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TCL Zhonghuan Renewable Energy Technology (002129) investor relations material
TCL Zhonghuan Renewable Energy Technology H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for H1 2025 was ¥13.40 billion, down 17.36% year-over-year; net loss attributable to shareholders was ¥4.24 billion, a 38.48% deeper loss year-over-year.
Operating cash flow improved significantly to ¥523 million, up 308.40% year-over-year.
The company faced industry-wide overcapacity, price declines, and inventory pressure, but maintained industry-leading market share in PV materials.
High-efficiency module shipments increased sequentially, and product quality and market presence improved.
Global subsidiary Maxeon continued to face challenges, especially in the US market, impacting group results.
Financial highlights
Revenue: ¥13.40 billion, down 17.36% year-over-year.
Net loss attributable to shareholders: ¥4.24 billion, loss deepened by 38.48% year-over-year.
Operating cash flow: ¥523 million, up 308.40% year-over-year.
Gross margin for PV materials and modules declined due to price pressure and overcapacity.
Total assets at period end: ¥124.82 billion; shareholders’ equity: ¥26.69 billion.
Outlook and guidance
The company expects the PV industry to remain at a cyclical low in H2 2025, with continued price and demand volatility.
Focus will remain on cost reduction, operational efficiency, and strengthening core technology (e.g., BC cell technology).
Plans to pursue M&A opportunities to address business gaps and enhance competitiveness.
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