Recently, JinkoSolar, Jingyuntong, HIUV New Materials, and Tianyang New Material have successively released their 2025 annual earnings forecasts. Affected by factors such as price volatility across the photovoltaic industry chain, supply–demand imbalances in the sector, and asset impairment losses, all four companies expect to record losses of varying degrees in fiscal year 2025.
JinkoSolar: Net Loss Expected at RMB 5.9–6.9 Billion
JinkoSolar expects net profit attributable to shareholders of the parent company for fiscal year 2025 to range from –RMB 5.9 billion to –RMB 6.9 billion. After excluding non-recurring gains and losses, net loss is expected to be RMB 6.7–7.8 billion.
Regarding the changes in performance, the company noted that during the reporting period, intensified price volatility across the global photovoltaic industry chain, combined with disruptions from trade protection measures in overseas markets, placed overall pressure on profitability across integrated photovoltaic module segments.
Despite continued efforts to advance technological upgrades, overall module prices remained at low levels, and the proportion of high-power product shipments was still relatively limited. In addition, based on the principle of prudence, the company conducted cautious assessments of long-term assets showing signs of impairment and recognized impairment provisions accordingly. These factors combined resulted in a full-year operating loss.
Jingyuntong: Net Loss Expected at RMB 1.23–1.74 Billion
Jingyuntong expects net profit attributable to shareholders of the parent company for fiscal year 2025 to be –RMB 1.23 billion to –RMB 1.74 billion. After deducting non-recurring gains and losses, net loss is projected at RMB 1.05–1.52 billion. In the same period last year, the company recorded a net loss of RMB 2.36 billion, indicating a narrowing of losses year on year.
The company stated that the losses were mainly attributable to industry conditions and market fluctuations. In the new materials business, although operating losses in the wafer segment declined, the business remained under pressure. Meanwhile, due to persistently low capacity utilization rates, the company plans to recognize impairment provisions for certain assets. In addition, investment losses recognized from loss-making associates, as well as disposal losses from the sale of equity interests in a wholly owned subsidiary, also had a negative impact on net profit.
HIUV New Materials: Net Loss Expected at RMB 440–520 Million
HIUV New Materials expects net profit attributable to shareholders of the parent company for fiscal year 2025 to range from –RMB 440 million to –RMB 520 million. After excluding non-recurring gains and losses, net loss is expected to be RMB 430–510 million.
The company attributed the anticipated loss mainly to intense price competition in the photovoltaic sub-sector in which it operates, leading to reduced sales volumes and persistently low gross margins for encapsulation film products. At the same time, insufficient capacity utilization resulted in the recoverable amounts of certain assets at period end falling below their book values, prompting the company to recognize asset impairment provisions in accordance with accounting standards. In addition, continued investment in research and development and market expansion for new businesses such as automotive materials also exerted short-term pressure on profitability.
Tianyang New Material: Net Loss Expected at RMB 180–250 Million
Tianyang New Material expects net profit attributable to shareholders of the listed company for fiscal year 2025 to be –RMB 180 million to –RMB 250 million. After deducting non-recurring gains and losses, net loss is expected to range from –RMB 185 million to –RMB 255 million.
During the reporting period, the company’s photovoltaic encapsulation film business continued to incur losses. The company proactively reduced order intake and suspended production at the relevant plant in December 2025. Coupled with intensified industry competition that led to declines in selling prices and gross margins, the company recognized impairment provisions for assets showing signs of impairment in accordance with regulations. Meanwhile, sales of its wallcovering business declined due to weakness in the real estate and home renovation markets, with equipment utilization rates remaining low, prompting further impairment provisions for related assets. These combined factors resulted in a decrease in net profit for the period.
Source：EnergyTrend