In the first half of 2026, China’s PV industry has completely torn off the fig leaf of “supply-demand imbalance” and plunged into a brutal, no-retreat hand-to-hand battle. This is no longer a gentle cyclical bottoming-out; it is an exceedingly savage fight for survival in a zero-sum market. The entire industry is “flying close to the ground” in a space where costs—even cash costs—have been broken through. The once-popular extensive model of trying to outlast rivals through sheer capacity expansion was thoroughly bankrupt in the first half of this year. With the fervor of capital having completely faded, the market now believes only in real cash flow and hardcore cash-generating ability. PV professionals today no longer talk about disruption; instead, they are focused on how to survive in this extreme business environment and wait for a new order to be established.
In the cell and module manufacturing segment in particular, the bloodbath has been especially fierce. The “shelf life” of technology dividends has been compressed like never before. Some projects become “obsolete capacity” almost the moment they go into production and face elimination risks. The struggle for dominance among different technology routes is punch-for-punch and spares no quarter. Non-silicon costs, such as silver paste, are scrutinized down to the last fraction of a cent—absolutely no let-up is tolerated. In an era where no shortcoming can be excused, every shift in the shipment ranking is driven by frantic, bloody cost-shaving of mere fractions of a cent at the end of the production line, and by the reddened, sleepless eyes of technical support teams who spend countless days and nights in meticulous calculation.
To help the industry chain fully grasp the real development situation and verify what achievements have been made through half a year’s efforts, Solarbe.com & Solarbe Consulting are officially releasing this H1 2026 Module Shipment Ranking, covering 24 PV companies, for your reference. At the same time, we hope that while PV companies boost their shipment volumes, they also pay attention to their own profitability and strive to achieve “sell more, earn more.”
JinkoSolar posted Q2 module shipments of 14–16 GW, bringing the H1 total to 27.7–29.7 GW, and continued to firmly hold the top spot in the shipment ranking. With a powerful overseas base, Jinko has demonstrated formidable international immunity. Data shows that in Q1, Jinko’s overseas sales ratio reached 80%. Even though Q2 faced the policy shock of export tax rebate cancellations, the company still managed to remain firmly at the top of high-premium, high-barrier overseas premium markets thanks to its long-cultivated global channel network, thereby absorbing the risks of policy turbulence.
LONGi Green Energy delivered an excellent report card of 26 GW+ in H1, retaining second place on the global shipment ranking. Stuck in the quagmire of industry-wide homogenized cut-throat competition, LONGi relied on its technological perseverance and vigorous R&D and promotion in the BC (back contact) field, successfully carving out a differentiated path to break the deadlock. Capitalizing on the unique advantages of BC technology in front-side efficiency and architectural aesthetics, LONGi fiercely defended its throne as number one in domestic shipments, and galloped even further ahead in the more profitable distributed PV market, building its most solid moat against international policy storms.
Trina Solar locked in H1 module shipments at 24–26 GW, ranking third on the list. Its excellence lies in a highly forward-looking strategic transformation into a “Global Leader in Smart PV & Energy Storage Solutions.” Today, PV module manufacturing is only one of Trina’s four core business segments, and the transformation has yielded remarkable results. Of course, despite its diversified ecosystem being ahead of the industry curve, Trina has never abandoned its traditional manufacturing edge. Through deep synergy between PV, energy storage, and smart energy, Trina successfully used the stickiness of its total solutions to lock in core clients in Q2, achieving a robust soft landing for its manufacturing segment.
JA Solar also shipped around 24 GW in H1, maintaining a fairly balanced pace and staying firmly in the Top 4 camp. In the turbulent H1 2026 market, JA Solar strengthened its branding under the “One JA Solar” strategy, demonstrating extremely strong risk resilience. Rather than a desperate fight on the manufacturing side alone, the company proactively extended into downstream application scenarios, building an integrated delivery capability of “modules + energy storage systems + smart O&M.” Under the twin tests of weaning off overseas tax rebates and domestic price involution, JA Solar still maintained the most balanced and steady footing within the leading group.
Tongwei and Astronergy continued to hold the fifth and sixth positions on the shipment ranking respectively, with relatively stable momentum. Tongwei Solar shipped 14–15 GW of modules in H1, leveraging its years of accumulated advantages in polysilicon and solar cell segments to bring the cost-reduction approach of full, vertically integrated supply chain to the extreme, maintaining a leading market share in the domestic market. Astronergy, on its part, relied on the strong downstream project development capabilities within its parent group and highly efficient synergy with its manufacturing arm to cushion against drastic external market shocks. Its overseas moves have visibly accelerated in recent years, with H1 shipments reaching 11.9 GW, and its full-year overseas sales ratio is expected to approach half.
Spots 7–10 (including ties) fell back into a melee. DMEGC (Hengdian Group DMEGC Magnetics) led with a slight edge at 9.7 GW; its two-thirds overseas ratio allows it to operate with ease in multiple high-end markets. GCL System Integration and Aiko Solar, while tied for eighth place (9–10 GW), have distinct technology layouts. GCL SI is involved in both TOPCon and BC routes, typically arranging production flexibly based on customer needs, establishing deep cooperation with multiple companies, and making low carbon footprint a highlight. Aiko has chosen to go all-in on BC and is now one of the top two leaders in this track, qualifying for almost all BC procurement tenders from power investment enterprises.
TCL Zhonghuan and Yingli Energy together round out the Top 10. Worth noting: of TCL Zhonghuan’s 8.5 GW module shipments, domestic sales performance was notably more prominent, ranking sixth among all companies. It may need to quickly make up ground in overseas markets to achieve a globalization breakthrough for its module business. Yingli Energy (8–9 GW), as a time-honored brand, demonstrated the robust vitality of a veteran player navigating through cycles, with an outstanding reputation in markets such as Europe—from the football pitch to green energy, it has built extremely high user stickiness.
Canadian Solar ranked 12th this time with 5.6–5.8 GW. Analysts believe this is a strategic realignment; the company focuses more on overall corporate profitability than on the module manufacturing segment, making it a successful example of transformation. Huayao Photovoltaic Technology saw its ranking jump significantly, finishing 13th with 4.5 GW and placing 11th on the domestic shipment ranking. If we look solely at “centralized bidding procurement scale,” it would likely have already been solidly in the top ten for some time. Risen Energy (4.3 GW+) successfully seized 14th place, with a broad base of supporters in markets like Australia and Latin America.
HY Solar and Ronma Solar tied for 15th place, each with 3.9 GW of shipments.HY Solar, through the acquisition and restructuring of the Suntech brand, leveraged the brand heritage of this former giant to significantly reduce the cost of exploring overseas markets. Ronma Solar fought fiercely in markets such as the Middle East and Southeast Asia, also achieving commendable results.
