Chinese solar manufacturers have reported mixed first-quarter results. DMEGC recorded strong growth while peers such as HiUV, Risen, Autowell and Jolywood suffered sharp declines amid falling prices and oversupply.
DMEGC said its net profit attributable to shareholders rose 29.67% year on year to CNY 458 million ($715.5 million) in the first quarter of 2025, as revenue grew 23.36% to CNY 5.22 billion. Basic earnings per share reached CNY 0.29, with a weighted average return on equity of 4.45%. Its gross margin improved to 16.60%, up 1.13 percentage points, while its net profit margin rose 2.23 points to 10.55%. Photovoltaic and lithium battery products made up 72.66% of total revenue, with magnetic materials contributing 20.54% and other businesses 6.8%.
HiUV Material Technology posted a net loss of CNY 57.44 million in the first quarter of 2025, a 204.86% year-on-year decline, as revenue dropped 64.02% to CNY 316 million. Earnings per share stood at CNY -0.69, and return on equity fell to -3.62%. The company blamed intensifying market competition and lower film prices for the slump, along with a cautious sales strategy that suppressed volume and revenue.
Risen Energy said it recorded a net loss of CNY 3.44 billion for full-year 2024, down 352.03% from the previous year, on revenue of CNY 20.24 billion – a 42.71% drop. The company shipped 18.07 GW of PV modules, including 6.79 GW overseas, while sales of n-type heterojunction products more than doubled. Risen attributed the loss to a supply-demand imbalance, falling prices across the value chain, and major asset and inventory write-downs.
Autowell said its net profit dropped 57.56% year on year to CNY 141 million in the first quarter, as revenue fell 21.90% to CNY 1.53 billion. Earnings per share declined to CNY 0.45 from CNY 1.06 in the same period of 2024. The company cited weaker sales and lower gross profit margins across equipment lines.
Jolywood recorded a net loss of CNY 856 million in 2024, down 262.6% year-on-year, as revenue fell 50.3% to CNY 6.1 billion. In the fourth quarter alone, revenue dropped 38.4% to CNY 1.55 billion, while net losses widened to CNY 553 million, a 1,385.1% decline from the same period last year. The company blamed irrational price competition in the solar market for the margin collapse across its core products, including backsheet, solar cells, and modules.
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