In the past week, a number of photovoltaic listed companies have disclosed their semi-annual reports for 2025. From the overall data, the photovoltaic industry is still in a loss quagmire, but it is commendable that many photovoltaic companies have made profits against the trend, bringing dawn and hope to the industry.
The details are as follows:
Atlas: The net profit is 731 million yuan
. The report shows that Atlas achieved an operating income of 21.052 billion yuan in the first half of the year. Down 4.13% year on year ; Net profit attributable to parent company was RMB731 million , representing a decrease as compared with the same period of last year. 41
. The change in performance during the reporting period was mainly due to the intensified competition in the global market. The sales price of photovoltaic modules has dropped sharply, the revenue of photovoltaic modules and system products has declined year on year, and the tariff cost has increased substantially. At the same time, it is worth mentioning by " that during the reporting period, Atlas adhered to the principle of profit priority in the photovoltaic field, actively optimized the delivery rhythm to cope with industry fluctuations, actively limited production and guaranteed prices, responded to and implemented the "anti-involution" policy. Component shipments in the third quarter are expected to be adjusted to 5.0-5.
Hengdian Dongci: net profit of 1.020 billion yuan
On the evening of August 20, Hengdian Dongci released its semi-annual performance report for 2025, with operating income of 11.936 billion yuan during the reporting period. Net profit attributable to shareholders of the listed company was RMB1.020 billion, representing a year-on-year increase of 58.94% ; Net profit after deducting recurring gains and losses reached 1.071 billion yuan, an increase of 77% over the same period last year.
In terms of photovoltaic sector business, Hengdian Dongci said that in the first half of 2025, the photovoltaic industry realized revenue of 8.054 billion yuan, an increase of 36.58% over the same period last year. 13.
The report shows that in the first half of the year, the company's photovoltaic industry steadily promoted deep internationalization, and overseas production capacity achieved full production release by virtue of differentiated layout and technology and quality advantages of its own products; The Company continued to strengthen its differentiated competition strategy, and continued to increase its shipments to quality markets at home and abroad, and actively participated in providing solutions for downstream applications. The production bases further enhanced the competitiveness of their products by strictly controlling manufacturing costs, breaking through production limits, and improving the conversion efficiency of mass production of batteries and the average power of modules.
Saifutian: Net profit increased by 134.The
report shows that in the first half of 2025, Saifutian achieved a total operating income of 1.061 billion yuan, an increase of 62.41% over the same period last year; Net profit attributable to parent company was 3.0829 million yuan , an increase of 124 over the same period last year.
Regarding the reasons for performance changes, Saifutian said that the main reason was the increase in sales revenue and gross profit margin of products.
Maiwei shares: the net profit attributable to the parent company is about 394 million yuan
. The report shows that the operating income of Maiwei shares in the first half of the year is about 4.213 billion yuan, down 13.48% from the same period last year; The net profit attributable to the parent company was about 394 million yuan , down from the same period last year . 14
. During the reporting period, the operating income of Maiwei's solar photovoltaic industry was 4.07 billion yuan .
Jingshan Light Machine: net profit of 206 million yuan
The report shows that Jingshan Light Machine achieved operating income of 3.647 billion yuan in the first half of 2025. Down 8.59% year on year; Net profit attributable to parent company was RMB206 million , representing a year-on-year decrease of 23.
During the reporting period, the operating income of Jingshan Light Machine Photovoltaic Industry was RMB2.515 billion. Gross profit margin reached 18.99% , an increase of 0% over the same period last year.
Quartz shares: net profit of about 107 million yuan
, the company's semi-annual report shows that quartz shares achieved operating income of 515 million yuan in the first half of the year, a decrease of 30.13% over the same period last year; Net profit attributable to shareholders of the listed company was approximately RMB107 million , representing a year-on-year decrease of 58. In response to market changes and in order to reduce risks, the Company implemented a prudent sales strategy, resulting in a significant year-on-year decline in the operating results of the Company.
Jingsheng Mechatronics: Net profit 6.The announcement of 3.9 billion yuan
shows that in the first half of 2025, Jingsheng Mechatronics achieved a total operating income of 5.799 billion yuan, down 42.85% from the same period last year; Net profit attributable to shareholders of listed companies was 639 million yuan , down 69.52% year on year ; The non-net profit was 536 million yuan, down 74 from the same period last year.
Jingsheng Mechatronics said it was affected by the cyclical adjustment of the photovoltaic industry. In the first half of 2025, the company achieved a total operating income of 1.132 billion yuan in the first half of 2025, according to the semi-annual report disclosed
on August 21 by " Xingshuaier: Year-on-year increase of 8.59%; net profit attributable to parent company of 122 million yuan , a year-on-year increase of 31.79%; Net profit after deduction of non-profits was RMB110 million, representing a year-on-year increase of 25.
Suzhou Technetium: a year-on-year increase of 310.28%
On August 21, Suzhou Technetium released its semi-annual report for 2025, which showed that the company achieved operating income of RMB1.993 billion in the first half of the year, representing a year-on-year decrease of 28.22%; The net profit attributable to shareholders of listed companies was 43.7021 million yuan , an increase of 310.
