Chinese PV Industry Brief: Tongwei, Longi, JA Solar announce H1 losses

Tongwei, Longi, and JA Solar have predicted steep losses for the first half of 2025, as persistent oversupply and falling solar module prices continue to pressure margins across China’s PV manufacturing sector.

Tongwei has issued a profit warning, projecting a net loss attributable to shareholders of between CNY 4.9 billion ($676 million) and CNY 5.2 billion for the first half of 2025, widening from a CNY 3.13 billion loss in the same period last year. The company cited persistent oversupply and depressed product pricing in the photovoltaic sector, despite continued growth in solar installation volumes during the reporting period.

Longi has forecast a narrower net loss of between CNY 2.4 billion and CNY 2.8 billion for the first half, down from a CNY 5.24 billion loss a year earlier. The company said that it achieved higher module shipment volumes, but price competition pushed solar product prices below cost across the industry, resulting in continued losses.

JA Solar said it expects to post a net loss of CNY 2.5 billion to CNY 3.0 billion in the first six months of 2025, a sharp decline from the CNY 870 million loss reported in the first half of 2024. The company attributed the decline to intensified market competition and further drops in module selling prices, which eroded profitability.

DMEGC has reported strong earnings guidance for the first six months of 2025. The company said it expects a net profit of between CNY 960 million and CNY 1.05 billion, from CNY 642 million a year earlier. Second-quarter earnings are forecast to reach between CNY 502 million and CNY 592 million. DMEGC attributed its robust results to growing market share in the magnetic materials sector and early success in the commercialization of new products and devices.

Sichuan Hebang Biotechnology said it will suspend further investment in its 10 GW monocrystalline silicon wafer project in Fuyang, Anhui province. The project, launched by subsidiary Anhui Fuxing New Energy Technology Co. in December 2021, had originally planned a CNY 3 billion binvestment over two years. The company has already invested CNY 340 million and completed 1.5 GW of n-type wafer capacity. It said it made the decision due to volatility in wafer pricing and temporary overcapacity in the solar industry. It also announced the suspension of a planned float glass production line upgrade and associated R&D efforts.

Flat Glass Group has issued a profit warning based on unaudited results for the six months of 2025. It said its net profit attributable to shareholders will range from CNY 230 million to CNY 280 million. It attributed this decrease in profit to overcapacity in the PV industry, rising competition, and falling selling prices of PV glass in the first half of the year. The company said itz is investing in R&D and innovation to remain competitive in its core business.