24 Aug 2025 15:48:01 ET │ 14 pages Tongwei (600438.SS) Flash | Tongwei incurred Rmb4,955m net loss in 1H25, including Rmb2,363m net loss in 2Q25, deteriorating from Rmb3,129m net profits in 1H24 comprising Rmb2,342m net profits in 2Q24. We are not surprised by these losses as all of China's major polysilicon makers are making losses amid low polysilicon prices owing to oversupply. ASPs of PRC polysilicon, solar cell (TOPCon) and solar module sales fell 29%, 32% and 25% yoy respectively in 1H25. Additionally ...