50余项应用实践 打造光伏电池智造新标杆 "灯塔工厂"被誉为"世界上最先进的工厂"，入围要求十分严苛，需要集成至少5个世界级领先水平的技术应用。作为"数字化制造"和"工 业4.0"的示范者，通威太阳能眉山公司凭借50余项第四次工业革命（4IR）应用场景，在功率转换效率、工艺稳定性和可持续发展等方面取 得突破性成果。 其中，十亿级大数据分析驱动太阳能电池效率优化、深度学习模型赋能丝网印刷的自调节优化、CNN/DNN赋能的智能镀膜优化和闭环 控制、RAG增强型GenAI的设备维护和OEE管理、基于ResNet、XGBoost模型的闭环质量管理成为此次"灯塔工厂"获选的数字化用例。 全球光伏电池制造领域首个"灯塔工厂"，通威太阳能眉山公司智能制造车间。 在竞争激烈的太阳能电池片市场，通威太阳能将其数字化转型聚焦于提高光电转换效率（PCE）和质量，部署了50多个第四次工业革 命用例，大多数用例以人工智能为基础：通过机器学习推动工艺优化、借助生成式人工智能实现维护，以及利用先进的人工智能算法分析 缺陷。此次转型使光电转换效率提高了12%，缺陷率降低了41%，转换成本降低了37%，二氧化碳排放量减少了33%。 9月16日 ...

截至目前，全球201个工厂获此认证，中国灯塔工厂数量占比 超40%。通威太阳能眉山公司是其中独有的聚焦光伏电池制造 的案例。这一荣誉不仅是对通威在智能制造领域创新探索的肯 定，也为全球光伏行业提供了可复制、可推广的转型范本。 作者： 程诚 封图：图片资料室 9 月 16 日，世界经济论坛（ WEF ）公布最新一批"灯塔工厂"名单，全球共 12 座工厂新入选。通威太阳能眉山公司 率先成为 此批次全球光伏行业 的 入围工厂，这意味着全球光伏电池制造领域 首创 "灯塔工厂"诞生，这不仅是四川省本土企业在"灯塔工厂"名单中的破冰之举，更标志着中国光伏 产业在智能制造与数字化转型领域再一次走在世界前列。 "灯塔工厂"由世界经济论坛与麦肯锡联合评选，旨在表彰在生产力、供应链韧性、可持续性、人才发展及以客户为中心等方面表现卓越的先进制造典 范。截至目前，全球 201 个工厂获此认证，中国灯塔工厂数量占比超 40% 。通威太阳能眉山公司是其中 独有的 聚焦光伏电池制造的案例。这一荣 誉不仅是对通威在智能制造领域创新探索的肯定，也为全球光伏行业提供了可复制、可推广的转型范本。 50余项应用实践 打造光伏电池智造新标杆 "灯塔工 ...

Core Insights - The World Economic Forum (WEF) announced the latest batch of "Lighthouse Factories," with 12 new factories globally, including Tongwei Solar's Meishan facility, marking a significant achievement in the photovoltaic industry [1] - The recognition of Tongwei Solar as a "Lighthouse Factory" highlights China's leadership in smart manufacturing and digital transformation within the global photovoltaic sector [1][5] Group 1: Lighthouse Factory Recognition - Tongwei Solar's Meishan facility is the first in the global photovoltaic industry to be recognized as a "Lighthouse Factory," showcasing excellence in productivity, supply chain resilience, sustainability, talent development, and customer-centricity [1] - As of now, 201 factories worldwide have received this certification, with over 40% located in China, emphasizing the country's dominance in this area [1] Group 2: Technological Advancements - Tongwei Solar has integrated over 50 applications of Fourth Industrial Revolution (4IR) technologies, achieving breakthroughs in power conversion efficiency, process stability, and sustainability [2] - The digital transformation efforts have led to a 12% increase in power conversion efficiency, a 41% reduction in defect rates, a 37% decrease in conversion costs, and a 33% reduction in carbon emissions [2] Group 3: Digital Empowerment and Customer Trust - The company has developed a systematic advantage in reliability, delivery certainty, and lifecycle costs through the integration of industrial internet, big data, artificial intelligence, and smart models [3] - The shift towards high-end, intelligent, and green manufacturing is crucial for driving high-quality economic development, with new information technologies deeply integrated into photovoltaic manufacturing [3] Group 4: Commitment to Sustainability - Tongwei actively participates in global ESG governance and has adopted a sustainable development philosophy, joining the RE100 initiative and achieving a "five-star" rating in ESG performance [4] - The company has received multiple awards for its sustainable development efforts, reinforcing its position as a leader in intelligent manufacturing within the photovoltaic industry [4] Group 5: Future Outlook - The recognition as a "Lighthouse Factory" not only validates Tongwei's digital transformation and low-carbon development but also contributes to the global photovoltaic industry's high-quality growth [5] - Tongwei aims to continue exploring new paradigms for energy transition and green development, sharing the vision of a clean energy future with global partners [5]

