Zhong Guo Jing Ying Bao·2025-05-06 03:04Core Viewpoint - The leading photovoltaic companies continue to face significant losses in Q1 2025, primarily due to declining prices across the industry chain, with total losses amounting to 5.784 billion yuan [1][2]. Financial Performance - Longi Green Energy reported a loss of 1.436 billion yuan, JinkoSolar 1.39 billion yuan, JA Solar 1.638 billion yuan, and Trina Solar 1.32 billion yuan, with the total losses for the four companies reaching 5.784 billion yuan [1]. - Longi Green Energy managed to reduce its losses year-on-year, while the other three companies experienced substantial increases in their losses, with year-on-year changes of 218.2%, 239.35%, and 355.88% respectively [1]. Market Dynamics - The decline in performance is closely linked to the overall drop in prices within the photovoltaic industry chain, despite a brief rebound in March 2025 [1][2]. - The domestic photovoltaic market experienced a temporary "rush to install" due to new electricity market policies, but this had limited impact on Q1 performance [2]. - Analysts express a pessimistic outlook for the recovery of the photovoltaic industry in 2025, citing high inventory levels, policy disruptions, cost pressures, and international trade risks [2]. Demand and Supply Outlook - The global photovoltaic market is expected to see limited growth in 2025, with estimates suggesting a range of 550GW to 600GW for installations, maintaining a 50% share from domestic demand [3]. - Trina Solar anticipates growth in emerging markets, particularly in the Middle East and Africa, with expected growth rates exceeding 30% [4]. Shipment Targets - The shipment targets for 2025 are conservative, with JinkoSolar aiming for 85GW-100GW, Longi Green Energy 80GW-90GW, and Trina Solar 70GW-75GW, while JA Solar has not disclosed its target [5]. - The industry is expected to undergo a consolidation phase, with smaller companies facing challenges due to widespread losses [5]. Cost Management Strategies - Companies are focusing on cost reduction and maintaining cash flow as key strategies to navigate the current downturn [7]. - Longi Green Energy has implemented zero-based budgeting and identified over 1,000 cost-cutting measures [7]. - JA Solar emphasizes cash flow management through measures such as cash reserves and strategic supplier partnerships [7]. Capital Expenditure Plans - JA Solar plans to significantly reduce capital expenditures in 2025, prioritizing R&D spending [8]. - JinkoSolar has also scaled back its capacity investment plans, focusing on upgrading efficient products with an estimated capital expenditure of around 4 billion yuan [8]. Technological Developments - The photovoltaic technology landscape is shifting towards a "one main, two auxiliary" structure, with TOPCon technology as the primary focus, supported by BC and HJT technologies [10]. - Companies are investing in advanced technologies, with Longi Green Energy expecting to achieve a production capacity of 50GW for HPBC 2.0 by the end of 2025 [12].