Comprehensive review: In 2025, Trina Solar achieved an operating income of 66.975 billion yuan, a year-on-year decrease of 16.58%; The net profit loss attributable to the parent company was 7.031 billion yuan, which was higher than that of the previous year (-34. Under the extreme environment of the historical freezing point of the price of photovoltaic modules and the collective blood loss of the industry, Tianhe ranked the top three in the industry relying on 67.88 GW of global module shipments, and the energy storage shipments exceeded 8.
Under the shadow of the accelerated expansion of losses, the asset-liability ratio climbed to 77. Under the background of the industry's "anti-involution" self-discipline promotion and the moderate recovery of component prices, whether it can turn losses into profits in 2026 is still the focus of attention.
Figure 1 and 2: Trina Solar's revenue and profit trend
in 2025 Data source: Digital New Energy DataBM. In 2025, the company's photovoltaic products achieved operating income of 45.143 billion yuan, accounting for 67.4% of the total revenue. The revenue from system solutions was RMB12.358 billion, accounting for 18.5% of the total revenue; the revenue from energy storage business was RMB4.372 billion, accounting for 6% of the total revenue.
From the perspective of the change in gross profit rate of each business, the gross profit rate of photovoltaic products has dropped from 4.3% in 2024 to -1.4% in 2025, entering the negative range of gross profit; The gross profit margin of system solutions will be 11.66% in 2025, showing a certain overall decline; the gross profit margin of energy storage business 14. The strategic intention of diversified layout to hedge the loss of single component business is obvious, which is one of the structural advantages of Tianhe over other pure component enterprises.
Table 1: Operating information of Trina Solar's four major business segments (RMB100 million,%)
Data source: Digital New Energy DataBM. Com
In terms of basic modules, Trina Solar's global module shipments in 2025 were 67.88 GW, representing a year-on-year decrease. Tianhe shipments jumped from 9.09 GW in 2017 to 70.2025 in 2024, with a slight drop in shipments, which may be directly related to the suppression of demand rhythm by the industry price war and the company's initiative to optimize the low-price order structure.
Figure 3: Trina Solar module shipments decreased
slightly in 2025 Data source: Digital New Energy DataBM. From 2016 to 2025, Trina Solar's R & D expenditure increased from 329 million yuan to 1.884 billion yuan. Growth 4. Even in the context of the overall loss of the industry in 2025 and the sharp reduction of expenditure by most enterprises, Tianhe's R & D investment remained at 1.884 billion yuan, and the R & D cost rate rose to 2.81% . In the first quarter of 2026, this proportion continued to rise to 2. The continuous accumulation of R & D investment has formed a clear result of technology transformation, the new generation of i-TOPCon Ultra technology has achieved mass production, and the component power has been further improved. Leading the industry into TOPCon 2.
Figure 4: Trina Solar's R & D expenditure and proportion trend
Data source: Digital New Energy DataBM. Com
(3) Energy storage shipments doubled and jumped-the second growth curve from the momentum to the jump
from the industry background. Energy storage in recent years ushered in the outbreak period, in 2025, the new installed capacity of new energy storage in the world reached 104 GWh, an increase of 43% year-on-year, breaking through 100 GWh for the first time; The cumulative installed capacity in China has reached 144. The energy storage track is still in a period of rapid growth, and Trina is becoming an important competitor in the industry by virtue of its brand advantages of photovoltaic endorsement, system solution capabilities and overseas channel accumulation.
Trina Solar is one of the earliest photovoltaic module companies in the layout of energy storage business, which has been more than 11 years. In 2024, Tianhe Energy Storage shipped 4.3GWh, which jumped to 8.6GWh in 2025 , up 100% year-on-year, significantly ahead of its competitor Jingke Energy (5.2GWh in 2025). With 386% year-on-year growth but still small volume) and Atlas (7.8G Wh of energy storage shipments in 2025), Tianhe jumped to the first place in energy storage shipments of photovoltaic module enterprises, with revenue of 4.372 billion yuan in 2025. Year-on-year growth 49.
Table 2: Shipments of energy storage by major component companies (GWh,%)
Source: Digital New Energy DataBM. Com
II.
