LONGi Green Energy Technology (601012) H1 2025 earnings summary

Executive summary

• Operating revenue for January–June 2025 was RMB 32.81 billion, down 14.83% year-over-year due to price declines in modules and wafers.

• Net loss attributable to shareholders was RMB 2.57 billion, a reduction of RMB 2.66 billion compared to the same period last year, mainly from lower selling and administrative expenses and reduced asset impairment losses.

• Wafer shipments reached 52.08 GW (24.72 GW external sales); cell and module shipments were 41.85 GW (39.57 GW modules).

• The company maintained a high safety margin in financial reserves and received a AAA rating in PV ModuleTech Bankability Ratings for the 22nd consecutive time.

Financial highlights

• Gross margin was negative, with cost of sales (RMB 33.08 billion) exceeding revenue.

• Basic and diluted EPS were both -0.34, improved from -0.69 year-over-year.

• Weighted average ROE improved to -4.31% (up 3.39 percentage points year-over-year).

• Net cash flows from operating activities were negative RMB 484 million, a significant improvement from negative RMB 6.41 billion in the prior year.

• Total assets at period end were RMB 149.60 billion, down 2.12% from year-end 2024.

Outlook and guidance

• The company expects high-value HPBC 2.0 cell production capacity to exceed 60% by year-end 2025.

• Focus remains on differentiated product strategy, cost control, and global expansion to navigate industry losses and supply-demand imbalance.