TCL Zhonghuan Renewable Energy Technology (002129) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was ¥21.57 billion, down 4.48% year-over-year, with a net loss attributable to shareholders of ¥5.78 billion, a 4.70% improvement year-over-year.

• Q3 net loss attributable to shareholders was ¥1.53 billion, an improvement of ¥8.02 billion sequentially and ¥14.63 billion year-over-year.

• Operating cash flow for the period was ¥632 million, down 75.31% year-over-year.

Financial highlights

• Q3 revenue: ¥8.17 billion, up 28.34% year-over-year.

• Net loss attributable to shareholders in Q3: ¥1.53 billion, improved by 48.82% year-over-year.

• Basic and diluted EPS for Q3: -0.3842, improved by 48.89% year-over-year.

• Total assets at Q3-end: ¥123.12 billion, down 1.97% from year-end 2024.

• Shareholders’ equity: ¥25.13 billion, down 18.69% from year-end 2024.

• Non-recurring gains for the period: ¥256 million, mainly from asset disposals and government grants.

Outlook and guidance

• Management expects industry supply-side rationalization and demand-side growth to support gradual recovery in the photovoltaic sector.

• The company will focus on cost control, organizational reform, and cash flow management to restore profitability.