财联社·2026-01-18 12:09Core Viewpoint - The photovoltaic industry is undergoing a deep adjustment, with the overall sector still in a state of loss, as evidenced by the recent earnings forecasts from major companies indicating significant expected losses for 2025 [1][2]. Group 1: Company Performance - Longi Green Energy (隆基绿能) expects a net loss of approximately 60 billion to 65 billion yuan for 2025, primarily due to rising costs of silver paste and silicon materials [3]. - Tongwei Co., Ltd. (通威股份) anticipates the highest loss among the companies, with a projected net loss of 90 billion to 100 billion yuan for 2025, despite some performance improvement from rising polysilicon prices [2][3]. - TCL Zhonghuan (TCL中环) forecasts a net loss of 82 billion to 96 billion yuan for 2025, with product prices remaining low and insufficient cost transmission [2][3]. - JA Solar (晶澳科技) and Aiko Solar (爱旭股份) expect net losses of 45 billion to 48 billion yuan and 12 billion to 19 billion yuan, respectively, citing structural overcapacity as a significant challenge [3]. - Trina Solar (天合光能) and JinkoSolar (晶科能源) have not disclosed specific loss amounts but have indicated continued losses for 2025 [3]. Group 2: Industry Trends - The losses among these nine major companies are correlated with their production capacity, indicating that larger companies are experiencing greater losses [2]. - The industry is shifting from a focus on scale to a competition based on the ability to reduce losses, with Tongwei being the only company to see an increase in loss magnitude for 2025 compared to 2024 [4]. - The overall industry has faced nine consecutive quarters of losses since the fourth quarter of 2023, with ongoing supply-demand imbalances [4]. - Companies are urged to break away from homogeneous competition and build comprehensive advantages through technology, products, and ecosystems [4].