Tongwei, Longi, JA Solar announce H1 losses

Tongwei, Longi, and JA Solar have predicted steep losses for the first half of 2025, as persistent oversupply and falling solar module prices continue to pressure margins across China’s PV manufacturing sector.

July 16, 2025 Vincent Shaw and Valerie Thompson

Shanghai Stock Exchange

Image: 钉钉, Wikimedia Commons, CC BY-SA 4.0

Tongwei has issued a profit warning, projecting a net loss attributable to shareholders of between CNY 4.9 billion ($676 million) and CNY 5.2 billion for the first half of 2025, widening from a CNY 3.13 billion loss in the same period last year. The company cited persistent oversupply and depressed product pricing in the photovoltaic sector, despite continued growth in solar installation volumes during the reporting period.

Longi has forecast a narrower net loss of between CNY 2.4 billion and CNY 2.8 billion for the first half, down from a CNY 5.24 billion loss a year earlier. The company said that it achieved higher module shipment volumes, but price competition pushed solar product prices below cost across the industry, resulting in continued losses.

JA Solar said it expects to post a net loss of CNY 2.5 billion to CNY 3.0 billion in the first six months of 2025, a sharp decline from the CNY 870 million loss reported in the first half of 2024. The company attributed the decline to intensified market competition and further drops in module selling prices, which eroded profitability.

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