TZE(SZ:002129) Nan Fang Du Shi Bao·2025-10-31 09:44Core Viewpoint - The photovoltaic industry is showing initial signs of improvement due to efforts to counteract excessive competition, with TCL Zhonghuan reporting a recovery in revenue and a reduction in losses in Q3 2025 [1][3]. Group 1: Financial Performance - In Q3 2025, TCL Zhonghuan achieved revenue of 8.173 billion yuan, a year-on-year increase of 28.34%, while losses narrowed to 1.557 billion yuan, a reduction of 54.64% [1]. - For the first three quarters of 2025, the company's revenue was 21.571 billion yuan, a year-on-year decrease of 4.48%, with a non-recurring net profit loss of 6.033 billion yuan, down 12.84% year-on-year [1][3]. Group 2: Industry Trends - The photovoltaic industry has seen a price rebound since July 2025, attributed to a return to rational business logic among major companies and efforts to counteract excessive competition [3]. - Despite the positive trends, the industry is still facing supply-demand imbalances and is operating at a low point, with TCL Zhonghuan reporting a gross profit loss of 332 million yuan and a gross margin of -4.06% during the reporting period [3]. Group 3: Strategic Initiatives - TCL Zhonghuan is expanding its overseas business, including a $58.6 million acquisition of SPML, which has a factory in the Philippines and IBC battery component patents [4]. - The company is also actively developing its semiconductor business, which generated revenue of 4.24 billion yuan in the first three quarters, marking a year-on-year growth of 28.7% and contributing significantly to overall performance [5].