The global display panel industry completed a definitive recovery cycle in 2025. After the brutal downturn of 2022–2023, which saw panel prices collapse and most makers swing to losses, the year marks a broad return to profitability, with five of the six major panel makers covered here posting positive net income. The global display panel market is valued at approximately $150–167 billion in 2025, with industry forecasters projecting growth to $200 billion by 2030 at a CAGR of 3.5–5.7%. Omdia forecasts display area demand to grow 6% year-over-year in 2026, driven by the ongoing shift to larger screens across TVs, monitors, and automotive applications.
The recovery has not been uniform. Korean incumbents Samsung Display and LG Display have leveraged their OLED technology leadership to rebuild margins, while Chinese scale players BOE, TCL CSOT, and HKC have used aggressive capacity utilization and cost discipline to generate strong cash flows. Only Visionox, the smallest OLED-focused player, remains loss-making, underscoring the capital intensity and scale requirements of the OLED business.
| Company | Period | Revenue | Net/Op Profit | OPM | Status |
| LG Display | FY 2025 | $19.8B | NP: $360M | ~2.0% | Turnaround |
| Samsung Display | FY 2025 | ~$23.0B | OP: ~$3.2B | ~14% | Leader |
| BOE Technology | 9M 2025 | $21.5B | NP: $639M | ~3.0% | Resilient |
| TCL CSOT | H1 2025 | $6.9B | NP: $597M | ~8.6% | Challenger |
| HKC | H1 2025 | $2.6B | NP: $297M | ~11.4% | V-Recovery |
| Visionox | 9M 2025 | $840M | NP: -$225M | Neg. | Distressed |
LG Display (South Korea)
LG Display achieved its first full-year operating profit in four years, generating KRW 25.8 trillion ($19.8 billion) in revenue and KRW 517 billion (~$398 million) in operating profit for FY 2025. Net profit came in at approximately $360 million for the year. This represented a KRW 1 trillion improvement over 2024, which itself had narrowed losses by KRW 2 trillion versus 2023.
The trajectory was uneven across quarters. Q1 posted a modest KRW 33.5 billion operating profit on KRW 6.07 trillion in revenue. Q2 swung to a KRW 116 billion operating loss during the traditional seasonal trough, with revenue dipping to KRW 5.59 trillion. The second half was decisively stronger: Q3 delivered KRW 431 billion in operating profit on KRW 6.96 trillion in revenue, the best quarter of the year, as OLED products rose to 65% of quarterly revenue. Q4 came in at KRW 169 billion operating profit on KRW 7.2 trillion in revenue, though the company posted a KRW 351 billion net loss due to FX headwinds and one-off charges.
| LG Display (KRW) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
| Revenue (trillion) | 6.065T | 5.587T | 6.957T | 7.201T |
| Op. Profit (billion) | 33.5B | -116B | 431B | 169B |
| OLED % of Revenue | ~55% | 56% | 65% | ~61% (FY avg) |
Strategy and Analyst View
OLED products reached a record 61% of total 2025 revenue, up from 55% in 2024 and 32% in 2020, reflecting the near-complete pivot away from large LCD. The revenue mix for the full year broke down as IT devices at 37%, mobile and other at 36%, TV panels at 19%, and automotive at 8%. LG Display completed the sale of its Guangzhou LCD plant stake to TCL CSOT for approximately $1.5 billion, generating a one-time gain recognized in Q2. OLED TV panel shipments are targeted at roughly 6 million in 2025, rising to 7 million in 2026. Gen 8 OLED utilization ran at approximately 75%, using about 135,000 of its 180,000 monthly substrate capacity. Management has set 2026 capex at roughly $1.4 billion, all directed toward OLED, though it has not yet committed to a Gen 8.6 IT OLED line, citing insufficient demand visibility.
The consensus view from market analysts characterizes LG Display as a genuine turnaround story that remains fragile. The stock carries a Hold rating with a $4.50 price target. Analysts acknowledge the structural progress, particularly the rising OLED mix and successful LCD exit, but point to Q4’s net loss, FX vulnerability, and the company’s conservative stance on Gen 8.6 IT OLED investment as reasons for caution. LG Display is viewed as a “prove-it” name rather than a clean secular winner.
Samsung Display (South Korea)
Samsung Display Corporation (SDC), reported as a segment within Samsung Electronics, delivered the strongest financial results of any display maker in 2025. For the full year, Samsung Electronics posted record revenue of KRW 333.6 trillion ($233 billion) and operating profit of KRW 43.6 trillion ($30.5 billion). The SDC display segment contributed substantially to this performance, with quarterly revenue building progressively through the year.
