and price adjustments on market competition with OLED TVs [3][4][5]. Group 1: Product Launches and Market Trends - In the first half of 2025, Hisense was the only brand selling RGB-Mini LED TVs, with sizes of 85, 100, and 116 inches available during the 618 promotion [5]. - By the second half of 2025, both Hisense and TCL actively launched new RGB-Mini LED TV models, including TCL's Q9M and Q10M Ultra series, and Hisense's E8S Pro series [5][8]. - The size range for RGB-Mini LED TVs expanded to include 65 inches during the Double 11 promotion, indicating a trend towards smaller sizes [8][11]. Group 2: Pricing Strategy - The introduction of 65-inch RGB-Mini LED TVs during the Double 11 promotion was priced lower than comparable OLED models, suggesting a competitive pricing strategy [11]. - The 75-inch RGB-Mini LED TV was priced lower than the 77-inch OLED, and the 85-inch RGB-Mini LED TV was cheaper than the 83-inch OLED, indicating a price advantage for RGB-Mini LED TVs in the high-end market [11][13]. - The high-end RGB-Mini LED TVs, such as the 115-inch and 116-inch models, are priced around 100,000 yuan, reflecting their premium specifications [13]. Group 3: Market Impact - The expansion of sizes and competitive pricing for RGB-Mini LED TVs is expected to positively influence sales in the terminal market [9]. - The shift towards smaller sizes, including the introduction of 50-inch FHD TVs by multiple brands, is aimed at capturing demand previously held by 43-inch UHD TVs, contributing to an increase in average TV sizes [14][15].

Core Viewpoint - The television industry in 2025 is experiencing declining sales, yet manufacturers continue to promote "revolutionary" technologies, with RGB+Mini LED being highlighted as the "ultimate picture quality solution" [1][10] Technology Overview - RGB+Mini LED is a backlighting technology for LCDs, enhancing brightness and color purity by using red, green, and blue LEDs directly, avoiding the loss associated with white light and filters [3][5] - Mini LED technology allows for thousands of smaller LEDs, enabling more precise local dimming and improved contrast compared to traditional backlighting methods [3][4] Market Positioning - RGB+Mini LED is positioned as a superior alternative to OLED, offering higher brightness and longer lifespan, particularly advantageous for large screen sizes [4][8] - The technology is seen as a strategic move for Chinese manufacturers to leverage their strengths in the LCD supply chain while competing against OLED technologies from Korean companies [8] Consumer Experience - Users have reported that RGB+Mini LED displays provide superior color purity and performance in both dark and bright environments, enhancing overall viewing experience [6][7] - Despite the technological advancements, the industry faces challenges with declining television usage rates as consumer attention shifts to mobile devices and other forms of entertainment [9][10] Economic Considerations - The cost of RGB backlighting modules is significantly higher than traditional white light solutions, with production costs increasing by 30% to 50% [7] - High power consumption and heat generation in large models pose additional challenges, impacting design and user experience [7] Future Outlook - The future of televisions may depend less on technical specifications and more on redefining their role in the home as entertainment hubs and smart living interfaces [9][10] - While RGB+Mini LED represents a peak in LCD technology, it may serve as a transitional phase as the industry explores new innovations like Micro LED and AI-enhanced features [9][10]