Core Viewpoint - The photovoltaic industry is facing significant losses, with major companies like Longi Green Energy, Tongwei Co., and Aiko Solar all forecasting substantial net losses for 2025, indicating a challenging market environment driven by overcapacity and rising raw material costs [1][2]. Group 1: Company Performance - Longi Green Energy expects a net loss of approximately 60 billion to 65 billion yuan for 2025, citing increased costs of silver paste and silicon materials as key factors [1]. - Tongwei Co. is projected to incur a net loss of 82 billion to 96 billion yuan for 2025, with product prices remaining low and insufficient cost transmission impacting profitability [1]. - Aiko Solar anticipates a net loss of 45 billion to 48 billion yuan for 2025, while TCL Zhonghuan expects a loss of 12 billion to 19 billion yuan, both companies highlighting the impact of structural overcapacity on their operations [2]. Group 2: Industry Trends - The photovoltaic sector has experienced nine consecutive quarters of losses since Q4 2023, with ongoing supply-demand imbalances exacerbating the situation [2]. - Industry experts emphasize the need for capacity clearing and structural optimization, suggesting that companies must move beyond simple production cuts to enhance competitive advantages through technology and product differentiation [2]. - TCL Zhonghuan's acquisition of Yida Energy marks a significant step towards industry consolidation, aiming to optimize resources and foster collaboration, which could help the sector transition from low-level competition to value co-creation [2].

Core Viewpoint - The article discusses the earnings forecasts for several listed companies, highlighting a mixed performance with some companies expecting profit increases while others anticipate continued losses in 2025 [1]. Group 1: Earnings Forecasts - ILe Home is expected to achieve a net profit of approximately 171 million to 190 million yuan, representing a growth of 40.78% to 56.42% [2]. - Guolian Minsheng anticipates a net profit of about 2.008 billion yuan, with a significant increase of 406% [2]. - Longi Green Energy forecasts a net loss of 6 billion to 6.5 billion yuan, with a decline of 24.58% to 30.38% [2]. - Gui Guang Network expects a net loss of approximately 1.35 billion to 1.07 billion yuan, with a change of -24.51% to 1.31% [2]. - Ruiming Technology predicts a slight profit increase with a net profit of around 37 million to 40 million yuan, reflecting a growth of 27.58% to 37.92% [2]. - Aiko Solar anticipates a net loss of 1.9 billion to 1.2 billion yuan, with an increase of 64.28% to 77.44% [2]. - Okoyi expects a net profit of approximately 96 million to 110 million yuan, with a growth of 67.53% to 91.96% [2]. - Tiandi Source forecasts a net loss of 900 million to 1.35 billion yuan, with a change of -32.36% to 11.76% [2]. - Tongwei Co. anticipates a net loss of 9 billion to 10 billion yuan, with a decline of 27.86% to 42.07% [2]. - Lida New Materials expects a net loss of 36 million to 26 million yuan, with a change of -5.18% to 24.04% [2]. Group 2: Industry Challenges - Longi Green Energy cites ongoing supply-demand mismatches in the photovoltaic industry, persistent low-price competition, and rising costs of silver paste and silicon materials as key challenges impacting its performance [2]. - Tongwei Co. indicates that its silicon business is affected by production ramp-up and low market prices, leading to increased losses [3]. - Tiandi Source mentions that the overall real estate market conditions are negatively impacting its project sales and revenue [4]. Group 3: Positive Performers - Guolian Minsheng's significant profit increase is attributed to the acquisition of Minsheng Securities and growth in its securities investment and wealth management businesses [4]. - Okoyi's profit growth is driven by rising prices of raw materials and successful product upgrades in its hard alloy tool segment [5]. - ILe Home's profit increase is linked to its differentiated brand strategy and improved operational efficiency [6].

