GCL-Poly Energy Holdings Ltd

The main chain of the photovoltaic industry continued to bottom out across all segments, with the top five module makers posting combined losses of more than 14.8 billion yuan in the first half. LONGi Green Energy lost nearly 3.7 billion yuan, making it the biggest loss expander. According to a review by Times Finance, affected by market-oriented reform of renewable energy electricity prices, grid consumption constraints, and the high base from rush installations in the same period last year, China's new photovoltaic installations in the first half of 2026 reached 72.07 gigawatts, down 66 percent year on year. In modules, LONGi Green Energy, JinkoSolar, Trina Solar, JA Solar, and Tongwei Co., Ltd. posted combined revenue of 135.612 billion yuan, down 15.30 percent year on year. Combined net profit attributable to shareholders showed a loss of 14.812 billion yuan, while the loss after deducting non-recurring items widened to 18.588 billion yuan. In the upstream polysilicon segment, Tongwei Co., Ltd., GCL Technology, Xinte Energy, and Daqo New Energy remained in the red, with all except Xinte Energy seeing losses widen. In the inverter segment, most companies remained profitable but posted narrower profits year on year. The industry's anti-involution campaign escalated, as eight major polysilicon companies signed a proposal pledging not to sell below cost, but price transmission still faces pressure. Analysts noted that module prices would need to rise above 0.75 yuan per watt to cover the polysilicon price increase.