Di Yi Cai Jing·2025-05-09 09:11Core Viewpoint - The photovoltaic industry in 2024 is facing severe supply-demand imbalance and a price war, leading to widespread losses among companies, particularly in the manufacturing sector [1] Group 1: Executive Compensation Trends - Over 60% of photovoltaic companies have chairpersons with annual salaries exceeding 1 million yuan, with some exceeding 5 million yuan [1] - The largest salary decrease was observed for Longi Green Energy's chairman, whose salary dropped from 11.54 million yuan in 2023 to 0.9 million yuan in 2024, a decrease of 92% [2] - The highest salary in the photovoltaic sector for 2024 was held by Zheng Yueming, chairman of Lianhong New Energy, at 5.96 million yuan, followed closely by Nanchunhui of Zhengtai Electric at 5.8 million yuan [4][5] Group 2: Company Performance and Salary Correlation - The salary changes for executives generally align with company performance; Longi Green Energy reported a revenue drop of approximately 36.23% and a loss of 8.6 billion yuan in 2024 [11] - Lianhong New Energy's revenue decreased by 7.52% to 6.268 billion yuan, with net profit down 47.45% to 234 million yuan, indicating the impact of market conditions on executive compensation [5] Group 3: Zero Salary Cases - Five companies, including TCL Zhonghuan and Jinko Solar, reported zero salaries for their chairpersons over the past two years, although these executives receive compensation from affiliated companies [6][7] - For instance, the chairman of TCL Zhonghuan received over 10 million yuan from TCL Technology, while the chairman of Jinko Solar earned 252,000 yuan from Jinko Technology [7] Group 4: Industry Challenges and Responses - The photovoltaic industry is experiencing a "winter," prompting many executives to voluntarily reduce their salaries to support their companies [12] - Companies like Longi Green Energy and GCL-Poly have seen significant salary cuts among their executives, with GCL-Poly's executives reducing their total salaries by over 90% [12] Group 5: Notable Performers - Despite the overall downturn, companies like Hongdian Dongci have reported salary increases, with the chairman's salary nearly doubling from 1.25 million yuan to 2.46 million yuan, reflecting better performance compared to peers [10][13] - Hongdian Dongci achieved a revenue of 18.559 billion yuan in 2024, with a slight profit increase, attributed to strategic overseas production and market positioning [13]