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Industrial materials and energy · China

LONGi Green Energy

longi.com ↗

LONGi is a top Chinese maker of solar wafers, cells, and panels, selling worldwide.

Losing its protection
Assessed 25 July 2026 · Evidence as of 25 July 2026
The structural protection is eroding.
On the recordSince 25 July 2026 · Checkable from 31 Aug 2026 · Every call on the record Checkpoint: H1 2026 earnings release, showing whether losses narrow again or widen
The call

LONGi keeps its technology lead and top-tier ratings while the whole Chinese solar industry bleeds through a shared price war with no clear end date.

LONGi Green Energy is the world's largest solar panel maker, holding patents and efficiency records that prove strong engineering. However, too many Chinese solar makers (Jinko, Trina, JA Solar, and Tongwei) are all selling panels at the same time, driving prices down so far that even LONGi cannot make good profits anymore. The company will either survive this price war if panels consolidate to fewer makers, or stay squeezed if competition stays fierce; results expected August 31, 2026 will show whether newer, fancier panel types like tandem cells can sell at higher prices and rescue margins.

Why
01
AI pressure: None apparent. AI drives data-center power demand that lifts solar demand overall; no AI product threatens LONGi's manufacturing business directly. Could AI do the core job? Unlikely.
02
Bigger players: Jinko Solar, Trina Solar, JA Solar, Tongwei. All five Chinese solar giants are cutting prices below cost at once, and LONGi's revenue and margins are shrinking as a result. Could a giant copy it? Yes, easily.
03
What protects it. AAA bankability rating, deep patent portfolio, and a real tandem-cell efficiency lead give it pricing room peers lack.
What would change this call
LONGi's H1 2026 earnings report (due 31 Aug 2026) shows net loss narrowing vs prior period. Would indicate LONGi stabilizing faster than Big Five peers rather than losing further ground.
China's VAT export rebate abolition takes effect 1 April 2026 and LONGi's export margins move afterward. Would show whether policy change compresses LONGi's pricing power relative to peers.
Any Big Five peer (Jinko, Trina, JA Solar, Tongwei) announces capacity exit, bankruptcy, or merger in 2026. Would signal industry consolidation that could relieve pricing pressure on LONGi.
Key numbers
  • FY2025 net loss CNY 6.42bn, narrower than 2024's loss (2026-04-28)
  • Q1 2026 revenue down ~18% YoY, loss widened (2026-04-28)
  • 2025 production-sales ratio 98.96% (2026-04-28)
Named risks
  • Industry-wide PV oversupply driving forecast heavy losses through H1 2026. Severity: high
  • China's April 2026 VAT export rebate abolition raising export cost burden. Severity: medium
  • First Solar TOPCon patent litigation could disrupt Chinese PV supply chains. Severity: medium
  • EU/US trade-defense actions (FSR, anti-subsidy) threaten export market access. Severity: medium
  • Leadership transition after founder Li Zhenguo stepped back from operational roles. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Jinko SolarcontestingBig Five forecast heavy H1 2026 losses together amid oversupply, 2026-07-17
Trina SolarcontestingCollective 30%+ workforce cuts across Big Five in 2024 per CSIS, 2026-03-13
JA SolarcontestingNamed alongside LONGi in First Solar Section 337 TOPCon patent complaint, 2026-04-30
TongweicontestingAlso forecasting heavy H1 2026 losses amid same pricing collapse, 2026-07-17
First Solarlosing toFiled IP infringement action vs Chinese TOPCon makers in 2026, pressuring Chinese cost base
Questions people ask
Is LONGi Green Energy profitable in 2026?
No. LONGi posted a FY2025 net loss of CNY 6.42 billion (narrowed by CNY 2.173bn vs 2024) and Q1 2026 revenue fell ~18% YoY with a widened net loss. LONGi and peers forecast heavy H1 2026 losses on oversupply as of 2026-07-17.
Who is LONGi Green Energy's biggest competitor?
LONGi competes horizontally with China's other 'Big Five' integrated PV makers: JinkoSolar, Trina Solar, JA Solar and Tongwei. All five collectively cut workforces by over 30% in 2024 amid industry-wide oversupply and price war, per a 2026-03-13 CSIS analysis.
Could AI replace LONGi Green Energy?
No. LONGi's core business is capital-intensive physical manufacturing of wafers, cells and modules; AI has no path to replacing GW-scale fabs. AI could assist internal R&D simulation and quality control, but no LONGi-specific AI deployment was documented as of 2026-07-25.
Who owns or controls LONGi Green Energy?
Founder Li Zhenguo remains controlling shareholder as of 2026-05-19, though he stepped down as Director, General Manager and Legal Representative in May 2025 to focus on R&D; Zhong Baoshen took over as General Manager.
Is LONGi Green Energy laying off workers?
Yes. In March 2024 reports said LONGi planned to cut roughly 30% of staff amid the solar glut, though LONGi told Reuters the figure was closer to 5%. Its subsidiary LONGi Solar Technology fell from 15,234 employees (2023) to 11,923 (Dec 2025).
What was LONGi Green Energy's 2025 revenue?
LONGi reported FY2025 operating revenue of CNY 70.347 billion, down about 14.8% year over year, alongside a net loss attributable to shareholders of CNY 6.42 billion, per its 2026-04-28 annual report.
Timeline
  • 2026-07-17LONGi and peers Tongwei, JA Solar, Trina forecast heavy H1 2026 losses amid oversupply
  • 2026-07-14LONGi announces 35.5% tandem cell efficiency record and 'Technology Forest' platform
  • 2026-07-12LONGi named to S&P Global Tier 1 Cleantech Companies list for second consecutive year
  • 2026-04-30First Solar files Section 337 complaint alleging TOPCon patent infringement by Chinese peers
  • 2026-04-28LONGi reports FY2025 revenue CNY 70.347bn and net loss CNY 6.42bn
  • 2026-04-28LONGi reports Q1 2026 revenue CNY 11.192bn, down ~18% YoY
  • 2026-04-01China abolishes 9% VAT export rebate on solar panels
  • 2025-05-27Li Zhenguo steps down as Director, GM and Legal Rep to focus on R&D; Zhong Baoshen becomes GM
  • 2024-05LONGi and Shanghai Electric withdraw from Romanian EU tender after FSR probe
  • 2024-03-18LONGi reported plans to cut workforce amid solar glut, disputed scale of cuts
Revision history
25 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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