Coocaa
Coocaa makes budget smart TVs and its own Android-based TV OS for Skyworth.
On the record
Checkpoint: Skyworth Group full-year results filing showing whether EBIT decline continues
The call
Coocaa sells TVs and an OS in a market where every rival now ships the same AI features, and its own spin-off has sat unfinished for years.
Coocaa is a Chinese smart TV maker owned by Skyworth that sells TVs and runs its own operating system to make money from ads, recommendations, and voice commands. It is not hard to copy or replace because Samsung, LG, TCL, Hisense, and Xiaomi all make their own TV software now, and they are adding AI assistants like Microsoft Copilot that do the same jobs Coocaa's software does. The company already gave up and started putting Google TV and Roku on some of its TVs instead of its own system. The one thing that could change this is if Coocaa finds a way to build AI features faster than its rivals, but its parent company is losing money and cutting costs, so that seems unlikely right now.
Why
01
AI pressure: Samsung (Tizen + Copilot), LG (webOS + Copilot), Google TV. Samsung and LG now bundle Microsoft Copilot into their TV OS, copying the voice and recommendation features Coocaa's software profits depend on. Could AI do the core job? Yes, likely.
02
Bigger players: TCL, Hisense, Xiaomi. TCL, Hisense and Xiaomi undercut Coocaa on price in the same budget TV segment while running their own OS layers, VIDAA and PatchWall. Could a giant copy it? Yes, easily.
03
What protects it. Skyworth's manufacturing scale and distribution in China and emerging markets keep Coocaa's hardware volume moving even as software margins shrink.
What would change this call
Whether Coocaa's HKEX spin-off, approved in 2020, actually completes or is formally withdrawn. Shows whether Coocaa can secure independent capital to fund AI/OS competition.
Skyworth Group's next annual EBIT margin and inventory levels versus FY2025 (-17.6% EBIT, +44.5% inventory). Indicates whether margin pressure is easing or worsening, affecting Coocaa's R&D funding.
Adoption metrics or revenue tied to Coocaa's 'Super AI Engine' rebrand (launched April 2025). Tests whether Coocaa's AI features are gaining traction against Samsung/LG Copilot integration.
Skyworth Group's next annual EBIT margin and inventory levels versus FY2025 (-17.6% EBIT, +44.5% inventory). Indicates whether margin pressure is easing or worsening, affecting Coocaa's R&D funding.
Adoption metrics or revenue tied to Coocaa's 'Super AI Engine' rebrand (launched April 2025). Tests whether Coocaa's AI features are gaining traction against Samsung/LG Copilot integration.
Key numbers
- Skyworth Group FY2025 EBIT down 17.6%
- Sister firm Skyworth Digital revenue down 18.2% YoY
- Coocaa HKEX spin-off approved July 2020, still not completed
Named risks
- HKEX spin-off approved in 2020 still not completed roughly six years later, leaving ownership and valuation unresolved.
- Parent Skyworth Group EBIT down 17.6% and inventory up 44.5% in FY2025 may starve Coocaa's AI and OS roadmap.
- Samsung and LG Copilot integration commoditizes the recommendation, voice, and ad-targeting layer Coocaa's monetization depends on.
- No standalone financial or headcount disclosure for Coocaa creates opacity for investors and job seekers alike.
- Coocaa increasingly ships hardware on Roku OS or Google TV in export markets, weakening its own OS's relevance.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Samsung (Tizen, Copilot) | gaining on | Shipped Copilot AI on Tizen TVs around CES, reported January 2026 |
| LG (webOS, Copilot) | gaining on | Added Copilot to webOS AI Remote experience, reported January 2026 |
| TCL, Hisense (VIDAA OS), Xiaomi (PatchWall) | contesting | Direct budget and mid-tier smart TV competitors in China and export markets |
| Roku | losing to | Coocaa ships hardware on Roku OS in UK via Joybuy instead of own OS, January 2026 |
| Google (Google TV) | losing to | Coocaa ships Google TV sets in Japan via Doshisha instead of own OS, October 2025 |
Questions people ask
- Is Coocaa profitable?
- Coocaa does not disclose standalone profit. Its parent Skyworth Group's EBIT fell 17.6% to RMB1,828 million in FY2025 (as of 2025-12-30) even as group revenue rose 8.2% to RMB70,324 million, signaling margin pressure across the businesses that include Coocaa's TV and OS unit.
- Who owns Coocaa?
- Coocaa is a subsidiary of Hong Kong-listed Skyworth Group (HKEX:00751), with Skyworth RGB historically holding roughly 64-72% of Coocaa around 2018. Tencent (7.7%, June 2017) and Baidu (11%, March 2018) hold minority strategic stakes from earlier investment rounds.
- Is Coocaa going public with an IPO?
- The Hong Kong Stock Exchange approved a Coocaa spin-off listing in principle on 2020-07-15, but as of Skyworth Group's most recent 2025-2026 filings the listing has not completed, leaving Coocaa's public-market status unresolved roughly six years later.
- Could AI replace Coocaa's business?
- Coocaa's ad-targeting, voice search, and recommendation OS layer is exposed: Samsung and LG began shipping Microsoft Copilot on Tizen and webOS TVs around CES in January 2025, while Coocaa's own in-house 'Super AI Engine,' launched April 2025, has no announced frontier-lab partnership.
- Who is Coocaa's biggest competitor?
- Domestically Coocaa competes with TCL, Hisense's VIDAA OS, and Xiaomi's PatchWall for budget smart TV share. Internationally it faces Samsung and LG, both of which added Copilot AI to their TV operating systems in 2025, pressuring the OS-layer monetization Coocaa depends on.
- Does Coocaa use its own OS in every market?
- No. Coocaa shipped TVs on Roku OS in the UK via Joybuy starting January 2026, and on Google TV in Japan via Doshisha starting October 2025, rather than its proprietary Coocaa OS, effectively ceding OS control in two export markets.
Timeline
- 2026-01-18Coocaa launches Roku-OS smart TVs in UK via Joybuy, starting at 145 pounds
- 2026-01-07Samsung, LG Copilot integration on Tizen, webOS TVs widely reported
- 2025-12-30Skyworth Group FY2025: revenue +8.2% to RMB70,324M, EBIT down 17.6%
- 2025-10-17Doshisha begins distributing Coocaa Google TV sets in Japan
- 2025-09-27Coocaa launches 50 inch S4U Plus smart TV in India via Flipkart
- 2025-06-17Skyworth Group completes share buyback and cancellation exercise
- 2025-04-23Coocaa rebrands as AI native, unveils Super AI Engine and Xiao C series
- 2025-03-27Skyworth Group FY2024 results: Smart Household segment revenue RMB33,407M
- 2025-03-24Skyworth Digital reports FY2024 revenue decline of 18.2% year on year
- 2020-07-15HKEX agrees in principle to Coocaa spin-off listing
Revision history
29 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
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