TRINA(SH:688599) 3 6 Ke·2025-10-14 03:00Core Viewpoint - The photovoltaic industry is experiencing significant bottom characteristics, with leading manufacturers considering active acquisitions to reduce the capacity of small and medium enterprises, aiming to end the industry's internal competition [1] Financial Performance - Trina Solar reported a revenue of 31.06 billion yuan in the first half of the year, a year-on-year decline of 27.72%, and a net loss of 2.918 billion yuan, a year-on-year decline of 654.47% [1][3] - This performance marks the worst results for Trina Solar in the past seven years, with a significant drop compared to the peak net profit of 3.54 billion yuan in 2023 [3] - As of October 13, Trina Solar's market capitalization was 37.6 billion yuan, with a year-to-date decline of over 10%, contrasting with Longi Green Energy's increase of over 15% [3] Debt Situation - Trina Solar's debt ratio has risen to 76.79%, the highest in recent quarters, with total liabilities reaching 96.51 billion yuan, including 60.22 billion yuan in current liabilities [4][7] - The company faces significant short-term debt pressures, with 9.915 billion yuan of non-current liabilities due within one year [4] Expansion Strategy - Trina Solar's current predicament is closely linked to its aggressive expansion strategy in previous years, which included a significant investment in the photovoltaic supply chain [5][6] - The company has expanded its production capacity significantly, with total fixed assets increasing from 10.01 billion yuan in 2020 to 30.07 billion yuan in the first half of this year [7] Market Challenges - The photovoltaic industry is facing price declines, with polysilicon prices dropping from 300 yuan/kg in 2022 to 60 yuan/kg by the end of 2024, and module prices halving from 1.8 yuan/W to 0.65 yuan/W [9] - Trina Solar's gross margin for photovoltaic products turned negative at -2.49% in the first half of the year, compared to 11.13% in the same period last year [9] Future Outlook - Despite current challenges, there is potential for recovery as the industry shows signs of bottoming out, with a significant increase in installed capacity in the first half of the year [10] - Trina Solar's component shipment volume exceeded 32 GW in the first half of the year, maintaining its position as the global leader in cumulative shipments [10] - The company must remain vigilant regarding shifts in mainstream technology routes, as its current production primarily relies on the TOPCon technology, which is facing competition from the evolving BC technology [11]