In 2025, TCL Zhonghuan New Energy Technology Co., Ltd. (referred to as “TCL Zhonghuan”) reported a net loss of 9.264 billion yuan attributable to shareholders of the listed company, marking the ninth consecutive quarter of losses since the fourth quarter of 2023.
According to the summary of the 2025 annual report released by TCL Zhonghuan on the 25th, the company achieved operating income of 29.05 billion yuan, a 2.22% year-on-year increase. Despite a decrease compared to the loss in 2024, the net loss attributable to shareholders of the listed company was still significant. Additionally, the total assets of the company decreased by 6.05%, while the net assets attributable to shareholders of the listed company dropped by 28.92%. The net cash flow generated from operating activities also saw a decline of 59.72% year-on-year.
Statistics from Oriental Fortune show that TCL Zhonghuan has been incurring losses for nine consecutive quarters since the fourth quarter of 2023.
The announcement pointed out that the main reason for the losses was the imbalance between supply and demand in the photovoltaic industry: “Weak demand, insufficient price transmission, new scenarios and applications have not substantially improved the supply-demand relationship, leading to increased operating pressure in the fourth quarter.”
Public records indicate that TCL Zhonghuan New Energy Technology Co., Ltd. was founded on December 21, 1988, and went public on the Shenzhen Stock Exchange on April 20, 2007. The company’s main business includes photovoltaic materials, photovoltaic cell module manufacturing, as well as smart photovoltaic solutions. In February 2026, the company was ranked 361st in the “Hurun China 500” list for 2025.
As of the closing on March 26th, TCL Zhonghuan’s stock price was at 9.17 yuan, a decrease of 4.88%, with a total market value of 37.075 billion yuan.
This challenging financial situation has raised concerns among investors and industry analysts about the company’s future prospects and the measures it may undertake to overcome the ongoing losses and restore financial stability.