TCL Zhonghuan Renewable Energy Technology (002129) H2 2025 earnings summary

Executive summary

• Revenue reached ¥29.05 billion in 2025, up 2.22% year-over-year, but net loss attributable to shareholders was ¥9.26 billion, a 5.65% reduction in loss compared to 2024.

• Operating cash flow was ¥1.14 billion, down 59.72% year-over-year, reflecting increased receivables and slower collections.

• The company maintained global leadership in photovoltaic (PV) materials, with silicon wafer market share ranked first and EBITDA improved by ¥1.92 billion year-over-year.

• PV cell and module shipments grew over 80% year-over-year, with revenue up 60.45% and overseas module sales more than doubled.

• Semiconductor materials revenue rose 21.75% year-over-year, with continued domestic leadership.

Financial highlights

• Gross margin for PV materials remained negative due to industry overcapacity and price competition.

• Basic and diluted EPS were both -2.3190, compared to -2.4629 in 2024.

• Total assets at year-end were ¥117.99 billion, down 6.05% from 2024; net assets attributable to shareholders fell 28.92% to ¥21.97 billion.

• Non-recurring gains totaled ¥504 million, mainly from government subsidies and asset impairment reversals.

Outlook and guidance

• The company expects continued global economic uncertainty and intense PV industry competition in 2026.

• Strategic focus remains on innovation, advanced manufacturing, and global expansion, with emphasis on cost reduction, efficiency, and overseas market development.

• Plans to leverage industry consolidation opportunities and strengthen integrated PV solutions.