17 companies including BOE and TCL Technology released third-quarter reports

Recently, 17 LED-related companies including BOE, TCL Technology, AU Optronics, Shentianma, Visionox, Caihong Co., Ltd., Hehui Optoelectronics, and Shenzhen Konka announced their third quarter performance reports.

BOE achieved revenue of 53.269 billion yuan in the third quarter, a year-on-year increase of 5.81%; net profit attributable to shareholders of listed companies was 1.354 billion yuan, a year-on-year increase of 32.07%. In the first three quarters, the company achieved cumulative revenue of 154.548 billion yuan, a year-on-year increase of 7.53%; cumulative net profit attributable to shareholders of listed companies was 4.601 billion yuan, a year-on-year increase of 39.03%. The report shows that BOE’s performance growth was mainly due to the expansion of sales during the reporting period, the increase in government subsidies and the substantial increase in investment income from the disposal of long-term equity investments. In the field of mergers and acquisitions, in June 2025, BOE completed the acquisition of 30% equity of Rainbow Optoelectronics, with a transaction consideration of 4.849 billion yuan. Regarding this acquisition, BOE said that the company's acquisition of 30% equity of Rainbow Optoelectronics is in line with BOE's development strategy and can help the company continue to consolidate and expand its competitive advantages, strengthen BOE's influence in the industry, and promote the overall competitiveness of the company's business. In the field of production line construction, BOE completed the move-in of the first process equipment of the 8.6th generation AMOLED display device production line in May this year. BOE pointed out that the project took 183 days to reach its capping date ahead of schedule, and the equipment was moved in four months ahead of schedule. Compared with other Gen 8.6 lines in the industry that are still in the construction and planning stage, BOE has taken the lead in transitioning from the construction stage to the production line operation stage, laying the foundation for subsequent product lighting and mass production delivery. TCL Technology
TCL Technology achieved revenue of 50.383 billion yuan in the third quarter, a year-on-year increase of 17.71%; net profit attributable to shareholders of listed companies was 1.163 billion yuan, a year-on-year increase of 119.44%. In the first three quarters, the company achieved cumulative revenue of 135.943 billion yuan, a year-on-year increase of 10.50%; cumulative net profit attributable to shareholders of listed companies was 3.047 billion yuan, a year-on-year increase of 99.75%. In the first three quarters, TCL CSOT achieved a cumulative operating income of 78.01 billion yuan, a year-on-year increase of 17.5%; a net profit of 6.1 billion yuan, a year-on-year increase of 53.5%; and a net profit attributable to TCL Technology shareholders of 3.9 billion yuan, a year-on-year increase of 41.9%. TCL Technology said that in the third quarter, the supply and demand relationship in the global panel market continued to improve, demand picked up, prices stopped falling, and the industry as a whole entered the recovery channel. On the demand side, multiple application fields have achieved simultaneous growth: TV brands are actively stocking up for year-end promotions, driving demand for large-size panels to rebound; the notebook market has benefited from domestic "old-for-new" subsidy policies and foreign equipment update needs, and panel demand continues to improve; global automobile sales have grown steadily, strongly supporting the demand for in-vehicle displays. During the reporting period, the company steadily promoted the merger and integration of the t11 production line, and achieved quality and efficiency improvements through refined operations: On the one hand, the t11 production line relied on supply chain collaboration and production process optimization, and the unit cost dropped significantly compared with before the acquisition, the production capacity utilization rate remained high, and the operational efficiency and profitability were significantly enhanced. ; On the other hand, the t11 and t9 production lines have deepened their coordinated development and achieved differentiated division of labor according to their respective technical characteristics and market positioning: in the field of displays, t9 focuses on the high-end market, while t11 takes on mainstream demand, forming a business pattern of high-low matching and complementary advantages, and the synergy of production capacity is further released. At the same time, the OLED business (t4, G6 generation lines) maintains stable operations, the product structure continues to improve, and the