通威股份(600438)：Q3业绩环比大幅改善 现金流转正

Core Insights - The company's Q3 performance has significantly improved, with operating cash flow turning positive, driven by anti-involution measures [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 64.6 billion yuan, a year-on-year decrease of 5.4%, and a net loss attributable to shareholders of 5.27 billion yuan, with a non-recurring net loss of 5.471 billion yuan [2]. - In Q3 2025, the company achieved revenue of 24.09 billion yuan, with a net loss of 315 million yuan and a non-recurring net loss of 442 million yuan, indicating a significant reduction in losses compared to previous quarters [2]. - The operating cash flow for Q3 2025 was 4.776 billion yuan, marking a positive turnaround [2]. Industry Trends - The prices across the photovoltaic industry chain have recently rebounded significantly, with the average price of polysilicon dense material rising from 35 yuan/kg on July 2 to 51 yuan/kg on September 24, indicating an overall improvement in the industry's operating conditions [3]. - The anti-involution measures have played a crucial role in helping the industry escape the vicious cycle of low-price competition, with the company taking the lead in guiding industry prices back to rational levels [3]. Technological Advancements - The company has successfully shipped its TNC 2.0 modules to Europe, which integrate multiple advanced technologies, enhancing module efficiency, power, and bifaciality [3]. - In September 2025, the company’s global innovation R&D center achieved a significant milestone by completing the industry’s first fully automated megawatt-level perovskite-silicon tandem battery pilot line, marking a continued leadership in the industrialization process of tandem batteries [3].