Xin Lang Cai Jing·2025-08-26 13:49Core Viewpoint - The photovoltaic industry has been in a downturn for seven consecutive quarters, with major companies reporting significant losses in the first half of the year, indicating a challenging environment with supply-demand imbalances and price declines [1][7]. Company Performance - Tongwei Co., Ltd. reported a net loss of 4.955 billion yuan, a year-on-year increase in losses of 1.826 billion yuan, with revenue of 40.509 billion yuan, down 7.51% [2][3]. - Longi Green Energy recorded a net loss of 2.569 billion yuan, but reduced losses by 2.661 billion yuan compared to the previous year, with revenue of 32.813 billion yuan, down 14.83% [2][4]. - Trina Solar experienced its first loss since going public, with a net loss of 2.918 billion yuan and revenue of 31.056 billion yuan, down 27.72% [5]. - JA Solar reported a net loss of 2.580 billion yuan, widening from 874 million yuan the previous year, with revenue of 23.905 billion yuan, down 36.01% [6]. - TCL Zhonghuan faced a net loss of 4.242 billion yuan, a decrease of 38.48% year-on-year, with revenue of 13.398 billion yuan, down 17.36% [5]. Industry Trends - The global photovoltaic market is experiencing a supply-demand imbalance, leading to a decline in prices across all segments, with many companies operating at a loss [1][4][7]. - The industry is undergoing a deep adjustment period, with outdated production capacities being phased out, but the pace of adjustment may not meet expectations, risking further price declines [8]. - Recent data shows a significant drop in new installations, with July's figures at 11.64 GW, down 18.9% month-on-month and 44.7% year-on-year, marking a new low since 2025 [9]. Financial Resilience - Companies with strong cash reserves are better positioned to survive the downturn, with Tongwei and Longi holding 33.229 billion yuan and 28.769 billion yuan in cash and financial assets, respectively [10]. - TCL Zhonghuan, despite its losses, has indicated a willingness to participate in industry consolidation due to its cash flow and financial reserves [10].