Major Chinese PV manufacturers – including Tongwei, LONGi and JA Solar – have reported substantial losses in the first half of 2025, citing ongoing oversupply and continued module price declines.
Tongwei has issued a profit warning, forecasting a net loss of between CNY4,9 billion and CNY5,2 billion for the six months to June. This compares to a CNY3,13 billion loss during the same period in 2024. The company cites depressed product pricing and excess inventory in the PV sector despite growth in solar installation volumes during the reporting period.
LONGi anticipates a narrower loss of between CNY2,4 billion and CNY2,8 billion – down from CNY5,24 billion in the first half of 2024. The company reports higher module shipment volumes but notes that price competition has pushed industry-wide product prices below cost.
JA Solar expects a net loss of CNY2,5 billion to CNY3,0 billion – widening significantly from a CNY870 million loss a year earlier. The company attributes this to intensified competition and further selling price reductions.
