26, Tongwei shares (600438.sh) handed over the semi-annual report of 2026: operating income of 34.357 billion yuan, net profit loss of 5.119 billion yuan; Net operating cash inflow was 109 million yuan, an increase of 105.59% over the same period last year. The three aspects of Tongwei's semi-annual report, continuous optimization of product competitiveness, stable main business market and multi-line technology research and development, also show the market how the photovoltaic "veteran" can accumulate sufficient power for the company to cross the industrial cycle before the countdown of the industry's return to the rising channel. Under the background that the
photovoltaic industry is facing a periodic downturn, Tongwei shares continue to promote the further improvement of production and operation indicators by virtue of long-term technology accumulation and fine management. During the reporting period, the company's production and operation indicators were continuously optimized, all production capacity of polysilicon business could meet the latest comprehensive energy consumption standards, and the cost control advantages continued to be consolidated. In the first half
of 2026, the Company closely tracked the market dynamics, adjusted the business strategy in a timely manner, strengthened the cooperation with major strategic customers in the high-purity silicon business, and achieved a total shipment of 155,300 tons of high-purity silicon, which continued to maintain the leading position in the industry. Among them, the high-purity silicon products for semiconductors also continued to supply steadily to customers at home and abroad.
Meanwhile, according to InfoLink research, the total global shipments of the top five battery suppliers in the first half of 2026 were about 91.9 GW. With its leading manufacturing capacity, stable product supply capacity and continuous improvement of market layout, Tongwei has achieved sales of 34.78 GW, and has become the first enterprise in the global battery industry with cumulative shipments exceeding 400 GW. In terms of
component business, the domestic and overseas markets have blossomed in many places, the domestic market has successfully won the bid for the annual component collection of several key central enterprises, and the overseas market has landed in Romania, Poland and other large-scale benchmarking projects, with remarkable overall development results. In the first half of 2026, the company achieved a year-on-year increase in component sales, accounting for nearly 40%.
To build a hard-core R & D innovation system to promote industry technology iteration
, Tongwei has always attached great importance to R & D investment and technological innovation, and continued to build a long-term technological moat with sustained and stable scientific research. The company continues to adhere to the parallel research and development of TOPCon, HJT, xBC, perovskite stack and other technology routes, synchronously promotes the upgrade of full-scene differentiated products, and achieves breakthroughs in a number of core technologies. During the
reporting period, the company took the lead in completing the new generation of TOPCon flagship technology, with the maximum power of TNC3.0 mass production landing end components reaching 670 W and the double-sided rate reaching 85% -90%, which fully met the industry's first-class energy efficiency standards; The output power of THC-G12 heterojunction copper interconnection module breaks through to 802.43W, which is also the twelfth time to refresh the industry power record. At the same time, on the TBC technology route, the company has successfully developed the industry's first three-piece double-sided full-screen component, building a dual-line leading edge of BC technology.
Last September, Tongwei Solar Meishan Company was selected as the "Lighthouse Factory" of the World Economic Forum, becoming the first lighthouse factory in the field of global photovoltaic cell manufacturing, and setting up the top benchmark for the intelligent and digital transformation of global manufacturing industry. It is understood that in Tongwei Lighthouse Factory, AI coverage rate is over 64%, and an intelligent closed-loop of "perception-analysis-decision-execution" is constructed. During the
reporting period, the company continued to promote the in-depth application of AI and digital tools, with the help of AI tools to enable production and management, further seize market opportunities, optimize iterative products, and stimulate organizational efficiency. "This lighthouse has formed a set of replicable and popularizable intelligent manufacturing" Tongwei Path ", which has set a benchmark for China's photovoltaic industry from leading scale to leading intelligence," said Xing Guoqiang, chief technical officer of Tongwei Photovoltaic Co., Ltd.
Industry insiders believe that the rapid development of AI and computing infrastructure has led to massive demand for green power, which is expected to further boost the market expectations of the photovoltaic industry and accelerate the arrival of turning point in the industry. Faced with the adjustment of the industry cycle, Tongwei Company has adopted a variety of business strategies and measures to continuously promote breakthroughs in technological research and development and optimization of production indicators, dynamically adjust the delivery rhythm and price strategy, focus on the development of high-quality customers, and strictly control financial risks. Driven
by a new round of "anti-involution", the cycle reversal of photovoltaic industry will be just around the corner, and the leading enterprises with real technological and cost advantages will gain pricing power and reasonable profits, and stand at the forefront again.
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