Persistent oversupply and low module prices continue to weigh on the profitability of China’s leading PV manufacturers.
JinkoSolar reported revenue of CNY 24.73 billion ($3.68 billion) in the first half of 2026, down 22.3% year on year. Net loss attributable to shareholders widened 5.8% to CNY 3.08 billion from CNY 2.91 billion a year earlier, while operating cash flow turned positive at CNY 682 million. Module shipments reached 29.64 GW and energy storage system deliveries totaled 3.1 GWh. JinkoSolar said it is placing greater emphasis on profitability, cash flow and order quality amid weaker demand in some markets. It cut its full-year 2026 module shipment guidance to 60 GW to 70 GW and expects third-quarter shipments of 15 GW to 17 GW.
Canadian Solar posted first-half 2026 revenue of CNY 12.78 billion ($1.90 billion), down 39.3% year on year, while net profit attributable to shareholders fell 59.0% to CNY 300 million. Excluding non-recurring items, the company recorded a CNY 253 million loss. CSI Solar attributed the decline to its decision to reduce PV production and shipments and prioritize profitability amid continued pressure on module prices. Its utility-scale energy storage business provided a growing offset, with sales reaching 6.1 GWh, up 103.3% year on year. Overseas markets accounted for nearly 90% of module shipments, while energy storage accounted for 44% of total revenue. The company said its US business restructuring remained in a transition phase.
