证券日报网讯南玻A9月30日在互动平台回答投资者提问时表示，公司青海高纯晶硅项目的综合能耗处 于行业先进水平。 ...

Group 1 - The core viewpoint of the news is that Tongwei Co., Ltd. has shown a positive stock performance recently, with a 2.01% increase in stock price on September 30, reaching 22.33 yuan per share, and a total market capitalization of 100.53 billion yuan [1] - As of July 31, the number of shareholders of Tongwei Co., Ltd. was 289,300, a slight decrease of 0.16% from the previous period, while the average circulating shares per person increased by 0.16% to 15,559 shares [2] - The company reported a revenue of 40.51 billion yuan for the first half of 2025, a year-on-year decrease of 7.51%, and a net profit attributable to shareholders of -4.96 billion yuan, down 58.35% year-on-year [2] Group 2 - Tongwei Co., Ltd. has distributed a total of 25.19 billion yuan in dividends since its A-share listing, with 16.92 billion yuan distributed in the last three years [3] - As of June 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 164 million shares, a decrease of 29.92 million shares from the previous period [3] - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as Huatai-PB CSI 300 ETF increasing its holdings by 3.88 million shares [3]

Core Viewpoint - Tongwei Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decline in revenue and net profit in the first half of 2025, while maintaining a significant market presence in the photovoltaic and feed industries [1][2]. Financial Performance - As of July 31, 2025, Tongwei Co., Ltd. reported a revenue of 40.51 billion yuan, a year-on-year decrease of 7.51% [2]. - The company recorded a net profit attributable to shareholders of -4.96 billion yuan, reflecting a year-on-year decline of 58.35% [2]. Stock Market Activity - On September 24, 2025, Tongwei's stock price increased by 2.07%, reaching 21.20 yuan per share, with a trading volume of 620 million yuan and a turnover rate of 0.66% [1]. - The company's market capitalization stood at 95.44 billion yuan [1]. - Year-to-date, the stock price has decreased by 4.12%, with a 7.79% drop over the last five trading days, but a 19.10% increase over the past 60 days [1]. Shareholder Information - As of July 31, 2025, the number of shareholders was 289,300, a slight decrease of 0.16% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.16% to 15,559 shares [2]. Dividend Distribution - Since its A-share listing, Tongwei has distributed a total of 25.19 billion yuan in dividends, with 16.92 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 164 million shares, a decrease of 29.92 million shares from the previous period [3]. - Various ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, have adjusted their holdings, with some increasing and others decreasing their share counts [3].

Company Overview - Tongwei Co., Ltd. was established in 1995 and is headquartered in Chengdu, Sichuan Province, China, controlled by Tongwei Group Co., Ltd. It has developed into a key national enterprise in agricultural industrialization, a major global producer of aquatic feed, high-purity crystalline silicon, and a leading manufacturer of crystalline silicon solar cells [2] - As of December 2024, the company operates over 200 subsidiaries worldwide, employs nearly 60,000 people, and has an annual feed production capacity exceeding 10 million tons. The annual production capacity of high-purity silicon exceeds 900,000 tons, with solar cell capacity exceeding 150 GW and module capacity over 90 GW. The company has developed 56 photovoltaic power stations based on the "fishing-solar integration" model, with a cumulative installed capacity of 4.67 GW [2] Supply Chain Management - Tongwei Co., Ltd. views supply chain management as a core pillar of sustainable development, aiming to create an equal, respectful, transparent, and collaborative environment to promote environmentally friendly, socially inclusive, and well-governed development goals [3] - The company strictly adheres to domestic laws such as the Environmental Protection Law and Labor Law, as well as international standards like RBA Code of Conduct and ILO conventions. By 2024, the signing rate of social responsibility commitment letters and compliance letters among major raw material suppliers in the photovoltaic manufacturing sector reached 100%, achieving full compliance coverage [3] ESG Risk Management - The company has established an ESG risk management mechanism throughout the supplier lifecycle, including key indicator audits for environmental management and labor rights during the admission phase, implementing a "zero tolerance clause" for non-compliance. During the cooperation period, a dual-dimensional tracking system for EHS and ESG is employed to dynamically monitor sustainable development performance [3] - For non-compliance issues, a closed-loop management process is executed, requiring a "7-day rectification plan submission + 3-month improvement deadline," ensuring that ESG risks in the supply chain are controllable and traceable throughout the process [3] Certification and Compliance - Tongwei Co., Ltd. has built a full-process traceability capability from photovoltaic modules to silicon mines, verified by independent third-party audits (STS Senergy, TÜV Rheinland). The company became the first to pass TÜV Rheinland's audit with an A-level or above rating across all processes, with the highest AA-level certification for modules, wafers, rods, and silicon materials [4] - In the field of conflict mineral management, the company strictly follows the UN Global Compact and OECD guidelines, actively promoting suppliers to complete the CMRT conflict mineral survey to ensure the legality and compliance of raw material sources from the outset [4] Sustainable Development Initiatives - In 2025, at the German Photovoltaic Exhibition, Tongwei Co., Ltd. officially launched the "Global Sustainable Partner Program," aimed at global suppliers, channel partners, end customers, industry associations, and certification bodies, focusing on green supply chain collaboration, information platform integration, and public welfare cooperation to build a long-term win-win green development ecosystem [4] Expert Commentary - Experts highlight Tongwei Co., Ltd.'s outstanding performance in supply chain responsibility, noting the establishment of an internal management mechanism for supply chain traceability, which has achieved traceability capabilities from components to silicon mines. The signing rate of social responsibility commitment letters among major raw material suppliers in the photovoltaic manufacturing sector has reached 100%, demonstrating strong supply chain management capabilities [5]

