Trina Solar Co Ltd

Trina Solar's module business gross margin turned positive in the first half of the year, while TCL Zhonghuan expects narrower losses, as solar industry leaders signal operational recovery. Trina Solar reported first-half revenue of 31.985 billion yuan, up 2.99 percent year-on-year, with a net loss attributable to shareholders of 270 million yuan, a significant improvement from the 2.918 billion yuan loss in the same period last year. This was mainly due to a gain of approximately 2.848 billion yuan from the disposal of T1 Energy Inc. shares. However, after deducting non-recurring items, the loss still narrowed by about 66 million yuan. The module business posted a gross profit of 226 million yuan and a gross margin of 1.27 percent, turning positive for the first time since 2025. TCL Zhonghuan expects a first-half net loss attributable to shareholders of 3 to 3.3 billion yuan, narrowing by 22.2 to 29.3 percent year-on-year. After deducting non-recurring items, the loss is expected to be 3.6 to 3.9 billion yuan, narrowing by 12.9 to 19.6 percent. Non-silicon costs for wafers declined, while revenue from cells and modules grew significantly. Shipments of high-efficiency products such as back-contact and half-cut cells exceeded 15 percent of the total, and overseas module shipments reached approximately 2 gigawatts. Recently, several mandatory national standards were issued, raising industry entry barriers. Eight polysilicon companies signed a pledge committing not to sell below cost, potentially reshaping the industry's supply-demand landscape.

Penghua STAR New Energy ETF and Penghua ChiNext New Energy ETF both gained more than 1.3%, as the 15th Five-Year Plan for the construction of new power systems jointly issued by the National Development and Reform Commission and the National Energy Administration boosted the new energy sector. The plan proposes that by 2030, the new power system will be preliminarily established, with non-fossil fuel power generation accounting for 50% of the total, and a new power grid with a capacity of 2.8 billion kilowatts will be initially built. As of 10:25 a.m. on August 4, 2026, the SSE STAR New Energy Index rose 1.55% to 1.37 yuan, Penghua STAR New Energy ETF rose 1.37% to 1.18 yuan, and Penghua ChiNext New Energy ETF rose 1.42% to 1.36 yuan. Guorong Securities noted that State Grid will focus on key areas such as ultra-high voltage flexible DC transmission to ensure the outbound transmission and consumption of clean energy from large bases, and manufacturers of ultra-high voltage equipment and distribution network equipment are expected to see development opportunities. Penghua STAR New Energy ETF tracks the SSE STAR New Energy Index, which selects 50 securities with large market capitalization from the STAR Market in sectors such as photovoltaics, wind power, and new energy vehicles. The top ten holdings include Haibo Sichuang, Trina Solar, and Jinko Energy, accounting for a combined 46.18%.

The solar equipment sector has recently bottomed out and rebounded, with leaders such as LONGi Green Energy, JinkoSolar, and Tongwei shares bouncing back. However, five giants together project combined net profit attributable to the parent company for the first half of 2026 at a loss of 13.78 billion to 15.76 billion yuan. Since July, three mandatory national standards for the solar sector have been released, covering key links across the entire industrial chain including polysilicon, wafers, modules, and inverters. Set to take effect on January 1, 2027, they will accelerate the elimination of outdated capacity. Subsequently, the group standard General Principles for Cost Accounting Models in the Solar Industry was introduced, and the State Administration for Market Regulation went to Yancheng to conduct price compliance guidance, steering the industry from competing on price to competing on value. Tian Lihui, a finance professor at Nankai University, believes that administrative force correcting cutthroat competition combined with spot prices bottoming out creates a resonance between a policy bottom and a market bottom, but digesting the supply-demand gap still requires patience in market clearing. A research report from Soochow Securities projects global new solar installations at 547 gigawatts in 2026, down 11 percent year-on-year, with a return to growth expected in 2027, and notes that the overcapacity situation persists while strong energy efficiency standards will accelerate the exit of backward capacity. Leading companies are actively expanding their second curve. Trina Solar's energy storage and distributed systems business is contributing positive profits, and LONGi Green Energy is advancing its BC technology and integrated solar-storage layout. Experts advise investors to focus on leaders with technological barriers and solid cash flow, while being wary of the risk that capacity clearing falls short of expectations.

