Distinguished guests, ladies and gentlemen, good afternoon. TCL Electronics Holdings twenty twenty-four interim results announcement starts right now. Let me give you the introduction of our executives and management here. They are Ms. Du Juan , Chairman; Executive Director and the CEO, Mr. Zhang Shaoyong; Executive Director and the CFO, Mr. Peng Pan. Today, the announcement will be divided into two parts. Part one is for the H1 performance in twenty twenty-four and the forward looking. The second part is for the Q&A session. Now, let me give the floor to Executive Director and the CEO, Mr. Zhang Shaoyong, for the opening remarks. It is actually an adult section. First, I would like to extend a welcome to all the investors, analysts, and the press members. Thank you for participating in our twenty twenty-four interim report.
To conclude the H1 2024, we are now improving our capacities, and also our revenue is out of our expectation. In the H1, our market share grew by two percentage points. So compared to the last year, 10% growth. Now, this year, we achieved 12%. Also, this year, the brand index is close to 100, around 96 or 97. In China, U.S., Europe, these core areas, we have our breakthroughs. Basically, we are one step forward to the goal to be a leader in the world. Of course, for the medium, small size segment and all categories segments, internet, PV, and the innovation segments, there are positive growth. Later, CFO will give you a more detailed outlook. For the second half of this year, we're still having the confidence.
We predict that the market environment will be steady in the second half of this year, but of course, there is no good or bad things in the industry. We may have the very cutthroat competition in some certain industry. Many years ago, many people told me that PV was a very promising industry. However, because of this cutthroat competition in China, it is really difficult to be the leader in this industry. So many investors told me that there is a right direction for me, and I told them that the one you do not choose is the better one, or the one you choose is the better one. So there is no good or bad. All right, so we will realize our leading target as soon as possible. So now, let me give the floor to Mr. Peng Pan.
Executive Director and the CFO of the company. He will give us an outlook of H2 of 2024. Thank you very much. Dear investors, press members, and analysts, thank you for participating, 2024 interim results announcement of TCL Electronics Holdings. So let me give you a presentation of our performance in the first half of 2024. First, market environment. First, TV industry. Globally, the TV market remains stable. In 2024, first half, the shipments of TV was 49.47 million, up by 1.9%. However, this is an imbalanced growth in Europe and the US markets, both by the sports events. There is a positive growth. However, in China, Asia Pacific, India, and Japan, the demand is relatively weak.
The shipment down by 1% to 6.1%. Against the saturated market, we also see the rising of the medium and the high-end categories. For example, Mini LED TV in 2023 is 63 million for a global shipment. In 2024, it is expected to be over 6.2 million units. So in 2021 to 2025, the CAGR was over 50%. Again, making sure that we're on the right track. From the industry side, the panel capacity is now being more concentrated in China. The TV global concentration is now improved up to 54.6% in H1 of 2024. The TCL global shipment has its market share of over five, thirteen point three percent in H1 of 2024, from 5.6% in 2015.
The Chinese TV brand is getting the advantage in this market. The second is refrigerator and laundry, and also the refrigerator. It is expected that in 2028 home appliances market is more stable. The central AC and the heat pump has a greater room for growth. Compared to the black appliances, the black appliances has the large market, but also very stable. The next is mobile phone and in 2024 , H1 of this year, we have seen the recovery of this market. The shipment is around 8.4%. The last one is the niche and the innovative market. 2024 , H1 , the PV installation in China is over 122 GW, and distributed PV grew by 29% to with an addition of 53 GW.
In 2024, the newly installed capacity will be over 200 GW, up by 10%. So now I'd like to give you an introduction of the 2024 AR/VR, whose shipment will be over 9.7 million units, grew by 44%. The next part is H1 of our year. We grew by 30.3% to the HKD 45.4. The GP grew by 19.2% to HKD 7.7 million. The net profit attributable to parent company grew by 147.3% to HKD 650 million. The innovative business segment rapidly grew.
