Persistent oversupply and low module prices continue to weigh on the profitability of China’s leading PV manufacturers.
JinkoSolar reported revenue of CNY 24.73 billion ($3.68 billion) in the first half of 2026, down 22.3% year on year. Net loss attributable to shareholders widened 5.8% to CNY 3.08 billion from CNY 2.91 billion a year earlier, while operating cash flow turned positive at CNY 682 million. Module shipments reached 29.64 GW and energy storage system deliveries totaled 3.1 GWh. JinkoSolar said it is placing greater emphasis on profitability, cash flow and order quality amid weaker demand in some markets. It cut its full-year 2026 module shipment guidance to 60 GW to 70 GW and expects third-quarter shipments of 15 GW to 17 GW.
Canadian Solar posted first-half 2026 revenue of CNY 12.78 billion ($1.90 billion), down 39.3% year on year, while net profit attributable to shareholders fell 59.0% to CNY 300 million. Excluding non-recurring items, the company recorded a CNY 253 million loss. CSI Solar attributed the decline to its decision to reduce PV production and shipments and prioritize profitability amid continued pressure on module prices. Its utility-scale energy storage business provided a growing offset, with sales reaching 6.1 GWh, up 103.3% year on year. Overseas markets accounted for nearly 90% of module shipments, while energy storage accounted for 44% of total revenue. The company said its US business restructuring remained in a transition phase.
Trina Solar reported first-half 2026 revenue of CNY 31.99 billion ($4.76 billion), up 3.0% year on year, while net loss attributable to shareholders narrowed 90.8% to CNY 270 million from CNY 2.92 billion a year earlier. Its adjusted net loss stood at CNY 2.89 billion, as the headline result benefited from substantial investment and fair-value gains. Operating cash flow rose 175.1% to CNY 5.07 billion. Module shipments exceeded 25 GW, while energy storage shipments topped 5 GWh, up 188% year on year. Energy storage revenue reached CNY 2.47 billion, with the business turning profitable. Trina Solar said higher-value module orders, energy storage and distributed energy businesses supported improved operating performance. Cumulative energy storage system deliveries exceeded 25 GWh by the end of June.
JA recorded revenue of CNY 17.50 billion ($2.60 billion) in the first half of 2026, down 26.8% year on year. Net loss attributable to shareholders widened 3.2% to CNY 2.66 billion, while operating cash flow was positive at CNY 861 million. Cell and module shipments totaled 22.25 GW, including 19 MW for internal use, with overseas markets accounting for 68.46% of module shipments. Module revenue fell 31.0% to CNY 15.02 billion, with the segment posting a negative gross margin of 1.74%, an improvement of 4.24 percentage points from a year earlier. JA Solar attributed the continued losses to persistent supply-demand imbalances, low module prices, the removal of China’s export tax rebate and intensifying trade frictions.
Tongwei reported first-half 2026 revenue of CNY 34.36 billion ($5.11 billion), down 15.2% year on year, while net loss attributable to shareholders widened 3.3% to CNY 5.12 billion. Operating cash flow returned to positive territory at CNY 109 million, compared with an outflow of CNY 1.95 billion a year earlier. The company shipped 155,300 tons of high-purity polysilicon and sold 34.78 GW of solar cells, taking cumulative cell shipments above 400 GW. Module sales reached 13.07 GW, with overseas markets accounting for nearly 40% of shipments. Tongwei said its PV business remained under heavy pressure from persistent oversupply and low prices. The segment generated CNY 19.88 billion in revenue but remained loss-making during the period.
The Silicon Industry Branch of the China Nonferrous Metals Industry Association (CNMIA) said China’s wafer market paused this week following a sharp price rally late last week. As of Aug. 27, wafer prices were unchanged across all product categories. Trading remained thin as wafer producers resisted price cuts while downstream sentiment weakened, with cell prices falling 2.94% week on week and module prices remaining flat. The association said wafer operating rates were broadly unchanged and warned that prices could weaken without a recovery in demand. The polysilicon market also remained largely at a standstill this week, with the association’s regular price assessment still suspended. With wafer operating rates remaining low, CNMIA expects polysilicon inventories to increase in August and said restoring a reliable pricing mechanism will require further adjustment between buyers and sellers.
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