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Chinese PV Industry Brief: Major solar manufacturers report steep Q3 losses
Longi Green Energy, JinkoSolar, and JA Solar each posted significant third-quarter losses amid continued price declines and high inventory levels, raising concerns among analysts about oversupply and margin pressure across the PV supply chain.
Longi Green Energy posted a net loss of CNY 833.6 million ($115 million) in the third quarter of 2025, narrowing from CNY 1.26 billion a year earlier as weak demand and price pressure weighed on margins. Revenue fell 9.8% year on year to CNY 18.10 billion. For the first three quarters, revenue totaled CNY 50.92 billion, down 13.1%, while net losses narrowed 47.5% to CNY 3.40 billion. The company shipped 38.15 GW of wafers and 63.43 GW of cells and modules during the period. BC-series shipments reached 14.48 GW, with HPBC 2.0 modules accounting for 23% of total deliveries. Operating cash inflow was CNY 1.82 billion. Longi reported CNY 51.3 billion in cash reserves and CNY 96.13 billion in total liabilities, resulting in a 62.4% debt-to-asset ratio. Asset impairment charges for the quarter amounted to CNY 894 million.
LONGi Green Energy Technology Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2025
Published on 10/30/2025
at 08:25 am EDT – Modified on 10/30/2025
at 04:43 am EDT
LONGi Green Energy Technology Co., Ltd. reported earnings results for the nine months ended September 30, 2025. For the nine months, the company reported sales was CNY 50,914.57 million compared to CNY 58,592.7 million a year ago. Revenue was CNY 50,914.57 million compared to CNY 58,592.7 million a year ago.
Net loss was CNY 3,403.47 million compared to CNY 6,485.53 million a year ago. Basic loss per share from continuing operations was CNY 0.45 compared to CNY 0.86 a year ago. Diluted loss per share from continuing operations was CNY 0.45 compared to CNY 0.85 a year ago.
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Longji Green Energy (601012): Continued loss reduction in Q3, BC rapid release
Incident: The company's Q1-Q3 revenue in '25 was 50.91 billion yuan, -13.1% YoY, Net income to mother -3.4 billion yuan, +47.5% YoY, Net income +47.5% YoY, net gross margin 1.2%, YoY -6.8pct, YoY net margin -6.8pct, YoY +4.4pct; of these, Q3 revenue in '25 was 18.1 billion yuan, -9.8%/-5.5% YoY, Net income to mother- -0.83 billion yuan, +33.9%/+26.4%, Net income -1.15 billion yuan, net profit +5.1%/+13%, gross margin 4.9%, month-on-month -3.7 pct/+3.3 pct, net margin to mother -4.6%, +1.7pct/+1.3pct month-on-month.
Q3 shipments remained flat month-on-month, BC rapid release: the company exported 38.15 GW of 25Q1-Q3 silicon wafers, 63.43 GW of battery modules (of which BC module sales reached 14.48 GW); estimated that Q3 silicon export sales were about 12-13 GW, with profit per watt improving month-on-month; Q3 battery module shipments were about 22.58 GW, of which BC module shipments were about 6GW (increase of nearly 50%), and the estimated loss per watt remained flat month-on-month. Mass production of the company's second-generation BC continues to advance. By the end of Q3, the company's BC2.0 production capacity reached 35 GW; the number of orders was growing rapidly. The company expects to pass technology upgrades by the end of 25, and the company's HPBC2.0 battery production capacity will reach 50 GW.
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