Comprehensive review: In the first half of 2026, Longji Green Energy achieved an operating income of 27.045 billion yuan, a year-on-year decrease of 17.58%; The net profit attributable to the parent company was -3.684 billion yuan, and the loss expanded 43. However, three sets of contrasts form the background of this semi-annual report: BC Chart 1 and 2: Revenue of Longji Green Energy in the first half of 2026, Profit trend
Data source: Digital New Energy DataBM. In the first half of the year, the shipment of silicon wafers was 48.91 GW, with a year-on-year decrease of 6.08%; the export of silicon wafers was 18.98 GW, with a year-on-year decrease of 23.22%, and the proportion of self-use increased significantly; Component shipments were 29.93 GW, down 24.36% year-on-year, but still slightly ahead of Jingke, reflecting the impact of falling domestic demand; The sales volume of BC modules increased significantly from 8.69 GW in the first half of 2025 to 19.
Among the integrated module enterprises, Longji is one of the few leading enterprises that adhere to the BC route, and the efficiency improvement and capacity climbing of the second generation of BC jointly support this volume rhythm. Compared with Jinko, Jingao, Tianhe and other TOPCon camp peers, BC still has advantages in the proportion of shipments and high-end market cards, but whether BC's high premium can hedge the decline in scale is the most worthy of tracking in the second half of the year.
Figure 3: Shipment Trend
of Longji Green Energy Silicon Wafers and Modules in the First Half of the Year Data Source: Digital New Energy DataBM. Com
For the photovoltaic products segment, the Company achieved a revenue of RMB25.148 billion in the first half of the year, representing a year-on-year decrease of 17.9%; Operating costs were 25 billion 393 million yuan, down 19.1% year on year; Gross profit margin was -0.97%, narrowing from -2.37% in the same period of last year. 1
. The improvement of gross profit margin benefited from both ends: first , the cost side, the price of silicon materials continued to be low and the cost of silicon wafers declined, although the rise in silver price in the first quarter once pushed up the cost. However, the centralized delivery of some low-price centralized orders in the second quarter constituted a certain degree of hedging; followed by the structural side, the proportion of BC components with high gross profit increased rapidly from about 22% to about 65%, which constituted a structural lift to the overall gross profit margin of the plate. In the first half of the year, the gross profit of photovoltaic products segment still recorded -245 million yuan, but the loss margin has narrowed compared with the same period last year 66.
In the first half of the year, the proportion of overseas operating revenue jumped from 37.81% in the same period last year to 59.76%, an increase of nearly 22 percentage points, and overseas has become the dominant force in the company's revenue side. However, during the same period, the overseas gross profit rate dropped from 4.77% to 1.10%, representing a decrease of 3.
The increase in the proportion and the decline in the gross profit rate reflected the reality of the decline in overseas demand and the intensification of price competition: the expansion of overseas local production capacity and the intensification of regional price competition, the continued decline in bidding prices in some emerging markets, and the rigidity of export costs such as freight and insurance. Overseas single-watt profit margins have been continuously compressed. Structurally, the share of BC components in the overseas high-end distributed market has increased, which partially supports the gross interest rate, but it is difficult to fully hedge the downward pressure on the overall price.
Figure 4: Overseas Revenue Growth and Profit Decline
in the First Half of 2026 Data Source: Digital New Energy DataBM. Com
Exchange and Investment Double Factor Reversal Financial Cost Pressure
In the first half of this year, it was affected by the appreciation of the RMB. The exchange gains and losses of Longji Green Energy changed from 687 million yuan in the same period last year to-6. The investment income changed from 452 million yuan to-238 million yuan, which was mainly due to the decline in profits of joint ventures, especially in the upstream silicon sector. Among them, Yunnan Tongwei High Purity Silicon Co., Ltd., which holds 49% of the shares accounted for by the equity method, confirmed investment losses. 4. The reversal of exchange gains and losses directly pushed up financial costs: from -409 million yuan to 1.033 billion yuan, with an absolute increase of 1.442 billion yuan; In the short term, the Company can curb exchange fluctuations by reducing the exposure to US dollar liabilities and strengthening exchange rate hedging; in the medium term, the fundamental way to reverse financial costs is still to return blood from operation, repay debts with profits, and reduce the overall leverage level.
Figure 5: Reversal
of double factors of exchange gains and losses and investment income Data source: Digital New Energy DataBM. Com
Gross profit margin improved and three fee rates remained high
From the perspective of major financial indicators, sales expenses in the first half of the year amounted to 974 million yuan. Increased by 16.09% year on year, overseas channel construction and BC brand launch pushed up the absolute value of expenses; administrative expenses amounted to 1.298 billion yuan, down 3.35% year on year, the company continued to promote organizational streamlining; Financial expenses amounted to RMB1.033 billion, representing a year-on-year increase of 35. The three fees totaled RMB3.305 billion, and the rate of the three fees rose from 5.40% in the same period last year to 12.22%, representing an increase of 6.82 percentage points, which was at a high level in recent years. Net profit margin and return on equity decreased to -14.21% and -7% respectively.
Table 2: Main financial information
of Longji Green Energy in the first half of 2026 Source: DataBM.The advantage lies in the structural leadership of BC technology and overseas cards, while the disadvantage lies in the contraction of the overall shipment scale and the high financial cost.
In the short term, the loss in the second half of the year is expected to be narrowed quarter by quarter, and the probability of turning around the loss within the year is low; the real profit is turning point, and it still needs to wait for the resonance between the rebound of the industry price and the improvement of the company's own operating leverage.
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