6, Trina Solar released its semi-annual report for 2026.
The report shows that in the first half of this year, Trina Solar realized business income of 31 billion 985 million yuan, an increase of 2.99% over the same period last year; The net profit loss was 270 million yuan , 90.75% narrower than loss of 2.918 billion yuan in the same period last year; Operating cash flow was 5.072 billion yuan , a sharp increase of 175.
It is noteworthy that in the first quarter of 2026, Trina Solar's net loss was about 2. Trina Solar's net profit in the second quarter was about 0.
According to the disclosed performance forecast for the first half of 2026, in the same period, the mainstream photovoltaic " suffered from large-scale blood loss in the main photovoltaic industry chain enterprises. Why did Trina Solar deliver a brilliant report card of "reducing losses by more than 90%", "single-quarter profit" and "operating cash flow increase" ?
The first is an equity investment income.
The announcement showed that in May this year, Trina Solar partially disposed of the shares of T1 Energy Inc acquired by the previous strategic exchange, with an investment income of 558 million yuan; The fair value of the remaining equity assets increased, and the change income was recognized. 21. The total amount of the two transactions was about 26.
It was this money that became the "biggest contributor" to Trina Solar's profit statement in the first half of 2026.
Secondly, the energy storage and system solutions business contributed positive profits.
It is reported that Trina Solar has relied on achieved overall positive profitability for the first time in 11 years.
The semi-annual report shows that Trina Solar Energy Storage business shipments exceeded 5G Wh, up 188% year-on-year; Business revenue increased from 1.285 billion yuan in the same period last year to 24.
It is worth mentioning that the gross profit margin of Trina Solar's energy storage business sector has increased significantly from 15.60% to 21.
Trina Solar's system solutions business also contributed positive profits.
Specifically, the proportion of Trina Solar's system solutions business increased from 21.23% to 30.03%. Business revenue increased from 6.593 billion yuan in the same period last year to 96. On the contrary, the proportion of the company's photovoltaic product revenue dropped from 64.66% in the same period last year to 55.
Finally, it benefited from the positive gross profit margin of photovoltaic products. According to the semi-annual report, the gross profit margin of Trina Solar's photovoltaic products has risen from -2.49% in the same period last year to 1. Compared with most other component companies in the same industry, Trina Solar's photovoltaic business has crossed the profit and loss line.
According to Trina Solar's "Investor Relations Activity Record" on August 11, domestic demand in the photovoltaic market will be significantly better in the second half of this year than in the first half, and overseas demand is expected to continue to grow. Looking ahead to 2027, Trina Solar believes that photovoltaic demand next year is expected to continue to grow on the basis of this year.
At the same time, Trina Solar disclosed that the profitability of the company's component links is gradually recovering, and will gradually return to a reasonable profitability state that meets the normative requirements in the future. With the landing of the mandatory national standard for new components next year, Trina Solar judges that the industry will eliminate about 20% of the production capacity of battery components.
So far, the story of the company's substantial loss reduction, single-quarter profit and cash flow increase has been told.
This time, is it really sweet after suffering?
This means that Trina Solar's loss reduction of more than 90% is largely due to the "win" of T1 Energy Inc's equity investment income. When it comes to the hematopoietic capacity of the main industry, there is no significant improvement .
Secondly, we have to be vigilant about the high asset-liability ratio of Trina Solar.
By the end of June 2026, Trina Solar's total assets were 114.785 billion yuan, its total liabilities were 89.191 billion yuan, and its asset-liability ratio was as high as 77.
! Turn a loss into profit in a single quarter! Ccement. Com/news/2608/richtext/IMG/6a7d8ee1781f799484. By the end of June 2026, Trina Solar's monetary capital was 21.478 billion yuan, while its short-term borrowings were 7.922 billion yuan. Non-current liabilities due within one year 88. But superimposed 260.
In addition, if the photovoltaic market continues to weaken, Trina Solar is as high as 260.
In addition, during the reporting period, the company's financial costs are as high as 1.110 billion yuan. Year-on-year surge 162. Trina Solar explained that this was mainly due to a substantial increase in exchange losses. But for Trina Solar, which accounts for more than 50% of its overseas revenue, exchange rate fluctuations will be a long-term uncertainty risk.
The good news is that Trina Solar reduced its net profit by more than 90% year-on-year, turned losses into profits in a single quarter, and increased its cash flow. It seems to be a signal that the turning point of enterprise management has arrived. However, looking closely at the financial report, it is not difficult to find that it is as high as 26.
At the same time, the financial report also reveals many bright spots in Trina Solar's operation: business structure optimization, doubling growth of energy storage business and positive profitability, and gross profit margin of photovoltaic products from negative to positive.
But the hidden worries can not be ignored. The asset-liability ratio of nearly 78% and the high inventory of over 26 billion yuan all mean that Trina Solar's "family property" is not solid enough.
Looking at the external environment, the photovoltaic industry is still in a deep grinding period, and the problem of overcapacity has not yet been resolved.
In response to this situation, the state has recently made concerted efforts from both ends of supply and demand: on the one hand, it has introduced a number of policies to stimulate the market demand for photovoltaic installation, on the other hand, it has promoted the industry to return to the benign development track of supply and demand balance by building a new industry standard system and accelerating the clearance of backward production capacity.
In addition, by promoting the publicity and implementation of the General Principles of Cost Accounting Model for Photovoltaic Industry, we can curb the disorderly and vicious competition in the market and guide the return to rationality.
However, under the policy support, although the industry chain has shown the signal of price increase, it still needs time and process to transmit and land. At the same time, if there is no significant incremental release in the installed market, it will be more difficult for the photovoltaic market to usher in a substantial and sustained reversal in the short term .
At the same time, enterprises going to sea are also full of thorns. Countries continue to raise trade barriers, anti-circumvention investigations, In the final analysis, the cold winter of the photovoltaic industry is not over yet. For Trina Solar, the "joy" in this earnings report is largely a phased result of equity investment, rather than a fundamental reversal of fundamentals. When this "book dividend" is exhausted, can main business independently support the bottom line of profit?
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