Tongwei Co Ltd Class A

600438: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tongwei Earnings: Polysilicon Rebound Lifts Margins; Module Headwinds Persist

Cheng Wang

Oct 27, 2025

Tongwei's third-quarter revenue fell by 2% year on year. While still in the red, net margin improved to negative 1.3% compared with negative 9.6% in the previous quarter and negative 3.4% in the same quarter last year.

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Tongwei Co Ltd Class A

Tongwei Earnings: Polysilicon Rebound Lifts Margins; Module Headwinds Persist

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