JA, Longi, Tongwei report widening nine-month losses
Three major Chinese solar manufacturers disclosed financial results showing increased net losses for the first nine months of 2026. JA Solar, Longi, and Tongwei all reported revenue declines year on year alongside expanded deficits.
JA Solar reported nine-month 2026 revenue of CNY 28.113 billion, down 23.62% year on year, according to the company's financial results. The manufacturer’s net loss widened to CNY 3.64 billion from CNY 3.558 billion in the same period last year.
Longi and Tongwei also disclosed expanded deficits. Longi’s nine-month net loss reached CNY 4.713 billion, up from CNY 3.403 billion, while Tongwei’s loss widened to CNY 6.759 billion from CNY 5.27 billion.
Revenue and Loss Trends
Longi’s nine-month 2026 revenue fell 13.85% year on year to CNY 43.864 billion, while Tongwei’s revenue decreased 9.69% to CNY 58.337 billion. Beyond headline net losses, Tongwei reported a nine-month net loss excluding nonrecurring items of CNY 6.868 billion, indicating the core operational strain persists even after adjusting for one-off factors.
| Company | Nine-Month 2026 Revenue (CNY) | YoY Revenue Change |
|---|---|---|
| Longi | 43.864 billion | -13.85% |
| Tongwei | 58.337 billion | -9.69% |
Shipment Volumes and Mix
JA Solar’s third-quarter 2026 revenue reached CNY 10.616 billion, while its module shipments surged 35% quarter on quarter to 13.97 GW. For the nine-month period, JA Solar delivered 36.22 GW, with 60.92% of that volume destined for overseas markets. Longi shipped 48.61 GW of modules in the first nine months of 2026, including 31.64 GW of its BC line. That BC segment grew 118.58% year on year, accounting for over 65% of the company’s total module output.
Quarterly Performance Shifts
- JA Solar incurred a net loss of CNY 974 million in the third quarter of 2026.
- Longi’s net loss for the third quarter decreased to CNY 1.029 billion, a reduction from the second quarter.
- The gross margin for Longi’s BC modules rose by 6.27 percentage points relative to the first half of 2026.
- Tongwei’s third-quarter revenue stood at CNY 23.98 billion, representing a 0.46% year-on-year decline.
- Tongwei’s net loss for the third quarter shrank to CNY 1.639 billion, down from CNY 2.675 billion in the previous quarter.
- Operating cash flow for Tongwei totaled CNY 2.024 billion over the nine-month span.
Regulatory Auctions and Corporate Expansions
On Nov. 3, the Guangdong Power Exchange Center chose 58,962 distributed solar initiatives, setting the mechanism price at CNY 0.300/kWh, which marks a 16.7% decrease compared to the earlier round’s CNY 0.360/kWh. The total electricity volume secured by this mechanism stood at 7.934 TWh, representing a 59% increase over the last auction. Bidders operated within a CNY 0.200/kWh to CNY 0.400/kWh range, and the established price remains valid for 12 years. In the first 10 months of 2026, CECEP Solar Energy brought 1,311.24 MW of solar capacity online, initiated building on 650 MW, and logged 1,074.94 MW of solar projects in addition to 4,320 MW/12,287 MWh of independent energy storage. By October, cumulative power output reached 8.394 TWh, reflecting a 17.6% year-on-year rise. A subsidiary of Gansu Golden Solar, Jiuquan Jingang Intelligent Computing Technology, agreed to a cloud computing deal valued at as much as CNY 1.536 billion, where the first two batches of service fees amount to CNY 384 million spread across 60-month terms. Released on Nov. 5, the NEA’s “AI+” energy initiative roster features companies like Sungrow, CATL, and EVE Energy, with the public comment period extending through Nov. 11.
What to watch
The National Energy Administration’s “AI+” initiative proposes 93 pilot projects, with 19 focusing on emerging models.
Source: pv magazine. This article is an original Luminity report based on the linked source.