China’s photovoltaic industry is currently experiencing an unprecedented “winter”. With the half-year performance forecasts of A-share listed photovoltaic companies all disclosed on July 15th, the overall trend of losses has become more severe.
Despite multiple efforts by regulatory authorities to promote “control of production” and “anti-inner-loop”, various sectors of the industry chain are still deeply mired in a quagmire of losses. According to statistics, the top 11 companies are expected to collectively incur losses of nearly 20 billion yuan in the first half of this year.
The losses of top photovoltaic companies in the first half of 2025 have further expanded. Trina Solar expects a net loss of between 4.9 billion yuan and 5.2 billion yuan in the first half of the year, a significant increase from the 3.129 billion yuan loss in the same period last year. Calculations show that its expected loss for the second quarter is about 2.307 billion to 2.607 billion yuan, indicating accelerating losses.
TCL Huaxing is also under immense pressure, expecting a net loss of 4 billion to 4.5 billion yuan in the first half of the year, compared to a loss of 3.064 billion yuan in the same period last year. The company’s loss for the second quarter is expected to be between 2.094 billion and 2.594 billion yuan, further deteriorating from the first quarter.
JA Solar expects a net loss of 2.5 billion to 3 billion yuan in the first half of the year, compared to just 874 million yuan in the same period last year. After deducting non-recurring gains and losses, the expected net loss is between 1.86 billion and 2.36 billion yuan, significantly higher than the 819 million yuan loss in the same period last year.
LONGi Green Energy forecasts a net loss of 2.4 billion to 2.8 billion yuan for the first half of the year, with the net loss after deducting non-recurring gains and losses amounting to 3.2 billion to 3.6 billion yuan, indicating severe challenges to its core business profitability.
These top companies, due to their large production capacity and high fixed costs, are experiencing losses far exceeding the industry average, reflecting that industry adjustment pressures are concentrating upstream.
Amidst this industry dilemma, small and medium-sized photovoltaic companies have not been spared. Xinjiang Goldwind Science & Technology anticipates a net loss of 250 million to 350 million yuan in the first half of 2025, compared to a profit of 433 million yuan in the same period last year, showing a sudden reversal in performance.
Hershey Silicon estimates a net loss of 300 million to 400 million yuan in the first half of the year, compared to a profit last year.
Jurry expects a net loss of 200 million to 300 million yuan in the first half of the year, with a net loss after deducting non-recurring gains and losses of 400 million to 500 million yuan, compared to a loss of 390 million yuan in the same period last year.
Shuangliang Energy predicts a net loss of 500 million to 650 million yuan in the first half of the year, although the loss is narrowing compared to 1.257 billion yuan in the same period last year, it still remains in a loss state.
JinkoSolar expects a net loss of 165 million to 225 million yuan in the first half of the year, compared to a loss of 1.317 billion yuan in the same period last year.
KaiSun New Energy forecasts a net loss of 435 million to 462 million yuan in the first half of the year.
EGing Crystal expects a net loss of 120 million to 160 million yuan in the first half of the year.
After a massive expansion last year, the Chinese photovoltaic industry is now facing a serious supply-demand imbalance problem, with product prices consistently falling below the cost line.
According to corporate performance forecasts, each segment of the industry chain such as silicon materials, silicon wafers, battery cells, and modules are under comprehensive profit pressure, with companies generally facing the dilemma of inventory backlog and tight cash flow. Especially for top companies, due to their massive production capacity and high fixed costs, the situation of losses appears particularly severe.
Industry analysis indicates that although some companies showed signs of reducing losses in the second quarter, overall, the photovoltaic industry is still deeply entrenched in a “winter”. The root cause of widespread losses is generally attributed to vicious price competition triggered by overcapacity.