Four leading Chinese PV companies, JinkoSolar, LONGi Green, JA Solar and Trina Solar, recently released their financial reports for Q1 of 2025, all with a decrease in their revenue.
Affected by the continuous decline in the prices of the PV industry chain, when compared with 2024, the revenue of each company decreased. JinkoSolar also turned from profitability to loss-making. In terms of net profit, the losses of LONGi Green narrowed, while those of JA Solar further expanded.
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Regarding shipments, in Q1 of 2025, the four PV giants cumulatively shipped over 65GW of modules. Each company’s shipments reached or exceeded 15GW, significantly outperforming other module companies and firmly establishing their positions as the top four global PV module suppliers.
| Comparison of Q1 2025 module shipments and performance among top four PV giants | |||||
| Company | Module shipments (GW) | Revenue (in billion RMB) | YoY change | Net profit attributable to shareholders (in billion RMB) | YoY change |
| JinkoSolar | 17.504 | 138.43 | -40.03% | -13.9 | -218.2% |
| LONGi Green | 16.93 | 136.52 | -22.75% | -14.36 | +38.89% |
| JA Solar | 15.65 | 106.72 | -33.18% | -16.38 | -239.35% |
| Trina Solar | 15 | 143.35 | -21.48% | -13.2 | -355.88% |
Among them, JinkoSolar’s Q1 2025 report indicates that the company achieved an operating revenue of RMB13.843 billion (US$1.9 billion) and a net loss attributable to shareholders of RMB1.39 billion for the quarter.
After managing to stay profitable throughout last year, JinkoSolar began to report signs of losses in Q1 this year. JinkoSolar stated that during the reporting period, prices across the main supply chain of the PV industry remained low. This was compounded by demand fluctuations resulted from changes in overseas trade policies, which exerted pressure on the profit margins at all levels of the integrated industry chain.
From January to March 2025, JinkoSolar achieved total shipments of 19.1GW, including 17.5GW of module shipments and 1.6GW of wafer and cell shipments, representing a 12.68% year-on-year decline in total shipments.
By the end of Q1, 60% to 70% of the company’s orders for 2025 had been booked, which provided strong support for achieving its full-year shipment target. On the premise of balancing shipment scale and profitability, the company expects Q2 module shipments to range from 20GW to 25GW.
During the earnings conference, JinkoSolar stated that its full-year 2025 module shipment target ranges from 85GW to 100GW, with an energy storage system shipment target of 6GWh. By the end of the year, the power output of its high-efficiency TOPCon products is expected to reach 650-670W, and the company plans to upgrade the capacity of over 40% of its production lines.
LONGi forecasts 120GW wafer shipments in 2025
LONGi Green reported in its Q1 2025 financial results that the company achieved a total operating revenue of RMB13.652 billion, representing a year-on-year decrease of 22.75%. Its net loss attributable to shareholders was CNY 1.436 billion, reflecting a year-on-year increase of 38.89%, which showed slight improvement compared to last year.
During the reporting period, the company achieved wafer shipments of 23.46GW (including 11.26GW for external sales) and module shipments of 16.93GW. Looking ahead to the whole year, LONGi Green expects to achieve wafer shipments of 120GW and module shipments of 80-90GW in 2025, with BC modules accounting for more than one-fourth of the total shipments.
JA Solar overseas module shipment accounted for 45% in Q1 2025
JA Solar reported in its Q1 2025 financial results that the company achieved an operating revenue of RMB10.672 billion, representing a year-on-year decrease of 33.18%. Its net loss attributable to shareholders was RMB1.638 billion. Compared with a loss of RMB483 million in the same period of the previous year, this represented a 239.35% year-on-year increase in losses, leading to a further expansion of losses.
Moreover, during that same period, JA Solar shipped 15.65GW of cells and modules (including 33MW for self-use), with overseas module shipments accounting for approximately 45% and n-type modules accounting for 95.8% of the shipments. To further advance its global development strategy, the company plans to issue overseas-listed foreign shares (H-shares) and apply for listing on the main board of the Hong Kong Stock Exchange.
Trina Solar’s first consecutive quarterly loss
Trina Solar’s Q1 2025 financial report indicates that the company achieved an operating revenue of RMB14.335 billion, representing a year-on-year decline of 21.48%. The net loss attributable to shareholders was RMB1.320 billion, which turned from a profit to a loss year-on-year and marked the company’s first consecutive quarterly losses since its listing on the A-share market.
During the earnings conference, Trina Solar stated that its PV module shipments exceeded 15GW in Q1 2025. The company has formulated its overall sales strategy for 2025, which entails maintaining a leading position in all major markets without aggressively seeking absolute market share dominance.
It aims to strike a balance between shipment volume and profitability while maintaining higher market shares in relatively more profitable regions, such as Europe and Australia. The company plans to achieve a full-year shipment target of 70-75GW.
