Tongwei posted revenues of RMB 40.5 billion in H1 2025, down 7.5% YoY, with RMB 4.96 billion net loss
Module sales grew 31.33% YoY to 24.52 GW, including 5.08 GW exports, despite market oversupply and price pressure
The manufacturer says it achieved efficiency gains through cost reduction and improved purity of silicon
Tongwei Co., Ltd., the vertically integrated solar PV manufacturer from China, reported RMB 40.5 billion ($5.7 billion) in operating revenues for H1 2025, down 7.5% year-over-year (YoY). Net loss widened by 58.35% to RMB 4.96 billion ($694 million). It attributes the decline to severe PV oversupply and sharp price drops across the solar value chain, resulting from the demand-supply imbalance.
Despite these challenges, its core PV business and agricultural and animal husbandry businesses maintained stable performance, said the management.
During the reporting period, Tongwei sold 161,300 tons of polysilicon, claiming approximately 30% of the global market share. Its solar cell sales reached 49.89 GW, taking its cumulative shipments to over 300 GW. The manufacturer sold 24.52 GW of solar modules, representing a 31.33% YoY increase, and comprised 5.08 GW of overseas sales. The domestic market led module sales, with some of the major state-owned power customers as the offtakers.
Operationally, over 90% of its polysilicon shipments were n-type, with silicon use reduced to less than 1.04 kg/kg-Si and near-zero steam consumption. Management added that it improved product purity, reducing the bulk metal content for n-type to less than 0.1 parts per billion by weight (ppbw), and surface metal content to less than 0.2 ppbw.
In the solar cell segment, the company said its focus was on cost reduction and efficiency. It also advanced R&D for next-generation technologies, introducing the TNC2.0 module with a maximum power of over 645 W.
For module production, Tongwei says it managed to reduce non-battery costs per watt by 11% and period expenses by 31% YoY.
One of the world’s largest solar cell suppliers, Tongwei operates an annual production capacity of over 900,000 tons of high-purity silicon, more than 150 GW of solar cells, and module capacity exceeding 90 GW. The manufacturer also produced heterojunction (HJT) solar modules with an average batch power output exceeding 755W at its 1 GW pilot line during H1 2025.
Tongwei shared in its H1 2025 financial report that at the end of H1 2025, it had RMB 33.23 billion in cash, trading assets, and access to ample financing tools, ensuring strong liquidity and favorable borrowing terms.
Speaking at the TaiyangNews High Efficiency Solar Technologies 2024 Conference in December 2024, Tongwei Solar’s Regional Technical Service Director, Jerry Jiang, shared that the company continues to research back contact and HJT technologies along with tandem structures (see Tongwei Solar Present In All Leading Solar PV Technologies).