Group 1 - Fenglong Co., Ltd. has completed the suspension review and will resume trading on January 19 [1] - Rongbai Technology is under investigation by the China Securities Regulatory Commission for potentially misleading statements regarding a major contract [1] - Rongbai Technology estimates a total contract amount of 120 billion yuan with CATL [1] Group 2 - Minexplosion Optoelectronics is planning to acquire Xiazhi Precision and Jiangxi Maida, both of which focus on core consumables in PCB manufacturing [1] - Yanjing Co., Ltd. intends to purchase 98.54% equity of Yongqiang Technology, expanding its business into high-end electronic interconnection materials for integrated circuits [1] Group 3 - Tianyuan Intelligent's actual controller and chairman, Wu Yizhong, has been detained [1] - Tiantie Technology's actual controller, Xu Jiding, has had his compulsory measures changed to bail pending trial [1] Group 4 - Guolian Minsheng expects a net profit increase of approximately 406% year-on-year for 2025 [1] - Oke Yi anticipates a net profit increase of 67.53% to 91.96% year-on-year for 2025 [1] Group 5 - Tiandi Source forecasts a net loss of 900 million to 1.35 billion yuan for 2025 [1] - Gui Guang Network expects a net loss of 1.07 billion to 1.35 billion yuan for 2025 [1] - Aisheng Co., Ltd. projects a net loss of 1.2 billion to 1.9 billion yuan for 2025 [1] - Longi Green Energy anticipates a net loss of 6 billion to 6.5 billion yuan for 2025 [1] - Tongwei Co., Ltd. expects a net loss of 9 billion to 10 billion yuan for 2025 [1] Group 6 - Weisi Medical's actual controller's concerted action party plans to reduce its stake in the company by no more than 3% [1] - Chuhuan Technology's pre-IPO employee stock ownership platform intends to reduce its stake in the company by no more than 3% [1] - Sandam Membrane's Qingyuan China plans to reduce its stake in the company by no more than 3% [1]

光伏龙头业绩预亏。 光伏产业周期调整持续，行业内多家上市公司预亏。1月18日晚间，光伏龙头隆基绿能(601012)、通威股份(600438)，以及爱旭股份(600732)均披露了预计 2025年业绩亏损的公告。从公告来看，这三家龙头去年预计亏损合计超160亿元。 从行业龙头的业绩预告中看到，在价格竞争激烈、海外贸易环境复杂等多重压力下，行业仍处于周期下行的深度调整阶段。 业绩预亏 隆基绿能 隆基绿能业绩预告显示，预计2025年度实现归属于上市公司股东的净亏损为60亿元到65亿元。 | 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 2026-003 号 | | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | | | 债券代码:244101 | 债券简称:GK 隆基 01 | | | 债券代码:244386 | 债券简称:GK 隆基 02 | | 通威股份业绩预告显示，预计2025年度实现归属于母公司所有者的净利润亏损90亿元至100亿元。 | 股票代码:600438 | | --- | | 债券代码:110085 | 隆基绿能表示，2025年 ...

Core Viewpoint - The photovoltaic industry is undergoing a deep adjustment, with the overall sector still in a state of loss, as evidenced by the recent earnings forecasts from major companies indicating significant expected losses for 2025 [1][2]. Group 1: Company Performance - Longi Green Energy (隆基绿能) expects a net loss of approximately 60 billion to 65 billion yuan for 2025, primarily due to rising costs of silver paste and silicon materials [3]. - Tongwei Co., Ltd. (通威股份) anticipates the highest loss among the companies, with a projected net loss of 90 billion to 100 billion yuan for 2025, despite some performance improvement from rising polysilicon prices [2][3]. - TCL Zhonghuan (TCL中环) forecasts a net loss of 82 billion to 96 billion yuan for 2025, with product prices remaining low and insufficient cost transmission [2][3]. - JA Solar (晶澳科技) and Aiko Solar (爱旭股份) expect net losses of 45 billion to 48 billion yuan and 12 billion to 19 billion yuan, respectively, citing structural overcapacity as a significant challenge [3]. - Trina Solar (天合光能) and JinkoSolar (晶科能源) have not disclosed specific loss amounts but have indicated continued losses for 2025 [3]. Group 2: Industry Trends - The losses among these nine major companies are correlated with their production capacity, indicating that larger companies are experiencing greater losses [2]. - The industry is shifting from a focus on scale to a competition based on the ability to reduce losses, with Tongwei being the only company to see an increase in loss magnitude for 2025 compared to 2024 [4]. - The overall industry has faced nine consecutive quarters of losses since the fourth quarter of 2023, with ongoing supply-demand imbalances [4]. - Companies are urged to break away from homogeneous competition and build comprehensive advantages through technology, products, and ecosystems [4].

