LONGi Reports 2025 Revenue Above CNY 70 Billion as Cost Reductions and Efficiency Gains Drive Sharp Loss Narrowing

LONGi released its 2025 annual report on April 28, 2026. Despite challenges from industry-wide supply-demand mismatches and low-price competition in the photovoltaic (PV) sector, the company achieved continuous reductions in unit manufacturing costs, period expenses, and asset impairment losses through various management innovations and cost-efficiency initiatives, helping to significantly narrow its net loss. In 2025, the company recorded operating revenue of CNY 70.347 billion and reduced its net loss attributable to shareholders by CNY 2.173 billion year-on-year.

Accelerated cost management; rising overseas market share

In 2025, facing a complex and severe operating environment, LONGi continued to deepen lean operational efficiency. The company’s net cash flow from operating activities turned sharply positive year-on-year, inventory turnover days decreased by 10 days, selling expenses and administrative expenses fell by 29.96% and 23.67% respectively, and total operating costs for the year reached CNY 69.777 billion, down 8.72% year-on-year. At the same time, the company continuously optimized its asset-liability structure, successfully issuing China’s first private enterprise technology innovation green corporate bond of CNY 2.4 billion to bolster its cash position, maintaining financial prudence and significantly enhancing operational resilience.

In the same year, the company’s wafer business maintained a leading position, with total shipments of 111.56 GW and a 29% year-on-year reduction in non-silicon process costs. Against the backdrop of dispersed global cell manufacturing, LONGi’s wafer business achieved breakthroughs in high-growth overseas markets, with a rising overseas market share.

High-efficiency BC products draw strong demand; gigawatt-scale orders secured

Since the introduction of BC high-efficiency cell technology, the market has responded enthusiastically. In 2025, LONGi accelerated the capacity release of its HPBC 2.0 products, completing rapid ramp-up. As scale effects took hold and new technologies were continuously introduced, the company achieved dual breakthroughs in efficiency improvement and cost reduction. The mainstream version of HPBC 2.0 modules achieved an average mass production power of 650W–660W, with a peak power of 670W and a mass production maximum conversion efficiency of 24.8%.

By the end of 2025, the company had 46 GW of in-house HPBC 2.0 cell capacity, along with 11 GW of collaborative capacity with YingfaDeyao and PingmeiLONGi, forming an industry-leading capability for stable delivery of high-power products. Leveraging the comprehensive advantages of high conversion efficiency, aesthetic design, and high safety, LONGi’s BC modules saw rapid global market penetration, with full-year sales of 22.87 GW, covering major markets. The company secured multiple projects ranging from hundreds of megawatts to gigawatts in domestic centralized procurement and in Europe, the Middle East & Africa, and Asia-Pacific, establishing benchmark demonstrations across multiple regions and application scenarios, earning broad customer recognition for its commercial value and market influence.

In 2025, the company achieved module shipments of 86.58 GW and external cell shipments of 4.31 GW. In the domestic market, the company seized installation-rush opportunities with flexible strategies, achieving 19% year-on-year growth in total module sales. In overseas markets, it captured structural opportunities amid diversified trends, implementing a “one-country, one-strategy” approach to deeply cultivate niche markets with notable success. In the high-value European market, module sales grew 18% year-on-year. In the emerging Latin American market, the company deepened its channel penetration strategy, driving a 54% surge in module sales. In the high-premium Australian market in the Asia-Pacific region, module sales achieved a breakthrough 76% growth, reaching 1.3 GW for the year and gaining market share leadership. Facing complex and volatile U.S. trade policy barriers, the company proactively adjusted its local footprint, developed compliant supply chain pathways, reshaped its competitiveness in the U.S. market, and helped its U.S. module joint venture factory achieve full capacity and full sales.

Building a global intellectual property moat; cultivating a new growth pole in PV-storage integration

LONGi remains committed to driving transformation and reshaping the industry landscape through technological innovation. The company continues to innovate around fundamental solar PV technologies and application‑end scenarios, intensifying efforts on core technological breakthroughs. In 2025, it invested CNY 4.3 billion in R&D. As of year‑end 2025, the company had obtained 3,690 granted patents of various types, including 510 BC‑related patents, of which 330 are invention patents. Through “independent innovation + collaborative cooperation + IP protection + business protection,” LONGi has fortified its BC technology moat.

During the reporting period, in line with the integrated solar-plus-storage industry policies and market trends, the company advanced the acquisition of energy storage business targets through a combination of equity acquisitions, capital increases, and entrusted voting rights. In 2026, the company accelerated the integration of its solar and storage businesses. Leveraging the acquired target’s technological advantages in energy storage system integration, it launched fully self-developed energy storage system products. By fully utilizing the established brand reputation, global channels, and high-quality customer resources of its solar business, the company is accelerating the synergistic development of its solar and storage operations, expanding its product and service ecosystem, cultivating new growth drivers, and steadily transitioning from a solar product provider to an integrated solar-plus-storage system solution service provider.

According to industry insiders, the future development logic of the PV industry will shift from price competition and scale expansion to technology, quality, value creation, and customer reach and service. Segmented application scenarios, solar-plus-storage integration, and comprehensive energy services will open up new space for industry development. Leading enterprises with advantages in technology, cost, global footprint, and full-scenario solution capabilities will further consolidate their positions, guiding the industry towards standardized, orderly, and high-quality sustainable development.