Core Insights - Tongwei Co., Ltd. has become the first company in the global photovoltaic industry to enter the Fortune Global 500 list in 2023, marking a significant achievement for both Sichuan manufacturing and the water and photovoltaic sectors [1][3] - Despite the challenging market conditions that have led to over 150 photovoltaic companies in China going bankrupt since 2024, Tongwei has maintained its leading position in the industry [4] - The company has undergone a strategic restructuring of its business segments since 2025, focusing on optimizing its operations [4][11] Business Performance - As of mid-2025, Tongwei's production capacity includes over 900,000 tons of high-purity crystalline silicon, over 150 GW of solar cells, and over 90 GW of modules [5] - In 2024, Tongwei signed nearly 40 billion yuan in orders with Longi Green Energy, showcasing its strong market presence [5] - The company reported a total loss of approximately 119.94 billion yuan for the entirety of 2024 and the first half of 2025, with significant losses attributed to its subsidiary Sichuan Yongxiang [9][10] Strategic Decisions - In February 2025, Tongwei decided to "strategically abandon" its battery cell business, which had previously been a stronghold for the company, due to ongoing patent disputes and production issues at its Southeast Asian factories [7][9] - The company has engaged in financing activities to alleviate cash flow pressures, raising approximately 49.16 billion yuan for Sichuan Yongxiang [10][11] Financial Health - As of mid-2025, Tongwei's cash and cash equivalents exceeded 33.2 billion yuan, reflecting a 3.9 billion yuan increase from the end of 2024 [13] - The company has managed to maintain a stable cash flow, which is crucial for navigating the current photovoltaic market cycle [12][15] Competitive Landscape - Tongwei's cost control capabilities are under scrutiny, especially in comparison to its main competitor, GCL-Poly Energy Holdings, which has demonstrated lower production costs for granular silicon [15][17] - The average production cash cost for Tongwei's multi-crystalline silicon remains between 26 to 29 yuan/kg, while GCL-Poly's costs have been reported at 25.31 yuan/kg [17][19] Conclusion - Tongwei has successfully integrated itself across the entire photovoltaic supply chain, positioning itself ahead of many competitors in terms of scale and cash flow [19] - The company's approach to navigating the current market cycle contrasts with GCL-Poly's focus on technological cost reduction, highlighting two different strategies for survival in the industry [19]

Group 1 - The core viewpoint of the article is that the company Nanfang A has confirmed that its Qinghai high-purity silicon project is currently in the trial production phase and is progressing according to plan for reaching full production standards [1] Group 2 - The company is actively engaging with investors through an interactive platform to provide updates on its project status [1] - The project is significant for the company's operations in the high-purity silicon sector, which is crucial for the solar energy industry [1]