The State Administration for Market Regulation plans to hold a photovoltaic industry price compliance guidance session on July 31, marking the first industry meeting since the release of the General Principles for the Cost Accounting Model of the Photovoltaic Industry. Participants include the China Photovoltaic Industry Association and dozens of leading enterprises, covering the entire industrial chain from polysilicon, wafers, cells, to modules. The General Principles took effect on July 27, unifying the scope, coefficients, and models for cost calculation across the entire chain, aiming to eliminate inconsistencies in cost accounting standards and curb irrational competition. Industry analysis suggests that the implementation of a unified cost benchmark signifies a shift in industry governance from self-discipline to institutional constraints, providing a clear basis for determining below-cost dumping. Currently, prices along the photovoltaic industry chain remain persistently low. As of July 20, the polysilicon price index had fallen by approximately 42.3% compared to January. Among the 31 companies in the main industry chain, all 17 that have disclosed first-half performance forecasts are projecting losses, with total estimated losses ranging from 16.847 billion to 19.556 billion yuan.

Trina Solar is positioning itself as a green-computing-power infrastructure provider for AI data centers, advancing what Chairman Gao Jifan calls the Electricity-Computing Synergy model. The company has already deployed one of China's largest operational benchmark projects in this area, the Sanjiangyuan Green Power Intelligent Computing Microgrid with China Unicom, which supplies over 10 million kilowatt-hours annually, cuts electricity costs by about 50%, and reduces overall operating costs by 15%. Trina Solar has set or broken world records in photovoltaic cells and modules 41 times as of June 2026, with its perovskite/crystalline silicon tandem module surpassing 907 watts and securing a first order from a premium global distributed customer. The company has also built a full-stack in-house energy storage technology platform through its subsidiary Trina Storage, extending from green power to AI computing with an integrated model of direct green-power connection, storage, computing infrastructure, and operations. Gao Jifan stated that integrating green energy with green computing power is a global direction, and the company aims for large-scale implementation of Electricity-Computing Synergy and zero-carbon industrial parks.

Trina Solar has released its 2026 half-year performance forecast, projecting a net loss attributable to shareholders of 180 million to 360 million yuan for the first half, narrowing from a loss of approximately 2.918 billion yuan in the same period last year. The company stated that a higher proportion of high-value orders in its module business has improved profitability, while the energy storage and distributed systems businesses contributed positive profits. Additionally, the disposal of certain equity assets and an increase in fair value generated significant investment income and fair value gains, making a positive contribution to current profits.

Trina Solar issued an earnings forecast, expecting a net loss attributable to owners of the parent of 180 million to 360 million yuan for the first half of 2026. The company said the change in performance is mainly due to improved profitability in the module business, positive profit contributions from the energy storage and distributed systems business, and investment income and fair value change gains from the disposal of equity assets.

Trina Solar has launched its Net-zero Forum under the theme 'Leading the New Era of Net Zero: Decoding Trinasolar's ESG Strategic Blueprint,' bringing together industry experts and certification bodies to discuss its ESG strategy and global sustainable development achievements. The company has embedded sustainability into its operations through its SOLAR philosophy, establishing a comprehensive ESG framework that has earned recognition from Fitch Ratings and multiple BSI certifications. Trina Solar is advancing green manufacturing and low-carbon transformation across the full lifecycle, promoting zero-carbon operations, renewable energy use, and digital management of energy, water, and carbon, while also implementing innovative projects like solar-powered desert restoration. On the social front, it strengthens supply chain sustainability through ESG assessments and training for suppliers, and maintains strong employee health and safety performance. In governance, the company aligns with international best practices, enhancing board mechanisms and risk management to build long-term resilience.

Trina Solar has been named to the 2026 Fortune Technology 50 list for the second year in a row. The company was recognized for its continued innovation across solar and energy storage, including a next-generation THBC solar cell that achieved a peak efficiency of 28.00% on a 210R large-area cell, the first time the industry has broken the 28.0% efficiency bottleneck. Trina Solar also reported a 17.4% year-over-year revenue increase in the first quarter of 2026 and positive operating cash flow of 4.1 billion yuan. The company is advancing large-scale commercialization of TOPCon 3.0 technology alongside THBC, and its large-area perovskite/crystalline silicon tandem solar cell has reached a world-leading efficiency of 32.6%. Trina Solar has also deployed the world's first high-altitude, zero-carbon computing-power demonstration project in Qinghai, China, and secured the first commercial order for its tandem PV modules from a premium distributed energy customer worldwide.

Trina Solar has signed the first global order for its perovskite/crystalline silicon tandem modules, marking the initial commercial deployment of such products in the premium residential market. The order comes from New Zealand, a market with stringent requirements for efficiency and reliability, and the modules are based on Trina Solar's world-record 900-plus-watt tandem technology. The company says the ultra-high conversion efficiency can reduce balance-of-system costs by 15 to 20 percent, while the temperature coefficient and low-light performance boost energy generation per unit area by 20 to 30 percent compared with mainstream crystalline silicon modules. Edison Zhou, head of Trina Solar's Asia-Pacific region, called the project a key milestone that validates the global adaptability of the company's tandem products and establishes a replicable benchmark for premium distributed energy markets worldwide.