从“价格厮杀”到“价值重构”，光伏行业迎破局时刻｜看财报

Core Insights - The Ministry of Industry and Information Technology, along with multiple departments, held a meeting on August 19 to regulate the photovoltaic industry, aiming to eliminate outdated capacity and establish a pricing monitoring mechanism, reflecting a strong commitment to reforming the competitive landscape [1][3] - The photovoltaic industry is transitioning from "price wars" to "value reconstruction," driven by new policies and the implementation of the revised Anti-Unfair Competition Law, which prohibits selling products below cash costs [1][3][4] - Tongwei Co., holding a 30% global market share in high-purity silicon and leading in solar cell shipments for eight consecutive years, is positioned as a core player in navigating the industry cycle through cost control and technological innovation [1][4][9] Company Performance - Tongwei Co. reported a revenue of 40.509 billion yuan for the first half of 2025, with a significant reduction in losses in the second quarter, maintaining a strong market share in its core business [2] - The company achieved a sales volume of 161,300 tons of polysilicon, retaining a 30% global market share, and sold 49.89 GW of solar cells, continuing to lead globally [2] - As of the end of the first half, Tongwei had 33.229 billion yuan in cash and financial assets, ensuring robust liquidity and a variety of financing tools [2][4] Industry Dynamics - The photovoltaic industry is experiencing a "breaking point" due to a shift from quantity expansion to quality improvement, as the cumulative global installed capacity approaches 2000 GW [3][4] - Recent policies targeting "disorderly low-price competition" have established a price floor for products like silicon materials and modules, aiming to stabilize the market and improve profitability for mid and downstream companies [3][4] - The industry has seen a recovery in prices since the second quarter of 2025, with polysilicon prices rising by up to 3.37% and module prices rebounding by 10.45% from their June lows, indicating a positive shift in supply-demand dynamics [6][7] Market Response - The capital market has reacted positively to the changes in the photovoltaic sector, with significant stock price increases for leading companies like Tongwei, reflecting strong market expectations for recovery [8] - The concentration of market share among the top five silicon material companies has reached nearly 80%, which is expected to reduce volatility and enhance profitability stability for leading firms [8][9] - Tongwei's dual business model, combining "green agriculture and green energy," allows it to benefit from the long-term growth of the photovoltaic industry while providing a stable cash flow to mitigate cyclical fluctuations [8][9]