Tongwei, GCL technology and Daqo New Energy all reported steep steep losses in the first half of 2025 on weak polys silicon prices, with rising N-type output and cost controls that do not compensate for the margin pressure.
Tongue has reported the turnover of the first half of 2025 of CNY 40.51 billion ($ 5.57 billion), a decrease of 7.5% year on year, with a net loss of CNY of 4.96 billion, which became 58% larger. The gross margin in its solar industry fell to –4.7%, while the agricultural and cattle unit booked 9.7%. The turnover and administrative costs fell to CNY 890 million and CNY 1.45 billion respectively, but the financing costs rose by 77% to CNY 1.35 billion. The company sold 161,300 tonnes of polysilicon, with N-type accounting for more than 90%. Cell shipments reached 49.9 GW, more than 95% N-type and modules shipments amounted to 24.5 GW, including 5.1 GW abroad. The annual capacities of Tongwei now exceed 900,000 tons of high pure polysilicon, 150 GW solar cells and 90 GW of modules.
GCL technology has the turnover of the first half of 2025 of CNY 5.74 billion, a decrease of 36.8% year on year, with a net loss of CNY of 1.78 billion, greater than 32%. The gross margin of the solar material fell to –12.2%. The sale of polysilicon reached 191,400 tons, including 82,400 tons of grainy silicon. Lithium battery anodes shipments rose by 70% to 157,000 tons and generated CNY 3.45 billion in income. Granular silicon capacity is now 480,000 tons, while the traditional polysilicium capacity of 120,000 tons is planned for phasing out by the end of the year. Management expects the gross margin to become positive in the fourth quarter, with grainy silicon shipments from 180,000 to 200,000 tons.
Daqo New Energy has reported the turnover of the first half of 2025 of CNY 1.47 billion, a decrease of 67.9% year on year, with a net loss of CNY 1.15 billion, with a greater of 71%. The gross margin fell to –34%. The production fell 60% to 50,800 tons, with a turnover by 52% to 46,100 tons. N-Type Material exceeded 70% of the output. The company led the production of the third quarter at 27,000 to 30,000 tons and output on the entire year at 110,000 to 130,000 tons, because it reduced the volumes to curb the inventory and promote the market. Despite losses, Daqo maintained a strong balance, with a debt rating of only 8% and CNY 12.1 billion in cash and equivalents.
China Energy Engineering Corp. has launched a centralized tender for 17 GW of solar modules, split into eight plots about tunnel oxide-passivated contact (topcon), heterojunction (HJT) and back-contact technologies. Bidding closes on October 9.
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