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Edge15 May 2026
TOMRA: Closing the Loop
The story of TOMRA: from reverse vending machine pioneer to global technology for deposit systems, recycling, and resource optimization.
Tongwei
Tongwei (600438) investor relations material
Tongwei H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary30 Apr, 2026
Executive summary
Revenue declined 8.55% year-over-year to ¥84.13 billion, with net loss attributable to shareholders of ¥9.55 billion, mainly due to price declines in the photovoltaic (PV) industry and asset impairments.
PV business maintained global leadership in polysilicon and solar cell shipments, while feed business achieved record sales and profitability.
Cash flow from operations improved 20.59% year-over-year to ¥1.38 billion, despite industry headwinds.
Financial highlights
Operating income: ¥84.13 billion, down 8.55% year-over-year.
Net loss attributable to shareholders: ¥9.55 billion, compared to a ¥7.04 billion loss last year.
Gross margin: 2.59%, down 3.71 percentage points year-over-year.
Basic and diluted EPS: -2.1222, down 34.4% year-over-year.
Cash flow from operations: ¥1.38 billion, up 20.59% year-over-year.
Total assets: ¥187.78 billion; net assets attributable to shareholders: ¥38.88 billion.
Outlook and guidance
Company will focus on improving order quality and optimizing cash flow management in 2026.
Strategic emphasis on maintaining global leadership in polysilicon, solar cells, and aquatic feed.
Industry trends indicate continued pressure from overcapacity and price competition in PV, but long-term demand remains robust.
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Latest events from Tongwei
- Revenue fell 23.9% and net loss narrowed to RMB -2.44 billion in Q1 2026.600438
Q1 202630 Apr 2026 - 2024 saw a sharp revenue drop and net loss, but long-term growth optimism and industry leadership remain.600438H2 202417 Mar 2026
- Net profit fell 47% to ¥13.57B on lower PV prices, but global leadership in shipments maintained.600438H2 202318 Dec 2025
- Net loss of RMB 4.96 billion on RMB 40.51 billion revenue amid PV industry downturn.600438H1 202518 Dec 2025
- Sharp revenue and profit declines driven by photovoltaic price drops, with net losses reported.600438Q3 202418 Dec 2025
- Q3 losses narrowed as photovoltaic industry prices rebounded, improving profitability.600438Q3 202525 Oct 2025
- Net profit swung to a RMB 3.13 billion loss as PV prices plunged and debt surged.600438H1 202413 Jun 2025
- Sharp revenue decline and deepening losses as photovoltaic prices plummet.600438Q1 20256 Jun 2025
Next Tongwei earnings date
Q2 202620 Aug, 2026
Tongwei
Next Tongwei earnings date
Q2 202620 Aug, 2026
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