Following JA Technology and TCL Zhonghuan, leading A-share photovoltaic module manufacturers Longi Green Energy Technology Co.,Ltd. (601012) and Aiko Solar (600732) also pre-announced their full-year 2025 results on January 18, both showing a substantial year-on-year reduction in losses. Against the backdrop of industry supply-demand mismatch and intense price competition, Longi and Aiko, as representatives of N-type BC technology manufacturers, signal a potential inflection point for the sector with their improved annual performance.
Specifically, Longi's 2025 performance forecast indicates the company expects to report a net loss attributable to shareholders of 6 billion to 6.5 billion yuan. This compares to a net loss of 8.618 billion yuan in the same period last year.
Aiko Solar's performance improvement is even more pronounced. Benefiting from ABC module sales more than doubling year-on-year, the company's market share and brand influence continue to rise, leading to a significant narrowing of its 2025 loss compared to the previous year. The company forecasts a net profit attributable to shareholders of -1.2 billion to -1.9 billion yuan for 2025, a stark improvement from the approximately 5.319 billion yuan loss reported a year earlier.
The performance of these two industry leaders reflects structural changes within the photovoltaic sector.
In 2025, the PV industry grappled with supply-demand imbalances and worsening low-price competition, compounded by escalating overseas trade barriers and rising prices for raw materials like polysilicon and silver paste in the fourth quarter, putting widespread operational pressure on companies. Many firms, including JA Technology and TCL Zhonghuan, disclosed pre-loss announcements. However, leading enterprises, leveraging technological iteration and globalized layouts, have begun to see a gradual narrowing of their losses.
Amid the current fiercely competitive environment, technological advancement has become the core strategy for leading companies to break through.
Longi has stated that it adheres to product leadership, with its HPBC 2.0 modules becoming the world's most efficient product in mass production, achieving a dual breakthrough in BC technology and commercial application. In the market, Longi's HPBC 2.0 and Aiko's ABC modules have captured the high-end distributed market, creating differentiated competitive barriers.
Industry insiders point out that as BC technology achieves mass production and costs decline, the profitability of leading companies is expected to continue its recovery.
On the policy front, in January of this year, the Ministry of Finance and the State Taxation Administration issued an announcement adjusting the export tax rebate policy for photovoltaic products, set to take effect on April 1st, which will cancel the VAT export rebates. This signifies the impending end of the "export rebate subsidy era" for photovoltaics. Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, commented that from a long-term industry development perspective, the cancellation of rebates will force companies to shift from "price competition" to "value competition," which benefits large module manufacturers.
It is widely believed in the market that the comprehensive cancellation of PV export rebates will most significantly impact module manufacturers and is expected to trigger a wave of "rush exports" before this April. Reports have surfaced recently of some module manufacturers reneging on orders and beginning to raise sales prices.
In its 2025 performance forecast, Longi mentioned adapting to the international trade landscape by optimizing its global business layout and enhancing its system solution capabilities through integrated solar-storage deployment. Notably, among the top four domestic module manufacturers, Longi entered the energy storage sector relatively late, making its move in 2025 by acquiring equity in Suzhou Jingkong Energy Technology Co., Ltd.
According to Tianyancha business information, on January 15 of this year, the legal representative of Jingkong Energy was changed to Zhong Baoshen, who also assumed the role of Chairman.
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