Longi, TCL Zhonghuan, GCL Technology, Daqo and Xinte Energy remained in the red, despite signs of operational stabilization.
China’s leading solar manufacturers remained under heavy financial pressure in the first half of 2026, as persistent oversupply and weak prices continued to weigh on the polysilicon, wafer and module segments.
Results from Longi, TCL Zhonghuan, GCL Technology, Daqo New Energy and Xinte Energy indicate that profitability has yet to recover materially across much of the upstream and integrated solar supply chain. Operating trends are beginning to diverge, however, with some companies reporting narrower losses, stronger cash flow, or growth in overseas and non-PV businesses.
Longi reported first-half revenue of CNY 27.05 billion, down 17.6% year on year, while its net loss attributable to shareholders widened 43.4% to CNY 3.68 billion. Operating cash flow swung to an outflow of CNY 5.82 billion. The company shipped 48.91 GW of wafers, including 18.98 GW to external customers, and 29.93 GW of modules. Overseas module sales rose by more than 26%, with international markets accounting for more than 65% of module revenue. Longi attributed its losses to continued oversupply, low capacity utilization, higher silver costs and foreign exchange effects. It also signed more than 3 GWh of energy storage orders during the period.
