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TCL Electronics (1070) investor relations material
TCL Electronics H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first half of 2025 rose 20.4% year-on-year to HK$54,777 million, with profit attributable to owners up 67.8% to HK$1,090 million and adjusted profit up 62.0% to HK$1,060 million.
Strong performance was driven by mid-to-high-end strategy, global expansion, and robust growth in innovative businesses, especially photovoltaic and smart home segments.
Maintained global leadership in TV shipments, ranking No.2 worldwide, with significant gains in Mini LED and large-sized TVs.
Net gearing ratio remained at 0.0%, with cash and cash equivalents up 30.4% year-on-year to HK$11,442 million.
No interim dividend declared for the period; final dividend for 2024 was HK31.80 cents per share (50% payout ratio).
Financial highlights
Gross profit increased 16.0% year-on-year to HK$8,366 million; overall gross margin was 15.3%, down 0.6 percentage points due to higher photovoltaic revenue share.
Profit after tax rose 60.5% to HK$1,048 million; adjusted profit attributable to owners up 62.0% to HK$1,060 million.
Earnings per share: HK45.14 cents (basic), HK43.04 cents (diluted).
R&D costs increased 5.6% to HK$1,154 million, reflecting continued investment in display and AI technologies.
Cash and cash equivalents at HK$11,442 million, up 30.4% year-on-year.
Segment performance
Display business revenue up 10.9% to HK$33,419 million; large-sized display revenue up 9.4% to HK$28,352 million; small- and medium-sized display revenue up 21.3% to HK$4,563 million.
Mini LED TV shipments grew 176.1% year-on-year; QLED TV shipments up 73.7% year-on-year.
Innovative business revenue up 42.4% to HK$19,875 million, led by photovoltaic business revenue up 111.3% to HK$11,136 million.
Internet business revenue up 20.3% to HK$1,458 million, with overseas revenue up 46.3% and gross margin at 54.4%.
Smart commercial display revenue up 9.4% to HK$504 million.
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