Recently, Tongwei Co., Ltd. and Risen Energy successively released their latest investor relations activity records, comprehensively addressing relevant questions of market concern.
Tongwei Co., Ltd.
On May 18, Tongwei held its 2025 Annual and Q1 2026 Earnings Briefing, during which the company's management responded to questions regarding polysilicon supply, overseas business, and technological R&D.
Inventory and Production Strategy:
As of the end of 2025, Tongwei's inventory of high-purity crystalline silicon stood at 207,000 tons. The company stated that it will closely monitor industry dynamics, base its decisions on its actual operational status and market demand, optimize its production capacity structure and sales strategy, and prudently formulate the most economically viable production configuration.
Cell Shipment Data:
In 2025, Tongwei achieved solar cell shipments of 103.03 GW, representing a year-on-year increase of 17.51% and securing a global market share of approximately 15%. Among this total, overseas cell shipments reached 16.73 GW, marking a year-on-year growth of 73%.
Module Business Performance:
In 2025, the company's overseas module sales reached 9.52 GW, a year-on-year increase of 164%. Breaking this down by region:
Middle East & Africa: Grew by 370% year-on-year.
Asia-Pacific: Grew by 279% year-on-year.
Europe: Grew by 129% year-on-year.
Tongwei ranked among the top tier in several countries, claiming the number one market share in South Korea. The company also successfully implemented multiple GW-level and 100-MW-level benchmark projects, expanding its distribution network to cover over 80 countries.
2026 Outlook:
Looking ahead to 2026, the company plans to seize the opportunities presented by the global energy transition. It will focus on core mature markets in Europe and high-growth markets in the Asia-Pacific, while simultaneously tracking and exploring other high-value regions such as the Americas. Adhering to its core strategy of global expansion, Tongwei aims to increase its overseas module shipment proportion to 40%.
Technological Roadmap & Breakthroughs:
Technologically, Tongwei has strategically deployed multiple technology routes, including TOPCon, HJT, XBC, and perovskite/silicon tandem cells. Facing core industry pain points such as high silver prices, the company is synchronously tackling challenges on both the paste and process fronts, and has successfully achieved key breakthroughs in relevant technical fields.
Specifically, during the reporting period:
TOPCon Route: By introducing cell-module integrated efficiency-enhancing technologies such as steel plate printing, photolithography, and Poly Tech to its mainstream TOPCon products, the company successfully released the TNC 3.0 module (210R-66 format) with a mass-production power output reaching up to 650W.
HJT Route: Tongwei pioneered the three-cut cell manufacturing technology and took the lead in developing the 780W HJT mass production route, reducing silver consumption to below 4mg/W. It was also the first to overcome packaging challenges related to damp heat and high UV degradation.
XBC Route: The company is synchronously developing two pilot lines: TBC and HTBC. Substantial breakthroughs have been made in key technologies such as high bifaciality and copper electroplating, with the average mass-production power of the pilot lines maintaining industry-leading levels.
Perovskite/Silicon Tandem Cells: Furthermore, the company has built the industry's first fully automated 5MW-level perovskite-silicon tandem cell experimental line, achieving a small-area tandem cell efficiency of 34.94%.
Regarding the market's focus on the acquisition of Lihao Clean Energy, the company revealed that the current auditing and assessment work is still progressing, and the specific completion timeline remains uncertain.
Risen Energy
On the afternoon of May 19, Risen Energy held its earnings briefing. Company Chairman Lin Haifeng and several core executives provided detailed disclosures and answers regarding the company's capacity planning, the latest progress in HJT technology, and cutting-edge application fields such as space photovoltaics.
Technology and Product Milestones:
On the technical front, the company stated that cumulative shipments of its 210 HJT Hyper-ion series products have exceeded 10 GW. This product integrates multiple manufacturing technologies, including low-temperature bifacial passivating contacts, stress-free interconnection, and bifacial microcrystalline technology. Combined with material cost-reduction measures such as 210 half-cut thin silicon wafers and low-silver-content paste, it has effectively enhanced the product's comparative advantage regarding the Levelized Cost of Energy (LCOE).
Space Photovoltaics and Special Applications:
Notably, the briefing placed a major focus on exploring the prospects of P-type ultra-thin HJT products in special application scenarios, particularly in space.
Currently, the thickness of the company's P-HJT cells has been reduced to 50–70 micrometers, with the potential for further thinning.
This ultra-thin design not only effectively reduces the launch payload of low-earth-orbit (LEO) satellites and saves fuel, but its excellent flexibility also perfectly adapts to flexible, roll-up satellite solar wings.
Furthermore, these cells are superior to traditional gallium arsenide products in terms of radiation resistance and manufacturing costs.
The company confirmed that this series of ultra-thin products already possesses the capacity for batch delivery tailored to customer needs and has already accumulated experience with small-batch deliveries in overseas regions.
Capacity Layout:
In terms of production capacity, the company has currently deployed photovoltaic cell and module manufacturing facilities overseas in Malaysia, as well as domestically in Ningbo, Changzhou, Chuzhou, and Yiwu. This includes 6 GW of HJT cell capacity and over 10 GW of high-efficiency module capacity.
Energy Storage Business:
Regarding energy storage, the company has built integrated energy storage system capabilities covering Battery Systems, PCS (Power Conversion Systems), BMS (Battery Management Systems), EMS (Energy Management Systems), and SMS. Through system-level collaborative design, it can meet the stringent requirements for safety, grid-connection performance, and operational efficiency of centralized energy storage projects ranging from the hundreds-of-megawatts level to the gigawatt level, successfully satisfying diverse customer needs.
Source：EnergyTrend
