Recently, two photovoltaic (PV) manufacturers, HY Solar and Grand Sunergy Tech, have successively released their 2025 performance forecasts. HY Solar expects its net profit attributable to shareholders of the parent company to reach RMB 180 million to RMB 250 million in 2025, while Grand Sunergy Tech anticipates a net loss of RMB 325 million to RMB 650 million for the year.
HY Solar: Expected Net Profit Attributable to Parent Company to Hit RMB 180 Million - RMB 250 Million in 2025
On January 20, HY Solar issued its 2025 annual performance forecast. The company expects to achieve a net profit attributable to owners of the parent company ranging from RMB 180 million to RMB 250 million in 2025, and a non-recurring profit and loss adjusted net profit attributable to owners of the parent company of negative RMB 250 million to negative RMB 310 million for the same period.
Affected by overcapacity and rising costs in the PV industry in 2025, the company has made impairment provisions. Nevertheless, leveraging the advantages of its vertical integration, it has effectively mitigated operational risks, resulting in a substantial year-on-year improvement in performance. The company’s asset-liability ratio has remained below 60% for a long time, reflecting sound financial health.
In addition, the company transferred part of its equity interest in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd., which is expected to increase the total consolidated profit of the company by approximately RMB 291 million in 2025.
Grand Sunergy Tech: Expected Net Loss of RMB 325 Million - RMB 650 Million in 2025
On January 20, Grand Sunergy Tech, a dark horse in the heterojunction (HJT) sector, released its 2025 performance forecast. It projects an annual net loss attributable to shareholders of the parent company of as much as RMB 325 million to RMB 650 million, with a non-recurring profit and loss adjusted net loss of RMB 314 million to RMB 639 million. This represents a significant expansion compared with its net loss of approximately RMB 106 million in 2024.
Specifically, the company recorded a net loss of RMB 151 million in the first three quarters of 2025, and expects a net loss of RMB 174 million to RMB 499 million in the single fourth quarter. This indicates that the lower limit of the Q4 net loss has already exceeded the total loss of the first three quarters. As of the end of the third quarter, the company’s financial situation is worrying, with its asset-liability ratio climbing to 70.52% and its gross profit margin plunging to negative 13.69%.
Regarding the reasons for the losses, the company stated in its announcement that structural overcapacity and the imbalance between supply and demand in the PV industry have led to prolonged sluggishness in module prices and a decline in core operating revenue. In addition, based on the principle of prudence, the company has made large provisions for inventory write-downs and impairment of long-term assets, which have exerted a significant negative impact on its operating performance for the reporting period.
Source：EnergyTrend