In 2025, Trina Solar's net profit loss was 7.03 billion yuan, an increase of 104. Horizontal comparison shows that in 2025, Jingke Energy lost 6.88 billion yuan, Longji Green Energy lost 6.42 billion yuan, and Jingao Science and Technology lost 4.61 billion yuan. Four enterprises have suffered substantial losses; However, from the perspective of the speed of loss expansion, the loss of Tianhe in 2025 is higher than that in 2024 (-34).
Table 3: Information on net profit attributable to parent company of major component enterprises (100 million yuan)
Data source: Digital New Energy DataBM. Trina Solar's asset-liability ratio rose to 76.93% , which was 1.35 billion yuan in 2025 in terms of
financial expenses, representing a slight decrease of 2.2% compared with the same period last year.Nevertheless, the financial expenses are still at the second highest level in history, and the huge financial expenses have eroded the company's cash flow. The deep impact of the
high debt structure is mainly reflected in two dimensions: First, interest expense directly erodes profit margins -in 2025, interest expense alone is equivalent to 22% of the net loss attributable to the parent company in the same year.
Figure 5: Trina Solar's asset-liability ratio rises by 0 HT. ML0 UNK4 data source: Digital New Energy DataBM.2025 Tianhe Energy Storage business revenue of 4.372 billion yuan, operating costs of 3.730 billion yuan, 0 HTML0 UNK5 net profit of -73 million yuan 0 HTML0 UNK6; 2024 revenue of 2.917 billion yuan, net profit -3. Two consecutive years of losses, energy storage business is still in the period of investment expansion, has not really turned into a source of profit, 0 HTML 0 UNK7 "second growth curve" profit contribution is still expected rather than reality 0 HTML 0 UNK8. 0 HTML 0 UNK9 From the perspective of industry prospects, the growth rate of new installed capacity in the global energy storage market will exceed 40% in 2025, which is one of the few energy tracks still in the high-speed growth period. In 2026, the agency predicts that the growth rate will still reach 40% +, and the market space is sufficient. Tianhe's 2026 target shipment is 15-16GWh, which will nearly double if achieved, and the scale effect is expected to further improve the gross profit margin. However, in Ningde Times, BYD, < a href = "https://www.databm.0HTML0UNK10" Table 4: Trina Solar Energy Storage Business Financial Information 0 HTML0 https://www.databm.0HTML0UNK10 1 Data Source: Digital New Energy DataBM.0 HTML0 https://www.databm.0HTML0UNK10 2 In the short term (2026), 0 HTML0 32026 In the first quarter of 2016, Trina Solar's operating revenue was RMB16.830 billion, representing a year-on-year increase of 17.40%, net profit loss attributable to parent company was RMB283 million, representing a year-on-year decrease of 78.55%, and net cash flow from operating activities was 40.From the perspective of industry environment, the "anti-involution" self-discipline action continued to advance. Module prices have rebounded moderately from the low level at the end of 2025, and the recovery of the photovoltaic market is conducive to Trina Solar's profit recovery. 0 HTML 0 UNK1 4, but short-term risks can not be ignored, first, the United States tariff continues to be high pressure. In 2025, the United States will impose severe tariffs on photovoltaic products re-exported from Southeast Asia. If the tariffs are further upgraded, TRW will face greater pressure in the US market. Second, the risk of domestic price war will be rekindled. If the effect of industry self-regulation is not as good as expected, the second bottom of component prices will significantly delay the process of profit repair; Third, the pressure of technology competition. If the cost of BC mass production is further diluted and the premium is expanded in the global market in 2026, the pressure of product competitiveness faced by TRW due to the over-concentration of TOPCon technology route will be further highlighted; Fourth, the risk of high debt. In the first quarter of 2026, the asset-liability ratio is close to 78%. If the market environment deteriorates and cash flow tightens, debt pressure will become an important constraint. 0 HTML 0 UNK1 5 In general, Trina Solar is still the leader of global photovoltaic modules in terms of scale, brand and R & D accumulation, but the accelerated expansion of losses in 2025 and the structural shortcomings of technical routes reveal deeper competitive challenges. In 2026, if the price of modules rises moderately and the shipment of energy storage is realized smoothly, there is a realistic possibility of turning losses into profits. However, the dual constraints of BC's lagging technical layout and high debt burden determine that the profit elasticity of Tianhe will be weaker than that of Longji and some competitors who have completed structural adjustment earlier. In the medium and long term, the progress of diversified layout of technology routes and the time node for energy storage business to truly achieve scale profitability will be two touchstones to observe the success or failure of Tianhe strategy.
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