LONGi’s FY2025 revenue declined 14.8% YoY to RMB 70.3 billion, while its net loss narrowed to RMB 6.4 billion
Management said overcapacity, low prices, and higher input costs continued to pressure margins and utilization across core PV products
Its annual shipments for silicon wafers and solar modules remained at industry-leading levels, supported by strong domestic demand
LONGi Green Energy Technology reported operating revenue of RMB 70.3 billion for FY2025, down 14.8% year-on-year (YoY). The company also posted a second consecutive annual net loss, although it narrowed to RMB 6.4 billion from RMB 8.6 billion in the previous year.
The net loss was within LONGi’s guided range for the year of RMB 6.0 billion to RMB 6.5 billion (see LONGi Expects Up To RMB 6.5 Billion Net Loss In 2025).
The company attributed the weaker performance in FY2025 to an adverse operating environment marked by overcapacity in the solar PV sector and intense price competition – factors that have been impacting the financials of several solar PV manufacturers in China (see Top Chinese Module Makers Expect Losses To Continue In 2025).
According to management, these conditions continued to pressure gross margins for its core products, including solar modules and silicon wafers.
Persistently sluggish product prices and rising raw material costs, especially for polysilicon and silver paste during Q4, led to underutilization of production capacity.
LONGi said it took steps to mitigate the impact by reducing manufacturing costs, cutting expenses, and lowering asset impairment losses. While these measures helped reduce operating losses, the company noted they were not sufficient to restore profitability.
Nevertheless, LONGi’s shipments during the year were at industry-leading levels, with 111.56 GW of monocrystalline silicon wafers (48.57 GW sold externally), 86.58 GW of modules, and 4.31 GW of cells sold externally. The 19% YoY improvement in module shipments was thanks to strong domestic installation demand in China.
Last year, the company shipped 22.87 GW of back contact (BC) modules, while expanding its total Hybrid Passivated Back Contact (HPBC) 2.0 cell production capacity to 46 GW, supplemented by 11 GW established through its partnerships with Yingfa Deyao and Pingmei LONGi. Additionally, it has developed a new Nano-Alloy Matrix Contact (ACM) technology platform for BC cell metallization and is building a 20 GW production line by June 2026 to further improve cost competitiveness.
Overseas, its module sales grew 18% YoY in Europe, and by a substantial 54% in Latin America. In the Asia-Pacific region, full-year shipments expanded by 76%, reaching 1.3 GW.
LONGi shared that it has reduced its ownership stake in the US solar module joint venture (JV) due to complex and evolving US trade policies. LONGi partnered with Invenergy on a 5 GW solar module production facility in Ohio in 2024, to be operated by Illuminate USA (see LONGi Partners For 5 GW US Solar Module Fab).
The company says it has also adjusted its supply chain to meet compliance requirements and improve market competitiveness in the US. As a result of these changes, the JV factory was able to run at full production capacity and sell all of its output.
Beyond the world of solar PV, it also continues to expand its energy storage business. In January 2026, the manufacturer acquired a controlling stake in Jingkong Energy, which marked its entry into the energy storage sector. With this acquisition, LONGi now offers large-scale energy storage systems (ESS) and commercial and industrial (C&I) ESS solutions to global clients.
In January 2026, LONGi-backed PotisEdge launched a battery energy storage system (BESS) manufacturing factory JV in the US with US-based NeoVolta (see NeoVolta Launches US BESS Manufacturing Joint Venture).
2026
The Chinese manufacturer saw a decline in its financials in Q1 2026, with operating revenue down 18.3% YoY to RMB 11.2 billion, while net loss widened to RMB 1.92 billion from RMB 1.44 billion in Q1 2025.
The company shipped 20.49 GW of silicon wafers during the reporting quarter, of which 7.64 GW were sold externally. Module shipments totaled 12.62 GW, comprising 8.34 GW of BC modules.
In 2026, LONGi says it will accelerate the integration of its PV and energy storage operations, launching a full-stack, independently developed suite of ESS products. It targets about 100 GW of silicon wafer shipments and around 80 GW of module shipments this year, with more than 65% coming from BC modules and over half sold internationally. For ESS, its target is to ship 6 GWh capacity.
Recently, LONGi achieved the 25% commercial solar module efficiency benchmark for its BC modules, taking the top spot on the TaiyangNews TOP SOLAR MODULES Listing for April 2026, alongside its BC technology peer AIKO (see TOP SOLAR MODULES Listing—April 2026).
LONGi has also reported record cell conversion efficiencies of 28.13% for cells and 26.4% for modules, based on its hybrid interdigitated back-contact (HIBC) technology (see China Solar PV News Snippets).