Recently, a wave of performance forecasts from several listed companies—including Risen Energy, Jolywood, Cybrid Technologies, Boway Alloy, OJing Science & Technology, and Baida Precision—has signaled an accelerating industry reshuffle. The impact spans from module leaders and auxiliary material manufacturers to cross-sector capital entrants.
01 Risen Energy：Oversupply Triggers Price Slump; Projected Loss Exceeds 2 Billion RMB
Risen Energy expects a net loss attributable to shareholders of 2.3 billion to 2.9 billion RMB for 2025. Net loss after deducting non-recurring gains and losses is projected to be between 2.6 billion and 3.2 billion RMB.
Regarding the reasons for this performance shift, Risen Energy stated that a cyclical mismatch between supply and demand caused photovoltaic product prices to remain at record lows, severely squeezing the company's profit margins. Furthermore, based on the principle of prudence, the company conducted impairment tests on long-term assets showing signs of devaluation and recognized corresponding asset impairment losses, further impacting the results for the current period.
In the face of these challenges, the company stated it will focus on technical innovation, cost reduction, and efficiency, while deepening its integrated "PV + Energy Storage" layout to enhance its risk resilience.
02 Jolywood：Rising Raw Material Costs and Low-Price Competition Widen Losses
Jolywood expects a net loss attributable to the parent company of 1 billion to 1.5 billion RMB for 2025. The net loss after deducting non-recurring gains and losses is projected at 1.07 billion to 1.57 billion RMB, representing an expansion in losses compared to the same period last year.
The company pointed out that the PV industry remained in an adjustment phase throughout 2025, with the supply-demand imbalance persisting and prices for core products staying at low levels. Simultaneously, the prices of major upstream raw materials, such as silicon and silver paste, rose significantly, leading to a decline in the company's overall gross margin. Consequently, some existing orders became loss-making and resulted in estimated liabilities. The company has recognized impairment provisions according to regulations and plans to accelerate the recovery of accounts receivable and expand into new integrated energy management businesses in 2026.
03 Cybrid Technologies：Pressure on Film and Backsheets; Non-PV Business Shows Growth
Cybrid Technologies projects a net loss attributable to the parent company of 230 million to 276 million RMB for 2025, with a net loss after non-recurring items of 240 million to 286 million RMB.
The company's backsheet business saw reduced shipments due to market demand, while the film business suffered price drops driven by intense competition on the supply side of the industry chain. Additionally, continuous investment in R&D and market expansion for non-PV sectors also weighed on net profits.
In response, the company proactively reduced its debt-to-asset ratio, strictly controlled operating cash flow risks, and continued to optimize its revenue structure. As a result, both the sales volume and the revenue share of its non-PV business segments achieved year-on-year growth.
04 Boway Alloy：Hit by Double Blow of US Tariffs and New Policies; Intent to Divest New Energy Business
Boway Alloy expects its 2025 net profit to fall between 100 million and 150 million RMB, a year-on-year decrease of 88.92% to 92.61%. Net profit after deducting non-recurring gains and losses is projected at 105 million to 155 million RMB, down 88.30% to 92.08%.
The company cited two primary drivers for the performance shift: First, the United States imposed anti-dumping and countervailing duties as high as 307.78% on PV products exported by Boway’s subsidiary in Vietnam (Boviet Solar), rendering its 3GW cell project unsellable after trial production and making the relocation of the production line economically unviable. Second, due to restrictions in relevant US legislation, the company was unable to enjoy federal subsidies because of its shareholding ratio, leading to losses on certain existing orders.
During investor communications, the company announced its intention to exit the new energy industry and is currently progressing with the sale of its equity in US photovoltaic projects. The recovered funds will be used for working capital and debt repayment. The company will refocus on its core new materials business driven by digital R&D, including semiconductors, smart terminal heat dissipation, and new energy vehicle materials.
05 OJing Science & Technology：Losses Narrow Year-on-Year; Strategic Production Halts to Limit Losses
OJing Science & Technology expects a 2025 net loss attributable to the parent company of 240 million to 300 million RMB. While still in a loss-making state, the magnitude of the loss has narrowed significantly compared to 2024.
The primary pressure on the company's performance stems from the deep adjustment of the PV industry, where low capacity utilization rates across all segments of the industry chain have kept average selling prices depressed, necessitating the recognition of asset impairment provisions.
To stop further losses in a timely manner, OJing Science & Technology announced a total production halt at its wholly-owned subsidiary, Tianjin Ouchuan, and a partial production halt at Yixing Ouqing. These subsidiaries primarily provide cutting fluid treatment services; due to the decline in demand for photovoltaic wafer slicing, they are expected to lose a combined total of over 34 million RMB in 2025, accounting for more than 10% of the company’s total projected loss.
06 Baida Precision：Cross-Sector PV Expansion Falters; Cell Project Impaired Before Production
Baida Precision is experiencing the pain of a cross-sector transformation, with an estimated net loss of approximately 193 million RMB for the 2025 fiscal year. Net loss after deducting non-recurring items is projected at approximately 195 million RMB, shifting from a profit in the same period last year.
The core reason for the loss is that a photovoltaic cell project invested in by its holding subsidiary faced multiple challenges—including industry overcapacity, supply-demand imbalances, and trade policy shifts—before it even entered production. Coupled with rising raw material prices, the company applied the principle of prudence and recognized impairment provisions on the subsidiary’s relevant assets.
Source：EnergyTrend