LONGi reports 125% growth in BC module sales in H1 2026 as overseas business expands

LONGi reported operating revenue of RMB 27.045 billion for the first half of 2026, against a challenging market environment for the global photovoltaic industry.

BC module sales reached 19.55 GW, an increase of 125% year-on-year, and accounted for more than 65% of LONGi’s total module shipments. Overseas module shipments increased by more than 26% year-on-year, while overseas markets contributed more than 65% of the company’s module revenue.
LONGi also continued to expand its energy storage business, with cumulative signed orders exceeding 3 GWh in the first half of the year.

The results show a continued shift in LONGi’s business towards differentiated BC technology, international markets and integrated solar and energy storage solutions.

Industry demand correction continues to affect profitability

LONGi’s profitability in the first half of 2026 continued to be affected by broader challenges across the photovoltaic industry.

Supply-demand imbalances, lower capacity utilisation and high silver prices during the first quarter increased production costs and resulted in losses on some utility-scale orders. Losses from associated enterprises and foreign exchange effects linked to the appreciation of the RMB also weighed on net income.

Demand in China declined significantly during the reporting period. According to China’s National Energy Administration, the country added 72.07 GW of new PV capacity in H1 2026, 66% less than in the same period last year.

The decline followed uncertainty over project returns resulting from power tariff market reforms, grid integration constraints and a high comparison base created by the accelerated installation activity seen in 2025. The slowdown in the Chinese market has contributed to the first global decline in new PV installations in nearly two decades.

Supply and demand across the PV value chain have not yet returned to balance, leaving much of the industry in a low-margin environment. Measures introduced in China to curb excessive internal competition, alongside market-driven capacity rationalisation, are expected to take time to affect market conditions.

At the same time, temporarily weaker end-market demand and increasing localisation of manufacturing in international markets make the timing of a broader industry recovery difficult to predict.

Against this backdrop, LONGi’s gross margin returned to positive territory year-on-year in H1 2026, improving by more than two percentage points. The improvement was supported by the growing contribution of BC technology and a more favourable shipment mix.

BC module sales reach 19.55 GW as product mix shifts towards higher-value technology

LONGi continued to expand its BC technology business despite lower overall market volumes.
During H1 2026, the company secured more than 10 GW of BC module awards through domestic utility-scale procurement tenders in China. It maintained a leading position in the commercial and industrial market and recorded rapid order growth in higher-value international markets. BC module sales increased 125% year-on-year to 19.55 GW and represented more than 65% of total module shipments.

LONGi also continued its involvement in China’s national “PV+” rural revitalisation programme, with projects in more than 400 villages currently under construction.

Total wafer shipments reached 48.91 GW during the reporting period, including 18.98 GW of external sales. Module shipments totalled 29.93 GW, while external cell sales reached 0.86 GW.

LONGi ranked first globally in cumulative mono-crystalline wafer shipments over the past decade, while its module shipments have ranked among the global top two for five consecutive years.

The company continued to develop its sales organisation around higher-value markets while optimising its shipment mix and strengthening flexible supply and delivery capabilities.

European module shipments grow by more than 34% as overseas revenue exceeds 65%

International markets became an increasingly important part of LONGi’s business during the first half of the year.

Overseas module shipments increased by more than 26% compared with H1 2025, while overseas revenue represented more than 65% of total module revenue.

Europe remained one of the main contributors to this development, with module shipments increasing by more than 34% year-on-year. Shipments in the Americas increased by more than 36%, while Asia-Pacific recorded growth of more than 20%.

Mature European solar markets continued to grow, while markets across South Asia, Southeast Asia and Africa expanded as power shortages and growing demand for energy autonomy and security supported new solar installations.

LONGi secured leading market positions in several key markets, including Europe, Latin America, Southeast Asia, Pakistan and the UAE.

The company also continued to expand its wafer business in higher-value international markets and maintained a leading share of the overseas wafer market.

Energy storage orders exceed 3 GWh as solar and storage businesses converge

Energy storage represented another area of expansion during H1 2026. LONGi secured more than 3 GWh of cumulative signed energy storage orders during the period, supported by its energy storage integration technologies and international sales and distribution network.

The company advanced several major domestic and international storage projects and commissioned reference projects in Germany, Italy, Finland and other markets. The expansion comes as storage takes on a larger role in electricity systems with increasing shares of renewable generation.

BloombergNEF projects global energy storage deployment, excluding pumped hydro, to reach 2,867 GW / 10,514 GWh by 2036, approximately ten times the level recorded in 2025.

This development is moving energy storage from a supplementary component of renewable energy projects towards a core part of electricity infrastructure, supporting grid flexibility, renewable energy integration and the wider energy transition.

Financial strength supports long-term development

LONGi continued to focus on cost reduction, operational efficiency and cash-flow management as the PV industry works through the current market adjustment.

The company maintained what it considers healthy asset-liability and interest-bearing debt ratios compared with the wider industry.

LONGi reported monetary funds of more than RMB 48.6 billion at the end of the reporting period, providing a financial buffer as the sector moves through the current cycle.

Financial resilience forms one of three areas LONGi identifies as central to its long-term development, alongside technology and global brand strength.

Back contact technology, tandem cells and manufacturing innovation remain central to R&D strategy
LONGi continued investment in photovoltaic and energy storage technology during the first half of 2026.
The company has commercialised a range of manufacturing and module technologies, including ACM technology, integrated conductive backsheets, shingling, hidden busbars, temperature-controlled alloy interconnection, smart module technology and omnidirectional anti-soiling technology.

These technologies form part of LONGi’s wider development of its BC product portfolio and integrated solar and energy storage ecosystem.

Research also continued into next-generation tandem solar cells. A crystalline silicon-perovskite tandem solar cell independently developed by LONGi achieved a conversion efficiency of 35.5%, certified by the European Solar Test Installation (ESTI), setting a new world record.

During the first half of 2026, LONGi held more than 4,100 authorised patents across different technology areas. This included 630 granted patents related to BC technology, supporting the company’s R&D activities across photovoltaic, energy storage and related equipment technologies.

Independent testing and bankability ratings support global market position

LONGi continued to receive recognition from international testing and market research organisations during the reporting period.

Its PV modules have received the “All Quality Matters” award for nine consecutive years, the RETC “Highest Achiever” award for eight consecutive years and Kiwa PVEL “Top Performer” recognition nine times in total.

LONGi’s energy storage subsidiary PotisEdge has accumulated more than 13 GWh of global deliveries with a zero-thermal-runaway record.

LONGi has also received the highest AAA rating in PV Tech’s Module Bankability survey for 26 consecutive assessments and continues to be included as both a Tier 1 PV module manufacturer and Tier 1 energy storage system manufacturer by BloombergNEF.

International growth and technology mix provide basis for navigating the market cycle

The photovoltaic industry continues to face supply-demand imbalances and a cyclical correction in demand, with the timing of a full market recovery remaining uncertain. LONGi is addressing this environment through a higher share of BC technology, continued expansion in international markets, closer integration of its solar and energy storage businesses, and continued investment in R&D.

The rapid growth of BC products, an overseas revenue share of more than 65%, the expansion of energy storage and the company’s financial position provide the basis for navigating the current market cycle.
As measures aimed at reducing excessive competition and rationalising capacity gradually take effect, supply and demand across the industry are expected to move towards greater balance. LONGi expects technology capability and international market presence to remain important factors in companies’ ability to create long-term value.

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