TCL TZE’s FY2025 revenue increased 2.22% YoY to RMB 29.05 billion, while net loss narrowed slightly to RMB 9.7 billion
Its solar cell and module revenue rose 60.45%, accounting for 32.1% of total revenue
The company plans to expand its presence globally, while continuing to develop BC technology and manufacturing capacity
Management is moving ahead with its DAS Solar acquisition plans
TCL Zhonghuan Renewable Energy Technology (TCL TZE or TCL Zhonghuan), the Chinese vertically integrated solar PV manufacturer, reported a 2.22% year-on-year (YoY) increase in operating revenue to RMB 29.05 billion for FY2025, while remaining in the red with a net loss of RMB 9.2 billion.
The loss narrowed from RMB 9.8 billion in the previous year, while the company’s EBITDA improved by RMB 1.92 billion YoY, indicating some operational improvement despite continued financial pressure, according to its 2025 Annual Report.
A leading solar wafer supplier to the world, TCL TZE saw its solar cell and module business rise in the ranks, accounting for 32.10% of its total revenue. This segment contributed RMB 9.32 billion to revenue, up 60.45% YoY.
Module shipments reached 15.1 GW, serving both domestic and overseas markets. The management says both the TCL Solar and SUNPOWER brands helped enhance the company’s brand influence while expanding its global sales channels.
Its semiconductor materials business contributed RMB 5.7 billion with an annual improvement pf 21.75%.
Addressing the current pressures in the PV industry, TCL TZE said it will continue to pursue its strategy of global expansion. The manufacturer plans to follow a market-driven, demand-based production approach aligned with broader industry trends and anti-competition efforts.
It also intends to integrate its existing high-quality cell and module production capacity, use its BC technology advantages, and expand production capacity to support technology upgrades and improve industry competitiveness.
TCL TZE invested RMB 1.06 billion in R&D last year, accounting for 3.65% of operating revenue. At the end of the reporting period, the manufacturer said it held 4,763 patents covering domestic and international applications in large-size silicon wafers, BC cell modules, and shingled modules.
Looking ahead to 2026, the company management expects the global economy to remain uncertain, with shifting geopolitics and rapid advances in AI reshaping industries. In China, the economy is at a stage where both opportunities and risks coexist, while the manufacturing sector faces growing challenges.
TCL TZE said it will continue to follow its strategy focused on innovation, advanced manufacturing, and global operations. The company plans to address its operational weaknesses while strengthening its domestic business through acquisitions, restructuring, and new capacity development, alongside expanding into overseas markets.
TCL TZE has also announced Ouyang Hongping as the company’s new CEO. He will replace Wang Yanjun, who has resigned from his position. Yanjun will now focus on the company’s semiconductor materials business, while continuing in his role as the Vice Chairman.
Update on DAS Solar Acquisition
Meanwhile, TCL TZE announced progress in its acquisition of DAS Solar. The company plans to acquire an 8.06% stake from 50 shareholders for RMB 258 million in cash and will also invest RMB 1 billion to increase its capital, gaining a 55.56% stake after the capital increase.
After completing the share transfer and capital increase, TCL TZE will hold 59.14% of DAS Solar for a total investment of RMB 1.258 billion and will also receive delegated voting rights for another 7.20% stake, giving it control over 66.34% of the company’s shares.
The transaction is not yet complete, but once it is, both companies plan to gradually eliminate inefficient and outdated production capacity to build an industrial ecosystem for new technologies and applications.
Earlier this year, TCL TZE signed a letter of intent to acquire a controlling stake in DAS Solar to strengthen its vertical integration from wafers to cells and modules, with future plans expanding to back contact cells and perovskite tandem cells (see China’s TCL TZE To Acquire Controlling Stake In DAS Solar).