As of Monday (January 26), a total of 1,165 A-share companies have disclosed their performance forecasts for 2025, with over 60% experiencing a decline in performance. Industries such as real estate, photovoltaic, and chemical engineering are among the hardest hit by losses. Many companies providing performance forecasts attributed the situation to overcapacity, supply-demand imbalance leading to price drops, alongside deteriorating international environment and export restrictions.
On the evening of January 26, more than 100 A-share companies disclosed their performance forecasts for 2025, with several loss-making companies included. Among them, Dayu Biology, ST Yingfeituo continued to suffer losses, while 263, Hengjida Xin reported their first losses.
According to Wind data, as of January 26, a total of 1,165 A-share companies have disclosed their 2025 performance forecasts, with 709 companies experiencing a decline in performance, exceeding 60%. This includes 174 companies reporting first-time losses, 393 companies continuously losing, 121 companies expecting reduced profits, and 21 companies with slight declines. Based on this calculation, it is estimated that 567 A-share companies are expected to incur losses.
There are 53 companies in 2025 expecting a loss of over 1 billion RMB in net profit attributable to shareholders, including several industry leaders such as Longi Green Energy and TZSUN.
Financial blogger “Financial Report Finder” revealed on January 25 that among the listed companies that have released financial reports, industries where companies are predominantly forecasting losses include photovoltaics, real estate, chemical engineering, pharmaceuticals, and construction decoration. Particularly in real estate, photovoltaics, and basic chemical engineering, which are the top three industries with the highest number of loss-making companies.
Real estate industry giant Huaxia Happiness is forecasted to incur losses of 16 to 24 billion RMB in 2025, temporarily becoming the “loss king”. Greenland Holdings predicts a loss of 16 to 19 billion RMB in net profit for 2025.
In the photovoltaic industry in 2025, overcapacity and price depression have led to substantial losses. Among them, Tongwei Co. expects a net profit in 2025 to drop by 9 to 10 billion RMB, a decrease by 27.86% to 42.07% compared to the previous year; TCL Central expects a loss of 8.2 to 9.6 billion RMB; Longi Green Energy expects a loss of 6 to 6.5 billion RMB; JA Solar predicts a loss of 4.5 to 4.8 billion RMB.
Regarding the reasons for the losses, JA Solar explained in its announcement: “The impact of supply-demand imbalances caused by the concentrated release of production capacity in various links along the photovoltaic industry chain in recent years has led to a temporary imbalance in supply and demand.” The company’s average selling price of components and profit capabilities have decreased year-on-year, resulting in a temporary operating loss.
The chemical engineering industry is another area severely impacted by losses. Several chemical enterprises that have released performance forecasts have predicted losses. Shanghai Petrochemical, one of the leaders in the petrochemical industry, is expected to incur losses of 1.45 to 1.55 billion RMB in 2025; Bohai Chemical predicts losses of 665 million to 632 million RMB; Luhua Technology anticipates losses of 863 million to 638 million RMB.
Furthermore, Liuguo Chemical forecasts a loss of 480 million to 410 million RMB in net profit attributable to the parent company for 2025; Zhixiangtengda, focusing on fine chemicals, expects a loss of 660 million to 470 million RMB, a year-on-year decrease of between 2183.35% to 1583.60%.
Chemical giant China National Chemical Corporation anticipates a full-year loss for 2025. As of the end of the third quarter of 2025, the net profit attributable to shareholders of the listed company is estimated to be a loss of 1.331 billion RMB.
In its profit warning announcement, Shanghai Petrochemical explicitly stated that the supply-demand imbalance in the chemical industry in 2025, causing significant price declines in major products, is the core reason affecting the company’s profitability.
Liuguo Chemical provided an explanation for its losses in the financial reports: “Impacted by the macroeconomic environment and policies affecting stable pricing and supply of fertilizers, export control, the domestic fertilizer market competition intensified, international market exports were restricted, and product export sales volume dropped significantly year-on-year. The company mainly relied on external purchases for major raw materials needed for production, and the purchasing prices of major materials increased significantly year-on-year throughout the reporting period.”