LONGi Green Energy Technology (601012) H2 2025 earnings summary

Executive summary

• Achieved a >20% reduction in net loss year-over-year, though still unprofitable amid industry downturn.

• Maintained global leadership in monocrystalline wafer and module shipments, with 111.56 GW and 86.58 GW respectively.

• Advanced transformation to integrated solar-plus-storage solutions, acquiring PotisEdge and launching new energy storage products.

• Strengthened operational efficiency, reducing selling and administrative expenses by 29.96% and 23.67% year-over-year.

• No profit distribution for 2025 to preserve capital and support long-term strategy.

Financial highlights

• Operating revenue: RMB 70.35 billion, down 14.82% year-over-year.

• Net loss attributable to shareholders: RMB 6.42 billion, improved from RMB 8.59 billion loss in 2024.

• Gross margin on main products remained low due to overcapacity and price competition.

• Net cash flows from operating activities: RMB 4.36 billion, a significant turnaround from negative RMB 4.72 billion in 2024.

• Total assets: RMB 153.80 billion; net assets attributable to shareholders: RMB 54.28 billion.

Outlook and guidance

• Industry expected to recover as excess capacity clears and prices stabilize in 2026.

• Strategic focus on technology leadership, scenario-based product innovation, and global supply chain resilience.

• 2026 shipment targets: ~100 GW wafers, ~80 GW modules, with BC modules >65% of module shipments and overseas shipments >50%.

• Energy storage system shipment target: 6 GWh in 2026.