This marks the second consecutive quarter of significantly narrowed losses.
At a time when the photovoltaic industry is mired in homogenized competition, LONGi continues to make breakthroughs with its BC (Back Contact) technology, demonstrating significant results in actively adjusting strategies and enhancing management efficiency amidst adversity.
From January to September this year, the company's external sales of silicon wafers reached 38.15GW, and external sales of cell & modules reached 63.43GW. Leveraging excellent product performance, global channels, and brand advantages, the cumulative sales of the company's BC modules from January to September reached 14.48GW. Among these, the production and sales of HPBC 2.0 products achieved rapid quarter-on-quarter growth, further building a differentiated competitive advantage centered on high-value, scenario-specific solutions.
Affected by the environment of low-price and homogenized competition within the photovoltaic industry, the company did not achieve profitability during the reporting period. However, by focusing on customer-centric value creation and implementing various management innovations, cost reduction, and efficiency improvements, it achieved a rapid decline in unit manufacturing costs for main products, period expenses, and asset impairment losses, leading to a sequential narrowing of losses quarter by quarter. In the first three quarters of 2025, LONGi's cumulative net profit attributable to shareholders showed a year-on-year reduction in losses of approximately 48%, indicating a strong recovery momentum.
From January to September this year, the net cash flow from operating activities turned positive from negative, verifying the effectiveness of the company's refined cash flow management and providing sustained liquidity security for business operations. Combined with monetary fund reserves exceeding CNY 51.3 billion, LONGi demonstrates strong financial resilience.
In the first half of 2025, driven by a domestic installation rush, BC module sales in the domestic market accounted for approximately 55%, while overseas markets accounted for about 45%. Chairman Zhong Baoshen revealed that BC products hold a clear premium advantage in the European market. With the ramp-up of production capacity for LONGi's HPBC 2.0 technology products, the company plans to further increase the sales proportion of BC products in the European market. This high-quality, differentiated global strategy will help enhance the company's profitability and avoid the trap of being locked into low-end competition.
Currently, the conversion efficiency of the company's second-generation BC modules has reached 24.8%, with a stable yield rate above 97%. The HIBC modules have pushed mass production efficiency to 25.9%, with power output exceeding 700W, making them one of the most efficient industrialized photovoltaic products globally. It is reported that with the gradual commissioning of second-generation BC production capacity in regions such as Tongchuan and Xixian, production costs will further decrease, winning greater market space for the company.
Recently, LONGi successfully signed a contract for the Shanghai Electric Power Fengxian 1# Offshore PV Project, agreeing to supply 400MW of modules based on the BC technology route, and has initiated supply ahead of schedule. Notably, all awarded portions of Shanghai's first batch of offshore PV projects exclusively adopted the BC technology route, highlighting the technology's superior weather resistance, power generation efficiency, and reliability advantages in complex marine environments characterized by high humidity and salt spray.
Currently, competition in the photovoltaic industry is gradually shifting from low-price homogenized competition to differentiated value competition. In this context, LONGi's focus on building a high-value product system centered on its HPBC 2.0 technology is becoming a key driver for breaking through industry involution and leading market transformation.
