Five of China’s most prominent solar energy manufacturers have projected staggering combined losses for 2025, ranging between US$4.1 billion and US$4.7 billion. LONGi Green, Tongwei, JA Solar, TCL Zhonghuan, and Aiko Solar all reported anticipated deficits as the industry grapples with a persistent supply-demand imbalance and volatile raw material costs. While some firms have successfully narrowed their losses through technological advancements in solar cell production, others face widening deficits driven by asset impairments and a sharp spike in silver and polysilicon prices during the final quarter of the year.
The collective performance forecasts for the 2025 fiscal year highlight a period of intense structural adjustment within the global PV sector. According to the data, the five industry giants expect a total deficit between RMB 28.9 billion and RMB 32.8 billion. Profitability remained under heavy pressure throughout the year as the market struggled to absorb excess capacity, while a sudden surge in the cost of silver paste and polysilicon in the fourth quarter further eroded corporate margins.
Tongwei reported the most significant downturn, with projected losses reaching between RMB 9 billion and RMB 10 billion. It stands out as the only company in the group seeing its deficit expand, largely due to its industrial silicon business and impairments on long-term assets. The company noted that its operating losses increased by up to RMB 1.7 billion year-on-year, exacerbated by a slowdown in new solar installations during the second half of 2025 and the rising cost of silver.
TCL Zhonghuan followed closely with an estimated loss of RMB 8.2 billion to RMB 9.6 billion. Although this represents a slight improvement over its 2024 performance, the company continues to struggle with low market prices across the PV value chain. The inability to pass rising raw material costs down to consumers has left the firm vulnerable to the price hikes seen in the latter portion of the year.
In contrast, LONGi Green demonstrated a stronger recovery trajectory, forecasting a loss of RMB 6 billion to RMB 6.5 billion—a reduction of nearly 30% compared to its 2024 results. The company attributed this relative improvement to a successful transition in solar cell technology and an optimized product mix. While the fourth-quarter spike in material costs prevented a return to profitability, LONGi’s focus on high-efficiency technological routes has begun to stabilize its financial footing.
JA Solar expects its annual loss to remain relatively flat at approximately RMB 4.5 billion to RMB 4.8 billion. While the company managed to reduce losses during the first nine months of the year, the gains were effectively erased by the year-end surge in production costs and continued downward pressure on solar module pricing in the global market.
Aiko Solar emerged as the most resilient of the group, reporting the smallest deficit and the most significant improvement in loss control. The company’s losses are expected to narrow by up to 77%, falling to between RMB 1.2 billion and RMB 1.9 billion. This turnaround is largely credited to the success of its “all back contact” (ABC) solar cell technology. Sales of its ABC solar module products more than doubled in 2025, allowing the firm to capture higher market share and improve its shipment mix despite the broader industry’s overcapacity issues.
The divergent results among these five giants suggest that the PV industry is entering a new phase where technological differentiation is becoming the primary driver of financial survival. While upstream players remain heavily impacted by price volatility, those investing in advanced solar cell architectures are finding a clearer path toward future profitability.