Shenzhen, January 13, 2026 – TCL Technology (000100.SZ) just put out its 2025 earnings preview, and the numbers look pretty solid. The company expects net profit attributable to shareholders to come in between 4.21 billion and 4.55 billion RMB. That's a 169% to 191% increase from last year's roughly 1.56 billion RMB.
The real story here is TCL CSOT (their display arm, formerly known as Huaxing). It basically carried the whole group this year. Revenue at CSOT topped 100 billion RMB, net profit went over 8 billion RMB, and operating cash flow hit more than 40 billion RMB. That's the kind of cash generation that shows things are running smoothly and profitably.
On the product side:
- Large-size panels (think big TVs and commercial displays) stayed strong – they kept their edge with good yields on the Gen 8.5 and Gen 11 LCD lines, better backlight setups, and high transmission rates. That helped hold onto market share even as prices stabilized.
- Mid- and small-size panels grew fast – more volume in IT monitors, laptops, mobile screens, etc., and competitiveness picked up noticeably.
A few key moves helped too:
- They fully bought out the old LG Display China plant (t11), which beefed up their LCD capacity for large and medium panels and smoothed out the supply chain.
- Grabbed some extra minority stakes in t6/t7 lines, which directly boosted profits flowing back to the parent company.
- Kept pushing into next-gen stuff: expanded the G5.5 printed OLED line (t12) and started building the world's first high-gen (Gen 8.6) inkjet-printed OLED fab (t8). This is laying groundwork to move beyond pure LCD eventually.
Overall, 2025 was a good year for the display industry – supply and demand got more balanced for large LCD panels, TV and monitor panel prices didn't crash like before, and TCL CSOT made the most of its cost advantages, efficiency, and scale. The photovoltaic side probably still had some headaches with market pressures, but the LCD/display business more than made up for it and drove most of the profit growth.
Investors seem to like it – the stock reacted positively to the news. It's a clear sign that TCL's focus on panels is paying off after some tough years.
