通威股份：预计2025年全年净亏损90.00亿元—100.00亿元

Core Viewpoint - Tongwei Co., Ltd. expects a net loss attributable to shareholders of approximately -90.00 billion to -100.00 billion yuan for the year 2025, primarily due to industry challenges such as supply surplus, rising raw material prices, and declining product prices [1] Financial Performance - The company anticipates a net loss of approximately -75 to -80 billion yuan from operations, which is an increase in operational losses of about 12 to 17 billion yuan compared to the previous year [1] - The industrial silicon segment is expected to exacerbate net losses by approximately 9 billion yuan due to production ramp-up and low market prices [1] - The polysilicon business, despite a decline in sales volume and average selling price, managed to reduce operational losses by about 6 billion yuan through optimized production and cost reduction efforts [1] Market Conditions - The photovoltaic industry is experiencing a slowdown in new installations in the second half of the year, contributing to significant operational pressure [1] - The average selling price of battery and component businesses has further declined, leading to an increase in net losses by approximately 12 billion yuan [1] Asset Impairment - The company has recognized long-term asset impairments totaling approximately 15 to 20 billion yuan, an increase of about 7 to 12 billion yuan year-on-year, primarily due to technological changes and market demand fluctuations [1] - Impairments include around 10 billion yuan related to certain photovoltaic power station businesses [1] Strategic Outlook - Despite current industry challenges, the company remains optimistic about the photovoltaic sector's growth potential and is committed to technological development and cost efficiency [1] - The company maintains strong core competencies in technology, cost management, and operations, with sufficient cash reserves to navigate market volatility [1]