Summing the four quarterly disclosures, SDC generated full-year 2025 revenue of approximately KRW 29.9 trillion (~$23.0 billion) and operating profit of approximately KRW 4.2 trillion (~$3.2 billion), representing an operating profit margin of roughly 14%. Q4 was the standout quarter, with SDC posting KRW 9.5 trillion in revenue and KRW 2.0 trillion in operating profit, a roughly 21% operating margin for the quarter alone. This was driven by stable smartphone supply, expanded IT and automotive panel sales, and peak seasonal demand for large QD-OLED displays.
| Samsung Display | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
| Revenue (KRW T) | 5.9T | 6.4T | 8.1T | 9.5T |
| Op. Profit (KRW T) | 0.5T | 0.5T | 1.2T | 2.0T |
| Op. Margin (est.) | ~8.5% | ~7.8% | ~14.8% | ~21.1% |
Strategy and Analyst View
Samsung Display maintains a dominant position in mobile OLED, with strong supply relationships for flagship smartphones including the Apple iPhone and Samsung’s own Galaxy series. Samsung Display held an estimated 41% share of global OLED revenue in 2025, according to industry trackers. The QD-OLED monitor lineup expanded aggressively during the year, driving large display business growth, particularly in the gaming segment. A new Gen 8.6 IT OLED line is under construction, targeting the laptop and tablet OLED market for a 2026 and beyond ramp. Q4 2025 display capex was KRW 0.7 trillion, reflecting measured investment. For Q1 2026, SDC anticipates soft smartphone demand but expects to support growth through new flagship supply and expanded QD-OLED product launches.
Analysts and research firms view Samsung Display as the structural quality leader in the global display industry. Best-in-class profitability, technology leadership in both mobile and large-area OLED, and dominant market share make SDC the defensive premium play in the sector. The main caveats raised in commentary are cyclical demand softness and pricing pressure from Chinese OLED entrants, but the consensus holds that Samsung Display can ride out downcycles better than any peer.
BOE Technology Group (China)
BOE, the world’s largest display panel maker by area shipments, posted strong results through the first nine months of 2025. Revenue for the nine months ended September 30, 2025 reached RMB 154.5 billion (~$21.5 billion), up 7.5% year-on-year from RMB 143.7 billion. Net profit attributable to shareholders was RMB 4.6 billion (~$639 million), a 39% increase from RMB 3.3 billion in the prior-year period. EPS rose to RMB 0.12 from RMB 0.09.
For the first half specifically, BOE reported revenue of RMB 101.3 billion with net profit of RMB 3.25 billion, up 42% year-on-year. The third quarter saw revenue of RMB 53.3 billion, slightly below consensus estimates of RMB 55.4 billion, with net profit of RMB 1.35 billion. On a trailing twelve-month basis, BOE’s revenue is approximately $28.7 billion, making it comfortably the largest display company globally by revenue. The trailing twelve-month net profit margin stands at approximately 2.7%, with a gross margin of roughly 14.2%.
| BOE (RMB) | H1 2025 | 9M 2025 | FY 2024 |
| Revenue | 101.3B | 154.5B | 198.4B |
| Net Profit | 3.25B | 4.6B | 5.45B |
| EPS (RMB) | 0.09 | 0.12 | 0.15 (TTM) |
Strategy and Analyst View
BOE maintains global leadership in LCD panel shipment area while expanding its OLED footprint in smartphones and IT applications. The company faces significant geopolitical risk: the U.S. International Trade Commission has ruled to ban imports of BOE AMOLED panels into the U.S. for nearly 15 years, a ruling that could reshape supply chains for major smartphone OEMs including Apple. Capital expenditure remains elevated, with reported capex budgets of up to $9.9 billion to maintain technology parity with Korean competitors. The company’s market capitalization sits at approximately $20.7 billion as of late 2025.
Analysts describe BOE’s 2025 performance as solid and resilient, emphasizing that the company is navigating macro and geopolitical headwinds better than many expected. The 42% first-half profit growth demonstrates recovered operating leverage and scale benefits. However, commentary consistently flags the U.S. ITC ruling, ongoing export control risks, and the capital-intensive expansion cycle as key risk factors. The tone is positive but measured, with BOE viewed as a scale champion whose thin margins leave limited room for error.
TCL CSOT / TCL Technology (China)
TCL CSOT, the display unit of TCL Technology Group, delivered standout results in the first half of 2025. TCL CSOT revenue reached RMB 50 billion (~$6.9 billion), up 14.4% year-on-year, with net profit of RMB 4.3 billion (~$597 million), a 74% jump. At the parent company level, TCL Technology reported H1 revenue of RMB 85.5 billion ($12 billion) and net profit of RMB 1.9 billion ($265 million), up approximately 90% year-on-year. The gap between CSOT’s strong profitability and the parent’s lower consolidated profit reflects ongoing losses at TCL Zhonghuan, the group’s solar energy arm, which posted a loss of RMB 4.0 to 4.5 billion in H1 2025. The display business is clearly the profit engine of TCL Technology.
