Recently, several listed photovoltaic (PV) companies have successively disclosed their financial reports for 2025 and the first quarter of 2026. Based on the data, the vast majority of these enterprises remain in a state of loss. However, some companies have achieved contrarian growth in revenue or a quarter-on-quarter narrowing of losses by adjusting their shipment structures, expanding into overseas markets, and deepening cost reduction and efficiency enhancement measures.
LONGi
Affected by factors such as the continued sluggishness in product prices, insufficient operating rates, and the rising costs of raw materials like silicon and silver paste in the fourth quarter, LONGi's operations have continued to face significant pressure.
In 2025, the company realized an operating revenue of 70.347 billion yuan, marking a year-on-year decrease of 14.82%, with a net loss attributable to shareholders of the listed company amounting to 6.42 billion yuan.
Entering the first quarter of 2026, operational pressures further intensified. Single-quarter operating revenue dropped to 11.192 billion yuan, a year-on-year decrease of 18.03%, and the net loss attributable to the parent company expanded to 1.92 billion yuan.
In terms of shipment volume, the company achieved a silicon wafer shipment of 111.56 GW in 2025 (of which 48.57 GW were external sales), a module shipment of 86.58 GW (of which BC module sales were 22.87 GW), and external cell sales of 4.31 GW. In Q1 2026, the company achieved a silicon wafer shipment of 20.49 GW (including 7.64 GW of external sales) and a module shipment of 12.62 GW (including 8.34 GW of BC module sales).
JA Solar
In 2025, JA Solar realized an operating revenue of 49.129 billion yuan, a year-on-year decrease of 29.94%, with a net loss attributable to shareholders of the listed company amounting to 4.608 billion yuan.
Entering the first quarter of 2026, the company achieved a revenue of 9.216 billion yuan, a year-on-year decrease of 13.65%. However, the company's profitability improved significantly, with the net loss attributable to shareholders of the listed company narrowing to 1.067 billion yuan, representing a 34.89% reduction in loss compared to the same period last year.
Regarding shipments, the company's cell and module shipment volume in 2025 was 69.563 GW, with overseas module shipments accounting for approximately 51.29%. In Q1 2026, cell and module shipments reached 11.87 GW, and the proportion of overseas module shipments further increased to 77.16%.
Additionally, JA Solar has been deeply cultivating the energy storage industry. Currently, its energy storage business has initially established a business layout covering key global regions such as Europe, the Middle East, and Africa. It has completed the critical transition from business incubation to initial commercial implementation, laying the foundation for subsequent large-scale development.
TCL Zhonghuan
In the first quarter of 2026, TCL Zhonghuan realized an operating revenue of 6.549 billion yuan, an increase of 7.34% compared to the same period last year. The net profit attributable to shareholders of the listed company recorded a loss of 1.647 billion yuan; however, the loss narrowed compared to the previous year, marking a year-on-year growth of 13.62%.
The company's PV cell and module business adhered to the dual development approach of organic growth and external acquisitions, continuously enhancing its business capabilities. During the reporting period, the company's module shipments reached 2.9 GW, a year-on-year increase of over 50%. The company successively pre-qualified for and won bids in centralized procurement projects of state-owned enterprises (SOEs), making certain breakthroughs in the central and state-owned enterprise business sector.
To seize opportunities at the bottom of the cycle, the company plans to invest in and hold a controlling stake in DAS Solar Co., Ltd., to integrate existing production capacity and make up for business shortcomings.
Haitai New Energy
In 2025, Haitai New Energy achieved an operating revenue of 1.651 billion yuan, a year-on-year decrease of 55.59%. Meanwhile, the net loss attributable to shareholders of the listed company was approximately 675 million yuan, a massive year-on-year plunge of 456.01%.
In response, the company stated that due to the continuous impact of the supply-demand mismatch and vicious low-price competition in the PV industry, the company's operating rate remained at a low level, and PV module prices persistently hovered at lows, leading to a substantial decline in module revenue. Concurrently with the revenue decline, due to insufficient capacity utilization and the inability to fully dilute fixed costs, the unit production cost increased. Consequently, the decrease in operating costs was less than the decrease in operating revenue, resulting in a negative gross profit margin.
Entering 2026, Haitai New Energy's operational pressures have still not been completely alleviated. The company achieved an operating revenue of approximately 433 million yuan in the first quarter, a slight year-on-year decrease of 1.41%. However, the net loss attributable to shareholders of the listed company remained at approximately 38.55 million yuan, with the loss magnitude expanding by 50.78% compared to the same period last year. The continued pressure on Q1 performance is primarily attributed to a further narrowing of the product gross margin space during the reporting period compared to the previous year, as well as a year-on-year increase in expensed interest expenditures arising from the financing of completed power stations.
Lians Technology
Lians Technology also faced substantial operational pressure in 2025. During the reporting period, the company realized an operating revenue of 388 million yuan, a decrease of 22.42% compared to the same period last year, mainly due to a reduction in solar cell operating revenue for the year. The net loss attributable to owners of the parent company was 131 million yuan, a year-on-year decrease of 18.93%. This was primarily because the global PV industry was in a deep adjustment phase during the reporting period, facing multiple challenges such as phased supply-demand imbalances, vicious low-price competition, and a complex trade environment. Market competition further intensified, causing the company's performance to bear the pressure of losses and prompting the provision for asset impairment.
In terms of shipments, the company's sales volume of PV cells in 2025 was 632.94 MW, a year-on-year decrease of 33.43%, with a gross profit margin of -51.9%. Domestic sales volume accounted for 471.52 MW, representing 74.5% of total sales.
This trend of pressured performance continued to some extent in the first quarter of 2026. The Q1 2026 report shows that the company achieved an operating revenue of approximately 50.72 million yuan during the quarter, a drop of 49.15% compared to the same period last year, primarily due to the decreased revenue from the solar cell business during the period. Nevertheless, the net loss attributable to shareholders of the listed company in the first quarter was approximately 20.79 million yuan, with the extent of the loss narrowing by 10.76% compared to the same period last year.
Source：EnergyTrend