In 2026, the global photovoltaic industry stands at the key point of cycle turning and pattern remodeling. The domestic "anti-involution" policy combination continues to fall to the ground, inefficient production capacity is accelerated to clear, and the industry is moving from the quagmire of price war to a new stage of value competition. On the evening of April
29, Tongwei, the world's leading photovoltaic industry, released its annual report for 2025 and its first quarterly report for 2026. The company's annual net profit loss for 2025 was 9.553 billion yuan, down 35.73% from the same period last year; In the first quarter of 2026, the net profit loss attributable to the parent company was 2.444 billion yuan, which reduced the loss compared with the same period last year. 5. By virtue of technological leadership, cost advantages, global layout and counter-cyclical integration capabilities, we will build core barriers in the construction of the new order of the industry, or gradually usher in the dual opportunities of profit repair and value revaluation.
Industry governance deepens the new order of high-quality photovoltaic development and accelerates the formation of
2026, which is defined by the industry as the "anti-involution" year of the photovoltaic industry, and a series of regulatory policies and industry norms with both pertinence and long-term effectiveness have landed intensively. It is fundamentally reversing the disorderly expansion pattern of the industry in the past few years with low-price competition as the core, and promoting the deep reconstruction of the logic of industrial development. The export tax rebate policy was cancelled to curb the vicious competition of low-price exports from the source; the Photovoltaic
the market level, the imbalance between supply and demand has gradually eased, and the logic of competition has shifted from "price war" to "value war". The consensus of the industry has gradually formed: the mode of simply seizing the market at a low price is difficult to sustain, and technological innovation, cost control, product quality and global service capabilities have become the core competitiveness. Leading enterprises took the initiative to control production, increase research and development, and promote the upgrading of products to high efficiency; small and medium-sized backward enterprises were gradually eliminated due to the lack of core competitiveness and low operating rate, and the industry concentration continued to increase. At the
technical level, the route differentiation is clear, and N-type technology dominance, integration of the whole industrial chain, green low-carbon and globalization have become the four core directions of the industry. On the whole, the photovoltaic industry is in the necessary stage of squeezing out bubbles and returning to rational growth. Policy governance is effective, market clearing is accelerated, technology is upgraded iteratively, and a new order of high-quality development is formed in an all-round way, creating a more friendly industry ecology for leading enterprises with core competitiveness.
have not changed , and the leading position of its core business continues to be stable and strengthened.
During the period of deep adjustment of the industry, Tongwei has always focused on technological innovation, continuously strengthened the long-term competitiveness of the whole industry chain, and maintained its leading position in all core links.
In the high-purity silicon sector, the company has an annual production capacity of over 900000 tons , accounting for about 30% of the global market; Through continuous process optimization and technological innovation, the company's annual average silicon consumption of high-purity crystalline silicon is 1.03 kg/kg. Si , hydrogen consumption is reduced to less than 100 Nm ³/t. Si, and chlorine consumption is reduced to less than 0.05 kg/t. The actual conversion rate of cold hydrogenation is up to 32. Cost control and product quality continue to lead. By the end of
2025, Tongwei's component products had been sold to more than 80 countries, ranking first in the industry in the domestic market, and the overseas market continued to develop at a high speed. In 2025, the company achieved component sales of 43.25 GW , including overseas market sales of 9.
At the technical level, the company has a comprehensive layout of TOPCon, HJT, BC, perovskite/crystalline silicon stack and other mainstream technology routes. And achieve phased research and development results in 2025. In terms of TOPCon, the company has released TNC 3 with mass production power up to 650 W by introducing integrated efficiency improvement technologies such as steel plate printing, photolithography and Poly Tech. In addition, the average power of BC and crystalline silicon tandem battery pilot lines of the company has also maintained the advanced level in the industry. In terms of
capital operation, Tongwei shares also show strong operational resilience and market foresight. In February 2026, the company announced that it intends to acquire 100% equity of Qinghai Lihao Qingneng Co., Ltd. by issuing shares and paying cash, and practice market-oriented capacity integration under the background of "anti-involution" in the industry. The ability of product quality and cost control is in the forefront of the industry. After the completion of this
transaction, it will further enhance the company's market share and capacity control flexibility in the high-purity silicon sector, improve the capacity layout in the northwest clean energy advantage region, enrich the company's green high-purity silicon product matrix, and strengthen the company's core voice in the global photovoltaic industry chain.
For Tongwei shares, the company's global leading position in high-purity silicon and solar cells is difficult to shake, and the whole industry chain vertical
capital market level, the investment sentiment of the photovoltaic sector has recovered significantly, and the photovoltaic equipment sector has continued to rebound in the past two weeks under the attention of funds. Over the past two years, the valuation of the photovoltaic sector has been under pressure, and the long-term growth value of leading enterprises has been significantly underestimated. With the establishment of the new order of the industry, the pricing logic of the market for the photovoltaic industry will shift from the downward cycle and disorderly involution in the past to profit repair and high-quality growth, and the leading enterprises with core competitiveness will usher in the reconstruction of the valuation system.
As one of the few leading enterprises in the global photovoltaic industry to achieve the layout of the whole industry chain of high-purity silicon, batteries and components, Tongwei shares have both cyclical upward performance flexibility and long-term growth certainty. Through continuous technological innovation, the company consolidated its core competitiveness, expanded its voice in the industry through market-oriented capacity integration, and guaranteed its operational safety through a sound financial chassis, laying a solid foundation for the rebound of its performance after the recovery of the industry.
In the future, under the new order of high-quality development of the industry, the market may see more clearly the growth logic of Tongwei's business resilience and long-term performance through the cycle.
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