Trina Solar (688599) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was ¥31.06 billion, down 27.72% year-over-year; net loss attributable to shareholders was ¥2.92 billion, a 654.47% decrease year-over-year.

• Gross margin and profitability declined sharply due to persistent low prices in the photovoltaic (PV) industry and supply-demand imbalance.

• PV module shipments exceeded 32GW in H1 2025, maintaining global leadership; cumulative 210 module shipments surpassed 200GW.

• The company advanced its transformation to a comprehensive smart energy solutions provider, with significant progress in storage, system solutions, and digital energy services.

Financial highlights

• Operating income: ¥31.06 billion, down 27.72% year-over-year.

• Net profit attributable to shareholders: -¥2.92 billion, down 654.47% year-over-year.

• Operating cash flow: ¥1.84 billion, improved from -¥156 million in H1 2024.

• Basic and diluted EPS: -¥1.34, down from ¥0.24 and ¥0.23 respectively year-over-year.

• R&D investment: ¥2.26 billion, 7.28% of revenue, up 0.97 percentage points year-over-year.

Outlook and guidance

• The company expects continued industry challenges from overcapacity and price competition but aims to leverage its technology and global brand to maintain leadership.

• Focus remains on high-efficiency N-type TOPCon and perovskite tandem technologies, and expanding integrated PV-storage solutions.