Xin Lang Cai Jing·2026-01-22 08:03Core Viewpoint - The photovoltaic industry continues to face significant challenges, with major companies reporting substantial losses, totaling over 500 billion yuan, except for Hongyuan Green Energy, which is the only profitable entity among the analyzed firms [1][2]. Group 1: Financial Performance - Among 12 major photovoltaic companies, only Hongyuan Green Energy reported a profit, while the others collectively faced losses exceeding 500 billion yuan [1]. - Tongwei Co. is projected to incur the largest loss in 2025, estimated between 90-100 billion yuan, followed by TCL Zhonghuan and Trina Solar, with losses of 82-96 billion yuan and 65-75 billion yuan, respectively [2]. - JinkoSolar is expected to report a loss of 59-69 billion yuan for the previous year, while it anticipates a slight profit in 2024 [6][8]. Group 2: Cost Pressures - The rising prices of silver and silicon materials have significantly increased production costs for photovoltaic companies, with silver paste becoming a major cost component, accounting for approximately 17% of module costs [3][5]. - Silver prices have surged over 230% since the beginning of 2025, contributing to the financial strain on companies like Longi Green Energy and Trina Solar [5]. Group 3: Company Strategies and Developments - Longi Green Energy and TCL Zhonghuan have shown the most significant reduction in losses among leading firms, with Longi reducing its losses by nearly 20 billion yuan due to improved production yields and the development of alternative materials [10]. - Hongyuan Green Energy has successfully turned a profit, projecting a net profit of 1.8-2.5 billion yuan for 2025, attributed to its vertically integrated supply chain strategy [14][15]. - JinkoSolar and Trina Solar have both highlighted advancements in their energy storage businesses, indicating a potential area for growth despite current losses [8].