The domestic photovoltaic industry is transitioning from scale-driven expansion to value-based competition as efforts to curb internal competition progress.
In terms of financial performance, A-share solar companies did not achieve overall revenue growth in the first quarter compared to the same period last year. Statistics show that 109 listed photovoltaic firms collectively generated 271.426 billion yuan in revenue, approximately 4 billion yuan less than the previous year. Their combined net profit stood at just 330 million yuan, indicating that the sector's profitability has not yet fully recovered.
However, 28 solar companies managed to achieve growth in both revenue and net profit during the quarter. Additionally, 44 firms reported year-on-year increases in net profit, with many significantly reducing their losses.
Performance among leading solar enterprises varied considerably. Companies such as TBEA Co., Ltd., Chint Group, and Trina Solar saw revenue growth alongside improved profitability or reduced losses during the reporting period.
Some major players prioritized profit recovery over revenue expansion in the first quarter. For instance, Jinko Solar, Tongwei Co., Ltd., JA Technology, and GCL System Integration reported narrowed losses compared to the same period last year despite remaining in the red.
Nevertheless, several leading companies experienced declines in both revenue and profit. Key manufacturers faced growth pressure: Sungrow Power Supply Co.,Ltd. saw net profit drop by over 40%, LONGi Green Energy Technology reported a 34% increase in losses, and Daqo New Energy Corp. recorded a 43% expansion in losses.
Among 44 photovoltaic companies showing profit recovery, half remained loss-making in the first quarter, suggesting the industry is still building momentum amid ongoing efforts to reduce overcapacity and internal competition.
Nine solar companies exceeded 10 billion yuan in quarterly revenue. TBEA led with 24.961 billion yuan, up 6.75% year-on-year, and achieved a net profit of 1.815 billion yuan, increasing by 13.40%. The company's stable growth primarily relies on its power transmission and transformation business, as its new energy segment currently contributes less dominantly to revenue and reported the lowest毛利率 among its operations in 2025.
Chint Group and Trina Solar demonstrated stronger photovoltaic focus. Chint's revenue grew 46.33% to 21.303 billion yuan, with net profit rising 8.92% to 1.267 billion yuan. Its solar business accounted for over 60% of total revenue in 2025, with growth in the first quarter driven by residential power station operations.
Trina Solar achieved the most significant loss reduction among leading firms. Revenue increased 17.40% to 16.830 billion yuan, while losses narrowed by 78.56% to approximately 283 million yuan. The improvement was attributed to growth in system product and energy storage revenues.
Several module manufacturers, including Trina Solar, prioritized price recovery over shipment volume growth. Jinko Solar's revenue declined 11.53% to 12.248 billion yuan, mainly due to reduced module shipments of 13.7 GW compared to over 17 GW in the prior year. The company noted that module prices gradually returned to reasonable levels during the quarter.
GCL System Integration also showed reduced losses, reporting revenue of 1.93 billion yuan and a net loss of 180 million yuan, narrowing by 5.59% year-on-year. The company plans to focus on product innovation, high-value markets in Europe, the Middle East, and Latin America, and advance GPC and perovskite tandem technologies.
The solar industry remains in a cyclical downturn, with restructuring ongoing. Some leading companies demonstrate resilience through integrated supply chains, technological advantages, and stable cash flow.
Many are emphasizing integrated solar and storage solutions to drive new growth. LONGi Green Energy Technology, despite reporting declines in both revenue and profit, aims to accelerate solar-storage integration and target 6 GWh in energy storage system shipments for 2026. Revenue fell 18.03% to 11.192 billion yuan, while losses expanded by approximately 34.20% to 1.920 billion yuan. Chairman Zhong Baoshen described 2026 as a pivotal year for capacity rationalization, supported by government measures and market competition.
Sungrow Power Supply Co.,Ltd., previously notable for strong profitability and market capitalization, faced growth pressure in the first quarter. Revenue decreased 18.26% to 15.561 billion yuan, and net profit fell 40.12% to 2.291 billion yuan. Management attributed the revenue decline to timing issues in recognizing large solar-storage project revenues, noting a high base from a 4 billion yuan Saudi project in Q1 2025. However, gross margin improved by 10.3 percentage points sequentially, due to changes in revenue structure and better毛利率 in European and Australian energy storage sales.
Sungrow's shares closed at 137.4 yuan on April 30, down nearly 20% year-to-date, with a market capitalization of 284.9 billion yuan.
Daqo New Energy Corp. reported surprising results, with revenue plunging 79.22% to 189 million yuan and losses widening 43.51% to 801 million yuan. The company, focused mainly on polysilicon production, faced severe price declines, with N-type material prices falling to 36,500 yuan per ton by quarter-end. Although polysilicon output increased 74.9% to 43,400 metric tons, shipments dropped 84.0% to 4,500 metric tons due to weak demand and pricing pressures. Unit sales cost rose to 88,900 yuan per ton, up 104.58% from the previous quarter, primarily due to increased fixed cost allocation from lower utilization. Analysts have revised down net profit forecasts for the company accordingly.