Core Viewpoint - The performance forecasts of leading A-share photovoltaic companies, Longi Green Energy and Aiko Solar, indicate a significant reduction in losses for 2025, suggesting potential industry recovery amidst supply-demand imbalances and price competition [1][4]. Group 1: Company Performance - Longi Green Energy expects a net loss of 6 billion to 6.5 billion yuan for 2025, a decrease from a loss of 8.618 billion yuan in the previous year [4]. - Aiko Solar anticipates a net loss of 1.2 billion to 1.9 billion yuan for 2025, significantly improved from a loss of approximately 5.319 billion yuan in the prior year [4]. - The performance of these leading companies reflects structural changes within the photovoltaic industry [4]. Group 2: Industry Dynamics - The photovoltaic industry is facing supply-demand imbalances and intensified low-price competition, compounded by rising raw material costs and trade barriers [4]. - The cancellation of export tax rebates for photovoltaic products, effective April 1, is expected to shift competition from price-based to value-based, benefiting larger manufacturers [5]. - There are indications of a potential "export rush" before the rebate cancellation, with some manufacturers reportedly raising prices [5]. Group 3: Technological Advancements - Longi Green Energy emphasizes product leadership with its HPBC 2.0 modules, which are noted for their high efficiency and commercial viability, establishing a competitive edge in the distributed high-end market [4]. - The industry is witnessing a trend where leading companies leverage technological advancements to improve profitability amidst competitive pressures [5]. Group 4: Strategic Moves - Longi Green Energy is optimizing its global business layout in response to international trade conditions and is enhancing its system solution capabilities through collaboration in energy storage [5]. - The company has recently acquired a stake in Suzhou Jingkong Energy Technology Co., marking its entry into the energy storage sector [5][6].

21智讯1月18日电，爱旭股份发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-120000万元至-190000万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润 为-160000万元至-230000万元，报告期内，得益于公司ABC组件高功率、高价值、高安全性的市场优 势，2025年ABC组件销售量同比实现翻倍以上增长，国内外市场的占有率和知名度均持续提升。然而 受行业结构性产能过剩影响，供需失衡状况仍未显著改善，主要产品价格持续处于相对低位，以及2025 年下半年上游原材料价格持续上涨而下游组件价格传导不畅，导致公司全年经营承压，业绩亏损，但亏 损幅度较上年显著收窄。公司坚持技术引领和产品创新，不断提升运营质量，报告期内经营性现金流、 制造成本、组件销售毛利率、资产减值同比均有明显改善，2026年公司将继续深耕全球高价值市场，持 续优化成本并提升营销能力，力争在2026年取得经营成果的大幅改善。 ...

爱旭股份表示，受行业结构性产能过剩影响，供需失衡状况仍未显著改善，主要产品价格持续处于相对 低位，以及2025年下半年上游原材料价格持续上涨而下游组件价格传导不畅，导致公司全年经营承压， 业绩亏损，但亏损幅度较上年显著收窄。 北京商报讯（记者 马换换 李佳雪）1月18日，爱旭股份（600732）披露公告称，公司预计2025年年度实 现归属净利润为-12亿元至-19亿元，上年同期亏损约为53.19亿元。 ...

爱旭股份（600732）(600732.SH)披露2025年年度业绩预告，公司预计2025年年度实现归属于母公司所 有者的净亏损12亿元至19亿元;公司预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的 净亏损16亿元至23亿元。 公告显示，报告期内，得益于公司ABC组件高功率、高价值、高安全性的市场优势，2025年ABC组件 销售量同比实现翻倍以上增长，国内外市场的占有率和知名度均持续提升。然而受行业结构性产能过剩 影响，供需失衡状况仍未显著改善，主要产品价格持续处于相对低位，以及2025年下半年上游原材料价 格持续上涨而下游组件价格传导不畅，导致公司全年经营承压，业绩亏损，但亏损幅度较上年显著收 窄。 ...

公告显示，报告期内，得益于公司ABC组件高功率、高价值、高安全性的市场优势，2025年ABC组件 销售量同比实现翻倍以上增长，国内外市场的占有率和知名度均持续提升。然而受行业结构性产能过剩 影响，供需失衡状况仍未显著改善，主要产品价格持续处于相对低位，以及2025年下半年上游原材料价 格持续上涨而下游组件价格传导不畅，导致公司全年经营承压，业绩亏损，但亏损幅度较上年显著收 窄。 智通财经APP讯，爱旭股份(600732.SH)披露2025年年度业绩预告，公司预计2025年年度实现归属于母 公司所有者的净亏损12亿元至19亿元;公司预计2025年年度实现归属于母公司所有者的扣除非经常性损 益后的净亏损16亿元至23亿元。 ...