Recently, the operating results of photovoltaic listed companies in 2025 and the performance in the first quarter of 2026 have become the focus of heated discussion in the industry. At present, the overall profit situation of the photovoltaic industry chain is still grim, and most enterprises are still in a loss state. Compared with the market generally concerned about the size of the current loss, I would like to focus on exploring: in the past in the industry up cycle of the huge profits accumulated, in the continued downward market, what is left? 2020-2022
: Two years
full of pots and bowls In 2020, China put forward the "3060 target", that is, the "double carbon" target, which promoted the outbreak of domestic demand for installed capacity, and at the same time, the price of the industrial chain, which was driven by the periodic shortage of polysilicon supply, continued to rise. The whole photovoltaic sector stands on the super cycle.
In this context, photovoltaic enterprises also ushered in the highlight of performance. According to the statistics of Digital New Energy DataBM. Com, the cumulative revenue of 11 leading photovoltaic enterprises in 2020-2022 is 273.224 billion yuan, 405.585 billion yuan and 765.459 billion yuan, respectively. The cumulative net profit was 15.455 billion yuan, 41.980 billion yuan and 1124.3
years respectively. The revenue of 11 leading photovoltaic enterprises nearly tripled, the net profit increased more than seven times, and the total net profit was nearly 170 billion yuan.
In 2022, the revenue of two leading enterprises , Tongwei Stock and Longji Green Energy, exceeded 100 billion yuan . Net profit also broke through 10 billion . In addition, three silicon enterprises, Daquan Energy , Xiexin Technology and Xinte Energy , also made net profits of more than 10 billion yuan in the same year.
However, it is regrettable that today, the huge profit accumulation at the beginning has been exhausted at a faster rate than market expected.
the avalanche collapse of product prices in the main photovoltaic industry chain in the first half of the year. The price of polysilicon has dropped from over 300,000 yuan/ton in 2022 to about 50,000 yuan/ton; the price of silicon wafers has also dropped from 5-8 yuan per wafer at the end of 2022 to about 1-3 yuan per wafer; , in terms of performance, the revenue of 40 enterprises in 2023 has reached a new high, with a cumulative 10249 of 84 million yuan ." Year-on-year growth of 5.28 percent ; However, the net profit has declined, totaling 70.119 billion yuan , down 77. Obviously, the photovoltaic industry at this time has fallen into the dilemma of " increasing income without increasing profits ". Of the 40 enterprises
counted, 11 were in the red , and most of them had just crossed the border into the photovoltaic track; The remaining 29 enterprises continued to maintain profits, including JinkoSolar, Jingao Technology, Eleven companies (except Hong Kong-listed Xiexin Technologies and Xinte Energy) fell into a loss in the fourth quarter of 2023. Longji Green Energy, Tongwei Stock, TCL Central, Aixu Stock and other leading enterprises are also among them.
According to the statistics of Digital New Energy DataBM. Com, the above 40 photovoltaic enterprises achieved revenue of 703.903 billion yuan in 2024, down 45.61% from the same period last year; Net profit loss 668.
Among the 11 leading enterprises, only two enterprises, Atlas and Jingke Energy, maintained profits, while the remaining nine enterprises lost money. Although
Atlas and Jingke Energy stood on the profit line, their net profit fell 22.6% year-on-year and
the photovoltaic industry continued to grind the bottom in 98.2025, dragged down by the photovoltaic cycle. However, with the help of the anti-involution policy, the loss of enterprises has improved slightly. The 40 enterprises within the statistical scope lost a total of 61.783 billion yuan in 2025, and among the 8.11
leading enterprises, the remaining 10 leading enterprises lost all their profits due to the strength of Atlas's energy storage business.
According to the statistics of Digital New Energy DataBM. Com, from 2024 to 2025, 40 photovoltaic enterprises have a total loss of 1286. Among them, 10 leading enterprises except Atlas have a total loss of 1009.
, Tongwei Stock, Longji Green Energy, TCL Central, Jingke Energy and Jingao Science and Technology, have lost more than 1 billion yuan .
It is noteworthy that this year, 19 photovoltaic A-share listed companies have issued their own uncompensated losses, which have reached (or exceeded) one third of the total paid-in equity, including TCL Central and Aixu shares. (Click can https://www.databm.com/news/68575990490956115.html?
Hold Out?") From 2020 to 2025, after the balance of profits and losses, the net profits of 40 photovoltaic enterprises totaled 1222.10 leading enterprises (except Atlas). Remaining 1362.
According to the statistics of industry public reports, hundreds of photovoltaic enterprises have declared bankruptcy since 2024, nearly 10 delisting enterprises, and more than 10 enterprises are facing delisting risks.
Postscript
This cycle of photovoltaic industry is essentially a liquidation of "excessive expansion".
Nowadays, every penny of loss in the downward cycle seems to be questioning the decision-making at that time: recall that in the upward cycle, the whole industry rushed under the logic of "building barriers with scale", a number of photovoltaic enterprises spent tens of billions of yuan to expand production, and cross-border enterprises also spent tens of billions of yuan to enter the market.. To this day, do they feel regret.
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