Tongwei Co., Ltd.

Tongwei takes fifth place among the brands and third among the manufacturers, and it is the only company here whose accounts are decided partly outside aquaculture. Revenue of RMB 84.128 billion, about US$11.7 billion, includes close to RMB 30 billion from feed, seedlings and freshwater farming, with polysilicon and solar modules making up much of the rest. The Fortune Global 500 admitted members at US$32.2 billion in 2025, close to three times that turnover, so the group is not on the register and scores 88/100.

Industry Position

Tongwei is the largest aquatic feed producer in the world by volume. More than 80 self-built mills provide capacity above 10 million tonnes a year, and the product range covers carp, tilapia, catfish, shrimp and specialty species. Founded in 1992 and run from Chengdu, the company employs 55,724 people and reports revenue of RMB 84.128 billion for 2025, of which the agricultural and aquatic division contributes close to RMB 30 billion.

The rest of the group is solar. Polysilicon and module factories in Sichuan, Inner Mongolia and Yunnan make Tongwei one of the largest Chinese suppliers of solar materials, and that division is what turned the consolidated result negative in the 2025-2026 financial year while feed and farming kept producing cash. No other company on either table has a second business of comparable size, and few have one that moves so independently of fish.

Competitive Advantages

The pairing of panels and ponds is the distinctive asset. Solar arrays are mounted over water, the surface cools the modules and lifts their yield, and the fish below are farmed with automated feeding and continuous water-quality monitoring. Tens of thousands of hectares operate this way. The company earns from electricity and from fish on the same land, and the farm's aeration and pumping costs fall, which matters in a business where power is the largest overhead after feed.

Feed scale is the second advantage. Buying soybean meal, fishmeal and premix for more than 10 million tonnes of capacity gives Tongwei terms that smaller formulators cannot obtain, and its formulation library for specialty species supports higher prices than commodity carp feed. The 80-plus mills are placed to keep freight short in a business where feed is cheap relative to its weight, which is why a national network is hard to replicate region by region.

Strategic Expansion

Expansion is running in two directions. In solar, the group is acquiring a stake in Qinghai Lihao Clean Energy, consolidating polysilicon capacity while higher-cost producers leave the market. In aquaculture, spending goes into fry breeding and into feed formulations for species where margins are better than in bulk carp feed, and demonstration farms are used to prove yields to buyers before they switch suppliers.

Geographically the feed and seedling business operates in China, Vietnam, Bangladesh and Singapore, while solar products are exported worldwide. Overseas feed capacity is a copy of the domestic model, sold on the same package of fry, feed and advice, and it addresses the fact that Chinese freshwater aquaculture is a mature market where volume growth now comes from taking share rather than from a rising tide.

Risks & Outlook

The solar cycle is the largest uncertainty. Polysilicon overcapacity pushed prices below the cost floor of much of the industry and drove the consolidated net result into loss for the 2025-2026 year. That loss is a financial event rather than an operating failure in the fish business, but it restricts how much capital the group can direct toward aquaculture while the downstream market clears.

Competition in Chinese feed is the second pressure. Volume growth now depends on species mix and on specialty formulations, where margins attract rivals, and the farming estates carry the biological and weather risk that any pond operator faces. What Tongwei has that most feed makers do not is a second use for the same water, which lowers the cost of the pond itself. VerityRank Score of 88/100.