Comprehensive review: In 2025, TCL Zhonghuan will achieve an operating income of 29.05 billion yuan, with a slight year-on-year increase of 2.22%; the net profit attributable to the parent company will be -9.264 billion yuan, with a year-on-year decrease of 5.65%. In 2025, the photovoltaic industry chain as a whole is still at a low ebb, with serious "involution" competition in the industry, product price shocks at the bottom, and TCL Central continues to lose money as a whole. However, in the crisis, TCL maintained its strategic strength, strengthened its business shortcomings, accelerated the construction of an integrated transformation and development pattern of "silicon wafer-battery components ", and actively explored overseas markets, thus continuously enhancing its overall competitiveness.
Figure 1 and 2: Revenue of TCL Central in 2025, Profit Trend
Data Source: Digital New Energy DataBM. Com
Operation Overall Continuous Pressure Component Shipment Explosion Growth
TCL Central has photovoltaic silicon wafers, battery modules, semiconductor materials, Photovoltaic power station and other four major business sectors, of which silicon wafer business is the largest business, component business is the key development sector, semiconductor materials, photovoltaic power station accounted for a relatively small proportion, the overall steady development. Specifically, in 2025, the revenue of the four business sectors accounted for 42.13%, 32.1%, 19.64% and 4% respectively, and the total revenue of silicon wafers and components accounted for more than 70%.
Figure 3: Revenue of TCL Zhonghuan's four major business segments (RMB 100 million)
Source: Digital New Energy DataBM. ComTCL
Zhonghuan is the world's largest photovoltaic wafer manufacturer, and its market share of wafer products has remained the world's first all the year round. Among them, large-size 210 (G12) series silicon wafers are dominant, with strong market competitiveness, leading the industry to the direction of high-power evolution.
In 2025, the contradiction between supply and demand of photovoltaic silicon wafers has not been fundamentally alleviated. Affected by the industry overcapacity and fierce market price competition, the company's annual sales of 13.355 billion silicon wafers decreased by 6.61% year-on-year, with an average unit price of 0.92 yuan per wafer, a decrease of 20.7% year-on-year. With the decline in both volume and price, the revenue of silicon wafer business fell 26.49% year-on-year to 12.238 billion yuan, and the gross profit margin recorded-19.44%, which became the main drag on the company's loss.
Table 1: Main Operating Data
of TCL Zhonghuan's Silicon Wafer Business in 2025 Source: Digital New Energy DataBM. Com
Overseas, TCL Zhonghuan will acquire Maxeon's non-US business in 2025. Through the Maxeon platform in Europe, America, Australia, New Zealand and Southeast Asia, the overseas sales channels have been continuously expanded, and the market has achieved a breakthrough of 1GW level. In the domestic market, on the basis of continuously enhancing the competitive advantage of the silicon wafer business, TCL Zhonghuan has focused on making up for the shortcomings of the battery and component business, and accelerated the implementation of the integration strategy. Domestic and foreign two-way efforts, the company's annual component shipments in 2025 15.12 GW, an increase of 82.31% over the same period last year. Affected by the price competition in the industry, the unit price of sales decreased by 11.4% to 0.62 yuan/W, but due to the obvious increase in shipments, the annual sales revenue of components was 9.324 billion yuan, an increase of 60.45% over the same period last year. The gross profit margin recorded -6.22%, an increase of 5.37 percentage points over the same period in 2024.
Table 2: Main Operating Data
of TCL Zhonghuan's Component Business in 2025 Source: Digital New Energy DataBM. Com
Semiconductor business is the third largest business segment of TCL Zhonghuan. In addition, the company has mastered key technologies such as monocrystalline silicon growth and polished wafer processing, with obvious advantages of high gross profit and strong growth certainty. In 2025, the operating income of semiconductor will be 5.707 billion yuan, an increase of 21.75% over the same period last year; the gross profit rate will be 18.94%, an increase of 5.7 percentage points over 2024, which is the best business in the whole year. In terms of photovoltaic power plants, although business income increased by 252.22% to 1.163 billion yuan, profits declined significantly, with gross interest rate of only 2.26% in 2025.
Figures 4 and 5: Business Trend
of TCL Zhonghuan Semiconductor and Photovoltaic Power Station in 2025 Data Source: Digital New Energy DataBM. Com
Market Outlook: Short-term performance is still under pressure to accumulate strength through the cold winter
In the short term, Although the new installed capacity of photovoltaic terminals is expected to remain high in 2026, the current trend of supply and demand mismatch is difficult to change significantly, the utilization rate of silicon wafers, batteries and components in the photovoltaic industry chain is still at a low level, the probability of low price fluctuation is expected to be high, and the industry is still in the grinding period. TCL Central's short-term performance is under pressure.
In the medium and long term, the unchanged general direction of global energy transformation will eventually restore the balance between supply and demand. At the same time, with the industry's coordinated self-discipline and the accelerated clearance of backward production capacity, prices will bottom out and rebound. TCL Zhonghuan, as an important leader in silicon wafers and components, is speeding up the construction of an integrated development pattern and promoting a global development strategy, constantly improving its competitive advantage, and looking forward to the company's long-term development prospects. However, it should be noted that the domestic market has accelerated technological upgrading and intensified competition, while the overseas market is facing uncontrollable risks such as policies and laws, which have certain uncertainties. (This article does not constitute investment advice)
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