The LCD display technology, once criticized as a "retired industry", is set to reach a crucial turning point in 2025. With the mass production breakthrough of Mini LED backlight technology and the comprehensive promotion of core material localization, the LCD industry has completely shaken off the anxiety of being "replaced", forming a new profit model driven by both high-end and high-performance. The global market share continues to concentrate on Chinese enterprises.
For a long time, LCD technology has faced challenges from OLED technology due to its limited contrast ratio and thick body caused by the reliance on the backlight layer. However, with the maturity of Mini LED backlight technology, this situation has been completely reversed. Compared with traditional LCD, Mini LED achieves a leap in picture quality through precise control of light partitioning. Leading enterprises such as BOE and TCL Huaxing have successively broken through core processes, driving costs to significantly decrease. TCL Huaxing adopts COG bonding technology, directly bonding Mini LED light beads to the glass substrate, reducing material costs by 32%, and the number of light partitioning on the 65-inch panel exceeds 6,042, with a contrast ratio of 100,000:1, achieving picture quality comparable to OLED.
The empowerment of AI technology has accelerated the large-scale application of Mini LED. BOE has introduced an AI visual inspection system in its production bases, with the defect recognition accuracy reaching 99.8%, which has increased the yield of Mini LED backlight modules from 78% to 92%, and reduced the single-piece manufacturing cost by 25%. The cost reduction has directly led to the popularization of terminal products. In 2025, the average price of 65-inch Mini LED LCD TVs dropped to 8,000 yuan, only 60% of the price of the same-sized OLED products. In the high-end markets of Europe and America, the sales of TCL Q10L series have surpassed LG OLED models and ranked among the top. According to Omdia data, in 2025, the global shipment of Mini LED backlight LCD TV panels reached 38 million pieces, with a penetration rate exceeding 38%.
The breakthrough in the domestic production of core materials has become an important support for the high-end development of LCD. By 2025, China's LCD material industry will achieve a leap from import substitution to global competition. The domestic production rate of polarizing films will reach 50%, while that of liquid crystal materials will reach 45%. The domestic production rates of glass substrates and driving ICs will also increase to 38% and 28% respectively. Sangjin Optoelectronics and Sanlipu have achieved the mass production of 3-meter ultra-wide polarizing films, which are suitable for 110-inch large-screen LCDs. Chengzhi Yonghua and Baishi Jingtang have developed high-end VA liquid crystal with a response time of ≤ 5ms, which perfectly matches Mini LED panels. The domestic production of materials directly reduces production costs. The cost of 65-inch Mini LED LCD panels has decreased from 1,200 yuan in 2023 to 850 yuan, a reduction of 29%.
In terms of market structure, the concentration of the LCD industry has continued to increase. After the Japanese and Korean manufacturers gradually withdrew, the discourse power of Chinese enterprises has significantly strengthened. According to data from CEC Intelligence, by 2025, the market share of the top three enterprises in the global LCD TV panel industry will increase from 60% in 2024 to 65.1%. The profit share of the leading manufacturers is expected to exceed 85%. Benefiting from the "trade-in" policy, the sales of 85-inch and larger LCD TVs have soared, and the industry's operating rate has remained above 80%, entering a virtuous profit cycle.
Li Yaqin, the general manager of Qunzhi Consulting, stated that the vitality of LCD technology will persist, and the global market size is expected to remain stable at 70 billion US dollars. Currently, the profit logic in the LCD industry has shifted from being scale-driven to value-driven. BOE's revenue from high-end IT panels has increased to 35%, with a gross profit margin of 32%; companies like Shentianma have made investments in special LCD fields such as industrial and medical applications, with product gross profit margins exceeding 40%.
Industry insiders point out that with the deep integration of Mini LED technology and materials into domestic production, LCD has found its second growth curve. In the context of global high inflation, the advantages of LCD, such as "high-quality picture + high cost-effectiveness", have become increasingly prominent. In the future, it will form a complementary pattern with OLED in different market segments, and Chinese enterprises will continue to lead the technological iteration and market expansion in the LCD industry.
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