Solar Firms Face Losses Amid Price Declines in Q3 2025

SHANGHAI, China — Longi Green Energy, JinkoSolar, and JA Solar reported significant third-quarter losses on November 7, 2025, as analysts expressed concerns about oversupply and shrinking margins in the photovoltaic (PV) supply chain.

Longi Green Energy posted a net loss of CNY 833.6 million ($115 million) for the third quarter, although this was an improvement from the CNY 1.26 billion loss recorded in the same period last year. The company’s revenue dropped 9.8% year-over-year to CNY 18.10 billion. For the first three quarters of the year, revenue totaled CNY 50.92 billion, reflecting a decrease of 13.1%. Despite the losses, Longi managed to narrow its net losses by 47.5% to CNY 3.40 billion.

During this period, Longi shipped 38.15 GW of wafers and 63.43 GW of solar cells and modules, with BC-series shipments accounting for 14.48 GW. The company reported CNY 1.82 billion in operating cash inflow and ended the quarter with cash reserves of CNY 51.3 billion against total liabilities of CNY 96.13 billion, resulting in a debt-to-asset ratio of 62.4%. Additionally, the company recognized CNY 894 million in asset impairment charges.

JinkoSolar also faced challenges, reporting a net loss of CNY 1.01 billion for the third quarter, with revenue plummeting 34.1% year on year to CNY 16.16 billion. The company’s total module shipments reached 61.9 GW, and it maintained its shipment guidance for the full year at 85–90 GW for modules.

Meanwhile, JA Solar reported a net loss of CNY 973 million, a stark contrast from the profit made in the same quarter last year. The company’s revenue fell to CNY 12.90 billion, a 34.1% decrease from last year. JA Solar expects its full-year module shipments to be between 70–75 GW.

The ongoing price pressures and high inventory levels have raised alarms over the health of the solar sector, with experts urging careful monitoring of production and market demand moving forward.