Comprehensive review: In 2025, Longji Green Energy achieved a total operating income of 70.347 billion yuan, a year-on-year decline of 14.82%; The net profit attributable to the parent company was -6.420 billion yuan, with a year-on-year loss reduction of 25. In the cold winter when the photovoltaic industry had serious overcapacity and the price of modules fell to the historical freezing point, the shipment of Longji Green Energy modules was 86.58 GW, a record high, ranking the first echelon in the industry; Cash flow from operating activities turned significantly positive to 43. However, the domestic business was mired in losses, with a capacity utilization rate of less than 60%. Under the dual pressure of high debt and continuous losses, the cost of crossing the cycle was extremely heavy. Figure
1 and Figure 2: Revenue and Profit Trend
of Longji Green Energy in 2025 Data Source: Digital New Energy DataBM. Com
I Analysis of
business highlights (1) Shipment peak component leading position in history is strong and stable
. In 2025, Longji Green Energy component shipments reached 86.58 GW, an increase of 5.17% over the same period last year, a record high, almost keeping pace with the industry leader Jingke Energy (86.8GW). Far more than Jingao (69.56 GW), Tianhe (67.88 GW), Tongwei (43. Silicon wafer shipments in the same period were 111.56 GW, an increase of 2.
However, while component shipments continued to rise, the average price of the industry has dropped to a historic low, and Longji still maintains its scale advantage. It still has competitive barriers in terms of customer resources, delivery capacity and cost control. The stability of shipment scale is the core support for the company to hold market share in the extremely cold period of the industry and lay the foundation for future rebound.
Figure 3: Longji Green Energy Module Shipments Hit a Record High in 2025
Data Source: Digital New Energy DataBM. Com
(II) Strong Operating Cash Flow "Hematopoiesis" Ability Significantly Repaired
in 2025. The net cash flow generated by Longji Green Energy's operating activities was 4.359 billion yuan, compared with -47 in 2024.
Behind this reversal, it not only contributed to the capital recovery driven by the expansion of shipment scale, but also reflected the company's active convergence in accounts receivable management, inventory control and purchasing rhythm. In 2025, the inventory turnover days dropped to 72.03 days, compared with 82 days in 2024. Under the survival rule of "cash is king" in the industry, cash flow means that Longji has switched from "blood transfusion by financing" to "self-hematopoiesis" mode, the solvency margin has improved, and the extreme risk has been mitigated to a certain extent.
Figure 4: The net cash flow and inventory turnover days of Longji Green Energy have improved
Data source: Digital New Energy DataBM. Com
(III) Overseas business supports the bottom line of profitability
. The gross profit margin of Longji Green Energy's overseas PV products is 6.05%, which is much higher than that of its domestic products. 3. Compared with its peers, the gross profit margin of Longji Green Energy's overseas PV products is the highest among TOP5 companies in terms of module shipments, reflecting that its brand premium and customer stickiness still exist in the overseas market.
Table 1: Gross profit rate
of photovoltaic products of main component enterprises at home and abroad in 2025 Data source: Digital New Energy DataBM. Com
Meanwhile, The proportion of sales expenses + management expenses in revenue decreased from 7.67% in 2024 to 6.61% in 2025, a decrease of more than 1 percentage point; Proportion of R & D expenses maintained 2. Revenue contracted 14.
Figure 5: Trend
of relevant expense indicators of Longji Green Energy in 2025 Data source: Digital New Energy DataBM.
Figure 6: Trend
of gross profit margin and exchange gains and losses of overseas business of Longji Green Energy According to the source: Digital New Energy DataBM. Com
(II) a large number of idle production capacity and a serious mismatch
between the pace of expansion and the industry cycle In 2025, the production capacity of Longji Green Energy Silicon Wafer reached 190.78 GW, and the capacity utilization rate was only 60.62%; In 2023, the capacity utilization rate of Longji silicon wafer was as high as 86.
The collective "Great Leap Forward" on the supply side of the industry reached its peak in 2022-2023, and the capacity of Longji silicon wafer expanded rapidly from 113.93 GW to 146.60 GW. In 2025, it reached 190. The serious mismatch between the pace of expansion and the growth of demand has made the company bear a heavy asset burden in the downward cycle.
Figure 7: Longji Green Energy Capacity Utilization Rate Declines
Data source: Digital New Energy DataBM. Com
(III) BC transformation is lagging behind, and the volume of high-margin products is insufficient
. By the end of 2025, the production capacity of Longji HPBC has reached 57 GW, accounting for a relatively high proportion. However, only 22.87 GW of BC modules were shipped in the whole year, accounting for only 26
% of the total module shipments of 86.58 GW. BC " III. Market Outlook: BC technology is waiting for the dawn
of deep winter. The ceiling of BC (back contact) battery conversion efficiency is higher. If the cost can be reduced in batches, it is expected to build a real technical barrier in the high-end distributed market. According to the 2026 business plan, Longji Green Energy plans to increase the proportion of BC component shipments to more than 65%. From January to March 2026, BC components accounted for about 66%, with a good start. However, it also faces the following important challenges:
First, the overall downturn of the photovoltaic industry chain, when the bottom of the domestic price will be cleared, is still highly uncertain, and the loss margin of Longji Green Energy in the first quarter has increased year on year;
Second, the escalation of trade barriers reduces overseas profit margins, tariff barriers in the United States and the European Union continue to tighten, localization is also subject to certain exclusion and restrictions, overseas gross margin has dropped sharply from a historical high, Longji urgently needs to speed up the layout of other overseas markets to hedge policy risks. Whether the supply-side integration of the
industry can be accelerated and the penetration rate of BC technology can be rapidly increased will be the key touchstone to determine whether Longji can take the lead in completing the transformation from "scale leader" to "profit leader". But on the whole, Longji Green Energy is still under great pressure to turn around in 2026.
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