Recently, the "TOP10 of China's photovoltaic module shipments in the first half of 2026" produced by the Digital New Energy DataBM. Com was released, and the total shipments of 10 photovoltaic module enterprises were about 170 GW.
Among them, the total shipments of the top four were 106. The contraction of the total demand of the industry accelerated the concentration of resources to the head with product differentiation and overseas channels-the market mechanism is gradually playing a role.
Figure 1: Module Shipments of Chinese PV Enterprises in the First Half of 2026 TOP10
Data Source: Digital New Energy DataBM. Com
First Echelon: Top Four Ranking Route differentiation tends to show
that Longji Green Energy Module shipments were 29.93 GW, down 24. From the perspective of product structure, BC module shipments increased by 125% year-on-year to 19.55 GW, accounting for more than 65% of its total shipments, while non-BC (mainly TOPCon) increased by about 10. Overseas sales increased by more than 26% year-on-year. Overseas revenue accounts for more than 65%, and high-value markets such as Europe and Australia have achieved growth.
JinkoSolar's shipments were 29. The company's overseas shipments accounted for about 70% (overseas revenue accounted for more than 75%), the cumulative shipments of Tiger Neo series exceeded 250GW, and the annual shipments of high-power products above 640W accounted for more than 60%, continuing the rhythm of high-end products. In addition, the energy storage business delivered 3.
Trina Solar shipped 25.00 GW in the first half of the year, with the smallest decline among the top four (-21). Among them, the cumulative shipment of 210 modules exceeded 260 GW, and the products were TOPCon 3. In the first half of the year, shipments exceeded 5GWh (+ 188%), and energy storage revenue was 2.472 billion yuan (+ 92.
Jingao Technology had the largest decline in shipments among the top four, with 22. Among them, overseas shipments accounted for 68.46% (about 15GW), up 22.5 percentage points from the same period last year. Overseas revenue of 12.34 billion yuan, accounting for 70.53% (+ 21pct)-overseas hedging of some domestic contraction, but failed to fully fill the gap, the second quarter shipments fell 12.
The second echelon: shipments under pressure. Widening
the gap with the first echelon, Tongwei's module shipments dropped to 13.07GW, a year-on-year decrease of 46. Specifically, the decline in its module shipments was almost entirely domestic: domestic shipments contracted from about 19.4GW to about 7.9GW, a decline of nearly 60%; Overseas shipments of 5.08 GW to about 5.
Chint Xinneng's ranking also remained stable, with shipments of about 11.9 GW, a year-on-year decline of 35. In the context of a significant reduction in domestic demand, the stock base of its European channel and household market is the basic basis to ensure a stable ranking of shipments.
The third echelon: the shipment scale is close, and the competition is fierce
. The shipment volume of Hengdian Dongci is about 9 ~ 10GW, with a year-on-year decline of only about 10% -20%, which is relatively small in the top ten, ranking in the top ten of the semi-annual PV module shipment list for the first time. Its ability to resist pressure comes from two points: First, the European market is deeply cultivated. In the first half of 2025, Europe contributed more than half of its component sales. In this period, the company's overseas revenue was 5.815 billion yuan, accounting for 47.11%; Second, the profit-oriented business strategy, in the context of the general negative gross profit or small profit in the component industry, the gross profit margin of photovoltaic business in the first half of the year can still reach 11.
GCL integrated component shipments are also in the 9-10GW range, but the decline is relatively large, with a year-on-year decrease of about 30% -40%. At present, the company's products are mainly N-type TOPCon. The noteworthy change is that BC components have been shipped in batches overseas, and the cumulative contract in the German market has exceeded 100MW. After Longji and Aixu, Xiexin is the third enterprise to achieve BC scale to go to sea.
