TRINA(SH:688599) Zhong Guo Jin Rong Xin Xi Wang·2025-10-30 13:21Core Viewpoint - Trina Solar reported a decrease in losses for Q3 2025, indicating an early sign of performance recovery, with a revenue of 18.914 billion yuan for the quarter and 49.970 billion yuan for the first three quarters [1] Company Performance - Q3 revenue reached 18.914 billion yuan, showing a reduction in losses year-on-year and quarter-on-quarter [1] - The company’s operating cash flow remains robust, supporting its financial stability [1] Industry Overview - The photovoltaic industry is experiencing a downturn due to supply-demand imbalances and persistently low market prices for solar products, leading to a significant decline in the profitability of module businesses [1] - Despite the challenges, the industry is expected to accelerate towards a turning point [1] Business Segments - Trina Solar's energy storage, system solutions, and digital energy services segments are performing well, contributing positively to overall business growth [1] - The company recently signed a contract for over 1 GWh of energy storage with a European client, reflecting strong demand in this segment [1] - The energy storage business has secured multiple GWh-level contracts since September, with a shipment target of 8-10 GWh for 2025 and an anticipated growth of over 50% in 2026 [1] - Significant growth in energy storage performance is expected in Q4 and beyond, providing support for the company's overall performance [1]