Core Viewpoint - The annual shareholder meeting of Tongwei Co., Ltd. highlighted the company's confidence in long-term growth despite the current downturn in the photovoltaic industry [1][4]. Industry Overview - The photovoltaic industry has experienced multiple cycles of peaks and troughs since 2008, demonstrating resilience [3][9]. - The current cycle is characterized by severe oversupply, with prices for polysilicon products dropping significantly, affecting profitability across the sector [6][9]. - The average cash cost of high-purity polysilicon at Tongwei's Inner Mongolia base has fallen below 27,000 yuan per ton, significantly lower than the industry average, allowing the company to maintain positive cash flow even at low prices [9][11]. Company Performance - Tongwei reported a loss for 2024, but its operating cash flow remained positive, with a net inflow of 1.144 billion yuan and cash reserves of approximately 40 billion yuan [8][11]. - The company is focusing on matching production capacity with actual demand, currently utilizing about 30% of its capacity due to inventory issues [11][12]. Technological Development - Continuous investment in research and development is emphasized as crucial for maintaining competitive advantages in the industry [10][13]. - The company is transitioning towards N-type technology, with TOPCon technology being the most mainstream choice currently, while also maintaining compatibility with previous technologies [13][12]. Market Outlook - Global photovoltaic installations are expected to reach 530 GW in 2024, a 35% increase year-on-year, with China's market share projected to reach 85% by the end of 2024 [12][13]. - Despite current challenges, the company remains optimistic about the future, focusing on internal capabilities and technological advancements [12][13].