Tongwei is the world's largest supplier of polysilicon. Following a supply shortage in 2021 and 2022, polysilicon prices soared, leading to significant investments and subsequent oversupply. As a result, prices fell sharply, resulting in net losses for Tongwei's polysilicon business in 2024 and 2025. Due to substantial overcapacity, we think polysilicon prices will remain subdued for a prolonged period until the small players are driven out of the market.