As the photovoltaic (PV) industry undergoes deep adjustment, leading module manufacturers are collectively intensifying their focus on energy storage. The energy storage business is gradually shifting from a supplementary side activity to a second growth curve.
With the release of third-quarter reports and earnings call information, the latest progress in the energy storage businesses of Trina Solar (688599), LONGi Green Energy (601012), and Jinko Solar (688223) has come to light: some have taken the lead in achieving profitability, others have ample order backlogs, and some have chosen to streamline operations to focus on energy storage.
Due to differences in disclosure standards, delivery volumes and outstanding orders cannot be simply compared. Through research information from Hangjiashuo Research and signals disclosed in Q3, we clarify the true progress of these three companies' energy storage businesses.
▍Trina Solar: Early Mover with Mature Storage Business, Clear Growth Path
Trina Solar entered the energy storage sector in 2025. As one of the earliest PV giants to deploy energy storage, its storage business has become a highly independent profit-generating segment. In 2025, storage revenue reached CNY 4.28 billion; in H1 2026, storage income was CNY 2.472 billion, with shipments exceeding 5GWh (up188% year-on-year). Cumulative shipments have surpassed 25GWh, and the segment achieved overall positive profitability in the first half of the year. S&P Global, Hangjiashuo Research, and other institutions have included it in the top 10 global energy storage system shipment rankings.
According to Trina Solar's announcements, the Q3 2026 report continued the loss-narrowing trend seen in the first half of the year. In the first three quarters of this year, the company achieved revenue of CNY 47.978 billion, with net profit attributable to shareholders showing a loss of CNY 1.942 billion, narrowing by 53.77% year-on-year.
Furthermore, Hangjiashuo Energy Storage observed that while losses narrowed, Trina Solar's gross margin and cash flow improved steadily. Compared to peers, Trina Solar has demonstrated a relatively leading recovery pace among top manufacturers through its high-value order strategy and scaled-up energy storage business.
Among these factors, energy storage represents Trina Solar's clearest source of incremental growth. The company is accelerating the transformation of its energy storage and system solution businesses, with energy storage and distributed generation contributing positively to reported profits.
Combining semi-annual data and insights from investor relations activities, Trina Solar's energy storage gross margin in the first half of this year was approximately 21%, achieving overall positive profitability. Overseas project numbers increased by 250% year-on-year, accounting for over 90% of shipments. High-value markets such as Europe and Latin America performed well, representing more than half of total shipments. By the end of the first half, new energy storage orders exceeded 16GWh, providing a strong backlog to support the full-year shipment target of 16GWh.
It is also worth noting that Trina Solar plans to sell control of its solar tracker business to introduce strategic partners, consolidate its core PV and storage business, and focus on AIDC compute-power synergy innovation.
Currently, Trina's operational strategy is to fully strengthen energy storage as its second growth curve. Leveraging integrated green power supply and storage capabilities across PV and storage, it is providing energy supporting solutions for AIDC scenarios, focusing on compute-power synergistic development.
▍LONGi Green Energy: Late-Mover Integration, Steady Order Delivery Progress
LONGi Green Energy is the latest and most cautious entrant into energy storage among the three PV giants: it did not blindly follow the early industry phase of "module-plus-storage," but instead acquired Suzhou Jingkong Energy in November 2025 (gaining approximately 61.9998% voting rights) to complete its energy storage system integration and 5S full-stack capabilities. The industrial and commercial registration change was completed in January 2026, consolidation occurred in March, and the "Full-Stack LONGi LONGi ONE" strategy was launched in April, buying time through M&A and controlling the full stack through integration.
Jingkong Energy possesses 13 years of energy storage system accumulation, self-developed 5S full-stack technology (BMS/PCS/EMS/TMS/iCCS), cumulative deliveries exceeding 13GWh, and a record of zero thermal runaways. LONGi directly obtained an entry ticket to the energy storage track and a mature delivery system through this acquisition. Based on this foundation, it reconstructed its product matrix in just about 100 days, launching a full-scenario product line.
