On the evening of August 26, Tongwei Co.,Ltd. (600438.SH) released its 2026 semi-annual report, posting revenue of RMB 34.357 billion and net operating cash inflow of RMB 109 million, a 105.59% improvement year-on-year. The report highlights three key dimensions: sustained optimization of product competitiveness, a stable foothold in core markets, and a diversified technology R&D roadmap, demonstrating how this veteran solar player is building momentum to navigate the industry's cyclical trough before the sector re-enters an upward trajectory.
Main business performance remained resilient, showcasing operational tenacity. Amid the photovoltaic industry's temporary cyclical downturn, Tongwei leveraged its long-term technological expertise and refined management practices to continuously improve production and operating metrics. During the reporting period, all polysilicon production capacity met the latest comprehensive energy consumption standards, further cementing its cost-control advantages. The company closely tracked market dynamics and adjusted strategies accordingly, strengthening collaboration with key strategic clients in its high-purity polysilicon segment, achieving total shipments of 155,300 tonnes and maintaining its industry leadership position. Semiconductor-grade high-purity polysilicon products also continued to supply domestic and overseas customers steadily.
According to consultancy research, the global top five cell manufacturers shipped approximately 91.9 GW in total during the first half of 2026. Tongwei leveraged its superior manufacturing capabilities, stable supply reliability, and continuously improved market positioning to achieve sales of 34.78 GW, becoming the first global cell manufacturer to surpass 400 GW in cumulative shipments. In its module business, the company saw successes across both domestic and international markets, winning centralized procurement tenders from several major central state-owned enterprises domestically, while securing large-scale benchmark projects in Romania, Poland, and other overseas markets. Module sales grew year-on-year, with overseas share rising to nearly 40%, reaching total module shipments of 13.07 GW during the period.
Building a robust R&D innovation system remains a cornerstone of Tongwei's strategy, driving industry technology iteration. The company continues to invest heavily in R&D, pursuing parallel development across multiple technology routes including TOPCon, HJT, xBC, and perovskite tandem cells, alongside upgrades to full-scenario differentiated products. During the reporting period, Tongwei completed the mass production of its next-generation flagship TOPCon technology, TNC3.0, achieving module power up to 670W with bifaciality rates reaching 85%-90%, meeting top-tier industry energy efficiency standards. The THC-G12 heterojunction copper-interconnect module surpassed 802.43W in output power, marking the twelfth time the company has set a new industry power record. Additionally, in the TBC technology route, the company developed the industry's first three-split bifacial full-screen module, establishing a dual-line leading position in BC technology.
AI is empowering business management, with the lighthouse factory closing the loop on innovative smart manufacturing. In September of last year, Tongwei's Meishan solar subsidiary was selected as a "Lighthouse Factory" by the World Economic Forum, becoming the first such facility in global PV cell manufacturing and setting a benchmark for intelligent, digital transformation. The lighthouse factory boasts an AI coverage rate exceeding 64%, establishing a closed-loop "perception-analysis-decision-execution" intelligent system. During the reporting period, the company deepened its application of AI and digital tools, enhancing production and operational management, seizing market opportunities, optimizing product iterations, and unlocking organizational efficiency.
"This lighthouse has formed a replicable and scalable 'Tongwei pathway' for smart manufacturing, establishing a benchmark for China's PV industry to transition from scale leadership to intelligent leadership," said Tongwei's Chief Technology Officer for PV, Xing Guoqiang. Industry insiders believe the rapid development of AI and computing infrastructure has generated massive demand for green electricity, potentially further elevating market expectations for the PV sector and accelerating the industry inflection point. Facing the cyclical adjustment, Tongwei has adopted multiple operational strategies, including advancing technological breakthroughs, optimizing production indicators, dynamically adjusting shipment rhythms and pricing strategies, focusing on quality customer development, and strictly controlling financial risks. With the new wave of "anti-involution" measures, a reversal in the PV industry cycle appears imminent, and leading enterprises with genuine technological and cost advantages are poised to regain pricing power and secure reasonable profits, standing once again at the industry's forefront.