Although the LCD industry supply chain has begun moving from China to Vietnam in the past two years, front-end panel processes remain mainly in China or Taiwan. Sarah Lin, president of Coretronic Corporation, stated that the influx of Chinese component and module suppliers building capacity in Vietnam has created a major test for Vietnam's factory construction speed, human resources, and local culture. After building a new factory in the first half of 2025, Lin believes that Vietnam's manufacturing efficiency is lower than China's.
Vietnam factory challenges slow 2025 growth
Coretronic shipments in 2025 are expected to grow only in single digits because shipments from the Vietnam factory were delayed by two quarters in the first half of the year, leaving a significant impact on annual shipments. Although production was slow in the first half of the year, affecting Coretronic's energy-saving product shipments, Lin stated that Vietnam NB LCMs will begin mass production in the fourth quarter of 2025, with an entirely new volume expected in 2026. In addition, monitor products started shipping in the third quarter of 2025, and new production lines are expected to come online in 2026, including QD OLED monitor products. These new businesses are expected to contribute significantly to Coretronic's 2026 revenue.
Energy-saving products show momentum in 3Q25
Coretronic's energy-saving products recorded consolidated revenue of about NT$5.636 billion (US$184.3 million) in the third quarter of 2025, driven by mass production and shipments of new TV and OLED monitor models, up 33% from the second quarter and 3.5% year-on-year. Shipment volume was approximately 8.55 million units, up 22% quarter-on-quarter and 13% year-on-year. Cumulative consolidated revenue in the first three quarters of 2025 was about NT$13.764 billion, with shipments of roughly 22.56 million units, down 3% and flat compared to the same period in 2024.
Lin expects monitor models, automotive, and OLED module shipments to show steady growth in the fourth quarter of 2025. NB products are anticipated to see slight growth as shipments of high-end models gradually recover. Seasonal slowdowns will likely cause TV shipments to decline by around 30% quarter-on-quarter, although urgent orders may narrow the drop. Coretronic expects fourth quarter 2025 shipments of energy-saving products to remain stable or slightly decline from the third quarter, with full-year 2025 shipments showing slight growth.
With tariff policies and geopolitical risk factors, Lin stated that the first quarter of 2026 may face inventory and capacity adjustment pressures. The energy-saving product division will actively expand into emerging application markets while consolidating core product line orders to maintain operational momentum.
Imaging products face headwinds
Coretronic's imaging products posted consolidated revenue of approximately NT$2.037 billion in the third quarter of 2025, with shipments of about 129,000 units, down 21% and 26% from the second quarter, and down 41% and 44% compared to the same period in 2024. Cumulative revenue in the first three quarters of 2025 was about NT$7.062 billion, with shipments of approximately 466,000 units, down 30% and 32% from the same period in 2024, mainly due to tariffs and exchange rate fluctuations.
According to Lin, the holiday shopping season will boost demand for home entertainment and commercial projectors, Pro-AV products, and Pico Projectors. With mass production of new 4K high-end products, fourth quarter 2025 imaging product shipments are expected to rise about 10% from the third quarter.
However, economic conditions in Europe and North America remain unpredictable, and customers remain cautious about year-end inventory control. Coretronic expects total imaging product shipments in 2025 to decline 20-30% compared to 2024.
2026 outlook brightens with new products
Sporting events in 2026 have prompted customers to plan and prepare B2C products. In addition, automotive projection products and AR logistics solutions are expected to begin mass production and shipment. With the introduction and expansion of these new products, overall market demand in 2026 is expected to gradually recover.
Article translated by Emily Kuo and edited by Jerry Chen
