Recently, the "China Photovoltaic Module Shipment TOP10 in the First Quarter of 2026" produced by the Digital New Energy DataBM. Com came out, with a total of 79.89 GW shipped by 10 major photovoltaic module enterprises. Among them, the top four companies shipped 51.19 GW, accounting for 64
% of the total shipments of 10 statistical enterprises. The most significant change is
Figure 1: Module Shipments of Chinese PV Enterprises in the First Quarter of 2026 TOP10
Data Source: Digital New Energy DataBM. Com
First Echelon: In the first quarter of 2026
, JinkoSolar's overseas shipments accounted for more than 80%, benefiting more fully from the "export grabbing" window before the tax rebate deadline. On the product side, shipments of high-power products above 640W account for nearly 25%, with a premium of about 1 cent/W over ordinary products. The average power of the third generation Tiger Neo series is 650-655W, and the product structure continues to be high-end.
Trina Solar's shipments were 13. The company's announcement explicitly mentioned "the growth of component shipments, the recovery of overseas demand and the optimization of product structure", and there were obvious signs of overseas pull. In 2025, the proportion of N-type has reached 95. Tracking bracket and energy storage business provide synergistic advantages, and also help to obtain component orders in overseas project market.
Longji Green Energy followed closely, with a shipment volume of about 12. Among them, the BC component shipment 8. The BC route formally entered the stage of "scale volume" from "strategic investment" . Unlike the TOPCon camp which has been deeply engaged in overseas distributed channels for many years, Longji BC, as a new product category, is still in the early stage of building its overseas distribution network, but the BC route has a more significant advantage in the power generation efficiency of distributed power plants. With the gradual improvement of overseas channels, Longji's shipping flexibility after entering the new market deserves attention.
Jingao Technology ranked fourth with 11.87 GW of battery module shipments, accounting for 77.16% of overseas shipments, compared with 51 in the whole year of 2025. This increase directly benefited from the "export grabbing" market. In the first half of 2025, the proportion of N-type TOPCon of Jingao Technology has exceeded 98%, the product technology route is highly unified, and the overseas channels are mature under the support of the production capacity layout in Southeast Asia.
Overall, the total component shipments of the above four enterprises reached 51.19 GW. The gap between JinkoSolar (13.7 GW) and Jingao Technology (11.87 GW) in the top four is only 1.
The second echelon: the competition is anxious. Tongwei has a scale advantage
. The shipment volume of Tongwei's components is 7. Tongwei is the only enterprise in TOP10 based on silicon materials, and its component business still maintains a certain scale advantage compared with other enterprises in the second echelon under the integrated structure of the industrial chain. Shipments
of Zhengtai Xinneng were approximately 5.
Shipments of Hengdian Dongci and GCL Integration were both 4. Compared with the whole year of 2025, the ranking of Hengdian Dongci rose one place, while GCL Integration remained unchanged.
Aixu shares shipments reached 4. Aixu shares is the only TOP10 company that has completely shifted its component business to the BC route, with overseas shipments accounting for about 60% and orders in hand exceeding 10GW. Under the background of the continuous increase of shipments and the abundant orders in hand, the shipments of Aixu shares in the following quarters are still flexible.
The third echelon: TCL Central shipments grew
rapidly. TCL Central shipments were about 2.
In addition, Atlas fell out of the top 10 of component shipments. Its module shipments in the first quarter of 2026 were about 2.
Profitability: Leading enterprises generally suffered losses
. In the first quarter of 2026, the overall loss pressure of the photovoltaic industry was still relatively prominent. Among the top ten enterprises in module shipments, only Hengdian Dongci made profits. Among them, JinkoSolar, Trina Solar, Longji Green Energy and JA Technology recorded a total net loss attributable to the parent company. 46
. Table 1: Revenue and profitability
of the four leading module companies in the first quarter of 2026 Source: Digital New Energy DataBM. Com
During the reporting period, The gross profit margin of Trina Solar was approximately 6. The gross profit margin of JinkoSolar was approximately 6.
Meanwhile, the gross profit margin of JA Technology recovered to 1. In addition, the gross profit margin of Longji Green Energy was -1.
Overall, the profit recovery process of the four enterprises in the first quarter showed significant differentiation. Trina Solar's gross profit rate of 6.75% is the highest among the four companies, with a net loss of only 283 million yuan, which is the closest to the profit turning point ; Although the gross profit margin of JinkoSolar turned positive to 6.16%, the loss volume still reached 13. The gross profit margin of Longji Green Energy was -1. The gross profit margin of Jingao Technology just turned positive to 1. Whether the component price can remain stable and whether the terminal demand can substantially recover are the core variables that determine the rhythm of profit repair in subsequent quarters.
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