Core Viewpoint - The photovoltaic industry is experiencing a downturn, prompting companies like TCL Zhonghuan to explore mergers and acquisitions as a means to achieve growth and optimize industry structure [1][2]. Group 1: Company Strategy - TCL Zhonghuan is actively seeking merger and acquisition opportunities to strengthen its business and reduce competition in the photovoltaic sector [1][2]. - The company aims to enhance its competitive advantage in the silicon wafer business and improve the operational status of its battery and module segments through strategic restructuring [3][4]. - As of the first half of 2025, TCL Zhonghuan reported a net loss of 4.242 billion yuan, primarily due to declining product prices and challenges faced by its subsidiary Maxeon [3][4]. Group 2: Market Dynamics - The photovoltaic industry has entered an adjustment period since the fourth quarter of 2023, with many companies experiencing losses or declining performance [2]. - TCL Zhonghuan's component business achieved a revenue of 3.846 billion yuan in the first half of 2025, representing a year-on-year growth of 39.22% and accounting for 28.70% of total revenue [4].