During January 2026, five leading PV companies – LONGi Green, Tongwei, JA Solar, TCL Zhonghuan and Aiko Solar – have successively released their annual performance forecasts for 2025. All five companies are projected to post a deficit, with total losses ranging from RMB28.9-32.8 billion (US$4.1-4.7 billion).
| Company | Net profit attributable to the parent company in 2024 (in billion yuan) | Net profit attributable to the parent company in 2025 (in billion yuan) | Year-on-year change |
| Tongwei | -7.039 | -9.0-10.0 | Increased losses 28-42% |
| TCL Zhonghuan | -9.818 | -8.2-9.6 | Decreased losses 2.14-16.48% |
| LONGi Green | -8.618 | -6.0-6.5 | Decreased losses 25-30% |
| JA Solar | -4.656 | -4.5-4.8 | Remain flat |
| Aiko Solar | -5.319 | -1.2-1.9 | Decreased losses 64-77% |
Core data from the performance forecasts indicates that in 2025, the supply-demand imbalance across the PV industry chain and raw material price volatility continued to weigh on profitability. This was compounded by a significant surge in costs, such as for silver paste and polysilicon in Q4, which further squeezed corporate profit margins.
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While the industry’s deep adjustment continues, the loss amounts and trajectories of the five companies diverge significantly. Tongwei is expected to post the largest loss of the five, of RMB9-10 billion. Notably, it is the only company with a widening loss margin. Pressures across multiple business lines and asset impairments have emerged as the primary drag on its performance.
The announcement indicates that the company incurred an operating loss of RMB7.5-8 billion in 2025, representing a year-on-year increase in losses of RMB1.2-1.7 billion. Within this, losses from the industrial silicon business amounted to approximately RMB900 million, while losses from the cell and module segments grew by RMB1.2 billion compared to the previous year. Coupled with external factors such as the slowdown in new PV installations in H2 of the year and the sharp rise in silver prices, the loss range was further enlarged, along with an impairment provision for long-term assets of RMB1.5-2 billion.
TCL Zhonghuan follows with an estimated loss of RMB8.2-9.6 billion, representing a reduced deficit compared with 2024. However, the company continues to face significant operational challenges due to persistently low prices in the core PV industry chain, poor cost pass-through and mounting pressure from the rising prices of raw materials such as polysilicon and silver in Q4.
LONGi Green expects a loss of RMB6-6.5 billion in 2025, down 25-30% from the RMB8.618 billion loss recorded in 2024. LONGi attributes this improvement to the advantages of its technological routes, which have become the core driver of the company’s loss reduction. Through the cell technology upgrade and product structure optimisation, the company’s profit margins have been restored.
However, the significant price rise of core raw materials such as silver paste and polysilicon in Q4 somewhat weighed on performance, preventing a more substantial reduction in losses.
JA Solar expects a loss of RMB4.5-4.8 billion in 2025, roughly flat compared with the RMB4.65 billion loss in 2024 (representing a year-on-year change of -3.09% to +3.09%). In 2025, the supply-demand imbalance in the PV industry persisted, and end-market module prices remained depressed. JA Solar achieved a phased reduction in losses in the first three quarters, but the surge in raw material prices and pricing pressure in Q4 erased these gains, bringing the full-year performance back to the same loss level as last year.
Aiko Solar, with an estimated loss of RMB1.2-1.9 billion, emerges as the best performer among the five in terms of loss control. Meanwhile, it leads the industry in loss reduction, with its deficit narrowing by 64-77%, demonstrating the remarkable results of its technological upgrade. Focusing on ‘ABC ‘all back contact’ (ABC) cell technology, Aiko Solar saw its ABC module sales more than double in 2025 compared to the previous year, with its market share and brand recognition growing steadily both domestically and internationally. This has driven the optimisation of its shipment mix and improved profitability. Despite remaining in the red due to structural overcapacity in the industry and poor cost pass-through between upstream and downstream, the significant loss reduction validates the correctness of its technological route and lays a solid foundation for future profitability.
In addition to the supply-demand imbalance, cost pressure has emerged as the key factor behind the losses. Several companies disclosed that they had achieved varying degrees of loss reduction in the first three quarters of 2025. However, since Q4, the sustained rise in prices of core raw materials, such as silver and polysilicon, coupled with depressed end-product prices and slumping operating rates across the industry chain, has severely squeezed corporate profit margins.
Judging from the performance of the five companies, the PV industry has been mired in widespread losses for several consecutive quarters, with the cyclical supply-demand imbalance still not being alleviated. However, the trend of corporate divergence has further intensified. Tongwei and TCL Zhonghuan, which reported larger losses, are more directly affected by fierce upstream competition and inadequate cost pass-through in the wafer segment. In contrast, LONGi Green and Aiko Solar have achieved significant loss reduction thanks to their technological advantages.
