# Trina Solar (688599.SHG)

Canonical: https://gigainvestors.com/s/688599.SHG

Analysis as of: 2026-10-16T07:38:33.194Z. Financial observations: FY2007–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 10.35 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 3.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.02×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: -0.05×

- FY2025: -0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 26.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.0%

- ROIC, second-lowest year: -6.9%

- Typical minus recent gross margin: 26.4 pp

- Typical gross margin (annual median): 14.4%

- Recent gross margin (lower of latest and 3-year median): -11.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.1%

- ROIC including acquisitions, ten-year median: -0.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.2%

- FY2017: 3.1%

- FY2018: 2.8%

- FY2019: 4.9%

- FY2020: 8.7%

- FY2021: 8.1%

- FY2022: 15.3%

- FY2023: 17.5%

- FY2024: -6.9%

- FY2025: -19.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -22.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -12B

- Net income, five-year total: CNY 544M

- Return on incremental invested capital: -13.2%

- Working capital / revenue, annual change: -2.2 pp

- Working capital / revenue, change between three-year averages: -16.7 pp

- Working capital / revenue, final three-year average: 12.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.05×

- FY2024: 3.29×

- FY2025: 0.90×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.1% vs -6.9%

- Per-share earnings: 0.45 to -1.60 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.5%

- Ordinary dilution, 5-year annual growth: 0.3%

- Diluted shares, 10-year annual growth: 7.5%

- Diluted shares, 5-year annual growth: 0.3%

- Per-share value change: CNY -2.05

- Per-share value, starting three-year median: CNY 0.45

- Per-share value, ending three-year median: CNY -1.60

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.6%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 664M

- Cumulative net income, 10 years: CNY 4.0B

- ROIC, first three-year median: 3.1%

- ROIC, last three-year median: -6.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.45

- FY2017: CNY 0.37

- FY2018: CNY 0.33

- FY2019: CNY 0.33

- FY2020: CNY 0.57

- FY2021: CNY 0.86

- FY2022: CNY 1.68

- FY2023: CNY 2.43

- FY2024: CNY -1.60

- FY2025: CNY -3.22

### accounting: pass

- Sloan accruals: -12.1%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.1%

- FY2017: -1.3%

- FY2018: -12.0%

- FY2019: -12.6%

- FY2020: -3.9%

- FY2021: 1.1%

- FY2022: -6.2%

- FY2023: -16.4%

- FY2024: -9.2%

- FY2025: -12.1%

## Holders

## Price story

Down 88% since Jul 2022 · sales -16.2%

Story as of 2026-10-16T10:00:10.057Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -16.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 23B 

- FY2017: CNY 26B 

- FY2018: CNY 24B 

- FY2019: CNY 23B 

- FY2020: CNY 29B 

- FY2021: CNY 45B 

- FY2022: CNY 84B 

- FY2023: CNY 113B 

- FY2024: CNY 80B 

- FY2025: CNY 67B 

### Gross margin · FY2024

gross margin 7.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.1% 

- FY2017: 16.7% 

- FY2018: 15.0% 

- FY2019: 17.2% 

- FY2020: 15.4% 

- FY2021: 13.9% 

- FY2022: 12.8% 

- FY2023: 13.6% 

- FY2024: 7.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in solar; annual sales are CNY 67.3 billion.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2025-12-31 (filed 2026-10-16T07:38:33.194Z); FY2025: revenue 67274001000; grossProfit -8022110000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688599.SHG: Trina Solar Co., Ltd. engages in the research and development, production, and sales of photovoltaic (PV) modules in China, Europe, North and Latin America, the United States, Japan, the Asia Pacific, the Middle East, and Africa. It offers silicon photovoltaic modules and monocrystalline silicon solar cells. The company also provides solutions, such as solar modules, energy storage products, photovoltaic brackets, and other products, and inverters. In addition, it offers photovoltaic power generation, photovoltaic power station operation and maintenance, and photovoltaic power station project construction management services, as well as smart solutions for energy storage, smart microgrid, and development and sales of multi-energy systems. The company was founded in 1997 and is headquartered in Changzhou, China.

### Why customers stay

It earns 4% on its capital.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2023-12-31 (filed 2026-10-16T07:38:33.194Z); FY2023: grossProfit / revenue = 13.6%.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2024-12-31 (filed 2026-10-16T07:38:33.194Z); FY2024: grossProfit / revenue = 7.7%.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2025-12-31 (filed 2026-10-16T07:38:33.194Z); FY2025: grossProfit / revenue = -11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.194Z); 10-year return on capital observations [[2016,0.031544864279079605],[2017,0.030814199874239778],[2018,0.02778986709937408],[2019,0.04882578377266038],[2020,0.08744327727366523],[2021,0.08072609419855806],[2022,0.15319842488613755],[2023,0.17500957803066952],[2024,-0.06868147701718795],[2025,-0.1962460567714945]]; median 0.040185324025869995. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 13% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.194Z); Gross margin observations: [[2021,0.13863695761497713],[2022,0.12837373690273673],[2023,0.1355031644783173]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2016-12-31 (filed 2026-10-16T07:38:33.194Z); FY2016: growth capex 445725626.4100001; upkeep 958204349; owner earnings 479106770. Growth capex / owner earnings = 0.9303262953474861.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2020-12-31 (filed 2026-10-16T07:38:33.194Z); FY2020: growth capex 2361160542.6810937; upkeep 2370832009.008906; owner earnings 780865.9910941124. Growth capex / owner earnings = 3023.7717734034586.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2021-12-31 (filed 2026-10-16T07:38:33.194Z); FY2021: growth capex 5225548006.26; upkeep 1266625082; owner earnings 1800365497.082. Growth capex / owner earnings = 2.9024928631044498.

