EnergyTrend learned that on January 29, five enterprises in the photovoltaic (PV) and related sectors including GoodWe, Haitai Solar, Kibing Group, Gaoce and MedicalSystem concentratedly disclosed their 2025 annual performance forecasts. Enterprises in the industry have shown divergent performance trends, such as loss reversal, projected profit growth and continued losses.
GoodWe：Achieves Loss Reversal
GoodWe disclosed its 2025 annual performance forecast, projecting a net profit attributable to shareholders of the parent company of RMB 125 million to RMB 162 million in 2025, a turnaround from a loss of RMB 61.8104 million in the same period of the previous year; the net profit after deducting non-recurring gains and losses is expected to reach RMB 34 million to RMB 71 million, compared with a loss of RMB 194 million in the same period last year.
GoodWe stated that benefiting from the domestic PV rush installation wave, the implementation of household energy storage subsidy policies in Australia and the European market’s exit from the inventory adjustment period, the company’s sales volume and gross profit of inverters and energy storage batteries have increased significantly. In addition, GoodWe has continued to increase R&D investment and optimize its global market layout. Although operating expenses increased year-on-year, revenue growth and product structure optimization have effectively improved the overall profitability.
Haitai Solar：Maintains Steady Business Development Amid Operational Pressures
On January 29, Haitai Solar released its 2025 annual performance forecast, projecting a net profit attributable to shareholders of the parent company of a loss of RMB 580 million to RMB 680 million in 2025, a sharp reversal from a profit of RMB 182 million in the same period of the previous year.
Regarding the main reasons for the significant changes in current period performance, Haitai Solar pointed out that the PV industry in 2025 was characterized by supply-demand mismatch and price-based involutionary competition, with capacity utilization rate remaining at a low level. Meanwhile, the deepening of domestic electricity market-oriented reform and the intensification of overseas trade barriers have created a severe and complex operating environment for PV enterprises.
Although the global new PV installed capacity maintained growth, the industry’s supply-demand imbalance has not improved significantly. During the reporting period, the prices of the company’s core business products – solar cell modules – declined, putting short-term pressure on operating performance. However, the company’s overall business maintained steady development in the period.
Kibing Group：Issues 2025 Profit Growth Forecast
On January 29, Kibing Group issued an announcement stating that the company expects to achieve a net profit attributable to shareholders of the parent company of RMB 550 million to RMB 670 million in 2025, a year-on-year increase of 43.76% to 75.12%; the net profit after deducting non-recurring gains and losses is projected to reach RMB 85 million to RMB 125 million, a year-on-year decrease of 56.69% to 70.55%.
Kibing Group’s core business during the reporting period is the R&D, manufacturing and sales of glass products. According to the announcement, the company’s performance change was due to the significant impact of the overall industry downturn in 2025 on the profitability of its core business.
In the PV industry in particular, the PV glass sector witnessed "phased supply-demand imbalance and overall oversupply" throughout 2025. In the second half of the year, with the issuance of the Work Plan for Stabilizing Growth in the Building Materials Industry (2025-2026), the industry’s orientation of "survival of the fittest" was clarified and disorderly competition was effectively curbed. Coupled with factors such as industry-wide cold repair, production cuts and delayed capacity release, the industry’s supply-demand conflicts were alleviated in phases and the market gradually recovered. At the same time, the company’s PV glass business actively promoted capacity optimization and cost control, and expanded overseas markets, achieving loss reversal for the segment during the reporting period.
Gaoce：Projects a Net Loss of RMB 35 Million to RMB 48 Million for 2025
Gaoce disclosed its 2025 annual performance forecast, projecting a net profit attributable to shareholders of the parent company of a loss of RMB 35 million to RMB 48 million in 2025, compared with a loss of RMB 44.2279 million in the same period of the previous year; the net profit after deducting non-recurring gains and losses is expected to be a loss of RMB 120 million to RMB 140 million, versus a loss of RMB 109 million in the same period last year.
According to the announcement, the main reason for the company’s performance change in 2025 is that although the global new PV installed capacity maintained year-on-year growth, the problem of phased overcapacity in the PV industry has not been alleviated, with capacity utilization rate remaining low. During the reporting period, product prices across the PV industry chain remained at a low level. In addition, the company made corresponding impairment provisions based on the prudence principle, leading to a continued net loss in the current period.
In 2025, the company’s diamond wire shipment volume achieved year-on-year growth, with its ultra-fine tungsten diamond wire technology leading the industry. In addition, the shipment volume of silicon wafer and cutting processing services increased year-on-year, with capacity utilization rate maintaining a high level in the second half of the year. Scale effects drove cost reduction, and the continuous promotion of cost reduction and efficiency improvement led to a quarter-on-quarter increase in profitability – the company achieved profitability in both the third and fourth quarters. Going forward, Qingdao Gaoce will continue to boost the shipment volume of diamond wire, silicon wafer and cutting processing services, accelerate the upgrade and iteration of innovative business products, and actively advance its humanoid robot business.
MedicalSystem：Expects to Turn a Loss into a Profit in 2025
MedicalSystem issued an announcement projecting a net profit attributable to shareholders of the parent company of RMB 39 million to RMB 44 million in 2025, achieving a loss reversal from a loss of RMB 279 million in the same period of the previous year; the net profit after deducting non-recurring gains and losses is expected to reach RMB 10 million to RMB 15 million, compared with a loss of RMB 367 million in the same period last year.
The main reason for the loss reversal in the current period is that the company completed a major asset disposal, spun off its PV business, and optimized its business structure and improved operational stability by focusing on three strategic initiatives: "focusing on the core medical business, enhancing asset-light nature, and building a platform-based ecosystem". At the same time, the company implemented refined management, improved operational efficiency and cost control, thereby boosting profitability.
It is reported that MedicalSystem achieved operating revenue of RMB 223 million and a net profit attributable to shareholders of the parent company of RMB 34.27 million in the first three quarters of 2025.
Source：EnergyTrend