Hangzhou First PV Material Co Ltd

First Applied Material released its 2026 semi-annual report, achieving net profit attributable to shareholders of the listed company of 842 million yuan, up 69.89% year on year. Revenue for the same period was 6.988 billion yuan, down 12.2% year on year. The profit growth was mainly driven by higher earnings from photovoltaic products, photosensitive dry film, and aluminum-plastic film. The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, tax included, to all shareholders. Second-quarter net profit was 530 million yuan, up 70% quarter on quarter.

First-half earnings forecasts for the solar industry show that LONGi Green Energy, Tongwei Co., and TCL Zhonghuan together expect losses exceeding 10 billion yuan. According to an incomplete tally by China Business News reporters, 21 listed solar companies that have disclosed forecasts project combined losses of 13 billion to 16.8 billion yuan. Among them, Tongwei expects a loss of 4.8 billion to 5.4 billion yuan, the largest in the industry; LONGi Green Energy anticipates a net loss of 3.4 billion to 3.8 billion yuan; and TCL Zhonghuan expects a loss of 3 billion to 3.3 billion yuan, though its loss margin has narrowed by 22.21% to 29.28% year-on-year. Wang Bohua, former secretary-general of the China Photovoltaic Industry Association, said at a semi-annual meeting in Ningbo that the industry is facing a triple squeeze from supply-demand mismatch, shrinking demand, and escalating trade barriers, with the deep adjustment cycle still lengthening. However, the auxiliary materials segment has bucked the trend. Deye Co. projects first-half net profit of 2.668 billion to 2.728 billion yuan, up over 75% year-on-year; First Applied Material's net profit rose 75.35% year-on-year. Industry analysts believe that with the release of mandatory national standards, the exit of outdated capacity, and the deepening of electricity market reforms, solar feed-in tariffs are showing signs of bottoming out and rebounding, and an industry inflection point may not be far off.