Yingli reported an operating loss of $405m (2.52bn yuan) for 2012, against revenues of $1.83bn, underscoring the striking profitability gap that remains for even the industry’s strongest and most well known manufacturers.

By comparison, Trina Solar, which reported its 2012 earnings last week, swallowed an operating loss of $264.9m last year against revenues of $1.3bn.

Many analysts remain cautious about the global PV market in 2013, given ongoing political and economic headwinds in key European markets, and the expanding global trade war.

But