China’s top four solar panel manufacturers, LONGi, Jinko Solar, Trina Solar, and JA Solar, reported combined net losses of nearly RMB11 billion (US$1.54 billion) in the first half of 2025, marking a sharp increase compared to the same period last year. The losses come as global photovoltaic (PV) module prices remain low, creating challenging conditions for manufacturers despite strong shipment volumes.
Collectively, the four companies recorded revenue of RMB119.6 billion during the first six months of the year. While their net losses were slightly lower than the RMB12.226 billion reported in the second half of 2024, the figures still highlight continued financial pressure across the sector.
Jinko Solar, which leads global module shipments, reported operating revenue of RMB31.831 billion, a 32.63% year-on-year decline. The company’s net losses reached RMB2.909 billion. LONGi posted revenue of RMB32.813 billion, down 14.83% from the previous year, with net losses of RMB2.569 billion, showing a slight narrowing compared to last year. JA Solar saw revenue drop 36.01% to RMB23.905 billion, while net losses surged to RMB2.58 billion. Trina Solar reported revenue of RMB31.056 billion, a 27.72% decrease, with net losses of RMB2.918 billion.
Shipment Volumes Remain Strong Despite Financial Strains
Despite financial setbacks, module shipments among the leading Chinese PV manufacturers remained robust. Jinko Solar led shipments at 41.84 GW, followed closely by LONGi with 39.57 GW. Trina Solar and JA Solar recorded nearly identical volumes, exceeding 32 GW each. In total, the top four companies shipped over 147 GW of modules in the first half of 2025, while the top ten Chinese PV manufacturers collectively surpassed 228 GW.
Trina Solar noted that domestic shipments accounted for just over 50% of its sales, while Europe made up slightly over 25%, Asia-Pacific 11–12%, and the Middle East roughly 8%. JA Solar reported that overseas shipments represented approximately 46% of total sales, indicating a growing international presence despite global pricing pressures.
Smaller companies showed mixed results. Canadian Solar remained profitable with RMB731 million in net profit, though revenue fell 4.13% year-on-year. DMEGC posted both revenue and profit growth, with net profit rising 58.94% to RMB1.020 billion. Aiko recorded a first-half loss of RMB238 million but achieved a single-quarter profit in Q2, driven by a significant increase in overseas sales.
Market Outlook and Industry Challenges
The losses of China’s top solar manufacturers come amid broader market challenges. Falling PV module prices and intensified global competition have put pressure on margins, even as shipments continue to grow. Tongwei, another major player, reported revenue of RMB40.509 billion, down 7.51% year-on-year, though its net losses fell 58.35% compared to the same period last year, signaling some operational stabilization.
Analysts note that while shipment volumes remain strong, the profitability of Chinese PV manufacturers sector will continue to depend on global demand, module pricing, and the ability to control costs. Industry experts suggest that companies navigating the current cycle successfully may emerge with stronger market positions in the latter half of 2025.
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