第一财经·2025-07-16 03:30Core Viewpoint - The photovoltaic industry continues to face significant losses despite some companies showing signs of reduced losses in the second quarter of 2025, indicating a challenging market environment driven by oversupply and price competition [1][3]. Group 1: Industry Performance - As of July 15, 2025, all major photovoltaic companies listed on the Shanghai and Shenzhen stock exchanges have disclosed their half-year performance forecasts, revealing a persistent trend of losses across the sector [1]. - Major companies like Tongwei Co., Ltd. and TCL Zhonghuan are expected to report substantial losses in the range of 49 to 52 billion yuan and 40 to 45 billion yuan, respectively, compared to previous losses of 31.29 billion yuan and 30.64 billion yuan [3][4]. - The decline in product prices across the photovoltaic supply chain has been a common factor contributing to the losses, with many companies unable to escape the trend of increasing sales volume without corresponding revenue growth [3][4]. Group 2: Reasons for Losses - The ongoing supply-demand imbalance in the photovoltaic industry has not significantly improved, leading to continued low prices for products despite a temporary surge in demand in the distributed market [4]. - Companies like JinkoSolar have noted that intensified competition and international trade protection policies have negatively impacted their sales prices and profitability, contributing to their losses [4][5]. Group 3: Second Quarter Performance Divergence - A noticeable divergence in performance among leading photovoltaic companies was observed in the second quarter, reflecting differences in strategic execution and cost management [5]. - TCL Zhonghuan's losses are expected to widen in the second quarter, while companies like Longi Green Energy and JinkoSolar have managed to reduce their losses compared to the first quarter [5][6]. - Aiko Solar's improved performance in the second quarter is attributed to increased sales in overseas markets, leading to a better overall gross margin [6]. Group 4: Future Outlook - The photovoltaic industry is anticipated to enter the final phase of its current downturn, with expectations of a market rebound in the third or fourth quarter of 2025 due to ongoing efforts to address supply-demand imbalances [7]. - Companies are focusing on long-term development strategies to promote sustainable growth in the photovoltaic sector, despite facing significant short-term challenges [7].