Jinko, LONGi, JA Solar Technology, and TrinaSolar: The Collective "Breakthrough" of the Four Module Oligopolies

In the recently concluded financial reporting season, the PV module industry has been in a dismal state, and perhaps "breaking boundaries" has long become one of the strategies for many enterprises.

In fact, this is also an inevitable path under the construction of a new-type power system, with diversified integration likely to be the unified choice for new energy enterprises.

The Four Oligarchs of Modules

The fierce competition in the PV manufacturing industry is also evident among top-tier enterprises.

Focusing on the module segment, Polaris previously released the ranking of module shipments for the first quarter of this year (TOP 20 PV Module Shipments in Q1 2025) based on data disclosed by enterprises and survey results. Jinko, LONGi, JA Solar Technology, and TrinaSolar remained firmly in the TOP 4. In 2024, the combined module shipments of Jinko, LONGi, JA Solar Technology, and TrinaSolar exceeded 300 GW, accounting for nearly 60% of global new PV installations.

This pattern has remained stable since 2018. Although rankings may fluctuate, all four enterprises have consistently been present, making the Four Oligarchs of Modules indisputable. Over the past seven years, the annual module shipments of these four giants have surged from less than 10 GW to over 70 GW, even approaching 100 GW.

In fact, beyond market share, the moats of the Four Oligarchs of Modules are also built on technological leadership. In the second half of 2024, amidst a storm of technological iteration, LONGi took the lead in launching a new module product, Hi-MO X10, based on HPBC 2.0 technology, raising the mass production efficiency of modules to 24.8%. Following closely, Jinko, TrinaSolar, and JA Solar Technology all officially announced new products, also reaching 24.8%.

According to annual reports, LONGi expects the capacity of HPBC 2.0 cells and modules to reach 50 GW by the end of 2025. Jinko expects to complete the upgrade and transformation of over 40% of its capacity in 2025, forming a high-power TOPCon capacity of 40-50 GW by the end of the year.

In addition, the four top-tier enterprises have already been vying for dominance in the next-generation industrial technologies. For example, Jinko's perovskite/TOPCon tandem cell has achieved a conversion efficiency of 34.22% as tested by an authoritative third-party institution. TrinaSolar's independently developed 210 large-size perovskite/crystalline silicon two-terminal tandem cell module (with an area of 3.1 m²) has been certified with a peak power of 808 W, making it the world's first industrial standard-sized PV module product with a power exceeding 800 W. LONGi's independently developed hybrid back-contact crystalline silicon solar cell (HIBC) has achieved a conversion efficiency of over 27.81%, and its crystalline silicon-perovskite tandem solar cell has achieved a conversion efficiency of up to 34.85%.

However, with the unresolved supply-demand imbalance in capacity and the industry struggling at the bottom of the cycle, even top-tier enterprises cannot escape the fate of losses. In 2024, except for Jinko, which maintained profitability, the other three giants all suffered significant net losses. In the first quarter of this year, the net profits of all four giants were negative. Thus, for the module shipment target in 2025, Jinko, LONGi, and TrinaSolar only expect a slight YoY increase.

Collective "Breakthrough"

Whether it's breaking free from the quagmire or seizing market dividends, it's evident that the four giants are accelerating their move beyond modules, collectively eyeing energy storage systems (ESS) — an indispensable partner for new energy in the future power system. Undoubtedly, this is also the key to the rare profitable segment amid widespread industry losses.

Of course, whether it's technological or market synergy, PV companies' crossover into ESS has long begun, particularly among inverter companies, with module companies undoubtedly accelerating this trend.

Among them, Jinko added ESS to its business scope as early as the end of 2020. Financial reports show that Jinko's ESS shipments exceeded 1 GWh in 2024, and the company aims to increase this figure to 6 GWh this year, up 500% YoY, clearly indicating Jinko's focus in 2025.

TrinaSolar's foray into ESS is even earlier. In 2015, Gao Jifan led the establishment of TrinaStorage, marking TrinaSolar's official entry into the ESS industry. In 2024, TrinaStorage's cabin and system cumulative shipments exceeded 10 GWh, with ESS battery, DC battery cabin, and AC/DC product portfolio capacity reaching 16 GWh. In 2025, TrinaSolar plans to achieve ESS system shipments of 8-10 GWh.

It's worth noting that compared to other top-tier enterprises, TrinaSolar's "breakthrough" is more resolute. In addition to ESS, businesses such as racking, system solutions, and digital energy services have already flourished. Starting this year, TrinaSolar is also fully advancing its strategic transformation, committed to evolving from a PV product manufacturer into an overall smart energy solution provider for PV and ESS, demonstrating strong determination to the market, with future revenue from system solutions and digital energy services expected to exceed 50%.

JA Solar Technology is also accelerating its ESS business. According to financial reports, JA Solar has launched three series of ESS products targeting distributed residential, distributed commercial, and centralized PV power plants, applicable to various scenarios on the power supply side, power grid side, and user side. Although JA Solar has not disclosed specific ESS performance figures, from the perspective of revenue composition, the contribution of the ESS business is minimal.

Unlike the previous three companies, LONGi seems to have lingered outside the ESS circle for a longer time. A communication record with investors last year revealed that Li Zhenguo, President of LONGi Green Energy, once stated that LONGi would consider ESS as its second growth curve and hydrogen energy as the third. However, this was quickly refuted by Zhong Baoshen, Chairman of LONGi Green Energy, who stated that LONGi remains committed to developing hydrogen energy.

However, during a recent media dialogue, Li Zhenguo once again sent a clear signal. He introduced, "We have a clearer vision for our layout and positioning in other business areas beyond the module business. LONGi will continue to expand its scenario-based applications, including integrating with energy storage systems (ESS) and developing businesses such as hydrogen, ammonia, and methanol." Li also revealed that the company's hydrogen energy business will contract this year, but this does not mean a lack of optimism.

Compared to strategic hesitations, LONGi's actions have been swift. On April 22, Qingdao Shenglong New Energy Co., Ltd. was officially registered with a registered capital of 1 million yuan. Its business scope includes power generation technology services and energy storage technology services. The company is 100% owned by Xi'an LONGi Clean Energy Co., Ltd., making it a wholly-owned grandchild company of LONGi Green Energy Technology Co., Ltd.

In fact, it is not just top-tier enterprises that have been taking action. Since the beginning of this year, multiple PV companies have been striving to reverse their downturns by venturing into the ESS sector. For example, the newcomer in the heterojunction field, Liansheng Technology, is expected to plan the acquisition of Century Energy Storage, while Yicheng New Energy has acquired an 80% stake in Henan Pingmei Shenma Energy Storage Co., Ltd., the controlling shareholder's ESS subsidiary.

However, amidst the trend of high gross profit margins exceeding 30%, despite the continuous influx of ESS enthusiasts, the market has become crowded, leading to cut-throat competition and an industry reshuffle. In this context, can ESS still serve as a new engine for PV companies to break free from their predicaments?