Tai Mei Ti A P P·2025-07-15 00:29Core Viewpoint - The performance of photovoltaic material companies in the first half of 2025 is deteriorating, with significant losses reported across the sector, indicating that the industry is struggling to recover on its own [1][6][11]. Financial Performance Summary - A total of 24 photovoltaic companies have released their mid-year performance forecasts, with 13 out of 14 major material companies reporting losses [6][11]. - Notable losses include: - Tongwei Co., Ltd.: Expected loss of 4.9 billion to 5.2 billion CNY [1] - TCL Zhonghuan: Expected loss of 4 billion to 4.5 billion CNY [1] - JA Solar: Loss doubled compared to the previous year, with no improvement from the first quarter [9] - Longi Green Energy: Significant reduction in losses year-on-year, but no improvement from the first quarter [9] - Aiko Solar: Achieved profitability in the second quarter, attributed to innovative product offerings and market segmentation [9][10]. Industry Challenges - The photovoltaic industry is facing severe challenges, with increasing competition and financial pressures leading to widespread losses [11][12]. - The industry is characterized by high leverage, particularly among leading companies, making recovery difficult [11]. - The government is urged to implement measures to reduce excess capacity and enforce strict standards to prevent further deterioration of the industry [12][13]. Recommendations for Recovery - Suggestions include reducing polysilicon production capacity by half and halting expansions across all photovoltaic capacities [12][13]. - Establishing a unified standard system for product quality, energy consumption, and carbon emissions is essential to avoid quality issues in the future [13].