LONGi Green Energy Q3 revenue dropped nearly 10% year-on-year, losses narrowed by 30%, BC module shipments exceeded 14GW | Financial Report Highlights

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Under the continued heavy pressure of supply-demand imbalance and intense competition in the photovoltaic industry, LONGi Green Energy has delivered a mixed third-quarter report card. The financial report shows that the company’s revenue shrank year-on-year; although it has not yet achieved profitability, the loss has narrowed compared to the previous year. BC module sales reached 14.48GW, accounting for nearly 23%, and HPBC 2.0 product production and sales achieved rapid growth quarter-on-quarter.

On October 30, LONGi Green Energy released its third-quarter financial report. Key financial data are as follows:

Financial Performance:Third-quarter revenue was 18.101 billion yuan, down 9.78% year-on-year; net loss attributable to shareholders was 834 million yuan, a narrowed loss compared with 1.261 billion yuan in the same period last year.Revenue for the first three quarters was 50.915 billion yuan, down 13.10% year-on-year; net loss attributable to shareholders was 3.403 billion yuan, about a 48% reduction in loss year-on-year.Cash Flow: The net operating cash flow for the first three quarters turned positive to 1.819 billion yuan, compared to a net outflow of 8.367 billion yuan in the same period last year, mainly due to significant cuts in procurement spending and labor costs.Product Structure: BC module sales in the first three quarters accumulated to 14.48 GW, and HPBC 2.0 product production and sales grew rapidly quarter-on-quarter.Debt Structure: Total liabilities were 96.127 billion yuan, long-term loans 15.434 billion yuan, and bonds payable 7.084 billion yuan.

Significant Loss Reduction, Cash Flow Improvement

The most striking data in the financial report is undoubtedly the improvement in profits. For the first three quarters of 2025, the company's net loss attributable to shareholders was 3.403 billion yuan, a reduction of as much as 48% compared with 6.486 billion yuan in the same period last year. Looking at just the third quarter, the net loss was 834 million yuan, also better than the previous two quarters, showing a positive trend of quarter-on-quarter loss reduction.

The company attributes this to "management innovation and cost reduction and efficiency improvement." The data indeed confirm this: in the first three quarters, selling expenses dropped 35.1% year-on-year, administrative expenses dropped 22.3%, and R&D expenses dropped 16.8%.

The net operating cash flow is one of the surprises in this report, and this improvement is partly due to “cutting expenditures” rather than “increasing revenue.” Cash paid for goods purchased fell from 47.95 billion yuan in the same period last year to 37.87 billion yuan, a decrease of over 20%; cash paid for employee compensation fell from 8.8 billion yuan to 5.6 billion yuan, a decrease of 36%. Meanwhile, notes payable dropped sharply from 17.2 billion yuan at the beginning of the year to 6.6 billion yuan, a decline of 62%, as the company proactively shrinks bill financing and optimizes its debt structure.

BC Modules Volume Expansion

Throughout the financial report, LONGi repeatedly emphasized its BC (Back-Contact) cell technology.

Data show that, in the first three quarters, among total module sales of 63.43 GW, BC module sales reached 14.48 GW, accounting for nearly 23%. The company specifically mentioned that "HPBC 2.0 product production and sales achieved rapid quarter-on-quarter growth". This indicates that LONGi is shifting resources toward these high-value, high-premium products, trying to use technological advantages to offset the decline in market average prices. The company is seeking product differentiation through technology, thereby gaining pricing power and higher profit margins.

In terms of share price, LONGi Green Energy is currently at 21.51 yuan/share, up more than 40% year-to-date.

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