Source: Sichuan Daily

Reporter: Lin Lan

On July 28, the 2026 Fortune Global 500 list was unveiled. Tongwei Group once again made the list, ranking 464th, a 15-place jump from the previous year. It is the only Fortune Global 500 enterprise whose core business is photovoltaics.

In 2023, Tongwei made its debut on the list, achieving a "zero breakthrough" for Sichuan's manufacturing sector in the Fortune Global 500. Originating from Sichuan, Tongwei has stepped onto the global stage as a representative of Chinese photovoltaic enterprises.

Currently, the photovoltaic industry is undergoing in-depth adjustments: short-term fluctuations in domestic installed capacity, mounting pressure on industrial chain prices, and growing market wait-and-see sentiment. However, precisely during this industry-wide challenging period, Tongwei has broken through against the trend by taking technological innovation as its spear and integrated layout as its shield to re-enter the list. This performance report not only embodies the value of long-termism but also further confirms the strong resilience of leading Chinese photovoltaic enterprises to traverse industry cycles.

Technological Advancement: Advancing Multiple Routes Simultaneously to Anchor Future High Ground

Technological innovation is the core path to escape low-quality competition. Liu Hanyuan, Chairman of the Board of Tongwei Group, has repeatedly emphasized that "technological innovation is one of Tongwei's core competitiveness."

Since entering the new energy industry in 2006, Tongwei has taken root in the core technological links of the industrial chain. From polysilicon to cells and modules, it has built a technological moat that is hard to replicate. At the upstream end, the independently iterated 8th-generation "Yongxiang Process" production technology has raised the purity of high-purity polysilicon to the electronic-grade standard of "11 nines", reaching the world's advanced level. Leveraging its technological advantages, Tongwei has ranked first in the world in high-purity polysilicon shipments for consecutive years, with a domestic market share exceeding 30%.

The industry's trough period is precisely a window for technological catch-up. Adhering to the belief that "the more difficult the industry adjustment period is, the more we must rise to the challenges in R&D", Tongwei has consolidated its scientific research foundation. It now boasts 3 national-level enterprise technology centers, and has been approved as the first batch of national-level "National-level Manufacturing Pilot Platform" and the only one in the photovoltaic industry. In recent years, its annual average R&D investment has reached nearly 3 billion yuan. Such determination has earned it a leading position across all technological routes.

Tongwei Global Innovation R&D Center

On the mass production front, Tongwei's newly launched TNC 3.0 technology ecosystem endows module products with a super high bifaciality of 90%, excellent low-light power generation performance, hot spot protection, and shading protection capabilities. It is fully compatible with residential, commercial & industrial, and utility-scale power stations across all scenarios, significantly reducing BOS costs and levelized cost of electricity, and bringing tangible revenue increments to customers.

In forward-looking tracks, in the HJT (heterojunction) field, the power of the THC-G12 heterojunction copper-interconnected module has exceeded 802.43W, setting a new world record for the 12th time. It has also achieved 100% silver-free production, solving the industry pain point of precious metal dependence. The industry's first fully automatic 5MW perovskite-silicon tandem cell pilot line has been completed, with the efficiency of small-area tandem cells reaching 34.94%, securing the discourse power for next-generation technologies. Relying on its profound technological heritage and strong scientific research strength, Tongwei is driving the steady progress of China's photovoltaic industry through cutting-edge R&D and innovation.

Tongwei Solar Multi-Split Technology Cells

Instead of betting on a single route, Tongwei has comprehensively laid out cutting-edge technologies including TOPCon, HJT, xBC and perovskite/silicon tandem cells. Mature products contribute profits, while new technology reserves hedge against cyclical fluctuations, allowing it to seize the technological premium first when the industry recovers.

Industrial Synergy: Integrated Layout to Build Strength Against the Cycle

Since entering the photovoltaic track in 2006, Tongwei has gradually opened up the full chain from polysilicon to solar cells and modules. Leveraging its vertically integrated layout, it continues to amplify scale effects and cost advantages. With its outstanding performance in empowering the entire industrial chain to improve quality and reduce costs through in-depth digital and intelligent manufacturing, Tongwei Solar Meishan Company has become the world's first "Lighthouse Factory" in the field of photovoltaic cell manufacturing, as well as the first "Lighthouse Factory" among local Sichuan enterprises, providing a reference for the digital transformation of the province's manufacturing industry.

The World's First "Lighthouse Factory" in Photovoltaic Cell Manufacturing - S4 Digital Intelligence Hub of Tongwei Solar Meishan Company

Building on its advantages in the manufacturing sector, Tongwei is accelerating its global expansion. In 2025, Tongwei's overseas module sales increased by 164% year-on-year, with products exported to more than 80 countries and regions. Its global layout effectively hedges against short-term fluctuations in the domestic market.

Tongwei TNC Modules Ensuring Supply for the Dorst Ground-Mounted Photovoltaic Power Station Project in the Netherlands

In June this year, during the 2026 Intersolar Europe held in Munich, Germany, third-party research institutions commented that Tongwei's industrial synergy layout endows it with cost resilience in the face of global market fluctuations, and predicted that its global competitive advantages will further expand.

Tongwei's strong confidence also stems from its unique strategic vision of counter-cyclical development.

Looking back at Tongwei's development path: in 2006, it crossed into the photovoltaic new energy industry by acquiring a 51% stake in Yongxiang Co., Ltd. to enter the upstream high-purity polysilicon manufacturing sector; in 2013, it acquired Hefei Saiwei to fill the gap in solar cell manufacturing; in 2022, it further extended to the module segment, building a full photovoltaic industrial chain landscape. Every key layout was made at the bottom of the cycle, expanding core production capacity at low cost and waiting for the industry inflection point to release dividends.

Liu Hanyuan, Chairman of the Board of Tongwei Group, defines this cycle as "the second darkness before dawn". He not only faces up to the short-term pains of the industry but also firmly believes in the long-term development logic of photovoltaics. Today, China has become an active promoter of global energy transition, and the industrial resilience and innovation capability of Chinese photovoltaics continue to gain international recognition.

Tongwei Zhanhua "Fishery-Solar Hybrid" Project

Historical experience shows that the in-depth adjustment cycle of photovoltaic production capacity usually lasts 12 to 18 months. This current cycle, which started in the second half of 2024, has already exceeded 12 months. With the introduction of policies such as the cancellation of export tax rebates and the mandatory module energy efficiency standards, the market is accelerating its concentration towards leading enterprises. The second half of 2026 is expected to witness three major inflection points: inventory destocking, supply-demand balance, and profit recovery.

During this deep-diving period, Tongwei adheres to long-termism, drives industrial upgrading through scientific and technological innovation, and completes its strength building for the cycle. When the inflection point truly arrives, the accumulated potential of this leading enterprise will be fully released, and it will continue to contribute Tongwei's strength to the global energy transition.