So, ladies and gentlemen, and our dear press, and also friends who are actually caring about TCL, it is an honor for me to host the 2024 annual results announcements. So please go to the next page. Right, so for today, we actually have four contents: firstly, market environments, and then overall results, and also segments performance, and at the end, outlook to the future. So firstly, let's look at the market environment. So let's look at the firstly, with the TV segments, like global TV shipments in 2024 is actually stabilized, and in 2024, the overall shipment is about 209 million. That actually increased by 3.7%. So regionally speaking, it is actually quite unbalanced. North America, Latin America, and Japan increased by about like positive increase, and for China and also Asia Pacific is actually quite low.
The overall shipments actually reduced by 1.3% and 0.7%. With some of the, you can see the brand is actually increasing, especially for the couple of years back. For 2024, it's actually going up by 56%. If you look at Mini LED, the demand is actually going skyrocketed. For 2024, Mini LED is actually over 6.2 million, and that actually increased by 36.6%. For China, it will actually have a better result, so it can actually go over 100%. If you look at the overall supply chains, the top 10 is actually quite concentrated. With the verticals, supply chain industrial chains with a good competitiveness. Talking about the air conditioners and refrigerators and washing machines, it is actually quite stabilized. By the year 2029, it will actually with a 2%-5% increase.
For the recent years, with the TV brands and also with our channels, we can actually increase the whole market size of AC, refrigerator, and washing machine. We do see a good increase in the future. Talking about smartphones and tablets markets, we see a good recovery and also stabilized in the markets. For the phones, increased by 4.2%, and then tablets, 12.4%. With some of the segment niche markets, and with the new PV markets and forecasts, we can see the newly installed and grid-connected PV increased by 28%. For the year 2025, we can see the new installed capacities will be about 265 GW. With the smart, especially AI markets, we do see a good increase as well. By the year 2029, we do see an $83 billion of the global market size.
And also, for the forecasted global market size of companion robots in 2029, it will be $304.3 billion. So we will continue to increase the market share and stabilize profitability, and also have a good scale-up second growth curve. And talking about 2024's overall highlight, and overall speaking, with the effective growth in global sales, we can see a mid-to-high-end strategy and also lead to a continuous improvement in operational efficiencies. In the year 2024, we actually increased by 25.7% on a year-on-year basis, which, with revenues of HKD 99.32 billion. And also the revenue of innovative business increased by 44.9%. That is HKD 27.01 billion. And the gross profits actually increased by 13.8%. That is HKD 15.55 billion. So the adjusted profit attributable to owners increased by 100%. That is HKD 1.61 billion.
And also we can see the Mini LED TV, the global shipment actually broke through 1.7 million sets, increased by almost 200%, and global market share increased by 9.5%. And also for QLEDs, increased by a lot as well. For the operational capacities, actually increased steadily. The selling and distribution expense ratio actually reduced by 7.6%, and administrative expense ratio reduced by 4.2%, and inventory turnover days reduced to 65 days, and gearing ratios remained at 0%. So we have a high dividend policy maintained since 2017. The proposed final dividend is HKD 0.318, and also dividend payout ratio will be 50%. And if we look at others, so with the large screens, we do see HKD 69.44 billion that increased by 22.8%. For large-sized displays, that is increased by 23.6%, and small and medium-sized displays increased by 19.9%.
The smart commercial display reached HKD 873 million, 2.1% growth year- on- year, and the gross profits grew by 13.1% year-on-year. Because of the migration and rectification of the industry, the size gets a little bit slowed down, but the profitability further improved. Our revenue down by 4.9%. However, our gross profit margin grew by 1.3 percentage points. For the photovoltaic in 2024, our growth in the AI grew by 44.9% to HKD 27.1 billion, and our gross profit grew by 104.4%. Our revenue for the all-category marketing grew by 19.6%. The gross profit grew by 8.9%. For the smart connection and smart home gross profit, the gross profit margin grew by 3.5 percentage points. And in terms of the R&D, we continue to improve our R&D in order to increase the competitiveness of this market.
In terms of the brand marketing, through the marketing and the sports activities, we are now establishing a client management system. This can help us to make the brand better and increase our brand recognition. In February 2025, TCL announced it has officially become a worldwide Olympic partner. The Olympic spirit of the faster, higher, stronger together aligns perfectly with our core spirit, transformative innovation, pursuing excellence and striving to inspire greatness. Also, in 2024, we have been named as the highest-level partner of the International Olympic Committee. It again showcases our brand awareness and brand influence and brand reputation in the global market. In terms of the global market, we have several segments. We have our distribution in North America, Europe, Asia Pacific, and Latin America, and also Middle East and Africa.
In 2024, most of the region reached double-digit growth, and all the regions have very good performance year-on-year. And in the six major markets, our TV scale is expanding. The TV in China, Latin America, and North America has a higher market share. However, in Europe, Asia Pacific, and the Middle East, and also Africa, we still need to improve our market share. Also, the average size of the global market compared to China has a lot of room to be improved. In terms of the environment and the corporate governance, for six years in a row, our ESG has a very good performance. Out of more than 500 constituent stocks, we ranked at the very top level. And in the future, we'll continue to become committed to the business ethics and pay attention to the social paybacks.
The third part is about our segment performance. First, TCL and the display business has a very good performance in 2024. Our global shipment of TCL TV reached 29 million sets, a year-on-year growth of 14.8%. The Q4 has seen the shipment of 8.99 million sets, a year-on-year growth of 19.3%. And now our shipment ranking number two in the world and our revenue ranking number three in the world. For the TV set, it increased by 13.9%, and for the revenue, increased by 12.4%. And also for the Mini LED TV shipment, we shipped 1.7 million sets, a year-on-year growth of 194.5%. QLED TV shipment, 5 million sets, 69.5% year-on-year growth. 75-inch global shipment, 3.83 million sets, 39.8% year-on-year growth.
