Tongwei Co.,Ltd engages in the production and sales of industrial silicon and high-purity crystalline silicon for solar energy, chemical products, silicon rods, silicon wafers, solar cells, and modules in China and internationally. It is involved in the generation of electricity and related businesses; production and sale of feed, etc.; and aquaculture, seedling cultivation, food processing, etc. The company also engages in technical services; power supply; photovoltaic new energy; farming; sale of battery cell and components; and photovoltaic power operation. Tongwei Co., Ltd was founded in 1995 and is headquartered in Chengdu, China.
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Tongwei Co. posts first-half loss of 5.119 billion yuan
Tongwei Co. disclosed its semi-annual report on August 26. In the first half of 2026, the company achieved operating revenue of 34.357 billion yuan, down 15.19 percent year on year, while net profit attributable to shareholders of the listed company was negative 5.119 billion yuan. During the reporting period, the supply-demand imbalance in the photovoltaic industry had not yet been fundamentally alleviated. Capacity utilization rates across the industry chain fell further, and product prices remained sluggish. The severe industry situation pushed some less competitive capacity to gradually exit, but the overall improvement of the industry's operating environment still needs time.
Daqo New Energy Responds to Polysilicon Meeting and Price Hike Rumors: Unaware, Pricing Still Under Consideration
Daqo New Energy has responded to market rumors that polysilicon companies will hold a collective meeting tomorrow and that some manufacturers have raised their quotes, saying it is unaware of any meeting and that specific pricing is still under consideration. A reporter from Blue Whale News sought confirmation from Daqo New Energy, and the company said it is unaware of the situation. Another leading polysilicon company also said it had no knowledge. According to SMM, a domestic silicon material producer raised its quote from 37 to 38 yuan per kilogram to 40 yuan per kilogram. Daqo New Energy replied that its pricing references third-party agencies and the company is still evaluating. Previously, on August 6, eight polysilicon leaders including Tongwei Co., GCL Technology, and others signed an anti-involution initiative, pledging not to sell below industry costs. These companies together account for over 90 percent of effective domestic capacity. Analysts noted that the initiative is a form of industry self-discipline, and the extent of supply contraction and the turning point for silicon material prices still depend on subsequent quotes from leading companies and downstream acceptance.
Eight Leading Chinese Polysilicon Firms Jointly Sign Anti-Involution Pledge, Agree Not to Sell PV Products Below Cost
On the evening of August 6, eight major Chinese polysilicon companies jointly signed an anti-involution pledge in Shanghai, committing that all photovoltaic product sales prices shall not fall below the corresponding costs calculated according to group standards. The participating companies together account for over 90 percent of China's effective polysilicon production capacity, including four listed firms—Tongwei Co., GCL Technology, Daqo New Energy, and Xinte Energy—as well as Asia Silicon Qinghai Co., Xinjiang East Hope New Energy Co., Qinghai Lihao Clean Energy Co., and Xinjiang Goens Energy Technology Co. The companies made clear that sales below full cost must be immediately stopped and corrected, and they will voluntarily accept supervision and inspection by market regulatory authorities at all levels, while strengthening mutual oversight and promptly reporting any violations to industry associations and the State Administration for Market Regulation. In addition, the companies pledged to strictly implement new energy consumption standards and proactively phase out high-energy-consuming outdated capacity.
Five Solar Giants Project First-Half Losses Exceeding 13 Billion Yuan; Anti-Cutthroat-Competition Policies Roll Out, Lifting the Sector
The solar equipment sector has recently bottomed out and rebounded, with leaders such as LONGi Green Energy, JinkoSolar, and Tongwei shares bouncing back. However, five giants together project combined net profit attributable to the parent company for the first half of 2026 at a loss of 13.78 billion to 15.76 billion yuan. Since July, three mandatory national standards for the solar sector have been released, covering key links across the entire industrial chain including polysilicon, wafers, modules, and inverters. Set to take effect on January 1, 2027, they will accelerate the elimination of outdated capacity. Subsequently, the group standard General Principles for Cost Accounting Models in the Solar Industry was introduced, and the State Administration for Market Regulation went to Yancheng to conduct price compliance guidance, steering the industry from competing on price to competing on value. Tian Lihui, a finance professor at Nankai University, believes that administrative force correcting cutthroat competition combined with spot prices bottoming out creates a resonance between a policy bottom and a market bottom, but digesting the supply-demand gap still requires patience in market clearing. A research report from Soochow Securities projects global new solar installations at 547 gigawatts in 2026, down 11 percent year-on-year, with a return to growth expected in 2027, and notes that the overcapacity situation persists while strong energy efficiency standards will accelerate the exit of backward capacity. Leading companies are actively expanding their second curve. Trina Solar's energy storage and distributed systems business is contributing positive profits, and LONGi Green Energy is advancing its BC technology and integrated solar-storage layout. Experts advise investors to focus on leaders with technological barriers and solid cash flow, while being wary of the risk that capacity clearing falls short of expectations.
