Thank you, Du Juan, Chair of the board, to open this presentation.
Distinguished representatives and partners, good afternoon. We have seen many hotspots right here in this industry, and we strive forward, and we also make a lot of dedication to strive forward and make the better results. However, affected by the tax policy from the United States, we are a little behind our goals. However, we still meet the commitment we make for the market. Again, we'd like to say thank you to all of you for your support. Later, CEO will introduce you to the results right here. Here to our last year and annual results presentation, our panel are larger than ever before. The reason is that our business grows a little bit, so that is why it's the same with our panel. All right, so let me give the floor to.
[Foreign Language]
Mr. Zhang Shaoyong and Mr. Peng Pan , the Executive Director and Chief Financial Officer. He will promise to look back to our H1 of 2025 and also give us an outlook in the next year.
Thank you very much, Madame Du. Thank you very much for your invitation, and on behalf of the management, I would like to introduce you to the 2025 interim results.
[Foreign language]
Just like what we did in the past, there are four parts of our presentation: market environment, overall results, segments, performance, and the outlook. So first is the market environment.
[Foreign language]
The most important part is TV. As you can see, the TV industry in the H1 of this year has seen a very flat demand. In the H1 of this year, our shipment is 94.57 million sets by 0.1%. However, we have seen an uneven performance in China, Latin America, and also Middle East, Africa. They achieved growth of 2.4%-5% respectively. However, North America, Europe, and Japan have declined by 3.7%-6.9% year on year. At the same time, it can be also seen that the concentration of the top brands continues to increase. The H1 of 2025, the concentration of the top four will further increase to 54.8%. Also, we have seen the structural opportunities are still very strong.
The shipment, the proportion of 65 inches and above in the global TV shipment size has increased from 14.5% in 2020 to 26.8% in the H1 of this year. The large screen, also the Mini- LED, has seen a very amazing shipment. They reached 40%, and the growth rate overseas is faster. According to the current market investigation, global penetration rate of the Mini- LED is expected to exceed 12%. For the segmentation, we have seen the market growth for the TV is very competitive. However, the opportunities for the TV terminal market are still very large. In the H1 of 2025, a new grid connected stored capacity for PV in this domestic market reached 212 gigawatts, and of which distributed PV network increased by 110%. We have seen the new growth trend for the AR and the VR.
In 2029, the AR/VR global market will be over $83 billion. And in the future, for the companion robots, we have seen the large demand as well. It's expected that the future market growth potential is really huge. And for the air conditioner, we have also seen a very good growth space in 2029 for the air conditioners and the washing machines and also the refrigerators. We will see the growth rate around 2.2% to 5%. The next one is the global smartphone shipment. The global smartphone shipment of 682 million in 2025 has the H1 of this year has been seen down by 1.2% year on year. And the global tablet shipment is 72.79 million, increased by 4.4% year on year. And the next one is our overall results. Basically, our overall result is really good, especially in the mid to high end.
The total revenue is HKD 64.78 billion, up by 20.4% year on year. Gross profit HKD 8.37 billion, up by 16%. Profit after tax HKD 1.05 billion, up by 60.5%. Adjusted profit attributable to owners of the parent HKD 1.06 billion, up by 62% year on year. Overall expense ratio 11.5% growth. Net gearing ratio remained at 11%. Cash and cash equivalents up by 30% at HKD 11.44 billion. For the overall performance, our global shipment 13.46 million sets up by 7.6%. Global market share 14.2% up by 0.9 percentage points. Global brand price index 93 up by 1.7%. Mini- LED TV global shipment is 1.37 million up by 176.1%. QLED TV global shipment 3.04 million sets up by 73.7%. 75 or above inch TV global shipment 1.91 million sets up by 29.7%. The annual dividend distribution for 2024, 31.8 HK cents. Dividend payout ratio reached 50%.
