TONGWEI CO.,LTD(SH:600438) Nan Fang Du Shi Bao·2025-11-10 13:28Group 1: Market Performance - The photovoltaic sector has been experiencing a continuous rise, with stocks such as Guosheng Technology and Zhaoxin shares hitting the daily limit, while Yijing Optoelectronics and Tongwei Co. also saw significant increases [1] - Tongwei Co. has seen its stock price rise over 11% in recent trading days, closing at 27.16 yuan per share on November 10, compared to 24.4 yuan on November 5 [1] Group 2: Price Trends and Industry Dynamics - The establishment of a joint storage plan for polysilicon is gaining traction, with 17 leading companies reportedly signing agreements to form a consortium, aiming to complete the setup by the end of the year [3] - The "anti-involution" initiative in the photovoltaic industry has led to a noticeable recovery in product prices, with polysilicon prices increasing significantly since July 2025, with quotes rising to 45,000-50,000 yuan, marking a 25%-35% increase [3] - The average prices for N-type and granular silicon have risen by 55% and 51% respectively from June to September 2025 [3] Group 3: Company Performance - Tongwei Co. reported a net profit of approximately -315 million yuan for Q3 2025, marking an 86.68% reduction in losses compared to the previous quarter, and a 62.69% reduction year-on-year, attributing the improvement to rising polysilicon prices and lower electricity costs [4] - Daqo New Energy also reported a turnaround in Q3, with unit sales prices for polysilicon increasing by over 36% compared to the previous quarter [4] Group 4: Future Outlook - The future price trends for polysilicon will depend on multiple factors, including capacity clearance efficiency and supply-demand balance [5] - Recent data indicates that the transaction prices for N-type polysilicon are stable, ranging from 49,000 to 55,000 yuan per ton as of November 5, 2025 [6] - Analysts suggest that the photovoltaic industry is likely to achieve supply-demand rebalancing through a combination of policy support, market-driven elimination, and technological advancements [7]