Comprehensive review: In the first half of 2026, Tongwei achieved an operating income of 34.357 billion yuan, a year-on-year decrease of 15.19%; In the first half of this year, under the background that the price of photovoltaic industry chain broke through the cost line and the whole industry was at the bottom of the loss cycle, the company shipped 155,300 tons of high-purity silicon, ranking first in the world in terms of market share; the battery sales volume was 34.78 GW, becoming the first enterprise in the world whose cumulative shipment exceeded 400GW; Cash flow from operating activities turned positive from -1.951 billion yuan in the first half of last year to 109 million yuan, of which the second quarter reached 27. Blood loss has stopped and profits have not arrived, which is the most authentic footnote of this semi-annual report.
Figure 1 and 2: Trend
of revenue and profit of Tongwei in the first half of 2026 Data source: Digital New Energy DataBM. In the first half of this year, the company's feed sales volume was 3.0553 million tons, an increase of 3.47% over the same period last year.
Figure 3: Feed sales volume stopped declining
in the first half of the year Source: Digital New Energy DataBM. Com
Specifically, the farming and animal husbandry business recorded revenue of RMB14.477 billion, representing a year-on-year increase of 7.79%, and gross profit of RMB1.327 billion. Among them, the gross profit margin was 9.17%, representing a slight decrease of 0% compared with the same period last year. Under the huge loss of photovoltaic industry, the agriculture and animal husbandry business contributed about 42% of the revenue to the company's total positive gross profit, and continued to act as a stabilizer of profit and cash flow.
Table 1: Operation Information of Agriculture and Animal Husbandry Business in the First Half of 2026 (100 million yuan, %)
Data source: Digital New Energy DataBM. Com
II. Photovoltaic Business: Silicon Materials Hold Share " Figure 4: PV Industry Chain Capacity Trend
Data Source: Digital New Energy DataBM. Year-on-year decline of only 3.72%, significantly better than industry's polysilicon production in the first half of the year -7. Battery sales of 34.78 GW, year-on-year decline of 30.29%, still in the forefront of the industry; Component sales were 13.07GW, down 46.70% year-on-year, the largest decline in TOP10 component shipments in the first half of the year, and almost all of the contraction came from domestic shipments, which dropped from about 19.4G W to about 7.9 GW, a decline of nearly 60%.
Figure 5: Trend
of shipments of PV products Source: Digital New Energy DataBM. Com
On the profit side, the revenue of the PV segment in the first half of the year was RMB19.880 billion, representing a year-on-year decrease of 26.58%. Gross profit recorded-2.382 billion yuan, loss increased by 87% compared with the same period last year, gross profit rate-11.98%, down 7. Silicon subsidiary Sichuan Yongxiang net profit loss of 4.058 billion yuan (the same period last year-2.953 billion yuan). Battery segment company Tongwei Solar made a loss of RMB1.373 billion (same period of last year – 17. Provision for impairment of assets in the first half of the year 20.
Table 2: Operating information of photovoltaic segment in the first half of 2026 (RMB100 million,
Data source: Digital New Energy DataBM.
However, the shortcomings are also prominent: first, the capacity utilization rate is less than 50%, and depreciation and fixed costs continue to erode profits; second, the domestic module shipment volume has declined sharply, ranking first in the industry; third, the selling price of silicon materials has declined, and the loss has expanded over the same period.
From the perspective of major financial indicators, in the first half of the year, the sales and administrative expenses were reduced by 16.37% and 7.36% respectively, and the financial expenses increased by 5.78% due to the rigidity of debt. The three fees totaled 3.515 billion yuan, a decrease of about 170 million yuan compared with the same period last year. The overall gross interest rate dropped from 0.07% in the same period last year to-3.07%, and the net interest rate and return on equity dropped to-19.66% and-14, respectively. Inventories at the end of the second quarter decreased on a month-on-month basis 21.
Table 3: Main financial information
for the first half of 2026 Data source: Digital New Energy DataBM. Energy Consumption Quota for Polycrystalline Silicon and Germanium Unit Products, Minimum Allowable Values of Energy Efficiency and Energy Efficiency Grades for Crystalline Silicon Photovoltaic Modules and Inverters, Energy Consumption Quota for Monocrystalline Silicon Unit Products, and General Principles for Cost Accounting Model of Photovoltaic Industry have been issued and promulgated successively, providing verifiable basis for backward production capacity and price management. In August, eight polysilicon companies signed a self-regulatory proposal, promising that the price would not be lower than full cost. But the reality is still that "the quotation jumps, the transaction is few", the price is not in the market, the inventory is high, and the transmission of price to profit still needs time. From the
industry point of view, the fourth quarter production reduction is the key variable to judge the turning point. The market has recently circulated rumors of "Chengdu Production Reduction Conference" and "Beijing Conference on Polysilicon", the core demand is to reduce production and guarantee prices in the fourth quarter. Rumors have not yet been confirmed by enterprises, if the implementation of production cuts, Tongwei as the first silicon material production capacity and share of the largest flexibility.
Generally speaking, if the production reduction is realized and the price of photovoltaic industry chain stabilizes and rebounds, the loss of Tongwei shares in the second half of the year is expected to narrow quarter by quarter, but the probability of turning around the loss in the year is low, and the real profit turning point is more likely to occur in 2027.
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