TZE(SZ:002129) 市值风云·2025-11-06 10:09Core Viewpoint - The photovoltaic industry experienced significant fluctuations in 2025, with oversupply in the first half leading to price declines, but a recovery in profitability was observed in the third quarter due to policy support and price adjustments in the upstream supply chain [4]. Group 1: Industry Overview - In the first half of 2025, the photovoltaic industry faced oversupply, causing prices to drop to historical lows despite attempts to stimulate demand through distributed photovoltaic installations [4]. - The implementation of domestic anti-competition policies from July to September helped to stabilize and increase prices in the upstream supply chain, leading to a gradual recovery in profitability across the industry [4]. Group 2: Company Performance - TCL Zhonghuan (002129.SZ) reported a significant decline in performance in the first half of 2025, with revenue of 13.4 billion, a year-on-year decrease of 17.4%, and a net profit of -4.24 billion, down 38.5% year-on-year [5]. - In the third quarter of 2025, TCL Zhonghuan's revenue rebounded to 8.17 billion, marking a year-on-year increase of 28.3%, while the net profit improved to -1.53 billion, reflecting a 49% year-on-year increase and a quarter-on-quarter improvement of 800 million [5].