Tongwei Co., Ltd (600438.SH) announces an expected half-year loss of approximately 3 to 3.3 billion yuan.

Tongwei Co., Ltd (600438.SH) announced its 2024 interim performance forecast, with an estimated net loss attributable to the owners of the parent company of around 3 to 33 billion yuan for the first half of 2024, compared to a loss in the same period last year; the estimated net loss after deducting non-regular gains and losses for the first half of 2024 is also around 30 to 33 billion yuan. In the first half of 2024, China's photovoltaic industry saw an increase in installed capacity and exports, with overall demand improving. However, due to intensified market competition caused by rapid growth in supply for main products in the industry chain, prices for these products significantly decreased year-on-year. Thanks to leading technology, quality, cost, and stable customer structure, the company's main photovoltaic products like high-purity crystalline silicon and CECEP Solar Energy modules continued to see substantial growth in sales in the first half of the year. Sales of CECEP Solar Energy cells remained stable year-on-year due to some capacity upgrades. However, the company's photovoltaic business operated at a loss in the first half of the year due to significantly decreased and persistently weak market prices in all aspects of the industry chain. The company's feed and industry chain business continued to grow steadily in the first half of the year, with increased profitability year-on-year. Aquaculture feed experienced growth in sales against the backdrop of overall industry pressure.