TCL Electronics, the branded consumer device arm listed in Hong Kong, reported H1 2025 revenue of HK$54.8 billion with adjusted profit up 62% year-on-year. Mini LED TV shipments surged 176% to 1.37 million units, securing the global number one position. For full-year 2025, TCL Electronics has guided adjusted net profit of HK$2.33 to 2.57 billion, representing growth of 45 to 60%.
| TCL CSOT (RMB) | H1 2025 | FY 2024 | YoY Change |
| Revenue | ~50B | 104.3B | +14.4% (H1) |
| Net Profit | ~4.3B | 6.23B | +74% (H1) |
| Net Margin (est.) | ~8.6% | ~6.0% | Expanding |
Strategy and Analyst View
TCL CSOT completed its acquisition of LG Display’s two Chinese LCD fabs, LG Display (China) Co. and LG Display (Guangzhou) Co., consolidated into financials from Q2 2025 onward, boosting scale and utilization. OLED shipments from the Gen 6.5 T4 line grew 8.7% in H1, with revenue up 9.2%, keeping TCL CSOT as the number four global flexible OLED producer behind Samsung, LGD, and BOE. The Gen 5.5 printed OLED line (T12) completed construction and expanded capacity from 3,000 to 9,000 monthly substrates, a major milestone for inkjet-printed OLED. TCL CSOT is also planning a $4 billion Gen 8.6 inkjet printing IT OLED line in Guangzhou, positioning itself as the leading proponent of printed OLED technology for IT applications.
Market commentary paints TCL CSOT as a fast-improving challenger within Chinese displays. The sharply higher 2025 profits are taken as proof that prior capacity investments are paying off and that management is executing well on product mix and cost. The LG Display China acquisition is seen as a shrewd consolidation move. Analysts note CSOT is closing the gap with BOE in both scale and technology. The key watch items remain pricing discipline, capex control, and whether the company’s large bet on inkjet-printed OLED will yield commercial returns.
HKC (China)
Shenzhen-based HKC, the third-largest Chinese LCD panel maker, continued its V-shaped recovery into 2025. In the first half of the year, HKC reported revenue of RMB 19.0 billion (~$2.6 billion) and net profit of RMB 2.1 to 2.16 billion (~$297 million). This represents a strong margin profile, with implied net profit margins of approximately 11%, among the highest in the peer group. The company’s trajectory from a RMB 1.42 billion loss in 2022 to RMB 2.58 billion profit in 2023 and RMB 3.32 billion in 2024 is one of the most dramatic turnarounds in the sector, driven by disciplined capacity management and a focus on higher-specification LCD panels.
| HKC (RMB) | FY 2022 | FY 2023 | FY 2024 | H1 2025 |
| Revenue | 26.97B | 35.82B | 40.28B | 19.0B |
| Net Profit | -1.42B | 2.58B | 3.32B | ~2.16B |
Strategy and Analyst View
HKC’s IPO process at the Shenzhen Stock Exchange is ongoing, targeting an RMB 8.5 billion ($1.2 billion) raise. The process was temporarily suspended in October 2025 due to expired financial documents but resumed with an updated prospectus in December. IPO proceeds are earmarked for an OLED R&D center in Changsha at roughly $350 million, an Oxide backplane R&D project, and a Mini-LED and MicroLED direct-view factory in Mianyang at roughly $280 million. In July 2025, HKC produced its first smartphone AMOLED panel sample using an advanced Oxide-TFT backplane, and in November 2025, the company received its first OLED panel orders for smartphone displays, a major milestone validating its OLED strategy.
IPO-related coverage characterizes HKC as a validated scale player in mainstream LCD that has achieved profitability at a level justifying public market valuation. The V-shaped recovery narrative resonates with investors. However, analysts consistently flag two risks: heavy reliance on commodity LCD, which is cyclical and faces secular pressure from the OLED transition, and the substantial capital requirements of moving into OLED and advanced display technologies. HKC is viewed as a credible second-tier player behind BOE and CSOT, with the IPO representing a pivotal moment for its next growth phase.
