TZE(SZ:002129) Mei Ri Jing Ji Xin Wen·2025-10-29 07:13Core Insights - TCL Zhonghuan reported a revenue of 21.572 billion yuan for the first three quarters of 2025, with a net profit attributable to shareholders of -5.777 billion yuan, indicating a reduction in losses year-on-year [1] - The company’s photovoltaic business generated sales revenue of 16.01 billion yuan, showing a quarter-on-quarter improvement of 22% [1] - The third quarter of 2025 saw significant performance improvements, with revenue reaching 8.174 billion yuan, and a net profit of -1.534 billion yuan, reflecting a year-on-year improvement of 48.82% and a quarter-on-quarter improvement of 34.32% [2] Financial Performance - For the first three quarters, TCL Zhonghuan's revenue decreased by 4.48% year-on-year, while the net profit showed a reduction in losses compared to the previous year [2] - The basic earnings per share for the company were -1.4467 yuan, with a weighted average return on equity of -20.59% [2] - The third quarter's revenue and net profit improvements were crucial for reducing overall losses in the first three quarters [2] Industry Dynamics - The photovoltaic industry is advocating for "anti-involution," encouraging a return to rational business logic on the supply side [1] - The company noted that the prices in the upstream supply chain began to recover from July to September, which positively impacted the profitability of the silicon wafer segment [2] Business Segments - The photovoltaic cell and module business has emerged as a new growth driver, with product capabilities improving and a brand matrix established [2] - The semiconductor materials business saw a revenue increase of 28.7%, achieving sales of 4.24 billion yuan, with shipments reaching 907 million square inches [3] - The "other silicon materials" segment reported a revenue of 4.687 billion yuan, marking a year-on-year growth of 30.46%, driven by the rapid release of 12-inch semiconductor silicon wafer capacity [3]