JA Solar forecast a full-year net loss attributable to shareholders of CNY 4.5–4.8 billion ($619–660 million) for 2025, with earning per share (EPS) at -CNY 1.37 to -CNY 1.46. It attributed the loss mainly to supply-demand imbalance caused by concentrated capacity additions across the PV value chain, compounded by rising trade protectionism that pushed down module average selling prices (ASPs) and margins. In its previous disclosure, JA Solar reported Jan–Sep revenue of CNY 36.809 nillion and a net loss of CNY 3.553 billion.
TCL Zhonghuan said it expects a 2025 net loss of CNY 8.2-9.6 billion ($1.13–1.32 billion), versus a CNY 9.818 billion loss a year earlier. Based on its earlier filings, the company recorded a Jan–Sep net loss of CNY 5.777 billion implying a Q4 loss of roughly CNY 2.423–3.823 billion, wider than its Q3 loss of CNY 1.534 billion. TCL Zhonghuan said demand growth has not been enough to absorb oversupply, leaving prices depressed and margins under pressure.
JinkoSolar released a notice indicating it also expects a full-year loss for 2025, without providing a range. Its Jan–Sep financials showed revenue of CNY 47.986 billion and a net loss of CNY 3.92 billion.
Trina Solar likewise said it expects to remain in the red for 2025; earlier data showed Jan–Sep revenue of CNY 49.97 billion down 20.87% year on year, and a net loss of CNY 4.201 billion.
Polysilicon producer Daqo New Energy said it anticipates another full-year loss in 2025, though the deficit is expected to narrow. Its Jan–Sep results showed revenue of CNY 3.243 billion and a net loss of CNY 1.073 billion, while Q3 revenue rose to CNY 1.773 billion and it posted Q3 net profit of CNY 73.479 million.
State Grid of China released its investment plan for the 15th Five-Year Plan period (2026–2030), projecting average annual additions of around 200 GW of wind and solar capacity across its service territory. The utility said it aims to lift the share of non-fossil energy consumption to 25% and raise electricity’s share of end-use energy consumption to 35%, while supporting the rollout of “zero-carbon” factories and industrial parks and enabling access for 35 million charging points. State Grid expects fixed-asset investment of about CNY 4.0 trillion over the period, up around 40% from the previous five-year plan.
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