Recently, the "2025 China Photovoltaic Module Shipment TOP10" produced by the Digital New Energy DataBM. Com came out, with a total of 476.23 GW shipments from 10 major photovoltaic module enterprises. Among them, the top four shipped a total of 307.79 GW.
Figure 1: Module Shipments of Chinese PV Enterprises in 2025 TOP10
Data Source: Digital New Energy DataBM. Com
First Echelon: Two Strong Companies Stand Together
in 2025. JinkoSolar and Longji Green Energy continued to occupy the top two places in PV module shipments, with a difference of only 0. JinkoSolar maintained a slight lead with 86.81 GW, but its shipments contracted from 92.87 GW in 2024; Longji Green Energy followed closely with 86.58 GW, compared with 82 in 2024.
Behind this slight difference is the different strategic paths of the two companies. JinkoSolar adheres to the TOPCon route, with N-type module shipments accounting for more than 90% and overseas shipments accounting for about 60% (about 52 GW), of which the US market is about 4. JinkoSolar's shipment contraction is mainly due to the active control of low gross profit orders, and the 2026 shipment guidance has been lowered to 75-85 GW. Longji Green Energy promotes the BC technology differentiation route. In 2025, the shipment of BC components (HPBC) is 22.87 GW, accounting for 26.4% of the total shipment. Among them, HPBC 2. Longji has formed a clear first-mover advantage on the BC route, and the proportion of BC shipments in the first quarter of 2026 has further increased to 66%.
The two are also divided in overseas distribution: JinkoSolar's overseas shipments account for about 60%, and it is one of the Chinese component companies with the widest coverage in the global market; Longji Green Energy's overseas revenue accounted for 44.
JinkoSolar and Longji Green Energy's shipments both exceeded 86 GW, totaling 173.39 GW, accounting for 36% of the Top 10 total shipments. The two companies have opened a gap of nearly 19 GW with the third place, and the echelon boundary is clear. The core feature of this echelon is "high shift"-the total shipment volume is still at the top of the industry, but the growth logic has shifted from scale expansion to structural adjustment. Jingke took the initiative to shrink the shipment guidance, while Longji vigorously increased the proportion of BC shipments, and the strategic focus of both is not purely on the shipment competition.
The second echelon: Trina Solar and JA Technology rank swap
Trina Solar (67.88 GW) and JA Technology (66.53 GW) form the second echelon of 60-70 GW. The biggest change in ranking in 2025 occurred in this range-Trina Solar rose from the fourth place in 2024 to the third place, while Jingao Technology dropped from the third place to the fourth place. The direct reason for the
ranking exchange is the difference in the decline of shipments. JA Technology shipped 79.45 GW in 2024 and 66.53 GW in 2025, with a decrease of about 16.3%; Trina Solar's decrease (about 3. JA Technology took the initiative to shrink orders with low gross profit more vigorously, and selectively reduced shipments in the domestic market. Trina Solar sold about 63.84 GW of modules to the outside world, and another 4.
The third echelon: Tongwei shares and Zhengtai Xinneng's stable
Tongwei shares (43.25 GW) and Zhengtai Xinneng (35. Tongwei shares ranked in the top five for three consecutive years, with relatively stable shipments. Its characteristic is that the overseas proportion is only 22% (9. Zhengtai Xinneng shipped 35.6G W, domestic 21.4G W, overseas 14.2G W, overseas accounted for about 40%, the total shipment volume was 40% in 2024. Both enterprises were in a "defensive" state, and did not actively pursue a substantial increase in shipments.
The fourth echelon: drastic changes
in the middle and later stages GCL Integration, Hengdian Dongci, Atlas and TCL Zhonghuan constitute the fourth echelon of 15-25 GW. This interval is the region with the most dramatic change in ranking in 2025.
GCL Integration's shipments were 25. Its growth was mainly driven by domestic distributed shipments (+ 78 year-on-year).
