Chinese PV Industry Brief: Tongwei, GCL and Daqo post steep H1 losses

<p class="p1"><span class="s1">Tongwei, GCL Technology and Daqo New Energy all reported steep first-half 2025 losses on weak polysilicon prices, with rising n-type output and cost controls failing to offset margin pressure.</span></p><p><a href="https://www.pv-magazine.com/2025/05/06/chinese-pv-industry-brief-financials-from-tonwgei-ginlong-goodwe-flat-glass/" rel="noopener" target="_blank"><strong>Tongwei</strong></a> has reported first-half 2025 revenue of CNY 40.51 billion ($5.57 billion), down 7.5% year on year, with a net loss of CNY 4.96 billion, widening 58%. Gross margin in its solar business fell to –4.7%, while its agriculture and livestock unit posted 9.7%. Sales and administrative expenses declined to CNY 890 million and CNY 1.45 billion, respectively, but finance costs surged 77% to CNY 1.35 billion. The company sold 161,300 tons of polysilicon, with n-type accounting for more than 90%. Cell shipments reached 49.9 GW, more than 95% n-type, and module shipments totaled 24.5 GW, including 5.1 GW overseas. Tongwei’s annual capacities now exceed 900,000 tons of high-purity polysilicon, 150 GW of solar cells and 90 GW of modules.</p>
<p><a href="https://www.pv-magazine.com/2025/01/23/gcl-cuts-granular-silicon-production-costs-by-15/" rel="noopener" target="_blank"><strong>GCL Technology</strong></a> has posted first-half 2025 revenue of CNY 5.74 billion, down 36.8% year on year, with a net loss of CNY 1.78 billion, widening 32%. Solar material gross margin fell to –12.2%. Polysilicon sales reached 191,400 tons, including 82,400 tons of granular silicon. Lithium battery anode shipments surged 70% to 157,000 tons, generating CNY 3.45 billion in revenue. Granular silicon capacity now stands at 480,000 tons, while traditional polysilicon capacity of 120,000 tons is slated for phase-out by year-end. Management expects gross margin to turn positive in the fourth quarter, with full-year granular silicon shipments of 180,000 to 200,000 tons.</p>
<p><a href="https://www.pv-magazine.com/2025/02/28/chinese-pv-industry-brief-daqo-posts-345-2-million-net-loss-for-2024/" rel="noopener" target="_blank"><strong>Daqo New Energy</strong></a> has reported first-half 2025 revenue of CNY 1.47 billion, down 67.9% year on year, with a net loss of CNY 1.15 billion, widening 71%. Gross margin fell to –34%. Production declined 60% to 50,800 tons, with sales down 52% to 46,100 tons. N-type material exceeded 70% of output. The company guided third-quarter production at 27,000 to 30,000 tons and full-year output at 110,000 to 130,000 tons, as it cut volumes to curb inventory and ease market oversupply. Despite losses, Daqo maintained a strong balance sheet, with a debt ratio of just 8% and CNY 12.1 billion in cash and equivalents.</p>
<p><strong>China Energy Engineering Corp.</strong> has launched a centralized tender for 17 GW of solar modules, split into eight lots covering tunnel oxide passivated contact (TOPCon), heterojunction (HJT), and back-contact technologies. Bidding closes on Oct. 9.</p>