For our mid- to high-end strategy, it fueled the quality-led growth in the display. Let's take a look at the large-size display business. The overall situation and the development of the display business have been steady in the H1 of this year. Display business revenue was HKD 33.4 billion, an increase of 10.9% year-on-year. Among them, the display revenue of large size was HKD 28.35 billion, an increase of 9.4% year-on-year. And the display revenue of small-medium size was HKD 4.56 billion, an increase of 21.3% year-on-year. Smart commercial revenue was HKD 500 million, an increase of 9.4%. The overall gross profit for the display business increased by 11.4% to HKD 5.2 billion. The gross profit margin increased by 0.1%.
The gross profit margin for the large size displays increased by 0.5 percentage points. In the innovative business, also maintained strong growth in scale and actively laid out in the new tracks. The revenue increased by 42.4% year on year to HKD 11.14 billion. Gross profit increased by 98.5% to HKD 1 billion, relying on our steady development of overseas channel. Revenue increased by 1.2% to 7.84%. Overseas revenue accounted for 60%. Smart connection and smart home revenue, HKD 900 million. Gross profit margin increased by 3.5% - 23.6%. Now we can see some specific data presentations. In the research and development, we improve our competitiveness, and also we explore the possibilities of smart home companionship in terms of the AI. The company has launched the AR glasses with the shape in this industry.
Also, we have improved our brand marketing and retail and also the logistics services. In 2024, H1 of this year, we will again further split and merge the non-sales and non-marketing center in North America, Latin America, Middle East, and Europe. And also they will merge into the corresponding overseas and the operating channels. And in the future, in our six regions, we will again lead our categories, and we hope that we can have the new breakthrough. In terms of the marketing, we all know that in 2024, TCL was officially announced as the worldwide Olympic partner. And the Olympic spirit of faster, higher, stronger together aligns perfectly with our corporate spirit of embracing transformative innovation, pursuing excellence, and striving to inspire greatness. Also, we have announced the new ambassador for our TCL in overseas market.
In the H1 of this year, we focused on the AWE. We hope that we can spread the word, and also we have more effort in the communications. We hope that we can increase the global influence. Apart from the brand marketing, we also increased our efforts in channel management, retail management, and user plus e-commerce management. In terms of ESG, we focus on the social responsibility and adhere to business ethics. The company has garnered widespread recognition and honors for its commitment to sustainability. We achieved Hang Seng ESG rating of A for seven consecutive years from 2018 to 2024. We are selected as the constituent of Hang Seng Corporate Sustainability Benchmark Index from 2019 to 2024 for six consecutive years. Also, female employees account for over 40%, while employees from Hong Kong, Macau, Taiwan, and overseas markets represent over 40% of the workforce.
We also have achieved the AA grade for Wind ESG rating and also B grade for the core business awarded for the CDP Climate Change Management. Our TV is really brilliant in the H1 of this year. This year, our global sales performance is really good. The global shipment of TCL TV reached 13.46 million sets up by 7.6%. The global revenue of TCL TV, HKD 28.35 billion, up by 9.4%. TCL TV global average selling price, HKD 2,106, up by 1.7% year on year. For the Mini- LED TV shipment, 1.37 million sets up by 176.1%. Shipment proportion up by 10.8%. For QLED shipment is 3.04 million sets up by 73.7%. Shipment proportion up by 24%. The shipment for 65-inch and above, 3.82 million sets, and up by 28.4% in terms of the shipment proportion.
For the 75 inch and above shipment, 1.91 million sets shipment proportion, 14.2%. And also for our display products, large size display in PRC market, outpaced the industry in scale, significantly improved. Our market share of retail sales volume is 22.1%. Retail sales volume ranking number two, market share of sales and volume 23.5%. Retail sales revenue ranking number two. And the TCL shipment, the total shipment up by 3.5%. Industry shipment 17.1 million sets up by 2.4%. Average shipment price up by 0.8%. Revenue is HKD 8.72 billion up by 4.4%. Gross profit margin 19.4% up by 19.4%. For the overseas market, TCL shipment total 8.7%. Industry shipment is 77.48 million sets, down by 0.4%. Average shipment price up by 2.8%. Revenue is HKD 19.63 billion up by 11.8%. Gross profit margin 14.4% up by 0.1 percentage point.
