TCL ELECTRONICS (01070) announced its 2025 financial results, revealing revenue of HK$114.583 billion, a 15.4% increase year-on-year. Gross profit reached HK$17.900 billion, up 15.1% compared to the previous year. Net profit attributable to shareholders grew 41.8% to HK$2.495 billion, while the adjusted net profit attributable to shareholders rose 56.5% to HK$2.512 billion. The company proposed a final dividend of 49.8 HK cents per share.
The group maintained a robust financial position, with a net cash capital-to-liability ratio remaining at a healthy 0.0%. Cash and cash equivalents increased 54.2% to HK$13.522 billion, providing substantial funding for business development and strategic investments.
Profit growth was primarily driven by the group's continuous enhancement of core capabilities, strict cost control, refined operational management, and overall improvement in operational efficiency. The total expense ratio decreased by 0.7 percentage points to 11.1% year-on-year.
Throughout 2025, the group achieved breakthroughs in product structure, technological leadership, and quality enhancement. Healthy business growth, coupled with improved internal operational efficiency, led to sustained optimization of overall profitability.
Benefiting from enhanced brand influence, efficient global channel expansion, and continuous product structure optimization, the group's display business revenue increased 9.2% to HK$75.797 billion in 2025. Gross profit for the display business grew 16.4% to HK$12.476 billion, with gross margin improving by 1.1 percentage points to 16.5%. Specifically, the gross margin for large-size display business increased by 1.3 percentage points to 16.8%.
TCL TV maintained its position as one of the top two global TV brands in 2025. Global shipments of TCL Mini LED TV surged 118.0% year-on-year, securing the leading position worldwide in shipment volume. The group continued to expand channel布局 and deepen key channel development, achieving top-three retail volume rankings for TCL TV in over 20 countries globally.
The internet business capitalized on new opportunities in AI technology development, focusing on the global home internet sector to achieve simultaneous growth in business scale and profit quality. The international market deepened strategic cooperation with global giants including Google, Roku, and Netflix. Flagship models were among the first to integrate Google Gemini, upgrading AI interaction experiences. The company also completed a comprehensive upgrade of its content aggregation application TCL Channel, doubling the proportion of premium content in Europe and Latin America, which stimulated a year-on-year doubling of total daily usage time in local markets. Cumulative users surpassed 45.7 million by the end of 2025, significantly enhancing commercial monetization capabilities.
In the domestic market, leveraging its own OTT smart terminal operation platform, the company focused on AI content generation and interactive experience upgrades. It established a proprietary "content factory" using AIGC and improved AI comic creation efficiency through self-developed Agent tools. The successful market launch of AI hardware Amby Uni continued to optimize the business structure, consolidating the group's leading position in the global home internet field. Internet business revenue increased 18.3% to HK$3.109 billion in 2025, with gross margin improving 0.2 percentage points to 56.4%.
Innovation business scale continued to expand, with revenue surging 31.9% to HK$35.628 billion in 2025. The photovoltaic business adhered to a relatively capital-light operation model, flexibly adapting to market changes and building a foundation for high-quality development. Throughout the year, the group focused on building electricity market trading capabilities, effectively balancing scale expansion and operational quality through deepened channel coordination and financial empowerment. Consequently, domestic distributed residential photovoltaic new installation capacity repeatedly reached new highs, with market share significantly increasing, further consolidating operational efficiency and competitive advantages. Meanwhile, the group steadily advanced its global布局, achieving substantive business implementation in the European market. Photovoltaic business revenue grew 63.6% to HK$21.063 billion in 2025, with gross profit increasing 47.5% to HK$1.815 billion, demonstrating excellent market competitiveness and development resilience.
Additionally, the group continued to increase R&D investment, focusing on core areas including AI technology, display technology, smart hardware, and home energy management, comprehensively driving upgrades in product services and operational efficiency. R&D expenses increased 8.5% to HK$2.532 billion in 2025.
In product service innovation, the group fully integrated AI applications to optimize user experience. The TV operating system was among the first in overseas markets to integrate Gemini, enhancing smart interaction and content monetization potential. The domestic market integrated the Fu Xi AI large model to improve human-computer interaction experience and developed a self-developed AI creation platform, driving dual growth in reputation and performance for children's services and effectively enhancing user stickiness.
In display technology, the group focused on Mini LED, launching the world's first flagship product TCL X11L TV equipped with SQD-Mini LED display technology in September 2025. Leveraging three core technologies - super backlight, super quantum dots, and super screen - it achieved five core advantages: global wide color gamut, no color crosstalk, more partitions, higher brightness, and thinner overall design, winning the 2026 CES Display Gold Award. Simultaneously, the group introduced NXTPAPER 4.0 technology during the year, achieving full-scenario eye protection and productivity enhancement, initiating a new revolution in eye-friendly office solutions. In smart hardware and emerging technologies, the group achieved full-color Micro-LED mass production for AR glasses, marking a technological breakthrough in the AR optics field.