proportion of high-end model shipments continues to increase. During the reporting period, TCL CSOT continued to promote the industrialization process in the two cutting-edge technologies of printed OLED and Micro LED. The existing G5.5 printed OLED production line (t12) production capacity is steadily increasing from 3K/month to 9K/month, and product yield and quality continue to improve. Medical display products have been shipped stably and are being promoted to NB and MNT customers. Mass production is expected to be achieved in the first half of next year. In late October, the company officially launched the construction of the world's first high-generation printed OLED production line (t8 project). Micro LED (MLED), as the company's key strategic layout direction, will achieve large-scale mass production and stable delivery before the end of the year. The AR glasses market is developing strongly and its growth rate is far exceeding expectations. It is expected that global shipments will exceed 100 million units by 2035. During the reporting period, TCL CSOT continued to promote its globalization strategy and achieved remarkable results in overseas localization operations. In the Indian market, through deep development measures such as enriching product portfolio and expanding mainstream customers, large-size TV products have doubled in growth, driving the continuous improvement of Indian module factory operations. With the Indian government launching a new round of tax reform policies in September, the trend of large-scale products will be further accelerated. In the Vietnamese market, the newly built module factory has entered the final sprint stage before mass production, successfully passed the audit of key customers, and the product sample submission and certification are progressing in an orderly manner. It is expected to achieve batch shipments in the fourth quarter. AU Optronics
On October 30, panel manufacturer AUO held a press conference and announced that the company's consolidated revenue in the third quarter of 2025 was NT$69.91 billion (approximately RMB 16.2 billion), an increase of 1% from the second quarter of 2025 and a decrease of 10.1% from the third quarter of 2024. The net loss attributable to the owners of the parent company in the third quarter of 2025 was NT$1.28 billion (approximately RMB 297 million). AU Optronics said that in terms of profits, it turned into a loss this quarter due to the adverse impact of exchange rates and panel prices. However, the cumulative net profit attributable to the parent company in the past three quarters was NT$4 billion, which has been significantly improved compared to the losses in the first three quarters of 2024. Looking back on the third quarter, the company's overall revenue increased by 1% quarter-on-quarter. Display Display Technology was affected by the appreciation of the Taiwan dollar and the decline in panel prices. The peak season effect this year was not as obvious as in previous years, and revenue was approximately the same as the previous quarter. Mobility Solutions smart mobility was mainly affected by the appreciation of the Taiwan dollar, and revenue fell by approximately 3%. Vertical Solutions vertical field revenue increased significantly by 20% this quarter compared with the previous quarter due to the merger with ADLINK Technology Co., Ltd. AUO said that looking forward to the fourth quarter, it shows that the relevant markets have entered the off-season, the demand for material preparation has slowed down, and there are many variables in the overall economy. However, smart mobility and green innovative solutions (Green Solutions) have steadily increased in line with customer demand. The company team will continue to pay attention to market changes, optimize product portfolio, strictly control inventory, strengthen cost and expense control, and actively deploy value-added products and solutions to improve profitability and the ability to cope with market fluctuations. Shenzhen Tianma
Shenzhen Tianma achieved revenue of 9.188 billion yuan in the third quarter, a year-on-year increase of 13.19%; net profit attributable to shareholders of listed companies was 107 million yuan, a year-on-year increase of 539.23%. In the first three quarters, the company's cumulative revenue was 26.662 billion yuan, a year-on-year increase of 11.03%; the cumulative net profit attributable to shareholders of listed companies was 313 million yuan, turning losses into profits year-on-year. Recently, Shentianma's 6th generation OLED panel production line has continued to purchase new equipment, covering point/linear evaporation sources, evaporation coolers, metal mask optical inspection equipment, etc. It is reported that the total investment in this production line is