Chinese PV Industry Brief: Solar manufacturers forecast 2025 losses

<p class="p1"><span class="s1">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 squeeze margins across the solar manufacturing sector.</span></p><p><a href="https://www.pv-magazine.com/2024/01/26/chinese-pv-industry-brief-hoshine-continues-pv-supply-chain-expansion/" rel="noopener" target="_blank"><strong>Hoshine Silicon Industry</strong></a> said it expects a full-year 2025 net loss attributable to shareholders of CNY 2.8 billion ($385 million) to CNY 3.3 billion, amid weakening industrial silicon demand and PV supply-demand adjustments. It said falling prices weighed heavily on its PV-related business, with Baiinfo data showing average industrial silicon feedstock prices down about 27% year on year in 2025, compressing revenue and margins. The company noted that polysilicon fundamentals showed gradual recovery, but short-term demand remained weak and inventories high.</p>
<p><a href="https://www.pv-magazine.com/2025/09/30/risen-presents-475-w-topcon-solar-panel-with-23-8-efficiency/" rel="noopener" target="_blank"><strong>Risen Energy</strong></a> said it expects a net loss of CNY 2.3 billion to CNY 2.9 billion for 2025, citing sustained low PV product prices caused by supply-demand mismatches and impairment provisions on long-term assets.</p>
<p><a href="https://www.pv-magazine.com/2025/05/02/jolywoods-laser-assisted-firing-process-increases-topcon-solar-cell-efficiency-by-0-6-says-unsw-research/" rel="noopener" target="_blank"><strong>Jolywood</strong></a> said it will likely record a full-year loss of CNY 1.0 billion to CNY 1.5 billion in 2025, due to persistent sector-wide imbalances, prolonged low-price competition, and rising costs for key raw materials such as polysilicon and silver paste. It said margin pressure from low product prices and higher input costs was compounded by loss-making orders and impairment provisions.</p>
<p><a href="https://www.pv-magazine.com/2023/08/25/chinese-pv-industry-brief-irico-to-expland-solar-glass-capacity/" rel="noopener" target="_blank"><strong>Irico Group New Energy </strong></a> said it expects unaudited 2025 revenue of CNY 2,885 million to CNY 2,915 million, down 11.02% to 11.94% year on year, and a net loss attributable to shareholders of CNY 542 million to CNY 592 million, compared with a loss of CNY 376 million a year earlier. The glass manufacturer said PV glass sales volumes increased year on year, but prices fell due to supply-demand imbalances.</p>
<p><strong><a href="https://www.pv-magazine.com/2026/01/30/chinese-pv-industry-brief-dkem-files-cny-200-million-patent-suits-in-jiangsu-court/" rel="noopener" target="_blank">The China Nonferrous Metals Industry Association</a></strong> (CNMA) said no quoted prices or transactions were recorded for mainstream polysilicon products, with market sentiment turning increasingly cautious and new orders fully stalled. It said downstream buyers focused on inventory digestion, while January domestic polysilicon output fell 8.3% month on month to about 102,000 metric tons (MT) following supply cuts by Yongxiang, GCL Technology and Lihao Qingneng. February output is expected to fall below 85,000 MT, in line with reduced wafer production plans. Wafer prices continued to decline, with n-type G10L averaging CNY 1.20 per piece, down 4.76% week on week, G12R at CNY 1.26, down 4.55%, and G12 at CNY 1.45, down 4.61%. Cell and module prices were stable at CNY 0.41/W to CNY 0.45/W and CNY 0.71/ to CNY 0.75/W. Analysts cited weak end-market demand, rising silver prices, and production cuts that sharply reduced wafer procurement, with operating rates at about 50% and 46% for two leading manufacturers, 50% to 68% for integrated producers, and 50% to 70% for others.</p>