TZE(SZ:002129) Xin Lang Cai Jing·2025-09-05 10:28Core Viewpoint - TCL Zhonghuan reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating a severe deterioration in profitability and ongoing operational challenges [1][2][3] Financial Performance - Total revenue for the first half of 2025 was 13.398 billion yuan, a year-on-year decrease of 17.36% [1] - Net profit attributable to shareholders was -4.242 billion yuan, with losses expanding by 38.48% compared to the same period last year [1] - Gross margin fell to -7.57%, down 4.78 percentage points year-on-year, while net margin dropped to -36.10%, a decline of 16.51 percentage points [1] Cost Structure and Expenses - Operating expenses increased significantly, reaching 2.193 billion yuan, up 496 million yuan from the previous year, with an expense ratio of 16.37%, an increase of 5.90 percentage points [1][2] - R&D expenses grew by 26.00%, indicating continued investment in technological innovation, while sales and management expenses rose by 34.68% and 19.97%, respectively [1][2] Debt and Liquidity - The asset-liability ratio reached 66.54%, an increase of 11.22 percentage points year-on-year, indicating rising debt levels [2] - Interest-bearing debt accounted for 49.00% of total debt, with long-term loans increasing by 5.78% and non-current liabilities due within one year rising by 15.16% [2] Inventory and Receivables - Inventory value stood at 6.317 billion yuan, representing 23.67% of net assets, with a provision for inventory impairment of 2.022 billion yuan, reflecting significant price declines [2] - Accounts receivable slightly decreased from 6.2 billion yuan to 6 billion yuan, but the turnover days increased from 64.54 days to 72.95 days, indicating worsening collection conditions [2] Operational Challenges - The ongoing losses are partly attributed to the underperformance of the subsidiary Maxeon, which has faced significant market competition and setbacks in the U.S. market [3] - The company announced the termination of a planned convertible bond issuance, which was intended to raise up to 13.8 billion yuan for solar-related projects, impacting strategic development [3] Industry Context - The photovoltaic industry is facing severe challenges, with intensified competition and declining product prices; single crystal PERC cell prices fell by approximately 24%, while N-type TOPCon cells saw a decline of 40.23% [4] - Factors such as raw material price fluctuations, lower-than-expected downstream demand, and asset impairment risks are expected to significantly impact future operations [4]