Tongwei (600438) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was ¥64.60 billion, down 5.38% year-over-year.

• Net loss attributable to shareholders was ¥5.27 billion, a 32.64% increase in losses year-over-year.

• Third quarter saw continued improvement in net profit and EPS compared to previous quarters, driven by a recovery in photovoltaic industry chain prices.

Financial highlights

• Q3 revenue: ¥24.09 billion, down 1.57% year-over-year.

• Q3 net loss attributable to shareholders: ¥314.80 million, a 62.69% improvement year-over-year.

• Basic and diluted EPS for Q3: -0.0699, a 62.92% improvement year-over-year.

• Gross margin and operating profit improved sequentially due to industry price recovery.

• Operating cash flow for the first nine months: ¥2.83 billion, down 5.46% year-over-year.

Outlook and guidance

• Photovoltaic industry chain prices showed signs of recovery during the reporting period, supporting ongoing improvement in profitability.