19 Photovoltaic Enterprises' "Family Property" Was Lost! The collective voice of the dragon head: turning point is coming!

With the intensive disclosure of annual reports of listed companies in 2025 and quarterly reports in 2026, the market generally focuses on the current performance profits and losses of enterprises. In addition to the heat of performance, a phenomenon that can not be ignored appears simultaneously: a number of listed companies have issued announcements one after another, and their uncompensated losses have reached one third of the total paid-in equity, and the related operational and financial risks hidden behind them deserve great attention from the market.

According to Digital New Energy DataBM.

The undistributed profit of the consolidated statement is -3.845 billion yuan , while the company's paid-in capital stock is only 40. In other words, the company's accumulated earnings over the past decade have almost been lost.

Aixu shares are equally shocking. From 1996 to the first quarter of 2026, the total revenue of the company was 130.305 billion yuan, but the cumulative net profit was -8.

In addition, many enterprises such as * ST Mubang and * ST Bangjie are now insolvent . Hovering on the edge of delisting. In the fourth quarter, the

"shocking"

digital new energy DataBM. The 29 companies lost a total of 622.

Seven of the eight leading enterprises still have negative net profits in 2025. Seven leading enterprises suffered a total loss of 455.

Many photovoltaic companies also showed a "stop loss" signal in the third quarter of 2025. According to the statistics of Digital New Energy DataBM. Com, the 38 main chain enterprises mentioned above lost 7.104 billion yuan in the third quarter of 2025, down 23.56% from the same period last year.

In this context, the cash flow situation of many photovoltaic enterprises has improved, or even returned to positive. At that time, optimists in the industry predicted that the life-and-death elimination competition in the photovoltaic industry was drawing to a close.

However, in the fourth quarter of 2025, the data hit the optimists in the face .

Similarly, the 38 main chain enterprises mentioned above lost 27.514 billion yuan in the fourth quarter of 2025, down 14.80% from the same period last year, but increased by 287. In the fourth quarter, it returned to the loss camp again.

Looking at the first quarter of 2026, the number of loss-making enterprises in 39 enterprises within the statistical scope has increased to 30 , with a cumulative loss of 122.8 leading enterprises, except Atlas, the rest of the leading enterprises are still losing money. Five enterprises , Tongwei Stock, Longji Green Energy, TCL Central, Jingke Energy and Jingao Science and Technology, have lost more than 1 billion yuan .

The company said at a recent performance presentation that the photovoltaic industry has entered the tail stage of the U-shaped cycle and is gradually improving as a whole. " It is expected that in the next two quarters, the leading enterprises in the industry will probably take the lead in achieving operating profits and showing the effect of anti-involution.".

Although Longji Green Energy did not give specific figures for turning around its losses, However, Zhong Baoshen, its chairman, gave another timetable at the performance presentation on April 30 -- " the third quarter of this year , Jingao Technologies set the performance target of " positive net profit in 2026". At the performance presentation meeting on May 6, 2026, the company said that although it was still in a loss state in the first quarter of 2026, mainly affected by historical orders and rising silver prices, the company set a target of turning losses into profits for the whole year. It is expected that with technological progress, supply chain optimization and overseas capacity release, if the market recovers in the third and fourth quarters, it is expected to achieve a single quarter profit .

At present, the price of silicon materials and wafers has reached the bottom again, and the price of components is also gradually falling. The main reason behind this is still excess supply and poor market demand. The three leading enterprises will lock in the second half of 2026-whether this is a clear signal of the bottom of the industry, or another "good wish", let us wait for time to give the answer.