On January 14, three listed photovoltaic (PV) companies, namely Jinko Solar, Trina Solar, and Daqo New Energy, simultaneously released their 2025 annual performance forecasts, all of which indicated annual losses.
Jinko Solar: Both Revenue and Profit Decline
According to Jinko Solar’s 2025 performance forecast, the company’s financial department preliminarily estimates that the net profit attributable to shareholders of the listed company will be negative in 2025, resulting in an annual operating loss for the year.
Data from Jinko Solar’s Q3 2025 financial report shows that the company achieved operating revenue of RMB 47.986 billion in the first three quarters, a year-on-year decrease of 33.14%; its net profit was a loss of RMB 3.92 billion, a year-on-year decline of 422.67%. In 2024, Jinko Solar’s net profit attributable to parent company shareholders stood at RMB 99 million.
Recently, in response to cost pressures caused by price fluctuations of precious metals such as silver, Jinko has been continuously advancing the R&D and application of base metal solutions including silver-coated copper paste. The company stated that this solution is expected to achieve large-scale mass production in 2026, which is expected to create cost advantages.
Trina Solar: 2025 Performance Continues the Loss Trend
On January 14, Trina Solar disclosed its 2025 annual performance forecast, expecting the net profit attributable to owners of the parent company to be negative for the full year, with the annual operating performance set to remain in the red.
Q3 2025 financial report data shows that Trina Solar recorded operating revenue of RMB 49.97 billion in the first three quarters, a year-on-year drop of 20.87%; its net profit attributable to parent company shareholders was a loss of RMB 4.201 billion. In 2024, the company reported a net profit attributable to parent company shareholders loss of RMB 3.443 billion.
Despite financial pressures, Trina Solar has not slowed down its technological development pace. On the same day, the company announced a key breakthrough in the commercial aerospace sector on the R&D front. The 3.1 m² large-area perovskite/crystalline silicon tandem module developed by Trina Solar’s Key Laboratory achieved a power output of 886 W, once again setting a new world record.
In addition, the company has also made new progress in the efficiency of perovskite/P-type heterojunction (HJT) tandem cells. To date, Trina Solar has set and broken PV technology world records 38 times in total.
Daqo New Energy: Losses Persist with Narrowed Loss Margin
On the evening of January 14, Daqo New Energy issued an announcement on its 2025 annual performance forecast.
The announcement stated that based on preliminary calculations by the company’s financial department, the net profit attributable to shareholders of the listed company is expected to be negative in 2025, meaning the company’s annual operating performance will remain in loss in 2025, but the loss margin has narrowed.
According to the previously disclosed Q3 financial report, Daqo New Energy achieved operating revenue of RMB 3.243 billion in the first three quarters, a year-on-year decrease of 46%; its net profit attributable to parent company shareholders was a loss of RMB 1.073 billion, a year-on-year increase of 2.36%, indicating marginal signs of improvement in performance pressure.
Daqo New Energy’s core business is the R&D, production and sales of high-purity polysilicon materials. In the first half of 2025, polysilicon prices dropped sharply year-on-year, with the annual average price falling below the industry’s average cost line, plunging the sector into losses; after the third quarter, prices gradually rebounded.
On January 14, TrendForce released the latest polysilicon price data: the mainstream transaction price of N-type polysilicon feedstock was RMB 53/kg; the latest price of N-type dense polysilicon was RMB 52/kg; the mainstream transaction average price of N-type granular polysilicon stood at RMB 50/kg.
Source：EnergyTrend
