公司文件显示，中国最大的太阳能制造商去年将其员工队伍又削减了五分之一，目前北京方面解决产能过剩的承诺尚未将该行业拉出亏损泥潭。
China's biggest solar manufacturers cut another fifth of their workforces last year, company filings show, as Beijing's pledge to tackle overcapacity has yet to pull the industry out of losses.
根据路透社对公司文件的审阅，隆基绿能（601012.SS）、天合光能（688599.SS）、晶科能源（688223.SS）、晶澳科技（002459.SZ）和通威股份（600438.SS）在2025年底共雇佣了154,061人，比前一年减少了40,589人。
Longi Green Energy (601012.SS), Trina Solar (688599.SS), Jinko Solar (688223.SS), JA Solar (002459.SZ) and Tongwei (600438.SS) employed 154,061 people at the end of 2025, 40,589 fewer than a year earlier, according to a Reuters review of company filings.
继路透社去年报道2024年员工人数下降31%之后，员工人数又下降了21%。在2024年至2025年期间，这五家公司削减了约一半的员工。在这期间，没有一家公司公开宣布过任何裁员，也没有对置评请求作出回应。
The 21% workforce drop followed a 31% fall in 2024 reported by Reuters last year. Between 2024 and 2025, the five companies cut about half their workforces. None has publicly announced any layoffs over the period and none replied to requests for comment.
这些裁员反映了一个悖论：太阳能产业正在蓬勃发展，特别是随着霍尔木兹危机加剧了可再生能源关乎能源安全的论点，但中国制造商仍在亏损。
The job cuts reflect a paradox: Solar energy is booming, in particular as the Hormuz crisis sharpens the energy security argument for renewables, but Chinese manufacturers are still losing money.
尽管装机容量创下纪录，但中国太阳能企业建立的产能足以满足全球大约两倍的需求，并且无论是个别企业还是整个行业，多年来一直在亏损。
Chinese solar companies have built enough capacity to meet world demand roughly twice over, and have lost money, individually and collectively, for years despite record installations.
分析师表示，由一群多晶硅顶级制造商去年发起旨在整合上游行业并提高全行业价格的计划，由于该行业支持有限最终破裂。
Plans launched last year by a group of top polysilicon manufacturers to consolidate the upstream sector and lift prices across the industry fell apart because of limited support from the sector, analysts say.
杰富瑞分析师刘恩 (Alan Lau) 对路透社表示：“迅速解决这一问题的唯一方法，要么是去年的那个计划——你收购其他公司，要么是突然发生地震或自然灾害，一半的产能突然消失。”
"The only way to quickly resolve this is either the plan last year, you acquire others, or suddenly there is an earthquake or natural disaster and half of the capacity is just suddenly gone," Jefferies analyst Alan Lau told Reuters.
晨星公司分析师王澄表示，虽然文件涵盖的是2025年，但裁员很可能仍在继续。该行业今年受到了中国价格改革的打击，该改革用基于市场的竞价取代了可再生能源的有保障回报，抑制了对太阳能安装的需求。
While the filings cover 2025, Morningstar analyst Cheng Wang said job cuts have likely continued. The industry has been hit this year by pricing reforms in China that replaced guaranteed returns for renewables with market-based auctions, dampening demand for solar installations.
因此，杰富瑞预计中国今年将安装150至200吉瓦（GW）的太阳能，低于2025年创纪录的315吉瓦。全球市场也没有增长。按体积计算，今年1月至8月，中国太阳能电池和组件出口额同比下降了10%。
As a result, Jefferies expects China to install 150 to 200 gigawatts (GW) of solar this year, down from a record 315 GW in 2025. The global market also hasn't grown. China's exports of solar cells and panels fell 10% year on year from January to August, on a volume basis.
刘恩表示，裁员帮助公司削减了成本，但无法拯救一个以低于成本价格销售产品的行业。
Shedding staff has helped companies trim costs, but it cannot fix an industry selling its products below cost, Lau said.
能源技术研究咨询公司 Thunder Said Energy 的数据显示，前五大制造商的组件平均售价从2019年的每千瓦350美元跌至2025年的每千瓦130美元，其平均息税前利润率（EBIT margin）从2024年的-8%恶化至-13%。息税前利润率用于衡量公司在扣除成本和运营费用后，从收入中赚取了多少利润或产生了多少亏损。
The top five manufacturers' average module selling price fell to $130 per kilowatt in 2025 from $350/kW in 2019, according to Thunder Said Energy, an energy technology research consultancy, and their average EBIT margin worsened to -13% from -8% in 2024. EBIT margin measures how much of a company's revenue it makes as profit, or loss, after accounting for costs and operating expenses.
杰富瑞的刘恩说：“如果你没有毛利率，那么无论你削减多少成本，基本上都只是在减少亏损。”
"If you're not making gross margins, then no matter how much cost you cut, it is basically just reducing your loss," Jefferies' Lau said.
虽然这些公司没有宣布裁员，但公开文件显示，员工队伍缩减集中在生产、研发和行政职能部门。天合光能报告称，2025年的员工自愿流失率为18%至19%，而通威股份表示其技术人员数量下降了21%，隆基绿能表示2025年缩减了15%的研发支出。
While the companies have not announced layoffs, public filings refer to shrinking workforces concentrated in production, R&D and administrative functions. Trina reported voluntary turnover of 18% to 19% in 2025, while Tongwei said its technical staff headcount fell by 21% and Longi said it scaled back research and development spend by 15% in 2025.
晨星公司的王澄表示，由于与去年相比需求萎缩，今年的行业产能过剩情况进一步恶化，但该行业可能终于触底。
Morningstar's Wang said industry overcapacity has worsened this year because of shrinking demand compared to last, but that the industry may have finally hit bottom.
中国针对多晶硅和硅片的新能耗强度标准以及针对组件的效率规则将于2027年1月1日起生效。这应该有助于消除市场上的过剩产能，因为无法达到更严格标准的项目可能会被迫关闭。
China's new energy-intensity standards for polysilicon and wafers, along with efficiency rules for modules, take effect on January 1, 2027. That should help remove excess capacity from the market because projects that can't meet the more stringent standards could be forced to shut down.
王澄说：“虽然预计2027年产能过剩仍将持续，但我们相信此次低谷最糟糕的时期将抛在行业身后。”
"While overcapacity is expected to persist in 2027, we believe the worst of this downturn will be behind the industry," Wang said.