TONGWEI, JinkoSolar, and TZE Release H1 Financial Reports with Record-High Shipments

EnergyTrend learned that on August 26, three PV enterprises—TONGWEI, JinkoSolar, and TZE—disclosed their semi-annual reports one after another. In addition to announcing H1 performance, key industry leaders made critical progress in solar cell and module shipments, PV technology iteration, and overseas layouts.

TONGWEI's Cumulative Solar Cell Shipments Exceed 400 GW

On August 26, TONGWEI released an announcement stating that in the first half of 2026, operating revenue was 34.357 billion yuan, down 15.19% year-on-year; net profit attributable to the parent company was a loss of 5.119 billion yuan, down 3.31% year-on-year; net profit deducting non-recurring gains and losses was a loss of 5.283 billion yuan, down 5.05% year-on-year.

During the reporting period, in terms of its PV business, TONGWEI timely adjusted its operating strategies. Its high-purity crystalline silicon business strengthened cooperation with major strategic customers, with its market share firmly ranking first in the industry, while continuously increasing market expansion efforts for premium products. Among them:

• Total shipments of high-purity crystalline silicon reached 155,300 metric tons;
• Solar cell sales volume reached 34.78 GW, making it the first company in the global cell industry to surpass 400 GW in cumulative shipments;
• Module business advanced in both domestic and overseas markets, raising the proportion of high-value orders. In the first half of the year, its domestic centralized business successfully won bids for annual module centralized procurements from key central state-owned enterprises including Huadian, Huaneng, and PetroChina. Distributed business shipments grew steadily, while overseas markets landed multiple large landmark projects in Romania, Poland, and other countries, achieving year-on-year growth in module sales volume and increasing the overseas proportion to nearly 40%.

In the first half of the year, TONGWEI continued to pursue parallel R&D across multiple technological routes including TOPCon, HJT, xBC, and perovskite tandem, achieving breakthrough progress in several core technologies.

• In terms of TOPCon technology, during the reporting period, the company took the lead in realizing the mass-production implementation of its new-generation flagship technology, TNC 3.0. Mass-produced module power reached up to 670W, with a bifaciality rate of 85%–90%, fully reaching the industry's Grade-1 energy efficiency standard.
• In terms of HJT, focusing on key technical developments such as 100% silver-free copper electroplating, low-indium TCO, cost-effective back-polishing, and 0BB/SMBB modules, the company accelerated the mass production of HJT copper-interconnect products with differentiated advantages. During the reporting period, the output power of its THC-G12 heterojunction copper-interconnect module broke 802.43W, with a total-area conversion efficiency as high as 25.83%, refreshing the industry power record for the 12th time.
• In the TBC technology route, it completed three core process breakthroughs: 0BB overlapping grid, silver-free copper electroplating, and full-screen encapsulation. The power of 210R modules exceeded 660W, and HTBC successfully developed the industry's first triple-cut bifacial full-screen module, with a peak power of 681W and a conversion efficiency of 25.2%.

Meanwhile, TONGWEI paid close attention to emerging PV application fields such as aerospace. During the reporting period, it collaborated with commercial aerospace enterprises to tackle technologies for P-type HJT and high-efficiency tandem cells and modules in extreme space environments, advancing the development and space-grade verification of cutting-edge products such as flexible solar wings, continuously promoting the expansion of PV application scenarios.

JinkoSolar Ships 29.64 GW of PV Modules in H1

JinkoSolar disclosed its semi-annual report, achieving revenue of 24.727 billion yuan in H1 2026, down 22.32% year-on-year; net profit attributable to the parent company was -3.076 billion yuan; and net profit deducting non-recurring gains and losses was -3.361 billion yuan.

In the first half of the year, JinkoSolar shipped 29.64 GW of PV modules, and expects module shipments in Q3 2026 to be 15–17 GW. Furthermore, considering changes in demand across certain markets, JinkoSolar will pay greater attention to the balance between shipment scale and profitability, cash flow, and order quality, thus adjusting its full-year 2026 module shipment guidance to 60–70 GW.

As of the first half of 2026, JinkoSolar's cumulative global module shipments surpassed 420 GW, with the Tiger Neo series of high-end module products becoming the main driver of company shipments. As of the report release date, the company's global cumulative shipments of N-type Tiger Neo series high-efficiency modules exceeded 250 GW.

In terms of energy storage, JinkoSolar delivered 3.1 GWh of energy storage system products in the first half of the year, achieving high shipment growth.

TZE Reduces Net Losses YoY in H1

On August 26, TZE released its 2026 semi-annual performance report. In the first half of 2026, TZE achieved revenue of 14.315 billion yuan, up 6.84% year-on-year; net profit attributable to the parent company was -3.204 billion yuan, reducing losses year-on-year.

Financial reports show that facing industry cycle pressures, TZE adhered to cost reduction and efficiency enhancement, promoted organizational and process optimization, and implemented moderate integration and globalization strategies. Internal operational adjustments gradually reflected in improving financial indicators, with operational recovery results continuing to emerge.

During the reporting period, TZE's cell and module business achieved rapid development, with shipments bucking the market trend by growing 29%. High-efficiency products such as BC and half-cut new products accounted for over 15% of shipments. The scale of shortlisting in strategic customers' centralized procurement ranked among the top, and module sales revenue in Q2 surpassed its PV materials business.

The financial report shows that in the first half of the year, TZE improved its marketing and delivery systems domestically, securing multiple strategic customer orders. In overseas markets, the proportion of overseas sales revenue to total revenue further increased to 25%, with both wafer and module overseas shipments achieving growth. TZE focused on key layouts in regions such as Europe, the Middle East, Australia and New Zealand, and Southeast Asia, with overseas module sales volume increasing 4-fold year-on-year, while average product prices and gross profit margins improved simultaneously.

In early July, TZE completed the equity closing for controlling stake in DAS Solar. In July, TZE implemented technical upgrades toward the BC route for its cell and module capacities, with relevant capacities expected to be commissioned successively by the end of Q3, further enhancing its supply capability for BC high-efficiency products.

Source：EnergyTrend