Trina Solar (688599) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 18.91 billion, down 6.27% year-over-year; nine-month revenue was RMB 49.97 billion, down 20.87% year-over-year.

• Net loss attributable to shareholders for Q3 was RMB -1.28 billion; nine-month net loss was RMB -4.20 billion.

• Basic and diluted EPS for the nine-month period was -1.95 RMB.

Financial highlights

• Gross margin and profitability declined sharply due to persistent low prices in the photovoltaic product market and weakened component business profitability.

• Operating cash flow for the nine-month period was RMB 2.85 billion, down 25.5% year-over-year.

• R&D investment for the nine-month period was RMB 3.21 billion, down 25.55% year-over-year, representing 6.42% of revenue.

• Total assets at quarter-end were RMB 123.83 billion, nearly flat from year-end 2024.

• Shareholders’ equity decreased 16.87% to RMB 21.93 billion.

Outlook and guidance

• Management attributes losses to supply-demand imbalance and sustained low prices in the solar industry, with no explicit forward guidance provided.