Overview of annual reports of five LED companies including TCL Technology, Skyworth Digital, and Qianzhao

Recently, TCL Technology, TCL Electronics, Skyworth Digital, Qianzhao Optoelectronics, and Feile Audio have successively released their 2025 annual reports. Among them, TCL Technology, TCL Electronics, and Qianzhao Optoelectronics achieved both revenue and profit growth. TCL Technology had the largest increase, with net profit attributable to the parent company increasing by 188.8% year-on-year.

TCL Technology

In 2025, TCL Technology will achieve operating income of 184.06 billion yuan, a year-on-year increase of 11.7%; net profit attributable to shareholders of listed companies is 4.52 billion yuan, a year-on-year increase of 188.8%.

Among them, TCL Huaxing achieved annual operating income of 105.24 billion, a year-on-year increase of 17.4%; net profit of 8.01 billion, a year-on-year increase of 44.4%; net profit attributable to TCL Technology shareholders was 5.36 billion, a year-on-year increase of 54.4%.

In terms of business, TCL CSOT has maintained steady development in the field of large-size displays, TV and commercial displays. In the field of small and medium-sized displays, all product categories have achieved rapid growth, and market share and core competitiveness have increased simultaneously. Among them, display panel shipments increased by 17% year-on-year; notebook panel shipments increased by 64% year-on-year; mobile phone panel shipments increased by 29% year-on-year; OLED high-end product shipments increased significantly, wearable products achieved large-scale mass production; tablet business achieved leapfrog growth.

In emerging application fields, TCL CSOT's business development shows a diversified growth trend. The shipment area of ​​vehicle-mounted displays increased by 61% year-on-year; the dedicated display business maintained rapid growth, and the products are widely used in multiple application scenarios such as education, medical care, electronic paper, and smart projection.

During the reporting period, TCL CSOT completed the acquisition and integration of relevant assets of the original LG Display (China) Co., Ltd. (t11), and quickly realized large-scale mass production of display products; the second phase of the Guangzhou t9 project was fully put into production, and it completed the strategic acquisition of a minority stake in the G11 production line (t6, t7), further strengthening the management and control capabilities of core assets and the efficiency of resource allocation.

In 2025, TCL CSOT will focus on promoting the industrialization process of the two strategic tracks of printed OLED and MLED. In the field of printed OLED, the world's first high-generation (G8.6) printed OLED production line (t8 project) has officially started construction in Guangzhou; the mass production experience accumulated by Wuhan's G5.5 generation production line (t12) has laid a solid foundation for the subsequent mass production ramp of the t8 project, while accelerating the marketization process of printed OLED in mid-to-high-end display applications.

In the field of MLED, the company's Mini LED P1.2 COB product has been mass-produced, opening up the entire chain from laboratory research and development to large-scale mass production; it controls Fujian Zhaoyuan Optoelectronics (now renamed Huazhao Optoelectronics) to achieve vertical integration of the industry chain from LED epitaxial wafers, chips to terminal modules, further improving industrial synergy efficiency and core technology self-control capabilities.

At the same time, TCL CSOT's overseas business has achieved steady growth. During the reporting period, the Indian market benefited from the local tax reform and the trend of large-size products, with sales of large-size TV products doubling; Vietnam's new module factory successfully passed the key customer audit, and IT products achieved mass production and shipment.

TCL Electronics

On March 27, TCL Electronics Holdings Co., Ltd. ("TCL Electronics") released its 2025 performance announcement, which showed that during the reporting period, the company achieved revenue of HK$114.583 billion (approximately RMB 101.2 billion), a year-on-year increase of 15.4%; net profit attributable to the parent company reached HK$2.495 billion (approximately RMB 2.204 billion), a year-on-year increase of 41.8%.

Among them, the large-size display business achieved revenue of HK$64.71 billion during the year, a year-on-year increase of 7.7%; gross profit reached HK$10.90 billion, a year-on-year increase of 17.2%, and gross profit margin increased by 1.3 percentage points year-on-year to 16.8%. In 2025, TCL TV's global shipment market share will reach 14.7%, a year-on-year increase of 0.8 percentage points; TCL Mini LED TV's global shipments will increase significantly by 118.0% year-on-year, and its shipment share will increase by 6.8 percentage points year-on-year to 13.0%, with its shipment market share reaching 31.1%.

