On August 19, the Ministry of Industry and Information Technology jointly held a symposium on the photovoltaic industry to regulate the competitive order, promote the withdrawal of backward production capacity, and improve the price monitoring and product pricing mechanism. This action is only 46 days after the first industry symposium in early July, and the intensive coordination of the six ministries and commissions and the rapid implementation of policies highlight the determination of the decision-making level to eradicate the competitive pattern of the industry. Looking back at the first half of this year, with the implementation of the newly revised Anti-Unfair Competition Law and the Central Financial and Economic Commission's sword against "low-price disorderly competition", the photovoltaic industry has finally ushered in a key turning point from "price fighting" to "value reconstruction".
In this reshaping of the industrial order, Tongwei Co., Ltd., the industry leader that holds 30% of the world's high-purity crystalline silicon market share and has topped the list of solar cell shipments for eight consecutive years, is becoming the core force leading the industry through the cycle with the deep accumulation of cost control, technology iteration and the synergy of the whole industry chain. The capital market has taken the lead in capturing positive signals, with the photovoltaic sector rebounding sharply in early July and mid-August; Coupled with the gradual penetration of the price increase transmission chain of the industrial chain, when the policy east wind resonates with the law of the market, the road to value repair of Tongwei shares is clear.
Performance is also expected to see an inflection point. On the evening of August 22, Tongwei disclosed its 2025 semi-annual report: revenue in the first half of the year was 40.509 billion yuan, and the second quarter performance reduced losses month-on-month, and the company's core business was stable and its market share was stable. Among them, in the first half of the year, the company's polysilicon sales volume was 161,300 tons, with a global market share of about 30%, ranking first in the industry; Battery sales were 49.89GW, continuing to rank first in the world, with cumulative global shipments exceeding 300GW, and module sales were 24.52GW, continuing to rank first in domestic distributed market shipments, and overseas shipments achieved explosive growth. It is worth mentioning that the company's monetary funds and transactional financial assets at the end of the period were 33.229 billion yuan, with sufficient financial liquidity reserves, rich financing tools, abundant bank credit, ultra-short-term financing bonds, medium-term notes, etc., maintaining a high degree of smoothness, ensuring the company's liquidity security, and also having significant advantages in liquidity and financing interest rates and maturities.
Anti-involution gives birth to the "breakthrough moment" of the photovoltaic industry
Under the rapid development of the photovoltaic industry, it is gradually showing a "split state". Under the strong momentum of new energy transformation, in contrast to the increase in global photovoltaic installed capacity, there is a "price avalanche" in all links of the industrial chain. In the past, in the process of catching up and surpassing Chinese photovoltaic companies, scale expansion has become the main competitive logic. However, when the cumulative global installed capacity exceeds 2,000GW and approaches the scale of coal power, the industrial logic will inevitably shift from "quantitative expansion" to "qualitative improvement".
The turning point of the photovoltaic industry begins with precise efforts at the policy level. Since 2025, a series of targeted policies have been intensively introduced, pointing directly to the industry pain points of "low-price disorderly competition" and drawing clear boundaries for the healthy development of the industry. On June 27, the newly revised Anti-Unfair Competition Law was officially implemented, which clearly prohibits the sale of polysilicon, modules and other products at a price lower than the cash cost, setting a price bottom line for the photovoltaic industry chain