Chinese solar makers reported sharply mixed first-quarter results amid continued polysilicon and module price pressure, with production increases, weak demand-led margin compression and persistent net losses.
Polysilicon maker Daqo New Energy reported revenues of CNY189 million ($26 million) in the first quarter of 2026, down 79.22% year-on-year, while net loss attributable to shareholders widened to CNY801 million ($111 million). Polysilicon production rose 74.9% to 43,400 tonnes, while sales volumes fell 84.0% to 4,500 tonnes due to weak demand. The company attributed the losses to falling polysilicon prices and inventory writedowns worth CNY680 million ($94 million). It expects full-year 2026 polysilicon production of 140,000 to 170,000 tons, while second-quarter production is estimated at 35,000 to 40,000 tons.
Tongwei posted first-quarter revenues of CNY12.13 billion ($1.68 billion), down 23.90% year-on-year, while net loss narrowed to CNY2.44 billion ($337 million), compared with CNY2.59 billion ($358 million) a year earlier. The gross margin was -4.03%, while the net margin was -26.51%. The company said cash reserves remained strong at CNY21.27 billion ($2.94 billion) at the end of March, supporting its ability to withstand market pressures and potentially participate in industry consolidation.
Aiko Solar reported first-quarter revenues of CNY4.44 billion ($614 million), up 7.29% year-on-year, while its net loss widened to CNY440 million ($61 million), mainly due to foreign exchange losses. Losses fell by 65.90% quarter-on-quarter. Gross margin improved to 7.20% from -4.22% in the previous quarter, indicating a recovery in business. The company said deliveries of ABC modules reached approximately 8.34 GW and it recently secured centralized purchasing contracts from two major Chinese state-owned energy groups, bringing its cumulative allocated capacity to nearly 10 GW.
Chinese glassmaker Deli Holdings said its wholly owned subsidiary Bengbu Deli Photovoltaic Materials has terminated a long-term photovoltaic glass supply agreement with ten wholly owned subsidiaries of Longi. The contract, signed in April 2021, was worth approximately CNY5.53 billion ($765 million). Deli said ongoing structural oversupply in the PV sector since the second half of 2024 has driven prices below production costs, leading to significant losses. It added that the agreement had not been substantially executed and that both parties agreed to terminate it voluntarily and without liability.
The Silicon Industry Department of the China Non-ferrous Metals Industry Association (CNMIA) polysilicon prices remained unchanged week over week. N-type resupply polysilicon traded at CNY 35,000–36,000/ton ($4,840–$4,980/ton), average CNY 35,300/ton ($4,880/ton), while n-type granular silicon traded at CNY 34,000–36,000/ton ($4,700–$4,980/ton), average CNY 34,300/ton ($4,740/ton). The association said several weeks of price stability have bolstered market expectations, with signs that polysilicon prices may have bottomed out. Trading activity is gradually recovering as essential purchasing demand is released. Chinese polysilicon production in May is expected to be around 83,000 tonnes, while wafer production figures were slightly higher.
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