Tongwei (600438) H2 2025 earnings summary

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.