JinkoSolar, JA Solar, Longi, and Trina Solar reported significant revenue declines and net losses for the third quarter of 2024.
JinkoSolar said its net profit hit CNY 14.87 million ($2.09 million) in the third quarter of 2024, down 99.41% year on year , with revenue falling 22.09% to CNY 24.519 billion. Over the first nine months of the year, it posted total revenue of CNY 71.77 billion, down 15.66% year on year, and net profit of CNY 1.215 billion. It shipped 73.13 GW of PV products between January and September, including 67.65 GW of modules, with n-type modules making up about 85% of the total, up 31.29% year over year. In the fourth quarter, JinkoSolar said it is targeting full-year shipments of 90 GW to 100 GW.
JA Solar said it recorded a net loss of CNY 484 million in the first nine months of 2024, a sharp decline from a profit of CNY 6.765 billion during the same period last year. The company's PV module and cell shipments totaled approximately 57 GW across the first three quarters of the year, marking a year on year increase of more than 51%.
Longi said it generated total revenue of CNY 58.593 billion for the first nine months of 2024, a 37.73% decline year on year, with a net loss of CNY 6.505 billion. Its silicon wafer sales reached 82.80 GW. It also sold 4.16 GW of monocrystalline cells and shipped 51.23 GW of modules, including 13.77 GW of BC series modules, a 17.7% increase from last year.
Trina Solar said it generated CNY 63.147 billion of total revenue in the first three quarters of 2024, down 22.16% from the previous year. It reported a net loss of CNY 847 million, down 116.67% year on year. It did not disclose specific PV product shipment volumes for the period.
Huasun Energy said it has launched the first batch of heterojunction (HJT) solar cells from its Xuancheng Phase V 1 GW production facility. It reported that the new cells meet efficiency expectations, with mass production projected to soon reach 26.24%. It plans to refine key production processes, including advancements in textured surface treatments, double-sided microcrystalline applications, and ITO composite films. The company said it is also developing a specialized silver-copper paste for steel-nickel meshes, supporting its commitment to advancing zero busbar (0BB) technology.