2024, the first half year, the year-on-year growth was 60.6%, up to 100% , up to HKD 13.9 billion, with the GP of 0.3 percentage point. In terms of the TCL TV, in 2024, the global shipment in the first half of this year is growing by 9.2%, up to 12.52 million units. In the Q2, the year-on-year growth was 12.9%. In 2024, H1 of this year, TCL has the shipment growth and the revenue growth 10.4% and 12.2% respectively. For the operation efficiency, we are getting better.
The first half of 2024, the expense ratio was down by 2 percentage points to 13.7%, and dividend ratio is around 50%. Since 2017 remains a high dividend policy. The next is the divisions. Due to the large display, we are taking the leading place in the world. We also improve our quality. In 2024, the display revenue was up to 30 billion, with a year-on-year growth of 21.3%. The large scale display has a revenue of HKD 25 billion. The medium and the small display, HKD 3.7 billion. The smart commercial display, HKD 460 million. For the internet business, we have a high profitability.
2024, H1 revenue grew by 8.9% to HKD 12.121 billion. The GP grew by 8.8% for the innovative segment. 2024, H1 grew by 60.6% to HKD 13.9 billion, and the PV is also growing strongly, with revenue growing to HKD 5.27 billion, and the GP was up by 2.7 percentage points. The all category sales revenue grew by 27.7%. Smart connection or smart home has a revenue up to HKD 930 million. For the core business, the TCL TV is continually leading the world.
H1 TCL TV has 13.3% of market share in terms of its global shipments, up by 0.9%. 2024, TCL TV shipment was over 12.52 million, up by 9.2%. It's better than the industry average. The TCL TV has optimized the product mix with the high-end products continuing to taking up the market.
Talk about marketing, so we look at localization, so for sports, e-sports, and also exhibitions, et c. So we actually support all those different industries for the expansions of our products portfolios. And talking about R&D, we are trying our very best to improve our R&D capabilities, so we will continue for our technology innovation and also users' experience. And we're actually focusing in Mini-LEDs technology advantages, and also with the ARs and XRs innovations. So at the same time, talking about the pictures engines as well as voice and immersive experience, we will actually improve all of those. And for AI scenarios, we will base on AIGC, and to create interactions with the large screens experience, and also to improve Gen AI.
We will continue to focus on the next generation of ICT to guarantee the intellectual property protections. For ESG, we have been focusing on ESGs as well as the green operations all the time, and also try to focus and provide our feedback to the societies. With the environmental protections, we will continue with our green operations and create low carbon emissions technology infrastructures. Within this year, we actually have a new initiative. Talking about TV, we have TCL Care. We actually received an IDEA, American Industrial Design Award, and we can actually provide good caring to the vulnerable groups of people. We actually have TCL for Her long-term project in the globe.
By the year 2023, the September 31, we actually have more than 40% of female workers, employees in the company. Talking about governance, we will continue to open up new works with to have internet protections as well as privacy protections. With ESG, especially for the market, actually recognize ESGs from TCL. So we actually ranked at A for six consecutive years, since 2018, and we also being called as a really good 20% in terms of 91 companies that compare ESG with us. Let's talk about the next session. The next session is talk about the segment performance. Firstly, is display business. So we have high-end large size displays.
At the beginning of the first year of this year, we actually increased by 5.4% for the total segment, and Falcon's shipments 66.4%, that is an increase. By the year 2024, the TV exports, the TV output rate actually increased by 5.4%. In China, the overall rate has reduced by 6.1%, and also we are influenced by the increase of cost for the screens, and that is about 18, that is about 19.8%. Talking about Mini LED, accounts for 8.6%, and then Quantum Dot increased to 12.1%. 75" TV accounts increased by 3.5%.
Within the market, TCL TV is 113 billion units. Talking about the international market, we actually have a double improvement. For the beginning of the year, overseas TCL increased by 10.4%, and the industry shipments increased by 3.8%. Talking about the overall revenue, increased by 24.2%. Talking about the high-end and large screen strategies, Mini LED TV shipments increased by 124.7%, proportion increased by 2.8%. Talking about the regions, increased by 4%, and in Europe, increased by more than 4%, and also United States, it remains relatively the same.