And for our proportion of the Mini LED product, in the global market, we have already improved by 26%. And in the 2024, in the domestic market, we have seen the TV size growing stronger. And actually, in 2024, the shipment of domestic TV shipment dropped by 1.3% to 3.7 million units. But our revenue grew by 18.9%, reaching HKD 19.05 billion. And in 2024, our gross profit margin dropped by 1.6%. But we can see the Mini LED TV grew by 264.7% in terms of the shipment, and the proportion grew by 15.3%, and a year-on-year increase of 10.9%. For the QLED shipment, grew by 54%, proportion grew by 14.8%, and increase of 4.6 percentage points. The 65-inch TV grew by 11% in terms of the shipment, and for the 75-inch TV shipment, grew by 23%.
For the Mini LED retail, we occupy the largest market, and our retail market share reached 23.1%. In the overseas market, TCL TV also grows strongly. Our global shipment grew by 17.6%. This is better than the market average. In the global market, TV shipment grew by 4.8% to 170 million units. In terms of the revenue, our revenue hit HKD 41.06 billion, grew by 25%, and the gross profit margin grew by 13.5%, remained stable. For the Mini OLED TV shipment, we have seen the double growth. The Mini LED TV grew by 135.5% in the shipment, and the proportion grew by 3.5%. QLED grew by 73.5% in the shipment. 65-inch TV grew by 32.4% in shipment, and the 75-inch TV grew by 79.7% in shipment. And also, we rank top three in more than 20 major markets.
In the emerging markets, including Asia, Middle East, Africa, and Latin America, we grew by 12.7% in terms of the market share. In European markets, the market share grew by 33.8%. Now we have been in the global market for more than 20 years. Our total capacity is more than 30 million units. In Vietnam, Brazil, Poland, Pakistan, we have a very flexible capacity. Now we focus on the small and the medium-sized display market. We focus on key countries with steady operations. Our revenue hit HKD 8.6 billion, grew by 19.9%. Our gross profit margin grew by 15.4%, down by 6.3 percentage points. The smart commercial display is also doing really good. The revenue grew by HKD 873 million, grew by 2.1%. Gross profit margin 13.3%.
In terms of our global internet business revenue, in 2024, our internet business has the revenue of HKD 2.6 billion. But we still focus on the innovation, and we believe that we need to improve the user experience and increase the penetration of TCL membership. At the same time, we have more interactive scenarios on our AI, including the collaboration with top children and kids IP series, so also we provide them with the AI-based educational program. In 2024, by the end of 2024, the TCL Channel user amounted to 32.6 million. The third part of our business is photovoltaic innovation. First, photovoltaic. We have HKD 12.87 billion in our revenue, a year-on-year growth of 104.4%. The gross profit margin grew by 104.4% to HKD 1.23 billion.
Gross profit margin remained stable at 9.6%. In 2024, the PV business has covered 23 provinces and cities across the PRC. And now we have more covered. We have signed up the contract with more than 170,000 households, and our PV business covered more than 23 cities in the country. In terms of the refrigerator, air conditioner, and washing machine, the distribution revenue hit HKD 12.45 billion, grew by 19.6%. Refrigerator and washing machine grew by 21%, air conditioner 79%. For the distribution gross profit, it hit HKD 1.73 billion, up by 8.9%. The next one is smart connection and home appliances. In 2024, this business segment hit HKD 1.69 billion, gross profit margin up by 3.5 percentage points. Now we also deploy our efforts in the AI and the robots. At 2025 CES, we showcase our TCL Mini.
Also, now we have the business in AR and XR glasses. We are number one in online market share for consumer-grade AR glasses in the PRC. We have RayNeo V3 AI shooting glasses. Also, we launched the RayNeo Air 3. Our market share of RayNeo accounts for 35.6%, ranking number one in PRC. The last part is looking ahead in the future.
And we are now continuing to focus on pretty much smart device enterprise with global operations, and we hopefully to be a top technology brand in the world, so we will look at the large-size displays inherent to the large screen and Mini LED strategies as small and medium-sized displays, focus on the core markets in North America and steady business expansions for internet business that stabilize domestic operations, and also for new business, PV business will be steady increase in the market share and for all category marketings, synergies from global brand and channel advantages, and also smart connections to take the lead in deploying smart glasses and AI robots, so for our future plans, we're actually focusing on product lines and regional lines as well as pursuing extreme efficiencies.
For the year 2025, we focus on three keywords: winning the battles, strengthen core capacities, and also key initiatives. Talking about all the product lines, we will hopefully to go through like a high-end product, and we hopefully to make through some technological breakthroughs. Talking about the R&D, we will continue to put investments in the R&Ds to actually boost up the efficiencies. Talking about the future, we will look for upgrades for the global products portfolios. Hopefully, we can actually have a good capacity building. Apparently, we can have global business operations and global product upgrades. As we mentioned, global business operations, we will have a multicenter global operation, like building a smart supply chain ecosystem that is consumers-oriented.
Also, we can have the global talent organizations with strengthened global operational capacities, inspiring sense of mission, and the talented employees. So for us, we will continue to focus on AC, refrigerator, and washing machines so we can actually have original positionings. And also, we can have capacity buildings to have the two pathways: deepened global operations and ultra-efficient operations. So this is the TCL 2024 annual results announcement. Thank you.