通威股份预计上半年亏损49亿元至52亿元，自称财务流动性储备充足

Core Viewpoint - Tongwei Co., Ltd. is expected to report significant losses in the first half of 2025, with a projected net loss of approximately 49 billion to 52 billion yuan, compared to a net loss of 31.29 billion yuan in the same period last year, indicating a worsening financial situation [1] Group 1: Financial Performance - In Q1 2025, Tongwei reported a loss of 25.93 billion yuan, leading to an estimated loss of about 23.07 billion to 26.07 billion yuan in Q2 2025 [1] - The company's total liabilities exceeded 150 billion yuan as of March 2025, with a debt-to-asset ratio of 72.25% [1] Group 2: Industry Context - Despite the growth in domestic and international photovoltaic installations, the industry continues to face supply-demand imbalances, resulting in persistently low product prices across various segments [1] - The upstream silicon material segment has experienced a price collapse due to supply-demand imbalances, leading to significant financial strain across the photovoltaic industry [2] Group 3: Business Operations - Tongwei maintains a strong operational performance in its core businesses, with its photovoltaic segment retaining competitive advantages and its feed business contributing stable earnings [1] - The company has a cash reserve of approximately 40 billion yuan and a bank credit limit exceeding 140 billion yuan, with 68% of this credit already utilized [2] Group 4: Future Outlook - The company plans to focus on improving operational cash flow safety margins and enhancing capital expenditure efficiency, anticipating a significant reduction in capital expenditures in 2025 compared to 2024 [2] - Industry stakeholders are actively seeking solutions to address the current supply-demand imbalances and promote the long-term high-quality development of China's photovoltaic industry [3]