Recently, the financial reports of major listed companies in 2025 and the quarterly reports in 2026 show that the photovoltaic industry is still "cold"-the vast majority of photovoltaic enterprises are still in the quagmire of performance losses.
According to the statistics of Digital New Energy DataBM. Com, in the first quarter of this year, the revenue of 39 photovoltaic enterprises totaled 110.499 billion yuan, down 6.67% from the same period last year. The total net profit loss was 11.168 billion yuan, 6.21% less than same period last year; Loss reduction on a month-on-month basis 59. (Related reading:
Digital New Energy Data. Com, in 2025, The total number of employees in 92 photovoltaic listed companies is 532400 , which is about 64300 less than 596700 in 2024 . Decreased by 10.77% year on year; Compared with 791100 in 2023, the number of people decreased by about 208700, a decrease of 28.
Jingao Science and Technology ranks first in the scale of staff reduction by 12029; The second is , but it is worth noting that although the total number of employees in photovoltaic listed companies continues to decline." However, the layoff rate in 2025 (10.77%) is higher than that in 2024 (19.
The total number of employees in the main photovoltaic industry chain enterprises in 2025 is 274600, which is 607000 less than that in 2024. Decreased by 18.10% over the same period; Compared with 2023, the number of employees of 14 enterprises, such
as Longji Green Energy, Jingke Energy, Aixu Stock, Dongfang Risheng and Junda Stock, decreased by more than 50% in 2025 compared with 2023.
In the field of auxiliary materials, the total number of employees of 27 photovoltaic listed companies in 2025 is 86300. Compared with 2024, the number of people decreased by 5801, a year-on-year decrease of 6.30% ; Compared with 2023, the number of employees decreased by 15.4 million, with a decrease of 15.
Among them, the largest number of layoffs was Oujing Science and Technology , with the number of employees dropping sharply from 3878 to 1162 in two years.
However, in the context of the overall downturn, seven auxiliary material enterprises are expanding against the trend.Among them , the number of employees of Dike shares increased from 608 in 2023 to 1305 in 2025, nearly doubling. In the field of
equipment, the total number of employees of 7 photovoltaic listed companies in 2025 was 43 thousand and 200, an increase of 2609 over 2024, an increase of 6.43% over the same period last year; Compared with 2023, the number of employees decreased by 7970, a decrease of 15.
Among them , Maiwei shares were the first in this wave of layoffs, and the number of employees was cut from 9332 to 4370 in two years. The drop is as high as 53.
However, while many equipment companies are busy shrinking, Dazu Laser is expanding against the trend. In the past two years, the number of employees of Dazu Laser has increased from 17000 to 2.
In addition, it is worth mentioning that the total number of employees of 19 photovoltaic listed companies mainly engaged in inverters/energy storage has increased from 118900 in 2023. Growth against the trend to the end of 2025 12.
Among them , Deye shares are the most powerful enterprises in this wave of expansion. During the past two years, the total number of employees of Deye has increased from 3,505 to 6,044, an increase of 72.44%; followed by , some are happy and some are sad.". The number of employees of Zhengtai Electric Appliances , which is mainly engaged in inverter/energy storage, has been reduced from 36,500 to 30,200 in two years, with a decrease of 17. Similarly , Kehua data .
On the one hand, there is overcapacity, and the price war directly breaks through the bottom line of corporate profits.
During the period from 2021 to 2023, the photovoltaic industry in a high degree of prosperity set off a "production expansion tide", especially the crazy expansion of production capacity in all links of the main industrial chain, which led to the industry rapidly falling into the quagmire of serious overcapacity and extreme price involution since the end of 2023, and the "big dive" of product prices in all links. It directly shrinks the revenue and profit of enterprises. At this time, layoffs have become the most direct "means" for enterprises to reduce costs.
The second is the reversal of the logic of enterprise expansion. In the past period of rapid expansion of the industry, enterprises relied on "horse race enclosure" to grab the market, and on large-scale expansion of "manpower" to support new production capacity and new projects.
However, today's photovoltaic industry has entered the stock competition , the market growth has slowed down, enterprises no longer need to rush to production capacity, but urgently need to streamline projects and institutions, reduce costs and increase efficiency to enhance their competitiveness.
Finally, the structural elimination brought about by technology iteration. The rapid iteration of photovoltaic technology routes and the rapid replacement of old production capacity by new battery technology have promoted the upgrading of the industry, but also brought about the structural elimination of jobs.
In addition, during the outbreak of market demand, the photovoltaic industry is the "fragrant baboon" of capital, and a large amount of financing makes enterprises dare to expand production and enrollment regardless of cost. However, since the second half of 2023, with the decline of industry profits, capital has begun to ebb, the difficulty of enterprise financing has increased, and under the pressure of cash flow, the front has to shrink to survive .
What is more cruel is that the "big shuffle" of the industry continues to accelerate .
Compared with previous years, when the tide receded, those enterprises with backward technology and weak strength went bankrupt or cancelled, according to the latest data from Tian Eye Check, more than 350000 photovoltaic enterprises have fallen before dawn. A large number of workers have also been forced to lose their jobs.
However, according to the latest annual report and quarterly report data of 2025 disclosed by enterprises, although losses have been greatly reduced, most enterprises have not yet achieved profits. With the acceleration of industry shuffling, more enterprises may fall before dawn in the future, which will also mean that more photovoltaic workers will still face the risk of unemployment in the future.
This cold winter is still not over.
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