LONGi Green Energy to post a net loss of 6.4 billion yuan in 2025, with losses widening in the first quarter; no sign of a turnaround in the photovoltaic sector | Earnings Report Highlights
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The photovoltaic industry’s deep adjustment has not yet bottomed out. LONGi Green Energy’s net loss for the full year 2025 was 6.4 billion yuan, and the loss further expanded in the first quarter of 2026. However, the company is simultaneously accelerating the large-scale implementation of BC high-efficiency cell technology and its PV-storage synergy strategy, attempting to consolidate its leading position amid the industry reshuffling.
2025 revenue was 70.347 billion yuan, down 14.82% year-on-year; net profit attributable to shareholders was -6.42 billion yuan, narrowing the loss by 2.173 billion yuan year-on-year. No profit distribution or capital reserve conversion to share capital will be carried out for 2025.
Revenue for Q1 2026 was down 18.03% year-on-year to 11.192 billion yuan, with net loss attributable to shareholders expanding to 1.92 billion yuan, an increase of about 34.20% from last year’s 1.431 billion yuan. The loss expansion was mainly due to currency fluctuations, with a negative impact of about 700 million yuan year-on-year.
Currently, the growth in photovoltaic installation has slowed, oversupply keeps industry chain prices and operating rates at low levels, losses continue, elimination of backward production capacity is slow, and no turning point in industry prosperity has appeared.
Annual Losses Narrow, Operational Metrics Improve
In 2025, industry chain prices remained depressed, operating rates were insufficient, and rising costs of raw materials such as silicon and silver paste in the fourth quarter placed sustained pressure on LONGi Green Energy's operations. Nevertheless, the company achieved positive progress in several key operational indicators through refined management.
Net cash flow from operating activities swung sharply from -4.725 billion yuan in 2024 to a positive 4.359 billion yuan, inventory turnover days decreased by 10 days year-on-year, sales and management expenses fell by 29.96% and 23.67%, respectively.
In shipments, the company achieved a full-year shipment of 111.56 GW monocrystalline silicon wafers (48.57 GW sold externally), and 86.58 GW modules.
By market: domestic module sales grew 19% year-on-year, European market grew 18%, Latin America up 54%, Australian market surged by 76%, with annual shipments of 1.3 GW.
On financial structure, the asset-liability ratio rose from 59.83% at end 2024 to 64.43% at end 2025.
Q1 Losses Expand, FX Losses as Main Drag
In Q1 2026, LONGi Green Energy’s operating income was 11.192 billion yuan, down about 2.461 billion yuan year-on-year; net loss attributable to shareholders was 1.92 billion yuan, an increase of about 489 million yuan or 34.20% year-on-year.
The company stated that the loss expansion was mainly due to exchange rate changes, with FX gains turning into losses this period, an increase in losses of about 700 million yuan year-on-year.
Net cash flow from operating activities was -2.449 billion yuan, further deteriorating from -1.747 billion yuan in the same period last year. The company said the main reason was reduced collection of receivables and reduced tax rebates.
In shipments, Q1 saw 20.49 GW silicon wafers shipped (7.64 GW external sales) and 12.62 GW modules, including 8.34 GW BC modules, which now account for over 66% of total module shipments, with a continued upgrade toward high-end products.
BC Technology Scaling Up, Cost Breakthrough Imminent
BC (Back Contact) technology is the core support for the company’s differentiated competitive strategy.
In 2025, HPBC 2.0 product yield reached 98.5%, mainstream modules achieved mass production average power of 650-660W, max power 670W, mass production peak conversion efficiency of 24.8%, with annual BC module sales of 22.87 GW, covering mainstream global markets.
For high-end products, EcoLife modules based on HIBC technology reached a mass production efficiency of 25%, topping the TaiyangNews global module commercialization efficiency ranking, with promotion in Europe and other high-value distributed markets.
As of end 2025, the company’s HPBC 2.0 cell own capacity was 46 GW, with cooperative capacity of 11 GW with Yingfa Deyao and Pingmei LONGi.
On cost breakthroughs, the company has successfully developed the nano-alloy matrix contact (ACM) technology platform, achieving industrialization breakthroughs for new metallization materials and the entire BC technology chain. It is expected that a 20 GW production line will be completed in June 2026 to further enhance BC products’ cost competitiveness.
In technology reserves, HIBC cell conversion efficiency certified by ISFH reached 28.13%, and HIBC module conversion efficiency certified by the US Rocky Mountain National Laboratory reached 26.4%.
In next-generation tandem technology, crystalline silicon-perovskite tandem 1 cm² prototype device efficiency broke through 35.1%, and the large area (261.1 cm²) tandem cell efficiency reached 34.11%. By end 2025, the company had obtained 510 BC-related patent authorizations, including 330 invention patents.
PV-Storage Synergy Strategy Implemented, Expanding Second Growth Pole
As global energy transition moves towards high-quality absorption and deep decarbonization, the company is accelerating the "PV-storage synergy" strategic layout.
In January 2026, the company completed its controlling acquisition of Suzhou Jingkong Energy Technology Co., Ltd. (Jingkong Energy), formally entering the energy storage sector and launching its 5S (iCCS/BMS/PCS/EMS/TMS) full-stack self-developed energy storage system products to provide large-scale storage and C&I storage system solutions for global customers.
The company said it will fully leverage the brand reputation, global channels and customer resources accumulated in PV to promote synergistic development of the PV-storage business, gradually achieve a transformation from PV product vendor to integrated PV-storage solution provider, and foster a new growth pole.
Industry Dilemma: Supply-Demand Imbalance, Industry Chain Prices Remain Low
LONGi Green Energy’s continuing losses reflect the structural dilemmas of the PV industry.
According to CPIA data, new global PV installations in 2025 were 580 GW (AC side), an increase of 9% year-on-year; new installations in China were 317 GW, up 14%, both record highs, but growth has significantly slowed due to grid absorption limits.
Mature markets under pressure: EU new PV installations in 2025 were 65.1 GW, down 0.7% year-on-year, marking the first contraction in a decade; US new installations were 43.2 GW, down 14%. Among emerging markets, India and the Middle East sustained high growth but were insufficient to fill mature market gaps.
On supply side, CPIA data shows China’s silicon, wafer, and cell capacity accounts for more than 90% of global capacity, with module capacity exceeding 80%. Serious oversupply keeps industry chain prices and operating rates low, losses persist, and elimination of backward production capacity is slow.
After China’s domestic new energy power fully entered the market in 2025, PV project investment returns face uncertainty, with weak terminal demand in the second half of the year further increasing industry pressure.
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