The photovoltaic industry has been navigating through challenging conditions in the first half of 2025. Price declines caused by supply-demand imbalances have placed immense operational pressure on most companies across the PV value chain. An analysis of disclosed performance forecasts from listed companies reveals three key characteristics:
- Widespread Losses in Core Segments: Nearly all sectors in the main PV industrial chain—including silicon materials, wafers, cells, and modules—are reporting losses, with auxiliary materials segments performing slightly better.
- Downstream Outperforms Upstream: The downstream segments of the main industrial chain show relatively better conditions compared to upstream sectors.
- Emerging Industry Polarization: Leading enterprises with technological and integrated management advantages are beginning to demonstrate improved performance, marking a divergence within the sector.
“These trends reflect the industry’s ongoing structural adjustments,” said Wang Tieshan, Director of the Industrial Development and Investment Research Center at Xi’an Polytechnic University. “While most players struggle with profitability, strategically positioned companies are starting to differentiate themselves through operational excellence.”
