Caitong: Domestic TV brands have a strong position in the domestic market and are expected to expand their market share overseas.

Caitong released a research report stating that domestic TV brands have a solid leading advantage in the domestic market due to a richer SKU layout, faster product iteration pace, and leading display technologies such as RGB-Mini LED and SQD-Mini LED. Market share is expected to continue to increase. In the North American market, domestic brands are narrowing the gap with Samsung by increasing the launch of new products and launching competition in the mid to high-end markets. With technological upgrades and performance advantages, product competitiveness is expected to improve, and overseas market share is expected to expand. Caitong's main points are as follows: Pressure on Samsung's market share, with domestic industry leaders concentrating. Samsung's market share across all channels continues to decline, while Wuxi Online Offline Communication Information Technology Co., Ltd. has shrunk; meanwhile, TCL and Hisense have increased their market share and surpassed Samsung. The bank believes that faster product iteration, more SKU options, and technological upgrades are the main factors that allow domestic brands to surpass Samsung. Domestic market: Domestic brands expand SKU, are technologically superior, and Samsung's competitiveness is lacking. Domestic brands strengthen their competitive advantage by continuing to accelerate new launches and expanding the number of SKUs, while Samsung's pace of new product launches has slowed down, widening the gap. On one hand, domestic brands are consolidating their market share in the 04000 RMB range and, on the other hand, are penetrating the market above 4000 RMB and the high-end market, enhancing coverage through larger screen sizes. In terms of technology, domestic MiniLEDs continue to upgrade and penetrate the mid-range market, with advantages in brightness, refresh rate, and partitioning, giving them a product advantage. North American market: Domestic brands accelerate their layout to catch up with Samsung. Domestic brands have almost caught up with Samsung in the pace of launching new products and are accelerating their focus on the mid to high-end markets. Hisense mainly targets the mid to high-end price range, improving market reach with a wider range of SKUs; TCL focuses on the high-end and ultra-high-end markets, creating breakthroughs through technological and parameter advantages. In terms of core performance, domestic brands are leading or on par with Samsung in display technology and core performance, continuously narrowing the gap with Samsung in the high-end North American market and accelerating their market share. Risk warning: Risks include weaker-than-expected demand recovery, fluctuations in raw material prices, technology iteration falling short of expectations, and overseas new product launches falling short of expectations.