JA Solar, Canadian Solar and GoodWe Release HalfYear Reports; PVEnergy Storage Businesses Emerge as New Highlights

According to EnergyTrend, multiple PVstorage enterprises released their 2026 halfyear performance reports on August 27. Among them, JA Solar, Canadian Solar and GoodWe delivered standout performance in their energystorage businesses amid headwinds for conventional PV operations.

JA Solar: PV Cell Business Doubles in the First HalfYear

JA Solar published its 2026 semiannual report on August 27. In the first half of the year, the company recorded operating revenue of RMB 17.498 billion, a yearonyear decrease of 26.80%. Its net profit attributable to parent shareholders stood at RMB 2.663 billion, down 3.21% yearonyear; nonGAAP net profit reached RMB 3.022 billion, dropping 32.18% yearonyear.

In H1, JA Solar shipped 22.25 GW of PV cells and modules (including 19 MW for internal use), with overseas module shipments accounting for 68.46% of total volume. As of the end of the reporting period, JA Solar held an installed powerstation portfolio of approximately 2.65 GW.

Notably, revenue from JA Solar’s PV cell segment surged 167.14% yearonyear to RMB 1.436 billion during the reporting period. The report states that the company’s cell portfolio is dominated by its ntype Bycium+ cell technology. JA Solar’s latest massproduced ntype Bycium+ cells have achieved a maximum conversion efficiency of 27.5%.

On the energystorage front, JA Solar pursues the integrated “PVStorage + X” development strategy, building a product portfolio covering utilityscale, commercialindustrial and residential energystorage applications. It has established initial business footprints across key global regions including Europe, the Middle East, Africa and Southeast Asia. To date, JA Solar has set up 16 overseas sales subsidiaries, with its salesandservice network covering more than 180 countries and territories worldwide.

Canadian Solar: EnergyStorage Business Doubles

Canadian Solar released its 2026 halfyear report. In H1, operating revenue totalled approximately RMB 12.784 billion, falling 39.27% yearonyear. Net profit attributable to parent shareholders was RMB 300 million, a yearonyear decline of 59.02%; nonGAAP net profit turned negative at RMB 253 million, representing a 130.22% yearonyear swing from profit to loss.

Regarding the yearonyear drop in revenue and net profit, Canadian Solar noted in its earnings filing that the PV industry remained under sustained pressure. Upholding a profitfirst principle, the company proactively scaled back production capacity, which drove lower shipments of PV modules and systems and dragged down PVmodule revenue. Growth in energystorage revenue offset part of this impact.

In addition, price competition persisted across the PV industrial chain during the reporting period. Proactive capacity cuts led to higher fixedcost amortization, while rising upstream material costs for energystorage products squeezed gross margins. Ongoing transitional adjustments to its USmarket operations also exerted temporary pressure on operating results.

For PV modules, Canadian Solar sold 3.9 GW of PV products globally in H1. Shipments declined yearonyear due to the voluntary capacity reduction.

In energy storage, Canadian Solar’s utilityscale energystorage business recorded sales of 6.1 GWh, jumping 103.3% yearonyear. Its energystorage subsidiary eSTORAGE secured multiple new largescale energystorage system contracts, including a 420 MWh supply agreement with UKbased Drax Group, and entered the Italian energystorage market.

As of the reporting date, Canadian Solar has cumulatively delivered over 23 GWh of utilityscale energystorage systems worldwide, with substantial delivery experience concentrated in highvalue markets such as North America and Europe.

GoodWe: Sharp Growth in EnergyStorage Orders

GoodWe disclosed its 2026 semiannual report on August 27. In the first half of 2026, the company achieved operating revenue of RMB 6.25 billion, up 52.96% yearonyear. Net profit attributable to parent shareholders reached RMB 286 million, marking a yearonyear return to profitability; nonGAAP net profit hit RMB 284 million, also swinging back to profit yearonyear.

According to GoodWe, the turnaround was mainly driven by productmix optimisation, with the energystorage segment acting as the core growth engine. The energystorage business achieved leapfrog growth in the reporting period. Sales of energystorage inverters and batteries rose substantially, offsetting pressure from traditional business lines.

In H1, GoodWe’s total inverter shipments reached 540 200 units, while energystoragebattery shipments stood at 2 401.49 MWh. The competitiveness of its integrated PVstorage packaged solutions kept improving. GoodWe has built a fullvaluechain layout spanning inverters, energystorage batteries and energymanagement systems.

GoodWe’s products are sold in more than 100 countries. Overseas inverter shipments account for 66.46% of total sales. Oceania and Europe serve as its core highgrossmargin markets. Australia continues to lead regional performance; high electricity prices across multiple European countries have boosted residential energystorage installation demand. Overseasbusiness gross margins are markedly higher than domestic ones, forming a stable source of profit.

To accommodate surging energystorageorder volumes, GoodWe plans to issue convertible bonds worth RMB 1.48 billion. Proceeds will fund the construction of highpower energystoragesystem production lines to complete supporting fullchain manufacturing capacity for energystorage products.

Source：EnergyTrend