China’s largest solar manufacturers all reported net losses in the first quarter, despite improving margins and continued high shipment volumes across the industry.
JinkoSolar reported first-quarter revenues of CNY12.25 billion ($1.68 billion), down 11.52% year-on-year, with a net loss of CNY1.35 billion ($186 million). Module deliveries reached 13.7 GW, while energy storage system deliveries increased to 1.42 GWh. The gross margin improved by 9.45 percentage points to 6.16%. The company said it expects module deliveries of 75 to 85 GW in 2026 and expects energy storage deliveries to double year over year.
Long reported first-quarter revenue of CNY11.19 billion ($1.54 billion), down 18.03% year-on-year. Net loss rose 34.20% to CNY1.92 billion ($264 million), partly due to foreign exchange losses. Wafer shipments reached 20.49 GW, of which 7.64 GW were external sales, while module shipments totaled 12.62 GW. BC module shipments reached 8.34 GW. The gross margin was negative 1.19%. Longi said it plans to convert all domestic cell capacity to BC production lines by the end of 2026.
Trina Solar was the only one to report revenue growth, with first-quarter sales rising 17.40% to CNY16.83 billion ($2.32 billion). Net loss fell 78.55% to CNY283 million ($38.9 million). Gross margin reached 6.75%, while operating cash flow turned positive at CNY4.09 billion ($563 million). The company said its energy storage business continued to grow rapidly.
YES solar energy reported first-quarter revenue of CNY 9.22 billion ($1.27 billion), down 13.65% year-on-year. Net loss fell 34.89% to CNY1.07 billion ($147 million). Gross margin improved by 7.83 percentage points to 1.12% and returned to positive territory. Cell and module shipments reached 11.87 GW, with overseas markets accounting for 77.16% of shipments. The company said the first phase of its project in Oman, consisting of 6 GW of high-efficiency cell capacity and 3 GW of module capacity, is expected to begin production in 2026.
China Datang launched its framework purchasing plan for PV modules and inverters for the period 2026-2027 on April 28. The module procurement totals 11 GW, including 6 GW of n-type TOPCon modules, 1 GW of n-type heterojunction (HJT) modules and 4 GW of n-type BC modules. The inverter tender includes 8 GW string inverters and 1.5 GW central inverters.
The Silicon Industry Department of the China Non-ferrous Metals Industry Association (CNMIA) said market activity remained subdued during the May holidays. Prices for charging n-type polysilicon were quoted at CNY35,000 to CNY36,000/ton ($4,814 to $4,952/ton), with no transactions reported. N-type granular silicon traded at CNY34,000 to CNY36,000/ton ($4,677 to $4,952/ton), with an average of CNY34,300/ton ($4,718/ton), unchanged from the previous week. The association said orders for granular silicon have already been signed through mid-to-late May, indicating tight supply, while for rod silicon almost no new contracts were signed due to high inventory levels. Waffle prices also remained stable. N-type G10L wafers had an average value of CNY 0.93/piece ($0.13), G12R wafers CNY 1.00/piece ($0.14), and G12 wafers CNY 1.17/piece ($0.16). Business figures were unchanged from pre-holiday levels, with two leading manufacturers operating at 42% and 44%, integrated manufacturers at 50% to 60% and other producers at 50% to 68%.
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