Regulators Step In to Curb Low-Price Rivalry; Tongwei Shares Surge by Daily Limit in Afternoon Trading
The photovoltaic sector saw unusual movement as Tongwei, a leader with a market value of 50 billion yuan, surged by the daily limit in afternoon trading. The direct catalyst was the State Administration for Market Regulation conducting price compliance guidance for the photovoltaic industry, pushing companies to shift from competing on price to competing on quality. The main polysilicon futures contract also hit the daily limit in the afternoon, rising 8.99 percent to 35,890 yuan per tonne. Among 33 listed photovoltaic companies that have disclosed half-year earnings forecasts, only nine are profitable, with the industry's total losses estimated between 13.213 billion and 16.789 billion yuan. Prices across the four segments of silicon materials, wafers, cells, and modules have continued to fall below cost. In the first half of 2026, newly installed photovoltaic capacity nationwide reached 72.07 gigawatts, down 66 percent year-on-year, with utility-scale plants and distributed generation dropping about 70 percent and 60 percent respectively compared to the same period in 2025. Brokerages generally believe that the photovoltaic industry's anti-cutthroat-competition drive is moving from advocacy and guidance into a phase of standard constraints and regulatory enforcement. Three mandatory photovoltaic standards are expected to take effect on January 1, 2027, potentially eliminating 20 to 30 percent of the industry's outdated capacity.
Top Three Solar Giants Project Combined First-Half Losses Exceeding 10 Billion Yuan, Early Signs of Industry Inflection Point Emerge
First-half earnings forecasts for the solar industry show that LONGi Green Energy, Tongwei Co., and TCL Zhonghuan together expect losses exceeding 10 billion yuan. According to an incomplete tally by China Business News reporters, 21 listed solar companies that have disclosed forecasts project combined losses of 13 billion to 16.8 billion yuan. Among them, Tongwei expects a loss of 4.8 billion to 5.4 billion yuan, the largest in the industry; LONGi Green Energy anticipates a net loss of 3.4 billion to 3.8 billion yuan; and TCL Zhonghuan expects a loss of 3 billion to 3.3 billion yuan, though its loss margin has narrowed by 22.21% to 29.28% year-on-year. Wang Bohua, former secretary-general of the China Photovoltaic Industry Association, said at a semi-annual meeting in Ningbo that the industry is facing a triple squeeze from supply-demand mismatch, shrinking demand, and escalating trade barriers, with the deep adjustment cycle still lengthening. However, the auxiliary materials segment has bucked the trend. Deye Co. projects first-half net profit of 2.668 billion to 2.728 billion yuan, up over 75% year-on-year; First Applied Material's net profit rose 75.35% year-on-year. Industry analysts believe that with the release of mandatory national standards, the exit of outdated capacity, and the deepening of electricity market reforms, solar feed-in tariffs are showing signs of bottoming out and rebounding, and an industry inflection point may not be far off.
Multiple Companies on Shanghai and Shenzhen Exchanges Release Half-Year Performance Forecasts; Tianqi Lithium's Net Profit Expected to Surge Nearly 50-Fold
On the evening of July 14, numerous listed companies on the Shanghai and Shenzhen stock exchanges released their half-year performance forecasts and major event announcements. Tianqi Lithium expects its net profit attributable to the parent company for the first half of the year to be between 2.85 billion and 4.25 billion yuan, representing a year-on-year increase of 3,276.35% to 4,934.91%, one of the highest growth rates. Yangtze Optical Fibre and Cable, Litong Electronics, and Estun Automation all expect net profit growth exceeding tenfold, with Litong Electronics seeing significant growth in its computing power distribution business. The photovoltaic industry remains under pressure, with LONGi Green Energy forecasting a loss of 3.4 billion to 3.8 billion yuan, and Tongwei Co. forecasting a loss of 4.8 billion to 5.4 billion yuan. In terms of major events, Changxin Technology has set its issue price at 8.66 yuan per share, with a total offering size of 57.919 billion yuan, and subscriptions will open on July 16. CICC's application to absorb and merge Dongxing Securities and Cinda Securities has been accepted by the China Securities Regulatory Commission. Saiyi Information plans to purchase high-performance computing power servers for no more than 5.079 billion yuan. Additionally, several companies disclosed share increase or decrease plans, with Seres directors and senior management planning to increase their holdings by 119 million to 154 million yuan, and Jingwei Hirain and Runjian Co. planning share buybacks.
Tongwei Co. Completes Fifth Green Sci-Tech Innovation Bond Issuance of 2026, Raising 500 Million Yuan
Tongwei Co. has completed its fifth green sci-tech innovation bond issuance of 2026, with an actual total issuance of 500 million yuan. The bond has a maturity of 1+1 years, with an interest accrual date of July 14, 2026, and a redemption date of July 14, 2028. The coupon rate is 2.20 percent, and the issue price is 100 yuan per 100 yuan face value. The lead underwriter is China Merchants Bank, with joint lead underwriters China CITIC Bank and Bank of Tianjin. The raised funds were fully received on July 14.
Tongwei Co. forecasts first-half loss of 4.8 billion to 5.4 billion yuan
Tongwei Co. issued a performance forecast, estimating a first-half loss of 4.8 billion to 5.4 billion yuan. China Southern Airlines, LONGi Green Energy, Huafa Industrial, Air China, China Eastern Airlines, New Hope, Giant Star Animal Husbandry, Shuangliang Energy Conservation, Hongyuan Green Energy, Wingtech Technology, and Aisino Corporation also forecast losses ranging from hundreds of millions to several billion yuan. Sieyuan Information plans to purchase high-performance computing servers for up to 5.079 billion yuan, while Sunway Communication intends to acquire a 55 percent stake in Yiyang Electronic Technology and inject capital to strengthen its high-end MLCC product portfolio. In addition, Hongde Co. signed a procurement framework agreement with a key client, a wholly owned subsidiary of Andawell signed a cooperation memorandum with Airbus, and Cao Long, chairman of Gaoke Technology, along with others, has been placed under criminal investigation.