In the first half of 2026, LONGi achieved operating revenue of RMB 27.045 billion. The company recorded BC module sales of 19.55 GW, a robust 125% year-on-year increase, with the shipment mix share rising significantly to over 65%. Overseas module shipments grew by more than 26% year-on-year, while the overseas revenue share of its module business climbed to above 65%. In energy storage, cumulative signed orders exceeded 3 GWh. Leveraging its differentiated BC technology, LONGi has established a clear competitive edge, showing visible structural improvements.
Phased Demand Correction Amid Industry-Wide Low-Margin Equilibrium
During the period, LONGi’s profitability was affected by industry-wide supply-demand imbalances, suboptimal capacity utilisation, and high silver prices in Q1 that pushed up costs and resulted in losses on some utility-scale orders. Additionally, the company incurred losses from associated enterprises and foreign exchange losses due to RMB appreciation, which further weighed on net income.
At the industry level, demand retracement was a key backdrop. According to data from China’s National Energy Administration, new PV installations in the country reached 72.07 GW in H1 2026, down 66% year-on-year – a sharp cyclical decline driven by increased project return uncertainty under power tariff market reforms, grid integration constraints, and a high base effect from last year’s rush to install. This domestic demand slowdown has contributed to the first global decline in new PV installations in nearly two decades.
The supply-demand imbalance across the photovoltaic value chain remains unresolved, and the industry as a whole continues to operate in a low-margin phase, with core business profitability yet to recover. National policy measures aimed at curbing “internal competition” and market-driven capacity rationalisation will take time to materialise. Combined with a temporary slowdown in end-market demand and accelerating localisation trends in overseas markets, the timeline for exiting the current cycle trough remains uncertain. In this context, LONGi’s near-term pressure is consistent with broader industry challenges, and its losses are largely attributable to common industry factors. Encouragingly, supported by BC technology’s rising market share and an improved shipment mix, LONGi’s gross margin turned positive year-on-year in H1 2026, increasing by more than 2 percentage points.
BC Module Shipments Grow 125%; Overseas Markets Unlock New Growth
Against the overall volume pressure, both LONGi’s product portfolio and market structure showed clear improvements.
On the product front, in H1 2026 the company secured over 10 GW of BC module awards in domestic utility-scale procurement tenders, maintained a leading share in the C&I market, and saw rapid order growth in overseas high-end markets. BC module sales reached 19.55 GW, up 125% year-on-year, and represented over 65% of total module shipments. Meanwhile, LONGi continued to advance the national "PV+" rural revitalization program across the country, with more than 400 villages under construction.
In terms of shipment structure, the company deepened its sales organisation transformation, focused on high-value markets, optimised its shipment mix, and built competitive advantages in flexible supply chains and delivery capabilities centred on customer satisfaction. Wafer shipments reached 48.91 GW (including 18.98 GW for external sales), module shipments totalled 29.93 GW, and external cell sales were 0.86 GW. LONGi’s mono-crystalline wafers rank first globally in cumulative shipments over the past decade, and its modules have ranked among the global top two for five consecutive years.
Overseas markets remained generally robust. Mature European markets maintained steady growth, while emerging markets in South Asia, Southeast Asia, and Africa expanded rapidly amid power shortages and rising demand for energy autonomy and security. In the reporting period, overseas module shipments rose more than 26% year-on-year, and overseas revenue accounted for over 65% of total module revenue. By region, Americas module shipments grew more than 36% year-on-year, Europe more than 34%, and Asia-Pacific more than 20%. The company secured leading positions in key markets including Europe, Latin America, Southeast Asia, Pakistan, and the UAE. In the wafer business, LONGi continued to expand into high-value overseas markets, maintaining its leading offshore market share.
Leveraging its proprietary energy storage integration technologies and global brand-channel advantages, LONGi advanced multiple major domestic and international energy storage project collaborations, accumulating over 3 GWh in signed orders in H1 2026, while commissioning benchmark projects in Germany, Italy, Finland, and elsewhere. BloombergNEF projects global energy storage deployment to reach 2,867 GW / 10,514 GWh (excluding pumped hydro) by 2036 – ten times the 2025 level. Energy storage has evolved from a supplementary asset into a core infrastructure component of the new power system, serving as a critical pillar of the global energy transition.
Financial Strength, Technology and Brand Reputation Forge Long-Term Value
While industry consolidation will take time, LONGi’s long-term value rests on three pillars: financial, technology and brand.
In terms of financial, amid sustained industry adjustments and cash-flow pressures, the company has deepened lean operations, reduced costs, and improved efficiency. Its asset-liability ratio and interest-bearing debt ratio remain at industry-leading healthy levels. With monetary funds exceeding RMB 48.6 billion, LONGi has built a strong financial buffer to navigate the cycle.
In terms of technology, LONGi has pursued breakthroughs in key mass-production technologies across PV and storage, commercialising multiple innovations including ACM technology, integrated conductive backsheet technology, shingling, hidden busbar, temperature-controlled alloy interconnection, smart module technology, and omnidirectional anti-soiling module technology – continuously expanding its BC technology and solar-storage ecosystem advantages. In the frontier of perovskite tandem cells, independently developed by the company and certified by the European Solar Test Installation (ESTI), its crystalline silicon-perovskite tandem solar cell achieved a conversion efficiency of 35.5%, once again setting a world record. In the first half of the year, LONGi obtained over 4,100 authorised patents of various types, including 630 granted patents related to BC technology, comprehensively strengthening its R&D capabilities in core PV-storage and ancillary equipment technologies.
In terms of brand, LONGi enjoys strong global recognition and trust. Its modules have won the “All Quality Matters” award for nine consecutive years, the RETC “Highest Achiever” award for eight consecutive years, and the Kiwa PVEL “Top Performer” award nine times in total. Its energy storage subsidiary, PotisEdge, has accumulated over 13 GWh of global deliveries with a zero-thermal-runaway record. For its exceptional global market performance and bankability, LONGi has been awarded the highest AAA rating in PV Tech’s Module Bankability survey for the 26th consecutive time, and continues to be listed as a Tier 1 PV module manufacturer and Tier 1 energy storage system manufacturer by BloombergNEF.
Today’s industry-wide supply-demand imbalances and phased demand corrections are characteristic of a cyclical trough. The rapid ramp-up of BC technology, rising overseas revenue share, solar-storage synergy, and a strong balance sheet combined with technology and brand moats together form the fundamental support for LONGi to weather the cycle. As policy guidance against “internal competition” and market-driven capacity rationalisation gradually take effect, the industry’s supply-demand balance is expected to be restored. Companies with strong technology and globalisation capabilities are well-positioned for long-term value creation.
