LONGi Green Energy Technology (601012) H2 2025 earnings summary

Executive summary

• 2025 saw continued industry headwinds, with net loss narrowing by over 20% year-over-year, but still not achieving profitability.

• Industry supply-demand imbalance persisted, with PV product prices near cost and raw material costs rising in Q4.

• New BC PV products gained global acceptance and premium, with cost reductions supporting future performance.

• Cost controls and organizational transformation improved efficiency, and storage business became a new growth driver.

• The company is transitioning from a PV product supplier to a green energy solutions provider, focusing on customer value and scenario-based innovation.

Financial highlights

• 2025 revenue was RMB 70.35 billion, down 14.82% year-over-year; net loss attributable to shareholders was RMB 6.42 billion, a reduction of RMB 2.18 billion from 2024.

• Gross margin for PV business was 0.81%, down 6.63 percentage points year-over-year.

• Operating cash flow turned positive to RMB 4.36 billion from negative RMB 4.72 billion in 2024.

• Basic and diluted EPS were both -0.85; weighted average ROE was -11.15%.

• Total assets at year-end were RMB 153.80 billion; net assets attributable to shareholders were RMB 54.28 billion.

Outlook and guidance

• 2026 targets: silicon wafer shipments ~100GW, module shipments ~80GW (BC modules >65%), overseas shipments >50%.

• Storage system shipment target is 6GWh, with focus on scaling storage business and integrated energy solutions.

• Industry expected to shift from price/scale competition to technology, quality, and value, with scenario-based and integrated energy services as new growth areas.