As learned from EnergyTrend, recently, four leading photovoltaic enterprises—Tongwei, LONGi Green Energy, Aiko Solar, and Drinda—have successively released their 2025 annual performance forecasts, all disclosing expected losses for the year.
Tongwei : Expected Net Loss Ranging from RMB 9 Billion to RMB 10 Billion
On January 18, Tongwei released its 2025 annual performance forecast, projecting a net loss attributable to shareholders of the listed company between RMB 9 billion and RMB 10 billion, compared with a loss of RMB 7.039 billion in the same period of the previous year.
Tongwei stated that during the reporting period, the overall newly installed PV capacity maintained a year-on-year growth, but the growth slowed significantly in the second half of the year. The industry’s phased overcapacity issue has not been resolved; the operating rates across all industrial chain segments have declined; the prices of some core raw materials such as silver have kept rising; and product prices have continued to drop year-on-year, resulting in significant operational pressure on the industry.
During the reporting period, the company’s operating activities led to a net loss attributable to shareholders of the listed company of approximately RMB 7.5–8 billion, representing a year-on-year increase in losses of about RMB 1.2–1.7 billion. The impacts on various businesses are as follows:
- The industrial silicon business saw its net loss attributable to the parent company expand by approximately RMB 0.9 billion year-on-year, affected by capacity ramp-up and commissioning as well as sluggish product prices in 2025.
- For the polysilicon business, annual sales volume and average selling price both declined year-on-year. However, by optimizing operating rates, refining production processes, reducing costs, and coupled with the rise in polysilicon prices in the third quarter, the company achieved operating profitability in the second half of the year, narrowing the annual loss by around RMB 0.6 billion year-on-year.
- The cell and module business was hit by falling average prices, with the combined losses of the wafer-cell-module segment widening by about RMB 1.2 billion year-on-year.
- The PV power station, feed, and other industrial chain businesses maintained stable operations and continued to contribute profits.
In addition, in accordance with accounting standards and based on the principle of prudence, the company recorded total impairment of long-term assets of approximately RMB 1.5–2 billion during the reporting period, an increase of about RMB 0.7–1.2 billion year-on-year.
LONGi Green Energy: Obvious Performance Recovery Trend
On the evening of January 18, LONGi Green Energy released its 2025 annual performance forecast, expecting a net loss attributable to shareholders of RMB 6 billion to RMB 6.5 billion, compared with a loss of RMB 8.592 billion in the same period last year, indicating a clear performance recovery trend.
According to the announcement, LONGi stated that the changes in the company’s performance were caused by the following factors: in 2025, the PV industry continued to face supply-demand mismatch and cut-throat price competition, with operating rates remaining low. Meanwhile, the deepening of domestic electricity market-oriented reforms and the intensification of overseas trade barriers have created a severe and complex operating environment for PV enterprises. In the fourth quarter, the costs of silver paste and silicon materials surged sharply, significantly pushing up the production costs of wafers, cells, and modules, and further weighing on the company’s operations. Restrained by the persistently sluggish product prices and cost pressures, the company still reported an operating loss in 2025.
During the reporting period, LONGi focused on developing high-value, scenario-specific solutions to build differentiated competitive advantages. Relying on its long-established product technology leadership, global channel layout, and brand influence, the company continued to consolidate its market share in module products.
It is reported that the yield rate of LONGi’s high-efficiency BC 2.0 products has met the expected target, achieving smooth large-scale mass production with a rapid growth trend in shipment volume. In addition, its base metal replacement silver paste technology has completed the pilot scale-up phase, and the construction of relevant large-scale production capacity has commenced.
At the same time, adapting to the international trade situation, LONGi adjusted and optimized its global business layout, enhanced its system solution capabilities through integrated PV and energy storage deployment, and continued to promote organizational efficiency improvement. On November 26 last year, LONGi Green Energy officially announced its entry into the energy storage sector, launching a one-stop energy storage solution.
Aiko Solar: Expected Net Loss of RMB 1.2 Billion to RMB 1.9 Billion
On January 18, Aiko Solar released its performance forecast, projecting a net loss attributable to shareholders of RMB 1.2 billion to RMB 1.9 billion in 2025, compared with a loss of RMB 5.319 billion in the same period of the previous year; the expected non-recurring profit and loss deducted net loss stood at RMB 1.6 billion to RMB 2.3 billion, versus a loss of RMB 5.553 billion a year earlier.
According to the announcement, Aiko Solar stated that the reasons for the performance changes were as follows: during the reporting period, benefiting from the market advantages of the company’s ABC modules, such as high power output, high value, and high safety, the sales volume of ABC modules achieved a year-on-year growth of more than double in 2025, with continuous improvement in market share and brand awareness both domestically and internationally.
However, affected by the structural overcapacity in the industry, the supply-demand imbalance has not been significantly improved. The prices of major products have remained relatively low, and the upstream raw material prices kept rising in the second half of 2025 while the downstream module price transmission was blocked, resulting in pressure on the company’s annual operations and a performance loss. Nevertheless, the loss margin narrowed significantly compared with the previous year. During the reporting period, the operating cash flow, manufacturing costs, module sales gross profit margin, and asset impairment all showed marked improvements year-on-year.
Drinda: Overseas Sales Account for Over 50%
On January 16, Drinda released its performance forecast announcement, projecting an annual performance loss for 2025. The company stated that it expects a net loss attributable to shareholders of RMB 1.2 billion to RMB 1.5 billion in 2025, compared with a loss of RMB 0.591 billion in the same period of the previous year; the expected non-recurring profit and loss deducted net loss is estimated to be between RMB 1.4 billion and RMB 1.8 billion, versus a loss of RMB 1.118 billion last year.
The announcement pointed out that the performance changes were caused by multiple factors such as industry supply-demand imbalance and blocked price transmission across the industrial chain, which put pressure on the company’s operations and led to a phased loss. Meanwhile, based on the principle of prudence, the company intends to accrue asset impairment provisions, which have a certain impact on the current period’s performance.
Despite facing industry cyclical adjustments, the company has continued to advance its global development strategy, with overseas sales accounting for more than 50% of the total. In addition, the company has simultaneously promoted the localized layout of overseas production capacity and was listed on the Main Board of the Hong Kong Stock Exchange in May 2025, becoming the first enterprise in the PV industry to achieve dual-listing on both A-share and H-share platforms.
Source：EnergyTrend
