Latest & Most Comprehensive: China’s Top Photovoltaic Co. Rankings (2024 & Q1 2025)

The first quarter of the year has ended, and photovoltaic (PV) companies are beginning to release their long-awaited financial results.

Recently, a number of publicly listed PV firms published their full-year 2024 and first-quarter 2025 earnings reports. We’ve compiled and analyzed the financial disclosures of over 100 listed companies in the sector.

Compared to last year, many companies reported their figures later than usual, reflecting the challenges the industry faced during a particularly difficult 2024.

2024 Full-Year Performance of Listed PV Companies:

Overall Revenue & Profitability

Total operating revenue: RMB 1,320.11 billion (–16.99% YoY)

Net profit attributable to shareholders: –RMB 13.761 billion (–110.92% YoY)（

Total assets: RMB 2,579.503 billion (+2.94% YoY)

Net operating cash flow: RMB 85.97 billion (–54.79% YoY) 

Top 10 by Revenue

1. TBEA Co., Ltd. – RMB 97.782 billion

2. JinkoSolar Holding Co., Ltd. – RMB 92.471 billion

3. Tongwei Co., Ltd. – RMB 91.994 billion

4. LONGi Green Energy Technology Co., Ltd. – RMB 82.582 billion

5. Trina Solar Co., Ltd. – RMB 80.282 billion

6. Sungrow Power Supply Co., Ltd. – RMB 77.857 billion

7. JA Solar Technology Co., Ltd. – RMB 70.121 billion

8. Chint Electric Co., Ltd. – RMB 64.519 billion

9. CSI Solar Inc. – RMB 46.165 billion

10. TCL Zhonghuan Renewable Energy Technology Co., Ltd. – RMB 28.419 billion

Compared with Q3 2024, the top 10 revenue rankings remain largely unchanged. TBEA, JinkoSolar, and Tongwei each exceeded RMB 90 billion, and revenue gaps among the Top 10 are narrow, underscoring intense competition.

Top 10 by Net Profit

1. Sungrow Power Supply Co., Ltd. – RMB 11.036 billion

2. TBEA Co., Ltd. – RMB 4.135 billion

3. Chint Electric Co., Ltd. – RMB 3.874 billion

4. Deye Co., Ltd. – RMB 2.960 billion

5. Jiejia Weichuang Electronics Co., Ltd. – RMB 2.764 billion

6. JingSheng Mechanical & Electrical Technology Co., Ltd. – RMB 2.516 billion

7. Canadian Solar Inc. – RMB 2.247 billion

8. Hengdian DMEGC Magnetics Co., Ltd. – RMB 1.827 billion

9. Hesheng Silicon Industry Co., Ltd. – RMB 1.740 billion

10. Han’s Laser Technology Industry Group Co., Ltd. – RMB 1.694 billion

Unlike revenue, net profit rankings on 2024  reveal a clear divide: inverter and equipment suppliers dominate, while module-only players are scarce. Sungrow’s profit alone equals the combined total of those ranked 2nd–4th.

Top 10 by Total Assets

9 of the Top 10 boast year-end assets above RMB 100 billion, led by TBEA at RMB 207.925 billion.

Industry-wide Highlights

Revenue Distribution: Among 117 listed PV firms, the total 2024 revenue was RMB 1,320.11 billion (–16.99% YoY), with 43 companies achieving positive growth.

Profitability: 69 companies were profitable; 48 posted losses, mainly module, polysilicon, and wafer suppliers.

Leverage: Overall debt ratios remain elevated; four firms exceeded 100% debt-to-asset ratio.

Total operating revenue: RMB 257.9503 billion (+2.94% YoY)

Cash Position: Top 10 cash-rich firms: LONGi, JinkoSolar, TBEA, JA Solar, Trina, Sungrow, Tongwei, Mingyang Smart Energy, TCL Zhonghuan, Chint.

R&D Spending: Eight firms invested over RMB 1 billion in R&D; Sungrow led at RMB 3.164 billion, followed by Trina at RMB 1.846 billion and LONGi at RMB 1.815 billion.

Operational Cash Flow: Chint, TBEA, Trina Solar. Flat Glass Group posted the highest increase at 16,925.68%.

Q1 2025 Snapshot

In addition to full-year 2024 results, listed photovoltaic (PV) companies have also released their financial reports for the first quarter of 2025.

According to the data, total operating revenue for these companies reached RMB 266.615 billion in Q1 2025, representing a year-on-year decline of 12%. Net profit attributable to shareholders totaled RMB 98.86 million, down RMB 9.915 billion from the same period last year — a drop of 99.15%.

Aggregate Performance

Total operating revenue: RMB 266.615 billion (–12% YoY)

Net profit attributable to shareholders: RMB 0.09886 billion (down RMB 9.915 billion YoY)

Top 10 Q1 Revenue

1. TBEA Co., Ltd.

2. Sungrow Power Supply Co., Ltd.

3. Tongwei Co., Ltd.

4. Chint Electric Co., Ltd.

5. Trina Solar Co., Ltd.

6. JinkoSolar Holding Co., Ltd.

7. LONGi Green Energy Technology Co., Ltd.

8. JA Solar Technology Co., Ltd.

9. CSI Solar Inc.

10. Mingyang Smart Energy Group Co., Ltd

Top 10 Q1 Net Profit 

1. Sungrow Power Supply Co., Ltd.

2. TBEA Co., Ltd. 

3. Chint Electric Co., Ltd.

4. JSG Co., Ltd.

5. Deye Technonlgy Co., Ltd.

6. JingSheng Mechanical & Electrical Technology Co., Ltd.

7. Shandong Qibin Group Co., Ltd.

8. Hengdian DMEGC Magnetics Co., Ltd.

9. Foster (Shanghai) Co., Ltd.

10. Bowei Alloy Material Co., Ltd.

Q1 Gross Margins

Leaders: Dier Laser (47.9%), AiNengJu (44.4%), Yuneng Technology (43.49%).

Q1 Cash Balance& Growth

Top 3: LONGi, JinkoSolar, Tongwei

These financial disclosures provide a clearer picture of the solar industry's current state and strategic direction, offering useful reference points for understanding market trends and company performance in early 2025.