Core Viewpoint - Major photovoltaic companies Tongwei Co., Ltd. and Longi Green Energy are expected to report significant net losses for the year 2025, with Tongwei projected to lose between 9 billion to 10 billion yuan and Longi between 6 billion to 6.5 billion yuan, totaling a maximum of 16.5 billion yuan in losses for both companies [1] Group 1: Company Performance - Tongwei Co., Ltd. is identified as the "loss leader" among disclosed photovoltaic companies, with a projected loss of 9 billion to 10 billion yuan for 2025 [1] - Longi Green Energy anticipates a loss of 6 billion to 6.5 billion yuan for the same period, citing ongoing supply-demand mismatches and low-price competition as key factors [1] - TCL Zhonghuan also expects a loss of 8.2 billion to 9.6 billion yuan, attributing it to insufficient market demand and price declines [2] Group 2: Industry Challenges - The photovoltaic industry is facing a supply-demand mismatch, leading to prolonged low prices for photovoltaic components, with market transaction prices around 0.6 yuan per watt expected by mid-2025 [1] - Rising costs of key raw materials, such as silver paste and silicon materials, have further pressured the profitability of companies like Longi Green Energy [1] - The overall production growth in the photovoltaic manufacturing sector has slowed, with significant declines in the output of polysilicon and silicon wafers, marking the first year-on-year decrease in years [4] Group 3: Financial Adjustments - Tongwei Co., Ltd. has reported a significant increase in asset impairment provisions, estimating between 1.5 billion to 2 billion yuan due to market demand changes and technological iterations [2] - The company has also indicated that it will write down approximately 1 billion yuan related to certain photovoltaic power station businesses [2] Group 4: Market Trends - The photovoltaic industry has experienced nine consecutive quarters of losses since the fourth quarter of 2023, with many leading companies continuing to report negative earnings [3] - As of November 2025, prices across various segments of the photovoltaic supply chain have increased compared to the beginning of the year, although silicon material prices have seen a significant decline of 38.9% from the start of the year [3]