Global Times | LONGi Reports Q1 2026 Revenue of 11.19 Billion yuan as Solar-Storage Integration Strategy Accelerates
LONGi released its 2025 annual report and Q1 2026 results on April 28. Affected by persistently low product prices, insufficient capacity utilization, and rising raw material costs for polysilicon and silver paste in the fourth quarter of last year, the company recorded operating revenue of 70.347 billion yuan in 2025 and 11.192 billion yuan in Q1 2026.
Module Production-Sales Ratio Hits 98.96%, with 3,690 Patents Granted
In recent years, rapid capacity expansion has kept the industry in a state of severe supply-demand mismatch, with capacity utilization remaining low and industry chain prices fluctuating significantly due to domestic installation rushes and anti‑involution measures. Through dual cost-reduction and efficiency-enhancement strategies in both management and products, LONGi has maintained the world's number one cumulative monocrystalline wafer shipment volume over the past decade. In 2025, the company's non-silicon process cost per wafer in the full wafer process decreased by 29% compared to 2024, with a production-sales ratio of 96.46%.
Over the past seven years, the company's cumulative module shipments have ranked among the top two globally, with a production-sales ratio of 98.96%. As of the end of the reporting period, the company's in-house HPBC 2.0 cell capacity reached 46 GW, with an additional 11 GW of collaborative capacity with Yingfa Deyao and Pingmei LONGi. In 2025, the company's integrated operation strategy yielded significant results, reducing inventory turnover days by 10 days year-on-year.
In the latest 67th edition of Martin Green's Solar Cell Efficiency Tables (world record tables), the company set 10 world records covering HJT cells, HIBC cells, HBC modules, tandem cells and modules, providing ample technological momentum for medium- and long-term development. As of the end of the reporting period, LONGi had obtained 3,690 granted patents of various types, establishing a full-chain, internationalized intellectual property system.
Financial Resilience Strengthens Foundation; BC Modules to Exceed 60% of 2026 Shipments
LONGi has been rated the highest bankability (AAA) by PV Tech for 24 consecutive times. As of the end of the reporting period, the company's asset-liability ratio was 64.43% and its interest-bearing liability ratio was 22.89%, maintaining a sufficiently safe cash reserve. Amid the current intense industry fluctuations and transformation, this financial resilience, rooted in the company's operational DNA, not only builds a robust safety barrier for operations but also provides critical resource support for continuous technology iteration, global expansion, and strategic upgrades.
In the first quarter of 2026, the company remained a BloombergNEF Tier 1 PV module manufacturer and was, for the first time, included as a BloombergNEF Tier 1 energy storage manufacturer after entering the storage sector. LONGi has been listed for many consecutive years in the "Fortune China 500" and "China Manufacturing 500." In the "2025 China Brand Value Evaluation Information," LONGi ranked first in the PV industry with a brand value of 73.48 billion yuan.
According to InfoLink data, global new energy storage system shipments reached 421 GWh in 2025, up 75% year-on-year, and are expected to reach 600 GWh in 2026, maintaining high growth. Deep integration of PV and energy storage has become an inevitable industry trend. In the first quarter of 2026, the company launched full-stack self-developed solar-storage products and solutions and successfully entered the global first tier, with its energy storage technological capabilities and market potential gaining increasing recognition.
According to LONGi, the company will deeply engage in scenario-based applications, iterate its product matrix, leverage strategic customer relationships and promote the value proposition of BC products, and vigorously increase the proportion of overseas revenue. It plans to ship approximately 100 GW of wafers and around 80 GW of modules for the full year, of which BC module shipments will account for more than 65% and overseas shipments for more than 50%. The company will accelerate the integration of PV and storage businesses, leveraging synergies in customers and application scenarios to achieve large-scale sales of energy storage products, actively building a second growth driver to lay the foundation for long-term, stable development.