EnergyTrend learned that TCL Zhonghuan and FIRST have successively issued announcements disclosing their 2026 semi-annual performance forecasts.
TCL Zhonghuan
On July 14, TCL Zhonghuan released its performance forecast. The company expects to narrow losses in the January–June 2026 period while remaining in the red. Its net profit attributable to parent company is estimated at -3.3 billion yuan to -3.0 billion yuan, representing a year-on-year improvement of 22.20% to 29.30%.
TCL Zhonghuan stated that the photovoltaic industry continued to face an imbalance between supply and demand during the reporting period. Prices of mainstream products remained under downward pressure, weighing on profitability across the sector. Nevertheless, driven by sustained cost reduction and efficiency improvement initiatives, non-silicon costs for the company’s silicon wafer business fell by over 13% year-on-year, with EBITDA seeing a year-on-year improvement.
TCL Zhonghuan has achieved tangible progress in its moderate integration and globalization strategies. Revenue from its and module business rose nearly 40% year-on-year. Expanding scale and optimized product mix jointly helped narrow losses in the module segment.
In addition, TCL Zhonghuan’s semiconductor materials business maintained stable operations, with revenue projected to exceed 3 billion yuan.
FIRST
On July 14, FIRST unveiled its semi-annual performance forecast, projecting a year-on-year profit increase for January–June 2026. Its net profit attributable to parent company is estimated at approximately 869.3 million yuan, up 75.35% year-on-year, while non-recurring profit and loss adjusted net profit stands at roughly 751.9 million yuan, growing 67.53% year-on-year.
FIRST noted that the forecast profit growth stems mainly from improved operational profitability and higher non-recurring gains. Spurred by geopolitical conflicts in the Middle East, selling prices of its core product — photovoltaic encapsulation film — increased, lifting gross margins. Meanwhile, sales volume and profitability of photosensitive dry film, a new product for PCB manufacturing, also improved.
Higher investment income from wealth management products and the reversal of impairment provisions previously made for specific accounts receivable drove a year-on-year rise in the company’s non-recurring gains and losses.
Source：EnergyTrend
