Tongwei Co., Ltd. has recently released a research report detailing discussions with investors, who expressed interest in the company’s component utilization rate, operational goals for 2025, and plans for resuming production at its polysilicon projects. Regarding the utilization rate, Tongwei noted that with the arrival of the peak season in March, combined with the implementation of new energy pricing policies, there is a strong expectation for a significant increase in component production compared to previous months. The company’s production in March is expected to align with this upward trend in the industry.
Additionally, Tongwei plans to flexibly adjust its component utilization rate based on market demand, its own order situation, and various factors related to supply chain coordination. Concerning the resumption of production at the polysilicon projects located in Yunnan and Sichuan, the company stated that the timeline remains uncertain and will depend on market conditions, electricity price trends, and the company’s overall operational strategy. However, Tongwei is confident that once production resumes, it can reach full capacity within approximately one month, quickly responding to market demand and creating greater value for its shareholders.
Since the industry self-discipline initiative was introduced at the end of last year, polysilicon companies have significantly reduced their operating rates, resulting in a continuous decline in production. Yet, third-party pricing reports indicate that there has not been a notable increase in polysilicon prices, leading to investor concerns. Tongwei explained that major players in the supply chain have actively responded to the self-discipline initiative, achieving a reasonable control of operating rates and production through phased capacity adjustments.
Traditionally, January and February are slow months for the industry, with a seasonal decrease in end-user installation demand, compounded by existing inventory levels that need to be absorbed. This has led to reduced market activity and has prevented polysilicon prices from fully reflecting the impact of supply contraction. However, Tongwei anticipates that as the second quarter progresses, the pace of photovoltaic project construction both domestically and internationally will pick up, potentially entering a positive cycle of “de-stocking acceleration and price recovery.”
The company remains committed to a strategy of balancing volume and profit, maintaining technological leadership, and optimizing costs amid industry fluctuations. They emphasize the importance of a vertically integrated supply chain to enhance resilience. Tongwei will continue to monitor market and inventory changes, adjusting its production and sales strategies flexibly to maximize opportunities arising from industry recovery.
Regarding its operational goals for 2025, Tongwei reiterated its commitment to focusing on industry trends and optimizing its capacity structure and market strategies in a prudent manner. Investors also noted the company’s achievement of record high power output for HJT components. Tongwei has been dedicated to researching and advancing various battery technologies, reporting that its 1 GW HJT pilot production line now has an average power output exceeding 737 W (210-66 model, Rhein standard). The company has developed a clear roadmap for power enhancement and is confident in raising the average power output of HJT components to over 765 W by the end of 2025, corresponding to an efficiency exceeding 24.6%.
Looking ahead, Tongwei will continue to invest in research and development, guided by market demands and technological advancements, to further increase the mass production average power of HJT components.
In discussing the decision to terminate its planned acquisition of Runyang Co., Ltd., Tongwei explained that although multiple rounds of detailed discussions took place since signing the capital increase agreement, some business terms could not be agreed upon. After thorough consideration of the needs of all parties involved and with respect to their respective positions, the company’s board of directors and supervisory board approved the decision to terminate the proposed capital increase.
