Recently JinkoSolar, Trina Solar, and Canadian Solar disclosed their investor relations activity records, revealing their operational and shipment results for Q3 2025 and the first three quarters of 2025.
JinkoSolar
Leveraging the excellent performance of its advanced products and its leading position in high-value overseas markets, JinkoSolar's net profit attributable to the parent company in the third quarter saw a reduced loss of RMB 508 million quarter-on-quarter, despite booking an over RMB 500 million impairment on old equipment. The company's gross margin also increased by 4.77 percentage points quarter-on-quarter, marking the second consecutive quarter of improvement.
Shipments:
PV Products: JinkoSolar shipped 67.15 GW of PV products in the first three quarters of 2025, with module shipments accounting for 61.85 GW.
Energy Storage: The profitability of the company's energy storage business significantly improved, with 3.3 GWh of energy storage systems shipped in the first three quarters. The energy storage business is anticipated to potentially turn profitable in Q4 2025 and begin contributing profit in 2026.
PV Products:
The upgrade of the company's high-power TOPCon products is progressing steadily. Some high-power products exceeding 640W were delivered in Q3, commanding a premium of $0.01-0.02/W.
As the upgrade to the highest-power 670W Tiger Neo 3.0 product is gradually completed, the proportion of high-power product shipments is expected to steadily increase, projected to be no less than 60% of the company's total shipments for the full year of 2026.
Technology: Through improvements in back-surface polyfinger, edge passivation, and upgraded metallization processes, TOPCon cells are expected to have an additional efficiency gain potential of 0.5%-0.6% in 2026.
Energy Storage:
JinkoSolar currently possesses 12 GWh of integration and 5 GWh of cell capacity.
The company holds a significant competitive edge in the energy storage sector, relying on its channels, brand, and customer resources as a top-tier player.
Crucially, overseas business accounts for about 80% of its overall orders, primarily covering large-scale utility storage and C&I (Commercial & Industrial) projects. Energy storage is poised to become the company's second growth curve.
Trina Solar
Trina Solar's module business reduced its losses in Q3 2025. This was driven by several factors:
Market Focus: Further focus on overseas sales markets, increasing the proportion of overseas shipments to approximately 60%.
Pricing: A certain degree of product price increase, leading to a quarter-on-quarter increase in the overall ASP (Average Selling Price) for the module business.
Cost Management: Implementation of more refined measures in raw materials, supply chain management, and expense control, resulting in lower company costs.
Shipments:
Total PV product shipments for the first three quarters of 2025 were approximately 50 GW, with over 18 GW shipped in Q3.
Energy Storage Shipments neared 3 GWh in the first three quarters, with over 1 GWh shipped in Q3.
Trina Solar's energy storage shipment target for 2025 is 8 GWh, with the 2026 shipment goal planned to be around 16 GWh.
The scale of signed overseas energy storage orders currently exceeds 10 GWh, with concentrated delivery expected between 2025 and 2026.
Canadian Solar
Canadian Solar shipped 19.9 GW in the first three quarters of 2025, with approximately 5.1 GW shipped in the third quarter.
The energy storage business maintained rapid growth. Large-scale Storage: Shipped 5.8 GWh in the first three quarters of 2025, representing a 32% year-on-year increase. Q3 shipments reached 2.7 GWh, a 50% year-on-year and 27% quarter-on-quarter increase, setting a new single-quarter shipment record.
The company anticipates 2025 energy storage shipments to be around 7-9 GWh.
The residential energy storage business has achieved profitable growth, with Q3 shipments growing over 70% quarter-on-quarter.
The company is accelerating the enhancement of its product matrix and expanding its global market channels, steadily advancing its residential storage business to become its third growth curve.
Source：EnergyTrend
