Tongwei (600438) H2 2025 earnings summary

Executive summary

• Operating revenue for 2025 was ¥84.13 billion, down 8.55% year-over-year, mainly due to price declines in the photovoltaic (PV) industry chain.

• Net profit attributable to shareholders was -¥9.55 billion, a significant decrease from the previous year, impacted by long-term asset impairments and write-offs.

• The company maintained global leadership in high-purity polysilicon and solar cell production, with top-five global module shipments and strong overseas market growth.

• The board proposed to retain 2025 earnings to support long-term shareholder value and future capital needs, with no cash dividend or bonus share distribution.

Financial highlights

• Operating revenue: ¥84.13 billion (down 8.55% YoY); net profit: -¥9.55 billion (down 35.73% YoY).

• Net cash flow from operating activities: ¥1.38 billion (up 20.59% YoY).

• Net assets attributable to shareholders: ¥38.88 billion (down 19.75% YoY).

• Basic EPS: -2.1222; weighted average ROE: -21.95%.

• Quarterly net profit remained negative throughout 2025.

Outlook and guidance

• Feed industry expected to see continued consolidation, innovation, and international expansion, with intelligence and sustainability as long-term trends.

• PV industry faces ongoing supply-demand imbalance but retains strong long-term growth potential, with focus shifting to high-quality development and technological innovation.

• The company aims to maintain global leadership in polysilicon, solar cells, and aquatic feed, and to further develop its Aquaculture-Photovoltaic Integration model.