Core Viewpoint - The report highlights that Tongwei Co., Ltd. is expected to recover profits in the second half of 2025, driven by a significant increase in silicon material prices due to "anti-involution" measures in the industry, despite a year-on-year loss expansion in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, the company reported an operating income of 40.509 billion yuan, a decrease of 7.51% year-on-year, and a net profit attributable to shareholders of -4.955 billion yuan, indicating an expanded loss compared to the previous year [3]. - In Q2 2025, the net profit attributable to shareholders was -2.363 billion yuan, showing a reduction in losses compared to the previous quarter [3]. Business Operations - The photovoltaic segment of the company maintained steady shipments and actively prepared for new battery technologies, achieving a high-purity crystalline silicon production capacity of over 900,000 tons and a solar cell production capacity exceeding 150 GW by the end of June 2025 [3]. - The company sold 161,300 tons of polysilicon in the first half of 2025, holding a global market share of approximately 30%, and ranked first globally in solar cell sales with 49.89 GW shipped [3]. Market Trends - The "anti-involution" measures have led to a significant increase in silicon material prices, which rose to 46,000 yuan per ton by the end of August 2025, up from 35,000 yuan per ton at the end of June 2025 [4]. - The report anticipates that the company's profits may recover in the second half of 2025, supported by the upward trend in silicon material prices [4]. Valuation - The earnings per share forecasts for 2025-2027 have been adjusted to -1.30, 0.48, and 1.05 yuan respectively, with corresponding price-to-earnings ratios of 46.0 and 20.9 times for 2026 and 2027 [5]. - The company maintains a rating of "buy" based on its performance and market conditions [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company experienced a year-on-year increase in losses in the first half of 2025, but a quarter-on-quarter reduction in losses in Q2 2025. The photovoltaic segment showed stable shipments, and the company is actively preparing new battery technologies. The "anti-involution" trend is expected to significantly boost silicon material prices, with attention on profit recovery in the second half of 2025 [3][8] - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to -1.30, 0.48, and 1.05 RMB, respectively, from previous estimates of 0.84 and 1.48 RMB for 2025-2026. The corresponding price-to-earnings ratios for 2026-2027 are projected at 46.0 and 20.9 times [5][8] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 40,509 million RMB, a decrease of 7.51% year-on-year. The net profit attributable to the parent company was -4,955 million RMB, reflecting an increase in losses compared to the previous year [9][8] - The company achieved a global market share of approximately 30% in polysilicon sales, maintaining the top position globally, with battery sales of 49.89 GW and module sales of 24.52 GW in the first half of 2025 [8][9] Market Trends - The "anti-involution" measures are expected to create a multi-layered governance system that promotes orderly development and healthy competition in the industry. As of late August 2025, silicon material prices rose to 46,000 RMB per ton, up from 35,000 RMB per ton at the end of June 2025, indicating a significant price increase [8][9] Valuation Metrics - The report provides a detailed financial forecast, including projected revenues of 106,193 million RMB for 2025, with a growth rate of 15.4%. The EBITDA is expected to be 4,819 million RMB, with a net profit forecast of -5,864 million RMB for the same year [7][8] - The report highlights a projected increase in net profit for 2026 to 2,151 million RMB, with a significant growth rate of 120.5% anticipated for 2027 [7][8]

通威股份有限公司2025年上半年实现营收405.09亿元，同比下降7.51%，归母净利润亏损49.55亿元。公 司高纯晶硅实现销量约16.13万吨，全球市占率约30%；电池销量49.89GW，累计出货量突破300GW， 继续保持全球第一；公司组件业务海内外渠道齐头并进，实现销量24.52GW，同比增长31.33%，其中海 外市场销量5.08GW，保持爆发式增长。饲料业务持续为公司贡献稳定的利润及现金流，公司强调，面 对行业底部周期带来的挑战，公司将继续聚焦"绿色能源"+"绿色农业"两大主业协同发展，致力于进一 步实现各业务板块经营提质增效，并将与产业各相关方共同努力，推动行业实现高质量、可持续发展。 记者注意到，多家沪市光伏龙头公司在报告中提及"反内卷"，并将技术升级与现金流改善作为下半年的 核心战略。 隆基绿能科技股份有限公司2025年半年报显示，公司上半年实现营收328.13亿元，同比下降14.83%，归 母净利润亏损25.69亿元，但亏损幅度已环比收窄。公司在半年度业绩会说明会上表示，要通过行业标 准引领、提高产品质量来促进产业进步和发展。在行业产能出清方面，要鼓励技术进步，推动落后产品 和产能有序退出 ...

Group 1: Industry Overview - The photovoltaic sector has been significantly impacted by "involution," leading companies to emphasize the importance of "de-pricing wars" in their half-year reports [1][3] - Major photovoltaic companies in the Shanghai market are focusing on technological upgrades and cash flow improvements as core strategies for the second half of the year [1] Group 2: Company Performance - Longi Green Energy reported a revenue of 32.813 billion yuan for the first half of 2025, a year-on-year decrease of 14.83%, with a net loss of 2.569 billion yuan, although the loss has narrowed compared to previous quarters [1] - Tongwei Co., Ltd. achieved a revenue of 40.509 billion yuan, down 7.51% year-on-year, with a net loss of 4.955 billion yuan; the company maintained a 30% global market share in high-purity silicon and reported a 31.33% increase in component sales [2] - JinkoSolar's revenue for the first half of 2025 was 31.831 billion yuan, a decline of 32.63%, with a net loss of 2.909 billion yuan; the company has focused on overseas markets, achieving over 60% of its shipments internationally [3] Group 3: Strategic Focus - Longi Green Energy aims to lead industry standards and improve product quality to promote industry progress and development, with a goal to achieve breakeven in gross profit and expenses by Q4 2025 [1] - Tongwei emphasizes the synergy between its "green energy" and "green agriculture" sectors to enhance operational efficiency amid industry challenges [2] - Industry experts suggest that the key to "de-involution" in the photovoltaic sector lies in technological iteration and self-discipline, with leading companies potentially stabilizing the industry by moving away from price competition [3]