Industry undergoing deep adjustment: significant differentiation in performance of listed photovoltaic companies in the first half of the year.

In the first half of 2025, the photovoltaic industry is struggling under pressure. Price declines caused by supply-demand mismatch are putting immense pressure on most companies in the photovoltaic industry chain. According to statistics from Jiubang Consulting, among the 30 photovoltaic listed companies that have already released semi-annual performance forecasts, only 8 companies expect positive non-net profit, with only 2 companies achieving year-on-year growth. "From the current situation of listed companies that have disclosed performance forecasts, three main characteristics are evident: first, almost all sectors of the photovoltaic main industry chain, such as silicon materials, silicon wafers, cells, and modules, are suffering losses, while the situation is slightly better in the auxiliary materials segment; second, the downstream of the main industry chain is performing slightly better than the upstream; third, there is a trend of differentiation in the industry, with some leading companies with advantages in technology and collaborative management showing improvement in performance," said Wang Tieshan, director of the Industrial Development and Investment Research Center at Xi'an University of Engineering when interviewed.