Several top Chinese solar PV manufacturers anticipate net losses in 2025, driven by oversupply, intense price competition, and demand–supply imbalances across the solar value chain
While many companies expect losses to continue, some anticipate narrower losses compared to 2024 due to cost controls and gradual market adjustments
Rising raw material prices, especially for polysilicon and silver, are adding pressure to margins
A short-term boost in production may occur ahead of the end of China’s solar export tax rebates in April 2026, but demand may weaken afterward
Some of the leading solar PV manufacturers in China, the world’s largest solar PV market, expect to report a consecutive year of net losses in 2025, as the year was marked by continued challenges stemming from overcapacity, trade barriers, and rising raw material costs.
The good news is that most of them expect to narrow their losses from 2024 with their focus on technological advancement, cost control, and market diversification.
In its preliminary financial forecast for 2025, LONGi Green Energy Technology expects to report RMB 6.0 billion to RMB 6.5 billion in net loss for the fiscal year 2025, narrowing it from the RMB 8.6 billion net loss reported in 2024 (see LONGi Expects Up To RMB 6.5 Billion Net Loss In 2025).
While back contact (BC) specialist AIKO warns of a net loss of RMB 1.2 billion to RMB 1.9 billion, it has managed to reduce the loss from RMB 5.32 billion it recorded in the previous year.
The world’s largest solar module supplier JinkoSolar’s principal operating subsidiary, Jinko Solar Co. Ltd., or Jiangxi Jinko, has forecast a net loss of RMB 5.9 billion to RMB 6.9 billion for FY2025, after reporting a net income of RMB 57.5 million for 2024, which was down 98.3% year-over-year (YoY).
JA Solar also expects a full-year net loss of RMB 4.5 billion to RMB 4.8 billion for 2025, compared to RMB 4.65 billion in the previous year (see JA Solar Shipped Over 79 GW Modules In 2024).
Another big name, Trinasolar, expects a loss of RMB 6.50 billion to RMB 7.50 billion, compared to RMB 3.44 billion in the previous year. The company attributes the rapid rise in the cost of key raw materials such as silicon and silver paste as a factor responsible for the continued and widening loss expected this year, along with continued market competition and international trade protection policies.
Risen Energy, a leading heterojunction technology (HJT) company, expects to report a net loss of RMB 2.3 billion to RMB 2.9 billion this year, a narrowing from RMB 3.43 billion in 2024, owing to persistent low capacity utilization emanating from an oversupply situation.
Losses are not limited to cell and module makers. Polysilicon major Daqo New Energy announced earlier this year that its principal operating subsidiary, Xinjiang Daqo New Energy, estimates a net loss of between RMB 1.0 billion and RMB 1.3 billion for FY2025. This compares to the net loss of RMB 2.7 billion in FY2024 (see China Solar PV News Snippets).
Integrated solar manufacturer and polysilicon supplier Tongwei projects a widened net loss for the reporting year, between RMB 9.0 billion and RMB 10.0 billion, compared to RMB 7.04 billion in 2024. A drop in annual sales volume and a decline in polysilicon ASP affected its business. The manufacturer blames it on persistent low prices across the supply chain, rising raw material prices, and industry demand-supply imbalances (see China Solar PV News Snippets).
For more or less the same reasons, TCL TZE, one of the world’s largest wafer suppliers and an integrated PV manufacturer, issued a profit warning for 2025, expecting a net loss ranging from RMB 8.2 billion to RMB 9.6 billion. This will be lower than the RMB 9.8 billion net loss it reported in the previous year.
Lower production volume and a drop in prices led solar cell maker Hainan Drinda New Energy Technology to suffer a net loss of RMB 591.1 million in 2024 compared to RMB 815.6 million in 2023 (see Chinese Solar Cell Maker Drinda Shipped 33.74 GW In 2024).
‘Sluggish price transmission’ across the industrial chain and the supply-demand imbalance played spoilsport for Drinda, even as overseas demand for solar cells was particularly strong. Overseas sales exceeded 50% of its total revenue last year. The company, which produces solar cells under the JTPV brand, expects losses in the range of RMB 1.2 billion to RMB 1.5 billion in 2025, a widening from RMB 591.1 million last year.
Price wars across the industry, driven by oversupply and weak demand, prompted some major manufacturers to lay off some of their workforce in 2024, according to a Reuters report. Now they are looking at yet another year of sustained losses in 2025, and these are only some of the leading names in the industry; the losses also run deep across several tier II manufacturers.
The challenge of rising raw material prices is also very real for the industry. Silver prices are skyrocketing, having reached a record $110/oz in January 2026. To deal with this price pressure, manufacturers like LONGi and JinkoSolar are getting ready to shift to base metals (see Silver Prices Cross A Record $110/oz In January 2026).
In the near future, there could be a brief spike in demand as sellers rush to export solar modules before China’s export tax rebates end on April 1, 2026. This rush may allow factories to run at full capacity for a short time, but demand is likely to fall again afterward, creating an unsustainable environment (see China To Remove Solar Export Tax Rebates From April 1, 2026).