Chinese PV Industry Brief: Canadian Solar profit drops 92% in Q1
Canadian Solar said its first-quarter profit for 2025 fell 91.83% year over year to CNY 47.26 million ($6.58 million), as revenue dropped 10.54% to CNY 8.586 billion amid declining margins across core business lines. Module shipments rose 9.4% to 6.9 GW. Its energy storage unit, e-STORAGE, posted a record 91 GWh in contracted backlog, with an estimated order value of $3.2 billion. Recurrent Energy, the company’s energy development unit, now holds a global project pipeline of 27 GW in solar and 76 GWh in battery storage. Canadian Solar forecast second-quarter revenue between $1.9 billion and $2.1 billion , with gross margins of 23% to 25%, module shipments of 7.5 GW to 8.0 GW, and energy storage system deliveries of 2.4 GWh to 2.6 GWh.
CEEC said the Shanghai Stock Exchange has approved its application for a targeted A-share issuance. The company plans to raise up to CNY 15.00 billion, including issuance costs, to fund large-scale energy base projects and replenish CNY 4.5 billion in working capital.
The China Nonferrous Metals Industry Association (CNMIA) said China’s silicon market softened further last week, with n-type rod silicon trading at CNY 36,000/ton to CNY 41,000/ton and averaging CNY 38,600, down 1.53% week on week. N-type granular silicon held steady at an average of CNY 36,000 , while p-type polysilicon fell 3.10% to CNY 31,300. April polysilicon output totaled 99,100 tons, a 6.08% drop from March. Wafer prices continued to decline on weak demand and low utilization. N-type G10L wafers (182 mm × 183.75 mm, 130 μm) averaged CNY 0.95, down 5.94%; n-type G12R (182 mm × 210 mm) fell 1.79% to CNY 1.10; and G12 wafers (210 mm × 210 mm) dropped 3.70% to CNY 1.30). With most wafer plants running minimal capacity and spot prices already below cost, the CNMIA said further downside appears limited.
Vanda RE has signed a 1 GW framework supply agreement with Longi for a solar-and-storage project in Indonesia’s Riau Islands. The joint venture between Gurīn Energy and Gentari said Longi will supply high-performance PV modules that meet local content requirements. The 2 GWp solar and 4.4 GWh storage project forms part of an Indonesia-Singapore green economic corridor aimed at strengthening clean tech supply chains, lowering renewable energy costs, and positioning Indonesia as a regional green energy hub. Leaders from both sides said the collaboration will support local growth, cross-border cooperation, and decarbonization efforts across the Association of Southeast Asian Nations (ASEAN).