In the field of new energy materials, Suzhou Jingyin, a wholly-owned subsidiary, adheres to the concept of sound and benign management and strictly controls accounts receivable. The asset-liability ratio dropped sharply; At the same time, the research and development efforts were further strengthened, and the performance of TOPCON, HJT and BC silver pastes was greatly improved from the production equipment, production process and formula optimization of the paste to the overall upgrading of the products, which enhanced the market competitiveness of the products. The silver-clad copper products with 10% silver content have entered the stage of mass production, and the sales are expected to increase significantly in the second half of the year.
Bowei Alloy: Net profit of 676 million yuan
On August 18, Bowei Alloy released its semi-annual report for 2025, with an operating income of 10.221 billion yuan. Net profit attributable to shareholders of listed companies was 676 million yuan , an increase of 6.
In addition, the company disclosed that the 2GWN-type component project invested by the company in the United States had been formally trial-produced at the end of April. The expanded 1G W module project is under construction and is expected to start trial production in August.
Bowei Alloy said in its report that in the first half of the year, although the new project in the United States was not put into trial production until the end of April, and the Vietnamese base is still in the process of market development and further optimization of its business plan, it has established a good brand value in the United States market and established a long-term, stable and reliable customer strategy because of the company's differentiated and precise service. The sales volume of new energy business still increased year on year. During the
reporting period, due to the decline in the terminal price of components in the United States, the main business income decreased year on year, but the company's good operation made the net profit grow steadily.
Longji Green Energy: loss of 2.569 billion yuan
Longji Green Energy released its semi-annual report for 2025. In the first half of the year, the company achieved operating income of 32.813 billion yuan, down 14.83% from the same period last year; Realized a net loss attributable to the parent company of RMB2.569 billion, representing a year-on-year decrease of 26.9%.
Longji Green Energy said that the company's net loss reduction was mainly due to the improvement of operation efficiency, the promotion of sales costs, the sharp decline in management costs, and the sharp reduction in asset impairment losses. In the first half of 2025, the company increased its investment in first-line resources and service capabilities to achieve 52.08 GW of silicon wafer shipments (24.72 GW of external sales). Battery module shipments 41.85 GW (of which module shipments 39.
Trina Solar: net profit loss of 2.918 billion yuan compared with the same period last year
) Trina Solar 2025 semi-annual report shows that the company achieved operating income of 31.056 billion yuan in the first half of the year, a decrease of 27.72% compared with the same period last year; The net profit attributable to shareholders of listed companies was 2.918 billion yuan , compared with 526 million yuan in the same period last year. Net profit loss attributable to shareholders of listed companies after deducting recurring gains and losses was 2.956 billion yuan , down 843
from the same period last year . In the first half of the year, the company's sales of photovoltaic module products still increased compared with the same period last year. However, due to the imbalance between supply and demand in the industrial chain and the continued low market price of photovoltaic products, the profitability of the component business declined, resulting in a loss in the first half of the year.
Jingao Technology: The net loss in the first half of the year was 2.58 billion yuan
. Jingao Technology released its semi-annual report for 2025, which showed that in the first half of 2025, Jingao Technology realized an operating income of about 23.905 billion yuan. Down 36.01% year on year ; The net profit attributable to shareholders of listed companies was a loss of 2.58 billion yuan , a substantial increase over the same period last year
. Influenced by the periodic imbalance between supply and demand caused by the centralized release of production capacity in various links of the main photovoltaic industry chain in recent years, the competition in the industry continued to intensify, and the prices of major products in various links were under downward pressure as a whole compared with the same period. At the same time, the international trade protection policy intensified, resulting in a year-on-year decline in the average sales price and profitability of the company's components, and a periodic loss in operating results. During the
reporting period, the company's battery module shipments were 33.79 GW (including 119 MW for self-use), of which the overseas module shipments accounted for about 45.
Zhonglai shares: net profit loss of 169 million yuan
, the semi-annual report showed that the operating income of Zhonglai shares in the first half of the year was about 3.3 billion yuan. Compared with the same period last year, it increased by 7.25%, the net profit attributable to the parent company was about 169 million yuan, 44.83% less than same period last year, and the net profit attributable to the parent company after deduction was about 190 million yuan, 43 less than same period last year.
Dai Le new material realized business income of 200 million yuan in the first half of the year, an increase of 1.80% over the same period last year; The net profit loss attributable to shareholders of listed companies was 67.21 million yuan , down 60% from the same period last year.
The company said that due to factors in the photovoltaic industry, the market demand for diamond wire, the company's main product, was weak in the first half of the year. At the same time, as the price of carbon steel wire and diamond wire products has dropped to a lower level, the price of tungsten raw materials continues to rise, resulting in limited cost reduction, and the profitability of products continues to be affected. In addition, more R & D expenditure during the reporting period also had a certain impact on performance.
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