approximately 48 billion yuan, and the products are mainly targeted at smartphones, smart wearables, vehicle displays and other fields. It was previously reported that Tianma's purchase of new equipment is a supplementary investment in the existing production line, rather than a new production line. Some industry insiders said that supplementary investment may increase the utilization rate of existing production lines and bring new investment in the long term. On the OLED product side, Shentianma released “Tiangong Screen” in September. The product has a global high brightness of 2500nits, a peak brightness of 8000nits, supports 165Hz refresh, and a wide color gamut covering 95% of BT.2020. In terms of pixel design, it adopts a self-developed "Windmill pixel" structure to improve detail display accuracy. OPPO Find X9 mobile phone is equipped with "Tianma Tiangong Screen" for the first time. In terms of vehicle display, Shentianma has provided screens for a number of vehicles in the first three quarters, with brands including Ideal, Xpeng, Tank, Haval, Leapmotor, etc. Visionox
In the third quarter, Visionox's performance remained stable and its losses narrowed. The company achieved operating income of approximately 1.930 billion yuan, a year-on-year increase of 0.85%; its losses narrowed year-on-year. In the first three quarters of 2025, the company achieved a cumulative operating income of 6.051 billion yuan, a year-on-year increase of 3.50%; the net profit loss attributable to shareholders of listed companies shrank year-on-year. Although Visionox's revenue increased and its losses shrank, the recognized investment income of associates in the first three quarters decreased compared with the same period last year, resulting in a loss of approximately 111 million yuan in investment income items, which had a negative impact on profits. On the other hand, the net cash flow generated from operating activities improved significantly, increasing by 311.06% year-on-year to 2.410 billion yuan, mainly due to the year-on-year increase in sales receipts and the year-on-year decrease in cash payments for goods and services. It is reported that in the first half of this year, as the downstream consumer electronics industry gradually recovered, the penetration rate of AMOLED markets such as smartphones and smart wearables continued to increase, and the overall demand for Visionox's OLED panels was improving. It is worth noting that in terms of production line construction, in October, the world's first high-generation AMOLED production line equipped with FMM-free technology (ViP), funded by Visionox and the Hefei Investment Platform, has completed the completion of the production plant. In addition, Chenxian Optoelectronics, a shareholder of Visionox, completed a number of Micro LED business results in the first half of the year, released a number of the latest Micro LED products; built a 4K LED cinema; and reached a cooperation with Haier to jointly promote the widespread application of TFT-based Micro LED large screens in the commercial display market. Rainbow Shares
In the third quarter of 2025, Rainbow Holdings achieved revenue of 2.975 billion yuan, a year-on-year increase of 1.51%; net profit attributable to the parent company turned from profit to loss. In the first three quarters, the company achieved revenue of 8.639 billion yuan, a year-on-year decrease of 4.04%; net profit was 379 million yuan, a year-on-year decrease of 62.49%. Information shows that Caihong Co., Ltd.’s main business is the research and development, production and sales of substrate glass and display panels, forming an industrial layout with a “panel + substrate” upstream and downstream industry linkage effect. In order to focus on the substrate glass business with greater growth potential, Caihong Shares transferred 30% of its controlling subsidiary Caihong Optoelectronics to BOE at a price of 4.849 billion yuan in the first half of 2025. Caihong Optoelectronics is mainly responsible for the LCD panel business of Caihong Co., Ltd. and operates a G8.6 TFT-LCD LCD panel production line. It mainly produces 32-inch to 100-inch LCD TV panels with ultra-high resolution (8K, 4K), curved surfaces, narrow borders (no borders) and other advanced display properties. Caihong shares stated that the company hopes to optimize the business structure by selling part of the equity of Caihong Optoelectronics, seize the development opportunities of the new display industry, and focus more resources on the substrate glass business with greater growth potential to enhance the company's risk resistance. In addition, Rainbow Shares also increased capital in its holding subsidiary Hongyang Display (Xianyang) Technology Co., Ltd. (hereinafter referred to as "Hongyang Display") in August this year. After the capital increase is completed, the registered capital of Hongyang Display will increase from approximately RMB 3.819 billion to RMB 4.781 billion, and the shareholding ratio held by Rainbow Shares in Hongyang Display will change from 52.94% to 62.40%. Caihong shares stated that this capital increase to Hongyang Display will help accelerate the construction of the G8.5+ substrate glass production line project in Xianyang base and continue to expand the scale of the high-generation substrate glass industry, which is in line with the company's medium and long-term strategic development plan and long-term interests. Hehui Optoelectronics
