On April 28, Longji Green Energy released its annual report for 2025. Restricted by the adverse environmental impacts such as the mismatch between supply and demand of production capacity in the photovoltaic industry and the low-price competition of involution, the company has achieved a continuous decline in the unit manufacturing cost, period cost and asset impairment loss of major products through various measures of management innovation and cost reduction and efficiency enhancement, which has helped to significantly reduce the loss of operation. In 2025, the company realized operating income of 70.347 billion yuan, and realized net profit attributable to shareholders of listed companies of 2.173 billion yuan.
Management cost reduction is accelerating, and overseas market share is increasing
. In 2025, facing the complex and severe business situation, Longji Green Energy will continue to further promote refined operation and improve efficiency. The net cash flow of the company's operating activities turned positive significantly, the inventory turnover days decreased by 10 days , the sales expenses and management expenses decreased by 29.96% and 23.67% respectively . The annual operating cost was 69.777 billion yuan , down 8.72% from the same period last year. At the same time, the company continued to optimize the structure of assets and liabilities, successfully issued the first national private enterprise Kechuang green corporate bonds of 2.4 billion yuan to enrich capital reserves, maintain financial stability advantages, and significantly strengthen operational resilience.
In the same year, the leading position of the company's silicon wafer business remained stable, with annual shipments of 111.56 GW , and the non-silicon cost of the whole process of silicon wafer decreased by 29% year on year . Under the trend of decentralization of global battery manufacturing, the company's silicon wafer business has achieved breakthroughs in overseas high-growth markets, and its overseas market share has been increasing.
High-efficiency BC products are highly sought after.
Since the advent of BC high-efficiency battery technology, it has been unanimously welcomed by the market. In 2025, the production capacity of Longji Green Energy HPBC 2.0 products will be released at an accelerated pace, and the climbing volume will be completed rapidly. With the prominent scale effect and the continuous introduction of new technologies, the double breakthroughs of efficiency improvement and cost reduction will be achieved. The mainstream HPBC 2.0 module has an average power of 650 W-660 W, a maximum power of 670 W, and a maximum conversion efficiency of 24.8%.
By the end of 2025, the company's own capacity of HPBC 2.0 batteries was 46 GW , and its cooperative capacity with Yingfa Deyao and Pingmei Longji reached 11 GW . It has formed the industry-leading large-scale and stable delivery capability of high-power products. With the comprehensive advantages of high conversion efficiency, high face value and high security, the company's global market penetration of BC components has increased rapidly, with annual sales of 22.87 GW , covering the mainstream market in an all-round way. It has successively acquired a number of important projects ranging from 100 MW to GW in China, Europe, Central and East Africa, and Asia-Pacific, creating a benchmark demonstration of multi-regional and full-scene applications, and its commercial value and market influence have been widely recognized by customers.
In 2025, the company achieved 86.58 GW of module shipments and 4.31 GW of battery external sales . The domestic market seized the opportunity to rush to install, the marketing strategy was flexible and efficient, and the annual sales of components increased by 19% year on year. Overseas markets seized the structural opportunities under the trend of diversification, and "one country, one policy" achieved remarkable results in market segmentation, with sales of high-value European market components increasing by 18% year on year. The emerging Latin American market implemented the channel sinking strategy, and the sales volume of components increased by 54% . Component sales in the Asia-Pacific high-premium Australian market increased by a breakthrough of 76% , with annual shipments of 1.3G W , leading the market share. Faced with the complex and changeable trade policy barriers in the US market, the company actively adjusted the localization layout, developed the layout compliance supply chain path, reshaped the competitiveness of the US market, and helped the US component joint venture factories to achieve full production and sales.
To build a global intellectual property moat and cultivate a new growth pole
of optical storage integration, Longji Green Energy has always insisted on breaking the involution and reshaping the industrial structure driven by technological innovation. We will continue to innovate around the underlying technology and application scenarios of solar photovoltaic, and continue to increase the core technology research. In 2025, we will invest 4.3 billion yuan in R & D. By the end of 2025, the company has obtained 3690 authorized patents , including 510 BC-related patents . Among them, 330 patents were invented to build a moat of BC technology with "independent innovation + collaborative cooperation + intellectual property protection + business protection".
In terms of the development of optical storage integration, in 2025, Longji Green Energy focused on the layout of optical storage collaborative business, released a one-stop solution for energy storage, and acquired the control of Longji Precision Control through equity acquisition, capital increase and entrusted voting rights in January 2026. The company is speeding up the integration of photovoltaic storage business, giving full play to the advantages of brand, channel and customer resources accumulated by the company in the photovoltaic field, utilizing the integration technology and R & D capability of Longji Precision Control Energy Storage System, launching the self-developed photovoltaic storage products of Longji Full Stack, actively expanding the product ecology and service ecology, and cultivating new growth poles.
According to industry insiders, the future development logic of photovoltaic industry will shift from price, scale to technology, quality and value, subdivision scenario application, optical storage integration and integrated energy services will open up new space for the development of the industry, and head enterprises with technology, cost, global layout and full scenario solution capabilities will further consolidate. Leading the industry to a standardized and orderly high-quality sustainable development.
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