LONGi Green Energy

Business

LONGi Green Energy (隆基绿能科技股份有限公司) makes monocrystalline solar wafers, cells and modules, and has added storage systems and green hydrogen equipment (2026 interim report, p. 11). It says it has shipped more monocrystalline wafers than anyone over the past ten years and has been one of the top two module suppliers for five years, and that it topped Wood Mackenzie's global ranking of module makers in the half (pp. 11, 12).

In the first half of 2026 it bought a storage company, now LONGi Jingkong, which it says has delivered more than 13 GWh worldwide; LONGi signed more than 3 GWh of storage orders in the half (pp. 11, 14, 16).

Shipments in the first half of 2026

• Wafers: 48.91 GW, of which 18.98 GW went to other companies (p. 12).
• Modules: 29.93 GW. Back-contact (BC) modules were 19.55 GW, up 125% and more than 65% of the total (p. 12).
• Cells sold to other companies: 0.86 GW (p. 12).
• Overseas module sales rose more than 26%, and overseas markets brought in more than 65% of module revenue (p. 12).

Results and margins

• Revenue fell 17.58% to ¥27.05bn, and the net loss attributable to shareholders widened to ¥3.68bn from ¥2.57bn. Operating cash flow was an outflow of ¥5.82bn (p. 8).
• The company blames low utilisation and margins across the industry, losses on some utility-scale orders after high silver prices raised costs in the first quarter, losses at associates, and exchange losses from a stronger yuan (p. 12).
• Its solar products brought in ¥25.15bn at a cost of ¥25.39bn, a gross margin of about -1%. Revenue from outside China was ¥16.16bn, about 60% of the total (our calculations from p. 176).
• Asset impairment losses fell to ¥571m from ¥1.17bn (p. 70).

Capacity and contracts

LONGi has paused investment in a 100 GW wafer slicing project in Xixian and a 20 GW ingot project in Xi'an; the cell plants agreed alongside them are partly in production (p. 38). A framework contract to buy 251,280 tonnes of polysilicon from May 2023 to December 2027, priced month by month, recorded no purchases in the half, and a contract to buy at least 250 million square metres of solar glass from 2022 to 2026 was ended by agreement (p. 38).

Technology

BC is now its main module technology. The company says its ACM contact technology, in GW-scale production, raises BC cell efficiency by 0.2 to 0.3 percentage points, and that it holds 630 BC patents (p. 13). A perovskite-silicon tandem cell it developed reached 35.5% efficiency, certified by the European Solar Test Installation (p. 13).

Our view: LONGi has made the clearest technology bet of the large module makers. BC took most of its module volume within a year, but the company still lost money on its solar products in the half, so the bet has not yet shown up in margins.

The company's own caveats

• Trade. It warns of tariffs, supply-chain compliance and local-content rules in Europe, the US and India (p. 24).
• Oversupply. It says the industry is still at a low-margin stage and the timing of a recovery is uncertain (p. 24).
• Technology. Fast technology change, including AI in manufacturing, could erode its lead if it misjudges the direction (pp. 24, 25).