In 2024, TCL Electronics' revenue was HK$99.322 billion (approximately RMB89.388 billion), an increase of 25.7% year-on-year. Among them, revenue from innovative businesses was HK$27.01 billion, an increase of 44.9% year-on-year. Adjusted net profit attributable to shareholders was HK$1.61 billion, an increase of 100.1% year-on-year.
TCL Electronics stated that in 2024, the company's dual-brand strategy of TCL+Thunderbird and its strategy of focusing on mid-to-high-end products and large screens yielded significant results. At the same time, the company actively seized policy opportunities, fully leveraged its display business, and gradually enhanced the scale effect of its innovative businesses, driving a 13.8% year-on-year increase in gross profit to HK$15.554 billion.
During the reporting period, TCL Electronics' revenue from its display business increased by 22.8% year-on-year, reaching HK$69.44 billion. In large-size TV display products, TCL TV's global revenue reached HK$60.11 billion, a 23.6% increase year-on-year; global TV shipments reached 29 million units, a 14.8% increase year-on-year, of which Mini LED TV global shipments reached 1.7 million units, a 194.5% increase year-on-year.
In the Chinese market, TCL Electronics continued to deepen its TCL+Thunderbird dual-brand strategy, comprehensively increasing its market share. In 2024, TCL TV shipments grew by 5.8% year-on-year, with Thunderbird brand TV shipments growing by 38.5% year-on-year. Meanwhile, benefiting from the advancement of its mid-to-high-end strategy and continuous improvement in its product structure, the average selling price of TCL TVs in China increased by 12.4% year-on-year, driving revenue growth of 8.9% to HK$19.046 billion. Regarding gross profit margin, due to the significant increase in the proportion of Thunderbird brand TV shipments in 2023, the gross profit margin in the Chinese market decreased by 1.6 percentage points to 19.8% in 2024.
In the international market, TCL TV's full-year shipments in 2024 increased by 17.6% year-on-year, with a 23.7% year-on-year increase in the second half of the year; the average selling price increased by 7.0% year-on-year, and revenue increased by 25.9% year-on-year to HK$41.062 billion; the gross profit margin remained basically flat year-on-year at 13.5%. Among them, TCL Mini LED TV shipments increased by a staggering 135.5% year-on-year.
In addition to the year-on-year increase in revenue and shipments of TV products, TCL Electronics also reported revenue of HK$8.46 billion for small and medium-sized display products, a year-on-year increase of 19.9%. Among them, mobile phone revenue was HK$5.374 billion, a year-on-year increase of 14.3%, and tablet revenue was HK$3.09 billion, a year-on-year increase of 31.1%.
In the smart commercial display product sector, TCL Electronics achieved revenue of HK$870 million, a year-on-year increase of 2.1%; the gross profit margin reached 13.3%, a year-on-year increase of 2.4 percentage points.
Furthermore, during the reporting period, TCL Electronics' internet business gross profit margin increased year-on-year; photovoltaic business revenue and gross profit both increased by 104.4% year-on-year; distribution revenue and distribution gross profit of its full-category marketing business both achieved year-on-year growth; and in the smart connectivity and home business, it is worth noting that, according to statistics from relevant institutions, TCL Electronics' market share for its Thunderbird ARARARAR IS was 5.6% and 35.6%, respectively.
Looking ahead to 2025, TCL Electronics stated that although the global economy still faces many uncertainties, the global TV market is expected to recover to a moderate growth trend with the continued penetration and application of emerging technologies such as artificial intelligence and the Internet of Things. The company will continue to deepen its mid-to-high-end and global layout.
On the other hand, the Group will increase investment in core technologies, seizing the commercialization opportunities of cutting-edge display technologies such as Mini LED in the display business, and continuously enriching its mid-to-high-end product portfolio. Simultaneously, the company will leverage its vertically integrated industrial chain and global distribution network advantages to actively develop innovative businesses. (Compiled)
