Zheng Quan Shi Bao Wang·2025-08-29 07:26Core Viewpoint - The photovoltaic industry is facing significant losses across the supply chain, with major manufacturers reporting substantial deficits in their financial results for the first half of the year [1][3][4]. Financial Performance - The top five manufacturers in terms of module shipments reported a combined loss of approximately 160 billion yuan in the first half of the year [1][4]. - JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%, with a net loss of 2.91 billion yuan, a year-on-year increase in losses of 342.4% [3]. - Longi Green Energy's revenue was 32.81 billion yuan, down 14.83%, with a net loss of 2.57 billion yuan, a reduction in losses of 26.61% compared to the previous year [3]. - Trina Solar's revenue was 31.06 billion yuan, down 27.72%, with a net loss of 2.92 billion yuan, a year-on-year increase in losses of 654.47% [3]. - JA Solar reported revenue of 23.90 billion yuan, down 36.01%, with a net loss of 2.58 billion yuan, an increase in losses of 195.13% [3][4]. - Tongwei Co. achieved revenue of 40.51 billion yuan, down 7.51%, with a net loss of 4.96 billion yuan, an increase in losses of 58.35% [4]. Cash Flow Health - Cash flow has become a critical indicator of survival for photovoltaic companies, with some firms reporting improved cash flow despite overall losses [5][6]. - TCL Zhonghuan reported a net cash flow from operating activities of 0.523 billion yuan, a year-on-year increase of 308.40% [5]. - Trina Solar's net cash flow from operating activities was 1.843 billion yuan, with a second-quarter figure of 2.679 billion yuan [5]. - Canadian Solar reported a net cash flow from operating activities of 3.78 billion yuan, a year-on-year increase of over 150% [5]. - However, companies like Daqo New Energy reported a negative cash flow of -1.608 billion yuan [6]. Industry Pricing and Policy - The photovoltaic industry is undergoing a "reverse involution" movement, with a reduction in low-price sales and fierce competition [1][7][8]. - The Chinese government has initiated measures to combat low-price, disorderly competition, emphasizing the need for quality improvement and the orderly exit of outdated production capacity [7]. - Recent meetings and legislative changes have aimed to regulate below-cost sales practices, indicating a shift towards maintaining stable pricing in the industry [7][8].