(Yicai) Sept. 2 -- Earnings tumbled at the biggest listed firms in China's photovoltaic industry in the first half of this year after solar panel prices continued to slump.

Net profit of Jinko Solar plunged 69 percent to CNY1.2 billion (USD170 million) in the six months ended June 30 from a year earlier. Its revenue fell around 12 percent to CNY47.3 billion (USD6.7 billion), which was still relatively high thanks to its high annual production capacity of advanced high-efficiency N-type modules, helping it to overtake Longi Green Energy Technology as the world's top supplier.

Jinko PV module shipments totaled 43.8 gigawatts in the first half, with over 80 percent being high-efficiency N-type ones.

In contrast, due to the relatively large capacity of outdated P-type wafers and modules, Longi swung into the red with a net loss of CNY5.2 billion, versus a net profit of CNY9.2 billion a year ago, while its revenue fell 40 percent to CNY38.5 billion. Its module shipments reached 31.34 GW, dropping to fourth in the industry.

Trina Solar's net profit sank 85 percent to CNY526 million (USD74 million) on revenue of CNY43 billion to rank second. The Changzhou-based firm took the third sport by module shipments with 34 GW.

JA Solar Technology also reported a net loss of CNY874 million, compared with net profit of CNY4.8 billion a year earlier, with its revenue reaching CNY37.4 billion. However, the Beijing-based firm climbed to the second position by module shipments with over 38 GW.

Jinko and Trina remained profitable mainly due to the increased shipments of high-efficiency N-type modules. Trina's gross profit margin was 13.85 percent in the first half, the highest among the four companies, while that of Jinko was 8.56 percent, according to data from Wind Information.

Xi'an-based Longi saw wafer and module shipments decline in the first half while setting aside CNY4.9 billion as a provision for inventory write-down losses.

Emerging overseas markets are one of the few bright spots for the industry. Jinko's PV module shipments to overseas markets accounted for about 65 percent of its total, and related revenue made up about 71 percent of its income, the Shanghai-based firm said in its earnings report.

After experiencing several months of continuous price declines, the operating rate of the PV supply chain is at a relatively low level. With the peak season for downstream power station construction demand in the second half of the year, market prices at various stages of the PV supply chain will likely increase.

Jinko expects its PV module shipments to be between 23 GW and 25 GW this quarter while remaining confident in meeting its annual shipment goal and aiming to achieve sustainable operating performance by balancing shipments and profits across different regions, according to the company.

Editors: Tang Shihua, Martin Kadiev