Top 10 panel manufacturers' 2025 financial reports: four companies see growth, three turn losses, one large LCD manufacturer’s profit drops 97%

Recently, the 2025 global panel industry report card has finally surfaced with the arrival of the earnings season. Tech Ding notes that, based on the disclosed data from various companies, the entire industry has taken a breath this year, with most enterprises emerging from the shadow of low demand and fierce price wars in previous years.

However, a careful analysis of these numbers reveals that beneath the surface recovery, the competitive landscape is undergoing subtle fissures, with clear differentiation appearing within the leading camp, and the choice of technological routes will also become a key factor in future competitive battles.

Let’s first look at the overall market. In 2025, BOE firmly held the top spot with revenue of 204.59 billion yuan, a year-on-year increase of 3.13%, and a net profit of 5.86B yuan, up 10.03%. This Chinese panel giant’s strength lies in its massive scale and stable profitability.

In 2025, Samsung Display delivered a revenue of 144.83 billion yuan and a net profit of 19.93 billion yuan, with profit levels still leading the industry, maintaining its position as the industry’s profit ceiling.

TCL China Star Optoelectronics (CSOT) was the fastest-growing among them, with revenue reaching 105.24 billion yuan, a 17.4% increase year-on-year, and a net profit of 8.01 billion yuan, a surge of 44.4%, closing the scale gap with Samsung Display.

Notably, Korea’s other major panel giant LG Display saw revenue slightly decline by 3% to 125 billion yuan but achieved a net profit of 10.36 billion yuan, successfully turning losses into profits.

AU Optronics also emerged from the loss trap, with a net profit of 1.51B yuan indicating a substantial improvement in operational status. Tianma also joined the profit-turning camp, with a net profit of 167 million yuan, though modest, the direction is correct. In contrast, Innolux’s situation is somewhat awkward, with revenue of 49B yuan, a slight increase of 4.7%, but net profit only 145 million yuan, a year-on-year plunge of over 97%. Visionox and EverDisplay still incur losses, but the loss margins are narrowing, indicating that cost reduction efforts are showing results.

Tech Ding believes that through this report card, three characteristics of the industry can be observed:

The first characteristic is that the overall industry recovery signal is very clear. The vast majority of companies are experiencing revenue growth, with net profits either significantly increasing or turning from losses to profits. Even Visionox and EverDisplay, which are still losing money, are experiencing a slowdown in blood loss. This indicates that the worst cycle bottom of the panel industry has passed, supply and demand are rebalancing, and price wars are no longer the sole competitive tool. Especially with TCL China Star’s profit increase of over 44% and Samsung Display’s nearly 20 billion yuan net profit, it shows that leading companies have strong performance resilience during the industry recovery.

The second characteristic is that the differentiation within the leading camp is accelerating. Samsung Display, BOE, and TCL China Star form the first echelon, with combined profits approaching 34 billion yuan. In terms of scale and profitability quality, they clearly outpace their competitors behind them. However, LGD’s performance is somewhat subtle; revenue has not increased but decreased, and although it achieved a profit turnaround, the 10.36 billion yuan profit gap with Samsung Display’s 19.93 billion yuan is no small difference. Innolux’s situation is even more bleak, with revenue slightly up but profits nearly zero, indicating potential troubles in product structure and cost control. In other words, in the same industry recovery, some are eating meat, some are drinking soup, and others are almost unable to hold the bowl.

The third characteristic is that the game of technological routes has entered a decisive stage. Data shows that companies that have laid out and invested more decisively in new display technologies such as OLED, Mini LED, and Micro LED generally perform better in profits. Samsung Display is a typical example; its high profits mainly come from stable orders of high-end OLED panels, especially in smartphones and automotive displays. TCL China Star’s rapid growth is also closely related to its continuous efforts in Mini LED and printed OLED. Conversely, companies like Innolux see their profits nearly flattened, largely because the bargaining power of traditional LCD panels continues to decline. In the coming years, the competition in the panel industry will no longer be about who can make LCDs cheaper, but about who can achieve large-scale production and high yield in next-generation display technologies. Whoever can reduce the costs of Micro LED, make breakthroughs in mid-sized OLEDs, will hold the pricing power in the next cycle.

Overall, the 2025 panel industry has delivered a generally positive report card, but the joy is not evenly distributed. The leading three giants’ advantage is expanding, LGD needs to beware of falling behind, and Innolux’s situation serves as a warning signal. In the future, whoever can run faster in OLED, Mini LED, and Micro LED tracks will be the one to truly smile last.