PVTIME – Data on the market capitalisation of China’s leading photovoltaic enterprises, as of 15:00 on 30 June 2026, highlights significant valuation disparities across the entire PV industrial chain.
Sungrow retains the top position, with a market capitalisation of 322.675 billion yuan. This firmly secures its industry dominance in the string inverter, centralised inverter, and residential and utility-scale energy storage system segments. TBEA and Deye secured second and third place with valuations of 114.042 billion and 132.746 billion yuan respectively, benefiting from robust overseas demand for distributed storage and new energy engineering contracting services. LONGi ranks fourth with a valuation of 99.424 billion yuan, facing pressure due to sustained fierce price competition in PV modules. Meanwhile, Tongwei, Maxwell and JinkoSolar have registered market values ranging from 51 billion to 69 billion yuan, thanks to stable shipments of polysilicon, high-efficiency cell manufacturing equipment, and TOPCon photovoltaic modules. China Three Gorges New Energy, CHINT Electric and Jingsheng Mechanical & Electrical have market caps ranging from 55 to 66 billion yuan. The remaining listed firms, including Trina Solar, JA Solar, Daqo New Energy and Ginlong Technologies, occupy lower valuation tiers. Their market capitalisations range from roughly 31.9 to 39.6 billion yuan. This reflects their differing profitability, which is driven by industrial links, product layout and overseas market deployment.
Compared with the market cap data on 8 May, Sungrow achieved obvious valuation growth and further widened its leading edge. TBEA slipped from second place, while Deye rose in the ranking on the back of booming residential energy storage export orders. LONGi witnessed a notable market value shrinkage due to fierce price competition in the module sector. Most upstream and equipment manufacturers suffered mild valuation corrections, reflecting the capital market’s cautious sentiment toward the cyclical downturn of the photovoltaic industry.
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