Hoshine, Risen Energy, Jolywood and Irico have all issued forecasts for net losses in 2025, as rising raw material costs and weak industrial silicon prices pressure margins across the sector.
Hoshine silicon industry predicts a full-year 2025 net loss attributable to shareholders of CNY3.3 billion to CNY2.8 billion ($454 million to $385 million), with profits falling sharply year over year. The company said the industrial silicon market saw a significant contraction in demand due to adjustments in photovoltaic energy supply and demand, causing prices to fall and weighing heavily on its PV-related business. According to Chinese commodity market research firm Baiinfo, the average price of industrial silicon raw materials fell by about 27% year-on-year in 2025, causing both sales and margins to decline. Although polysilicon fundamentals showed a gradual recovery, weak short-term demand and high inventories persisted.
Risen energy forecast a net loss of CNY2.3 billion to CNY2.9 billion for 2025. The company cited persistently low prices for PV products due to a supply-demand mismatch, in addition to provisions for impairment on long-term assets under prudent accounting standards.
Jolywood predict a loss of CNY 1 to 1.5 billion by 2025, which is attributed to the persistent imbalance in the sector, continued low-price competition and the rising costs of key raw materials such as polysilicon and silver paste. The company said persistently low product prices and higher input costs squeezed margins, while loss-making orders and impairment provisions further impacted profitability.
Irico Group New Energy Co. Ltd. reported unaudited revenue results for the year ended December 31, 2025 in a range of CNY 2,885 million to CNY 2,915 million, down 11.02% to 11.94% compared to the previous year. Net loss attributable to shareholders of the parent company was between CNY542 million and CNY592 million, an increase of 44.15% to 57.45% compared to last year’s loss of CNY376 million. The glass manufacturer noted that photovoltaic glass sales volume increased in 2025 compared to 2024, but prices fell year-on-year due to an imbalance between supply and demand.
The Chinese Nonferrous Metals Industry Association (CNMA) reported no quoted prices or transactions for mainstream polysilicon products, with market sentiment turning increasingly cautious and new orders coming to a complete standstill. Downstream buyers focused on processing inventories, and purchasing interest remained weak. Domestic polysilicon production fell 8.3% month-on-month in January to around 102,000 tonnes, mainly due to supply cuts by Yongxiang, GCL Technology and Lihao Qingneng. Production is expected to fall below 85,000 tonnes in February, roughly in line with plans for reduced wafer production. Meanwhile, waffle prices continued to fall. Average prices fell to CNY1.20 ($0.17) per piece for N-type G10L wafers, down 4.76% week on week; CNY 1.26 for G12R, down 4.55%; and CNY 1.45 for G12, down 4.61%. Cell and module prices remained stable at CNY 0.41–0.45 per watt and CNY 0.71–0.75 per watt, respectively. Analysts attributed the wafer weakness to weak end-market demand, rising silver prices that pushed up downstream costs, and significant production cuts that sharply reduced wafer purchases. Operating rates were reported at 50% and 46% for two leading manufacturers, 50%-68% for integrated manufacturers and 50%-70% for others.
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