Following the surge in the A-share PV stock market on November 4, PV concept stocks once again strengthened collectively on November 5, with many ETFs rising by more than 4.2%, up to 5.
On the news side, several mainstream media in the United States reported that the Democratic Party won a big victory in the mid-term elections in the United States, regaining the advantage in Congress, and the clean energy policy is expected to continue to heat up. Stimulate global renewable energy stocks to rise.
However, the heat wave of the stock market is rolling, but the three quarterly reports show a chill, and the photovoltaic industry is still in a continuous "blood loss".
With the end of October, the three quarterly reports of A-share photovoltaic listed companies have been disclosed. Digital new energy DataBM.
Overall, the industry has not yet got rid of the "loss" dilemma, but with many enterprises showing signs of loss reduction, or even loss reduction, some voices believe that the photovoltaic industry profit repair signal has emerged. In the first three quarters of
this year, 34 A-share listed companies in the main photovoltaic chain achieved a total revenue of 336.792 billion yuan . Down 14.6% year on year; Total revenue in the third quarter was 124.120 billion yuan, down 9.79% from the same period last year, an increase of 9.
In the first three quarters , revenue of 10 companies increased by 4.16%-90.38% from the same period last year, with * ST Quan ranking first. The company said it was an increase in orders; The revenue of the remaining 24 companies declined by 3.99% -88
% year-on-year. Revenue of 13 companies increased year-on-year, with an increase of 1.17%-12731 of 0.03% , and * ST Quan still had the highest increase; The remaining 21 companies had a year-on-year decline of 0.46% -112.
Compared with the second quarter, 23 companies had a total revenue growth of 0.56% -409.03% in the third quarter, and the company with the highest growth rate was still * ST Quan; Eleven companies declined annually, with a decline of 1.54% -108.
It is worth noting that the revenue of Guosheng Science and Technology in the third quarter of this year was-0. The company announced that its three factories had been temporarily shut down since September 8 (for details, please click: that Tongwei has been the first in terms of revenue in the first three quarters and the third quarter of this year.". The reasons for the overall decline in revenue of the
34 listed companies mentioned above are, on the one hand, the weak market-110.83 GW of new photovoltaic installed capacity in China from January to September this year. Year-on-year decline 53.
Blood loss is not stopped, but the dawn is emerging?
Among them, the loss of 9 photovoltaic companies narrowed year on year, with a range of 4.54%-67.40%; Two companies , Zhongli Group and Lida Co ., Ltd., have turned losses into profits year on year; The loss of 18 companies in the first three quarters of 2025 increased by 2.25% to 250.
The digital new energy DataBM. Com found that nine large photovoltaic factories had a total loss of 277.In the third quarter, the total loss was 7.722 billion yuan, an increase of 30.57% over the same period last year; 27.
In the third quarter of this year, the net profit of 34 listed companies within the statistical scope totaled 10.295 billion yuan , an increase of 39.34% over the same period last year, and a decrease of 24.
Among the 34 listed companies in the main chain, 13 companies have expanded and narrowed their losses, 2 companies have declined their profits and turned losses into profits, and 4 companies have turned from profits to losses. Compared
with the second quarter of 2026, 13 of the above-mentioned companies have increased their losses, 17 companies have reduced their losses, one company has turned losses into profits, and three companies have declined their profits.
Among them, Aixu shares achieved 0 in the third quarter of this year. In the third quarter ", Lida achieved a net profit of 3 million yuan in the third quarter, turning losses into profits year on year. Month-on-month decline of 91.
Atlas , Daqo Energy , The net profit of Hongyuan Green Energy and Shuangliang Energy Conservation Company in the third quarter turned from profit to loss year on year . Among them, Daquan Energy and Hongyuan Green Energy reduced their losses by 48.27% and 1.04% respectively in the third quarter, while Atlas and Shuangliang Energy Conservation increased their losses by 79.63% and 16% respectively in the third quarter.
The net profit loss of the remaining seven companies declined compared with the second quarter of this year.
By the end of September this year, the assets of 34 photovoltaic listed companies totaled 1,131.262 billion yuan, down 7.51% from the same period last year; Total liabilities amounted to RMB812.412 billion, representing a year-on-year decrease of 4.
Based on this calculation, as of the end of the third quarter of this year, the consolidated debt ratio of 34 PV companies was approximately 71. (Note: The consolidated debt ratio is calculated based on the total assets and liabilities of 34 companies.
Specifically, as of the third quarter of this year, the total monetary capital of 34 companies was 186.731 billion yuan, down 11 from the same period last year.
In terms of liabilities, the total current liabilities were 507.322 billion yuan, up 2.26% from the same period last year; Non-current liabilities totaled RMB305.09 billion, representing a year-on-year decrease of 13.
It can be seen that the debt structure of photovoltaic enterprises is tending to be short-term . The average asset-liability ratio of the 34 enterprises
mentioned above in the third quarter of this year was 78.15%, which was 0% lower than 78.71% in the same period of last year. (Note: The average asset-liability ratio is based on the arithmetic average of the asset-liability ratio of 34 enterprises.)
It is worth noting that by the end of September 2026, There are five A-share listed companies in the photovoltaic main chain whose asset-liability ratio exceeds 100%, and the number of enterprises has increased by one compared with the same period last year.
By the end of the third quarter, the insolvent enterprises were * ST Quanwei (171.66%), * ST Bangjie (155.73%), * ST Shijing (117.05%), * ST Mubang (109.78%) and * ST Yijing (109.
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