Image: Eging PV

Eging PV has reported its steepest annual loss on record in 2024, posting a net loss of CNY 2.09 billion ($288 million), compared with a modest profit a year earlier. Revenues dropped 57.07% year-on-year to CNY 3.478 billion ($479 million). The company attributed the downturn to severe market pressures and significant operational setbacks. Production at its 5 GW PERC cell facility in Changzhou and 7.5 GW TOPCon cell facility in Chuzhou has been fully halted. Its 10 GW module production line runs below 40% capacity. In 2024, the company produced 4.14 GW of PV modules and sold 3.72 GW, down 25.6% and 32.05%, respectively, year-on-year. Self-produced solar cell output plummeted 67.46% to 1.67 GW, while sales dropped 35.8% to just 138.39 MW. As of the end of Q1 2025, Eging’s cash reserves stood at CNY 1.049 billion ($145 million), while interest-bearing liabilities rose to CNY 2.552 billion ($352 million). Its current ratio fell to 0.99, signaling tightening liquidity. The company aims to maintain 2025 module shipments at levels similar to those in 2024.