According to Omdia data, global TV panel shipments reached 22.3 million units in August 2025, up 7.6% year-over-year and 4.9% month-over-month, continuing the positive momentum since July. This reflects cyclical inventory replenishment demand in the market, as global TV brands actively stock up for the second-half promotional seasons including Black Friday and Christmas sales. Due to technical limitations of OLED applications in large screens, MiniLED TVs are expected to be the main direction for global TV upgrades, with global MiniLED TV penetration rate potentially reaching 6.6% in 2025. Chinese brands are globally promoting MiniLED TVs while Korean companies stick to OLED, with product strategy differences leading to significantly improved global positioning for Chinese brands and declining competitive advantages for Samsung and LG.

**Overseas Second-Half Promotional Season Approaching, Panel Procurement Shows Positive Signals**

Panel procurement volume is a leading indicator of TV demand. Korean brand sales performed poorly in the first half, leading to aggressive inventory reduction in panels, which affected panel procurement demand. The current end of inventory reduction brings a turnaround opportunity. According to Omdia data, global TV panel shipments reached 22.3 million units in August 2025, up 7.6% year-over-year and 4.9% month-over-month, continuing the positive momentum since July. This reflects cyclical inventory replenishment demand in the market, as global TV brands actively stock up for the second-half promotional seasons including Black Friday and Christmas sales. From a global perspective, overseas TV demand in the second half is heading toward a short-term peak, which may partially offset the impact of domestic subsidy reductions.

**MiniLED is Key Direction for TV Product Structure Upgrade, Chinese Brand Global Market Share Continues to Rise**

Since the second half of 2024, MiniLED TVs began exploding in the Chinese market, and started exploding in European and American markets from 2025. Due to technical limitations of OLED applications in large screens, MiniLED TVs are expected to be the main direction for global TV upgrades, with global MiniLED TV penetration rate potentially reaching 6.6% in 2025. Chinese brands are globally promoting MiniLED TVs while Korean companies stick to OLED, with product strategy differences leading to significantly improved global positioning for Chinese brands and declining competitive advantages for Samsung and LG.

According to Omdia data, from 2016 to the first half of 2025, Hisense's global TV brand shipment share rose from 6.2% to 14.4%; TCL rose from 5.8% to 14.8%. In the high-end market, Chinese brands are gradually eroding Samsung and LG's market share. Under enormous competitive pressure from Chinese companies rapidly rising through MiniLED, Samsung Electronics' VD division responsible for TV business began a new round of business diagnostics in September 2025, marking Samsung's first comprehensive review of its TV business since 2015.

**Chinese Companies Lead MiniLED Technology Upgrade**

From CRT to OLED, Japanese and Korean companies previously controlled the discourse in TV industry technology upgrades. However, since the MiniLED TV explosion, Japanese and Korean companies have fallen behind Chinese companies in MiniLED technology, instead becoming "followers." RGB MiniLED is a major upgrade direction for MiniLED technology. Hisense was first to launch RGB MiniLED TV UX series to the market, and introduced the more accessible U7S Pro series in September 2025. Samsung and Sony's similar RGB MiniLED products lag behind Hisense's UX series by one year, showing a reversal in technology development speed between Chinese and Japanese/Korean companies in new TV products.

Additionally, TCL actively explores another upgrade path for MiniLED technology, launching the world's first SOD MiniLED TV flagship product X11L in September, achieving revolutionary upgrades in light control, color gamut, and brightness, providing imagination space for further MiniLED technology advancement.

**TV Weekly Retail Declines in September Under Subsidy Reduction**

Regarding the Chinese market, various provinces have shown phenomena of controlling subsidy spending pace, mainly through daily subsidy flow limits, reducing subsidized categories, suspensions, and other methods. According to AVC data, online and offline TV retail growth rates in July-August have cooled compared to the first half, with online retail value growth rates of 3.4% and 8.5%, and offline retail value growth rates of 13.6% and 25.7%. Entering September, due to high year-over-year base effects from subsidies starting in September 2024 and current subsidy reduction impacts, TV weekly retail data began declining. In the first and second weeks of September, TV online retail value growth rates were -34.7% and -30.5% year-over-year respectively; offline retail values were -34.6% and -6.9% year-over-year respectively.

**Investment Recommendations**

Recommend cleaning appliance companies Ecovacs (603486.SH) and Roborock (688169.SH); TV leaders TCL ELECTRONICS (01070) and Hisense Vision (600060.SH); recommend undervalued, high dividend rate companies that have completed offline channel digital transformation: Midea Group (000333.SZ) and Haier Smart Home (600690.SH); recommend cross-industry supply chain companies Sanhua Intelligent Controls (002050.SZ) and Dunan Environment (002011.SZ); focus on companies with new product innovation and promotion: Aucosn Electric (301187.SZ), Rongtai Health (603579.SH), and Insta360 (688775.SH).

**Risk Warnings**

Risk of policy effects falling short of expectations; US tariff risks; intensified market competition risks.