Hengdian Dongci's shipments were about 24.
Atlas's total shipments were 24. However, its U.S. market shipments reached a record high of 8.1GW, accounting for 33% of total shipments. Overseas revenue accounted for 88. Atlas's shipment contraction is not a demand-side problem, but an active adjustment-the layout of the high-profit market in the United States makes it more inclined to ship quality rather than quantity, and the average price of components in 2025 is significantly higher than industry average.
TCL Zhonghuan Shipments 15. The increase in its shipments was mainly due to the increase in component production capacity and channel expansion, but there was still a big gap between the volume and the top 9.
In addition, Yidao Xinneng (25 GW) and Yingli Energy (24.
Profitability: leading enterprises generally lose money
. In 2025, the overall loss pressure of the photovoltaic industry is still more prominent. Among the top ten companies in component shipments, only Hengdian Dongci and Atlas are profitable. Total net losses attributable to parent company of JinkoSolar, Trina Solar, Longji Green Energy and JA Technology 24 9.
Table 1: Revenue and profitability
of the four leading module companies in 2025 Source: Digital New Energy DataBM. Com
During the reporting period, The gross profit rate of Longji Green Energy components and battery business is 0.19%, which is the closest to the break-even line among the top four, but it is still down from the same period last year. 6. It should be noted that the gross profit rate of its consolidated statement is 0.81%, which is 0.19% of the segment caliber. In the first quarter of 2026, the proportion of Longji Green Energy BC components shipped has increased to 66%. The continuous increase in the proportion of BC in the follow-up may bring about the expectation of improving the product structure. The gross profit rate
of Jingke energy photovoltaic products is -0.82%, down 8 from the same period last year. The revenue of Jingke energy components accounts for about 96%, and the gross profit rate almost fully reflects the real level of the component link. The difference between the gross profit rate of the overall business caliber (-0.60%) and the caliber of photovoltaic products is only 0. The proportion of overseas shipments is about 60%, which is the highest among the top four. The average sales price in overseas markets is higher than that in domestic markets, which forms a structural support for the gross profit per unit, making the gross profit margin of photovoltaic products business slightly better than that of Trina Solar and Jingao Technologies. The gross profit rate
of Trina Solar photovoltaic products was -1.42%, down 5. The gross profit rate of the consolidated statement was 5.18%, which seemed to be the best. However, the energy storage business contributed 4.28 billion yuan (gross interest rate of about 14.7%), and the system solution contributed 12.36 billion yuan (gross interest rate of about 11. Trina Solar's net loss margin (-70.
Jingao Technology's gross interest rate of photovoltaic modules-4.03%), the deepest decline in the top four. The proportion of overseas shipments was 51. In addition, TOPCon had a higher exposure to homogeneous competition in Jingao's product structure, and did not launch differentiated premium products such as BC in 2025, which lacked a structural buffer in the downward price cycle.
On the whole, the gross profit rate of the top four components is below the break-even line, which means that the price of components in 2025 is still lower than full cost, and the industry is still running at the bottom of the price. In terms of net profit, the total loss of the four companies was about 24.9 billion yuan, far exceeding the gross profit loss margin. The gap between gross profit and net profit comes from three aspects: the first is the loss of asset impairment. In the context of the continued downturn in industry prices, the recoverable amount of some backward production capacity and production capacity under construction is lower than book value. In 2025, the four enterprises all made a large amount of asset impairment, which is the largest single item of profit erosion; Second, the expenses during the period were rigid. Under the background of declining revenue, it was difficult to reduce the sales, management and R & D expenses in equal proportion, and the expense ratio rose passively, further eroding profits. Third, the financial expenses dragged down, and the interest expenses and exchange losses increased the exposure to losses. Whether the component price can be continuously repaired, whether the pressure of asset impairment can be gradually released, and whether the cost side can be diluted with the scale effect are the core variables that determine the rhythm of profit repair in the following quarters.
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