LONGi Green Energy Technology (601012) Q3 2025 earnings summary

Executive summary

• Operating revenue for Q3 2025 was RMB 18.10 billion, down 9.78% year-over-year; year-to-date revenue reached RMB 50.91 billion, a 13.10% decrease from the same period last year.

• Net profit attributable to shareholders for Q3 was a loss of RMB 1.17 billion; year-to-date net loss was RMB 3.40 billion, narrowing from RMB 6.49 billion loss in the prior year.

• Gross profit margin and operating cash flow improved sequentially, with losses narrowing quarter over quarter.

• Sales volumes for January–September: 38.15 GW silicon wafers, 63.43 GW cells & modules, and 14.48 GW BC modules.

Financial highlights

• Total assets at September 30, 2025: RMB 153.97 billion, up 0.74% from year-end 2024.

• Equity attributable to shareholders: RMB 60.89 billion, up from RMB 57.38 billion at year-end 2024.

• Net cash flows from operating activities for Q1–Q3 2025: RMB 1.82 billion, a significant improvement from negative RMB 8.37 billion in the prior year.

• Basic and diluted EPS for Q1–Q3 2025: -0.45 and -0.45 RMB/share, respectively, compared to -0.86 and -0.85 RMB/share in the prior year.

Outlook and guidance

• Management focused on customer value, cost reduction, and efficiency improvements to counteract intense low-price competition in the photovoltaic industry.

• Differentiated product strategy and rapid growth in HPBC2.0 products are expected to strengthen competitive positioning.