Visionox (China)
Visionox remains the outlier in the peer group, continuing to post significant losses despite the broader industry recovery. For the first nine months of 2025, the company reported revenue of RMB 6.05 billion (~$840 million) and a net loss of RMB 1.62 billion (~$225 million). Q1 2025 alone produced a loss of RMB 530 million on revenue of RMB 1.81 billion. The company has accumulated approximately RMB 8.5 billion in losses over the past three and a half years. Full-year 2024 showed revenue of RMB 7.93 billion with a net loss of RMB 2.51 billion. Even at the gross profit level, Visionox has operated at negative margins, meaning the company loses money on every panel it sells before any overhead costs are considered. Trailing twelve-month revenue stands at roughly $1.1 billion with an EPS of negative $0.23.
| Visionox (RMB) | FY 2023 | FY 2024 | 9M 2025 | FY25 Guidance |
| Revenue | 5.93B | 7.93B | 6.05B | ~8-9B est. |
| Net Profit | -3.73B | -2.51B | -1.62B | -2.0 to -2.5B |
Strategy and Analyst View
Visionox is constructing a massive RMB 55 billion (~$7.6 billion) Gen 8.6 ViP (vacuum inkjet patterning) AMOLED line in Hefei, targeting medium-sized panels for laptops, tablets, and automotive applications. The ViP photo-patterned OLED technology is Visionox’s differentiation strategy, offering a maskless alternative to Samsung’s FMM approach, but yield on medium-sized panels was only approximately 60% in 2025. The company also committed $690 million to a Kunshan R&D center. Financial condition is strained, with total debt of approximately RMB 16.5 billion against cash of roughly RMB 8.6 billion, and the controlling shareholder’s share pledge ratio at 89.8%, creating significant financing risk.
The analyst tone on Visionox is broadly cautious to negative. Commentaries stress that accumulated losses of RMB 8.5 billion, negative gross margins, and massive unfunded capex commitments create a precarious financial position. Visionox lacks the scale and customer diversification to compete profitably with Samsung, BOE, and CSOT in OLED. The stock is framed as a high-risk, capital-dependent turnaround play whose survival may depend on continued government and provincial funding support. The Gen 8.6 investment is simultaneously the company’s biggest risk and its only plausible path to relevance.
The Recovery, Its Limits, and What Comes Next
Five of six major display makers are now profitable, and the 2022–2023 downcycle has definitively ended. Tighter capacity management, higher utilization rates, and a shift toward value-added products have restored margins industry-wide. But the recovery is stratified. Samsung Display operates at roughly 14% operating margins while BOE runs at approximately 3% and LG Display at roughly 2%, revealing the quality gap between OLED leaders and LCD-dependent players. The single most important structural trend driving this divergence is the shift from LCD to OLED. LG Display’s OLED mix hit 61% of revenue, and this mix shift is the direct cause of its return to profitability. Samsung Display’s premium margins come entirely from its OLED dominance. Chinese makers BOE, TCL CSOT, and HKC all recognize this and are investing heavily in OLED capacity, but the capital requirements are immense, and Visionox’s losses demonstrate the penalty for attempting OLED at subscale.
Chinese panel makers are gaining both share and cash flow strength. BOE, TCL CSOT, and HKC collectively posted over $1.5 billion in net profit in H1 2025 alone. China now accounts for approximately 76% of global display production capacity by area. The acquisition of LG Display’s Chinese LCD fabs by TCL CSOT further consolidates Chinese dominance in LCD. These companies are generating the operating cash flows needed to fund the next cycle of OLED and advanced technology investment. At the same time, the industry’s economics increasingly punish sub-scale operators. The contrast between HKC, which is profitable at roughly $5.6 billion annual revenue in LCD, and Visionox, which is loss-making at roughly $1.1 billion annual revenue in OLED, illustrates this plainly. Without the scale to achieve cost leadership or the technology to command premium pricing, smaller players face existential pressure.
Looking ahead, Omdia forecasts 6% display area demand growth in 2026, driven by larger TVs and monitors, despite a 2% unit decline from tariff uncertainty and slowing economic growth. The global display market is projected at $150 to 167 billion in 2025, growing to approximately $200 billion by 2030. Key growth verticals include automotive displays with digital cockpits and heads-up displays, IT OLED for laptops and tablets, AR and VR microdisplays, and large-format Micro-LED. Samsung Display’s Gen 8.6 IT OLED line is the most significant supply-side event in 2026, targeting the laptop and tablet OLED market. Geopolitical risks remain elevated, as U.S. tariffs, export controls, and the ITC ruling against BOE could reshape supply chains. Panel pricing is expected to remain stable to modestly positive as capacity discipline holds, though new capacity coming online in 2026 and 2027 could create renewed oversupply risk.
| Sources and Data Verification All financial data sourced from company earnings releases, Samsung Global Newsroom, LG Corp IR, SEC filings (6-K), MarketScreener, OLED-Info, Xinhua, Yahoo Finance, and Investing.com. Market forecasts from Omdia, Mordor Intelligence, and Knowledge Sourcing Intelligence. Analyst assessments synthesized from TipRanks, Simply Wall St, Futurum Group, and OLED-Info Pro. |