In the international market, revenue from the large-size display business reached HK$47.50 billion, a year-on-year increase of 15.7%, and gross profit increased by 29.4% year-on-year to HK$7.17 billion. The process of large-screen development in the international market continues to accelerate. Overseas shipments of TCL TVs 65 inches and above increased significantly by 50.0% year-on-year, and the shipment share increased by 6.7 percentage points year-on-year to 24.2%; TCL Mini LED TV international market shipments increased by as high as 228.0% year-on-year, and the shipment volume share increased by 7.1 percentage points to 10.6%.

In the domestic market, the company's core high-end products performed well. Among them, TCL Mini LED TV shipments increased by 33.6% year-on-year, and the shipment volume share increased by 7.2 percentage points year-on-year to 22.5%; TCL Quantum Dot TV shipments increased by 29.6% year-on-year, and the shipment volume share increased by 6.4 percentage points year-on-year to 21.2%. The high-end product lineup continued to expand.

Mid- to high-end trends have also driven the trend toward larger screens. In 2025, the proportion of domestic TCL TV shipments of 65 inches and above will increase to 57.6%, and the average size will expand to 64.3 inches. The significant improvement in product mix drove the overall gross profit margin in the domestic market to increase by 1.9 percentage points year-on-year to 21.7%. The profitability level improved significantly and the quality of operations increased steadily.

In addition, the company's smart commercial display business reuses TV's world-leading resource advantages and focuses on the four major scenarios of office, retail, catering, and exhibitions to continuously improve product competitiveness. In 2025, revenue will increase by 28.4% year-on-year to HK$1.12 billion, and gross profit will increase by 24.0% year-on-year to HK$140 million.

Skyworth Digital

Skyworth Digital will achieve revenue of 8.809 billion yuan in 2025, a year-on-year increase of 1.33%; net profit attributable to shareholders of listed companies is 180 million yuan, a year-on-year decrease of 28.28%.

Skyworth Digital is based on the development of ultra-high definition, optical communications, digitization, intelligence, spatial computing, and new displays. Its main business covers: intelligent terminal business, professional display business, and operation service business.

In 2025, the smart terminal business will achieve operating income of 6.575 billion yuan, a year-on-year increase of 0.25%, accounting for 74.64% of the company's operating income. During the reporting period, with the Pancake series of products as the core, the company expanded its XR industry application customers in Japan, the United States, India, the United Kingdom, South Korea, Brazil and other overseas B-side customers and achieved sales.

At the same time, the smart glasses business has achieved a key breakthrough from research and development to commercial use. The company's first full-scenario smart glasses will be officially released in April 2025. In terms of interaction and ecology, it applies artificial intelligence algorithms (vision, voice), supports real-time translation and other functions, and the open system can be connected to multiple mainstream artificial intelligence large models.

In terms of professional display business, the company achieved operating income of 1.853 billion yuan, accounting for 21.03% of the company’s operating income, a year-on-year increase of 8.04%. During the reporting period, the company's automobile intelligent production and sales achieved leapfrog development, and received approval for dozens of important projects throughout the year. At the same time, the company actively expanded its market territory, successfully established new cooperative relationships with leading car companies, and obtained approval for new projects. In terms of new product category expansion, we have won the new category projects of segment code instrument, motion display, and HUD.

In terms of display module business, it involves multiple mainstream and emerging application industries such as drones, POS, PDA, smart home appliances, vehicles, monitors, industrial equipment, and Internet of Things IoT business. The product category covers a comprehensive range of display and touch systems of different sizes from 1 inch to 15.6 inches. During the reporting period, the company vigorously expanded new customers, improved its ability to receive marketing orders, and accelerated the technical layout and market development of new products in the industry.

Qianzhao Optoelectronics

In 2025, Qianzhao Optoelectronics achieved operating income of 3.401 billion yuan, a year-on-year increase of 39.78%; net profit attributable to the parent company was 115 million yuan, a year-on-year increase of 19.32%.

Qianzhao Optoelectronics is mainly engaged in the research and development, production and sales of semiconductor optoelectronic products. Its main products are LED epitaxial wafers and chips, gallium arsenide solar cell products, sensing and optical communication chips.

