Hoshine Silicon reported 2025 revenue of CNY 20.499 billion ($2.82 billion) and a net loss attributable to shareholders of CNY 2.991 billion ($411 million). The company attributed the loss mainly to severe disruption in its PV business, which resulted in significant shutdown losses and operating losses, as well as CNY 1.699 billion in impairment charges on PV-related and other long-term assets. By segment, silicones remained the largest contributor, generating CNY 9.575 billion ($1.32 billion) in revenue with a gross margin of 11.77%. Metallurgical silicon (MG-Si) revenue reached CNY 9.077 billion, down 34.05% year on year, with gross margin at 16.48%, down 9.62 percentage points. As of end-2025, the company reported annual capacity of 1.22 million tons of MG-Si, 1.73 million tons of silicones, and 50,000 tons of polysilicon. Hoshine said weak industrial silicon demand, lower selling prices, and PV-related asset write-downs were the main drivers of the loss, while operating cash flow remained positive for the year.
According to the Silicon Industry Branch of the China Nonferrous Metals Industry Association (CNMIA), polysilicon prices continued to decline in mid-April. N-type recharging polysilicon averaged CNY 35,300/ton ($4,855/ton), down 1.94% week on week, while n-type granular silicon averaged CNY 34,300/ton, down 2.00% week on week. The association said prices are approaching a floor after a rapid decline, but high inventory levels continue to weigh on the market. A sustained recovery will require both meaningful supply-side cuts and a gradual improvement in downstream demand. Wafer prices also declined, with n-type G10L wafers being priced at CNY 0.93/piece ($0.13), G12R at CNY 1.00/piece, and G12 at CNY 1.17/piece.
JinkoSolar announced its fourth quarter and full year results for 2025, posting significant losses as expected, but energy storage continues to show positive signs for those in the business. JinkoSolar reported a 2025 net loss of CNY 4.45 billion ($651 million) as opposed to a small profit of CNY 54.5 million in 2024. It again shipped the most solar modules of any manufacturer at 86 GW, just over 7.3% less than in 2024. “Facing persistently low module prices, the elimination of obsolete production capacity, and a still-evolving product mix, we incurred a net loss for the full year,” explained Chairman and Chief Executive of JinkoSolar Holdings, Xiande Li, the global parent company. The Jinko ESS-branded energy storage (ESS) business, though, remains in growth, with the company noting it expects 2026 shipments to more than double.
Chint Electrics reported 2025 revenue of CNY 59.145 billion ($8.14 billion), down 8.33% year on year, while net profit attributable to shareholders rose 16.19% to CNY 4.501 billion ($619 million). Smart electrical equipment revenue increased 4.76% to CNY 22.736 billion, accounting for 37.06% of total revenue. PV-related business revenue declined 15.62% to CNY 36.274 billion, representing 61.33% of total revenue. The company also reported Q1 2026 revenue of CNY 21.303 billion, up 46.33% year on year, and net profit of CNY 1.267 billion, up 8.92%.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.