On 21st August 2023, Tongwei Co.,Ltd. (SH：600438), a leading company engaged in the R&D, manufacturing and marketing of core solar products, released its financial report for the first half of 2023.

Tongwei Solar has reported an operating income of 74.068 billion yuan for the current period, a 22.75% improvement over the previous year. The net profit attributable to shareholders of listed companies increased 8.56% YoY to 13.27 billion yuan. After deducting non-recurring gains and losses, the net profit attributable to shareholders of listed companies reached 12.62 billion yuan, a YoY increase of 1.02%. The basic earnings per share amounted to 2.9477 yuan. Its revenue and net profit both reached record highs during H1 2023.

The company has achieved a production capacity exceeding 420,000 tonnes of high-purity crystalline silicon products, 90GW of solar cells, and 55GW of modules, with excellent product cost, quality, and efficiency in photovoltaics. Tongwei Solar has consistently maintained its position as the top producer of high-purity crystalline silicon, and it exceeded a domestic market share of 30% by 2022. As a specialized manufacturer of solar cells, it has been the leader in worldwide cell shipments volume for six consecutive years since 2017, according to InfoLink Consulting.

Tongwei Solar has also disclosed its expansion plan in Leshan City, Sichuan Province of China.

The announcement states that Tongwei Solar intends to sign projects for silicon ingot, slice, and cell with the People’s Government of Emeishan City and the People’s Government of Wutongqiao District respectively. Tongwei Solar plans to invest 10 billion yuan in a silicon ingot, slice and cell project with a capacity of 16GW in Emeishan City, as well as an additional 10 billion yuan and 16GW silicon ingot, slice and cell in Wutongqiao District. These projects aim to position Leshan City as the next Silicon Valley.