On November 20th, Trina Solar (688599.SH) announced that as of November 18th, 2025, the company had cumulatively repurchased 50.8696 million shares through centralized bidding, representing 2.1715% of the total share capital. The highest repurchase price was RMB 38.12 per share, and the lowest was RMB 13.64 per share, with a total repurchase amount of approximately RMB 1.136 billion (excluding stamp duty, transaction commissions, and other transaction fees).

This repurchase is a significant step forward in the company's second phase of its repurchase plan, which was launched in June 2024, originally with a term ending in June 2025, later extended to March 2026, with a total amount of RMB 1-1.2 billion. The shares will be used to convert the company's convertible bonds.

In terms of timeline, the company has completed 94.67% of the planned repurchase amount, demonstrating a significantly accelerated repurchase pace. At the end of October, the company had only repurchased 25.12 million shares, paying 432 million yuan. However, in just over half a month, the repurchase scale has more than doubled.

One of the world's leading photovoltaic companies

Trina Solar was founded in 1997 and listed on the Science and Technology Innovation Board in 2020. Its main business covers photovoltaic products, photovoltaic systems, energy storage, and smart energy solutions; the actual controller is Gao Jifan.

In the photovoltaic business, the company's N-type TOPCon technology platform has achieved significant breakthroughs in mass production. By the first half of 2025, its module shipments will exceed 32GW; as of the end of June this year, the company's cumulative shipments of 210 modules exceeded 200GW, firmly ranking first globally. Furthermore, the company's business spans more than 100 countries and regions worldwide, and it has established regional headquarters in Switzerland, the United States, and Singapore.

In terms of technological innovation, its State Key Laboratory of Photovoltaic Science and Technology has repeatedly broken world records for photoelectric conversion efficiency in cutting-edge fields such as N-type i-TOPCon cells. As of the end of June 2025, the company held a total of 3,422 patents, including 1,274 invention patents.

Q3 Net Profit Reduced Quarter-on-Quarter Loss

In terms of performance, in 2023, Trina Solar achieved a net profit attributable to the parent company of RMB 5.531 billion, a year-on-year increase of 50.26%; total revenue exceeded RMB 100 billion for the first time, reaching RMB 113.411 billion, a year-on-year increase of 33.34%, setting a new historical record.

However, in 2024, affected by the cyclical adjustment of the industry, the company suffered a net loss of RMB 3.443 billion for the whole year. The main reason was the sharp decline in prices in the industrial chain, which led to a significant narrowing of the company's profit margin.

In the first three quarters of 2025, Trina Solar achieved revenue of RMB 49.97 billion, a year-on-year decrease of 20.87%; net profit attributable to the parent company was a loss of RMB 4.201 billion, an increase in losses year-on-year.

However, the company achieved revenue of RMB 18.914 billion in the third quarter, a year-on-year decrease of 6.27%, but a quarter-on-quarter increase of 13.12%; although the net loss attributable to the parent company was RMB 1.283 billion, the loss was reduced quarter-on-quarter; the operating situation improved significantly.

Diversified Layout for Breakthrough

Under the impact of the industry transformation wave, Trina Solar is actively seeking strategic transformation, striving to evolve from a single photovoltaic product manufacturer into a comprehensive provider of integrated smart energy solutions in the photovoltaic and energy storage fields.

In the energy storage field, as of the end of 2024, Trina's battery compartment and system sales have expanded to six major global markets, with cumulative shipments exceeding 10GWh, and it successfully entered the top ten list of Chinese energy storage companies in global shipments in 2024. In 2025, Trina's energy storage business continued its rapid growth, successively winning 1GWh orders in Chile and Europe.

In the field of technological research and development, in March 2025, the company's independently developed 210mm large-size perovskite/crystalline silicon tandem solar module, certified by the authoritative TÜV testing laboratory, achieved a peak power of 808W, becoming the world's first industrial-standard-size photovoltaic module product to surpass the 800W power threshold.

Currently, the world is vigorously promoting the "anti-involution" process. Driven by both recovering demand and cost support, photovoltaic module prices are expected to rise. This trend is expected to drive a continued improvement in Trina Solar's profitability, helping it return to a fast-growth trajectory.