Core Viewpoint - Tongwei Co., Ltd. reported a net profit attributable to shareholders of -4.955 billion yuan for the first half of 2025, a year-on-year decline of 58.35% [1] - The company achieved a net profit of -2.363 billion yuan in the second quarter of 2025, a slight year-on-year decrease of 0.85% [1] - The report indicates a positive gross margin in Q2 2025, with cash flow showing marginal improvement despite ongoing losses due to impairment provisions [1] Group 1: Financial Performance - In H1 2025, the company's net profit was -4.955 billion yuan, reflecting a significant decline compared to the previous year [1] - The Q2 2025 net profit was -2.363 billion yuan, indicating a minor decrease year-on-year [1] - The gross margin turned positive in Q2 2025, suggesting improved cost control capabilities [1] Group 2: Production and Quality Metrics - In H1 2025, the N-type product shipment ratio exceeded 90%, with silicon consumption reduced to below 1.04 kg/kg.si [1] - The company achieved near-zero steam consumption and improved product quality, with metal content in N-type materials reduced to below 0.1 ppbw and surface metal to below 0.2 ppbw [1] Group 3: Market Performance - The company sold 5.08 GW in the overseas market during the first half of 2025, continuing its growth trajectory [1] - Tongwei has established a leading position in markets such as Poland, Romania, and Hungary, achieving significant milestones like the delivery of the first EEC 148 MW traceability project order and the first TNC 2.0 G12R66 double-glass order [1] - The report anticipates a potential reversal in performance due to a significant rebound in polysilicon prices since June 2025 [1]

Core Insights - The "China Top 500 Enterprises" list was released for the 24th consecutive time, highlighting growth in total scale, improved economic efficiency, increased innovation, optimized industrial structure, and enhanced development coordination [1] Group 1: Overall Performance - The total revenue of the top 500 enterprises reached 110.15 trillion yuan, an increase from the previous year [1] - The threshold for entry into the list rose for the 23rd consecutive time to 47.96 billion yuan, an increase of 579 million yuan [1] - Total assets amounted to 460.85 trillion yuan, reflecting a growth of 7.46% [1] - The number of enterprises with revenues exceeding 100 billion yuan increased to 267, with 15 companies surpassing 100 billion yuan in revenue [1] Group 2: Regional Distribution - The top five regions with the highest number of enterprises in the list are Beijing (79), Zhejiang, Guangdong (54), Shandong (52), and Jiangsu (38) [2] - A total of 30 provinces (autonomous regions and municipalities) are represented in the top 500 enterprises list [2] Group 3: Notable Companies from Sichuan - Sichuan has 17 companies listed in the top 500, with notable rankings including New Hope Group (ranked 103), Shudao Investment Group (ranked 110), and Tongwei Group (ranked 118) [3] - New Hope Group is the highest-ranked company from Sichuan, with a revenue of 26.83 billion yuan [3]

Group 1 - The core viewpoint of the article highlights significant target price increases for certain companies, with Hanwang Technology leading at a rise of 79.86% [1] - Other companies with notable target price increases include Ruipubio at 64.51% and Xindian Software at 60.09%, all belonging to the software development and animal health sectors [1] - On September 15, a total of 94 companies received broker recommendations, with notable mentions including Shanying International, Huachao City A, and Hayao Co., each receiving one recommendation [1] Group 2 - On the same date, three companies had their ratings downgraded, including Tongwei Co., which was downgraded from "Buy" to "Hold" by Tianfeng Securities [1] - Other downgrades included Focus Technology from "Buy" to "Hold" by Huatai Financial Holdings (Hong Kong) and Beijing Junzheng from "Buy" to "Hold" by Zhongyou Securities [1] - Additionally, five companies received initial coverage from brokers, with Jin Feng Technology receiving a "Recommended" rating from Minsheng Securities [1]

Group 1: Target Price Increases - On September 15, 53 target price adjustments were made by brokerages, with notable increases for Hanwang Technology, Ruipu Biology, and Xindian Software, showing target price increases of 79.86%, 64.51%, and 60.09% respectively [1][2] - Hanwang Technology's latest closing price is 42.23, while Ruipu Biology's is 36.16, and Xindian Software's is 44.84 [2] Group 2: Brokerage Recommendations - A total of 94 companies received brokerage recommendations on September 15, with notable mentions including Shanying International, which received 1 recommendation, and Huashang City A, also receiving 1 recommendation [3] - Three companies had their ratings downgraded, including Tongwei Co., which was downgraded from "Buy" to "Hold" by Tianfeng Securities [3][4] Group 3: First-Time Coverage - Five companies received first-time coverage on September 15, including Jinfeng Technology with a "Recommended" rating from Minsheng Securities, and Gaoweida with an "Increase" rating from Zhongyou Securities [5] - Other companies receiving first-time ratings include Huali Technology, Zhongce Rubber, and Huajin Technology, all rated "Buy" by various brokerages [5]

