Recently, Jinko Solar, Trina Solar, Tongwei, Aiko Solar, and Risen Energy have successively disclosed their latest financial reports. In 2025, these companies generally fell into a period of phased losses; however, upon entering the first quarter of 2026, some companies have shown positive signals of improving gross margins and narrowing losses.
Jinko Solar
In 2025, Jinko Solar achieved an operating revenue of 65.492 billion yuan, a year-on-year decrease of 29.18%. Among this, the net profit attributable to shareholders of the listed company was a loss of 6.882 billion yuan, representing a massive year-on-year plunge of 7,056.11%. In this regard, the company stated that the primary reason for the performance decline was a phased supply-demand mismatch brought about by fierce industry competition, which led to price drops across all segments of vertically integrated photovoltaic (PV) modules.
Entering 2026, the company achieved an operating revenue of 12.248 billion yuan in the first quarter, a year-on-year decrease of 11.52%. The net profit attributable to shareholders of the listed company was a loss of 1.35 billion yuan, which narrowed compared to the same period last year, while the overall gross margin increased by 9.45% year-on-year.
In terms of shipments, the company's PV module shipments reached 86.8 GW in 2025, ranking first globally. In Q1 2026, the company shipped 13.7 GW of PV modules, and module delivery prices showed a month-on-month improvement. Additionally, the energy storage business continued to maintain high growth, with energy storage system product deliveries reaching 1.42 GWh in the first quarter. Jinko Solar projects its module shipments for the second quarter of 2026 to be between 14 GW and 16 GW.
Trina Solar
In 2025, Trina Solar achieved an operating revenue of 66.975 billion yuan, a year-on-year decline of 16.61%. The net profit attributable to the parent company was a loss of 7.031 billion yuan, while the net profit after deducting non-recurring gains and losses was a loss of 7.397 billion yuan.
In terms of shipments, the company's module shipments in 2025 exceeded 67 GW, with N-type modules accounting for a high 95.8%, and the cumulative shipments of large-size 210 modules exceeding 236 GW. Meanwhile, the energy storage business officially became the company's second growth curve, with annual energy storage shipments breaking through the 8 GWh mark, achieving a doubled growth rate.
In Q1 2026, the company achieved an operating revenue of 16.83 billion yuan, a year-on-year increase of 17.4%, while the net profit attributable to shareholders of the listed company was a loss of 283 million yuan, realizing a significant year-on-year narrowing of losses. The company stated that the main reason for the performance improvement in Q1 2026 was the significant revenue growth in system products and the energy storage business, as well as an increase in fair-value change gains from other non-current financial assets.
Tongwei
On April 29, Tongwei disclosed its first-quarter report for 2026 and its annual report for 2025, revealing continued pressure on its financial performance.
For the full year of 2025, Tongwei achieved a revenue of 84.128 billion yuan, a year-on-year decrease of 8.55%. The net profit attributable to the parent company was a loss of 9.553 billion yuan, with the scale of the loss expanding compared to 2024. A large provision for asset impairment was one of the core reasons for this. In 2025, the company made total provisions for asset impairment losses of approximately 5.018 billion yuan, which included 2.977 billion yuan in inventory depreciation losses and 1.673 billion yuan in fixed asset impairment losses.
From the perspective of production and sales volume, Tongwei's sales of high-purity crystalline silicon reached 384,800 tons in 2025. In the solar cell business, annual sales reached 103.03 GW, a year-on-year increase of 17.51%, of which overseas market cell sales accounted for 16.73 GW, representing a 73% year-on-year jump. Module sales reached 43.25 GW.
In Q1 2026, Tongwei's total revenue was 12.125 billion yuan, a year-on-year decrease of 23.9%. The net profit attributable to shareholders of the listed company was a loss of 2.444 billion yuan, which narrowed slightly compared to the same period last year, representing a year-on-year loss reduction of 5.72%.
Aiko Solar
Aiko Solar achieved bucking-the-trend revenue growth relying on its N-type ABC technology, but still faced certain downward pressure on profitability.
Aiko Solar's total revenue in 2025 reached 15.614 billion yuan, a significant year-on-year increase of 39.97%. Although the net profit attributable to shareholders of the listed company remained a loss of 1.822 billion yuan, the magnitude of the year-on-year loss narrowed significantly.
N-type ABC modules became the company's core profit growth driver, with this business generating an annual operating revenue of 10.655 billion yuan, accounting for 68% of the company's total revenue. In 2025, the company's ABC module sales reached 14.71 GW, a year-on-year increase of 132%.
At the same time, the company announced its financial data for Q1 2026. During the reporting period, the company achieved an operating revenue of 4.437 billion yuan, a year-on-year increase of 7.29%; however, the net profit attributable to shareholders of the listed company was a loss of 440 million yuan, with the year-on-year loss widening.
In response, the company stated that financial expenses increased year-on-year due to the impact of exchange rate fluctuations and a decrease in financing interest subsidies, cumulatively leading to the year-on-year decline in net profit for the first quarter.
Risen Energy
On April 24, Risen Energy released its 2025 annual report and 2026 Q1 report. The company's overall operating performance bore significant cyclical pressure.
In 2025, the company achieved an operating revenue of 12.584 billion yuan, a year-on-year decrease of 37.82%. The net profit attributable to the parent company was a loss of 2.827 billion yuan, representing a year-on-year loss reduction of 17.73%.
In 2025, the company's PV module sales volume was 9.83 GW, a year-on-year decrease of 45.62% compared to the previous year, and the gross margin was merely -4.44%.
Entering the first quarter of 2026, the company achieved an operating revenue of 2.702 billion yuan during the period, a slight year-on-year decrease of 9.65%. The net profit attributable to shareholders of the listed company was a loss of 361 million yuan, with the extent of the loss widening by 35.31% year-on-year.
The company stated that the core reasons for the performance fluctuation in the first quarter were a significant increase in exchange losses within financial expenses caused by foreign currency exchange rate changes, as well as an increase in the provision for inventory depreciation recorded in the current period.
Source：EnergyTrend