The year 2025 saw the photovoltaic (PV) industry enter a phase of cyclical adjustment. According to EnergyTrend, three listed PV companies – JA Solar, EGing PV and Grand Sunergy Tech – recently disclosed their annual performance forecasts, all indicating a phase of operational losses.
JA Solar: Maintaining Leading Shipment Volume
On the evening of January 12, JA Solar released its 2025 annual performance forecast announcement, projecting a net loss attributable to shareholders ranging from RMB 4.5 billion to RMB 4.8 billion for the full year, compared with a net loss of RMB 4.656 billion in the same period of the previous year. It also estimated a non-recurring profit and loss-adjusted net loss of RMB 4.8 billion to RMB 5.1 billion, versus a loss of RMB 4.269 billion a year earlier.
During the reporting period, JA Solar continued to deepen market expansion, accelerate its global layout, fully leverage its advantages in global marketing service network and brand influence, and maintained a leading position in battery and module shipments across the industry by virtue of its cutting-edge technology.
However, against the backdrop of a phase of supply-demand imbalance caused by the concentrated release of production capacity across all links of the PV main industrial chain in recent years, industry competition has intensified continuously. The prices of major products in all segments have been under overall downward pressure year-on-year. Meanwhile, the escalation of international trade protection policies has led to a year-on-year decline in the company’s module average selling prices and profitability, resulting in a phase of operational losses.
Grand Sunergy Tech: Advancing Business Transformation
On January 10, Grand Sunergy Shian Technology Co., Ltd. (Grand Sunergy Tech) issued its 2025 annual performance forecast announcement.
The announcement showed that based on preliminary financial calculations, the company expects its net profit attributable to shareholders of the listed company to be negative in 2025, with its annual operating performance slipping into the red. The final financial data shall be subject to the officially released 2025 annual report.
Financial report data indicated that in the first three quarters of 2025, the company achieved total operating revenue of RMB 450 million, a year-on-year decrease of 57.79%; its net profit attributable to shareholders stood at a loss of RMB 151 million. From 2022 to 2024, Grand Sunergy Tech recorded net losses of RMB 162 million, RMB 69 million, and RMB 106 million respectively.
In addition, Grand Sunergy Tech disclosed a number of risk warnings on December 26, 2025, including the following:
- On October 14, the company released the Announcement on Overseas Investment and Connected Transactions. Anhui Grand Sunergy New Energy Technology Co., Ltd., its indirectly held subsidiary, plans to inject RMB 230 million into Tieling Global Co., Ltd., with a subsequent plan to invest RMB 3 billion in constructing a smart manufacturing project for the solid-state battery industry chain. However, the project loan has not yet been secured, and the target company has not commenced actual operations, making the expected returns uncertain.
- In November, the company’s plan to acquire 100% equity interest in Tongling Fuyue Technology Co., Ltd. for RMB 241 million has not made substantial progress. The M&A loan is still under approval, and the target company faces risks such as failure to meet performance commitments, over-reliance on major customers, and potential goodwill impairment of approximately RMB 220 million in the future.
Grand Sunergy Tech stated that its core business has not undergone major changes, mainly covering PV cell & module manufacturing and landscaping engineering. Originally established as Qianjing Landscape Architecture Co., Ltd., the company entered the PV sector in November 2022 by acquiring equity interests in seven subsidiaries of Grand Sunergy Energy with a cash consideration of RMB 154 million, forming an operational model integrating “landscaping + PV” and rebranding itself as “Grand Sunergy Tech”.
Currently, the PV business has become the main source of revenue for Grand Sunergy Tech, encompassing the production and sales of heterojunction (HJT), TOPCon, and PERC solar cells and modules. The company is also planning to deploy solid-state battery and lithium battery structural component businesses, though its solid-state battery products have not yet entered the stage of large-scale mass production.
EGing PV: Narrowing Loss Margin
On January 8, EGing PV released its performance forecast announcement. Preliminary financial estimates by the company’s finance department indicated that its net profit attributable to shareholders of the listed company is expected to be negative in 2025, with annual operating performance in the red. The loss amount is projected to exceed the audited net assets of the previous year, which may result in negative net assets of the company by the end of 2025. The final financial data shall be subject to the 2025 annual report.
Looking back at 2024, EGing PV achieved annual operating revenue of RMB 3.478 billion, a sharp year-on-year drop of 57.07%; its net profit attributable to shareholders swung from profit to loss, with a deficit of RMB 2.09 billion.
In 2025, EGing PV’s loss margin narrowed somewhat. In the first three quarters, its net profit attributable to shareholders registered a loss of RMB 214 million, representing a year-on-year reduction of 62.64% in losses. However, its revenue plummeted 42.58% year-on-year to RMB 1.556 billion. The company attributed this mainly to the significant year-on-year decline in both the selling price and sales volume of its modules.
Source：EnergyTrend