And talking about the international markets, we actually ranked 5th in 30 key countries. Talking about small and medium-sized screens, it is with a total revenue of $3.76 billion, and then gross profit margin 16.7%. And the overall gross profit margin increased by 4.04 percentage points. And with the smart screen, and especially smart commercial screens, we actually provide our customers with different scenarios displays, and the overall revenue is HKD 640 million with 11.3% increase.
Talking about the internet market, like the innovations internet business, with revenues of increase by 8.9%, and then gross profit is consistently higher than 50%. The third business is the innovation business. Let's talk about the PV, the photovoltaic. We continue to focus in the low-capital factors, and saying that we do have multiple different kinds of designs and PV actually increased by 12.7%. That is HKD 5.27 billion , and then the gross profit margins increased by 10.3%. By the end of June, we actually have 770,000 units that is in the agriculture areas, and with distribution channels 1,200 of them.
Talking about TCL's air conditioners, washing machines, as well as the refrigerators, we actually have an increase by 27.7%, which HKD 7.75 billion, and then with gross profit margins increased by 16.3%. We do have smart homes and smart connections, such as smart locks, as well as sensors, as well as routers and security cameras with revenues of HKD 931 million, and with AR/XR glasses, with RayNeo, which is the Falcon X2 Lite. We have the binocular full color micro LED wave guide AR glasses with a weight of only 60 g. We actually have really good sales volumes for that.
Let's talk about the outlook for TCL, and for in the future, we will continue to focus in the guide with the core business, guided by the brands, as well as to have a vibrant and technology-driven force. Talking about the main business, the core business will be still focused in large-size displays, as well as RayNeo, the Falcon. Talking about small and medium-sized enterprise displays, we'll also have a regional focus. Talking about internet business, we will enhance users' experience and expand to overseas and sustainable growth. Talking about innovative business with photovoltaics business, we will look for business extensions and also channel breakthroughs. We will accelerate the development, and also for AR/XR glasses, we have a proactive positioning to seize the smart terminal market.
We will continue to consolidate the overall growth within the core business as well as new business for the rest of 2024 . For the second half of this year, we will focus in the expansion, the scale expansions, strong operations, dynamic organizations, and globalizations. Regionally speaking, we will focus in the expansions for overseas markets and also strong operations. We will continue with our cost control, improve inventories and receivable turnover, and decrease the materials cost, and especially for the one-time cost, we will try to minimize that. Also the overall turnover rates, we try to improve on that.
We will continue to focus in the global shipments as well as the distributions, capabilities, and also create, improve on our digitalizations processes, and then the, and the user-friendly and user experience. Talking about the products and supply chain, we will f- have the local products expand to the world and to China, Europe, Brazil, Mexico, Vietnam, and Poland. We do have our factories, and to have more than 30, th- 30 million units. Talking about the talents, we do have local, global talents to, in, to enhance the localizations. Also, at the end, we will have the local, lo- branding localizations to improve our overall influence in the world. In the world, a- and in the future, we will focus in the maintain- maintaining of the our clients and distribution channels.
And in the to continue with our achievements from the beginning of the year, we actually achieved the world-leading positions. But however, in other different portfolio, product portfolios, we will continue to improve our sales volumes as well as our distributions, and that is the TCL's interim results and announcements. Thank you.
Right, ladies and gentlemen, let's give a round of applause to our CEO, Mr. Pan, and we will have. And our friends on site can actually have a very good understanding of TCL's performance. And next, we will have our chairperson, Madam Du Juan, to have a conclusion and summary. Right. I would like to thank you very much for your participation and also our friends online. Like, at the very, very end of this week, and I do have four sentences I would like to mention to you.
Like, firstly, is that for the interim results, what, will be our perspective? We will if we compare with ourselves, yes, we have improvements, but if we compare with the market, no, we still need to make our efforts to improve, and talking about the market, the market conditions, well, we are not focusing in the difficulties in the markets. We try to improve ourselves, and just as Mr. Peng Pan mentioned, for our strategies, we have not changed. We will focus in globalization and the high, new high-end markets, so for the recent couple years, for global distribution capacity as well as the sales capacities, we actually improved a lot, so we have a good prospect in the future, and for the next year or two, what are we going to do?
Firstly, we will increase our gross profit margins. That is our very important focus. Thank you very much.