Trina Solar (688599) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 66.98 billion, down 16.61% year-over-year; net loss attributable to shareholders was RMB -7.03 billion, with a basic EPS of -3.24 yuan.

• Gross margin declined to 4.60%, and net assets attributable to shareholders fell 18.61% to RMB 21.46 billion.

• The company maintained global leadership in PV module shipments (67GW), with N-type modules accounting for 95.8% of shipments.

• Overseas energy storage business grew rapidly, with shipments exceeding 8GWh and overseas orders surpassing 12GWh.

• No cash dividend was distributed for 2025; share buybacks amounted to RMB 559.63 million, treated as dividend.

Financial highlights

• Operating income: RMB 66.98 billion, down 16.61% year-over-year.

• Net loss attributable to shareholders: RMB -7.03 billion, compared to RMB -3.41 billion last year.

• Gross margin: 4.60%, down 4.58 percentage points year-over-year.

• Basic and diluted EPS: -3.24 yuan.

• Operating cash flow: RMB 6.90 billion, down 13.11% year-over-year.

• R&D investment: RMB 4.08 billion, 6.09% of revenue.

Outlook and guidance

• The company expects the global PV market to enter a deep consolidation phase in 2026, with a focus on profitability and cash flow improvement rather than market share.

• Energy storage is positioned as the second growth curve, with accelerated delivery in high-margin overseas markets.

• The company will continue to invest in N-type TOPCon technology and integrated cost competitiveness to drive a return to profitability.