In the third quarter of 2025, Hehui Optoelectronics achieved revenue of 1.332 billion yuan, a year-on-year increase of 2.25%; the net profit attributable to shareholders of listed companies continued to suffer losses. In the first three quarters, the company's cumulative revenue was 4 billion yuan, a year-on-year increase of 8.25%; the net profit attributable to shareholders of listed companies continued to suffer losses. Hehui Optoelectronics said that in the first three quarters of this year, the company's operating income increased by 8.25% year-on-year. Among them, the operating income of medium and large-sized AMOLED semiconductor display panels has increased significantly. While the revenue scale is expanding, the company has effectively controlled operating costs through cost reduction and efficiency improvement measures such as continuous improvement of process processes, improvement of production yield, reduction of procurement costs, etc., and the gross profit margin has improved by 9.77 percentage points year-on-year. In addition, Hehui Optoelectronics also submitted an application to the Hong Kong Stock Exchange for issuance of shares (H shares) overseas and listing on the main board of the Hong Kong Stock Exchange in April this year, and published the application materials for the issuance on the Hong Kong Stock Exchange website on the same day. In October, the company’s Hong Kong stock IPO was registered with the China Securities Regulatory Commission. Hehui Optoelectronics once stated that the purpose of the company's application for listing on the Hong Kong Stock Exchange is to accelerate the company's international strategy and overseas business layout, enhance the company's overseas financing capabilities, and expand financing channels. Through the H-share listing, Hehui Optoelectronics will further increase the production capacity ratio of high-end AMOLED panel products, increase the added value of products, enhance the overall competitiveness of the company, and build the company's international brand influence. Information shows that Hehui Optoelectronics mainly focuses on the research and development, production and sales of high-resolution AMOLED semiconductor display panels. The company's AMOLED semiconductor display panel products are mainly used in consumer terminal electronic products such as tablets, laptops, smartphones, and smart wearables. Shenzhen Konka
Konka is a diversified enterprise whose business covers consumer electronics, semiconductor technology, industry and trade, and environmental protection. In the third quarter of 2025, the company achieved operating income of 2.431 billion yuan, a year-on-year decrease of 10.19%; the net profit attributable to shareholders of listed companies continued to suffer losses. In the first three quarters of 2025, the company's cumulative operating income was approximately 7.679 billion yuan, a year-on-year decrease of 5.43%; the cumulative net profit attributable to shareholders of listed companies narrowed significantly by 38.89% year-on-year. It is reported that in the first half of the year, due to fierce competition in the consumer electronics industry and slower than expected new product launches, Konka's consumer electronics business was still in a state of loss, while the semiconductor business was still in the early stages of industrialization. It is worth noting that Chongqing Konka Optoelectronics, a subsidiary of Konka, has established a complete industrial chain technology and product system covering LED epitaxial wafer production, chip manufacturing, backplane design, mass transfer and terminal systems. In the first quarter of this year, Chongqing Konka Optoelectronics signed a contract to implement an MLED advanced manufacturing center and future display terminal product projects in Changzhi High-tech Zone. Vogel Optoelectronics
Jiangxi Woge Optoelectronics Group Co., Ltd. is an enterprise specializing in photoelectric glass finishing and optical component R&D and production. In the third quarter, Woge Optoelectronics achieved operating income of 710 million yuan, a year-on-year increase of 18.