In the first half of 2023, the drop in silicon prices – crucial to solar power generation – has led to poor returns in the industry. Two of the biggest domestic players DAQO New Energy and Xinte Energy saw profits collapse. DAQO reported a 43-percent decrease in revenue and a 54-percent drop in net income. Xinte achieved revenue growth, but net profit is off by 15 percent.
Tongwei is the only one of the three giants to achieve growth in income and profit in H1, and that's only because Tongwei avoids overreliance on silicon. Sales of the company's photovoltaic cell sales have risen by 65 percent in the past year and the company is expanding production.
Tongwei's curious "PV + fishery" project is ongoing. This initiative represents an innovative approach that combines aquaculture with solar energy production through photovoltaic panels above fishponds.
Since the first "PV + fishery" power station was commissioned in 2012, Tongwei has built another 52, generating 2.2 billion kWh in H1.