In May this year, LONGi Green Energy Chairman Zhong Baoshen set an ambitious goal for the energy storage business: to "create another LONGi" within five years. The specific path involves reusing PV brand and customer resources, grafting onto Jingkong Energy's technical accumulation in storage, and achieving sales scale comparable to PV within five years. He frankly admitted that starting from scratch and reaching over CNY 50 billion in five years is extremely difficult—this statement serves both as an external declaration and internal sober awareness.
Latest performance announcements show that LONGi Green Energy reduced its quarter-over-quarter losses by more than 40%, and operating cash flow turned positive in Q3. Beyond structural changes driven by BC (Back Contact) module volume growth and gross margin improvements, the rapid advancement of the PV-storage fusion strategy and the dual-wheel structure of modules plus storage are opening up its second growth curve.
Disclosed at the Q3 2026 earnings call: Energy storage product revenue confirmed in the first three quarters amounted to approximately 1.6GWh, with H1 orders exceeding 3GWh (the difference between confirmation and signing mainly stems from customer project grid connection schedules). The company explicitly states it does not manufacture cells, focusing instead on self-developed PCS/BMS/EMS/TMS/iCCS + native system integration + single responsible entity. The Suzhou base will launch in October, with large-scale storage integration capacity of 31GWh/year, expanding to 50GWh by H1 2027; the commercial and industrial (C&I) storage production line will reach annual output of over 10,000 units by late October. It is accelerating globalization around large-scale storage, C&I storage, and off-grid/microgrid applications.
▍Jinko Solar: Achieves Quarterly Profitability in Storage, Crosses the Break-even Point
Jinko Solar is a "channel-reuse type" energy storage player among the three: entering neither too early nor too late, it piloted in 2019, established a main entity in 2022, designated 2025 as the "Year of Volume Expansion," and shifted to a "Volume and Profit Together" stage in 2026. Its path differs from Trina's self-developed full-chain cell approach or LONGi's full-stack completion via M&A; instead, it focuses primarily on system integration, self-development of core components, and asset-light cell supply, leveraging overseas module channels to quickly ramp up volume.
The energy storage business began contributing operating profits, helping reduce group-level losses. In Q3 2026, the confirmed scale of energy storage systems reached 1.75GWh, continuing to improve quarter-over-quarter, achieving quarterly operating profitability for the first time, with gross margins falling in the 15%–20% range. In the first three quarters, energy storage system deliveries totaled 4.5GWh, with overseas orders accounting for approximately 80%.
On the product side, a matrix has been formed consisting of the Blue Whale SunTera G5 large-scale storage, Dolphin SunGiga G2 Plus C&I storage, Sunny Day365 for high-energy-consumption scenarios, and AIDC compute-power synergy solutions.
Looking ahead to next year, the company expects the confirmed revenue scale of energy storage to grow by nearly 100%, targeting a net profit margin of 5%–10%. It has explicitly stated that facing price wars in large-scale storage, it will shift focus toward C&I storage, increasing the proportion of C&I storage in the energy storage business from 5%–10% this year to around 20%. Overall, it adheres to "high-quality growth," avoiding low-price competitive bidding, and relying on PV-storage fusion premiums and scenario-based solutions to boost gross margins.
▍Summary
Energy storage has evolved from an "optional choice" to a "must-win battleground" for leading module enterprises, becoming the second track determining the next round of rankings among PV giants.
The three companies have differentiated paths and distinct stages: Trina started earliest, with a mature and independently profitable energy storage business, now planning further streamlining to concentrate resources on the storage track; Jinko Solar is catching up on volume, being the first to achieve quarterly operating profitability, marking a turning point; LONGi entered latest but with the highest starting point, completing full-stack capabilities through M&A, with clear order scales. While the financial reports seem to draw a watershed for module makers crossing into energy storage, in reality, all three converge on the same conclusion: energy storage is no longer an accessory to modules but a key variable determining the next ranking of PV giants.
Note: This article is merely a compilation of public information, industry research, and objective analysis regarding the energy storage sector. Listed companies mentioned herein serve only as reference cases for the industrial chain and do not constitute any investment advice. Markets involve risks; invest with caution.