2025光伏行业盈利改善亏损持续收窄

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

2025光伏行业盈利改善亏损持续收窄

2025-12-18 16:14:25 来源：北方有色网责任编辑：王欣悦

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在刚刚落幕的2025光伏行业年度大会上，中国光伏行业协会名誉理事长王勃华在主旨报告中释放出行业回暖的积极信号：今年以来，光伏主产业链环节盈利能力逐步修复，企业亏损面持续收窄，行业深度调整期已显现边际改善迹象。

报告披露的核心数据显示，2025年前三季度，光伏主产业链环节相关企业合计亏损达310.39亿元，但亏损收窄的趋势尤为明显。其中第三季度单季亏损额降至64.22亿元，较第二季度的120.4亿元(64.22+56.18)减少56.18亿元，亏损幅度收窄约46.7%。这一数据与同期产业链价格企稳、企业降本增效的实际表现形成呼应，印证了行业“反内卷”政策的初步成效。

亏损收窄的背后，是政策引导与市场调节的双重作用。今年7月以来，国家层面密集释放光伏行业“反内卷”信号，通过规范市场竞争秩序、引导产能合理释放等措施，推动产业链价格从成本线以下逐步回升。截至2025年9月，多晶硅、硅片、电池片均价较年初分别增长31.6%、6.8%、6.5%，价格修复直接改善了企业盈利空间。同时，头部企业通过精益管理、技术升级实现降本增效，进一步压缩了亏损缺口。

从细分环节看，上游硅料企业的复苏态势最为突出。硅料龙头大全能源第三季度实现归母净利润7347.90万元，同比从亏损4.29亿元扭亏为盈;双良节能单季度净利润达5317.79万元，同比增幅超164%;通威股份第三季度亏损额较第二季度大幅收窄20.5亿元，盈利状况显著改善。这些企业的业绩反弹，主要得益于多晶硅量价齐升及生产成本的有效控制。

值得注意的是，行业在亏损收窄的同时，也正经历结构性调整。王勃华指出，2025年1-10月，多晶硅、硅片产量分别同比下降29.6%和6.7%，其中多晶硅产量自2013年以来首次同比下降，标志着光伏行业已从高速增长迈入全面深度调整阶段。尽管主产业链仍处亏损区间，但逆变器等细分领域表现亮眼，阳光电源第三季度以118.8亿元净利润领跑行业，展现出差异化发展的机遇。

对于行业未来，王勃华强调，国家新能源发展战略坚定不移，到2035年风电和太阳能发电总装机容量目标为2020年的6倍以上，为光伏行业提供了长期发展支撑。多位与会专家认为，随着产能出清持续推进和全球刚需释放，2026年后行业有望进入新一轮快速增长期，具备技术和规模优势的龙头企业将迎来更大发展空间。

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