Five major Chinese PV manufacturers issued profit warnings this week.

JinkoSolar has issued its 2024 earnings forecast, predicting a net profit of between CNY 80 million ($10.9 million) and CNY 120 million, marking sharp declines from the previous year. The company reported a net profit of CNY 7.44 billion in 2023. It blamed its falling profits on intense competition and rising trade barriers, but said it expects 2025 to bring industry consolidation, price stabilization, and sustainable growth.

Tongwei has released its 2024 earnings forecast, projecting a net loss of between CNY 7 billion and CNY 7.5 billion, from a 2023 profit of CNY 13.57 billion. The company cited severe supply-demand imbalances across key stages of the PV manufacturing process as the primary reason for its anticipated losses. It said the expected downturn underscore the challenging market conditions faced by the solar industry in 2024.

TBEA has published its 2024 earnings forecast, estimating a net profit of CNY 3.9 billion to CNY 4.3 billion, down from the previous year. The company’s Hong Kong-listed Xinte Energy subsidiary also announced anticipated losses of CNY 3.8 billion to CNY 4.1 billion for 2024. The group attributed this to a sharp drop in polysilicon prices, which negatively affected Xinte Energy’s performance, and to a reduction in coal sales prices. Despite these setbacks, TBEA’s transformer and new materials divisions have shown steady growth.

Daqo New Energy said that its Xinjiang subsidiary expects a net loss for the fiscal year to the end of December 2024. Its preliminary estimated loss is between CNY 2.6 billion to CNY 3.1 billion, compared to a net profit of CNY 5.8 billion in fiscal 2023. The estimate includes losses related to provisions for inventory impairment and fixed asset impairment. Daqo New Energy said it currently owns approximately 72.4% of the Xinjiang Daqo shares, and the majority of its revenue and net income are contributed by Xinjiang Daqo.

Xinte Energy has announced a profit warning in its preliminary assessment of its fiscal 2024 results. It said it expects a net loss in the range of CNY 3.8 billion to CNY 4.1 billion, compared to a net profit attributable to shareholders of CNY 4.35 billion in 2023.

Masdar said JinkoSolar and JA Solar will supply 5.2 GW of n-type tunnel oxide passivated contact (TOPCon) solar modules for its “all-weather” solar-storage project with Abu Dhabi’s Emirates Water and Electricity Co. (EWEC). Each company will supply 2.6 GW of panels to ensure 30 years of efficient operation.