On March 24, TCL Zhonghuan released its 2025 annual report. Impacted by negative gross margins across its primary products and the fact that its own cell and module business remains in an expansion phase, the company reported an operating revenue of 29.05 billion yuan, representing a year-on-year increase of 2.22%.
Within this, the net loss attributable to shareholders of the listed company stood at 9.264 billion yuan, narrowing by 5.65% year-on-year. The net loss attributable to shareholders of the listed company after deducting non-recurring gains and losses was 9.768 billion yuan, reflecting a year-on-year loss reduction of 10.39%.
Broken down by sector, the photovoltaic (PV) business generated an overall sales revenue of 22.725 billion yuan. Specifically, although the PV materials business was affected by price adjustments across the industry chain—resulting in an operating revenue of 12.238 billion yuan (a 26.49% year-on-year decrease)—silicon wafer processing costs dropped significantly by over 40% year-on-year. This was largely driven by structural optimizations in the supply chain and improved internal management efficiency.
Meanwhile, to align with the market's ongoing trend toward cost reduction and efficiency enhancement, as well as the rapidly growing customer demand for large-format, ultra-thin, and high-efficiency silicon wafers, shipments of the company's G12 series products achieved a robust 40.8% year-on-year growth.
The PV cell and module business demonstrated strong growth momentum, recording an operating revenue of 9.324 billion yuan, a 60.45% year-on-year increase. This segment accounted for 32.10% of total revenue, with module shipments reaching 15.1GW—a year-on-year surge of over 80%.
On the product front, closely following market trends and customer needs, the company completed upgrades to its half-cut and BC (Back Contact) production lines and launched multi-cut products. Simultaneously, the dual-brand matrix of TCL Solar and SUNPOWER gained strong customer recognition, continuously diversifying both the product portfolio and customer base.
Furthermore, TCL Zhonghuan steadfastly advanced its globalization strategy by establishing an overseas operational system and achieving breakthroughs in the Asia-Pacific, Latin America, and Middle East & Africa markets. Overseas sales volume for its cell and module business grew by over 200%. Investment and construction projects in the Middle East and the Philippines are steadily progressing in accordance with market and local conditions, enabling the overseas business to achieve GW-level breakthroughs.
Looking ahead to 2026, the company will remain anchored to its business philosophy of "strategic leadership, innovation-driven development, advanced manufacturing, and global operations." It aims to shore up operational weaknesses, actively promote mergers, acquisitions, and the development of new capabilities, strengthen its domestic business, expand into overseas markets, and ultimately reshape its core competencies.
Source：EnergyTrend
