With the disclosure of the annual report of 2025 and the first quarter performance report of 2026, the "misery" of the photovoltaic industry has been put on the table again.
Digital new energy DataBM.
According to statistics, in the first quarter of this year, the revenue of 39 photovoltaic enterprises totaled 110.499 billion yuan , down 6.67% year-on-year and 23.59% year-on-year; Net profit loss totaled 11 billion 168 million yuan , a decrease of 6.21% over the same period last year; In the first quarter of
this year, the operating income of 15 enterprises increased compared with the same period last year. Among them , Hengdian Dongci had the largest increase in revenue, with an increase of 230.
The net decline of * ST Quanwei and * ST Shi was more than 90%, 99.91% and 93% respectively. Revenue also fell by more than 50% in Daquan Energy (79.22%), * ST Yijing (72.05%) and Zhonglai (69. In the first quarter of this year, there were only four enterprises whose revenue exceeded 10 billion yuan . They are Trina Solar (16.83 billion yuan), JinkoSolar (12.248 billion yuan), Tongwei (12.125 billion yuan) and Longji Green Energy (111
. Of the 39 companies, only 9 made a profit in the first quarter of this year, totaling about 11.
There are only two enterprises whose profit scale exceeds 100 million yuan , namely, Atlas-net profit of 519 million yuan; Hengdian Dongci-net profit 3. However, the profit of these two enterprises is not due to photovoltaic business.
The remaining 30 enterprises have accumulated losses of 12.290 billion yuan, 3.35% less than previous year and 54% less than previous year. They are Tongwei Stock, Longji Green Energy, TCL Central , Jingke Energy and Jingao Technology, with a total loss of about 84.
However, 15 of the 30 loss-making photovoltaic enterprises have reduced their losses year on year; Twenty-four enterprises have improved their losses on a month-on-month basis, and 11 enterprises have improved simultaneously in two dimensions.
In terms of asset-liability ratio , in the first quarter of 2026, The risk of insolvency in the industry increased significantly: in the first quarter of 2025, there was only one insolvent enterprise, and in the first quarter of 2026, there were five insolvent enterprises, namely * ST Quanwei, * ST Bangjie, * ST Shijing, * ST Yijing and * ST Baoxin; In addition, * ST Mubang's debt ratio has reached 99.
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