Recently, a number of photovoltaic (PV) enterprises have successively released their 2025 annual performance forecasts, including Canadian Solar, Lians Technology, Boamax, *ST Haiyuan, CSG A, *ST Golden, Topray Solar and others.
Despite industry pressures such as production capacity and supply-demand mismatch as well as rising costs, each enterprise has delivered differentiated performance through technological upgrading, business expansion, reorganization and optimization measures.
Canadian Solar：Expected Net Profit of RMB 0.9-1.1 Billion; Energy Storage Orders Enter Harvest Period
On the evening of January 30, Canadian Solar issued its 2025 performance forecast, expecting a net profit attributable to shareholders of the parent company of RMB 900 million to RMB 1.1 billion, a year-on-year decrease of 51% to 60%, compared with a profit of RMB 2.247 billion in the same period of the previous year; the company projected its non-recurring profit and loss excluded net profit to stand at RMB 900 million to RMB 1.1 billion, a year-on-year drop of 51% to 60%, against a profit of RMB 2.226 billion in the prior-year period.
Canadian Solar stated that the overall supply-demand imbalance in the PV industry remained unrelieved in 2025, with the industry continuing to linger at the bottom and the operating rate of all links in the industrial chain trending downward overall. Coupled with international trade protection policies and the sharp rise in the costs of silicon feedstock, silver paste and other raw materials, the profitability of enterprises in the PV industry came under further pressure.
In active response to the call for anti-cutthroat competition, Canadian Solar has optimized its product shipment mix and pace. A large number of the company’s previously reserved energy storage projects and on-hand contract orders have entered the harvest period. The global brand and channel layout of its energy storage business in the market, as well as its capabilities in providing integrated solutions and long-term services, have strongly underpinned the company’s healthy profit level.
Lians Technology：Focus on Heterojunction (HJT) Technological Route
Lians Technology released its 2025 annual performance forecast, expecting to achieve operating revenue of RMB 370 million to RMB 450 million in 2025; a net profit attributable to shareholders of the parent company of RMB 100 million to RMB 150 million in losses, compared with a loss of RMB 110 million in the same period of the previous year; and a non-recurring profit and loss excluded net profit of RMB 97 million to RMB 147 million in losses, against a loss of RMB 139 million in the prior-year period.
Lians Technology indicated that during the reporting period, the company focused on the heterojunction (HJT) technological route and applied technologies such as wafer thinning, copper-plated silver, 0BB and indium-free target materials to its products through technological upgrading and cost reduction & efficiency improvement measures. Among them, the 0BB technology can cut silver paste consumption; the company’s 27% low-silver content battery products have been put into mass production, with the minimum silver content of battery products less than 4mg/W, and the products with 20% silver content on the front and 10% on the back have passed third-party reliability certification.
In addition, the conversion efficiency of the company’s perovskite/crystalline silicon heterojunction tandem cells reached 33.45%, and the multi-slicing technology pushed the maximum module power to 781.97W.
Boamax：A Significant Year-on-Year Reduction in Losses
On January 31, Boamax issued a performance forecast announcement, reporting a substantial year-on-year drop in net profit attributable to shareholders of the parent company during the reporting period.
Boamax expects a net profit attributable to shareholders of the parent company of RMB 60 million to RMB 100 million in losses in 2025, a year-on-year increase of 86.97% to 92.18%, compared with a loss of RMB 767 million in the previous year; its non-recurring profit and loss excluded net profit is projected at RMB 90 million to RMB 140 million in losses, a year-on-year rise of 80.56% to 87.50%, against a loss of RMB 720 million in the prior year.
The main reasons for the performance changes are as follows: To mitigate the impact of the continuous decline in orders for the original custom equipment parts business in the intelligent manufacturing segment, the company developed integrated equipment for the sharing economy sector, explored new customers and markets, and achieved a substantial month-on-month growth in operating revenue in the fourth quarter with stable product gross profit margins. In addition, the disposal of loss-making subsidiaries at the end of the previous year and the improved supply-demand imbalance in the PV industry led to a sharp reduction in the impairment of PV assets compared with the same period last year, driving a significant increase in net profit.
*ST Haiyuan：Expected Loss of RMB 180 Million to RMB 216 Million
On the evening of January 30, *ST Haiyuan disclosed its 2025 annual performance forecast, expecting to achieve operating revenue of RMB 350 million to RMB 380 million in 2025; a net profit attributable to shareholders of the parent company of RMB 180 million to RMB 216 million in losses, compared with a loss of RMB 160 million in the same period of the previous year; and a non-recurring profit and loss excluded net profit of RMB 160 million to RMB 196 million in losses, against a loss of RMB 193 million in the prior-year period.
