On August 25, TCL Zhonghuan released the record of investor relations activities of the semi-annual performance exchange meeting in 2025.
The original text is as follows:
Q1: With the advance of anti-involution, how does the company look forward to the price of the follow-up industrial chain?
Answer: Last weekend, the Photovoltaic Association issued the Proposal on Further Strengthening Industry Self-discipline, Maintaining Fair Competition and Survival of the Fittest, which the company believes is a good guide. At present, manufacturers hope that after a period of time, they can achieve the cost price of the whole industry. Judging from the situation in July and August, the prices of crystals, wafers and polycrystals have recovered in an orderly manner. Component prices are also rising in some tenders that began this week.
Although the overall situation still needs some time and process to digest, there is still a process of balance in each link, but the company believes that the overall trend will not change, after a period of coordination and transmission, the price will gradually recover.
Q2: Can you elaborate on the planning and progress of the battery module business, such as the technical route and market layout?
Answer: The company currently has three module production bases, with an overall production capacity of about 24 GW. Mainly through continuous improvement of productivity efficiency and technology iteration, to enhance productivity. Product dimension, the company used to focus on imbrication, but now through six months of technological upgrading and transformation, it has basically made some supplements to the whole series of products, especially the half-piece, including BC products, to better meet customer needs. At the same time, in order to meet the requirements of high-quality development, we should make appropriate efficiency improvements.
With regard to brand, in the first half of this year, the company combed the brand and integrated the business, and strengthened the brand matrix of TCL Solar and Sunpower in different customers and regions to meet the market demand. In terms of
batteries, TCL Zhonghuan hopes to plan part of its overseas production capacity, while strengthening its domestic production capacity. In the case of too large supply side this year, the company hopes to strengthen more ecological cooperation on the battery side. It is hoped that both batteries and components will support the company's performance and revenue growth in the future.
Q3: Please introduce the BC strategy of the company?
Answer: From the perspective of market acceptance, the proportion of BC is getting larger and larger. At the same time, in different regions, BC has a certain premium because of the advantages of performance and efficiency, so BC has become an important direction of the company.
The company has always been a strong participant in BC, and its technical firmness and professional layout are very good, but limited by the overall impact of the photovoltaic market , resulting in a decline in cost competitiveness.
This year and the first half of next year, the company will focus on upgrading overseas production capacity with the help of domestic ecology; the company also hopes to make good use of the existing base to achieve better cost competitiveness and become a strong participant in overseas BC. Regarding the domestic strategy, the company has always had BC R & D line, hoping to have more efficient products, better cost-effective production line design, to gradually optimize.
Q4: Does the company have a certain plan in the future and have more integration plans in the middle and lower reaches?
Answer: At present, there are two problems in the industry. One is that the capacity of the supply side is too large; the other is that the demand is uncertain due to the impact of the demand side. However, looking at the past industry integration, a large number of integration is actually horizontal and vertical integration, so that fewer players participate in the process of eliminating backward capacity. This is also a process that the whole industry has to go through.
At present, the company's performance is improving every quarter, while the company has cash flow and capital reserves, and has the ability and conditions to participate in timely mergers and acquisitions in the industry. The company is also actively following up and will disclose to investors when necessary.
Q5: Can contribution of silicon materials and non-silicon materials in cost reduction be removed?
Answer: The technical strength of the company is in the lead. In the absence of new investment, the current production capacity of crystal wafers is nearly 200 GW. But on the other hand, affected by the industry, the pressure brought by the company's larger production capacity is also greater, so the company will focus more on its own internal cost reduction. Some of the more cost reduction of
silicon comes from breakthroughs in internal raw material consumption rate and cleaning processing technology. In
the non-silicon cost part, the increase in the single furnace output of crystal wafers is mainly due to the improvement in quality, the increase in rod length, the improvement in resistivity, and the increase in the output of single equipment due to the promotion of wafer thinning. At the same time, there is also a decline in the cost of a single unit, mainly around the cost reduction of auxiliary materials.
Q6: Now there is an overseas trend in the production capacity of battery modules. I would like to ask about the overseas sales of silicon wafers and the follow-up plan.
Answer: The demand side of overseas silicon wafers has been relatively stable in recent years. Because of the changes in demand and policies in Europe and the United States, the demand for silicon wafers in Southeast Asia, especially in India, including Central Asia, Europe and Turkey, has increased in recent years.
From the supply side of the company, there are three aspects: First, in the non-barrier market, Zhonghuan has been cooperating with overseas customers for a relatively high degree of stickiness and length of time, including a relatively high degree of product coordination, which is relatively stable.
Secondly, the company is also actively cooperating with the new demand. This year in Turkey and India's new production capacity, the company also has a breakthrough in the amount of cooperation, but the overall magnitude is not significant.
Thirdly, the company is also actively laying out overseas silicon wafer production capacity opportunities, striving for more cooperation stickiness with overseas customers in the future, cooperation in the form of industrial chain and business, and the company is actively laying out.
浙公网安备33010802003254号