In the first half of 2025, China’s leading solar companies LONGi, Jinko Solar, Trina Solar, and JA Solar reported combined net losses of approximately RMB 11 billion (US$1.54 billion), marking a significant increase compared to the previous year. The continuing decline in global solar module prices has heavily impacted their revenues, leading to substantial year-on-year losses despite efforts to stabilize their operations. In contrast, firms like Canadian Solar and DMEGC managed to post profits amid a challenging market.
Jinko Solar reported an operating revenue of RMB 31.831 billion, a 32.63% decrease year-on-year, attributing net losses of RMB 2.909 billion to persistently low prices. LONGi’s operating revenue fell by 14.83% to RMB 32.813 billion, with net losses narrowing to RMB 2.569 billion. JA Solar experienced a more marked decline, with operational revenue down 36.01% to RMB 23.905 billion, translating into a net loss of RMB 2.58 billion. Trina Solar’s revenue also dropped 27.72% to RMB 31.056 billion, incurring net losses of RMB 2.918 billion.
Tongwei reported a revenue of RMB 40.509 billion in H1 2025, seeing a smaller drop of 7.51% with net losses of RMB 4.955 billion, although this marks a significant yearly decrease. Canadian Solar, however, posted RMB 21.052 billion in revenue, down 4.13%, but still managed a net profit of RMB 731 million. DMEGC saw an impressive 24.75% rise in revenue to RMB 11.936 billion and a net profit jump of 58.94% to RMB 1.020 billion. Aiko, despite reporting a loss of RMB 238 million, achieved profitability in Q2 by significantly increasing sales in overseas markets.
GCL-SI also showed signs of improvement with revenues of RMB 7.694 billion and narrowed losses of RMB 327 million compared to previous quarters. The overall market struggled, though, with China’s solar capacity additions plummeting 48% year-on-year in July.
In terms of market performance, Jinko Solar led global PV module shipments with 41.84GW, followed closely by LONGi at 39.57GW. Both JA Solar and Trina Solar surpassed 32GW in shipments, with Trina generating over 50% of its sales from domestic markets. JA Solar reported robust sales figures, with about 45.93% of its sales in the overseas market.
Tongwei also demonstrated strong growth with module shipments of 24.52GW, an increase of 31.33%, with overseas sales making up a significant portion. Canadian Solar achieved 14.8GW in global shipments, while GCL-SI surpassed 14GW in module shipments, reflecting a year-on-year increase exceeding 40%.
Risen Energy, however, faced challenges, reporting a significant decline with only 5.66GW in module shipments, while Aiko experienced strong growth with 8.75GW shipped in H1 2025, marking a promising turnaround for the company. As companies navigate the fluctuating PV cycle, Aiko’s chairman expressed intent to enhance operational efficacy moving forward.
https://www.pv-tech.org/chinas-top-four-solar-manufacturers-suffer-1-54-billion-losses-h1-2025/