Longi says revenue and losses fell year over year in 2025, while Trina Solar reports deeper losses and full-year margin pressure across its core module business.
Longi green energy has reported 2025 revenues of CNY70.347 billion ($10.3 billion), down 14.82% year-on-year, with a net loss attributable to shareholders of CNY6.420 billion, down from the previous year. Gross margin was 0.81% and net margin -9.13%, indicating that operations are close to break-even. The company shipped 111.56 GW of monocrystalline wafers and 86.58 GW of modules, while external cell sales reached 4.31 GW. Operating cash flow turned positive to CNY 4.359 billion, with total operating expenses declining 8.72% and selling and administrative expenses declining 29.96% and 23.67%, respectively.
Trina Solar has reported 2025 revenues of CNY 66.975 billion, down 16.61% year-on-year, with a net loss of CNY 7.031 billion, up from the previous year. Gross margin reached 1.02% and net margin -10.50%, while module segment gross margin fell to -1.42%, reflecting continued pressure on core profitability. Module shipments exceeded 67 GW, while energy storage revenues grew more than 150% year over year, with shipments doubling. Operating cash flow remained positive at CNY 6.902 billion, albeit down 13.11%, and return on equity fell to -30.61%.
Hoshine Silicon said its A-share private placement application has been accepted by the Shanghai Stock Exchange, with plans to raise up to CNY5.8 billion. The company plans to allocate CNY4.1 billion to the first phase of an integrated silicon-based materials project in Shanshan and CNY1.7 billion for working capital and debt repayment. The project includes eight 75 MW back pressure turbine units and supporting thermal systems, and is expected to improve energy self-sufficiency and reduce electricity price volatility, which accounts for 30% to 40% of production costs.
Canadian solar energy said it will terminate a planned 14 GW monocrystalline wafer project in Yangzhou and reallocate remaining funds to share buybacks. The project had a planned investment of CNY 900 million, including CNY 500 million in excess fundraising proceeds. As of March 31, cumulative investments reached CNY 40.78 million, with CNY 467.53 million remaining. The company cited persistent supply-demand imbalances in the PV industry and said the move would help avoid idle capacity.
Eging PV has announced a pre-restructuring investment deal with Ningbo Ruilian and Solar Space, under which investors plan to subscribe for at least 455 million shares for a total of CNY 819 million at CNY 1.8002 per share. Ningbo Ruilian will invest CNY 719 million in as many as 399.5 million shares, while Solar Space will invest CNY 100 million. Upon completion, Ningbo Ruilian will become the controlling shareholder, with investors committing not to transfer shares within 36 months.
The Chinese Nonferrous Metals Industry Association (CNMIA) said polysilicon prices remained stable, with n-type charging material ranging from CNY35,000 per metric ton (MT) to CNY36,000/MT and no reported transactions. N-type granular silicon traded at CNY 34,000/MT to CNY 36,000/MT, with an average price of CNY 34,300/MT, unchanged week on week.
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