Tongwei faces loss amid PV sector downturn, repurchases shares

Tongwei Co., Ltd. (SSE:600438) reported a challenging 2024, marked by a significant net loss attributable to shareholders of CNY -7.039 billion. This comes despite achieving operating revenue of CNY 91.994 billion, a decrease of 33.87% year-over-year, as the photovoltaic sector faced a sharp decline in market prices. The company also recorded substantial asset impairments and scrapping totaling CNY 1.065 billion.