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Most Chinese solar producers under Morningstar's coverage, including Longi, are expected to face continued losses in 2026 due to weak demand, with a recovery anticipated only in 2027, analyst Cheng Wang says in a note. Polysilicon, wafer, and cell prices have recently rebounded, supported by government efforts to address overcapacity and curb excessive competition, though module prices remain subdued amid soft downstream demand, Wang adds. Morningstar maintains its fair value estimates for all companies under its coverage, and notes that Jinko is undervalued, JA and Trina are fairly valued, and others are overvalued. Jinko lags peers due to decline in shipments but Wang remains positive on its long-term outlook. CSI, forecast to stay profitable in 2026, benefits from energy storage optimism, though Wang says its valuation appears stretched. (jason.chau@wsj.com)
Revenue and net profit declined sharply year-over-year due to intensified competition and lower module prices, resulting in a significant net loss. Cash flow from operations improved, and overseas shipments remained strong, but profitability and equity weakened.
Original document: JA Solar Technology Co., Ltd. Class A [002459] Interim report — Oct. 31 2025
Revenue for the first nine months fell 4.48% year-over-year to ¥21.57 billion, with a net loss of ¥5.78 billion, but Q3 showed sequential and year-over-year improvement. Photovoltaic and semiconductor segments saw improved profitability and growth, while cost control and industry recovery remain key focuses.
Original document: TCL Zhonghuan Renewable Energy Technology Co., Ltd. Class A [002129] Interim report — Oct. 29 2025
Revenue fell 36% year-over-year to ¥23.90 billion, with a net loss of ¥2.58 billion and negative gross margin. Cash position improved, but the company faces industry overcapacity, price pressure, and global trade risks.
Original document: JA Solar Technology Co., Ltd. Class A [002459] Interim report — Aug. 23 2025
Revenue fell 17.36% year-over-year to ¥13.40 billion, with a net loss of ¥4.24 billion as industry overcapacity and price declines persisted. Operating cash flow improved, and the company maintained top market share in PV materials, but global expansion and Maxeon’s US challenges remain key risks.
Original document: TCL Zhonghuan Renewable Energy Technology Co., Ltd. Class A [002129] Interim report — Aug. 23 2025
TCL Zhonghuan Renewable Energy Technology forecasts first-half attributable net loss of between 4.0 billion yuan and 4.5 billion yuan, compared with 3.06 billion yuan the previous year.
The wider loss is due to steep product price declines and inventory impairments, according to a Thursday filing with the Shenzhen bourse.
Shares of the photovoltaic material maker rose 3% in recent trade.
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