3 6 Ke·2025-11-07 01:53Core Viewpoint - The photovoltaic industry is experiencing significant losses, but many leading companies are showing signs of reduced losses, indicating a potential turning point for the industry [1][2]. Financial Performance Summary - In Q3, seven leading photovoltaic companies reported a combined loss of 6.482 billion yuan, with total losses for the first three quarters reaching 26.927 billion yuan [1]. - Compared to the first half of the year, most of these companies have reduced their losses significantly [1][3]. - TCL Zhonghuan, Trina Solar, and Jinko Solar reported single-quarter losses exceeding 1 billion yuan in Q3, with TCL Zhonghuan leading at 1.534 billion yuan [3][4]. Loss Reduction Analysis - The number of companies reducing losses increased from four in Q2 to five in Q3, indicating a positive trend [4]. - Tongwei Co. showed the most significant reduction in losses, decreasing from 2.363 billion yuan in Q2 to 315 million yuan in Q3, a reduction of over 2 billion yuan [5]. - TCL Zhonghuan also saw a substantial reduction in losses, decreasing by 800 million yuan in Q3 compared to Q2 [5]. Factors Supporting Loss Reduction 1. Decrease in Asset Impairment Losses: Companies like Longi Green Energy reported a 73.95% decrease in asset impairment losses in Q3, contributing to improved financial performance [10]. 2. Price Increases: The entire photovoltaic supply chain has experienced price increases since July, with polysilicon prices rising over 50%, which has positively impacted profit margins [11][12]. 3. Focus on Energy Storage: Many leading companies are emphasizing energy storage as a growth area, with significant increases in shipments supporting overall performance [13]. 4. Overseas Market Expansion: Companies are increasingly focusing on overseas markets, which offer higher profit margins, with exports rising to approximately 60% for some firms [14]. 5. Growth in BC Component Sales: The sales of bifacial (BC) components have increased significantly, contributing to improved revenues and profit margins for companies like Longi and Aiko [15][16]. Overall Industry Outlook - The photovoltaic industry is showing signs of recovery, with leading companies improving their financial performance and reducing losses, suggesting a potential turnaround in the sector [17].