通威巨亏90-100亿！

Core Viewpoint - Tongwei Co., Ltd. (600438.SH) expects a net profit attributable to shareholders of the parent company for 2025 to be approximately -9 billion to -10 billion yuan, indicating significant operational challenges in the photovoltaic industry [1][4][17]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [5]. - The company anticipates a net profit attributable to shareholders of the parent company to be around -9 billion to -10 billion yuan, both including and excluding non-recurring gains and losses [4][18]. Group 2: Previous Year Performance - In the same period last year, the net profit attributable to shareholders was -7.039 billion yuan, with a basic earnings per share of -1.5790 yuan [6][19]. Group 3: Reasons for Expected Loss - The overall installed capacity in the photovoltaic sector is expected to maintain year-on-year growth, but there is a noticeable slowdown in the second half of the year, with ongoing supply surplus issues and declining operating rates across the industry [8][21]. - The company estimates an operational loss of approximately 7.5 billion to 8 billion yuan, which is an increase in operational losses of about 1.2 billion to 1.7 billion yuan compared to the previous year [8][21]. - The industrial silicon business is expected to face intensified losses due to production ramp-up and low market prices, contributing to a year-on-year increase in losses of about 900 million yuan [8][21]. - The polysilicon business, despite a decline in sales volume and average selling price, managed to achieve operational profitability in the second half of the year, reducing losses by approximately 600 million yuan [8][21]. - The battery and module business is expected to see further declines in average selling prices, exacerbating losses by about 1.2 billion yuan [8][21]. Group 4: Asset Impairment and Future Outlook - The company plans to recognize long-term asset impairments totaling approximately 1.5 billion to 2 billion yuan, an increase of about 700 million to 1.2 billion yuan year-on-year, primarily due to technological changes and market demand fluctuations [9][22]. - Despite being at the bottom of the industry cycle, the company remains optimistic about the photovoltaic sector's growth potential and is committed to technological research and cost reduction [9][22].