Ma Nian, Tongwei, the leading silicon material company, issued a heavy news that it was planning to issue shares and pay cash. Purchase 100% equity of Qinghai Lihao Qingneng Co., Ltd. ( " Qinghai Lihao ").
This is the second major acquisition in the photovoltaic industry in less than two months since the beginning of 2026.
On January 16, the leading silicon wafer " from 2023 to 2025, with the serious mismatch between supply and demand, the intensification of involution, and the continuous bottoming of the market. The photovoltaic industry eventually stepped into the situation of continuous loss of the whole industry. When the
industry can get out of the bottom and usher in a full recovery is the answer that the whole industry has been looking forward to for a long time.
Now, from TCL Central's planned acquisition of a new energy source to Tongwei's announcement of its planned acquisition of Qinghai Lihao, does it also mean that after nearly two years of continuous hovering at the bottom of the industry, photovoltaic leaders have taken the lead in "smelling" the breath of spring and starting the action of "sweeping the bottom"? 9); "> 
However, this may not be the "darkest moment" in the industry's current cycle. On April 1
, 2026, China's photovoltaic export tax rebate will be officially abolished. Since the announcement of the policy in early January, in order to seize the final "window period" of exports, photovoltaic industry enterprises have set off a "rush" and "rising price tide", but this also means that export enterprises are collectively overdrawing overseas market demand in advance. After
the "rush for exports", the photovoltaic industry in the second quarter is likely to enter a "vacuum period" of demand. Combined with the decline in domestic demand for installed capacity, Silver, etc. 
With the "great leap forward" of photovoltaic capacity expansion in the past few years, the core of industry competition urgently needs to shift from "scale competition" and "price competition" to "value competition". The industry is also undergoing a structural remodeling: eliminating inefficient production capacity, integrating high-quality asset resources, reducing disorderly market competition, enhancing industry concentration, and achieving high-quality development of the industry, which is also the core of the current association and the government to promote the industry's "anti-involution".
From the enterprise's point of view, for a new energy, Qinghai Lihao and other photovoltaic "black horse" which has risen rapidly in a short time, whether it is the quality of assets or the ability to operate, it has been recognized by the industry and capital, but if it is eliminated due to the breakdown of the capital chain in the trough period, it is not only the loss of investors, but also the loss of investors. It is also a waste of resources. Choosing to rely on "big trees" to gain stronger risk resistance and supplement the stable supply/digestion channels of the industrial chain may be the helplessness of the "black horse" at present, but it is the best solution.
For the leaders, M & a at this time is the best time to eliminate a potential competitor, make up for the shortcomings of their own industrial chain, enhance their market voice, and build high barriers to competition. According to
the data, the actual production capacity of Tongwei's polysilicon in 2025 is more than 900000 tons, and the planned production capacity of Qinghai Lihao's polysilicon is 750000 tons, but the actual production capacity is about 150000 tons, ranking sixth in the industry. Through the acquisition of Qinghai Lihao, Tongwei's silicon production capacity exceeds 1.05 million tons, accounting for about one third of the industry's total output, becoming the absolute leader in the silicon sector, which can not only further expand the market share, but also make use of Qinghai Lihao's high-quality production capacity to further upgrade its own production capacity.
Looking at the cooperation between TCL Central and a new energy source , as one of the two leaders in the silicon wafer sector, To complement the downstream
Summarizing
the industry trough is also the best time for leaders to harvest high-quality assets, consolidate their leading position and achieve long-term operation. Compared with the photovoltaic rookies such as Qinghai Lihao and Yidao New Energy, Tongwei and TCL Central have also experienced huge losses for many quarters, but with their own capital strength and capital platform advantages, M & a is a low-cost bet of "equity for space, time for life".
It can be expected that the cooperation between Tongwei and Qinghai Lihao will never be the last case of merger and acquisition cooperation in the photovoltaic industry this year, and perhaps a new round of "merger and acquisition tide" will be set off in China's photovoltaic industry in 2026.
But compared with why mergers and acquisitions, when to choose mergers and acquisitions is more "thought-provoking".
As mentioned above, for the photovoltaic industry, the second quarter may be the "darkest moment" of this cycle and the key node of the "battle for survival" of enterprises.
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