On October 29, TCL Zhonghuan released its Q3 2024 report, revealing the latest performance in its photovoltaic materials business. The report indicated that despite a substantial increase in the shipment of photovoltaic materials, the company faced significant net losses in the first three quarters due to industry supply-demand imbalances and price fluctuations.
According to the quarterly report, TCL Zhonghuan achieved revenue of 22.58 billion yuan, a decrease of 53.6% year-on-year; net operating cash flow was 2.56 billion yuan, down 28.4%; and net losses reached 6.06 billion yuan, a staggering decline of 198.0%. The company’s total assets increased to 129.88 billion yuan, up 3.9% from the beginning of the year, while net assets decreased to 34.69 billion yuan, down 16.4%.
TCL Zhonghuan stated that the industry remains in a state of supply-demand imbalance. Although prices stabilized after late August, various segments of the main industrial chain are still operating at a loss relative to costs, leading to increased losses in its new energy materials segment. Despite the challenging market environment, TCL Zhonghuan made notable progress in its photovoltaic materials business. In the first three quarters, the company’s monocrystalline silicon capacity rose to 190GW, with product shipments reaching approximately 94.86GW, an increase of 11.4% year-on-year, securing a market share of 19.2%, the highest in the industry.