Group 1 - The "China Top 500 Enterprises" list was released on September 15, with 17 companies from Sichuan making the list, highlighting the region's economic strength [1][2] - New Hope Group ranked highest among Sichuan companies at 103rd with a revenue of approximately 268.27 billion yuan [1][4] - The total revenue of the 2025 China Top 500 Enterprises reached 11.015 trillion yuan, with the entry threshold rising to 47.96 billion yuan, an increase of 579 million yuan [2][3] Group 2 - The number of enterprises with revenues exceeding 100 billion yuan increased to 267, accounting for 53.4% of the list [2][3] - The total assets of the 2025 China Top 500 Enterprises amounted to 46.085 trillion yuan, reflecting a growth of 7.46% [3] - The list indicates a steady improvement in the quality of development among large enterprises, which are actively responding to complex external environments [3]

Summary of the Solar Industry Conference Call Industry Overview - The solar industry is experiencing initial success in combating internal competition, with the Ministry of Industry and Information Technology (MIIT) emphasizing the need to address low-price competition [1][2] - The price of rod silicon has slightly increased to 55,000 RMB, improving the profitability of leading companies, while downstream prices for silicon wafers and battery components are also rising [1][4] Key Points and Arguments - The cancellation of export tax rebates is expected to lead to adjustments in overseas component prices, with discussions on futures contracts aiding price transmission [1][5] - The industry is focusing on capacity governance, production and sales restrictions, and price management, with potential mergers and acquisitions expected to be finalized in October [1][6] - A reduction in production plans has been implemented by silicon material companies, with an expected decrease in total industry capacity from 3.5 million tons to over 2 million tons by 2026, aligning with a demand of over 600 GW [1][8] Price Trends and Market Dynamics - The solar industry chain has seen a slight price increase, with significant price hikes in component procurement bids from major companies like China Resources and Huadian [1][4] - The industry anticipates further price increases in Q4 due to policy support and a gradual recovery in domestic demand driven by the implementation of detailed regulations [1][9] Future Development Directions - The future development of the solar industry will focus on capacity governance, production and sales restrictions, and price management, with legal measures being considered if market-based approaches do not yield expected results [1][6][7] - The industry is expected to see positive changes by the end of the year, similar to supply-side reforms in the steel industry [7] Production and Sales Outlook - Current production is estimated between 125,000 to 130,000 tons, with total production potentially reaching 500,000 tons if this level is maintained from September to December [1][8] - Sales are expected to be constrained, but effective monthly demand anchoring and strict planning will support supply-demand balance [1][8] Investment Opportunities - The solar sector's stock prices are currently low, with a more favorable fundamental outlook compared to the same period last year [1][12] - Investment opportunities are seen in leading silicon material companies and new technology representatives, as well as integrated component leaders [1][12][13]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [5] Core Views - The company reported a revenue of 40.509 billion yuan in H1 2025, a year-on-year decrease of 7.51%, and a net profit attributable to shareholders of -4.955 billion yuan, down 58.35% year-on-year. In Q2 2025, the company achieved a revenue of 24.575 billion yuan, a year-on-year increase of 1.44%, with a net profit of -2.363 billion yuan, a decrease of 0.85% year-on-year. The gross margin turned positive in Q2 2025, indicating potential for continued improvement in profitability in the second half of the year [1][3] - The company has maintained a leading position in domestic distributed shipments and is making progress in overseas markets, achieving significant sales growth in regions such as Poland and Romania [3][4] - The company is focusing on cost reduction and efficiency improvement, with a high proportion of N-type silicon shipments and leading indicators in battery production efficiency [2][4] Financial Summary - The company’s revenue is projected to be 139.104 billion yuan in 2023, with a growth rate of -2.33%. The net profit attributable to shareholders is expected to be 13.574 billion yuan, with a significant decline of 47.24% [4][10] - The company’s EBITDA is forecasted to be 41.650 billion yuan in 2023, with a notable decrease in subsequent years [4][10] - The projected net profit for 2025 to 2027 is -5.966 billion yuan, 2.939 billion yuan, and 5.104 billion yuan respectively, with corresponding P/E ratios of -16.72, 33.94, and 19.55 [4][10]