Tongwei says it recorded a $969 million net loss for fiscal 2024, while GoodWe posted an $85 million loss and Ginlong’s net profit fell 11.3% to $95 million.
Tongwei posted a net loss of CNY 7.04 billion ($969 million) for 2024, down 152% from a net profit of CNY 13.58 billion in the preceding year, marking its first annual loss since listing. Revenue fell 33.87% to CNY 91.99 billion. The company blamed the downturn on oversupply and steep price declines across the solar value chain, which pushed selling prices below industry cash costs. An additional CNY 1.07 billion in long-term asset impairments also weighed on earnings. Despite the losses, Tongwei increased sales volumes. Monocrystalline silicon sales rose 20.76% to 467,600 tons, accounting for about 30% of domestic supply. Solar cell sales reached 87.68 GW (including in-house use), up 8.7%, while module shipments jumped 46.93% to 45.71 GW, placing the company among the top five global module vendors. As of March 2025, Tongwei’s capacity included over 900,000 tons of high-purity silicon, more than 150 GW of solar cells, and 90 GW of module capacity.
Ginlong Technologies recorded a net profit of CNY 691 million for 2024, down 11.32% year on year, while revenue rose 7.23% to CNY 6.54 billion, according to its latest annual report. The company cited softer inverter demand and strategic price cuts to preserve market share. Despite pressure on margins, Ginlong posted strong operating cash flow of CNY 2.05 billion, more than four times higher than in 2023. Basic earnings per share came in at CNY 1.75, with an 8.61% return on equity. The board proposed a cash dividend of CNY 2 per 10 shares.
GoodWe recorded a net loss of CNY 618 million for 2024, reversing a CNY 852 million profit in the previous year. Revenue dropped 8.36% to CNY 6.74 billion, while operating cash flow declined to CNY -793 million from CNY 1.03 billion in 2023. Basic earnings per share fell to -CNY 0.26, with return on equity at -2.16%. Despite these setbacks, GoodWe boosted R&D investment by 17.4% to CNY 551 million, or 8.18% of revenue, as it focused on new product development.
Flat Glass Group posted a net profit of CNY 106.1 million for the first quarter of 2025, down 86.56% from CNY 759.8 million a year earlier. Revenue fell 28.76% to CNY 4.08 billion, from CNY 5.73 billion, due to a steep drop in PV glass prices compared to the same period last year.
Jianbang Hi-Tech has applied to list shares on the main board of the Hong Kong Stock Exchange, according to a May 2 filing. The company specializes in the R&D, production, and sale of silver powder used in photovoltaic silver paste. It ranked first in China and second globally in 2024, with a 9.9% global market share. According to its prospectus, Jianbang’s revenue rose from CNY 1.76 billion in 2022 to CNY 3.95 billion in 2024. Net profit grew from CNY 24.2 million to CNY 79 million over the same period.
Shanghai Yaopi Engineering Glass, a subsidiary of Yaopi Glass, said it will invest CNY 284.2 million to expand its existing site and build 22,949 square meters of new factory space, according to an April 30 announcement. The project includes a new quad-silver coating line, automated warehousing, and advanced glass processing equipment. Once completed, the facility will add 1.15 million square meters in annual capacity for energy-efficient and low-carbon glass products, including BIPV glass, curtain wall glass, appliance coatings, and marine glass. Construction is expected to last 2.5 years and will be funded through internal and external sources. The company projects annual revenue of CNY 310 million at full ramp-up, with a post-tax internal rate of return of 13.26% and a payback period of 5.8 years, excluding construction time.
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