From August 18 to 20, five PV companies—Daqo Energy, Haiyuan Composites Technology, DMEGC, Haitai Solar, and FIRST—successively released their performance results for the first half of 2026.
On August 20, Daqo Energy released its 2026 semi-annual report. In H1 2026, the company's total revenue reached 623 million RMB, down 57.63% year-on-year; net profit attributable to shareholders of the parent company recorded a loss of 1.595 billion RMB, and net profit excluding non-recurring gains and losses recorded a loss of 1.619 billion RMB.
Daqo Energy stated that the decline in performance was mainly affected by period-specific weak market demand and price bargaining across the industrial chain, resulting in a drop in polysilicon sales volume and prices. In addition, the company made a provision for inventory impairment of 1.026 billion RMB at the end of the period, further expanding the scale of its losses.
During the reporting period, Daqo Energy's polysilicon sales volume was 19,700 metric tons, down 57.4% year-on-year; production volume reached 87,100 metric tons, up 71.3% year-on-year. Among them, production volumes in Q1 and Q2 were 43,400 metric tons and 43,700 metric tons, respectively, with sales volumes of 4,482 metric tons and 15,200 metric tons. Polysilicon production in Q3 2026 is expected to be 40,000–45,000 metric tons, and full-year production is projected at 160,000–180,000 metric tons.
In terms of price, the company's average selling price of polysilicon in the first half was 30.63 RMB/kg, down 1.8% year-on-year; unit cost was 60.69 RMB/kg, up 10.2% year-on-year. However, through production process and operational optimization, the company's unit cash cost dropped to 34.75 RMB/kg, down 7.7% year-on-year.
Notably, Daqo Energy is expanding into the smart energy sector. The company plans to invest approximately 6 billion RMB to build the Daqo Smart Energy System Manufacturing Base, positioning products such as energy storage systems, solid-state transformers, solid-state circuit breakers, and solid-state batteries, entering the next-generation power supply and distribution system track for intelligent computing centers. As of the end of June, the project was still in the preliminary preparation stage.
On August 20, Haiyuan Composites Technology disclosed its 2026 semi-annual report. In the first half, the company achieved operating revenue of 176 million RMB, down 13.32% year-on-year; net profit attributable to shareholders of the parent company lost 48.5986 million RMB, representing a year-on-year loss reduction of 24.87%; net profit excluding non-recurring gains and losses lost 49.4843 million RMB, representing a year-on-year loss reduction of 7.28%.
The PV business remains one of Haiyuan Composites Technology's main revenue sources. In the first half of 2026, the company's PV business achieved operating revenue of 90.28 million RMB, accounting for 51.43% of total operating revenue, down 30.35% year-on-year, with a gross margin of -13.44%, down 6.95 percentage points from the same period last year.
Regarding capacity, Haiyuan Composites Technology previously intended to further build out its TOPCon module capacity by purchasing a second-hand production line. In December 2025, the company signed a second-hand production line equipment procurement contract with Unigroup Industrial Technology (Chuzhou) Co., Ltd. to purchase a 150MW TOPCon PV module production line and related software for 9.3298 million RMB. As of the end of the reporting period, the production line had not yet been delivered and remained in the dismantling and packaging stage.
In addition, the company is advancing the application of composite materials in PV module frames. According to the report, Haiyuan Composites Technology is conducting R&D on composite material frames, with relevant products mainly aimed at improving upon issues with traditional aluminum alloy frames regarding salt spray corrosion, carbon footprint, and other aspects.
On the evening of August 19, DMEGC released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of 12.342 billion RMB, up 3.41% year-on-year; net profit attributable to shareholders of the listed company was 948 million RMB, down 7.03% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was 811 million RMB, down 24.28% year-on-year.
In terms of the PV business, DMEGC achieved revenue of 7.369 billion RMB in H1 2026, down 8.50% year-on-year, accounting for 60.42% of main business revenue; PV product shipments exceeded 12GW. At present, the company has established a production capacity scale of 23GW for solar cells and 21GW for modules.
The company stated that under multiple pressures such as period-specific pullbacks in industry demand, escalating trade barriers, and rising raw material prices, its PV business remained profitable by strictly controlling costs and expanding into differentiated markets.
On the evening of August 18, Haitai Solar disclosed its 2026 semi-annual report. Affected by factors such as slowing domestic PV installation demand, industry supply-demand imbalance, and intensified price competition, the company's H1 revenue and profitability remained under pressure, achieving operating revenue of 593 million RMB, down 49.93% year-on-year; net profit attributable to shareholders of the listed company recorded a loss of 143 million RMB, an expanded loss of 3.27% year-on-year.
During the reporting period, the company's PV module business achieved operating revenue of 188 million RMB, down 74.42% year-on-year, becoming the primary cause for the decline in performance. Haitai Solar stated that the company proactively passed on certain low-price, loss-making orders while scaling back production scheduling, which, combined with significantly weakened domestic installation demand, led to a 44.76% year-on-year decline in module shipments.
In addition to the module business, the PV mounting structure (bracket) and PV application system businesses were also impacted by weakening market demand. Among them, revenue from PV brackets fell 99.61% year-on-year, and revenue from PV application systems fell 97.83% year-on-year. The company stated that delays in downstream power station bidding and construction schedules, alongside period-specific tightening of residential PV filings in certain regions, led to a noticeable reduction in orders for related businesses.
Despite pressure in the domestic market, overseas markets became a vital support for industry demand. Benefiting from demand growth in overseas markets like Southeast Asia and Africa as well as the effective deployment of sales channels, Haitai Solar's overseas sales revenue grew 53.27% year-on-year in the first half, serving as an important support for company operations.
On the evening of August 19, FIRST released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of 6.988 billion RMB, down 12.2% year-on-year; net profit attributable to shareholders of the listed company reached 842 million RMB, up 69.89% year-on-year.
As the company's core business, the PV materials segment remained the primary source of profit. During the reporting period, FIRST's PV encapsulant film sales volume reached 1.22 billion square meters, down 11.97% year-on-year; operating revenue reached 6.133 billion RMB, down 15% year-on-year.
Despite declines in sales volume and revenue, the profitability of the PV encapsulant film business improved significantly. FIRST stated that as loss-making enterprises exited the industry and small-to-medium encapsulant manufacturers were gradually cleared out, market competition pressure eased. Leveraging advantages in scale, technology, and cost, the company maintained a relatively high market share, with capacity utilization significantly outperforming the industry average.
In terms of product structure, differentiated products—such as light-conversion films tailored for HJT cells, skin films tailored for 0BB technology in BC cells, and butyl sealant used in BC, HJT, and silver-reducing TOPCon modules—continued to see volume growth, driving up product added value. Meanwhile, the company's overseas capacity in Thailand, Vietnam, and other regions steadily ramped up, further increasing the proportion of overseas shipments.
Source：EnergyTrend