After the market close on January 20th, TCL Electronics Holdings Limited (hereinafter referred to as "TCL Electronics", stock code: 01070.HK) announced on the Hong Kong Stock Exchange that on January 20th, 2026 (after trading hours), the company had signed a Memorandum of Understanding (MoU) on strategic cooperation with Sony Corporation (Sony). The MoU includes the potential establishment of a joint venture to take over Sony's home entertainment business, and the two parties will carry out integrated business operations globally covering the entire process from product development, design, manufacturing, sales, logistics to customer service for products such as televisions and home audio systems. The joint venture will be held 51% by TCL Electronics and 49% by Sony, and there will also be future arrangements for the licensing of patents, technologies and brands between the joint venture and Sony, as well as between the joint venture and TCL Electronics.
Under the MoU, Sony has agreed and committed that from the date of signing until March 31st, 2026, it will not directly or indirectly conduct any discussions or negotiations with any third party regarding any transaction that is similar or equivalent to the potential transaction in terms of its scope and purpose.
This move may also be the latest initiative of TCL Electronics to adhere to the development direction of "globalization" and "mid-to-high-end orientation", so as to further enhance the international competitiveness of its brand and business. In its newly released financial report, TCL Electronics once again emphasized this strategic positioning.
On the evening of January 18th, TCL Electronics released a profit warning for the 2025 annual results. The announcement shows that the Group expects its adjusted net profit attributable to shareholders for the 2025 fiscal year to be approximately HKD 2.33 billion to HKD 2.57 billion (equivalent to approximately CNY 2.08 billion to CNY 2.3 billion), representing a year-on-year increase of about 45% to 60%.
Notably, TCL Electronics' Mini LED products have performed strongly. In the first three quarters of 2025, the Group's cumulative global TV shipments reached 21.08 million units, a year-on-year increase of 5.3%, of which 7.61 million units were shipped in the third quarter. The global shipments of Mini LED TVs surged by 153.3% year-on-year to 2.24 million units in the first three quarters, driving a year-on-year increase of 8.7% in TV sales revenue during the same period.
TCL Electronics stated that the growth in performance is mainly due to the continuous expansion of the Group's global business scale and the improvement of overall profitability during the reporting period. Among them, the large-size display business maintained a high market share, and the proportion of mid-to-high-end products continued to increase; the profitability of the Internet business remained stable, and the revenue scale of innovative businesses grew steadily.
In the international market, TCL Electronics has deepened cooperation with mid-to-high-end channels and continuously increased its market share in various regional markets. In the first three quarters of 2025, the international market shipments of TCL TVs increased by 7.9% year-on-year. Specifically, the shipments of TCL TVs sized 65 inches and above, and 75 inches and above in the international market rose by 44.6% and 61.8% year-on-year respectively, while the international market shipments of TCL Mini LED TVs soared by 235.4% year-on-year.
Previously, TCL has established business cooperation with a number of South Korean enterprises. In the field of semiconductor display, TCL CSOT has carried out business cooperation with South Korean companies such as Samsung, LG and Hyundai, covering products including televisions, commercial displays, laptops, mobile phones and tablets. On January 5th, Li Dongsheng, founder and chairman of TCL, stated at the China-South Korea Business Forum that facing the new wave of technological and industrial revolution, China and South Korea have great potential for cooperation in emerging fields such as artificial intelligence, semiconductor display, new energy vehicles and biotechnology.
In the North American market, TCL Electronics has increased the proportion of shipments through mid-to-high-end channels, driving the average selling price (ASP) of TCL TVs in the first three quarters of 2025 to increase by more than 15.0% year-on-year. Among them, the shipments of TCL TVs sized 65 inches and above increased by 29.1% year-on-year in the first three quarters, and those sized 75 inches and above rose by 34.1% year-on-year; the shipments of TCL Mini LED TVs skyrocketed by 384.5% year-on-year, and their shipment proportion increased by 7.1 percentage points year-on-year to 8.7%.
At this year's CES, TCL officially launched two flagship SQD-Mini LED TV models, the Q10M Pro and Q10M, with prices starting from CNY 9,999, to further expand overseas markets and deepen its global layout.
(Reprinted from https://news.eccn.com/）