Longi, Jinkosolar, Ja Solar and Trina Solar reported the net losses for the first half of 2025, because sales decreased, despite strong shipments of highly efficient modules and storage systems.
Longi Reported a net loss of CNY 2.56 billion (about $ 356 million) for the first half of 2025, a significant improvement compared to the CNY 5.23 billion loss registered in the same period last year. The turnover of the company fell by 14.83% on an annual basis to CNY 32.813 billion. The gross margin became negative at -0.82%, a sharp decrease of 7.66% a year ago. Solar module products saw a gross margin of -2.37%, while the activities of power plants remained the only profitable segment with a gross margin of 14.42%. Other business lines booked a margin of 30.19%. The company has sent 39.57 GW of solar modules, an increase of 26% compared to the previous year, with BC products (HPBC 2.0 and HIBC) accounting for more than 20% of shipments. HPBC 2.0 shipments reached approximately 4 GW. WAFER shipments rose by 17% to 52.08 GW, of which 24.72 GW was for external sale. N-type Tairay waffles reached a penetration rate of 90%. The internal BC cell capacity of Longi reached 24 GW, with a goal of exceeding 60% of the total high efficient capacity by the end of 2025. Chairman Zhong Baoshen expressed the confidence that the company’s core activities would probably reach a break-even point in the fourth quarter.
Jinkosolar reported a net loss of CNY 2.90 billion for the first half of 2025, a sharp reversal of a profit from CNY of 1.2 billion in the same period last year. Turnover fell 32.63% on an annual basis to CNY 31.831 billion. The gross margin was negative at -2.01%, a decrease of 10.57 percentage points. The gross margin for its module company was -0.98%. Module readings rose 17% to 41.84 GW. The company plans to upgrade 40% -50% of its capacity to more than 640 W Stream modules by the end of 2025. Shipping of energy storage system achieved 1.5 GWH, which exceeds the total for the whole of 2024, with a full year target of 6 GWH. R&D investment fell by 56.95% to CNY 1.175 billion, which represents 3.69% of the total turnover. Management expects shipments of the entire year between 85 GW and 100 GW.
JA SOLAR Placed a net loss of CNY 2.58 billion for the first half of 2025, which grew a loss of CNY 874 million a year ago. Turnover fell by 36.01% on an annual basis to CNY 23,905 billion. Module readings rose by approximately 15% to 33.79 GW, where N-type modules are good for more than 98%. The gross margin was -3.53%, a decrease of 7.4 percentage points. The turnover and administrative costs of the company fell by 6.32% and 16.82% respectively, while R&D investments CNY 1.38 billion (5.81% of sales) were a decrease of 29.14%. Management expects the gross margin to be positive in the fourth quarter as module prices stabilize, with a mission objective of 75-80 GW.
Trina Solar reported a net loss of CNY 2.91 billion for the first half of 2025, compared to a profit from CNY 526 million a year earlier. Turnover fell by 27.72% to CNY 31.05 billion. The turnover from his PV products was CNY 20.08 billion (64.66%of the total turnover), a decrease of 33.19%, with a gross margin of -2.49%. The sales and administrative costs of the company fell by 4.73% and 14.11% respectively. R&D investments grew by 6.60% to CNY 2.262 billion (7.28% of sales). Module readings exceeded 32 GW, an increase of around 12%. Cumulative shipments of energy storage system surpassed 12GWH, with overseas deliveries of more than 1 GWh. The energy storage activities generated CNY 1.28 billion in income, accounting for 4.14% of the total. Grutomarge management projects to return to positive territory in the fourth quarter, with a shipping objective for the entire year of 75-80 GW.
Polysilicon Xinte Energy announced his non -GEAUDITED results for the six months ending on June 30, 2025. The turnover was 7.31 billion, a decrease of 37.74% compared to the CNY 11.74 billion generated in the corresponding period last year. The loss to be attributed to shareholders of the listed company was CNY 256.3 million, an improvement compared to a CNY 887 million loss in the same period last year.
Solargiga Said that the non -geauditated consolidated income for the six months ending on June 30, 2025 CNY was 1.02 billion, against CNY 1.69 billion for the same period last year. A loss of CNY 113.9 million was reported, compared to a loss of CNY 104 million for the same period in the previous year.
On 3 September the silicon branch of the China Non -Ferrous Metal Industry Association (Cnmia) announced the latest polysilicon prices. The prices of Polysilicon rose this week across the board. The average transaction price for the N-type raw material was CNY 49,000 per ton, an increase of 2.30% from week to week. N-type compact material and grainy silicon prices also saw weekly rises of 2.70% and 2.13% respectively. The prices of Wafers continued to rise on 4 September, with the average transaction price for N-type G10L monocrystalline waffles with 2.40% week on week to CNY 1.28 each. N-Type G12R and G12 waffles also saw an increases of 0.73% and 1.91% respectively. The association noted a slight increase in the total business percentages, with two top companies that operated with 52% and 50%, while integrated companies amounted to a capacity of 54% -80%.
The national new monitoring of energy consumption and the early warning center under the National Energy Administration (NEA) reported on 1 September that the average solar energy user energy in China was 94.7%from January to July 2025. In July, only four provinces – Gansu, Qinghai, Xinjiang and Tibet – the use of solar energy below 90%, with the most central and oriental regions of 99%.
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