Caixin
Jul 05, 2022 07:56 PM
BUSINESS

Chinese Silicon-Maker Tongwei Predicts Fourfold Profit Jump

On June 5, 2021, at the 16th International Solar Photovoltaic and Intelligent Energy Exhibition in Shanghai, Tongwei exhibited solar photovoltaic panels. Photo: VCG
On June 5, 2021, at the 16th International Solar Photovoltaic and Intelligent Energy Exhibition in Shanghai, Tongwei exhibited solar photovoltaic panels. Photo: VCG

A major Chinese producer of the raw materials used to make solar panels expects to see its profit more than quadruple year-on-year in the first half, as a government drive to boost renewables’ share of the country’s energy mix drove prices skyward.

Shanghai-listed Tongwei Co. Ltd. (600438.SH) expects to post a net profit of between 12 billion yuan ($1.79 billion) to 12.5 billion yuan, surging as much as 321.48%, according to a Monday exchange filing, citing bumper demand and expanded output.

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