①

Unyielding amid Storms

However, time always smooths out the bruises and swelling after a rubber band snaps, and it always makes people forget all the lessons. So, how long will the shock of this trough last? No one can answer. Liu Hanyuan emphasized that this round of the cycle also overlaps with the acceleration of technological iteration, policy retreat, and many complexities such as international trade barriers.

The fluctuations continue, and the rise will definitely fall back, but it will eventually rise again. Liu Hanyuan firmly said, "Facing an industry, you must always recognize whether its future market is growing or decreasing. Overall, if this sector is expanding and has room for growth, then your opportunities remain abundant." While opportunities exist, the difference lies in this: charging against the wind may bring crushing pressure, whereas riding the tide can make one the king of all rivers.

Tongwei International Center

Even for ambitious "action-takers," in Liu Hanyuan's view, if they cannot take the lead, if they cannot be at the forefront in terms of funds, production capacity, technology, management, and other aspects, and continuously maintain sufficient advantages, just thinking about making it bigger, "that is courting death."

Many companies once thrived but were caught off guard by policy shifts, plummeting from the clouds to the ground. Tongwei, however, constantly remains vigilant in times of peace. Liu Hanyuan has a well-known saying, "A company cannot enter a sector based on imagination alone, nor naively assume it can simply scale up. The key is to truly weigh and compare whether it can penetrate and firmly establish itself in the industry like a nail. In almost every sector, only the top three players have a chance to survive, and even then, they must consider whether they can remain in the top three."

Over his 43 years of managing Tongwei, Liu Hanyuan has often emphasized that only by capturing the high ground and achieving sound operations can one secure "breakfast" for tomorrow and beyond. In his view, the greatness of the market lies in leaving no room for rest or complacency.

The main battlefield of each industry is in full swing. In such close-quarters combat, only a few will survive—often just the top two or three. This is both the greatness of the market and the brutality of its pressure mechanism. Therefore, Liu Hanyuan has required the team that as long as you want to make a difference, you must work hard, you must get up early and work late, you must be mentally prepared, and you must truly adjust your spirit and psychology to a "combat" state and form a high degree of consensus on the goal. This extreme survival rule is Tongwei's industrial evolution theory.

For example, when peers were deeply mired in price wars, Tongwei launched the world's first "integration of fishery and PV" project in 2014, by setting up PV panels above fish ponds to achieve a three-dimensional land resource composite utilization of "fish farming underwater, power generation above water." After exploring "scope economics," Tongwei redefined the combination of production factors, which can achieve 5-10 times the comprehensive income per mu of fish ponds each year.

Tongwei "Integration of Fishery and PV" Eco-park in Dongying

Achieving the ultimate cost reduction and efficiency enhancement in PV has always been a key research focus for Tongwei. With a sense of urgency, Tongwei has never forgotten its core mission: continuous investment in technological innovation, leading intelligent manufacturing through technology. This explains how Tongwei has consistently maintained its position and successfully navigated market cycles during the three major shifts in the PV industry.

According to Tongwei Co., Ltd.'s 2024 financial report, the company adheres to the principle that "science and technology are the primary productive forces," placing great emphasis on technological research and development. Each business segment has established research teams led by experts with special government allowances from the State Council, continuously increasing R&D investment. Over the past three years, the cumulative R&D investment has exceeded RMB 11 billion, yielding extensive scientific achievements applied to products and markets, creating sustained value for Tongwei. In terms of PV technology R&D, Tongwei has always followed the national strategy and put technological innovation at the top of corporate development.

Last June, Tongwei officially launched its Global Innovation R&D Center in Chengdu, which not only covers the R&D of all mainstream technological routes in the industry but also integrates a material testing center and a product reliability testing center. According to Xing Guoqiang, CTO of Tongwei Co., Ltd., the Innovation R&D Center allows Tongwei to have a layout for potential future mainstream technologies, and has already formed a series of major core technologies in routes such as TNC, THC, TBC, and perovskite/crystalline silicon tandem cells.

Tongwei has a layout for potential future mainstream technologies

and has formed a series of major core technologies in multiple routes

On March 20 of this year, Tongwei Co., Ltd. announced that its THC 210 66-version heterojunction (HJT) module power reached 790.8 watts, with a conversion efficiency exceeding 25.46%! This marks the ninth time since 2023 that Tongwei has broken the world record for HJT module power and efficiency. In terms of patents, as of June 30, 2025, Tongwei's PV sector has been granted a total of 3,069 patents.

In terms of technological innovation, Tongwei continuously upholds the corporate tenet of "pursuing excellence," focusing on results and providing the market with higher quality and more cost-effective products. For Tongwei, the choice of a technological route is not based on its current technological capabilities or whether a technology is the most advanced in the industry, but rather on what products the market needs most. In short, it's about "comprehensive R&D, with focused execution."

This is Tongwei's pragmatism. And in the ever-changing market, a company that respects both technology and the market can stand firm.

If mindset determines state, then belief determines the future. "Sometimes we say internally, if only three companies remain in the PV industry, we will definitely be one of them," Liu Hanyuan said with a smile. "With such belief and capability, we can remain unfazed by the storms, as if strolling in a leisurely courtyard."