中国最大的太阳能企业再次录得巨额亏损，尽管利润率改善暗示，旨在解决长期行业性供应过剩的举措可能已初见成效。
China’s biggest solar companies posted another round of heavy losses, even as improving profit margins hinted that attempts to tackle a chronic industry-wide supply glut might be yielding some results.
据周五发布的财报，隆基绿能科技股份有限公司、晶科能源股份有限公司、天合光能股份有限公司和通威股份有限公司合计报告净亏损46.3亿元人民币（约6.97亿美元）。这标志着该行业连续第三年处于结构性低迷之中。
Longi Green Energy Technology Co., Jinko Solar Co., Trina Solar Co. and Tongwei Co. reported a combined net loss of 4.63 billion yuan ($697 million), according to earnings released on Friday. The results mark the industry’s third straight year in a structural downturn.
彭博情报分析师谢佳在一份报告中表示，隆基11亿元人民币的季度亏损“表明，在太阳能电池板价格持续低迷和国内需求收缩的驱动下，复苏之路漫长”。“中国太阳能行业的严重产能过剩继续拖累前景，在2027年底之前不太可能出现显著反弹，”他说。
Longi’s 1.1 billion-yuan quarterly loss “suggests a long road to recovery amid a downturn driven by persistently low solar panel prices and contracting domestic demand,” Bloomberg Intelligence analyst Chia Chen said in a note. “Heavy overcapacity in China’s solar industry continues to weigh on the outlook and a significant rebound is unlikely before late 2027,” he said.
从积极方面看，该公司周五表示，得益于更先进的太阳能电池板带来更好的利润率，其净亏损在季度基础上有所收窄。根据花旗研究，这意味着应对行业供应过剩的努力正显现出一些成果。
On a more positive note, the company said on Friday its net loss narrowed on a quarterly basis as more advanced solar panels delivered better margins. This means efforts to tackle a supply glut in the sector are showing some results, according to Citi Research.
“我们认为隆基利润率的改善是行业利润率复苏的积极信号，得益于光伏行业采取的‘反内卷’措施，”包括马骋在内的分析师周一在一份报告中表示，指的是全行业协调遏制产能、避免价格战的努力。
“We view Longi’s margin improvement as a positive signal of the industry’s margin recovery, supported by the anti-involution measures taken in the solar sector,” analysts including Air Ma said in a note on Monday, referring to coordinated sector-wide efforts to curb production and avoid price wars.
尽管如此，季度性的改善尚未抵消根深蒂固的产能过剩。据彭博新能源财经，截至8月，多晶硅库存达到60万吨的历史高位，足以支撑全球硅片生产六个多月。
Still, the quarterly advance has yet to offset entrenched overcapacity. Polysilicon inventories reached a record high at 600,000 tons as of August, enough to support more than six months of global wafer production, according to BloombergNEF.
国内外需求放缓也让恢复盈利变得更加困难。根据国家能源局数据，中国前九个月光伏装机量同比暴跌 54%。大多数主要市场的光伏装机已出现饱和，促使彭博新能源财经将 2026 年年度装机预测从 624 吉瓦下调至 585 吉瓦。该机构预计 2027 年将比此前预估更疲软。
Slowing demand at home and abroad is also making it harder to restore profitability. China’s solar installations plunged 54% in the first nine months from last year, according to data from the National Energy Administration. Most major markets have seen a saturation of solar installations, prompting BloombergNEF to cut its annual installation forecast to 585 gigawatts from 624 gigawatts for 2026. It expects 2027 to be weaker than previously estimated.
彭博新能源财经在其第三季度光伏供应链报告中写道：“中国光伏制造商正试图重建利润空间，但即便中国当局收紧了光伏生产监管，疲软的需求仍在限制涨价。”
“Chinese solar manufacturers are trying to rebuild margins, but weak demand is limiting price increases even after Chinese authorities tightened regulations on solar production,” BloombergNEF wrote in its third-quarter solar supply chain report.