The performance forecast shows that the main reasons for the company’s performance changes are: During the reporting period, the operating revenue of the PV and composite material products businesses saw a substantial year-on-year growth, driving up the capacity utilization rate, amortizing unit fixed costs and improving the comprehensive gross profit margin. In addition, in accordance with the prudence principle, the company made various asset impairment provisions in line with accounting standards, with the preliminary estimated impairment and credit impairment loss standing at approximately RMB 75 million. It also incurred a non-recurring loss of about RMB 12 million from the transfer of equity in wholly-owned subsidiaries, while it obtained a non-recurring gain of RMB 33.25 million from equity transfer in the same period of the previous year.
CSG A：2025 Net Profit Expected to Drop 50.26%-66.68% Year-on-Year
CSG A disclosed its 2025 annual performance forecast, expecting a net profit attributable to shareholders of the parent company of RMB 89 million to RMB 133 million in 2025, a year-on-year decrease of 50.26% to 66.68%; its non-recurring profit and loss excluded net profit is projected at RMB 85 million to RMB 139 million in losses, compared with a profit of RMB 121 million in the same period of the previous year.
According to the announcement, during the reporting period, affected by the declining market prices of major products such as PV glass and float glass, the gross profit margin of related products slipped compared with the same period last year. In accordance with the Accounting Standards for Business Enterprises and the company’s accounting policies, and adhering to the prudence principle, the company intends to make impairment provisions for related assets. In addition, the company’s infringement compensation lawsuit over the previous RMB 171 million special fund for talent introduction has been concluded after trial by the court of second instance, with the company losing the lawsuit. The outcome of this lawsuit has had a significant impact on the company’s net profit.
*ST Golden：Expected to Turn from Loss to Profit in 2025 Year-on-Year
*ST Golden disclosed its 2025 annual performance forecast, expecting to achieve operating revenue of RMB 263 million to RMB 324 million in 2025, a year-on-year increase of 112.65% to 161.98%; a net profit attributable to shareholders of the parent company of RMB 178 million to RMB 265 million, compared with a loss of RMB 795 million in the same period of the previous year; and a non-recurring profit and loss excluded net profit of RMB 584 million to RMB 697 million in losses, against a loss of RMB 744 million in the prior-year period.
The company’s announcement shows that the expected net profit turned from loss to profit in 2025 while the non-recurring profit and loss excluded net profit remained in the red, and the ending net assets turned positive, mainly for the following reasons: Global new PV installed capacity registered growth, but the supply-demand mismatch in industrial chain production capacity led to low prices, insufficient operating rates and fierce industry competition. Supported by funds from administrative expense claims for its reorganization, the company’s PV capacity utilization rate rose year-on-year, and it simultaneously developed the computing power services business and achieved revenue from it, driving a substantial growth in operating revenue.
Meanwhile, the company’s reorganization plan was fully implemented, and the Jiuquan Intermediate People’s Court ruled to terminate the reorganization procedure, which optimized the asset-liability structure and recognized relevant reorganization gains. The amount of non-recurring gains and losses saw a sharp year-on-year increase, expected to reach approximately RMB 850 million to RMB 875 million. Affected by the PV industry cycle, the company’s operations were under pressure, with partial asset impairment provisions made and debt losses increased in accordance with the confirmation of creditor’s rights claims, resulting in the non-recurring profit and loss excluded net profit remaining in loss.
Topray Solar：Expected Loss of RMB 138 Million to RMB 218 Million
Topray Solar released its 2025 annual performance forecast, expecting a full-year net profit attributable to shareholders of the parent company of RMB 138 million to RMB 218 million in losses in 2025; its full-year non-recurring profit and loss excluded net profit is projected at RMB 130 million to RMB 210 million in losses.
The main reasons for the performance changes are: In 2025, the PV industry still faced phased supply-demand imbalance, with the prices of major products in all links of the industrial chain lingering at a low level. During the reporting period, the annual profitability of the company’s PV glass and module businesses both declined compared with the same period of the previous year. Coupled with the impact of market-oriented trading policies and power curtailment on the company’s PV power generation business, both the annual operating revenue and gross profit margin of the PV power generation business also fell from the same period last year.
At the same time, based on the prudence principle, the company made impairment provisions for related assets in accordance with relevant accounting policies, which also had a certain impact on the performance of the reporting period.
Source：EnergyTrend
