On August 29, TCL Technology Group Co., Ltd. announced its interim results for 2025. In the first half of 2025, TCL Technology achieved operating revenue of 85.6 billion yuan, representing a year-over-year increase of 6.7%. Net profit attributable to shareholders reached 1.88 billion yuan, up 89.3% year-over-year, while operating cash flow surged 115.9% to 27.3 billion yuan.
During the reporting period, TCL Technology's semiconductor display business maintained strong growth momentum. The company's subsidiary TCL China Star achieved operating revenue of 50.43 billion yuan in the first half, up 14.4% year-over-year. Net profit reached 4.32 billion yuan, representing a 74% year-over-year increase, while net profit attributable to TCL Technology shareholders totaled 2.63 billion yuan, up 51% year-over-year.
Operationally, the company maintained its strong competitive advantage in the LCD sector, achieving a 24% market share in large-size products including TV and commercial displays, an increase of 4 percentage points year-over-year. The company leads globally in comprehensive competitiveness and EBITDA margin. In small and medium-size products, competitiveness rapidly improved with comprehensive growth in sales volumes across monitors, laptops, automotive displays, smartphones, and specialized displays.
In the OLED sector, leveraging its G6 OLED production line (T4 factory) in Wuhan, TCL China Star's OLED business continued to grow. Product sales volume increased 8.7% year-over-year in the first half. The company ranks fourth globally in flexible OLED smartphone shipment market share, maintains a top-three position globally in foldable product market shipments, and achieved large-scale mass production and shipment of wearable products. Currently, the T4 factory maintains industry-leading capacity utilization rates, project input-output ratios, and EBITDA rates domestically.
As a leading global semiconductor display company, the firm accelerated exploration and adoption of cutting-edge display technologies. In the first half, it successfully completed construction of the G5.5 printed OLED production line (T12), with production capacity increasing from 3K units per month to 9K units per month, while continuously optimizing production processes, efficiency, and product quality. Simultaneously, the company actively expanded into the Micro LED (MLED) industry, establishing its first MLED production line in Suzhou during the reporting period.
Notably, TCL Technology completed two major merger and acquisition projects in the first half of 2025, with benefits gradually emerging. The company completed the acquisition of LGD's Guangzhou panel and module factories, integrating them under the name T11. Starting from the second quarter, this acquisition's contribution to operating performance has been steadily increasing. Concurrently, the company completed Phase 2 construction of the Guangzhou T9 project. T9 and T11 are expected to create favorable industrial synergies, enhancing the company's business scale and competitiveness in small and medium-size segments while optimizing product structure and establishing a foundation for continued LCD business development.
Additionally, the company completed the asset transfer for its acquisition of a 21.53% stake in Shenzhen China Star Semiconductor (G11 production lines T6 and T7). This move will increase net profit attributable to shareholders and strengthen the semiconductor display business's profit contribution to the listed company.
Looking ahead, prices for major display products are expected to stabilize. Favorable competitive dynamics on the supply side and demand-driven production strategies continue to promote balanced industry supply and demand. Combined with the large-size trend driving continued growth in demand area, industry profitability is expected to maintain stable growth. As a leading enterprise in the display industry, TCL China Star is positioned to continue leading display industry value chain upgrades and achieve improvements in both operational efficiency and industrial value.