Recently, JA Solar Technology Co., Ltd. (JA Solar), TCL Zhonghuan Renewable Energy Technology Co., Ltd. (TCL Zhonghuan), and CSI Solar Co., Ltd. (CSI Solar) successively released their third-quarter financial reports for 2026.
JA Solar
On October 28, JA Solar disclosed its Q3 2026 financial report. During the reporting period, the company posted operating revenue of RMB 28.113 billion for the first three quarters, representing a year-on-year decrease of 23.62%. The net loss attributable to shareholders of the listed company stood at RMB 3.64 billion, with the loss widening by 2.32% compared to the prior-year period. Net loss attributable to shareholders of the listed company excluding non-recurring profit and loss amounted to RMB 4.137 billion, widening by 19.81% year-on-year.
For the third quarter alone, operating revenue reached RMB 10.616 billion, down 17.74% year-on-year. The net loss attributable to shareholders of the listed company stood at RMB 974 million, remaining largely flat compared with the same period last year, while the net loss excluding non-recurring gains and losses narrowed to RMB 1.114 billion.
In terms of shipment volumes, JA Solar shipped a total of 36.22 GW of solar cells and modules between January and September (including 68 MW for self-use), with overseas module shipments accounting for 60.92% of the total.
On the financial metrics front, the company's financial expenses surged significantly year-on-year over the first nine months, predominantly driven by increased foreign exchange losses, rising interest expenses, and reduced interest income. In addition, asset impairment losses reached RMB 883 million, up from the same period last year, mainly stemming from higher provisions for inventory write-downs and fixed asset impairments. Non-operating expenses also climbed during the period to RMB 317 million, primarily due to increased losses related to performance claims.
TCL Zhonghuan
On October 29, TCL Zhonghuan announced its third-quarter report for 2026. For the first three quarters, the company generated RMB 23.514 billion in operating revenue, up 9.01% year-on-year. The net loss attributable to shareholders of the listed company stood at RMB 4.556 billion, reflecting a year-on-year loss reduction of 21.12%. Net loss excluding non-recurring profit and loss came in at RMB 5.15 billion, narrowing by 14.63% year-on-year.
In the single third quarter, operating revenue reached RMB 9.199 billion, a year-on-year increase of 12.55%. The net loss attributable to shareholders of the listed company was RMB 1.352 billion, down 11.86% year-on-year, while the net loss excluding non-recurring items narrowed by 19.62% year-on-year to RMB 1.252 billion.
In its photovoltaic business, TCL Zhonghuan recorded RMB 18.61 billion in sales revenue from renewable PV operations across the first three quarters. The module segment accounted for 50.1% of this total, up 3.2 percentage points compared to the first half of the year.
Regarding shipments, the company delivered 83.4 GW of PV wafers from January through September, retaining the top market share across the industry; overseas wafer shipments accounted for 13.8%, representing a year-on-year surge of 355%. Over the same period, combined sales of solar cells and modules reached 14.5 GW, up 43% year-on-year, with overseas shipments accounting for 20.6%, a year-on-year jump of 202%.
In addition, TCL Zhonghuan completed the transaction to acquire a controlling stake in DAS Solar Co., Ltd. (DAS Solar) in early July this year. The company has currently initiated a BC (Back Contact) technology renovation project covering 20 GW of cell capacity and 25 GW of module capacity, with phased completion anticipated in the first quarter of next year. Once completed, the company's total cell production capacity is expected to reach 20 GW, and module capacity will reach 50 GW—comprising 20 GW of BC cell capacity, 25 GW of BC module capacity, and an additional 25 GW of TOPCon module capacity.
CSI Solar
On October 29, CSI Solar released its third-quarter report for 2026. For the first three quarters, operating revenue reached RMB 18.647 billion, down 40.37% year-on-year. The net loss attributable to shareholders of the listed company stood at RMB 95.2607 million, down 109.63% year-on-year, while the net loss excluding non-recurring profit and loss reached RMB 749 million, down 166.92% year-on-year.
In the third quarter, operating revenue stood at RMB 5.863 billion, a year-on-year drop of 42.63%. The net loss attributable to shareholders of the listed company was RMB 395 million, down 253.09% year-on-year, and the net loss excluding non-recurring profit and loss reached RMB 497 million, declining 275.10% year-on-year.
Explaining the performance downturn, CSI Solar stated in its report that intensifying industry competition and prolonged price pressure had weighed heavily on its photovoltaic segment. Although the energy storage business expanded during the reporting period, the incremental growth was still insufficient to offset the impact of the volume contraction in the photovoltaic business, resulting in an overall decrease in the company's total revenue and net profit.
Source：EnergyTrend