The book continues above. On
1 September, The Digital Renewable Energy DataBM. Com released the
, but there is always sun and shadow.". Under the overall trend of good performance, there are still some hidden worries worthy of vigilance. As of the first half of this year
, the total assets of 32 photovoltaic enterprises were 1,310,091 million yuan, down 4.55% from the same period last year. Compared with 1,319.907 billion yuan at the end of 2024, the total assets of leading enterprises decreased
by 0.9 to 972.089 billion yuan in the first half of 2025. The total assets of six leading enterprises , Longji Green Energy, Tongwei Stock, Jingke Energy, Jingao Science and Technology, Trina Solar Energy and TCL Central, all exceeded 100 billion yuan , of which the total assets of Tongwei Stock amounted to 20.928 billion yuan. Year-on-year growth of 1.
The largest increase was Shichuang Energy , which reached 94.72%; Among the 16 enterprises whose total liabilities declined from last year, Zhongli Group had the largest decline. 57.
with the debt ratio in the first half of 2024, the debt ratio of eight enterprises declined year on year, among which the debt ratio of Zhongli Group declined the most. From 111.61% in the first half of last year to 64.75% in the first half of this year; The debt ratio of 24 enterprises increased year on year, and the debt ratio of Shichuang Energy increased the most. Up from 41.6% to 66.
32 enterprises totaled RMB181.179 billion, representing a year-on-year decrease of 0.05% and an increase of 2.2% compared with the end of 2024.
Among them, accounts payable of 13 enterprises increased in the first half of this year, mostly by more than 10%. Among them, the largest increase was Longji Green Energy, which rose from 15.717 billion yuan in the first half of 2024 to 28.305 billion yuan, an increase of 80.09% ; Jingke Energy rose the least, up only 2.78% year-on-year. In the first half of this year, the accounts payable of the
remaining 19 enterprises declined year on year. Among them , Daquan Energy 's accounts payable fell the most year-on-year, reaching 62.8% , and the accounts payable in the first half of this year was only 173 million yuan; Guosheng Science and Technology has the smallest year-on-year decline of only 3.1%. In the first half of 2025, the accounts payable was 9.
R & D expenses decreased
Digital New Energy DataBM. Com. Compared with the second half of 2024 , the R & D investment of 7 of the 30 photovoltaic enterprises increased year-on-year in the first half of this year,
except for 2 enterprises that did not announce the R & D expenditure in the first half of this year.
However, according to the semi-annual report of Mingyang Intelligence, the main reason is that the company has increased its investment in research and development of large-capacity onshore and offshore new aircraft models, and some new R & D investment projects are in the stage of expensing.
R & D expenses also increased by more than 20% year-on-year: Huamin shares increased by 34.65%; TCL Zhonghuan increased by 26%; The R & D expenses of
the remaining 23 enterprises declined year on year. The average decline was about 38.
In the first half of this year, the R & D expenditure of seven enterprises decreased by more than 50% compared with the same period last year. Among them, Yijing Optoelectronics and Bangjie shares both declined by more than 70%. Yijing Optoelectronics has the largest decline, reaching 79.41% ; Bangjie shares followed closely, with a decline of 70.
On the one hand, the reduction of R & D costs will hinder the technological progress of the photovoltaic industry, on the other hand, it may increase the risk of product quality.
According to the report released by the National Center for Quality Inspection and Testing of Solar Photovoltaic Products (CPVT) in August 2025, the overall qualified rate of photovoltaic modules has dropped from 100% in 2019 to 62.
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