Photovoltaic main industry chain continues to lose money in the first quarter: the increase in debt combined with the decline in demand, the falling prices sound the cash flow alarm.

After more than a few quarters of production reduction for self-rescue, the photovoltaic industry has shown signs of reducing losses, but there is still no obvious sign of completely overcoming the capacity dilemma. Heavy losses mainly occurred in the primary photovoltaic industry chain, which is also the most capital and labor intensive segment. In the first quarter, the financial performance of related listed companies in the photovoltaic primary industry chain continued to be in the red, although the amount of losses decreased compared to the previous quarter. There are a total of about 21 listed companies in the photovoltaic primary industry chain, according to Wind data, 18 of which reported losses in non-recurring net profit attributable to controlling shareholders in the first quarter, and the larger the scale of the photovoltaic manufacturer, the more serious the losses. Integrated leader Tongwei Corporation reported a loss of 2.61 billion yuan, while "silicon wafer giants" TCL Tech and Longi Green Energy both suffered losses of nearly 2 billion. Three module manufacturers, JinkoSolar, JA Solar, and Canadian Solar, all experienced losses of over 1 billion yuan.