"New energy photovoltaic + smart home appliances" soar together, and the two major black appliance giants have found their "growth secret."

Ask AI · How can solar power operations, against the tide, become the growth engine for a black-electrics giant?

In 2025, the color TV industry faced pressure. In the domestic market, sales were fewer than 30 million units, the lowest in a decade. However, the black-electrics giants whose core business is color TVs still maintained steady growth in their 2025 performance—what is the reason? Dingkeji noticed that the new energy solar photovoltaic (PV) business, growing at a rapid pace, offset the impact of volatility in the color TV industry.

First, look at TCL Electronics. In 2025, it achieved total revenue of HK$114.583 billion, up 15.4% year over year. Of this, revenue from the display business was HK$75.797 billion, up 9.2%, showing solid performance. Meanwhile, PV business revenue reached HK$21.063 billion, with a year-over-year growth rate as high as 63.6%, nearly seven times the display business growth rate. The PV segment’s share of the company’s total revenue has risen to about 18.4%, more than 5 percentage points higher than the same period last year.

In 2025, the total operating revenue of Skyworth Group was RMB 70.324 billion, up 8.2%, reaching a historical high for the group since its founding 38 years ago. From the perspective of business segments, the new energy business became the main growth driver, with revenue up 16.5% year over year to RMB 23.685 billion; smart home appliance business revenue grew 6.5% to RMB 35.656 billion. Notably, new energy business revenue for the first time surpassed television business revenue.

As can be seen, amid the ongoing contraction of the domestic TV market, expanding into the new-energy track with high growth potential has become a choice for leading black-electrics enterprises. The distributed PV market is in a phase of rapid expansion, and installation demand for residential and commercial-industrial scenarios continues to be released.

Dingkeji noted that in the direction of the new energy business, TCL Electronics and Skyworth Group were not starting from scratch. Both have established nationwide dealer networks, comprehensive logistics systems, and widely covered after-sales service networks. These resources can be reused at low cost to support PV equipment installation and operations and maintenance (O&M) services.

In its financial report disclosures, Skyworth said that its new energy business innovation has built a “PV + inclusive benefits + digital technology” business model, establishing an end-to-end solution covering the entire chain from power station development, design, construction, operation, and management to consultation. By the end of 2025, the cumulative installed capacity of PV power stations put into grid-connected operation exceeded 29.3GW. Among them, the residential distributed PV business has risen to the forefront of the industry. TCL Electronics, on the other hand, in 2025 added 8.0GW of PV installed capacity, signed more than 340 commercial and industrial projects, expanded its dealer channels to more than 2,530, and signed nearly 360,000 households of farmers, with its business footprint expanding rapidly.

From a strategic perspective, the TV business faces growth ceilings under a stock-focused game, while the PV business confronts a still fast-expanding incremental market. Based on the current revenue growth rates, TCL Electronics’ PV business has the potential to exceed HK$30 billion within the next two to three years. Skyworth’s new energy business is already approaching the RMB 25 billion scale, and Skyworth Group has even already initiated plans to spin off and list its new energy business.

Taken together, PV business has become a strong growth point for TCL Electronics and Skyworth Group. In the future, there is also significant room for synergistic development with intelligent home appliances, including TVs. The twin-engine of “new energy + smart home appliances,” taking off side by side, makes the future of black-electrics giants even more full of growth imagination.