JA Solar’s H1 2026 revenue fell 26.8% to RMB 17.50 billion, while the company reported a RMB 2.66 billion net loss
Overseas markets accounted for 68.46% of its shipments during the period, with overseas revenue rising 4.21%
JA Solar is broadening its business beyond modules, investing in higher-efficiency technologies and expanding solar-plus-storage offerings
JA Solar Technology, the tier I solar PV manufacturer from China, expects the solar market to remain under pressure in the near term. It sees signs of potential improvement as industry capacity is adjusted and demand shifts toward higher-efficiency products and integrated solar-plus-storage systems.
For H1 2026, it has reported RMB 17.50 billion in revenue and a net loss attributable to shareholders of RMB 2.66 billion. Revenue fell 26.8% from a year earlier, while the company said its loss expanded by 3.21% year-on-year (YoY) mainly due to a temporary supply-demand imbalance, tougher competition and a sharp decline in product prices.
The cancellation of export tax rebates, a more difficult international trade environment and logistics disruptions caused by geopolitical conflicts also affected the results, according to the manufacturer.
JA Solar shipped 22.25 GW of modules during the reporting period, including 19 MW for its own use. Overseas shipments accounted for 68.46% of the total. This includes 11.87 GW shipped in Q1 and 10.38 GW in Q2.
Overseas markets became an increasingly important part of JA Solar's business during the period. Overseas revenue reached RMB 12.34 billion, up 4.21% YoY, accounting for 70.53% of the total revenue. By comparison, domestic revenue fell 57.25% to RMB 5.16 billion, representing 29.47% of the revenue.
The company's overall gross margin was 1.29%, up 4.82 percentage points from a year earlier. Module gross margin improved by 4.24 percentage points to negative 1.74%, while solar cell gross margin rose 36.55 percentage points to 13.34%.
JA Solar said its overseas sales and service network now covers more than 180 countries and regions. It has also established 16 overseas sales companies. In Oman, the company and its partners have been developing 6 GW of cell and 3 GW of module capacity.
JA Solar has also taken a more cautious view of shipment volumes. At its August 28, 2026 investor briefing, the company said it had revised its full-year shipment target and now expects about 50 GW for 2026, citing the need to balance volume and pricing.
Its current cell and module production capacity is 75-80 GW, all of which meets the new energy-efficiency standard. JA Solar said it will determine the pace of upgrades based on market demand and technology maturity rather than converting capacity all at once. It expects higher-efficiency products to potentially command higher prices over time.
JA Solar is also expanding beyond traditional solar manufacturing into solar-plus-storage, with products spanning utility-scale, commercial and industrial, and residential applications. It sees AI computing and data centers as a key growth area for solar-storage integration over the next five years.
In China, JA Solar expects the solar market to be broadly flat or see modest growth in 2027, following an adjustment year in 2026 after strong installations in 2025. It expects clearer policies on electricity pricing, grid access for renewable energy and storage to help delayed projects move forward. However, the company does not expect solar demand to return to the rapid growth seen over the past decade. It instead forecasts slower and more stable growth with greater integration of solar and storage.
