With the end of August, the semi-annual report disclosure of photovoltaic enterprises is all over. Digital New Energy DataBM. Overall, the photovoltaic industry was still mired in "losses" in the first half of the year.
Losses are still expanding
in the first half of this year, 34 photovoltaic industry chain enterprises within the statistical scope achieved a total revenue of 212.672 billion yuan , down 17.18% from the same period last year; The net profit loss was 24.862 billion yuan , and the loss scale increased year on year. 2
. The decline in both revenue and net profit of enterprises was related to the weak demand in the first half of the year, on the other hand, it was due to the continuous decline in the price of the photovoltaic industry chain in the first half of the year. In the first six months of
this year, the newly installed photovoltaic capacity in China was 72.07 GW . Down 66.
falling back to the range of 30,000-40,000 yuan/ton again; The price of silicon wafers fell by about 30%, and the price of some specifications of silicon wafers fell below 1 yuan/W; the price of batteries fell by more than 33%;
From the perspective of enterprises, 24 of the 34 photovoltaic listed companies mentioned above had a year-on-year decline in revenue in the first half of this year. There are 6 enterprises with a decline of more than 50% . Respectively: * ST Shijing (↓ 90.78%), * ST Yijing (↓ 71.27%), * ST Quanwei (↓ 68.31%), Zhonglai Shares (↓ 64.71% ) , Daqo Energy (↓ 57.63%) and Yisheng Technology (↓ 53.88%); Revenue of 10 companies increased last year, of which only Zhongli Group 's revenue in the first half of the year increased by more than 50% year-on-year, reaching 76.In terms of
net profit, 20 of the 34 enterprises lost more in the first six months of this year than in the same period last year , and 5 of them lost more than 100% . They are * ST Shijing , Aixu Stock , Hongyuan Green Energy , Zhonglai shares and * ST Spring are ; 8 enterprises have reduced their losses compared with the same period last year, and Trina Solar has the largest reduction in losses ; Atlas , The net profit of Hengdian Dongci and Xingshuaier decreased by 59.02% respectively compared with last year. 7.03 % and 17.
Zhongli Group and Lida shares made profits in the first half of this year, turning losses into profits year on year. In today's photovoltaic industry, which is still deeply in large-scale losses, these two companies have achieved a turnaround, which is undoubtedly curious. A careful study of the semi-annual reports of the two companies shows that the profit of Zhongli Group is due to the gradual recovery of the company's production and operation; the main business of Lida shares has become photovoltaic power plants and EPC business, while the strategic transformation to the semiconductor and advanced intelligent manufacturing field.
Saifutian is turning from profit to loss . The company's explanation in the semi-annual report is that the decrease in sales revenue and gross profit margin of products. In the first half of this year, the company's revenue fell 43.
In the second quarter
of this year, the revenue of 34 photovoltaic enterprises in the first quarter of this year was 99.119 billion yuan, with a net profit loss of 113. In the second quarter , the above photovoltaic enterprises realized revenue of 113 billion 552 million yuan , an increase of 14.56% annually and a decrease of 21.80% year-on-year; The net profit loss was 13.555 billion yuan , an increase of 19.88% over the previous year, and the loss increased by 16
. In the second quarter of this year, photovoltaic enterprises still fell into the dilemma of " selling more and losing more ". This is still mainly due to the weak demand and the continuous grinding of industrial chain prices. Influenced
by the implementation of electricity market reform, there was a "rush to install" in the second quarter of 2025, and the price of the industrial chain also recovered briefly. On the other hand, in the second quarter of 2026, the market demand continued to be bleak, and the newly installed capacity in a single quarter was 30.68GW , second only to the third quarter of 2025 (28.
Under the sluggish demand, the price of the industrial chain also collapsed again. From the above price trend chart of the industry chain, it can be seen that compared with the first quarter, the price of the main photovoltaic industry chain fell rapidly in the second quarter, and even further declined.
Digital New Energy DataBM. Com found that in the second quarter of this year, Trina Solar realized a profit of 0.13 billion yuan in nine large photovoltaic factories; However, Atlas turned from profit to loss in the second quarter, with a loss of 2. The remaining seven enterprises were still in deep losses. The losses of Tongwei Stock, Jingke Energy and Jingao Technology in the second quarter increased compared with the previous quarter; the losses of Longji Green Energy, TCL Zhonghuan, Aixu Stock and Daqo Energy decreased compared with the previous quarter.
It is worth noting that since the fourth quarter of 2023, the total net profit of 34 enterprises has shown a loss for 11 consecutive quarters, totaling 1501. Since the fourth quarter of 2023, nine major photovoltaic factories have suffered a total net profit loss of about 1100.
of Daqo Energy and Jingao Technology. Daqo Energy began to lose money in the second quarter of 2024, realized a turnaround in the third quarter of 2025, but turned from profit to loss in the fourth quarter of the same year; Jingao Technology began to fall into a loss in the first quarter of 2024, realized a profit in the third quarter, and fell into a loss in the fourth quarter. In terms
of white-hot
assets, 34 photovoltaic enterprises had a total 11303 of 108 million yuan in the first half of the year . Decreased by 7.71% over the same period of last year ; monetary capital totaled 189.32 billion yuan , decreased by 9.1% over the same period of last year.In terms of
liabilities, the total liabilities of 34 photovoltaic listed companies in the first half of the year were 799.533 billion yuan , down 5. Current liabilities were 496 billion 660 million yuan , an increase of 1.85% over the same period last year; Non-current liabilities amounted to 302.873 billion yuan , down 14 from the same period last year.
According to the above data, the consolidated debt ratio of 34 photovoltaic enterprises in 2026 was 70.74%. In the first six months of
this year, the average asset-liability ratio of 34 photovoltaic listed companies was about 76.81% . Compared with 76.70% in the same period of last year, it increased by 0.
(Note: The consolidated debt ratio is calculated by the total assets and liabilities of 34 enterprises, and the average asset-liability ratio is calculated by the arithmetic average
of the asset-liability ratio of 34 enterprises. The total liabilities of photovoltaic enterprises are declining, non-current liabilities are also declining, and the industry's liabilities seem to be gradually improving. However, short-term liabilities are rising, which shows that the debt pressure of enterprises has not been alleviated and the structure tends to be short-term. Debt ratios are also rising, while total assets are falling.
Looking at the overall situation of the industry, it can be seen that the competition of photovoltaic enterprises has entered a more intense stage .
According to the asset-liability ratio, Current * ST Quanwei , * ST Bangjie , * ST Shijing , Five enterprises of * ST Yijing and * ST Mubang are deeply in the predicament of insolvency. The asset-liability ratio of Huamin Stock, Xiexin Integration and Haitai Xinneng has also exceeded 90% , and they are also on the verge of danger.
浙公网安备33010802003254号