Losses exceed 20 billion! What are the turning point signals released by the photovoltaic semi-annual report?

2025-09-01 18:11:09

According to the statistics of Digital New Energy DataBM. Com, 32 A-share listed photovoltaic enterprises in the main industry chain reported their performance in the first half of this year, which is still dominated by "loss", with a total loss of 21.727 billion yuan, an increase of 48.46% over the same period of last year.

With the passing of August, the first half performance reports of listed companies have finally been fully disclosed. In the first half of

this year, due to the policy window period, the photovoltaic industry in the deep adjustment period ushered in a new round of "rush to install", and the industry heat rose again. Data show that in the first half of this year, the newly installed photovoltaic capacity in China reached 212.21 GW , which is close to the newly installed photovoltaic capacity in 2023 (216

. This lively scene under the cold winter does not seem to help the performance of enterprises "break the ice".

According to the statistics of the Digital New Energy DataBM. Com, 32 companies in the main photovoltaic industry chain listed on the A-share market reported their performance in the first half of this year. The overall loss is still dominated by "loss", with a total loss of 21.727 billion yuan . Year-on-year losses expanded 48.

Eight of the nine leading photovoltaic enterprises in the statistics are losing money . The total loss reached 215. The net profit of JinkoSolar and Trina Solar in the first half of this year turned from profit to loss . Among the leading enterprises with a loss of 2.909 billion yuan and 29.9

billion yuan respectively, only Atlas has a strong performance. Achieve 7 in the first half of the year. However, the performance of Atlas is gratifying but https://www.databm.

with the company's 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 was held back by " in other words, the photovoltaic business of Atlas.

In addition, of the 32 enterprises in the main industrial chain, only 6 of them made profits in the first half of this year, in addition to the above-mentioned Atlas. There are also Hengdian Dongci , Saifutian , Bowei Alloy , Five enterprises of Hebang Biology and Mingyang Intelligence .

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Although the photovoltaic industry still suffered losses in the first half of this year, its net profit fell by 43% compared with the second half of 2024.

Hengdian Dongci and Bowei Alloy not only achieved a year-on-year growth in performance in the first half of this year. The second quarter also achieved a quarter-on-quarter growth in performance.

Digital New Energy DataBM. Hengdian Dongci's operating profit of photovoltaic products in the first half of this year was 1.345 billion yuan , with gross interest rate of 16.7% , an increase of 5.29% over the same period last year; In the first half of this year, the net profit of Bowei Alloy's new energy business was 442 million yuan . Year-on-year growth 3.

Source: Hengdian Dongci 2025 Semi-annual Report

For such a strong momentum of performance development, digital new energy DataBM.

For the remaining 26 photovoltaic enterprises, although the first half of this year is still deep in the whirlpool of losses, However, the net profit of most enterprises has been reduced year-on-year/month-on-month. Compared

with the first half of last year, 13 enterprises realized net profit reduction in the first half of this year. Among them, 7 photovoltaic enterprises have reduced their losses by more than 50% , and the net profits of Aixu and Beijing Express have been reduced by more than 80% year on year.

Judging from the net profit ratio in the first and second quarters of this year, seven photovoltaic enterprises have improved their net profit losses in the second quarter. Among them , Aixu shares and Zhongli Group turned losses into profits in the second quarter of this year.

In addition, among the two silicon companies listed in Hong Kong, Xinte Energy realized revenue of 7.311 billion yuan and net profit loss of 256 million yuan in the first half of this year.

From the perspective of overall performance, the PV industry has shown initial signs of stop-loss. However, under the positive trend, there are still many hidden worries. For detailed analysis, please pay attention to Digital New Energy DataBM.

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Correlation

According to the statistics of Digital New Energy DataBM. Com, 32 A-share listed photovoltaic enterprises in the main industry chain reported their performance in the first half of this year, which is still dominated by "loss", with a total loss of 21.727 billion yuan, an increase of 48.46% over the same period of last year.

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