Recently, LONGi Green Energy, Aiko Solar, and HY Solar successively disclosed their H1 2026 financial reports. Impacted by industry supply-demand imbalances and a contraction in domestic demand, all three companies faced severe earnings pressure in the first half of the year.
LONGi
On August 30, LONGi released its H1 2026 financial report. During the reporting period, the company achieved revenue of RMB 27.045 billion, down 17.58% year-on-year. Net profit attributable to shareholders of the parent company showed a net loss of RMB 3.684 billion, while net profit excluding non-recurring gains and losses recorded a loss of RMB 4.032 billion.
LONGi stated that during the first half of 2026, supply-demand imbalances in the photovoltaic (PV) industry remained prominent as the sector continued its deep structural adjustment. A periodic pullback in domestic end-user demand drove down domestic sales of the company's silicon wafers and module products. Meanwhile, sector-wide oversupply led to low operating rates and persistently depressed gross profit margins. Compounded by rising silver prices in the first quarter, investment losses from associate companies, and foreign exchange losses due to RMB appreciation, corporate performance came under significant pressure.
In terms of shipments, LONGi achieved silicon wafer shipments of 48.91 GW in H1 2026, including 18.98 GW in external sales. Module shipments reached 29.93 GW, while external solar cell sales stood at 0.86 GW.
Despite declining domestic demand, the company sustained growth across overseas markets. During the reporting period, overseas module sales grew by over 26% year-on-year, driving the share of overseas revenue to above 65%. Specifically, module sales volume in the Americas, Europe, and Asia-Pacific grew year-on-year by more than 36%, 34%, and 20%, respectively. Concurrently, the company reinforced leading market positions across Europe, Latin America, Southeast Asia, Pakistan, and the United Arab Emirates.
Back-contact (BC) modules served as a primary driver of shipment growth in the first half. During the reporting period, LONGi's BC module sales reached 19.55 GW, representing a 125% year-on-year surge and raising its share of total module shipments above 65%. Domestically, the company shortlisted over 10 GW in central procurement tenders for BC modules, while orders in high-end overseas markets expanded rapidly.
On the technology front, the company's proprietary ACM technology achieved gigawatt-scale mass production across cell and module lines during the reporting period. The technology boosts mass-production conversion efficiency for BC cells by 0.2% to 0.3% and has transitioned to commercial deliveries. Additionally, its self-developed silicon-perovskite tandem solar cell achieved a certified conversion efficiency of 35.5%, as validated by a European solar testing institution.
Simultaneously, LONGi expanded its PV-plus-storage business. Since early 2026, the company has released integrated storage solutions tailored for utility-scale power plants, commercial and industrial (C&I) installations, and off-grid microgrids. Cumulative energy storage orders exceeded 3 GWh in H1, with multiple projects connected to the grid across Germany, Italy, and Finland.
Aiko Solar
On August 28, Aiko Solar disclosed its H1 2026 financial report. During the reporting period, the company recorded revenue of RMB 9.183 billion, representing a year-on-year increase of 8.72%. Net profit attributable to shareholders of the parent company posted a loss of RMB 754 million, while net profit excluding non-recurring gains and losses recorded a loss of RMB 851 million.
In H1 2026, Aiko Solar shipped 9.39 GW of N-type All Back Contact (ABC) modules, up over 50% sequentially compared to H2 2025. Second-quarter shipments grew approximately 30% compared to the first quarter, with revenue from ABC modules accounting for 79% of total operating revenue.
Overseas markets served as a vital anchor for ABC module growth. Overseas sales accounted for over 55% of total module shipments, up more than 90% year-on-year. The company focused primary expansion efforts on Europe, Japan, South Korea, Australia, and New Zealand, while extending into utility-scale markets across the Middle East and Africa. As of June 2026, the company established nearly 100 tier-one channel partners spanning 79 countries worldwide.
Regarding order flow, Aiko Solar reported steady growth in new contract signings since early 2026, maintaining a rolling order backlog of over 10 GW. Intended customer procurement volumes continuously surpassed existing production capacity limits. Meanwhile, the company secured utility-scale projects for its ABC modules in overseas markets such as France, Finland, the Czech Republic, Egypt, and Romania, alongside central procurement orders from domestic state-owned enterprises including Datang, PowerChina, Huadian, Beijing Energy, and Zhejiang Energy.
HY Solar
On August 30, HY Solar disclosed its H1 2026 financial report. During the reporting period, the company generated revenue of RMB 4.283 billion, representing a year-on-year increase of 32.65%, primarily driven by aggressive expansion into solar cell and module sales. Net profit attributable to shareholders of the parent company posted a loss of RMB 679 million, while net profit excluding non-recurring gains and losses showed a loss of RMB 484 million.
The silicon wafer segment remained a major source of operational losses. In H1, subsidiary HY New Material generated revenue of RMB 1.718 billion with a net loss of RMB 569 million. HY Xuzhou, which focuses on silicon wafers and solar cells, achieved revenue of RMB 2.999 billion and a net profit of RMB 45.6358 million.
In its module business, HY Solar advanced continuous product upgrades. During the reporting period, high-efficiency HT 3.0 quarter-cut modules based on the TOPCon 3.0 cell platform officially rolled off production lines at the Jiangyin base and entered mass shipment. Concurrently, the company qualified for supply chain networks of major state-owned enterprises including China Energy Investment Corporation (CHN Energy), State Power Investment Corporation (SPIC), China Energy Engineering Corporation (Energy China), and Power Construction Corporation of China (PowerChina), securing project awards with China Huadian Corporation and PowerChina Guizhou Engineering Co., Ltd.
On production capacity construction, the book value of the company's construction in progress reached RMB 846 million by the end of June. Projects include the Xuzhou facility (25 GW monocrystalline silicon diamond wire slicing and 14 GW high-efficiency crystalline solar cell lines), the Baotou facility (10 GW annual monocrystalline silicon ingots), and a 16 GW PV module production base.
Source：EnergyTrend
