On August 7, in the July investor activity record released by Bowei Alloy, the company once again made it clear that the United States April." Bowei Alloy announced that it intends to invest in the construction of 2GW TOPCon components and 2GW TOPCon battery expansion projects in the United States. At the same time, the company also announced the expansion of 3GW TOPCon battery project in Vietnam to meet the supporting needs of American component factories and Vietnamese component factories.
At that time, Bowei Alloy was ready to spend a lot of money to go to the American market. However, with the sudden change of local policy, American assets have become "hot potatoes" in less than two years, and now Bowei Alloy has chosen to withdraw decisively. After more than 10 years
in the industry, the full name
of Bowei Alloy is Ningbo Bowei Alloy Material Co., Ltd., which was founded in 1993, formerly known as Yongling Industry, renamed Bowei Alloy in 2008, and listed on the main board of Shanghai Stock Exchange in January 2011. The company is deeply engaged in alloy materials and is the leader of non-ferrous metal alloy materials industry.
Data show that in the four years from 2011 to 2014, the total revenue of Bowei Alloy increased by nearly 20%, while the net profit fell by more than 48%. When the company's performance has not been broken through for a long time, Bowei Alloy resolutely decided to enter the photovoltaic industry. At that time, the photovoltaic industry had just come out of the trough, and the market heat gradually picked up.
year, By issuing shares and paying cash, Bowei Alloy acquired the shares of Ningbo Connett International Trade Co., Ltd. The company's development strategy has changed from "new material business" to "new material + new energy". The main assets of
Ningbo Connet are subsidiary Vietnam Bovelt, whose main products are polycrystalline silicon cells and modules, which were completed and put into operation in July 2014, and the main operating market is the European and American photovoltaic market. The success of the business strategy of
"building factories in Southeast Asia and supplying Europe and the United States" is most directly reflected in the subsequent financial reports of Bowei Alloy. During the period from
2016 to 2024, Bowei Alloy broke through the performance dilemma and achieved explosive growth. During that time frame, the company 's top line grew nearly 340% and its net income grew nearly 640% . Even in 2024, when the whole photovoltaic industry was in deep losses, Bowei Alloy still handed over its "hot" performance against the trend.
In 2024, the company achieved revenue of 18.655 billion yuan, a year-on-year increase of 5.06% ; net profit of 1.354 billion yuan, a year-on-year increase of 20.47% ; Although the
company's new energy business was affected by the tariff policy and its business revenue declined by 30.56% year-on-year, its net profit still increased by 9.03% year-on-year.
Of which, the gross profit margin of the PV module/power station business reached 44.60% . At the same time , Longji Green Energy , Jingke Energy, Jingao Technology and " benefited from Bowei Alloy's decades of deep cultivation in the U.S. market. The results of differentiated management.
In order to further cultivate the U.S. market, on April 23, 2024, Bowei Alloy announced that it planned to build 2GWTOPCon components + 2GW battery production capacity in the United States. The 3GWTOPCon solar cell expansion project will be expanded in Vietnam in order to meet the supporting demand of module factories in the United States and Vietnam for solar cells. The total investment amount of the three major projects is estimated to be about 31.
In view of the construction background of 2GWTOPCon cell expansion project in the United States, Bowei Alloy stated at that time that after detailed investigation and demonstration of the demand, supply and related industrial policies of the photovoltaic market in the United States, the United States will still be a photovoltaic market with strong market demand and strong profitability in the long future. And the supply of local production capacity is limited.
At that time, Bowei Alloy was full of confidence and longing for both its own photovoltaic future blueprint and the potential space of the domestic market in the United States. Stop losses
in time and get out
quickly. The turning point of the story happened in 2025. In the first half of
2025, the United States announced that it would impose anti-dumping (AD) and countervailing (CVD) tariffs on photovoltaic cells and components from Cambodia, Malaysia, Thailand and Vietnam, with a total tariff rate ranging from 16.64% to 3521.
The United States has introduced the Great and Beautiful Act. It clearly defines "prohibited foreign entities", and once enterprises are added to these categories, they will no longer be able to enjoy the corresponding tax credit policy.
High tariffs have blocked the sales of Bowei Alloy's Vietnamese factories, and the "Big and American Act" has deprived the company of its competitive advantage in the United States. On January 23
, 2026, Bowei Alloy disclosed in its 2025 annual performance forecast: "In recent months, the company is actively promoting the transfer of equity." In April and May
this year, Bowei Alloys announced the sale of component factories and battery factories in the United States, both of which were traded with Indian Enterprise INOX SOLAR AMERICAS, LLC, with a total transaction value expected to be about 7
. Component assets in the United States were delivered in the second quarter, while battery assets could not be delivered immediately because they were still in the stage of investment and construction, but a sale agreement had been signed for delivery after completion.
For the cell project in Vietnam, Bowei Alloy has tried to transfer the production line. In the 2025 performance forecast, Bowei Alloy made it clear that after repeated market research and demonstration of production line transfer schemes in relevant countries and regions in Europe and Africa, it was determined that production line transfer did not have economic value. The company made a provision for impairment.
On July 31, in response to questions on the interactive platform for investors, Bowei Alloy made it clear that the remaining assets of Vietnam's battery project could be sold, and that the company had no photovoltaic projects in production at present. The market sees this as a sign of the company's withdrawal from the photovoltaic industry.
Since 2015, Bowei Alloy has adhered to the business strategy of "focusing on new materials and supplemented by new energy" for many years. However, in the "company development strategy" of the 2025 annual performance report, Bowei Alloy made it clear that the company's development strategy was once again transformed into "new materials as the core".
In the 2026 business plan, regarding the new energy business, Bowei Alloy has only one sentence: "North Carolina's annual 2G W battery project is under construction as planned, and the controlling right will be transferred after the completion of the project." The photovoltaic story
of Bowei Alloy is the same as that of most cross-border companies-to find new growth points and break through the limitations of the original performance. But what is different is that Bowei alloy chose to abandon the domestic market and take the international route at the beginning. Looking back at the moment, we will still applaud the company's strategic vision.
The author thinks that the more valuable thing of Bowei Alloy is that the company did not choose to spend money to follow the trend and expand production during the boom period of the photovoltaic industry in 2022-2023; when the market dividend period faded, it decided to stop losses and avoid risks. This sobriety is rare in the photovoltaic industry.
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