Aixu shares entered the list for the first time with 9.39 GW component shipments, ranking eighth in the list alongside Hengdian Dongci and Xiexin Integration, and is the only enterprise in TOP10 to achieve positive growth (+ 9. With the differentiation of ABC (full back contact) technology, Aixu has completed the transformation to a first-line component supplier: 100% of the shipments are ABC components, the overseas sales account for more than 55%, an increase of more than 90% over the same period last year, the products have entered 79 countries, and the European household market share exceeds 20%. Component shipments in the second quarter were approximately 5. During the industry shrinkage period, Aixu penetrated the distributed and overseas high-value markets with a single high-end product line, and its growth performance was outstanding. The shipment volume
of Yingli energy components is around 8 ~ 9 GW, and the ranking is stable in the tenth place. The source of its ranking resilience is the domestic bidding market. In the domestic environment of shrinking market orders and increasing proportion of central state-owned enterprises, Yingli's state-owned credit and collection capacity constitute the lower limit support of its share. Beyond
the list: Stories such as integration and strategic transformation are still happening
. Compared with the list of the same period in 2025, Yidao Xinneng and Atlas fell out of the top ten, but for different reasons.
A new energy is integrated-TCL Central completed its delivery in July, and the production capacity of 20g W battery + 25 GW module will be transformed into BC route and put into production at the end of the third quarter. The module shipment volume of TCL Zhonghuan in the first half of the year was approximately 7.7GW, representing a year-on-year increase of 29% and an increase in market share. 1. Its overseas module sales volume was approximately 2GW, representing a year-on-year increase of 4 times; the shipment volume of high-efficiency products such as BC and half wafers accounted for more than 15%; the module sales revenue in the second quarter has exceeded that of photovoltaic materials (silicon wafers) business, and the weight of modules in the revenue structure has exceeded that of the main business for the first time. Starting from the third quarter, TCL Zhonghuan will consolidate its new capabilities and become a powerful impactor in the top ten of the next list.
Atlas took the initiative to adjust its business structure-in the first half of the year, components shipped about 5.6GW (-62%), but energy storage delivered 6.1GW (+ 103.3%), energy storage business realized revenue of 5.659 billion yuan, accounting for 44%, and orders in hand amounted to $3.5 billion. Gross profit margin for the second quarter 13. The first phase of its US module factory, 5G W, is in normal operation and will be expanded to 10G W in the second half of the year, and the US battery factory will also increase production. Although Atlas has fallen out of the top ten of the module shipment list, its comprehensive competitiveness in the photovoltaic industry chain is still further enhanced.
In addition, the growth of Hongyuan Green Energy Component shipments was significantly higher than that of the leading enterprises. In the first half of 2026, the shipment volume of Hongyuan Green Energy reached 4.2G W, an increase of about 55% over the same period last year. Its expansion path has clear leverage: First, the acquisition of Suntech brand significantly reduced the cost of overseas market development, with overseas revenue of 526 million yuan in the first half of the year.
Figure 2: Year-on-year change in module shipments of some Chinese PV enterprises in the first half of 2026 (%)
Source: Digital New Energy DataBM. Com
Market demand contracted. Structural changes are taking place
. From the perspective of TOP10 companies with PV module shipments in the first half of 2026, the following three structural trends are taking place in the industry:
1.
The proportion of overseas shipments of Jingao increased from 45.93% to 68.46%; Tongwei increased from 20.00% to 20.00%.7% to nearly 40%; Jinko rose from more than 60% to about 70%; Aixu's overseas sales accounted for more than 55%, with a year-on-year growth of more than 90%; In the
first half of 2026, Longji's BC modules became the absolute main force with 19.55 GW shipments (its own BC accounted for more than 65%); Aixu ABC shipped 9.39 GW; TCL Zhonghuan's high-efficiency products accounted for more than 15%; GCL Integration realized the launch of BC in batches; JA also reserved BC battery technology (HyperGen efficiency 28. In addition, TCL Zhonghuan transformed the production capacity of 20GW battery + 25GW module into BC route after acquiring Yidao Xinneng, and the production capacity layout of BC camp completed the transformation from "a few enterprises bet" to "multi-strong follow-up" within half a year.
3. Energy storage became the second growth curve
. In the first half of 2026, the energy storage business of leading enterprises was fully expanded: Tianhe shipped more than 5G Wh (+ 188%). Annual target 16GWh), Atlas 6.1GWh (+ 103.3%), Jingke 3. The gross profit rate of energy storage business of photovoltaic enterprises (15% -21%) is generally several times that of component business, and the gross profit rate of energy storage of Dongfang Risheng is up to 34. It is also the carrier for enterprises to transform from "component supplier" to "optical storage system supplier".
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