CSI Solar Co. Ltd. A

As the 2026 interim reporting season concludes, solar companies' half-year reports signal that industry consolidation has entered its second half: workforce reductions have spread from manufacturing to research and development, energy storage has shifted from a second growth curve to half the business, and a number of companies are voluntarily cutting production, terminating projects, or even divesting solar assets. Jiemian News reviewed the interim reports of 13 mainstream solar companies and found that total first-half revenue reached 216.297 billion yuan, down 18.56 percent year on year; net loss attributable to shareholders was 18.473 billion yuan, with the loss widening 14.43 percent year on year. Among them, only Sungrow and Canadian Solar were profitable. Sungrow led with 5.259 billion yuan in net profit attributable to shareholders, though that was down 32.01 percent year on year. Tongwei posted the largest loss at 5.119 billion yuan, while LONGi Green Energy lost 3.684 billion yuan. On layoffs, Tongwei, LONGi Green Energy, and TCL Zhonghuan newly accrued a combined total of about 215 million yuan in severance benefits in the first half, and cash payments to employees at seven companies all contracted year on year. On transformation, energy storage has become standard for leading module makers. Trina Solar's energy storage shipments rose 188 percent year on year, and Canadian Solar's utility-scale storage sales grew 103.3 percent year on year. At the same time, GCL Technology launched a comprehensive strategic transformation, Daqo Energy plans to invest about 6 billion yuan in the AIDC power distribution sector, and TCL Zhonghuan plans to invest 11.96 billion yuan to build a semiconductor project. On voluntary exits, Canadian Solar terminated its 14-gigawatt monocrystalline silicon wafer expansion project in Yangzhou, and Fengfan completed the transfer of a 60 percent stake in Suzhou Jingying Optoelectronics for 179 million yuan, divesting solar manufacturing assets. Data from the State Administration for Market Regulation show that in the first half of the year, 5,089 solar-related companies nationwide were deregistered, up 8.3 percent year on year.