LONGi Green Energy Technology (601012) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 27.05 billion, down 17.58% year-over-year due to lower sales of modules and wafers.

• Net loss attributable to shareholders was RMB -3.68 billion, with operating losses driven by industry overcapacity, low utilization, and margin pressure.

• Overseas module sales grew over 26% year-over-year, with overseas revenue share exceeding 65%.

• BC (Back Contact) module shipments surged 125% year-over-year, now over 65% of total module shipments.

• The company accelerated its transition to integrated PV and storage solutions, launching new products and expanding global delivery capabilities.

Financial highlights

• Operating income: RMB 27.05 billion, down 17.58% year-over-year.

• Net loss attributable to shareholders: RMB -3.68 billion (vs. -2.57 billion last year).

• Gross margin remained low due to industry supply-demand imbalance and high silver prices in Q1.

• Operating cash flow: RMB -5.82 billion (outflow increased from -0.48 billion last year).

• Net assets attributable to shareholders: RMB 48.62 billion, down 10.42% from year-end 2025.

Outlook and guidance

• The PV industry remains in a deep adjustment phase, with global demand expected to recover from 2027.

• The company will continue to focus on cost reduction, efficiency improvement, and integrated PV-storage solutions.

• Ongoing investment in high-efficiency BC cell technology and global market expansion.