Chinese PV Industry Brief: Tongwei, GoodWe post 2024 losses

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 ...

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