18, Bowei Alloy released its performance report for the first half of 2025. In the first half of this year
, Bowei alloy realized revenue of 10 billion 221 million yuan , an increase of 15.21% over the same period last year; Net profit was 676 million yuan , up 6.05% year on year; The non-net profit deducted was 655 million yuan. Year-on-year increase of 7.
. For the year-on-year decrease in revenue, Bowei Alloy said that it was due to the decline in the terminal price of components in the United States during the reporting period (the first half of this year). In the
first half of this year, the actual sales volume of Bowei alloy photovoltaic modules was 1.017 GW . 36% of this year's annual shipment target of 2.8GW.
Digital New Energy DataBM.
2024, Bowei Alloy announced that it would invest 2,092.45 million yuan in the construction of 2GW TOPCon modules and 2GW TOPCon battery expansion projects in the United States. At the same time, it invested 1,057.95 million yuan to build an annual production expansion project of 3GW TOPCon cells in Vietnam.
Now, in the past year and a half, part of the production capacity of Bowei Alloy projects in the two places has been put into operation, but at the same time, some "variables" have been encountered.
Vietnam Base: Urgent Search for New Market
under Tariff Stick According to the annual report of Bowei Alloy in 2024, Vietnam's 3GW battery project has been postponed due to natural disasters and double-counter investigations. However, the construction work has been completed, and the commissioning of the main equipment has been completed and entered the trial production stage.
For this project, Bowei Alloy was originally planned to meet the matching needs of component factories in the United States and Vietnam, and all component products will be sold to the United States . Now the plan has all fallen through. In June
2024, the two-year tariff exemption of the United States to four Southeast Asian countries (Vietnam, Cambodia, Thailand and Malaysia) expired, and then the United States launched a new round of double-counter investigation.
According to the results of the final landing, the comprehensive tax rate of Bowei Alloy Vietnam Factory is 307. Bowei Alloy's " Made in Vietnam, Sold in the United States" model will no longer work. Fortunately, before that, Bowei Alloy had announced that it would go to the United States to build a factory.
US Base: Policy Turbulence, Supply Chain Concerns
While Bowei Alloys is seeking a way out for Vietnamese factories, some major changes have taken place in the US market.
The semi-annual report shows that the 2GW component project in the United States has been put into operation in April 2025, and the company has expanded the production capacity of 1GW components. Trial production is expected to start in August; The infrastructure construction of 2G W battery project is speeding up, the manufacturing equipment has arrived at the project construction warehouse, and the new production capacity of 1GW N-type battery is also under construction. The project will be put into operation by the end of 2026.
Although the bill retains subsidies for photovoltaic manufacturing in the United States, Chinese companies are the focus of attention among the foreign entities concerned. This means that
In this context, Chinese photovoltaic enterprises currently hold a more negative attitude towards participating in the US market.
Prior to this, Trina Solar and Jingao Technology, two leading photovoltaic modules, have sold their respective factories in the United States. However, Trina Solar is replaced by the equity of local enterprises, while Jingao Technology is completely sold. Bowei Alloy, which
has built a factory in the United States, said it would meet the relevant requirements and obtain federal subsidies through a reasonable equity adjustment .
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