According to EnergyTrend, five leading Chinese photovoltaic enterprises, including Tongwei, LONGi Green Energy, JA Solar, GCL and Aiko Solar successively released their H1 2026 performance forecasts on July 14, all projecting net losses attributable to parent companies for the first half of the year.
Tongwei
Tongwei unveiled its H1 2026 performance forecast on July 14, estimating a net loss attributable to parent company of RMB 4.8 billion to 5.4 billion, compared with a net loss of RMB 4.955 billion in the same period last year. Its non-recurring net profit is also projected to register a loss of RMB 4.8 billion to 5.4 billion.
Regarding its H1 performance, Tongwei stated that the operating rate across all links of the PV industrial chain further declined during the reporting period. While less competitive production capacities are gradually phasing out, the fundamental imbalance between industry supply and demand remains unresolved. Product prices across the chain stayed sluggish, bringing substantial operational pressure on PV enterprises. Against this backdrop, the company is expected to record continued losses in the reporting period.
Tongwei pointed out that as a pillar industry for global clean energy transition, China’s PV sector faces periodic supply-demand mismatches but boasts broad long-term development prospects. Adhering to a prudent operation strategy, the company dynamically adjusts production and sales rhythms in response to market changes and continuously consolidates the competitive edges of its core businesses. Its PV business integrates technological R&D, lean management and market expansion to drive comprehensive development.
LONGi Green Energy
On July 14, LONGi released its H1 2026 performance forecast, projecting a net loss attributable to parent company of RMB 3.4 billion to 3.8 billion and a non-recurring net loss of RMB 3.7 billion to 4.2 billion for the first half of 2026.
LONGi attributed the interim losses to a year-on-year decline in module sales and revenue, insufficient operating rates and low gross profit margins during the reporting period. Additional pressures stemmed from investment losses from associated enterprises and exchange losses caused by RMB appreciation.
Nevertheless, LONGi pressed ahead with the full BC (Back Contact) technology transformation of its PV business during the period, enriching its product portfolio for diverse application scenarios. Both overseas sales volume and the proportion of BC product sales increased significantly, while efficiency improvement and cost reduction initiatives for BC technology were steadily implemented. The company’s ACM (Alloy Contact Matrix) cells have achieved large-scale mass production.
Meanwhile, LONGi accelerated the integrated layout of PV and energy storage businesses. It launched the "LONGi ONE" full-scenario PV-storage integrated product covering large-scale power stations and industrial and commercial parks, accelerated the development of localized overseas capabilities, and strengthened its system solution capabilities and core competitiveness.
JA Solar
According to JA Solar’s H1 2026 performance forecast, the company expects a net loss attributable to parent company of RMB 2.4 billion to 2.9 billion in the first half of 2026, versus a net loss of RMB 2.58 billion in the same period last year. Its non-recurring net loss is estimated at RMB 2.75 billion to 3.25 billion.
JA Solar explained that the PV industry has witnessed intensified market competition amid persistent supply-demand imbalance across the upstream and downstream industrial chain. The cancellation of export tax rebates has increased corporate tax burdens, while escalating international trade frictions have further pressured operations. These factors have kept the company’s module business in the red. In addition, geopolitical conflicts disrupted global logistics, triggering performance-related compensation claims for individual overseas orders and exerting adverse impacts on the company’s interim results.
Going forward, JA Solar will continue to optimize operational management, strengthen technological innovation, product reliability and brand influence, and accelerate global layout. The company will prioritize risk prevention and steady operation to improve overall business performance.
GCL
GCL Integration released its H1 2026 performance forecast on July 14, projecting a net loss attributable to parent company of RMB 320 million to 450 million in H1 2026, compared with a net loss of RMB 327 million in the same period of the previous year. Its non-recurring net loss is expected to range from RMB 340 million to 460 million, versus RMB 344 million year-on-year.
GCL Integration stated that the PV industry remained in a profound adjustment cycle in H1 2026. Domestic new PV installed capacity declined year-on-year, and periodic structural supply-demand contradictions continued to suppress prices across the entire industrial chain, resulting in the company’s interim losses.
During the reporting period, GCL Integration maintained prudent operations, retaining a leading position in winning large-scale projects from central and state-owned enterprises in China. The proportion of its overseas business increased year-on-year, and the company secured high-premium orders through BC technology upgrading. Amid industry adjustments, GCL Integration strictly controlled costs, maintained a reasonable capacity utilization rate, optimized its financial structure, and enhanced its risk resistance and long-term comprehensive competitiveness.
Aiko Solar
Aiko Solar unveiled its H1 2026 performance forecast on July 14, estimating a net loss attributable to parent company of RMB 680 million to 790 million and a non-recurring net loss of RMB 770 million to 880 million for the first half of 2026.
Aiko Solar attributed the interim losses to multiple factors, including the sluggish industry supply-demand landscape, lagging terminal price transmission, the cancellation of PV product export tax rebates, exchange rate fluctuations and asset impairment provisions. Notably, the company’s quarterly loss margin narrowed significantly during the period.
The company highlighted that its ABC (Advanced Back Contact) module sales revenue maintained steady growth in H1 2026, driven by its superior product competitiveness and value-based pricing model. The proportion of overseas sales continued to rise, and the gross profit margin of module sales improved both year-on-year and quarter-on-quarter. The enhanced profitability of its ABC business has steadily lifted the company’s overall operational quality.
Aiko Solar will continue to adhere to its core development strategy centered on N-type ABC technology, prioritize technological leadership and product innovation, and actively comply with national energy efficiency standards for PV modules. The company will continuously improve ABC product quality and delivery capacity, upgrade operational efficiency, and drive sustained improvement in business performance.
Source：EnergyTrend