- Source: https://eodhd.com/api/fundamentals/688599.SHG.json#2022-12-31 (filed 2026-10-16T07:38:33.194Z); FY2022: growth capex 5955050049.78; upkeep 2153218000; cash acquisitions 0; owner earnings 3646419186.134. Growth capex plus acquisitions / owner earnings = 1.633122728298732.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.194Z); Dividend observations: [[2016,507334552.43],[2017,4184239460.98],[2018,568873287.68],[2019,543909791.34],[2020,206802637],[2021,372244747],[2022,498545105],[2023,1038810534],[2024,2650557000],[2025,1037061027.78]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 41.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688599.SHG SharesStats.PercentInsiders = 41.455 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.194Z); Closing price 10.35 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 31.002969372322134; price multiple 0.33383899057230143. FY2025 cash earnings/share -2.8956143067758275. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2020-06: CNY 16.80 per share

- 2020-07: CNY 16.96 per share

- 2020-08: CNY 16.26 per share

- 2020-09: CNY 16.38 per share

- 2020-10: CNY 15.93 per share

- 2020-11: CNY 21.69 per share

- 2020-12: CNY 23.15 per share

- 2021-01: CNY 23.58 per share

- 2021-02: CNY 20.19 per share

- 2021-03: CNY 18.55 per share

- 2021-04: CNY 16.53 per share

- 2021-05: CNY 18.39 per share

- 2021-06: CNY 28.35 per share

- 2021-07: CNY 46.69 per share

- 2021-08: CNY 60.54 per share

- 2021-09: CNY 53.56 per share

- 2021-10: CNY 78.30 per share

- 2021-11: CNY 73.13 per share

- 2021-12: CNY 78.90 per share

- 2022-01: CNY 66.57 per share

- 2022-02: CNY 77.29 per share

- 2022-03: CNY 58.90 per share

- 2022-04: CNY 50.80 per share

- 2022-05: CNY 64.20 per share

- 2022-06: CNY 65.25 per share

- 2022-07: CNY 82.99 per share

- 2022-08: CNY 71.49 per share

- 2022-09: CNY 64.11 per share

- 2022-10: CNY 66.43 per share

- 2022-11: CNY 64.50 per share

- 2022-12: CNY 63.76 per share

- 2023-01: CNY 71.37 per share

- 2023-02: CNY 61.70 per share

- 2023-03: CNY 52.09 per share

- 2023-04: CNY 49.20 per share

- 2023-05: CNY 39.30 per share

- 2023-06: CNY 42.61 per share

- 2023-07: CNY 37.63 per share

- 2023-08: CNY 33.98 per share

- 2023-09: CNY 30.57 per share

- 2023-10: CNY 29.87 per share

- 2023-11: CNY 26.96 per share

- 2023-12: CNY 28.53 per share

- 2024-01: CNY 23.10 per share

- 2024-02: CNY 25.05 per share

- 2024-03: CNY 23.80 per share

- 2024-04: CNY 21.28 per share

- 2024-05: CNY 22.07 per share

- 2024-06: CNY 16.92 per share

- 2024-07: CNY 17.44 per share

- 2024-08: CNY 17.24 per share

- 2024-09: CNY 22.42 per share

- 2024-10: CNY 25.03 per share

- 2024-11: CNY 24.35 per share

- 2024-12: CNY 19.30 per share

- 2025-01: CNY 17.22 per share

- 2025-02: CNY 17.35 per share

- 2025-03: CNY 16.83 per share

- 2025-04: CNY 13.10 per share

- 2025-05: CNY 13.40 per share

- 2025-06: CNY 14.53 per share

- 2025-07: CNY 15.52 per share

- 2025-08: CNY 16.57 per share

- 2025-09: CNY 17.37 per share

- 2025-10: CNY 20.37 per share

- 2025-11: CNY 18.09 per share

- 2025-12: CNY 16.55 per share

- 2026-01: CNY 18.75 per share

- 2026-02: CNY 19.09 per share

- 2026-03: CNY 16.48 per share

- 2026-04: CNY 17.36 per share

- 2026-05: CNY 15.42 per share

- 2026-06: CNY 14.12 per share

- 2026-07: CNY 13.57 per share

- 2026-08: CNY 12.07 per share

- 2026-09: CNY 10.99 per share

- 2026-10: CNY 10.88 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 12.07 per share, central CNY 12.75 per share, high CNY 13.66 per share

- FY2017: low CNY 7.87 per share, central CNY 10.10 per share, high CNY 11.40 per share

- FY2018: low CNY 6.71 per share, central CNY 8.55 per share, high CNY 9.61 per share

- FY2022: low CNY 8.05 per share, central CNY 8.05 per share, high CNY 8.06 per share

- FY2023: low CNY 8.97 per share, central CNY 8.97 per share, high CNY 8.98 per share

- FY2024: low CNY 7.97 per share, central CNY 7.97 per share, high CNY 7.97 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.