“反内卷”持续，光伏行业何时迎来拐点

Core Viewpoint - The photovoltaic industry is currently experiencing significant losses despite a crowded conference scene, indicating a complex environment of both challenges and efforts for survival [1][4]. Industry Overview - The photovoltaic industry is in a deep adjustment period with severe losses reported by many companies, yet there is a sense of optimism for long-term development among industry professionals [3][4]. - The term "anti-involution" has emerged as a key theme, with some companies like Longi and Aiko showing signs of recovery, but many still face substantial pressure [3][5]. Financial Performance - As of July 24, 2025, 72.73% of the 68 A-share listed companies in the photovoltaic equipment sector reported expected losses for the first half of the year [10]. - Longi Green Energy is projected to report a net loss of approximately 2.4 to 2.8 billion yuan, a significant reduction in losses compared to the previous year [11]. - Aiko is the first major company in the supply chain to report a quarterly profit, with an expected net loss of 170 to 280 million yuan for the first half of 2025 [10]. Challenges and Concerns - Overcapacity and supply-demand imbalance remain the most critical issues facing the photovoltaic industry [4][10]. - Many companies in the supply chain express reluctance to claim profitability due to the prevailing negative sentiment in the industry [7][8]. Future Directions - Industry leaders emphasize the need for capacity clearance and self-discipline to avoid low-price competition, which is detrimental to the industry [13][14]. - There is a consensus on the importance of expanding application markets and enhancing product quality to foster a healthier industry environment [14][15]. - The introduction of a new evaluation mechanism by industry associations or government bodies is suggested to maintain order and promote sustainable growth [14].