Trina Solar (688599) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 14.34 billion, down 21.48% year-over-year, with a net loss attributable to shareholders of RMB 1.32 billion, compared to a net profit of RMB 516 million in Q1 2024.

• Gross margin and profitability declined sharply due to lower photovoltaic module prices and reduced industry profitability.

• Basic and diluted EPS were both -0.61 yuan, compared to 0.24 and 0.22 yuan respectively in the prior year.

Financial highlights

• Operating cash flow improved to -RMB 836 million from -RMB 4.39 billion year-over-year, mainly due to reduced inventory and procurement outflows.

• R&D investment totaled RMB 1.01 billion, down 18.93% year-over-year, but R&D as a percentage of revenue increased to 7.07%.

• Total assets at quarter-end were RMB 124.33 billion, up 0.32% from year-end 2024; equity attributable to shareholders fell 4.46% to RMB 25.20 billion.

• Net cash used in investing activities was RMB 2.23 billion; net cash from financing activities was RMB 1.96 billion.

• Cash and cash equivalents at quarter-end were RMB 18.48 billion.

Outlook and guidance

• Management highlights continued industry pressure from supply-demand imbalance and falling module prices, impacting profitability.