Chinese Solar Giants Announce Significant Q3 Losses
Chinese solar manufacturers are experiencing significant losses in the third quarter of 2025, prompting concerns regarding oversupply and declining profit margins. Major players, including Longi Green Energy, JinkoSolar, and JA Solar, reported substantial financial setbacks amid ongoing price declines and high inventory levels.
Financial Losses of Major Solar Companies
Longi Green Energy reported a net loss of CNY 833.6 million (approximately $115 million) for Q3 2025. This loss marks an improvement from the previous year’s loss of CNY 1.26 billion. Despite this narrowing loss, the company saw a 9.8% year-on-year drop in revenue, totalling CNY 18.10 billion.
Key Statistics for Longi Green Energy
- Revenue (Q3 2025): CNY 18.10 billion
- Net Loss: CNY 833.6 million
- Cumulative Revenue (First Nine Months): CNY 50.92 billion (-13.1% YoY)
- Net Loss (First Nine Months): CNY 3.40 billion (-47.5% YoY)
- Shipments (Wafers): 38.15 GW
- Shipments (Cells & Modules): 63.43 GW
Operating inflow stood at CNY 1.82 billion, while the company’s total liabilities reached CNY 96.13 billion, resulting in a debt-to-asset ratio of 62.4%. Asset impairment charges for Longi amounted to CNY 894 million during this period.
JinkoSolar’s Q3 Performance
JinkoSolar faced a net loss of CNY 1.01 billion in Q3 2025, with revenue plummeting 34.1% to CNY 16.16 billion. The cumulative module shipments for the first three quarters of the year were 61.9 GW. The company continues to target an annual shipment of 85–90 GW for modules and 6 GWh for energy storage systems.
Key Statistics for JinkoSolar
- Net Loss: CNY 1.01 billion
- Revenue (Q3 2025): CNY 16.16 billion
- Cumulative Shipments (First Nine Months): 61.9 GW
- Energy Storage Shipments: Exceeded 3.3 GWh
JA Solar’s Financial Decline
JA Solar reported a net loss of CNY 973 million in Q3 2025, reverting from a profit in the same quarter last year. The company’s revenue decreased by 34.1% year-on-year to CNY 12.90 billion. JA Solar has cumulative module shipments of 52 GW for the first nine months and is aiming for 70–75 GW for the year.
Key Statistics for JA Solar
- Net Loss: CNY 973 million
- Revenue (Q3 2025): CNY 12.90 billion
- Cumulative Shipments (First Nine Months): 52 GW
Other Industry Players
Flat Glass Group reported third-quarter revenue of CNY 4.73 billion, with profits amounting to CNY 376.5 million, reflecting a 50.8% decrease in profit year-on-year. Xinte Energy ended the nine months with a net loss of CNY 526.88 million, reporting revenue of CNY 11.65 billion.
Summary of Financial Performance
| Company | Net Loss (Q3 2025) | Revenue (Q3 2025) |
|---|---|---|
| Longi Green Energy | CNY 833.6 million | CNY 18.10 billion |
| JinkoSolar | CNY 1.01 billion | CNY 16.16 billion |
| JA Solar | CNY 973 million | CNY 12.90 billion |
| Flat Glass Group | N/A | CNY 4.73 billion |
| Xinte Energy | CNY 526.88 million | CNY 11.65 billion |
The significant losses across these leading solar manufacturers highlight the ongoing challenges in the photovoltaic market. With reduced demand and price pressure, the industry faces difficult times ahead.
