Chinese PV Industry Brief: module manufacturers forecast heavy losses as oversupply persists

Tongwei expects a first-half 2026 net loss attributable to shareholders of CNY 4.8 billion to CNY 5.4 billion ($706 million to $794 million). Net loss after non-recurring items is also expected to fall within the same range. The company reported a net loss of CNY 4.96 billion ($729 million) in the same period last year. Tongwei said the anticipated loss was mainly due to persistent supply-demand imbalances in the PV industry and continued pressure on product prices. The figures are preliminary and remain subject to confirmation in the company’s interim report.

JA expects a first-half 2026 net loss attributable to shareholders of CNY 2.4 billion to CNY 2.9 billion ($353 million to $426 million), compared with a net loss of CNY 2.58 billion ($379 million) in the first half of 2025. The company expects net loss after non-recurring items of CNY 2.75 billion to CNY 3.25 billion ($404 million to $478 million), compared with CNY 2.29 billion ($336 million) a year earlier. Basic loss per share is expected at CNY 0.73 to CNY 0.89 ($0.11 to $0.13). The companysaid its module business remained loss-making due to continued supply-demand imbalances across the PV value chain, intensified market competition, additional tax costs following the removal of export tax rebates and rising international trade tensions. The company also cited logistics disruptions linked to geopolitical conflicts and performance claims related to certain overseas orders.

Longi expects a first-half 2026 net loss attributable to shareholders of CNY 3.4 billion to CNY 3.8 billion ($500 million to $559 million). Net loss after non-recurring items is forecast at CNY 3.7 billion to CNY 4.2 billion ($544 million to $618 million). Longi said PV market supply-demand conditions did not improve significantly during the reporting period, leaving manufacturers under continued operating pressure. It also pointed to a sharp temporary decline in China’s first-half solar installations, driven by limited renewable energy consumption capacity and a high comparison base following last year’s installation surge. The company said module shipments and revenue declined year on year, while lower capacity utilization, weak gross margins, investment losses from associates and foreign-exchange losses caused by yuan appreciation weighed on earnings.

Trina Solar said it expects a first-half 2026 net loss of CNY 180 million to CNY 360 million ($26 million to $53 million), representing an improvement of about 87.66% to 93.83% compared with a net loss of approximately CNY 2.92 billion ($429 million) in the same period last year. However, the company expects net loss after non-recurring items of CNY 2.78 billion to CNY 2.96 billion ($409 million to $435 million), broadly in line with the CNY 2.96 billion ($435 million) loss reported a year earlier. Trina Solar said its reported net result benefited from investment gains related to the partial disposal of equity assets acquired through earlier strategic transactions, as well as significant fair-value gains on its remaining equity holdings.

Meanwhile, the Silicon Industry Branch of the China Nonferrous Metals Industry Association (CNMIA) said on July 15 that domestic polysilicon prices continued to decline for a seventh consecutive week since May 27. N-type polysilicon for recharge material traded at CNY 31,000-34,000 ($4,559-$5,000) per ton, with an average price of CNY 32,500 ($4,779) per ton, down 0.61% week on week. N-type granular silicon prices ranged from CNY 31,500 to CNY 32,000 ($4,632-$4,706) per ton, averaging CNY 31,700 ($4,662) per ton, down 0.94% from the previous week. The association said high inventory levels and weak demand have shown no significant improvement, leaving the polysilicon market in a bottoming phase amid continued supply-demand pressure.