During the reporting period, the company focused on its core business and continuously enriched its market expansion strategy; at the same time, it achieved significant breakthroughs in new areas of performance. Among them, the backlight business has been actively driven by the controlling shareholder. The company's self-developed high-performance RGB-Mini LED backlight chip has been applied in terminal TV customers such as Hisense. It has also innovatively launched the "Linglong 4-core" solution equipped with the fourth azure self-luminous chip, superimposed on Mini COB multi-layer oxide light control and Mini RGB hybrid technology, driving backlight business revenue to increase by more than 70% year-on-year.

In addition, the vehicle business continued to deploy multi-scenario applications and the delivery scale continued to expand, driving the vehicle business revenue to increase by more than 170% year-on-year; the solar cell business continued technological breakthroughs and product upgrades, production capacity and delivery capabilities were steadily improved, and shipments increased by more than 30% year-on-year.

In terms of core technology, the company collaborated with its controlling shareholder to self-develop the world's leading high-performance RGB-Mini LED backlight chip, and was the first in the world to launch three-dimensional color control display technology. On this basis, it further conquered the flip-chip three-dimensional passivation technology of RGB three-color backlight chips, increasing the chip aging life by 200%, and achieving stable mass production of high-voltage chips, which helped Hisense Video take the lead in launching COB RGB three-color high-end backlight TVs, effectively consolidating its technical and market advantages in the high-end backlight field.

The commercialization process of Micro LED has accelerated significantly. Micro MIP chips have been certified for mass production by industry leaders and have begun small batch shipments; Micro COG chips used in large-screen and smart wearable products have achieved technological breakthroughs and are advancing international customer certification; for incremental markets such as automotive and AR, the performance of Micro LED pixel car lights has been upgraded to close to the world's first-class standards, and AR micro-display chip technology continues to iterate and has process capabilities below 5 μm.

In terms of VCSEL data optical communications, samples of 10G/25G products have been completed, and formal orders are expected to be formed and delivered in 2026; 50G/100G products have entered the tape-out stage. In terms of Micro LED optical communications, we actively carry out industry-university-research cooperation with universities and enterprises to develop a variety of special-purpose chips, which have entered the stage of sample submission and verification.

In terms of automotive optical communications, samples of the 980nm series products have been completed, and the core performance indicators have passed client verification. In terms of vehicle-mounted multi-junction lidar chips, the output power is fully self-developed and reaches 50W, which has been verified on the client side. In terms of high-end single-mode sensor chips, development has been completed. The side-mode suppression ratio exceeds 35dB and the polarization suppression ratio exceeds 15dB, which has been verified on the client side.

Feile Audio

Feile Audio achieved operating income of 1.814 billion yuan in 2025, a year-on-year decrease of 7.67%; a total profit of 65.4236 million yuan, a year-on-year increase of 37.94%; net profit attributable to shareholders of listed companies was 55.0308 million yuan, a year-on-year increase of 39.41%.

Feile Audio’s core business includes three major segments: intelligent hardware products, solutions and inspection and testing. Among them, the intelligent hardware segment includes automotive lighting, automotive electronic appliances, module packaging, chip testing services and other businesses; the solutions segment includes smart water services, intelligent manufacturing and other businesses.

In terms of market expansion, Chenlan Optoelectronics, a subsidiary of Automotive Electronics, has completed the key projects of headlight and taillight circuit board modules of an internationally renowned brand. Its subsidiary Hugong Electric Appliances has mass-produced intelligent power distribution modules. Smart grid management modules for multiple vehicle models have been supplied in batches, and full-architecture intelligent power distribution modules have been designated. Shanghai Industrial Electric Co., Ltd., a subsidiary of Automotive Electronics, invested in the construction of a fully automatic production line for intelligent power distribution modules and achieved mass production. Intelligent Electronics increases the procurement of wafer testing equipment, strengthens the technical capabilities of chip testing business and multi-platform compatibility testing services.

In addition, Intelligent Electronics has further improved its operating conditions by continuously optimizing its product structure, deeply exploring high-quality business areas such as chip services and contactless module packaging, and taking measures to reduce costs and increase efficiency. Automotive Electronics transferred 20% of Shanghai Nissei's equity through public listing to revitalize its assets. The system engineering department and network data department of the Yiyi Institute completed business adjustments to achieve cost reduction and efficiency improvement. (Compiled by LEDinside)

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