The trend for Mini- LED and large screen further emerged in overseas market. Mini- LED shipment up by 196.8%, and QLED TV shipment up by 77.9%. 65 TV shipment up by 47.3%. 75-inch TV shipment up by 57.9%. Also, we have seen the performance in the segmented market. North America market significant structural improvement with market leading scale. Average shipment price of TCL-branded TV up by 12.6%. TCL-branded TV price index up by 17.8%. TV larger than 65 TV shipment 60.5%, and in the European market, we have seen the sustained scale expansion with breakthroughs in key channels across U.K. and Germany. Average shipment price of TCL-branded TV 13.3%. Emerging market is also really good, so for the market share ranking, number two in U.S., number two in France, number three in Sweden, and the other regions.
And for the small and medium size display, we focus on the key markets. In the H1 of this year, the revenue is up by 21.3%. The gross profit up by 2.7%. And also our total business revenue for the medium and the small display was HKD 4.56 billion. For mobile phone and tablet, that is HKD 2.87 billion Hong Kong dollars and HKD 1.69 billion dollars respectively.
The next one is internet business. The global internet business revenue up by 20.3%. The total revenue is over HKD 1.46 billion Hong Kong dollars up by 20.3%. For the overseas market, revenue grew by 46.3%. Our profitability increased significantly. We also focused on the user experience in the Chinese market, focusing on TV, AI, and interactive upgrades. Our content is more than 30,000 hours. In the overseas market, we again deepened our cooperation with Google and Netflix. We have breakthroughs in our commercial models.
TCL Channel has been upgraded, so has our quality content by the end of June 2025. TCL Channel has already covered more than 39.3 million users. For the photovoltaic, we are being excellent as well. We undertook a multidimensional expansion with profitability and relative competitiveness, continually enhancing overseas business, advancing steadily. Our revenue is HKD 11.14 billion, gross profit HKD 1.07 billion, and a newly installed capacity of 4.7 gigawatts, 290 accumulative industrial and commercial contracted projects. Our smart glasses and companion robots empower the product intelligence. For the new breakthrough in market share, we have seen the market share at 52%, 24 times year-on-year increase in sales revenue. We are number one in the XR category by sales volume across JD.com and Temu. Our Air 3S Pro XR has been launched, and also with our V3 Sling AI/V3 Ring AI and X3 Pro AI glasses.
For our uncertain, this is the world's first modular smart home companion robot. We can deliver the unique experience. So now we can give you an outlook for our next half of this year. We'll always adhere to business philosophy of strategic leading innovation, and we drive the new categories along with our traditional channels. So we are striving for the high-quality growth. We want to be the leading smart terminal enterprises in the world. In terms of the business, the main channel is focusing on the improvement of profitability. For the large screen, this large size display, we will adhere to the large size and also the Mini- LED and also the QLED. Also, the TV will maintain the static growth. In all of our categories, we'll drive the quality by our innovation, and we will achieve the growth rate of net profit.
We hope that the growth rate of net profit will be greater in the next half of this year. We will again optimize our operational strategy, focusing on the large screen and the Mini- LED. We will improve the product mix and the channel mix. We will control the operating expenses for all channels. In terms of the efficiency, we'll improve the inventory, and also we use AI to improve our HR efficiency. We will also achieve the leapfrog development of full link operational accuracy. In terms of the organizational and human resources development, we will again improve our international talent building. We will stimulate the employees, motivate them, and create a more efficient and dynamic organization. Also, for the air conditioner, refrigerator, and the washing machine, we'll again improve the product mix to target the market more precisely.
So that's all for our interim report in the H1 of this year. Again, we'd like to thank our investors for your continuous support.
Thank you very much, Mr. Peng, for your excellent.