Year-on-year loss reduction, turning from loss to profit… Has the inflection point already arrived for this 'trillion-yuan赛道'?

The third-quarter financial reports of photovoltaic (PV) companies for 2026 have been released. Overall, the industry remains in a loss-making zone, with cumulative losses still widening for some firms; however, others have achieved year-on-year and quarter-on-quarter loss reduction, and a few even posted profitability for the quarter alone. Analysts suggest that the Q3 reports mainly reflect narrowing loss margins and marginal improvements in operational metrics—full-scale profit recovery still requires validation in subsequent quarters. PV Q3 Reports: Loss Reduction Coexists with Divergence Specifically, TCL Zhonghuan reported RMB 23.514 billion in revenue for the first three quarters of 2026, up 9.01% year-on-year; its net profit attributable to shareholders was a loss of RMB 4.556 billion, representing a 21.12% reduction in losses year-on-year. In Q3 alone, revenue reached RMB 9.199 billion, up 12.55% year-on-year; net profit attributable to shareholders was a loss of RMB 1.352 billion, down 11.86% year-on-year. In its earnings report, TCL Zhonghuan stated that since 2026, geopolitical risks have intensified, exerting pressure on energy structure and trade pattern restructuring, while global economic uncertainty has increased. Affected by concentrated capacity releases earlier this year, slowing growth in new domestic installations, and overseas requirements for local energy production, the PV industry continues undergoing bottom-level adjustments. Prices of major products remain fluctuating narrowly around cash cost levels. However, as demand gradually recovers and new application scenarios emerge—and as leading suppliers proactively optimize competition through acquisitions and integration—the financial pressures and technological efficiency standards are expected to accelerate the passive exit of inefficient capacity. Consequently, the PV industry is poised to gradually return to healthy development. Trina Solar reported RMB 47.978 billion in revenue for the first three quarters, down 3.99% year-on-year; net profit attributable to shareholders was a loss of RMB 1.942 billion, compared to a loss of RMB 4.201 billion in the same period last year. Trina Solar noted in its report that high-quality orders in its module business continue gaining share steadily, resulting in sustained improvement in profitability. Meanwhile, the company is accelerating transformation in its energy storage and system solutions businesses, with energy storage and distributed-generation businesses making positive contributions to profits during the reporting period. JinkoSolar reported RMB 38.34 billion in revenue for the first three quarters, down 20.10% year-on-year; net profit attributable to shareholders was a loss of RMB 3.367 billion, compared to a loss of RMB 3.92 billion in the same period last year—a year-on-year loss reduction of approximately RMB 540 million. JinkoSolar explained that the reduced loss magnitude stemmed primarily from an increased proportion of high-power PV modules in shipments. Additionally, energy storage business shipments and revenue recognition volumes grew. LONGi Green Energy Technology reported RMB 43.864 billion in revenue for the first three quarters, down 13.85% year-on-year; net profit attributable to shareholders was a loss of RMB 4.713 billion, widening 38.48% year-on-year. Yet, its Q3 net loss attributable to shareholders stood at RMB 1.029 billion—down 41.66% from RMB 1.764 billion in Q2. Aiko Solar reported RMB 14.472 billion in revenue for the first three quarters, up 24.79% year-on-year; net profit attributable to shareholders was a loss of RMB 709 million, widening 33.23% year-on-year. However, in Q3 alone, revenue reached RMB 5.289 billion, up 67.89% year-on-year; net profit attributable to shareholders was RMB 45 million—achieving profitability after losses. Regarding performance changes, Aiko Solar attributed them to higher module sales volume, rising selling prices, increased revenue, gross profit, and net profit. A research report by China Post Securities noted that Aiko Solar’s order mix has improved, and its gross margin significantly rose in Q3.

Q3 net profit plunged by 6,900%—is JinkoSolar ‘losing more the more it sells’?

By Liu Li Edited by Yan Kai Source: TeraWatt Energy Depth ❖ Temperature ❖ Height On the evening of October 30, JinkoSolar (688223.SH) released its third-quarter report for 2025. The report shows that for the first three quarters, JinkoSolar’s revenue totaled RMB 4.7986 billion, down 33.14% year-on-year; net profit attributable to shareholders was a loss of RMB 3.92 billion—down 422.67% compared to RMB 1.215 billion in the same period of 2024. In Q3 alone, the company generated RMB 1.6155 billion in revenue, down 34.11% year-on-year; net profit attributable to shareholders was a loss of RMB 1.012 billion—a staggering year-on-year decline of 6,900.55%. Basic earnings per share stood at -RMB 0.10, down 10,100% year-on-year. JinkoSolar’s massive Q3 loss reflects inevitable industry cyclicality. Industry insiders analyze that three key factors contributed: First, the industry price war has escalated to an extreme: a 'death game' where selling one unit incurs a loss of RMB 0.30. Since 2024, PV module prices have plummeted 29% annually, and industry overcapacity has reached 30%. To secure orders, enterprises have fallen into a 'suicidal pricing' spiral. To retain its position as the world’s top module shipper, JinkoSolar signed numerous low-price orders, which were delivered en masse in Q3—directly triggering the vicious cycle of 'higher volume, lower prices'.

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