Hua Er Jie Jian Wen·2026-01-18 09:31Core Viewpoint - The leading companies in the photovoltaic industry are expected to face significant losses in 2025, indicating a continued deep adjustment phase in the industry due to overcapacity, intense price competition, and increasing trade barriers [1] Group 1: Company Performance - Tongwei Co. and Longi Green Energy have projected net losses of 90-100 billion yuan and 60-65 billion yuan respectively for 2025, reflecting ongoing challenges in the photovoltaic sector [1] - Tongwei Co. reported that its industrial silicon business faced a net profit loss of approximately 9 billion yuan due to low product prices and production ramp-up issues, while its battery and module sales also declined, contributing to an additional loss of about 12 billion yuan [2] - Longi Green Energy highlighted that the persistent low prices and cost pressures in the photovoltaic industry have resulted in continued operational losses [6] Group 2: Industry Challenges - The photovoltaic industry is experiencing a dual weakness in supply and demand, with demand stabilizing after significant releases in previous years, and uncertainty surrounding future overseas market demand [10] - The recent regulatory changes by the State Administration for Market Regulation have dismantled the previously established self-regulatory measures in the silicon material industry, leading to a return to free competition [1] - The rising prices of silver have significantly increased production costs for battery and module segments, while the acceptance of these cost increases by end-users remains uncertain [10]